Strong cash flow supports focused ANZ market expansion

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Strong cash flow supports focused ANZ market expansion
21 November 2025
AUCKLAND, 21 November 2025: Leading transportation technology services company EROAD
Limited (NZX/ASX: ERD) today released its financial results for the 6 months ended 30 September
2025.
All numbers are stated in New Zealand dollars (NZ$) and relate to the six months ended 30 September
2025 (H1 FY26), unless stated otherwise. Comparisons relate to the six months ended 30 September
2024 (H1 FY25).

Financial Highlights
1

• Continued improvement in Free Cash Flow position (to the firm) rose to $6.2m in H1 FY26
compared to $0.1m in H1 FY25. This improvement is the result of ongoing enterprise customer
rollouts and price increases. When normalised for the temporary impact of the 4G upgrade
program, free cash flow (to the firm) was $16.7m.
• Revenue climbed to $99.1m for H1 FY26 from reported revenue of $95.9m in H1 FY25. This
represents a 3.3% increase against the prior comparable period. Growth in revenue was driven
by a 6.7% increase in ANZ offset by negative 1.5% growth in North America. Subscription
revenue, which excludes non-recurring hardware and service revenue, grew 5.4% against the
prior comparable period.
• Annualised Recurring Revenue (restated)
2
increased by $11.4m (6.9%) to $178.1m in H1
FY26 from $166.7m in H1 FY25, reflecting growth in ANZ offset by a decline in North America
and favourable foreign exchange rates.
• EBIT declined to negative $133.9m in H1 FY26 compared to $2.4m in H1 FY25. Normalised
3

EBIT, adjusted for a non-cash impairment to the North American assets, declined to $2.5m in
H1 FY26 from $4.7m in H1 FY25 due to lower capitalisation of R&D and accelerated
amortisation due to a large customer termination in North America.
• NPAT decreased to negative $144.2m in H1 FY26 from negative $1.5m in H1 FY25. The loss
was primarily driven by an non-cash impairment to the North American assets of $134.7m.

1
EROAD has presented certain non-GAAP financial measures as part of its H1 FY26 results, which EROAD’s directors
and management believe provide useful information as they exclude any impacts of one-offs which can make it difficult to
compare and assess EROAD’s performance. The non-GAAP financial measures EROAD has used in this document are
Annualised Recurring Revenue (ARR), EBIT, Normalised EBIT, and Free Cash Flow. A detailed reconciliation of non-GAAP
measures to EROAD’s reported financial information is included on EROAD’s website
(http://www.eroadglobal.com/global/investors/). General information about EROAD’s use of non-GAAP financial information is
included on page 2 of the H1 FY26 Investor Presentation.

2
Annual recurring revenue from subscriptions only. Excludes uncontracted hardware sales and non-recurring revenue
3
Normalised for the recognition of costs associated with the 4G hardware upgrade program in H1 FY26 and H1 FY25

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• Liquidity remains strong at $62.3m with a $70m of credit facility limit against $7.7m of net
debt to support growth and fund large enterprise deployments.

Operational Highlights
• Australian enterprise customer win to provide Cleanaway (ASX: CWY) with a comprehensive
vehicle monitoring solution to over 3,000 heavy vehicles. The deal adds over A$5m of ARR,
rolling out over the next 12 months.
• Asset retention remains high at 92.0% in H1 FY26 (NZ 92.1%; AU 95.5%; NA 91.0%).
• Substantial completion of 4G hardware upgrade with 87% of EROAD units 4G compatible
in ANZ as at 30 September 2025, increasing to 89.2% at the beginning of November 2025. A
further $2.5m - $4.5m is expected to be spent in the second half of the year to complete the
program, which will free up considerable cash in future periods.
Executive Chair John Scott said, ”Our success ultimately comes down to people — customers, partners,
and our team — and a shared belief that when you get those things right, everything else follows.
Few companies get to shape an industry twice. EROAD is one of them, and we intend to make it
count.”
CEO Mark Heine is committed to financial discipline while progressing EROAD to its next phase of
growth, “We’ll keep focusing on what we control: generating cash, delivering for customers, and
directing investment where it creates the most value. The opportunity in front of us is significant, and
the team is ready to make the most of it.
Across all markets, our priorities remain the same: deliver value to customers, convert that value into
recurring, profitable growth, and generate cash to fund the next opportunity. The 3G network
shutdown in NZ, now scheduled for completion in December 2025, will release additional cash
capacity and simplify operations. We’ve also increased our investment in customer operations to lift
the experience end-to -end, from faster onboarding to proactive support, so fleets can see value
sooner and stay with EROAD longer.”

