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ENERGY ONE LIMITED (ASX:EOL) Financial Results - Half Year 2026 For the period ended 31 December 2025 Shaun Ankers (CEO) Ben Tranier (CEO Designate) Guy Steel (CFO) For personal use only
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IMPORTANT INFORMATION ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 2 This document has been prepared by Energy One Limited (EOL) and comprises written materials and slides for a presentation concerning EOL. This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import. These forward-looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance and achievements expressed or implied by any such forward looking statements. No representation, warranty or assurance (express or implied) is given or made by EOL that the forward-looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, EOL and its respective officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the forward-looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Subject to any continuing obligation under applicable law, or any relevant listing rules of the ASX, EOL disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of EOL since the date of this presentation. For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 3 OUR VISION IS TO BE THE WORLD’S LEADING PROVIDER OF WHOLESALE ENERGY TRADING SOFTWARE AND SERVICES For personal use only
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WITH THE MOST CATEGORIES SERVED, WE ARE A TRUE 'ONE STOP SHOP’ FOR ALL OUR CUSTOMERS' TRADING NEEDS. ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 LOCAL PRESENCE KEY ENERGY CITIES 24/7 CONTROL ROOMS FULLY INTEGRATED LEVERAGING TECHNOLOGY EMPLOYEE CPD STRONG LEADERSHIP FINANCIALLY SECUREISO27001 INVESTING IN INNOVATION PRODUCT ROADMAPS EMPLOYEE GROWTH 44 For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 5 1. H1 FY26 Financial highlights 2. Results overview and scorecard 3. Business update 4. M&A update 5. Strategy & market Update 6. Summary & close AGENDA For personal use only
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HIGHLIGHTS ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 6 • New CEO smoothly transitioning • Rule-of-40 passed on both cash (41) and non-cash (47) basis FINANCIAL • AI used to generate 1.6M lines of code • New products: for virtual trading, AI data assistant, BESS solution • Customer data portal (self-serve) • ISO 27001 cyber certification. Differentiator in a cyberthreat world. • Significant progress with one stop shop, signing and upselling large customers • Won large account in Europe with our multi- product/service solution • Continued strong growth in revenue and profitability • Recurring revenue now 91% of total (new high) • Margin expansion OPERATIONAL STRATEGIC TECHNOLOGY For personal use only
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H1 FY26 RESULTS OVERVIEW ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 7 For personal use only
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H1 FY26 : ORGANIC GROWTH AND LEVERAGE ARE STRONG... ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 8 REVENUE $34.8m Up 21% ARR $64.0m Up 20% CASH EBITDA $7.3m Up 63% NPAT $4.5m Up 56% 1. Growth figures are over prior corresponding period (pcp: H1 FY25) 2. 20% up on pcp (17.4% FX adjusted). Strong H1 wins to flow into H2 3. Earnings adjusted for one-off costs (office fit-out, acquisition costs and CEO search) - total ~$0.6M 1 2 3 3 For personal use only
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... AND TRACKING NICELY WITH OUR GOALS ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 9 Metric FY 2023 FY 2024 FY 2025 H1 2026 2026 Expected Comments ARR ($'mil) 42.7 49.6 60.4 64.0 15-20% FX adjusted ARR growth of 17.4% in line with target range and expect stronger second half off H1 project wins. Revenue Retention (%) 107% 108% 108% 111% 106%-108% Enterprise accounts and eZ-Ops continue to see strong upsell. Gross Margin (%) 64% 62% 64% 66% 64% -66% Operational scale in line with expectation. Cash EBITDA / Revenue % 14% 13% 17% 21% 20-22% H2 2025 cash EBITDA was 18% and on track to exit FY 2027 at circa 30%. We have met or exceeded our published key growth, margin and retention metrics For personal use only
