Earnings release
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www.felix.net Level 13, 239 George St, Brisbane 4000 QLD Felix Group Holdings Ltd (ACN: 159 858 509) ASX Announcement 28 October 2025 Business Update & Appendix 4C – Q1 FY26 Key highlights - Completion of the acquisition of Nexvia, marking a significant strategic milestone to accelerate Felix’s Vendor monetisation strategy - $7.0m Enterprise ARR recorded in Q1 FY26, representing a 17% increase on pcp, underpinned by two new enterprise customers and one expansion deal - New contract signed in North America with a heavy civil construction business, demonstrating early traction in the region - $8.8m Group ARR in Q1 FY26, increasing 10% on pcp, and including Nexvia ARR, Group Pro Forma ARR of $12.1m in Q1 FY26 - The Vendor Marketplace has reached 120k Vendors in the network as at the close of Q1 FY26, reflecting a 10% increase from 109k in Q1 FY25 - Well capitalised with $7.8m cash as at 24 October 2025, following completion of the acquisition and Tranch e 2 of the capital raising, providing balance sheet strength to drive Felix’s organic growth initiatives in FY26 BRISBANE Australia, 28 October 2025: Felix Group Holdings Ltd (ASX:FLX) (“ Felix” or the “Company”) is pleased to release its quarterly business update and Appendix 4C for the period ended 30 September 2025 (“Q1 FY26”). Completion of Nexvia acquisition Felix completed the acquisition of Nexvia Pty Ltd (Nexvia) to accelerate its vendor monetisation strategy and unlock the significant revenue potential of the Vendor Marketplace. Nexvia, a Brisbane-based SaaS platform built for project-led SMEs in the construction sector, brings proven and complementary capabilities that enhance Felix’s platform through cross - selling opportunities and deeper integration. This strategic milestone expands Felix’s product suite and addressable market while strengthening its abi lity to drive growth and unlock new recurring revenue streams through vendor monetisation. During the quarter the Nexvia ARR position remained at $3.3m. Operating cash outflows were $40k for the period. Customer metrics remained stable for the quarter. For personal use only
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Figure 1. Group pro forma ARR profile ($m) Nexvia Pro Forma New customer contracts and expansion Felix continues to see early traction in the North American market, signing a 3-year agreement with a heavy civil construction business in Eastern Canada with operations spanning civil construction, logistics and environmental services. Under the agreement, the business will initially license Felix’s Vendor Management module, generating $88k in ARR. Importantly, the agreement provides a pathway for ARR expansion through the potential licensing of additional modules over time. In addition, the business will add 4,000 active suppliers to Felix’s Vendor Marketplace. This new contract win follows the agreement signed with PCL Solar in Canada in April 2025 and further validates Felix’s growing presence in the region. Felix is observing strong pipeline growth across North America, with the recent addition of a Toronto-based sales resource expected to drive further sales momentum. A new contract was also signed during the quarter with Grange Resources (ASX:GRR), a vertically integrated Australian mining company primarily focused on magnetite iron ore. The business will license Felix’s full suite of Vendor Management, Sourcing, Contracts and Procurement Schedule modules, generating $102k in ARR. During the quarter Felix also secured a contract expansion with Service Stream, generating an additional $21k in ARR. The expansion saw Service Stream, a leading Australian infrastructure services group, increase the number of Active Users under its account. 8.0 8.3 8.6 8.6 8.8 3.3 12.1 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY26 Q1 FY26 Felix’s Co-Founder and CEO, Mike Davis commented: “It has been an incredibly busy quarter for Felix. We completed the acquisition of Nexvia – a strategic milestone that will accelerate vendor monetisation and create new revenue streams through an expanded, integrated platform. Our immediate focus remains on supporting Nexvia’s organic growth and integrating the business while unlocking early cross-sell opportunities with Felix’s Vendor Marketplace. In addition, we continue to see early traction in the North American market with signing a new 3-year agreement with a major civil construction business in Eastern Canada and adding 4,000 suppliers to our Vendor Marketplace. Alongside our recent PCL Solar agreement, this momentum highlights the significant opportunities emerging in Nor th America.” For personal use only
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Felix continues to see strong pipeline growth both domestically and internationally, reflecting strong market interest. While the industry continues to evolve as AI transforms competitive dynamics and customer expectations, Felix is actively developing and integrating AI-driven solutions to capitalise on these trends and strengthen its competitive position. Figure 2. Enterprise ARR ($m) 1 Group financial update Total Group ARR was $8.8m in Q1 FY26, reflecting a 10% increase from $8.0m in the prior corresponding quarter (refer to Figure 3). Three customers churned during the quarter, including two outside of Felix’s core sector focus (councils and builders) and one that was acquired by an existing Felix customer, resulting in a ($140k) impact to ARR. Figure 3. Group ARR ($m)1 Enterprise MRR for the closing month of Q1 FY26 reached $569k, a 14% increase on pcp (refer to Figure 4). Felix reported Net Revenue Retention (NRR) of 102% as at the close of Q1 FY26, up 4 percentage points on the prior period, reflecting continued strong customer retention and success in driving growth across existing accounts. Figure 4. Enterprise MRR ($’000) 1 1 Figures do not include Nexvia’s results, as the acquisition was completed after the end of the quarter. 6.0 6.4 6.7 6.9 7.0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 6.0 6.4 6.7 6.9 7.0 2.0 1.9 1.9 1.7 1.8 8.0 8.3 8.6 8.6 8.8 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Enterprise ARR Vendor ARR 497 521 533 586 569 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 For personal use only