Outlook
Heine added, “Our disciplined focus on free cash flow gives us the opportunity to decide where
growth capital should go. In October, we shared that new investment will be directed to the markets
where opportunity and conversion are strongest – in the near term that is Australia and New Zealand.
These are regions where we already have strong product market fit, credibility, and policy momentum.
Governments in both countries are moving toward usage-based and time-of-use charging, and
EROAD is uniquely positioned to help them get there.
The shift toward electronic and usage-based charging is one of the most significant infrastructure
transitions of the coming decade. In New Zealand, the Government’s plan to move all vehicles onto
electronic RUC represents a multi-year opportunity that builds directly on EROAD’s existing capability

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and credibility. Australia is now signalling similar intent, and we have previously worked with partners
at both state and federal levels to help shape practical solutions. These programmes will require
proven technology, data integrity and regulatory experience at scale, and no one has deeper, more
proven experience in electronic road charging than EROAD.
We are on track to deliver on our revised FY26 guidance, communicated in October 2025, supported
by the enterprise win in ANZ, price increases and continued growth in our core markets.”
• FY26 Revenue guidance of $197m to $203m
• FY26 ARR guidance of a $175m to $183m
• FY26 free cash flow (to the firm) margin of 5% - 8%, normalised for the 4G hardware
upgrade program

Corporate Governance
To help drive EROAD’s strategy, EROAD recently announced the appointment of John Scott as
Executive Chair. While EROAD has an Executive Chair, the Board has appointed David Green Lead
Independent Director and an Executive Oversight Committee of independent directors has been
established within the Finance, Risk and Audit Committee, to provide additional oversight.
The Board has also approved the Director’s Fixed Share Trading Plan, which is expected to start
following the release of our H1 FY26 results. From 1 December 2025, half of each director’s after-tax
fees, including John Scott’s temporary executive consultancy fee, will be applied to the on-market
purchase of EROAD shares on a quarterly basis. This change in the composition of director
renumeration will further align directors with shareholders and demonstrates their confidence in the
long-term value of EROAD’s strategy.

Ends
Authorised for release to the NZX and ASX by EROAD’s Board of Directors.

Webinar details
EROAD’s Chief Executive Officer, Mark Heine, and Chief Financial Officer, Ciara McGuignan, will give a
presentation on the financial and operational performance for H1 FY26 via webinar on Friday 21
November 2025 at 12:00pm NZT / 10am AEDT.
When: Friday 21 November 2025
Time: 12:00pm NZT / 10am AEDT
Topic: EROAD H1 FY26 Financial Results
Link: https://www.eroad.co.nz/investor-presentation/

TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 4
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz
After registering, you will receive a confirmation email containing information about joining the
webinar. A recording of this webinar will be available once it has been uploaded to the EROAD
website under ‘presentations’ on www.
eroadglobal.com/investors/https://eroadglobal.com/investors/

Ends
For Investor enquiries please contact:
Jason Kepecs
jason.kepecs@eroad.com
NZ contact: +64 21 990 474
AU contact: +61 47 7711 136
For Media enquiries please contact:
Richard Llewellyn
richard@shanahan.nz
+64 27 523 2362


About EROAD
EROAD (NZX/ASX: ERD) is a hardware-enabled SaaS company delivering safety, compliance,
sustainability and efficiency solutions for complex vehicles fleets.
Its connected platform is used by commercial and government operators across New Zealand,
Australia and North America to manage vehicles, assets and drivers with greater visibility and control.
EROAD supports demanding, highly regulated fleet operations, including those moving food,
concrete and aggregates, enabling them to operate smarter, safer and more sustainably.
EROAD’s platform is built on a foundation of regulatory expertise, having delivered the world’s first
GPS-based road user charging system in New Zealand, where it remains the market leader today.
www.eroad.co.nz

---

EROAD (NZX: ERD ASX: ERD)
Financial Results
For the 6 months ended 30 September 2025 (H1 FY26)
21 Nov 2025