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OPERATIONAL LEVERAGE CONSISTENTLY GROWING, HALF-ON-HALF... ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 10 Cash expenditure as % of revenue Cash-EBITDA as % of revenue Our goal is Cash-EBITDA margins of ~30% by late 2027 93% 89% 87% 84% 80% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 11% 14% 16% 18% 21% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 For personal use only
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(1.5) (1.0) 1.6 4.1 2.8 2.9 6.9 2023 2024 2025 2026 2023 2024 2025 First Half of Year Second Half of Year $ millions ... WHICH GENERATES STRONG FREE CASH FLOW MOMENTUM ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 11 • First halves are impacted by staff bonus payments (September) • Strong H2 2025 and H1 2026 free cashflow allowed a cash dividend to be paid at 40% of NPAT Second half expected to be stronger. 2023 2024 For personal use only
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GIVING US SIGNIFICANT FINANCIAL FLEXIBILITY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 12 • Significant deleveraging well underway, noting also that a $2.4M cash dividend was paid in October 2025 • A Net cash position (on the basis of BAU) is expected to be reached around Q1 2027 23.6 19.6 14.2 6.7 5.8 4.8 3.0 2.1 0.6 0.4 0.0 1.0 2.0 3.0 4.0 5.0 - 5.0 10.0 15.0 20.0 25.0 30-Jun-2022 30-Jun-2023 30-Jun-2024 30-Jun-2025 31-Dec-2025 Leverage (Times Cash EBITDA) Net Debt ($mil) Net Debt Leverage For personal use only
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$4.5m $7.3m H1 FY 2025 H1 FY 2026 FOCUS IS ON SALES GROWTH, COST CONTROL & CASH TRANSLATION ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 13 Business scale continuing to drive productivity Revenue growth and spend growth in line with published goals Revenue per employee (i.e. productivity) is up 10% on H1 FY25 Strategic goal is for BAU expense growth to be held to 50% of revenue growth. Tracking well. Cash earnings growth allows cash dividend to be paid • Cash EBITDA of $7.3M improved 63% through continued financial discipline • Result adjusted for Europe building fit -out (one-off amount of $0.3M) • $2.4M dividend was paid in October 2025 17% 17% 21%19% 10% 11% FY 2024 FY 2025 H1 2026 Revenue Cash expenses $276 $312 $342 190 197 203 FY 2024 FY 2025 H1 2026 Resources (Average) Revenue per Resource ($K) Revenue Per FTE Headcount (Avg) For personal use only
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DRIVING ARR GROWTH ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 14 ✓ Effective marketing (53k website hits, giving 172 leads – in H1 alone). E-World: 290 mtgs (up ~20% on last yr) ✓ Upsizing the sales team. Industry experts on-boarded. Investment in sales and marketing increased 13% v Dec 2024 ✓ Sales team re-org : more effective, structured, best- practice architecture ✓ ARR Sales pipeline growing (up 24% on pcp) ✓ Land and expand – Win new account for 1 product, then cross-sell the suite (NRR @ 111%). ✓ One Stop Shop means we're a long-term strategic supplier for customers, not a one-and-done vendor. 4.0 2.7 3.7 1.7 0.5 1.7 June 2025 Pipeline Revenue Booked H1 FY2026 FY 26 Revenue Expected $ millions ARR Project 5.7 5.4 3.2 Strong conversion of FY 2025 key deals to revenue Estimated 95% conversion For personal use only
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BUSINESS UPDATE ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 15 For personal use only
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EVIDENCE THAT OUR ONE STOP SHOP STRATEGY IS SUCCESSFUL ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 16 • Existing, valued customer using multiple products and services: o Nemsight (class-leading analytics) o EOT (deal capture/settlement ETRM) • Now upgraded to include: o Autobidding & optimisation for BESS (grid- scale battery). Fully automated system. o Human-in-the-Loop, 24/7 trading services • New ARR of ~$250k coming in H2 Energy utility - Australia • Europe based global manufacturer. Ran a competitive process. • We won because of unique, holistic offering: o enTrader/ETRM (UK) o Scheduling/balancing (France & Belgium) o enFlow (from AU) agile automation was a key success element • Enabled the customer to realise economic value from dynamically managing their energy business processes • $0.8M of ARR (coming on over 12 months) and $1M project revenue. Household name manufacturer - Europe For personal use only
