Imdex Ltd · ASX:IMD
Imdex — Investor Day (October 2026)
96 slides from Imdex's investor day presentation, Oct 26, 2026
Slide 1: Investor Strategy Day Presentation ASX announcement
For personal use only 26 October 2026 Company Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001 INVESTOR STRATEGY DAY PRESENTATION Dear Sir/Madam Please find attached a copy of the presentation to be delivered at IMDEX Limited’s (ASX: IMD) Investor Strategy Day, to be
Slide 2: IMDEX Investor Strategy Day
rsonal use only 2026 IMDEX Investor Strategy Day 26 October 2026 | Sydney
Slide 3: Forward Looking Statements
Forward Looking Statements rsonal use only This presentation may contain certain ‘forward-looking statements’ relationships, environmental impacts & claims, operational & executional & projections provided by or on behalf of IMDEX limited (IMDEX). risks, research & development & intellectual propert
Slide 4: Introduction, business and strategy overview
Introduction, rsonal use only business and strategy overview Paul House
Slide 5: Structure of the day
Structure of the day 26 October 2026, Sydney Time Presenter Topic Duration rsonal use only 12:15 – 1:00pm Arrival – Light lunch 45 mins 1:00 – 1:25pm Paul House Introduction, Business and Strategy Overview 25 mins The 1:25 – 1:40pm Paul Mitchell (EY) Top business risks and opportunities for mining a
Slide 6: Our vision
Our vision rsonal use only To be the most advanced system enabling the world’s most consequential subsurface decisions Our strategy continues to build on IMDEX’s leadership in mining technology and earth sciences
Slide 7: Our strategy
Our strategy Our strategy continues to build on IMDEX’s leadership in mining rsonal use only technology and earth sciences. Capture / Analyse / Solve High-quality rock data Turn rock data into Turn insights into IMDEX Investor Strategy Day 2026 at the source, every time insights at scale confident d
Slide 8: The challenge
The challenge The world needs US$150bn+ more metals, and potential mineral exploration investment over the next decade rsonal use only new supply is harder to find Societal need Supply Population growth, electrification and Proven minerals reserves are declining energy security are driving demand fo
Slide 9: IMDEX growth strategy
IMDEX growth strategy Multiple levers for growth 02 01 Share of wallet rsonal use only Market Share Expand customer value through a broader technology portfolio 01 Maintain technical leadership by investing in next generation technology Share of wallet Integrated on-site solutions increasing custome
Slide 10: Our journey: Track Record
Our journey: Track Record Better customer 1 2 3 4 5 rsonal use only decisions drive Customer Customer Share of Earnings Cash and adoption, growth and value Adoption wallet1 quality returns returns Connected More of our A larger share of More recurring Cash funds technologies technology at what custo
Slide 11: Our journey: Track Record
Our journey: Track Record Revenue $520m Revenue has 3.0x growth rsonal use only increased 3x, earnings ~13% CAGR have increased 5x since FY17 Normalised EBITDA 5.1x growth $176m $163m ~20% CAGR Normalised EBITDA margin $32m 18% to 31% Revenue Normalised EBITDA +13% Earnings have grown FY17 FY26 fast
Slide 12: Our journey: Track Record
Our journey: Track Record Our revenue base is 33% 47% IMDEX is becoming an increasingly diverse business broader and more rsonal use only resilient Geography Global exposure across major mining regions 67% 53% Customers Broad customer base, no one customer >1% revenue End markets Expanding beyond ex
Slide 13: Our journey: Strategic Evolution
Our journey: Strategic Evolution From To We are expanding the Expand the offering Product leadership Integrated solutions offering, the customer rsonal use only and the market Expand the Driller Drillers, geoscientists and the resource customer companies Mining exploration, production and Expand the
Slide 14: We currently capture $2.40 of every $100
Our journey: Track Record We currently capture $2.40 of every $100, with room to grow deeper and wider rsonal use only Future opportunities Current Future Mining Production $10-$18 $15-$20+ Exploration $2.40 Exploration Exploration Infrastructure Spend Spend Spend Energy $12bn Larger markets with $1
