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Q2 FY27 Trading Update INVESTOR PRESENTATION – OCT 2026 → THREE MONTHS ENDED 30 SEP 2026
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Rebuilt for the long game INVESTOR RELATIONS PAGE 2 BLACKPEARL GROUP OCT 2026 EBITDAF 34% GUIDANCE MET.* LOSS NARROWED TO $2.97M, A THIRD OF THE GAP CLOSED. TOP-LINE GROWTH Partnership with leading US data supplier 70+ COMPANY REFERRAL PIPELINE. H1 FY27 REVENUE $7.33M, UP 42%. TECHNICAL MOAT 7.7× RTSA 2.0 LIFTED OUR GTM-BENCH SCORE FROM +26,616 TO +205,732. Q1 FY27 Q2 FY27 Q1 FY28 ($4.5m) ($2.97m) Profitability target +22,575 +158,595 June vs GPT-5.5 Sept vs Claude Fable 5.1H1 FY26 Profitability targeted for Q1 FY28Immediate CAC payback on partner-referred revenue Specialist beats generalist, and the gap is growing $5.15m $7.33m H1 FY27 IMPROVEDNEW PARTNERSHIP WIDENED Short-term growth was exchanged for defensible growth: partner-led distribution, revenue that churns less, and a model lead that is compounding. We measure the company on three things: top-line growth, EBITDAF and technical moat. This quarter we reset how the first is earned, to strengthen all three. closer to profitability benchmark score Growth now comes through partners who carry distribution, not paid acquisition. Revenue mix is shifting to DaaS, which carries higher margin and lower churn. Frontier models improved too, but our lead over the best grew from +22,575 to +158,595.
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INVESTOR RELATIONS PAGE 3BLACKPEARL GROUP OCT 2026 Q2 FY27 guidance was an EBITDAF loss of $2.5m to $3.0m. The Q1 FY28 target (quarter ending 30 June 2027) replaces the interim Q3 FY27 range provided in July 2026. EBITDAF (earnings before interest, tax, depreciation, amortisation and movements in financial instruments) is a non-GAAP measure. See the Q2 FY27 trading update for how it is calculated. Paved way to profitability NOW: Q2 FY27 GUIDANCE MET 34% Guidance met. Loss narrowed To $2.97m, a third of the gap closed. PATH TO PROFITABILITY ($4.5m) ($2.97m) Q1 FY27 Q2 FY27 Q1 FY28 Profitability target Q1 FY28 EBITDAF profitability targeted for April to June 2027 NEXT: PROFITABILITY GUIDANCE Larger partnership pipeline, with capacity retained to service it Bigger contracts land on their own timing: one target beats quarterly ranges EBITDAF still reported every quarter against this target Apr to Jun 2026 Jul to Sep 2026 Apr to Jun 2027 ~27% ~$9.4m Q3 lower cost base (run-rate) from its Q4 FY26 peak. annualised cost saving full cost benefit from closer to profitability
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Pearl Engine: a seven-fold jump in one quarter GTM-Bench scores AI systems on real go-to-market tasks. Net score credits useful output and penalises poor output, so a negative score means more noise than signal. LEAD OVER THE LEADING MODEL, ON OUR DATA +22,575 +158,595 JUNE vs GPT-5.5 SEPTEMBER vs Claude Fable 5.1 GTM-BENCH LEADERBOARD RTSA 2.0 (Pearl Engine) +205,732 Claude Fable 5.1 +47,137 RTSA 1.0 (June 2026) +26,616 GPT-5.5 +4,041 Web-only GPT-5.5 +1,015 Claude Sonnet 4.6 +400 Claude Opus 4.7 −2,477 DeepSeek V4 Pro −3,398 Web-only Claude Fable 5.1 −3,464 Gemini 3.5 Flash −10,672 Kimi K2.6 −15,402 Net score on GTM-Bench, an open benchmark Blackpearl operates. Web-only denotes a run restricted to open-web evidence, without structured data access. Tasks, code and leaderboard: blackpearl.com/gtm-bench PERFORMANCE AS AT 12 SEPTEMBER 2026. UPDATED QUARTERLY. INVESTOR RELATIONS PAGE 4 BLACKPEARL GROUP OCT 2026
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INVESTOR RELATIONS PAGE 5BLACKPEARL GROUP OCT 2026 THE OLD WAY: TRADITIONAL INTENT DATA FILE Demo Platform From file to answers Rows of hashed IDs dropped into an S3 bucket. No context, no model, no way to ask why someone is in market. The same audience, made answerable: who is in market, why, and how confident the model is. THE BLACKPEARL WAY: ASK THE DATA, GET ANSWERS in market
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Coastal Retreats case study THE SITUATION One live in-market topic from a supplier feed, sold as coastal-travel purchase intent comprising 274,705 individuals. 35.3% 27.8% 6.6% 22.1% CORRECT 35.3% · DEFENSIBLE 5.2% · ADJACENT 27.8% · WEAK 6.6% · WRONG 22.1% · UNVERIFIED 3.0% Correct = on definition. Adjacent = related vertical. Weak = audience-overlap content only. Wrong = no plausible connection. 22% were the wrong signal for West Coast coastal retreats. The biggest feeder was the opposite signal The single largest content source behind this Coastal Retreats audience was an inland- relocation series: people researching moves away from the coast. BUYER STAGE: WHERE THIS AUDIENCE SITS, PEOPLE-WEIGHTED 34.1% 33.1% 6.6% 25.1% L4 TRANSACTING 1.2% L3 PLANNING A SPECIFIC TRIP 34.1% L2 ENGAGED WITH CATEGORY 33.1% L1 PASSIVE EXPOSURE 6.6% L0 NO TRAVEL SIGNAL 25.1% INCUMBENT INTENT: THE OLD WAY INVESTOR RELATIONSBLACKPEARL GROUP PAGE 6 OCT 2026 35% of the audience is close to buying, a signal the supplier's file never shows. Platform WHAT WE FOUND: VERDICT DISTRIBUTION, PEOPLE-WEIGHTED in market