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AUSTRALIA : STRONG ENTERPRISE CUSTOMER WINS AND UPSELLS ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 17 • All accounts in FY25 deal book now signed including upsell to energy utility with $0.35mil ARR / $0.7mil project work • Significant upsells to existing customers from our one-stop-shop driving strong NRR performance • Batteries (BESS) technology a very strong market trend. We have solutions. • Onboarded new, experienced head of sales, already proving fruitful • General gas market uncertainty, with customers being affected. Proposed government gas reserve mechanism(s) and support will help. REVENUE $14.9m +19% NRR 111% 6% ARR $27.0m +15% Australia – Highlighting some achievements 12.0 12.5 13.8 14.9 10.8 11.6 12.3 13.4 1.2 0.9 1.5 1.5 H2 2024 H1 2025 H2 2025 H1 2026 Recurring Project For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 18 • Making good inroads in large-industrial clients, with responsive solutions featuring our algorithmic agentic engine (enFlow) as the centrepiece of the one- stop-shop • e.g. Signed major European manufacturer ($0.8mil ARR / $1mil one-off) utilising ETRM, scheduling, gas and Australian automation products. • Large upsells in both France and the UK highlight the value of one integrated Europe business and drove a significant NRR improvement. • Now, one Europe-wide business (inc UK) with functional heads (including Operations and Sales) to replace territory-based GM format, and increase efficiency REVENUE $19.6m +20% NRR 111% +10% ARR $37.0m +28% (19% constant FX) Europe (now incl. UK) - Highlights EUROPE : MULTI-PRODUCT/SERVICE DEALS BECOMING MORE REGULAR 15.1 16.3 18.5 19.6 13.0 14.2 16.0 18.2 2.1 2.1 2.5 1.4 H2 2024 H1 2025 H2 2025 H1 2026 Recurring Project For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 19 THE CONTEXT FOR AI IN THE WHOLESALE ENERGY INDUSTRY Many Challenges/Risks Regulators/ auditors High $$ prudentials Very large financial and physical assets Market risk/Credit risk Participants must be registered, approved, licensed. Price discovery? Market is dominated by OTC and illiquid markets. Industry regulation/compliance flows through to customer risk/governance appetites/policies - “Proper systems” Market runs on Proprietary, private Data. There's limited public data. Nation-Critical infrastructure & markets Highly regulated. Cybersecurity. 50Hz for grid stability Heavy fines for non-compliance. For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 AI – EXTENDING OUR COMPETITIVE ADVANTAGES Data Our tools synthesize and improve proprietary data that we hold/manage. Cybersecurity Fully compliant - protect customers business from disruption System of Record For auditors, markets, regulators. We are the Ground data. Embedded Customers transact through us. We’re the ‘plumbing’ of the industry Network effects Strong market shares (and growing). Being the industry standard is a goal. Supported systems We have proven solutions. In-house/ad-hoc tools are a systemic risk to governance- oriented businesses. 20 For personal use only
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WE ARE USING AI IN EVERYTHING WE DO ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 21 Faster deployments Quicker to market Productivity gains Scaling Our Benefits Building proprietary AI forecasting modules Starting with gen AI for help features and documentation AI-Assistant layer for our Nemsight platform Selected Windsurf, Github Co-pilot & others for our platforms Seeing 50%+ time gains for developers in certain areas Tools embedded on every developer’s IDE, 98% average usage rate Adopting & embedding AI as BAU Technical debt upgrades time cut from 6mths to 2 mths 1.6 million lines of code generated with AI-partnership thus far Super-scaling our trading operations on behalf of customers Fully automated power and gas operations system (with H-I-L) Product roadmap acceleration Full AI factory capability Done Currently Next For personal use only