Slide 15: Track record of growth above underlying market activity
Our journey: Track Record Change since baseline, % Track record of 100% growth above 90% +90% IMDEX exploration revenue (A$) rsonal use only IMDEX exploration revenue (A$, underlying 80% 70% financial year) market activity 60% 50% 40% 30% +26% Exploration budgets (US$) 20% 10% 0% -10% Exploration ac
Slide 16: The opportunity ahead
The opportunity ahead Electrification and Supply imbalance Demand for essential and critical minerals requires new supply energy security need rsonal use only more minerals, and Deposits are harder to find, define and develop, so customers need Discovery challenge new supply is harder to better deci
Slide 17: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 18: Top business risks and opportunities for mining and metals
— Top business risks and opportunities for mining a metals September 2026 ee @ Y).. Shape the future — better the question. The better the answer. The better the world works. ‘ with confidence
Slide 19: Supply gaps and ongoing disruption are supporting prices
Supply gaps and ongoing disruption are supporting prices ai build is critical Selected average monthly prices — January 2024 to September 2026 (Index 100 = Jan 2024) rc and precious metals aaa 80.0 GS Aluminium Copper Gold Platinum —Kron ore ——Thermal eval (Aus) Nickel ——<tithium carbonate ——=Cobalt
Slide 20: Mining business risks ranking
= Geopolitics dominated discussion > but was not the top of the list (and —_ is not this year) Operational complexity was our first new risk to top the list Costs are structurally higher and everyone is focused on reducing costs Capital has become constrained and selective * Up from 2025 ca Down fro
Slide 21: Influences on the risks & opportunities for 2027
Influences on the risks & opportunities for 2027 We launch our 2027 report this Thursday ersonal use only Reserve depletion is having the greatest impact operational complexity Disruption is forcing attention and investment on short-term issues Supply chains are becoming more complex both upstream a
Slide 22: Operational complexity
Operational complexity: Declining ore grades and complex conditions highlight the need for innovation and focus on fundamentals » Complexity is increasing as mines get older or >S-are replaced to meet demand. Mines are ===== deeper, grades are lower and geotechnical and other issues like water are b
Slide 23: Innovation impact by 2030
= Lower ore grades and less homogenous geotechnical characteristics are impacting productivity and the need for enhanced ore body knowledge ¢- O. Aland digital tools can support reserve rab) replacement as well as exploration ¢ fy Deeper mines are accelerating 5 next-generation lifting solutions — =
Slide 24: What's new on the radar for 2027?
What’s new on the radar for 2027? Supply (or Value Chain) risk is exposing critical dependencies = Certainty of supply has become a major risk and procurement is being seen as a strategic/geopolitical advantage Markets to sell goods are no longer open with tariffs, trade restrictions and the pursuit
Slide 25: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 26: Industry update: Variability as the cost of not knowing
Industry update: rsonal use only Variability as the cost of not knowing Dave Lawie
Slide 27: The rock has become geopolitical
The rock has become geopolitical rsonal use only Critical minerals have moved from geology reports to cabinet rooms, defense plans, and industrial strategy Source – Vikramaditya G. Yadav (UBC)
Slide 28: Macro supply chain implications
Macro supply chain implications rsonal use only Mined alignment Refined alignment Value-chain gap -5 = USA-aligned +5 = China-aligned Source – USGS - ICSG - UNCTAD - IEA (2023) / Post-2024: Projected - Directional, not definitive Sources: USGS – UNCTAD – IEA (~2023) Post-2024: projected – directiona
Slide 29: Capital is arriving in mining from outside the industry
Capital is arriving in mining from outside the industry Technology companies are weighing equity in miners to secure data-centre metals rsonal use only ~5% 35 t/MW Equity of world copper, in Anglo Teck copper in an AI data centre not just offtake Clearance still waits on Beijing. Versus 27 t/MW for
Slide 30: Where is the leverage in the variability?
