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Supercharged Connectivity Interim Results 2026 30 July 2026
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Brands: Peplink Plover Bay Technologies Limited (stock code: 1523.HK) develops networking technologies that enable supercharged connectivity. By combining fixed, mobile and satellite connectivity, users can build always-on networks anywhere. Our technology supports diverse applications across enterprise, government, industrial, maritime, transport, retail, and event sectors, as well as professional individual users. 2 Who Are We? Our Vision We make connectivity reliable, anytime, anywhere Key Facts Annual Sales: US$130.1M (2025) Annual Net Profit: US$45.5M (2025)
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Problems We See Most networking gear assumes the internet always works. 3 We make connectivity unbreakable. Coverage Gaps Vessels, vehicles and field teams operate past the edge of fixed infrastructure. Single-Link Fragility One WAN link means one point of failure. When it drops, the operation stops. Last-Mile Limits Fixing last-mile problems takes years, but customers need it working this quarter.
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Our Technology 4 SpeedFusion technology seamlessly aggregates fixed, mobile and satellite connections into one bonded intelligent network — delivering resilience, speed and reach that immediately solves connectivity problems. Fiber / Broadband 5G / LTE LEO Satellite Peplink Routers with SpeedFusion Technology Supercharged Connectivity ● Faster Connections ● More Reliable Connections ● Unlock New Deployment Possibilities
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Our Solutions Built on One SpeedFusion Foundation 5 Subscriptions Software & Warranty Optional all-in-one subscriptions that provides SpeedFusion, cloud-based zero-touch management capabilities, device warranty, support, and more. Balance Routers Enterprise & Branch Networks Multi-WAN routers designed for enterprise, branch, and retail environments, providing resilient connectivity for business-critical operations. MAX Routers Transportation & Mobile Deployments Rugged routers in compact form factors serving reliable or always-on connectivity for vehicles, manufacturing lines, or remote branches. Supporting Products Expanding Capabilities PoE switches, access points, long-range antennas, and Starlink terminal resales enhance capabilities in existing verticals and open new deployment fields.
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Endless Opportunities 6 Established Markets Public Services 27% Enterprise & Manufacturing 23% Construction, Mining & Engineering 11% Maritime 9% Transport 9% Media & Events 7% Emerging Opportunities Robotics & Drones Autonomous Systems Starlink and Other LEOs
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Physical AI and Real-Time Operations at Scale Across Established Markets and Emerging Opportunities 7 Mega Infrastructure 300+ CONSTRUCTION SITES Deployed Peplink for aggregated cellular connectivity ahead of fixed-line infrastructure, keeping 15,000 workers and AI-powered monitoring connected. Managed through InControl, every site was visible from one platform. Seafar 50+ SEMI-AUTONOMOUS VESSELS Bonds multiple 5G connections across its fleet for low-latency teleoperation. InControl provides centralized visibility from four shore-based operations centers, letting Seafar double its fleet within the year. BlueFit AI-ASSISTED POOL SAFETY A unified Peplink infrastructure across its aquatic facilities for Lynxight's AI safety system. SpeedFusion keeps cameras, AI systems and lifeguard alerts continuously connected as BlueFit scales. Texarkana Water Utilities 21 REMOTE PUMP STATIONS Replaced a costly, high-latency legacy radio system for real-time data and centralized visibility across two counties, eliminating unnecessary dispatches and reducing downtime.