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Large utiliity Generator Trader/Shipper/Reseller Industrial Retailer TSO Medium utility Large Utility Other WHOLESALE ENERGY TRADING IS A MULTI-FACETED ACTIVITY . NOT JUST 'ONE' SYSTEM OR ACTIVITY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 22 EOL provides multiple elements to multiple players. Mission Critical solutions means reduced risk of replacement (and we don't price on seats.) 0 to 10,000 10,000 to 25,000 25,000 to 50,000 50,000 to 100,000 100,000 to 250,000 250,000 to 500,000 500,000 to 1,000,000 1,000,000 + ARR By Customer Size Customer ARR By Market Participation Type For personal use only
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M&A UPDATE ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 23 For personal use only
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M&A UPDATE (FEB 26) • The Company's long-term strategy includes growth from both organic and (disciplined) inorganic pathways. • We and our advisors (Lazard Australia) are active in reviewing M&A opportunities. • Emphasis is on 'home' markets (Europe and Australia). • We have opportunities in development. No timeline or guarantee of success is provided. No financial commitments have been entered into, at this time. • Shaun Ankers' ongoing (as Director) role will include supporting CEO on M&A projects. ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 24 For personal use only
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STRATEGY & MARKET UPDATE – BEN TRANIER ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 25 For personal use only
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MARKET EVOLUTION 26 • Natural Gas remains strong, diversified supplies, Bio-Gas / LNG . • Buyer shift: Utilities, traders, and large industrials want outcomes (availability, compliance, speed) more than tools. • Volatility & complexity in short-term markets and balancing requires faster decisions and robust automation. VIRTUAL TRADING PARTIES DERMS, Independent Power Producers WHOLESALE & TRADING Utilities, Trading Firms, Large Industrials TECHNOLOGY DRIVERS Agents & Analytics • Rapid growth of complex portfolio (PV, batteries, EVs) shifts constraints (e.g., congestion, dynamic limits etc.) and bring new entrants • DSOs now aggregate and procure flexibility and must coordinate with TSOs/wholesale on the energy markets • Today’s gap: fragmented tools, manual workflows • Security by design: no AI internet model calls for production workflows. Data residency is decisive • API integration explosion demands stronger governance (policies, approvals, audit). • HIL (Human-In-the-Loop) remains essential, regulatory & compliance burden continues to rise 2000 – early 2020s • Centralized generation, supplier-centric market access • Manual trading ops, after-the-fact compliance 2020 - 2026 • Electrification & Renewables scale-up • Commercial models evolve: PPAs, flexibility markets, negative prices etc. 2026 - 2030 • Distributed, asset-rich portfolios (DER, storage, flexible loads), electrification and asset aggregations • DSOs procure flexibility; access wholesale • Reliable generation assets (i.e. CCGT/NG, Nuclear ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 For personal use only
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NEW MARKETS, NEW GEOGRAPHIES, NEW OPPORTUNITIES 27 In front of the Meter (i.e grid scale) Behind the Meter Centralized Generation Energy Trading & Risk Mgmt Transmission & Distribution Utilities Large Industrials Trading Firms Focus Main Players Focus Main Players Distributed “Prosumption” Commercial & Industrials Flexibility Management DERMS / Aggregators Wholesale & Trading Crossing the-meter Core Target Market TAM: A$ 500M–1,500M/year growing (spend, entrant) New Entrants: Virtual Trading Parties (TAM A$500M/year) New Solutions: BESS, Carbon Capture Storage, LNG / Bio-gas New Geographies: Southern and Eastern Europe, APAC FTM & BTM, Source: Bloomberg Virtual Traders Intraday / Algo Trading Intraday Trading Volume, Source: EPEX ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 For personal use only