EROAD H1 FY26 Results | Page 2
Important Information
The information in this presentation is of a general nature and does not
constitute financial product advice, investment advice or any
recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.
This presentation may contain projections or forward-looking statements
regarding a variety of items. Such projections or forward-looking
statements are based on current expectations, estimates and
assumptions and are subject to a number of risks, uncertainties and
assumptions.
All numbers relate to the 6 months ended 30 September 2025 (H1 FY26)
and comparisons relate to the 6 months ended 30 September 2024 (H1
FY25), unless otherwise stated. All dollar amounts are in NZD, unless
otherwise stated.
There is no assurance that results contemplated in any projections or
forward-looking statements in this presentation will be realised. Actual
results may differ materially from those projected in this presentation. No
person is under any obligation to update this presentation at any time
after its release to you or to provide you with further information about
EROAD.
While reasonable care has been taken in compiling this presentation,
EROAD or its subsidiaries, directors, employees, agents or advisers (to the
maximum extent permitted by law) do not give any warranty or
representation (express or implied) as to the accuracy, completeness or
reliability of the information contained in it or take any responsibility for
it. The information in this presentation has not been and will not be
independently verified or audited.
Non-GAAP Measures
EROAD has presented certain non-GAAP financial measures as part of its
H1 FY26 results, which EROAD’s directors and management believe
provide useful information as they exclude any impacts of one-offs which
can make it difficult to compare and assess EROAD’s performance. Non-
GAAP financial measures are not prepared in accordance with NZ IFRS
(New Zealand International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP financial measures reported
in this presentation may not be comparable with those that other
companies report and should not be viewed in isolation or considered as
a substitute for measures reported by EROAD in accordance with NZ
IFRS. Non-GAAP financial measures are not subject to audit or review.
The non-GAAP financial measures EROAD has used in this presentation
are identified and defined in the Glossary on page 27 of this presentation.
A detailed reconciliation of non-GAAP measures to EROAD’s reported
financial information is included on EROAD’s website
http://www.eroadglobal.com/global/investors/

Agenda
01 Results Overview
Highlights & Metrics
Geographic
02 Financials
Operations
Cash Flow
4G Hardware UpgradeProgram
03 Guidance
EROAD H1 FY26 Results | Page 3

EROAD H1 FY26 Results | Page 4
01
H1 FY26 Results
Overview

EROAD FY25 Results | Page 5
Reported Revenue
$99.1m
+3.3% H1 FY25 of $95.9m
Normalised EBIT
(3)
$2.5m
$4.7m H1 FY25
Reported EBIT of -$133.9m
includes goodwill impairment of
$134.7m
Free Cash Flow
(to the firm)
(1)
$6.2m
$0.1m H1 FY25
Normalised for 4G Upgrade: $16.7m
Total Units
253k
H1 FY25 254k
1
Annualised billing provided cash receipts of $2.8m for services to be provided in future period.
2
Annual recurring revenue from subscriptions only. Excludes purchased hardware sales and non-recurring revenue.
3
Excludes one-off 4G hardware upgrade program$1.7m (H1 FY25 $2.3m) and impairment of goodwill and other assets of $134.7m (H1 FY25 nil).
OUR PURPOSE
Delivering
intelligence you
can trust for a
better world
tomorrow
Powering visibility,
compliance and operational
excellence for fleets that
keep the world moving.
Positive results with stable growth and continued cash generation
H1 FY26 Financial Results
ARR (restated)
(2)
$178.1m
+6.9% H1 FY25 $166.7m
+3.0% in constant currency
ARPU
$59.94
+2.4% H1 FY25 $58.56m
4G upgrade costs
conclude this year
Future free cash flow
expected to align with
normalised levels.
EROAD H1 FY26 Results | Page 5
Should we
normalise for the
accelerated
amortisation
(ODFL) – result is
$4.2m vs $2.5m
without