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A new strategic partnership in the US. Blackpearl has established a non-binding Heads of Agreement with one of the largest data providers in the United States. THE PARTNER NAME WITHHELD Private company, private-equity held Serving Fortune 500 companies Large enterprise ICP, with no capacity to serve SME’s in the US THE OPPORTUNITY They work only inside a large enterprise ICP and do not service SME sized US businesses. Blackpearl owns the customer relationship and gains up to 80% of the revenue depending on the deal type. LARGE ENTERPRISE Served by the partner SMALL TO MEDIUM ENTERPRISE Served by Blackpearl WHAT IT PRODUCES 70+ Companies in immediate pipeline $10-30k Average deal size per month, USD 80% Up to 80% of each deal is attributed to BPG revenue Immediate CAC payback High gross margin Low incremental cost to serve WHY IT MATTERS Validates our DaaS and PaaS strategy Flows mostly through to EBITDAF Continued momentum in the US market The partner is not named under the current terms of the agreement. Pipeline volumes, deal size ranges and first year incremental revenue are indicative management estimates. They are not a forecast and are not guidance. Deal sizes are stated in US dollars. Revenue is recognised on execution of a customer agreement. The revenue share is approximately 20% of revenue on referred customers. A definitive distribution agreement has not yet been complete yet - the high-level commercial terms have been agreed and the parties have already begun acting consistently with such terms, including through referral and onboarding procedures. The parties are actively working towards entry into a definitive distribution agreement. NEW DISTRIBUTION PARTNERSHIP Monthly Net new opportunities generated in partnership INVESTOR RELATIONS PAGE 7 BLACKPEARL GROUP OCT 2026
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1. GO-TO-MARKET MODEL 57% 2. ACQUISITION INTEGRATION 38% OTHER 5% PERMANENT COST REMOVAL $9.4m annualised cost removed Two structural changes have removed operating cost permanently rather than deferring it. Neither depends on revenue growth to hold. Lower cost route to market for DaaS and PaaS through partners and self-service Duplicate roles removed across ventures, not redeployed Infrastructure and other admin cost Actions already executed reduce the cost base by 27% from its Q4 FY26 peak. Reduction in costs INVESTOR RELATIONSBLACKPEARL GROUP SEP 2026PAGE 8 QUARTERLY COST BASE, Q4 FY26 ONWARD (NZ$M) Actions already taken step the cost base down 27% from Q4 FY26 and hold it there. ACTUAL FORECAST 27% 9 8 7 6 NZ$M PER QUARTER Q4 FY26 Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 Q1 FY28 Cost base is cost of sales, personnel, operating and administrative expenses, stated before net finance costs, interest paid, net losses on financial instruments, depreciation and amortisation. It is a non-GAAP measure and is not a substitute for expenses reported in the financial statements. Jan to Mar 2026 Apr to Jun 2026 Jul to Sep 2026 Oct to Dec 2026 Jan to Mar 2027 Apr to Jun 2027
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Less noise, singular focus INVESTOR RELATIONSBLACKPEARL GROUP OCT 2026PAGE 9 SaaS-led and capital heavy 100% of DaaS came from SaaS 4 months CAC and 30% COS means 5.7 months of revenue to recover 90 day revenue ramp + 45 day payment terms = 4.5 months to full cash Significant S&M investment required upfront Some customers better suited to variable pricing plans Technology-led and cash efficient Use our technology advantage to open new paths to market rather than all through the SaaS channel Self-service SaaS lowers acquisition cost and recycles cash faster Centralisation reduces fixed cost and shifts investment to DaaS and PaaS Variable consumption pricing for customers suited to flexible plans CAC, cost of sale, ramp, payment-term and investment figures are management estimates based on FY26 SaaS cohorts and are indicative only. DaaS and Platform are our focus. ORIGINAL MODEL REVISED MODEL RESULT Slow cash recycling, higher fixed cost, and revenue weighted to SaaS RESULT Faster cash recycling, lower fixed costs and revenue weighted to DaaS and PaaS
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Three things to take away from Q2 FY27. The position we grow from INVESTOR RELATIONSBLACKPEARL GROUP OCT 2026PAGE 10 REVENUE QUALITY PROFITABILITY TECHNOLOGY MOAT Partnership with a leading US data supplier Guidance met, profitability in sight Pearl Engine: a seven-fold jump in one quarter Heads of agreement established, with a 70+ company referral pipeline identified and immediate CAC payback on partner- referred revenue. Q2 EBITDAF within guidance and 34% closer to profitability. Cost base down around 27% on a run-rate basis. Our GTM-Bench lead over the leading AI model grew from +22,575 in June to +158,595 in September, on our data. 70+ Q1 FY28 7.7× Companies in the referral pipeline EBITDAF profitability target Benchmark score. RTSA 2.0 lifted our GTM-Bench score from +26,616 to +205,732.
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BLACKPEARL GROUP PAGE 11INVESTOR RELATIONS Q&A OCT 2026
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Thank You Ad Astra BLACKPEARL GROUP PAGE 12INVESTOR RELATIONS OCT 2026