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STRONG FUNCTIONAL INTEGRATED ECOSYSTEM 28 Trade to Cash Asset / Trading Strategy Market Access / Dispatching / Communication Settlement / Finance / Reporting Portfolio Management / Short Term Trading DATA & ANALYTICS ETRM EMEA & ANZ BIDDING / SCHED. ANZ BIDDING / SCHED. EMEA ETRM EMEA & ANZ PORTFOLIO MGMT WORKFLOW TRADING SERVICES CUSTOMER 24/7 Ops ENERGY ONE ECOSYSTEM Front-Office Ops Back-Office ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 For personal use only
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4 STRATEGIC PILLARS TO SUPPORT ENERGY ONE EVOLUTION EO one Platform Global Leverage Productivity Inorganic Growth 29 • Approach Tier-1 with a fully integrated solution •one User Experience / Customer journey • Expand to new markets • Global Go-to-Market capabilities • Centers of Excellence • AI Adoption with Human-In-The-Loop • Expansion (core/adjacent) • Consolidation ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 For personal use only
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SUMMARY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 30 For personal use only
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SUMMARY OF HIGHLIGHTS AND GOING-FORWARD ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 31 • The business continues to grow well and increasing leverage.Rule-of-40 exceeded via both cash (41) and non-cash methodologies (47) • We achieved full ISO27001 (cyber) accreditation. Expected to be a tail-wind, considering data-security is a global focus for customers. • Our pipeline is in good shape, growing (by ARR) ~24% over pcp. • 53,000 website visits in H1, including 172 web-generated leads, demonstrating our marketing effort is bearing fruit • The business has a global tailwind (energy transition) with products and services to help customers manage their risk • We see AI as an enabler, not a threat. We are in a deeply regulated and sticky industrywith mission- critical solutions • Inorganic growth in focus, scaling-up via disciplined M&A/partnership • New CEO continuing (and refining) our successful strategic direction. For personal use only
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Questions? ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 32 For personal use only
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APPENDIX 1: H1 FY26 FINANCIAL ANALYSIS ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 33 For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 34 Profit & Loss Statement H1 FY 2026 H1 FY 2025 $m $m $m % Operating and Other Revenue 34.8 28.8 6.0 21% Operating Expenses (25.1) (21.4) (3.7) (17%) Underlying EBITDA 9.7 7.4 2.3 31% Depreciation & Amortisation (3.2) (2.7) (0.5) (18%) Total Expenses (28.3) (24.1) (4.2) (17%) Underlying EBIT 6.5 4.7 1.8 38% Net Interest Expense (0.5) (0.8) 0.3 38% Underlying Profit Before Tax 6.0 3.9 2.1 54% Tax Expense (1.5) (1.0) (0.5) (49%) Underlying Profit After Tax 4.5 2.9 1.6 56% One-Off Costs (0.2) 0.0 (0.2) NA Depreciation & Amortisation of Customer Lists (0.3) (0.4) 0.1 24% Statutory Profit After Tax 4.0 2.5 1.5 61% Variance fav / (unfav) 1. Compared to H1 FY2025 favourable FX has increased current half revenue by $1.2mil and increased expenses by $1.0mil. ¹ For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 35 • Cash position allowed a fully franked FY2025 dividend to be paid in cash impacting debt paydown • Tax payments increasing in line with profitability increase • Second half will see net debt approach net zero (dividend delayed achievement) • Leverage (debt to underlying Cash EBITDA) improved from 1.4 times to 0.4 times Balance Sheet & Cashflow Balance Sheet 31 December 2025 31 December 2024 $m $m $m % Assets Cash and cash equivalents 4.6 2.5 2.1 83% Trade and other receivables 10.6 8.3 2.2 27% Property, plant and equipment 1.0 0.6 0.4 70% Lease right-of-use asset 4.3 2.9 1.4 51% Software development 26.9 24.8 2.1 9% Intangible assets 51.8 52.1 (0.3) (1%) Other assets 4.3 3.7 0.7 18% Total Assets 103.6 94.9 