EROAD H1 FY26 Results | Page 6
•Expanded partnerships to increase value and capability delivered to
customers, including Whip Around, HERE Technologies and deepened
relationship with Geotab.
•Expansion of Customer Operations teams both in markets and in Manila
to improve responsiveness and support.
•Customised workflows enabled through partnerships were critical in
securing enterprise win in the second half with Cleanaway in Australia.
•Produced $6 .2m of free cash flow, or $16.7m normalised for the temporary
impact of the 4G upgrade prog ram.
•4G upgrade program ends this year, freeing up considerable cash in
future periods.
•Disciplined cost m anagem ent, operating leverag e, and deliberate
choices to protect margins while supporting growth.
•Strong balance sheet with $62.3m of liquidity.
•Priority allocation of new growth investment to Australia and New
Zealand where opportunities are hig h.
•North America remains a key market, however slower economic
conditions require prudent investment.
•Softer market conditions combined with reprioritisation of ANZ
and the non-renewal of a large customer, resulted in an
impairment of goodwill and other assets of $134.7m being
recorded.
•Focused investment on capitalising on eRUC opportunity in NZ with look
to the future in global markets.
•EROAD is already the established leader in electronic RUC (eRUC) for
commercial fleets in NZ and is uniquely positioned to capture the
additional 3.5 million passenger vehicles.
•Global fuel tax revenues are falling behind funding requirem ents,
resulting in m ore markets looking at user pays models such as eRUC.
CUSTOMER FOCUS AND ENHANCEMENT
CASH GENERATION
REGIONAL MARKET CONDITIONS
eRUC PASSENGER OPPORTUNITY
Positive free cashflow and focus on eRUC market expansion opportunities
Steady operational delivery and disciplined investment

EROAD H1 FY26 Results | Page 7
Free cash flow has progressed from
early negative periods, through a
clear inflection in FY24 and FY25, to
stable and strengthening underlying
cash generation.
Enterprise momentum in Australia is
driving sustained double-digit ARR
growth, with recent wins expanding
EROAD’s footprint and visibility ahead
of eRUC adoption.
New Zealand is the first mover on
eRUC, but the potential is global.
Strong cash generation and the
momentum we’re seeing in Australia
give us the platform to engage.
FCF (NZ$m)Australian GrowtheRUC Opportunity
Strong cash generation and a multi-region model provide flexibility to accelerate where market
conditions are favourable
Financial discipline driving sustainable growth
H1 FY25H1 FY26H1 FY26 +
Cleanaway
$11.7m
$15.3m
Future ARR
impact from
new Cleanaway
deal
FCF (NZ$m)
H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
FCFNormalised FCF
$1.5$0.1$16.0$6.2
$(0.2)
$(8.2)
FCF stabilised on
a normalised
basis
$16.7$17.4
$6.2
$8.0
$2.8
NZAUUS
Vehicles (m)
4.7m
21.7m
283.4m
4.6x
60x

EROAD H1 FY26 Results | Page 8
•6 August 2025 - Government announces plan
to transition all vehicles to eRUC
•11 November 2025 – Bill introducing Time of
Use (Congestion Charging) passes third
reading in Parliament
•13 November 2025 –Government introduces
Bill to prepare RUC system for addition of
light petrol vehicles and support new tolling
provisions
•November/December 2025 - Ministry of
Transport expected to issue second RFI on
RUC legislation changes
•2026 – Bill to amend RUC legislation to be
sent to Select Committee with passage
expected in 2026
•2027 – Government proposes to commence
new RUC system
TIMELINE
Waiting for
Michelle to
provide EBITDA
ex Intercompany
New Zealand’s transition to universal electronic road user
charging
EROAD’s established infrastructure, regulatory
trust, and market share make it the logical
platform for national delivery, with future
potential to export this capability to other
jurisdictions pursuing usage-based charging.
EROAD pioneered eRUC in NZ
and facilitated ~$946m in RUC
collection in the year to
September 2025 on behalf of the
NZ Government
•1 April 2024 - Light EVs & plug-in hybrids
(< 3.5 t) required to pay RUC
•6 August 2025 - Government announces
plan to transition all vehicles to eRUC
•2026 - Legislation & operational reform
phase
•2027 - New RUC system “open for
business”
•1 July 2027 - Heavy EVs (> 3.5 t) required to
pay RUC

