Eroad Limited · NZX:ERD
Eroad — FY2026 Earnings Presentation
37 slides from Eroad's earnings presentation, May 25, 2026
Slide 1: EROAD Financial Results FY26
EROAD (NZX: ERD ASX: ERD) Financial Results For the 12 months ended 31 March 2026 (FY26) 25 May 2026 EROAD FY26 Results 1
Slide 2: Important Information
Important Information The information in this presentation is of a general nature and does not Non-GAAP Measures constitute financial product advice, investment advice or any EROAD has presented certain non-GAAP financial measures as part of its recommendation. Nothing in this presentation constitut
Slide 3: Agenda
Agenda 01 Results Overview 02 Strategy and Transformation 03 Regional Performance 04 Financials Results Earnings Cash Flow Free Cash Flow by Region 05 Outlook and Guidance EROAD FY26 Results 3
Slide 4: FY26 Results Overview
01 FY26 Results Overview EROAD FY26 Results 4
Slide 5: Acting decisively for the future
Acting decisively for the future Transformation underway as the new financial year starts Stable Reshaping Refocus Focus on Significant revenue the on ANZ restoring eRUC result business performance opportunity Supported by strong FY26 result reflects Strategic focus into Near term priorities: EROAD
Slide 6: Group Snapshot by Region
Group Snapshot by Region Group delivery overall stable with mixed performance across regions. Significant growth in Australia offset decline in North America REGIONAL GROWTH RATES FY24 FY25 FY26 ANZ Momentum Building 9.6% 6.8% 0.4% • Australia scaling rapidly from enterprise wins • New Zealand deliv
Slide 7: FY26 Financial Results
FY26 Financial Results Stable Group performance (1) Normalised FCF margin Reported Revenue OUR PURPOSE 7.4% $195.2m 12.1% FY25 +0.4% growth vs. FY25 of $194.4m Delivering FY26 Normalised free cash flow of $14.4m intelligence you can trust for a ARR (2) Normalised EBIT (3) better world tomorrow $174.
Slide 8: Strategy and Transformation
02 Strategy and Transformation EROAD FY26 Results | Page 8
Slide 9: Strategy for the future
Strategy for the future VISION & ASPIRATION Vision Keeping people safe, journeys effortless and businesses moving – empowering fleets to operate more efficiently and leading the digital transformation of road user charging, making compliance simple for every driver. Measures Revenue · NPS · eNPS · E
Slide 10: The five strategic priorities
The five strategic priorities Transformation initiatives underway across operations, product, customer experience, AI capability and eRUC expansion July 25 Sep 25 Jan 26 Feb/March 26 Ongoing OPERATIONAL PRODUCT CUSTOMER AI UNIVERSAL EXCELLENCE EXCELLENCE INTIMACY NATIVE eRUC AI workflow People chang
Slide 11: AI as an accelerant for EROAD's platform and operations
AI as an accelerant for EROAD’s platform and operations AI expected to improve operational efficiency, platform capability and the value of EROAD’s proprietary data assets OPERATIONAL EFFICIENCY PLATFORM MODERNISATION DATA AND INTELLIGENCE Using AI and automation to improve Modernising core systems
Slide 12: Shareholder value creation
Current focus on our core ANZ business Creating shareholder value by executing on core business opportunities NEW ZEALAND AUSTRALIA eRUC NORTH AMERICA ▪ Stable strong cash generation unit ▪ Fragmented high TAM with ▪ Early in development ▪ Right size for the current ▪ Scale and market leading telema
Slide 13: Regional Performance
03 Regional Performance EROAD FY26 Results 13
Slide 14: New Zealand
FY26 HIGHLIGHTS New Zealand NZ $102.0m CASH GENERATION A strategically important and cash- Revenue up 1.1% generative market with increasing platform Delivering $24.7m of free cash flow to FY25: $100.9m the firm, New Zealand remains a strong value and significant long-term opportunity cash-generativ
Slide 15: Universal RUC
A multi-layered ecosystem approach Universal RUC New Zealand’s transition toward universal Road User EROAD has taken a wide lens view to its RUC Charges is expected to materially expand the scale and strategy, looking beyond the immediate, and scope of the electronic RUC ecosystem over time. capturi
Slide 16: Australia
FY26 HIGHLIGHTS Australia NZ $18.8m Revenue 40.3% DELIVERING ON AUSTRALIAN Enterprise momentum and platform ENTERPRISE CUSTOMER ROLLOUT expansion continued across Australia, FY25: NZ$13.4m reinforcing the region as a significant Cleanaway deployment currently at 24%. Run-rate is ~20 installs per day
Slide 17: North America
FY26 HIGHLIGHTS North America NZ $74.4m Revenue -7.1% Performance reflects previously disclosed customer non-renewals, with cost actions FY25: NZ$80.1m DISCIPLINED REGIONAL RESET supporting improved EBITDA and a more North America is being repositioned focused operating model in the region. around a
Slide 18: Financial Results
04 Financial Results EROAD FY26 Results 18
Slide 19: Revenue & EBIT
Revenue & EBIT EBIT was impacted by higher investment in customer service and several one-off costs Total Revenue Reported Operating Costs Reported EBIT1 Revenue of $195.2m is up 0.4% on Operating costs increased $21.4m due Reported EBIT loss of ($155.9m) becomes FY25 reflecting the impact of steady