8.7 9% Liabilities Trade and other payables 5.2 5.0 (0.3) (6%) Lease liabilities 4.6 3.0 (1.5) (50%) Borrowings 10.4 15.5 5.1 33% Income Tax Payable 0.9 0.2 (0.7) (386%) Contract liabilities 8.1 5.8 (2.3) (39%) Employee provisions 2.5 2.3 (0.2) (10%) Deferred tax liability 5.9 5.9 0.0 0% Total Liabilities 37.6 37.7 0.1 0% Equity Contributed equity 46.6 45.5 1.2 3% Reserves 4.8 2.2 2.5 113% Accumulated profits / (losses) 14.5 9.5 5.1 54% Total Equity 65.9 57.2 8.8 15% Key Ratios ($m unless noted) Working Capital (5.3) (4.8) 0.5 10% Days Sales Outstanding (days) 55.6 52.8 (2.8) (5%) Net Debt 5.8 13.0 7.2 55% Leverage 0.4 1.4 1.0 71% Facility Headroom 10.2 7.6 2.6 35% Variance fav / (unfav) Cash Flow H1 FY 2026 H1 FY 2025 $m $m $m % Cash From Operations Receipts from customers 38.9 29.8 9.1 31% Payments to suppliers & employees (28.6) (23.7) (4.9) (21%) Finance costs incl. lease interest (0.6) (0.8) 0.2 25% Income tax paid (2.1) (0.9) (1.2) (133%) Total Cash from Operations 7.6 4.4 3.2 73% Investing Payment property, plant and equip (0.5) (0.2) (0.3) 150% Payment for software development (3.3) (2.6) (0.7) (27%) Total Investing (3.8) (2.8) (1.0) (36%) Financing Repayment of borrowings (0.3) (0.6) (0.3) 50% Dividends Paid (2.4) 0.0 (2.4) 0% Lease payments (0.5) (0.5) 0.0 0% Total Financing (3.2) (1.1) (2.1) 191% Cash Movement 0.6 0.5 0.1 20% Variance fav / (unfav) For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 36 Cash EBITDA & Expenses Reconciliation H1 FY 2026 H1 FY 2025 $m $m $m % Underlying EBITDA 9.7 7.4 2.3 31% Share Based Payments 1.5 0.4 (1.1) (275%) Developed Software & PPE (3.4) (2.8) 0.5 (19%) Lease Payments (0.5) (0.5) (0.0) 1% Underlying Cash EBITDA 7.3 4.5 2.8 63% One-Off Costs (0.6) 0.0 (0.6) NA Cash EBITDA 6.7 4.5 2.2 49% Underlying Cash EBITDA % Revenue 21% 15% 6% 36% Underlying Operating Expenditure 29.0 25.3 (3.7) (14%) Depreciation & Amortisation (3.5) (3.1) (0.4) (13%) Share Based Payments (1.5) (0.4) (1.1) (282%) Capital Expenditure 3.4 2.8 (0.5) (19%) Lease Payments 0.5 0.5 0.0 1% Underlying Cash Expenditure 27.9 25.1 2.8 11% Variance fav / (unfav) For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 37 Employee Expenses Bridge 14.9 $16.5 - 11% $17.0 - 14%$1.2 - 8% $0.1 - 9% $1.0 - 333% ($0.4) - 19% ($0.3) - (7%) 0.5 H1 FY 2025 Employee Costs Wages & on- costs Incentives Share Based Payments Capitalised Wages Other H2 FY Employee Costs (Const FX) FX H1 FY 2026 Employee Costs 3-4% CPI and 10 headcount increase - increase within target cost growth range Share scheme implemented December 2024 Includes Directors fees in H1 FY 2025 now allocated to Other Expenses in H1 2026 Currency H1 FY 2025 H1 FY 2026 AUD to EUR 0.61 0.56 AUD to GBP 0.51 0.49 For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 38 One Off Costs AUD (‘000) H1 FY2026 1 FY 2025 CHANGE CHANGE % CEO Recruitment 0.2 0.0 (0.2) NA Acquistion expenses 0.1 0.0 (0.1) NA Total Impact on EBITDA / NPBT 0.3 0.0 (0.3) NA Office Fitout 0.3 0.0 (0.3) NA Total Impact on Cash EBITDA 0.6 0.0 (0.6) NA For personal use only
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SaaS Metrics (vs pcp) ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 39 1. Attrition mainly due to market exits (see next slide). Expected to trend downwards towards predicted range by full year 2. NRR – Enterprise is defined as Large customers (enterprise).SaaS is the smaller subscription-type accounts (e.g France) H1 FY 2026 H1 FY 2025 H1 FY 2024 FY 2025 FY 2024 FY 2023 ARR ($mil) 64.0 53.2 46.4 60.4 49.6 42.7 ARR Increase (Annual %) 20% 15% 23% 22% 16% 16% Customer Installs (no.) 447 430 377 449 407 370 Attrition (loss/cancels %)¹ 5.0% 2.4% 3.3% 4.0% 3.5% 2.3% Average LTV/Customer ($mil) 4.6 3.7 3.5 3.1 3.0 3.1 Net Revenue Retention (NRR %) 111% 104% 114% 108% 108% 107% NRR - Enterprise (%)² 118% 107% 114% 118% 106% NRR - SaaS (%) 113% 97% 125% 105% 108% Gross Revenue Retention (%) 90% 94% 94% 91% 93% LTV/CAC 48.0 58.0 36.5 42.4 41.0 38.1 Typical Contract Length Gross Margin (%) 66% 63% 62% 64% 62% 64% Gross Margin - Cash (%) 73% 69% 69% 70% 69% 70% Cost of Acquisition ($k) 96 63 95 74 73 72 1-5 year initial term then annual renewal For personal use only