EROAD H1 FY26 Results | Page 9
New Zealand’s nationwide eRUC program provides a proven model as governments worldwide
move from fuel taxes to distance-based charging
Usage-based road funding is gaining global momentum
New Zealand
50b kms
Distance Travelled
Australia
260b kms
Distance Travelled
United States
5.1t kms
Distance Travelled
Infrastructure
Funding Gaps:
States face an annual
shortfall of US $8.6 b
just to maintain roads
and bridg es; California
alone projects a US
$4.4 b decline in fuel-
tax revenue over 10
years
EROAD’s experience operating a national
electronic road-charging platform
positions it to support governments and
infrastructure partners as usage-based
funding accelerates globally.
4.7m
Vehicles
21.7m
Vehicles
283.4m
Vehicles
4.6x
Registered
Vehicles Size
vs NZ
60x
Registered
Vehicles Size
vs NZ
Sources: NZ: Ministry of Transport: The New Zealand 2024 Vehicle Fleet Data Spreadsheet, AU: Bureau of Infrastructure and Transport Research Economics (BITRE): Yearbook
2024, US: U.S. Department of Transportation, Bureau of Transportation Statistics: Transportation Statistics Annual Report 2024

EROAD H1 FY26 Results | Page 10
RUC-for-all progress
While the NZ Government work to define the full requirements continues, we’re progressing product,
commercial readiness, and adjacent opportunities to ensure EROAD is positioned to lead execution
once the program begins.
PRODUCT
Building and testing pathways to
be deployment-ready when
requirements are confirmed.
Rapid prototyping of models and
approaches, including;
•Direct to consumer
•Platform
•White-label
Technical discovery and system
design
Identifying technology partners
and suppliers to support rapid
development
COMMERCIAL
Validating viable business models
and preparing routes to market.
Assessing revenue models and
margin structures
Early evaluation of pricing and
economics for light-vehicle RUC
Identifying delivery partners
and potential ecosystem roles
BEYOND RUC
Exploring adjacent services that
improve consumer value and
broaden long-term opportunity.
Assessment of bundled add-
ons, including:
•Time-of-Use Charging
(TOUC)
•Congestion-based charging
•Tolling integrations
Testing feasibility and value to
both consumers and
government
EROAD is preparing in parallel to the NZ Government’s decision-making,
ensuring we are technically ready, commercially viable and positioned to
scale as soon as the program timeline is confirmed.
eRUC App Prototype

EROAD H1 FY26 Results | Page 11
Continued stable growth and cash
generation with loyal customer base and
significant opportunity in eRUC.
New Zealand
H1 FY26 HIGHLIGHTS
HIGHER VALUE
4.4% increase in ARPU from
continued prioritisation of higher
value opportunities and churn of
lower value units from 4G upgrade
program.
EXISTING CUSTOMER MOVEMENT
Of the units lost, 88% of ARR impact
relates to customers resizing their
fleets rather than full churn. Ongoing
upsell and expansion across the
portfolio more than offset these
reductions, delivering a net positive
ARR result.
ERUC OPPORTUNITY
Work is underway to prepare for the
move to universal eRUC planned for
2027. This is a significant opportunity
to build on existing expertise in an
expanding market.
H2 FY24H1 FY25H2 FY25H1 FY26
$93.2m
$83.6m
1
ARR - Annua l recurring revenue from su bsc riptions only.
Excludes purcha sed h ardwa re sales a nd non-recu rrin g revenu e.
NZ$62.07
NZ$52.1m
H1 FY25: $49.8m
NZ$35.5m
EBITDA
Revenue 4.6%
Monthly SaaS ARPU
ARR
(1)
up
6.3% YoY
92.1%
Asset Retention Rate
4.4%
$87.7m
$89.0m
ARR (restated)
See Note 1 of EROAD’s H1 FY26 Financial Statements for segmented
rep ortin g of Revenu e a nd EBITDA .

EROAD H1 FY26 Results | Page 12
4G NETWORK UPDATE
Program progressing on track, with cost fully funded from
operational cashflow. This one-time cost relates to the shutdown
of 2G & 3G networks by telcos in ANZ. Despite telco-driven
delays, completion of upgrades is set for December 2025.
Active 4G
units in ANZ
87%
Units
remaining
Rollout progress
PROGRAM COSTS
•Spent $10.5m in H1 FY26
•Final program costs expected of $2.5m - $4.5m to
facilitate upgrade and installation of remaining 4G
upgrade units
•These costs are covered from existing cash flow
NZ$mH1 FY26H2 FY26
Expected investment
(Hardware + Program costs)
$10.5m$2.5-$4.5m
One-off accelerated
upgrade program costs
relate specifically to the
3G Network shutdown
KEY POINTS
•87% of ANZ units 4G compatible as at September
2025, 89.2% at the beginning of Nov 2025
•Telstra in Australia shutdown completed at
October 2024
•One NZ network shutdown deadline remains
December 2025
•Spark New Zealand network shutdown deadline of
March 2026
•Program is on track for completion. Product
development measures implemented to limit
exposures from telco changes in future
Unit upgrade program progressing with 87% of all units in ANZ 4G compatible
4G Hardware Upgrade Program ANZ
89.2% at
beginning of Nov
2025
89.2%
at start of
November