Where is the leverage in the variability ? The Internet of Geosensing - IoG rsonal use only IoG / Spatial & Orebody Factors IoT / Activity Cost Drivers Leveraging data for improved productivity – David Rose IMARC 11 November 2015
Slide 31: The Rocks Speak
The Rocks Speak Cost variance lives in the orebody One operation’s budget-to-actual bridge: orebody factors dwarf activity costs rsonal use only Gross cost variance, budget vs actual, $/t shipped (single operation) Spatial and orebody factors (ioG) ~68 ~5:1 Most of the variance came from the rock, n
Slide 32: One-third of impairments are technical
One-third of impairments are technical Impairments from last 10 years rsonal use only Technical Includes mine plan updates, process 289 charges 33% recovery and operational performance. External Factors The part better ground knowledge can influence Mostly commodity prices (47% of all charges), plus
Slide 33: Underperformance data from mining firms on TSX
Underperformance data from mining firms on TSX (2015-2024) New ore bodies are harder to find, define and develop rsonal use only Ore variability /hardness Operation/mining Metallurgical Other geological factors Exploration result Geotechnical Data quality/insufficiency (block) model discrepancy Eigh
Slide 34: Things never go to plan
Things never go to plan and the variances are on the downside New ore bodies are harder to find, define and develop rsonal use only Median n Production -12.0% 321 Head grade -11.8% 50 Metallurgical recovery -8.0% 48 Throughput / mining rate -15.6% 38 Reserve / Resource (revision) -25.0% 70 Operating
Slide 35: Decision Geoscience – the value of information
Decision Geoscience – the value of information What is the cost of the technical errors? Im pairm ent C osts for Technical Failures rsonal use only 3000 2000 1000 600 550 500 450 400 $ millions (2015 CAD) 350 300 250 200 150 100 50 0 Resource / Reserve Estimation Geological model Geotechnical / Wate
Slide 36: Impairments Have a Long Tail
Impairments Have a Long Tail MDRU Research: Impairments Have a Long Tail (eg Geotech) rsonal use only P50 Impairment P50 is isU S $170m Impairment U S $170m P90 ImIm P90 p airm ent p airm is is ent US$500m US$500m Long TailTail Long is Log Normal is Log Normal Distribution is capped Distribution at
Slide 37: Impairment Exceedance Curve
Impairment Exceedance Curve A US$4 million Investment in Geotech Reduces the probability of a US$100 million impairment from 22% to 2.2% rsonal use only No Geotech data gathering Gather Geotech data Geotech data compresses the tail — extreme-loss exceedance falls by an order of magnitude. Source: IM
Slide 38: The biggest unlock starts at the drill
The biggest unlock starts at the drill Of the physical-AI tools in its largest area of action, only one reads the rock rsonal use only McKinseys five areas of action, 2026 Its physical-AI toolbox, in the order McKinsey names it 1 Operations value >US$300bn creation 2 Capital excellence US$75–125bn R
Slide 39: What this means for IMDEX
What this means for IMDEX Reducing ore body knowledge uncertainty rsonal use only 300K oz Au Resource defined with half planned drilling ~CA$8m Drilling cost savings vs original plan ~CA$76m In this image each drill hole is planned with precision to reduce NPV uplift from bringing production forward
Slide 40: So what?
So what? The geology has not changed Value, scarcity and policy focus have moved to the orebody rsonal use only Finding and delivering new resources is getting more capital-intensive Two value pools – Where does IMDEX sit? We see a comparable pool in avoiding asymmetric McKinsey sizes the productivi
Slide 41: Audience Q&A
Audience rsonal use only Q&A Paul House
Slide 42: Let's dive deeper…
Let’s dive deeper… Better custom er d ecisions sup p ort deep er ad op tion, hig her- q uality g rowth and sustainab le sharehold er returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update
Slide 43: Growth strategy by customer: the mining experience
Growth strategy rsonal use only by customer: the mining experience Shaun Southwell & Michelle Carey
Slide 44: A proven foundation. A connected next step.