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Customer attrition uptick due to market exits and cessation of trading ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 40 61% 16% 9% 7% 5% 2% Financial / Ceased Trading Went to Internal Solution Other Competitor EOL Declined to Offer / Renew Functionality • Long term trend: Customer loss predominantly driven by market exits (new entrants typically) and re-structuring trading operations (economic). • Gas prices (AU) specifically impacted a large manufacturer causing their market exit in Jan 25. Net of this, attrition is 4% (within expected range). • Loss to competitor/alternatives is minor reason • We declined one renewal due to scope change (risk). This contributed to numbers decline (6 sites) but minimal $ decline (5%). • Note, upselling is strong at NRR 111% Revenue ($) attrition by reason(LTM) For personal use only
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FY 2026 Key Metrics & Trajectory expectations Business positioned for continued revenue and profitability growth ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 41 Metric FY 2023 FY 2024 FY 2025 Comments FY 2026 Expected ARR ($'mil) 42.7 49.6 60.4 Expect project wins, sales effectiveness and pricing to accelerate growth 15-20% Revenue Retention (%) 107% 108% 108% Sales effectiveness to increase upsell and pricing to further increase retention 106%-108% Attrition (%) 2.3% 3.5% 4.0% Business to maintain historical amounts of attrition / customer loss 2.5%-4.0% Gross Margin (%) 64% 62% 64% Revenue growth and continued cost discipline to improve gross margin 64% -66% Cash EBITDA / Revenue % 14% 13% 17% Core margin (capex adjusted for $1mil product investment) increases as scale benefits continue. 20-22% Headcount (Avg.) 169.0 190.0 197.0 Small increase in headcount orientated to sales and marketing and lead gen insourcing 205-210 Cost to Acquire ('000) 72.0 73.0 72.0 Increased investment in sales and marketing to see CaC slightly increase 75-95 Product Development ($'mil) 5.1 4.8 5.6 Investment includes $1mil on new product $6-$7mil For personal use only
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Glossary of (non-IFRS) terms and metrics ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 42 Annual Recurring Revenue (ARR) : A non IFRS measure representing recurring revenue recognised in a particular month, multiplied by 12. ARR provides a forward-looking view of “on book” revenue at a point in time assuming no change in foreign exchange. ARR may be adjusted to remove one-off billing adjustments and catch-ups. Attrition : Representing ARR lost in the twelve-month period over ARR prior period . Average Revenue Per Installation (ARPI) : Representing ARR over the total number of product installations recorded in the relevant month. Cash EBITDA : Representing EBITDA before share based payments - but including capital expenditure and the principal component of lease payments (EBITDA + SBP – capex – lease payments). Cash Expenditure : Representing expenditure adjusted for depreciation & amortization, share based payments and lease principal payments (operating expenditure – depreciation & amortization + share-based payments + capex + lease payments) Downsell : Representing any customer account where current period ARR is less than comparative period ARR EBIT : Representing earnings before interest paid and received. EBITDA : Representing earnings before interest (paid & received) and depreciation & amortisation. Free Cash Flow : Representing operating cash less capital expenditure. Gross Revenue Retention (GRR) : Representing ARR twelve months prior less downsell and attrition over ARR twelve months prior. FY Financial Year ended 30 June. Net Revenue Retention (NRR) : Representing ARR twelve months prior plus upsell less downsell less attrition over ARR twelve months prior. pcp: Prior Corresponding Period Product investment : Representing the cost of staff allocated to product management (non technical resources) and development (technical resources). Upsell : Representing any customer account where current period ARR is greater than comparative period ARR. Upsell includes pricing changes either by way of annual CPI or out of cycle. For personal use only