Slide 20: Operating Costs
Operating Costs Underlying operating cost growth temporarily elevated to support transformation program and higher service levels FY26 Operating costs report a $21.4m increase versus FY25. $14.5m of the Opex increase vs. FY25 relates to: a) $10.7m impact from changes in accounting estimates, that Of
Slide 21: Operational Efficiency
Operational Efficiency Management focus on investing in go to market resources to drive customer engagement Cost to acquire customers Cost to service & support as a % of revenue as a % of revenue Customer acquisition costs remain Costs to support has increased steady reflecting an investment in reso
Slide 22: Research & Development
Research & Development R&D % of revenue being held firm as re-focusing initiatives drive ROI and speed to market NZ$m R&D as % of revenue 60.0 30% • Total R&D spend of $34.6m in FY26, 18% of revenue. 50.0 25% • Compares to $35.1m, or 18% of 40.0 18% 20% revenue, in FY25. 18% 18% • Opex increased to
Slide 23: Free Cash Flow Growth
Free Cash Flow Growth Continued underlying cash generation supports stronger post-upgrade free cash flow profile Normalised for the temporary impact of the NZ$m STRONG FCF GENERATION 4G upgrade program $30.0 EROAD’S core operations generated (1) $23.6 $14.4m of normalised free cash flow over the las
Slide 24: Free Cash Flow by Region
Free Cash Flow by Region ANZ region continues to produce strong free cash flow Free cash flow generated by ANZ underpins intrinsic value above the current share price Target NA free cash flow breakeven New NewZealand Zealand Australia Australia North North America America FY26 FY26 FY26 Revenue $102
Slide 25: Liquidity
Liquidity Strong balance sheet provides flexibility for strategic execution Bank Facilities Sufficient liquidity to fund strategic plan $65m Credit facilities were extended to October 2027 maturity date. Bank Facility $38.9m $49.0m Current syndicate includes two Trans-Tasman lenders (ANZ, BNZ) and a
Slide 26: Outlook and Guidance
05 Outlook and Guidance EROAD FY26 Results 26
Slide 27: Horizons of Change
Horizons of Change Each horizon builds on the last - creating the foundation for the next stage of growth H1 FY27 H2FY27 H2 FY27 Achieving Threshold Competence Scaling the Core Business Product Competence Scale NZ Core Fix known issues - Odo/Speed/Maps, Order-to-Cash, eRUC for Commercial vehicles at
Slide 28: Guidance
Guidance Committed to delivering on transformation with financial discipline Introducing FY27 Guidance • EROAD expects performance to be increasingly driven by its core ANZ markets, where: • New Zealand provides a stable, cash-generative base and low single-digit revenue growth expectations with str
Slide 29: Q&A
Q&A EROAD FY26 Results 29
Slide 30: Appendix
Appendix EROAD FY26 Results 30
Slide 31: Glossary
Glossary ANNUALISED RECURRING REVENUE (ARR) COSTS TO SERVICE & SUPPORT (CTS) FREE CASH FLOW TO THE FIRM SAAS A non-GAAP measure representing monthly A non-GAAP measure of costs to support and A non-GAAP measure representing operating Software as a Service, a method of software subscription revenue i
Slide 32: Statement of Income
Statement of Income NZ$m FY26 FY25 Change ($) Revenue 195.2 194.4 0.8 Reported Revenue increased $0.8m Operating expenses (156.2) (134.8) (21.4) primarily due to subscription revenue Earnings before interest, taxation, increasing $3.0m, a $0.6m decrease in RUC 39.0 59.6 (20.6) depreciation and amort
Slide 33: Cash Flow Statement
Cash Flow Statement NZ$m FY26 FY25 Change ($) Operating Cash Flow decreased Cash received from customers 191.7 199.8 (8.1) $10.3m was in part due to an increase in one-off and recurring Payments to suppliers and employees (147.7) (141.3) (6.4) operating costs. There was a prior Payment for contract
Slide 34: Balance Sheet
Balance Sheet NZ$m FY26 FY25 Change ($) Cash 10.1 13.8 (3.7) Cash decreased $3.7m due to lower cash Restricted bank accounts 29.5 26.1 3.4 generated from operations. Contract assets 10.8 9.4 1.4 Other 37.9 35.5 2.4 Property, plant and equipment decreased $1.3m mainly due to accelerated deprecation o
Slide 35: Adjusted EBITDA and EBIT
Adjusted EBITDA and EBIT Impairment of NZ$m Financial Depreciation goodwill and Statement Operating and intangible Reference expenses EBITDA amortisation assets EBIT Reported Financial Results (156.2) 39.0 (60.2) (134.7) (155.9) Impairment of goodwill and intangible assets Note 1, page 25 134.7 134.
Slide 36: Unit Count
Unit Count 253,930 255,845 253,512 250,890 242,884 106,494 104,386 101,708 106,860 238,389 227,149 103,393 87,830 217,519 208,697 95,058 New Zealand 90,596 Australia 87,682 North America 132,703 24,515 25,357 26,089 21,391 126,203 18,008 19,613 122,193 33,992 15,636 35,437 14,643 124,417 126,045 126
Slide 37: ASX & NZX: ERD [email protected]
EROAD acknowledges the Tangata Whenua of New Zealand, the IndigenousNations and First Peoples of Australia, and the Custodians of the lands andwaterways in the United States of America where our offices are located. Weexpress our gratitude and appreciation to these peoples for sharing their culturea