A p roven fo und atio n. rsonal use only A connected next step. Growing value within our customers
Slide 45: Proven track record
Proven track record The foundations are in place rsonal use only /1 /2 /3 /4 Customer access Technology Data Expertise Connected around the customer workflow
Slide 46: Proven track record: share of wallet
Proven track record Share of wallet rsonal use only $1.40 Then $2.40 Today /1 /2 /3 Build Buy Expand Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 50% CY25 S&P Global data, 50% FY26 IMD internal market estimates). Unadjusted for inflation and unadj
Slide 47: Proven track record: opportunity headroom
Proven track record Share of wallet rsonal use only $1.40 Then $2.40 Today $10 - $18 Opportunity headroom /1 /2 /3 /4 Capabilities Workflow Data reuse Decisions Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 50% CY25 S&P Global data, 50% FY26 IMD in
Slide 48: From drill site to decision
From drill site to decision One connected system, built on positions we hold today rsonal use only Capture / Analyse / Solve Quality to support real-time decisions Expertise Supported by AI Decision-ready insight across the mining value chain Drill performance optimisation Exploration Targeting Dril
Slide 49: More productive drilling, more value from every metre
Capture / Analyse / Solve Drilling Optimisation Structural Solutions Navigation Geophysics rsonal use only For customers: more productive drilling, and more value from every metre Optimisation Trusted advisor Connected at the rig on site capture Today Next Share of wallet Embedded at the drill site
Slide 50: Faster, more consistent orebody knowledge
Capture / Analyse / Solve For customers: faster, more consistent orebody knowledge from a common, rsonal use only growing data estate Automated One connected AI-ready extraction rock view insight Today Next Stickiness Leading analytics by workflow One reusable orebody view Embedded in workflows
Slide 51: Lower-risk decisions where capital is on the line
Capture / Analyse / Solve For customers: lower-risk decisions where capital is on the line rsonal use only Exploration Resource Orebody Driven Mine & targeting & Development Optimisation Today Next Duration Defined technical decisions More decisions, for longer Relevant beyond the rig
Slide 52: Our IMDEX structural solution in practice
Our IMDEX structural solution in practice ACTx: one entry point, rsonal use only more decisions CAPTURE 1 Measure how the rock sits, as it’s drilled ANALYSE 2 Combine it with imaging into one clear picture SOLVE 3 Use it to plan the mine, keep it safe and blast better SHARE OF WALLET STICKINESS DURA
Slide 53: In practice
In practice The more Solve a customer problem rsonal use only we connect, the more value customers gain Deliver more value Embed in the workflow Deeper partnership Support more decisions Connect more data
Slide 54: Data that keeps working
Data that keeps working Captured once. Valuable for the life of the mine. rsonal use only In situ In motion Back in situ Understand the orebody Drill, blast, haul, process Recover, rehabilitate, close Capture once Apply across more decisions DURATION Relevant for longer
Slide 55: What it means for IMDEX
What it means for IMDEX A compounding customer outcome rsonal use only Platform Connected Platform Enabled Share of Wallet Customers Customers TODAY FUTURE ON AVERAGE WE EARN … ON AVERAGE CUSTOMER LIFECYCLE IS … $2.40 → $10–$18 ~2x revenue >2x tenure Connected products, data and Capture, Analyse and
Slide 56: A durable growth model
A proven foundation. rsonal use only A connected next step. A durable growth model. How progress will show up Share of Wallet Recurring revenue Customer duration Lifecycle reach
Slide 57: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 58: Technology and customer value delivery Case study
Technology rsonal use only and customer value delivery Case study Erlend Olsø
Slide 59: Case study: Deep, Dense and Fast
CASE STUDY 01 | THE PROBLEM Mid-tier operator · High-grade gold · Resource Definition · Europe rsonal use only Deep, Dense and Fast. No metre could be wasted. 900m 50 × 50m < 3 yrs to top of resource drill-hole grid discovery to production
Slide 60: Case study: One connected workflow
CASE STUDY 01 | HOW WE SOLVED IT One connected workflow, from rig to decision rsonal use only CAPTURE A N A LY S E S O LV E Right data, Geology read Confident first time as it’s drilled drilling calls ACTx · OMNIx38 · Drilling fluids + SRU Wavelet Tessellation · ioGAS Programme optimisation DeviAlig
Slide 61: Case study: Value that compounds
CASE STUDY 01 | THE TAKEAWAY Value that compounds rsonal use only CUSTOMER VALUE IMDEX VALUE REPEATABLE Positioned for H1 $53 → $73 per Land → expand → 2029 production metre standardise Confident targeting below 900m, Share of wallet + stickiness: 17 rigs Same playbook now rolling out to other fewer
Slide 62: Case study: The mine design was set
CASE STUDY 02 | THE PROBLEM Tier 1 major · Copper-gold · Project feasibility · South America rsonal use only The mine design was set. The ground might not agree. $Bn Decades Block cave? Capital decision of mine life locked in design under question
Slide 63: Case study: The answer was already in the core shed
CASE STUDY 02 | HOW WE SOLVED IT The answer was already in the core shed rsonal use only CAPTURE A N A LY S E S O LV E 50 km of core, Deposit-scale A mining-method already drilled geotech data answer Historical core photo archive Datarock Core – Geotech suite Geotechnical domain model ~6 weeks IMDEX
Slide 64: Case study: One decision, lifetime impact
CASE STUDY 02 | THE TAKEAWAY One decision. Lifetime impact. rsonal use only CUSTOMER VALUE IMDEX VALUE REPEATABLE Mining method High-margin Every Major has a changed platform revenue core archive Before capital was locked in. No new Door opened to the owner’s global Capital-light, delivered in weeks
Slide 65: Two routes. One flywheel.