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APPENDIX 2: COMPANY BACKGROUND ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 43 For personal use only
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Energy One Limited (ASX: EOL) ENERGY ONE – A PROFITABLE SAAS & SERVICES COMPANY ENERGY ONE LIMITED (ASX:EOL) IS A LEADING INDEPENDENT GLOBAL SUPPLIER OF ENERGY TRADING AND RISK MANAGEMENT (ETRM) SOFTWARE SYSTEMS AND SERVICES. For personal use only
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SUPPORTING THE ENERGY INDUSTRY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 45 D-1 D D+1Long Term Trading Master Agreements Portfolio Management Portfolio Dispatching Deal Capture Long Term Capacity Management Auction Bidding Continuous MarketsPortfolio Optimization Frequence Response Reserve TSO/DSO Communications REMIT InvoicingMulti-Commodity Hedging 24/7 trading Operations and Consulting Capacity BookingRisk Management Position Reporting PnL Analysis Algo trading Position Balancing Volume Allocations Workflow automations, Compliance PnL Reporting Position Reporting 24 / 7 Operations & Customer Support INDUSTRIAL CONSUMERS POWER UTILITIES & GAS SHIPPERS TRADING ENTITIES For personal use only
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2027 + THE ENERGY ONE JOURNEY ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 46 ACQUISITION OF CONTIGO SOFTWARE UK ACQUISITION OF EGSSIS Belgium LISTED ON ASX GEOGRAPHIC EXPANSION INTO EUROPE ACQUISITION OF EZ-NERGY France 2025 202420232022202120202018200920072003 ACQUISITION OF CQ ENERGY Australia ENERGY RETAILING Energy One starts life as a small retailer in the market ONE STOP SHOP Launched CONNECTIVITY INCREASES to European Exchanges GLOBAL 24/7 SERVICES Launched REBRANDING OF CONTIGO, EZ-NERGY AND EGSSIS to Energy One FULL MARKET COVERAGE In Europe ACTIVELY ENTERING MARKETS as a pioneer ESTABLISHMENT AND GROWTH IN AUSTRALIA FIRST PRODUCT INSTALL EOT (ETRM) Contracts trading ‘FOLLOW THE SUN’ ESTABLISHED MARKET COVERAGE INCREASES For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 47 Our software and services are used to trade and manage both physical energy and derivative contracts either bilaterally (B2B) or on public exchanges. EOL'S SUITE OF SOFTWARE TOOLS ARE USED BY CUSTOMERS TO MANAGE THEIR EXPOSURE TO RISK AND VOLATILY .For personal use only
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EOL GROUP SOFTWARE & SERVICES MAKES LIFE EASIER PARTICIPANT CHALLENGES FACED EOL GROUP SOLUTIONS Generators Accurate, compliant energy spot marketbidding and nominations ✓ Efficiently dispatching generation ✓ Energy operations (B2B, bid preparation, monitoring,compliance) ✓ Hedging output against volatile spot market usingderivatives ✓ Management and valuation of complexPPAs ✓ Renewables Automated balancing, bidding, scheduling and nomination tomarket ✓ Curtailing dispatch during negative priceevents ✓ Retailers/Suppliers Hedging load against the spot market and reconciliation with spotmarket ✓ Trading energy derivatives deal capture and contractmanagement ✓ Logistics – transporting gas across multiplepipelines ✓ Evaluation of risk exposure, monitoring risklimits ✓ Renewable energy compliance ✓ Energy operations (B2B, bid preparation, monitoring,compliance) ✓ Pipelines/TSOs Deal capture, settlements, capacitytrading ✓ Contract and networkoptimisation ✓ Industrial customers Management of PPAs and power & gas scheduling and nomination ✓ Carbon trading management ✓ Energy monitoring Retail invoice reconciliation Energy traders Single comprehensive source of market data andanalytics ✓ Trading tools to facilitate / manage complex derivativetrades ✓ ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 48 For personal use only
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ENERGY ONE LIMITED (ASX:EOL) : HALF YEAR RESULTS FY26 49 ENERGY ONE POWERING THE TRANSITION TO RENEWABLE ENERGY For personal use only
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energyone.com energyone.com INVESTOR RELATIONS/ENQUIRIES Fortitude IR Andreas Lundberg andreas.lundberg@fortitudeir.com.au +61 457 650 482 CONTACT For personal use only