EROAD H1 FY26 Results | Page 13
H2 FY24H1 FY25H2 FY25H1 FY26
$69.7m
$70.8m
NZ$61.93
Monthly SaaS ARPU
USD$36.73
NZ$9.2m
EBITDA
NZ$39.0m
H1 FY25: NZ$39.6m
91.0%
Asset Retention Rate
Challenging market conditions resulting in
slower than expected growth. Slow down
is temporary, focus is on customers and
cost base controls during softer market.
Revenue 1.5%
+4.1% YoY HY1 FY25 NZ$59.49
1
ARR - Annua l recurring revenue from su bsc riptions only.
Excludes purcha sed h ardwa re sales a nd non-recu rrin g revenu e.
H1 FY26 HIGHLIGHTS
TARGETED CAPITAL ALLOCATION
Cautious growth investment while
market conditions remain slow
resulting in NZ$7.2m of FCF.
ARR & REDUCTIONS
While retention for the period was
consistent, growth has been slower
to materialise. ARR reduction
primarily due to fleet resizing and
customer churn not being offset by
new growth.
CUSTOMER CHURN
Large customer of ~10k units will not
be renewing. Impact starts to be
realised in Q4 FY26.
CUSTOMER PRIORITY
Retention and expansion are a priority
for the region as opportunity to grow
via existing accounts remains strong.
North America
$67.8m
$73.5m
NZD ARR (restated)
See Note 1 of EROAD’s H1 FY26 Financial Statements for segmented
rep ortin g of Revenu e a nd EBITDA .
ARR
(1)
up
2.7% YoY
-5.8% constant
currency

EROAD H1 FY26 Results | Page 14
Continued growth and realisation of
ARR from completion of large rollouts.
Healthy pipeline converting to newly
announced customer in H2.
Australia
NZ$52.12
Monthly SaaS ARPU
AU$47.73
ARR
(1)
up
36.2% YoY
29.9% constant
currency
NZ$3.7m
EBITDA
H2 FY24H1 FY25H2 FY25H1 FY26
$15.2m
$10.6m
46%
ARR from
Enterprise
Customers (>100k
ARR)
95.5%
Asset Retention Rate
8.3%
NZ$8.0m
H1 FY26: NZ$6.5m
Revenue 23.1%
1
ARR - Annua l recurring revenue from su bsc riptions only.
Excludes purcha sed h ardwa re sales a nd non-recu rrin g revenu e.
H1 FY26 HIGHLIGHTS
ENTERPRISE WIN
New deal announced with Cleanaway
across a 3,000+ vehicle fleet. Value of
+$A5m ARR with an initial 5-year term.
Installation is underway – with
incremental ARR impact to begin in H2
FY26.
CONSISTENT GROWTH
Australia continues to deliver consistent
growth in both ARR and reported
revenue.
DRIVING VALUE
8.3% lift in ARPU driven by mix of pricing
and sales focus on higher value
opportunities.
ASSET RETENTION
Retention levels are high, with minimal
unit churn outpaced by growth in both
asset retention and unit levels.
NZD ARR (restated)
$12.6m
$11.2m
Waiting for
Michelle to
provide EBITDA
ex Intercompany
See Note 1 of EROAD’s H1 FY26 Financial Statements for segmented
rep ortin g of Revenu e a nd EBITDA .