CLOSE | WHAT THESE CASES SHOW Two routes. One flywheel. rsonal use only CASE STUDY 01 CASE STUDY 02 Workflow expansion Decision impact → Share of wallet → Stickiness + new revenue More workflow More decisions Deeper adoption Repeatable growth
Slide 66: Audience Q&A
Audience rsonal use only Q&A Paul House
Slide 67: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 68: How IMDEX Compounds Commercial Value
How IMDEX Compounds rsonal use only Commercial Value Antonio Sardo
Slide 69: Compounding Growth in Core Exploration Market
Compounding Growth in Core Exploration Market rsonal use only A compounding loop Drilling Drill Site contractor Pays for rig productivity site by site /01 /02 /03 /04 Resource company Where orebody knowledge develops Sites Data Decisions More sites and Pays for decision confidence asset value and me
Slide 70: Outlook on the Exploration market we service today
Outlook on the Exploration market we service today rsonal use only 24 Mining Exploration 22 20 18 16 ~6% p.a. 14 12 US$12.4bn in 2025 10 8 6 Reducing geological uncertainty to accelerate 4 mineral discovery and resource definition. 2 0 2010 2014 2018 2022 2009 2011 2012 2013 2015 2016 2017 2019 2020
Slide 71: Sub-surface complexity driving adjacent market technology investment
Sub-surface complexity is driving technology investment across adjacent markets rsonal use only Mining Production Infrastructure & Utilities Construction & Energy US$0.4tn1 in 2025 US$13.6tn2 in 2025 US$2.0tn3 in 2025 Extending orebody knowledge from Reducing geological uncertainty in Positioning IM
Slide 72: Our addressable market grows deeper and wider
Our addressable market grows deeper and wider Market Opportunity rsonal use only Mining Infrastructure Energy Production Construction Sector 29% Potential growth demand to 2035 34% Potential growth demand to 2035 48% Potential growth demand to 2035 Sustained by: Sustained by: Sustained by: • Strong
Slide 73: Our right to play is visible in countable credentials
Our right to play is visible in countable credentials rsonal use only Mining Exploration Mining Production Infrastructure Energy Sector [Traditional Core Market] Construction Global spend [2025] ~$12.4bn1 ~$400bn2 ~$13,600bn3 ~$2,000bn4 ~1,500 58 40,000+ Sites Serviced since FY23 Deployed sites ~10%
Slide 74: Creating novel solutions to solve legacy problems
CASE STUDY | CREATING NOVEL SOLUTIONS TO SOLVE LEGACY PROBLEMS Tier 1 Resource Company · Underground Production Mine · Major rsonal use only Mining Region IMDEX Mount Sopris Novel OMNIxBOLT Geophysical Sensor Solution Customer need Geophysical data to optimize drill and blast process by better under
Slide 75: Four main takeaways
Four main takeaways rsonal use only 01 More value from every site and metre drilled in a growing exploration market 02 Transferable capabilities provide the right to play and a credible growth path beyond minerals exploration 03 Growing demand in adjacent markets provides significant commercial grow
Slide 76: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 77: Building the industry's knowledge advantage
Building rsonal use only the industry's knowledge advantage Tom Carmichael
Slide 78: Scarce expertise makes people more valuable
Scarce expertise makes people more valuable rsonal use only Customers need experienced people to do more with the information available today. Drilling and Project Site teams teams Experienced crews and supervisors Geologists and technical specialists Safe, productive execution Interpretation of com
Slide 79: IMDEX's people create the knowledge advantage
IMDEX’s people create the knowledge advantage rsonal use only Complementary expertise turns technology into a useful customer solution /1 /2 /3 /4 Drilling Engineering Technical advisory Customer & field & Digital facing teams Understand operating conditions and Build reliable instruments, software
Slide 80: Technology extends the reach of expertise
Technology extends the reach of expertise Specialist knowledge can be applied rsonal use only consistently across customer workflows /1 /2 /3 Instruments Our people’s knowledge Focused applications and software can be applied across address specific customer put specialist customer more customers, s
Slide 81: Trust starts at the point of capture