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Supercharged Connectivity Progress Supercharging Race Operations 8 2026 Long Beach Grand Prix RLL Server Room RLL at Long Beach Trackside Deployment Balance 1350 EC RLL RACING × PEPLINK Rahal Letterman Lanigan Racing rebuilt its ageing enterprise network core with Peplink at its Indianapolis headquarters. Using SpeedFusion, the team was able to bond different networks at various locations to provide reliable connectivity at every site at the race track. These include the engineering truck, timing stand, fuel rig, and Race Operations Center as if all were on one switch. On top of a highly reliable network, Peplink was also able to deliver significant licensing cost savings compared to the incumbent solution. INNOPTUS SOLAR TEAM × PEPLINK Innoptus engineers built a solar-powered race car with Peplink inside - combining 5G and Starlink, ensuring telemetry and live tracking at all times over the 3,021 km World Solar Challenge Race. Visit live.solarteam.beDeployed by Crosstalk Mobile, Peplink Partner Watch Video: youtu.be/8fpFGmn4AfQ
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Peplink-Starlink Collaboration Recent Peplink-Starlink Deployments Hurtigruten Cruise Line in Norway Deploys Peplink across 11 vessels to combine Starlink, L TE/5G, and other WAN connections, delivering reliable connectivity across Arctic routes and remote coastal areas with centralized fleet management. Leading Bank in Africa Aggregates 17 independent Starlinks into a centrally managed Peplink network, improving bandwidth utilization and operational efficiency, paving the way for expansion to additional branches. Raine Island Conservation Project in Australia Combines Starlink, satellite, and Peplink networking to deliver reliable connectivity and remote management for a protected Great Barrier Reef site in one of Australia's most isolated locations. Expanded Offerings Connectivity Solutions designed for Starlink In addition to the Antenna MAX S, we continue to expand our solutions for Starlink deployments with the launch of the MAX Orbit Series, designed for multi-orbit connectivity. 9
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Performance Over Years Sustained Growth and Margin Discipline 10 Revenue Growth 15%+ CAGR Sustainable growth underpinned by secular trends Gross Margin ~55%+ Long-term positive from more recurring revenue Net Profit Growth 20%+ CAGR Consistently outpaces revenue growth Net Margin ~35%+ Improvements from operating leverage
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Interim Results 2026
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Finance Summary 12 (US$'000, unless otherwise stated) 1H25 1H26 YoY Growth (%) Revenue 62,943 74,596 +18.5% Gross Profit 34,963 43,846 +25.4% Operating Expenses and Finance Cost (10,341) (11,641) +12.6% Other Income & Gains 1,956 1,119 (42.8%) Profit Before Tax 26,577 33,324 +25.4% Net Profit 21,665 27,726 +28.0% Gross Profit Margin 55.5% 58.8% +3.3 pp Net Profit Margin 34.4% 37.2% +2.8 pp Diluted EPS (US Cents per Share) 1.96 2.50 +27.6% Dividend Declared (HK Cents per Share) 12.34 15.66 +26.9%
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Revenue by Segment 13 Segment (US$'000) 1H25 1H26 YoY Highlights Fixed First Connectivity 7,616 10,942 +43.7% Strong growth from MSP partners and edge computing products Mobile First Connectivity 36,831 40,299 +9.4% Warranty and Support Services 13,441 16,242 +20.8% Driven by continued growth of subscription revenues Software Licenses 5,055 7,114 +40.7%
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Recurring Revenue 14 Recurring vs Non-Recurring Period Ended 30 June (US$'000) 1H25 1H26 YoY Non-Recurring Revenue 45,245 52,531 +16.1% Recurring Revenue 17,698 22,065 +24.7% Total 62,943 74,596 +18.5% Recurring Revenue Breakdown Period Ended 30 June (US$'000) 1H25 1H26 YoY Embedded Subscription Revenues in Warranty & Services segment 6,785 7,983 +17.7% Organic Subscriptions in Warranty & Services segment 6,372 7,902 +24.0% Organic Subscriptions in Software Licence segment 4,541 6,180 +36.1% Total Recurring Revenue 17,698 22,065 +24.7% HIGHLIGHTS 29.6% of total sales (1H25: 28.1%) ● Devices with a subscription at 30 June 2026 increased 25.9% YoY ● Total contract liability at 30 Jun 2026: increased to US$42.6m, up 10.5% from Dec 2025 ● Take-up rate* at Jun 2026 increased to 41.4% (Dec 2025: 38.6%) * Take-up rate = active subscriptions ÷ devices no longer covered by embedded warranty and sold within the past 5 years
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Revenue by Region 15 1H26 Revenue by Region Region (US$'000) 1H25 1H26 Growth (YoY) North America 34,394 43,734 +27.2% EMEA 20,497 19,989 -2.5% Asia 5,862 7,171 +22.3% Others 2,190 3,702 +69.0% Total 62,943 74,596 +18.5%