EROAD H1 FY26 Results | Page 15
Increasing Australian Market Growth
Cleanaway Enterprise
Partnership
Five-year agreement to deliver EROAD’s full
vehicle monitoring and safety platform across
Cleanaway’s (ASX: CWY) heavy-vehicle fleet.
Comprehensive solution including:
•Multiple connections per vehicle (dual-sided units for
specialised assets)
•Location tracking, fatigue & dual-dash cameras, seat
shakers, rollover & duress alerts, critical-event monitoring,
and satellite connectivity for remote operations
•Implementation: Underway — full deployment by Nov
2026
A$5m ARR
With fixed annual escalators
ABOUT CLEANAWAY
•Australia’s leading total
waste, industrial and
environmental services
company
•Operates Australia’s largest
waste management fleet
with 3,000+ heavy vehicles
nationwide
•Committed to safety,
compliance and sustainability
across its operations
Placeholder WIP
to be re-designed
“This partnership underscores both our shared
commitment to health and safety and the
potential of the Australian market”
Mark Heine, CEO
“Our partnership with EROAD reflects our
commitment to embracing smart technology
that supports safer, more efficient operations.
After a thorough evaluation, EROAD stood out
for its comfort, flexibility, ongoing support and
strong commitment on safety.”
Nicholas Dhar, Head of Fleet Safety and Compliance at
Cleanaway

EROAD H1 FY26 Results | Page 16
02
HY26 Financials

EROAD H1 FY26 Results | Page 17
Subscription
revenue
$89.7m
Subscription
revenue
$94.5m
H1 FY25H1 FY26
HardwareFeeOther
H1 FY25H1 FY26
$95.9m
$99.1m
H1 FY25H1 FY26
$66.7m
$70.4m
Revenue growth maintained, with lower EBIT reflecting one-off cost and amortisation impacts following a large customer
termination
Revenue & EBIT
Reported Operating Costs
Total Revenue
Total revenue of $99.1m is up 3.3% on
H1 FY25 reflecting the impact of
growth including Australian
enterprise rollouts and annual price
increases.
Operating costs rose 6%, driven by
higher SaaS costs from new camera
devices, recruitment for the
Philippines operations ramp-up, and
lower R&D capitalisation.
Reported EBIT
Reported EBIT of ($133.9m) includes an
impairment to intangibles of $134.7m.
Normalised EBIT
(1)
of $2.5m reflects the positive
impact of enterprise rollouts and price
increases offset by lower capitalisation of R&D
and accelerated amortisation from a customer
termination.
Subscription
revenue increased
5.4% over the prior
year
1 Excludes one-off 4G hardware upgrade program$1.7m (H1 FY25 $2.3m) and impairment of goodwill and other assets of $134.7m (H1 FY25 nil).
($133.9)m
Updated post
FRAC
submission
$2.5m
$4.7m
$2.4m
Reported
Normalised

EROAD H1 FY26 Results | Page 18
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Operating cost as a % of revenue by segment
Operating costs as a % of revenue
Operating costs as a % of revenue increased slightly
reflecting increased recruitment costs, including due to
the ramp-up of customer operations in the Philippines
Operating costs increased slightly on higher SaaS costs
reflecting the introduction of new camera devices and
higher personnel costs
H1 FY25
H1 FY26
75%
71%
70%
69%69%
71%
H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
FY23 starting figure should exclude
integration costs of $3.4m, worksheet says
$2.5m
Operating costs as a % of revenue how now flattened
reflecting the cost out program over FY23 and FY24.
Further operating leverage to be driven by unit and
growth and maintenance of fixed costs.
[Bad debts and subcontractors are up –are these
subcontractors the offset to marketing spend being
lower]
S&M costs are down YoY but
references as being invested in
when we talk CAC? This is
primarily market costs, sales
costs are primarily personnel
1
Sales and Marketing in the above c hart represents non-personn el c osts su ch as general marketing and ad vertisin g.
KJ checked
charts from
Opex Bridge
s/s
Overall cost base remains stable, with recent increases tied to short-term investment and growth enablement
Operating Costs
$0.9m ad ditional
investmen t relates
to ramp up of
rec ru itment in
Philippines.