Trust starts at the point of capture Good decisions depend on reliable measurements and sound interpretation rsonal use only /1 /2 /3 /4 Get the Preserve Test the Know when to measurement right its meaning interpretation act Reliable tools, correct usage and Where, when and how it was Experts check
Slide 82: Customer value creates the growth opportunity
Customer value creates the growth opportunity Demonstrated benefit gives our customers reasons to adopt more technology rsonal use only Drilling contractors Resource companies Safer, more productive and Clearer understanding of the ground. More solutions per site. predictable work. Better-informed p
Slide 83: Let's dive deeper…
Let’s dive deeper… Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. rsonal use only Paul Mitchell Dave Lawie Michelle Carey Shaun Southwell The Market Need The Market Need The Solution The Solution Global mining market update Variability a
Slide 84: Capital Management
Capital Management rsonal use only Linda Lim
Slide 85: Capital Management framework
Capital Management A consistent framework balancing growth, resilience and shareholder returns rsonal use only Organic and innovation led growth Operating Efficiency Capital Productivity R&D investment ~10% of revenue Net Operating Cash Flow Maintain Strong Balance Sheet Target leverage range of 1.0
Slide 86: Organic and innovation-led growth
Organic and innovation-led growth R&D and M&A have R&D M&A extended Maintain technical leadership Accelerate capabilities, customers and markets rsonal use only capability, customer reach Acquired technologies and channels broaden our New technologies reinforce our leadership and and value creation
Slide 87: Consistent investment has built capability and scale
Organic and innovation-led growth Consistent investment has built capability and scale rsonal use only R&D investment ($m) Capital expenditure ($m) $43 $69 WHAT THIS MEANS FOR OUR FUTURE $41 $36 $37 $57 $33 Innovation through the cycle Sustained R&D protects technology leadership, whatever the $38 e
Slide 88: Financial performance
Financial performance Commitment to investment underpins margin growth rsonal use only Normalised EBITDA margin 31% WHAT THIS MEANS FOR OUR FUTURE ~13% CAGR Revenue growth FY17–FY26 ($176m → $520m) Revenue mix supports earnings quality 18% Platform revenue is now 47% of Group revenue, increasing the
Slide 89: Cash generation
Cash generation Our earnings convert to cash, funding investment for future growth and shareholder returns rsonal use only Normalised cash conversion 83% WHAT THIS MEANS FOR OUR FUTURE 66% $135m FY26 normalised operating cash flow, a record. Cash supports reinvestment and returns Operating cash flow
Slide 90: Financial discipline and flexibility
Financial discipline and flexibility Strong balance sheet with earnings growth rebuilding capacity after an active M&A year rsonal use only Leverage (x) WHAT THIS MEANS FOR OUR FUTURE 1.5x 1.0–1.5x Capacity used for its purpose 1.3x Target leverage range, pre-IFRS 16 Leverage moved from 0.1x to 1.3x
Slide 91: Shareholder returns
Shareholder returns Shareholders share in our growth, with the dividend up ~36% in an investment year rsonal use only Dividend per share (cps) 3.4 WHAT THIS MEANS FOR OUR FUTURE 30% 2.8 2.5 FY26 payout of NPAT normalised, maintained Shareholders participate in earnings growth through an acquisition
Slide 92: Disciplined M&A
Disciplined M&A FY26 acquisitions aligned to strategy, funded within our balance sheet framework rsonal use only Business Completed Stake What it adds Fits FTE ~$180m cash invested in five businesses (four transactions) Earth Science Analytics (ESA) Aug 2025 80.5% AI-driven EarthNET platform Analyse
Slide 93: Capital allocation
Capital allocation A repeatable framework: invest in our advantage, convert growth to cash, share the value rsonal use only Priority What we delivered (FY26) What comes next 1 Invest in the business $43m R&D, $69m CAPEX, five acquisitions Scale what we've built; sustain R&D through the cycle Platfor
Slide 94: Closing remarks
Closing remarks rsonal use only Paul House
Slide 95: A clear path to sustained growth
Closing remarks A clear path to sustained growth rsonal use only The industry IMDEX will Larger Earth Science Our Competitive challenge is continue to End-Markets are edge growing control its attractive own destiny Our people, culture, and global network give our Demand for minerals is Growth driven
Slide 96: Audience Q&A
Audience rsonal use only Q&A Paul House