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Gross Margin 16 From 55.5% in 1H25 to 58.8% in 1H26 Favourable product mix towards high-end routers, such as dual cellular routers and edge computing products Higher sales contribution from recurring revenues, which carry a 92.9% gross margin Contribution to Gross Profit 1H25 1H26 Non-Recurring 53.0% 53.3% Recurring 47.0% 46.7% Gross Margin, Non-Recurring Sales vs Recurring Sales 1H25 1H26 Non-Recurring 40.8% 44.5% Recurring 93.2% 92.9% Overall 55.5% 58.8%
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Operating Expenses 17 Operating Expenses (US$'000) % of Revenue 1H25 1H26 1H25 1H26 Selling and Distribution Expenses 1,821 1,796 2.9% 2.4% General and Admin Expenses 3,710 4,312 5.9% 5.8% Research and Development 4,619 5,400 7.3% 7.2% Total Opex 10,150 11,508 16.1% 15.4% HIGHLIGHTS From 16.1% (1H25) down to 15.4% (1H26), with expanded headcounts in R&D while maintaining strong operating leverage
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Balance Sheet and Cash Flow Highlights 18 Balance Sheet Summary (US$’000) Dec 2025 Jun 2026 Trade and Other Receivables 27,540 34,778 Inventories 18,181 27,422 Trade and Other Payables 8,071 10,163 Contract Liabilities 38,539 42,604 Bank Borrowings - 4,706 Cash and Time Deposits 65,050 55,784 Total Equity 58,933 55,935 Return on Average Equity (%) 78.9% 96.5% Cash Flow Summary (US$’000) 1H25 1H26 Cash Flows from Operating Activities 22,270 15,099 Cash Flows from/(used in) Investing Activities 486 183 Cash Flows from Financing Activities (33,030) (27,066) Working Capital Turnover Days (No. of Days) Dec 2025 Jun 2026 Trade and Other Receivables 67 days 76 days Inventories 112 days 135 days Trade and Other Payable 50 days 54 days
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Segment Product / Service Description Revenue Model Fixed First Connectivity ● Enterprise Routers ● Network Switches ● Hardware sales plus 12 months’ embedded warranty and access to software features ~85% of selling price non-recurring ~15% of selling price recurring (see below)Mobile First Connectivity ● Mobile Routers ● Network Peripherals (including Access Points, Mobile Antennas & Accessories) ● Reselling of Starlink Equipment ● Hardware sales plus 12 months’ embedded warranty and access to software features (if subscriptions are applicable) Warranty and Support Services ● Embedded Warranty ● Recognition of deferred embedded warranty upon hardware purchase over 12 months Recurring ● Organic Subscriptions and Services ● Optional renewal of warranty and support subscriptions after 1 year embedded warranty expires ● Straight line recognition over the subscription period Recurring ● Other Services ● Sales from value added services, such as data Recurring Software Licence ● Organic Subscriptions and Services ● Renewal of warranty and support after 12 months’ embedded period ● Straight line recognition over the subscription period Recurring ● Virtual Appliance & Software Feature Upgrades ● Licenses for on-premise hosting options ● Licenses for additional hardware / software features Non-recurring Appendix Revenue Recognition of Different Segments 19
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Thank You Contacts Investor Relations ir@ploverbay.com Disclaimer Plover Bay Technologies Limited (the “Company”) is incorporated in the Cayman Islands with limited liability and listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 1523.HK). The information contained in this presentation is provided solely for your general reference. It is subject to change without notice, may not contain all material information concerning the Company, and its accuracy or completeness is not guaranteed. The Company makes no representation, express or implied, and assumes no responsibility or liability for the accuracy, completeness, or any errors or omissions in any information contained herein. This presentation may contain projections and forward-looking statements that reflect the Company’s current views regarding future events and financial performance. These statements are based on current assumptions that are subject to significant business, economic, and competitive risks and uncertainties, many of which are beyond the Company’s control, and may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those anticipated. This presentation is for informational purposes only and does not constitute or form part of any offer, invitation, or solicitation to purchase, subscribe for, or otherwise acquire any securities or financial instruments of the Company, nor does it constitute investment advice or services. Christopher Tse - CFO christophert@ploverbay.com