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Vendor Marketplace continues to scale Felix recorded 119,517 Vendors in the Vendor Marketplace in Q1 FY26, reflecting a 10% increase on the prior corresponding quarter (refer to Figure 5). The acquisition of Nexvia is a key milestone for Felix, which will accelerate monetisation of Felix’s Vendor Marketplace. Initially, Felix will target the subcontractor segment within the Vendor Marketplace. Figure 5. Number of Vendors in the Vendor Marketplace (‘000) Platform enhancement updates During the quarter, Felix delivered key enhancements focused on improving vendor management and user experience. Vendor search within the marketplace was upgraded to display richer details, helping users identify the correct vendor account and avoid duplication. A new email domain claiming capability was introduced to consolidate vendor accounts by automatically routing invitations to a central profile, streamlining onboarding and reducing redundancy. In addition, the Panel Management interface underwent a visual refresh with a modernised design and updated controls, enhancing usability and consistency across the platform. These initiatives highlight Felix’s ongoing investment in platform efficiency, accuracy, and user-centric design. Key engagement metrics New enterprise wins and continued uptake of Vendor Marketplace in enterprise workflows, including in international markets, have contributed to strong growth in key engagement metrics. These include for the quarter ending September 2025: • Number of Active Projects: +82% pcp • Requests for Quotations (RFQ) sent by enterprises: +37% pcp • Total active Vendor Compliance Documents: +49% pcp • Total enterprise User Accounts: +18% pcp Corporate update During the quarter, Felix completed a $16.5m capital raise to fund the cash component of the Nexvia acquisition and support the company’s organic growth initiatives. The capital raise was well supported by both existing shareholders and new investors, with US-based investment firm Briarwood Partners participating as a cornerstone investor. The successful capital raise has strengthened Felix’s balance sheet, providing funding flexibility to execute strategic initiatives and accelerate the Vendor monetisation strategy. Following payment of the cash consideration component of the Nexvia acquisition and 109 115 117 113 120 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 For personal use only
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settlement of Tranche 2 of the capital raising in October, Felix held $7.8m in cash and cash equivalents as at 24 October 2025. Felix reported receipts from customers of $ 2.3m and net operating cash outflows of ($1.3m) for the quarter ending 30 September 2025. Operating cash flows for the quarter were impacted by non-recurring, one- off costs of $936k associated with the capital raise and Nexvia acquisition. In FY26, Felix is focused on strategic investment for long-term growth and scale to unlock accelerated revenue and earnings growth in FY27. Key organic growth initiatives include platform development to expand the capabilities of the Contracts module, additional sales and marketing resources to support conversion of Felix international pipeline and integration of Nexvia. Payments totalling $118 k were made to related parties and associates for Directors’ fees. These payments were included in cash flows from operating activities and cash flows from financial activities (item 6.1 in the below Appendix 4C). Authorised for release by: Mike Davis Co-Founder & CEO Felix Group Holdings Ltd For further information please contact: Company James Frayne Company Secretary Mobile: +61 401 663 177 Email: investors@felix.net Investors Harry Halstead Vesparum Capital Phone: +61 3 8582 4800 Email: felix@vesparum.com About Felix – see more at felix.net Felix operates a cloud-based enterprise Software as a Service (SaaS) procurement management platform and vendor marketplace. Felix connects enterprises and third-party vendors by digitising, automating, and streamlining a range of critical procurement-related business processes – reducing supply chain risk and improving transparency and governance. JOIN FELIX’S INTERACTIVE INVESTOR HUB Visit https://investorhub.felix.net for Felix’s Investor Hub https://investorhub.felix.net/link/y5aqzy For personal use only
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Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity FELIX GROUP HOLDINGS LIMITED ABN Quarter ended (“current quarter”) 65 159 858 509 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 2,324 2,324 1.1 Receipts from customers 1.2 Payments for (a) research and development (247) (247) (b) product manufacturing and operating costs - - (c) advertising and marketing (116) (116) (d) leased assets - - (e) staff costs (2,271) (2,271) (f) administration and corporate costs (956) (956) 1.3 Dividends received (see note 3) - - 1.4 Interest received 15 15 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,251) (1,251) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) businesses - - (c) property, plant and equipment - - (d) investments (see section 7) (147) (147) (e) intellectual property (66) (66) (f) other non-current assets - - For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from disposal of: (a) entities - - (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) – payment for deposits held (450) (450) 2.6 Net cash from / (used in) investing activities (663) (663) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 5,890 5,890 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (336) (336) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (13) (13) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) (6) (6) 3.10 Net cash from / (used in) financing activities 5,535 5,535 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,039 2,039 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,251) (1,251) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (663) (663) For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 5,535 5,535 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 5,660 5,660 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,860 2,041 5.2 Call deposits 3,800 - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,660 2,041 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 118 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 6.1. Director’s fees and Managing Director’s salary. For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,330) 8.2 Cash and cash equivalents at quarter end (item 4.6) 5,660 8.3 Unused finance facilities available at quarter end (item 7.5) - 8.4 Total available funding (item 8.2 + item 8.3) 5,660 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) 4.26x Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 October 2025 Authorised by: By the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only