Earnings release
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1 For immediate release, 23 October 2026 IKE 2Q / 1H FY27 Performance Update • FY27 Guidance: • Exit Run Rate Subscription revenue outlook >30% growth vs PCP • Full year subscription revenue outlook will be strong in absolute terms with forecast growth to be confirmed end of November; timing on customer contracts impacting FY27 recognised subscription revenue, • Sep YTD FY27 Platform Subscription Revenue ~NZ$11M; +22% growth vs pcp • Recurring revenue model strength continues with ~85% of total revenue from recurring Subscriptions • New products are on track for market launch in 2H FY27, expected to drive further ARR expansion IKE (ikeGPS Group Limited) (NZX: IKE | ASX: IKE) is pleased to provide an update for the six-month period to 30 September 2026. All figures are in NZD unless stated, rounded to the nearest decimal. Highlights for the half year: Financial Highlights • Annualized Exit Run Rate (ERR) of subscription revenue to ~NZ$22M, +13% vs prior calendar period (pcp) • Platform Subscription Revenue for Sep YTD ~NZ$11M, +22% vs pcp • Total Revenue for the Sep YTD ~NZ$12.7M, approximately flat vs pcp reflecting some interim softness in one-off, lower margin professional services revenue • Sep YTD Gross Margin; ~NZ$10.2M; +7% vs pcp; gross margin percentage 81%, vs 75% vs pcp • Total cash and deposits of ~NZ$27.4M, net receivables of ~NZ$3.9M, with no debt as at September 30, 2026. Cash was ahead of the internal plan. Payment timing of a large receivable, and 2Q being a seasonally higher spend quarter is reflected in the ending cash balance. Product Highlights • The new product program funded in FY26 is on track — IKE PoleForman’s Secondary Voltage Analysis product (Module 1), IKE PoleForeman 2.0 for the communications industry, and an AI- based Make-Ready Engineering platform (Module 2) — will each be in market in 2H FY27 and each are expected to deliver material additional recurring subscription revenue growth from FY28. CEO Commentary: Commenting on the results, IKE CEO & Managing Director Glenn Milnes said: Our view on the multi-year trajectory for the business is unchanged, Sep YTD we are performing broadly to expectations. Platform subscription exit run rate ARR is NZ$22M, and Subscription YTD revenue is at NZ$11M, and we are ahead of budget on cash. We expect IKE's exit run rate of platform subscription revenue at 31 March 2027 to grow >30% versus the prior comparable period. The underlying subscription engine is healthy: subscription gross margins of ~95%, an NPS of 91, and a well-funded balance sheet with no debt.
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2 For our updated subscription revenue expectation for FY27, growth in the period is strong but will land below the ~35% previously indicated. This reflects the timing of closing and recognizing several major subscription contracts, where the associated subscription revenue is recognized over the subsequent 12-month period from execution. It does not reflect demand, customer losses, nor churn — and we remain confident this revenue will be recognized in subsequent periods, because we have customer contracts in place and also visibility into a strong sales pipeline. Three new subscription products are on track to launch - targeted to be in-market and with customers in the second half of this financial year. We expect them to deliver material recurring subscription revenue from FY28 and beyond. We are using Artificial Intelligence (AI) as an accelerant across the company, both inside our products and inside our own operations. Electrification macro-market tailwinds across North America remain highly supportive and are strengthening. With long-term contracts, an expanding pipeline, and our new products coming to market, we remain confident in healthy growth through 2H FY27 and beyond." New Products During FY26, IKE was funded to invest in, develop, and bring to market a set of new subscription products, each was shaped by direct engagement with IKE's Customer Council of leading North American electric utilities and reflects clearly identified, standards-level industry demand. These products will be demonstrated in our next investor call in November of this year. 1. IKE PoleForeman, Secondary Voltage Analysis Secondary Voltage Analysis extends IKE beyond mechanical & structural analysis into the electrical delivery side of distribution-grid management — enabling utilities to size distribution transformers and analyse secondary voltage, a critical and growing requirement as networks absorb electrification and distributed energy. The product is built in close collaboration with Standards Directors from many of the largest electric utilities in the U.S., tightly interfaces with IKE PoleForeman, and replaces legacy and unsupported tools. 2. IKE PoleForeman 2.0 — for the communications industry IKE PoleForeman 2.0 is a next-generation release of IKE's flagship structural-analysis product, designed to support the communications industry. It extends IKE's proven distribution-network structural analysis to communications companies deploying fibre, opening an additive addressable market in the large and active U.S. fibre-infrastructure segment while leveraging IKE's existing platform, data, and standards position. 3. IKE AI Make-Ready Engineering platform The IKE AI Make-Ready Engineering platform is a new AI-based platform for make-ready engineering — the process by which utilities and their engineering partners design the capacity and attachments required to add new services to a distribution network. The platform automates and accelerates a historically manual, time-intensive workflow, improving speed, accuracy, and throughput for one of the highest-volume activities across the industry. Collectively, these launches represent the most significant product-expansion period for IKE — this is a busy but highly energizing time for the company — and materially broadens IKE's subscription product suite across the electric-utility and communications markets.
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3 Performance across the business is set out in the following charts and table: • Annualized Exit Run Rate (recurring revenue) +13% vs PCP • 3-year Compound Annual Growth Rate (CAGR) +29% • Sep YTD FY 2027 Platform Subscription Revenue +22% vs PCP • 3-year Compound Annual Growth Rate (CAGR) +28%
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4 • Sep 30 seat count +11% vs PCP • 3-year Compound Annual Growth Rate (CAGR) +31% • Sep YTD FY 2027 Professional Services Revenue (formerly Platform Transaction Revenue) -61% vs PCP • September revenue was strong and Q3 will be strong due to a growing backlog.
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5 • Sep YTD FY 2027 total revenue -1% vs PCP • Platform Subscriptions Revenue now 85% of total revenue vs 69% pcp • Non-recurring Hardware & Other Revenue dropped to 7% of revenue vs 10% pcp
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6 About IKE ikeGPS Group Limited (NZX/ASX: IKE) is the PoleOS company. IKE's software platform helps electric utilities and communications companies assess, digitize, model, and manage distribution infrastructure — improving safety, reducing cost, and accelerating the pace of grid modernization and broadband deployment. Contact: Glenn Milnes CEO & MD +1 720-418-1936 glenn.milnes@ikegps.com Simon Hinsley Investor Relations +61-401-809-653 simon@nwrcommunications.com.au ikeGPS Group Limited 329 Interlocken Parkway, Suite 120, Broomfield CO 80021, USA Office: +1 303 222 3218 www.ikegps.com ENDS