EROAD H1 FY26 Results | Page 19
12%
11%
10%
H1 FY25H2 FY25H1 FY26
CAC ExpensedCAC Capitalised
6.4%
7.0%
8.3%
H1 FY25H2 FY25H1 FY26
Reducing
our G&A
but
investing
in R&D
and S&M
Management focus on supporting sustainable growth
Operational Efficiency
Cost to service & support
as a % of revenue
Cost to acquire customers
as a % of revenue
Customer acquisition costs remain
steady. Capitalised costs were higher
in H2 FY25 reflecting a large
enterprise deal closed in that year.
Costs to support has increased slightly
to ramp-up outsourced capacity and
support large enterprise rollouts.
[While you’re seeing the fixed costs stay static, the mix is changing] Increased R&D, increased S&M,
reduced G&A
Net Dollar
Retention Chart?
Updated post
FRAC
submission

EROAD H1 FY26 Results | Page 20
$(21.7)
$(8.2)
$2.8
$8.0
$6.2
$17.4
$16.7
$(25.0)
$(20.0)
$(15.0)
$(10.0)
$(5.0)
$-
$5.0
$10.0
$15.0
$20.0
$25.0
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
Normalised for the
temporary impact of the
4G upgrade program
Positive free cash flow to the firm trajectory
H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24
NZ$m
$0.1
$(0.2)
ReportedNormalised for 4G program
$1.5
STRONG FCF GENERATION
EROAD’S core operations generated
$16.7m of normalised free cash flow
to the firm over the last 6 months.
Cash generated in the near-term is
expected to be used to pay down
debt and fund growth initiatives.
Average month cash generation
($0.6m)
$0.1m
ONE-TIME 4G UPGRADE SPEND
Overall spend is expected to increase
by $2m as tail units are upgraded. H2
FY25 spending was delayed and
remaining $10 - $12m of planned spend
is expected to occur in FY26. These
costs are self-funded from existing
cash flow.
$(0.6)
$(0.4 )
$(0.2 )
$-
$0.2
$0.4
Average monthly cash generation
Strong cash flow generation to further accelerate post 4G hardware upgrade
Free Cash Flow Growth
$16.0
H1 FY25
H1 FY26
$6.2

EROAD H1 FY26 Results | Page 21
11.3
3.2
7.6
6.8
13.8
11.2
19%
17%
19%
0%
5%
10%
15%
20%
25%
0.0
10.0
20.0
30.0
H1 FY25H2 FY25H1 FY26
R&D - CapitalisedR&D - ExpensedR&D % of revenue (RHS)
R&D as % of revenue
NZ$m
•Total R&D spend of $18.8m in H1
FY26, 19% of revenue.
•Compares to $18.1m, or 19% of
revenue, in H1 FY25.
•Opex increased to 60% of R&D
spend in H1 FY26 from 38% in H1
FY25. This reflects an increased
investment in platform scaling.
Investment in innovation to increase the proportion of growth capex in future periods
Research & Development
•First half dropped everything
for Sysco and then picked up
support and mtainnenace in
second half

EROAD H1 FY26 Results | Page 22
$15.5m
$46.8m $62.3m
Cash (30 Sep 2025)Facility HeadroomTotal Liquidity
Consistent cash burn improvement and total liquidity of $27.5m allow EROAD to fund strategic goals within its existing capital structure.
EROAD remains compliant with all debt covenants for its $90m syndicated credit facility.
Existing bank facilities are planned to be
extended beyond the current October 2026
maturity date.
$70m
Bank Facility
Current syndicate includes two Trans-Tasman
lenders (ANZ, BNZ) and a NZ dom estic bank
(Kiwibank)
Net leverage ≤ 1.25x by September 2025 , reducing
to 1.00x by June 2026. Interest coverage ratio ≥
4.00x
3
NZ bank
lenders
Provides company with total liquidity of $62.3m.
Sufficient liquidity to execute on strateg ic
initiatives without the need for further capital
$62.3m
Total liquidity
Strong balance sheet provides flexibility for strategic execution
Liquidity
Bank Facilities
Sufficient liquidity to fund strategic plan

EROAD H1 FY26 Results | Page 23
04
Guidance

EROAD H1 FY26 Results | Page 24
Focusing on growth opportunities in domestic markets
and free cash flow generation
•EROAD has prioritised new growth investment to the significant eRUC
opportunity and continuing to expand in the ANZ market, which is expected
to lead to a slower growth rate in our business this year.
•The North American telematics market remains challenging due to a
combination of competitive dynamics and economic conditions.
•FY26 revenue guidance of $197m - $203m and ARR guidance of $175m - $183m
remains unchanged from our announcement of a strategic chance to focus
toward ANZ opportunities in October 2025.
•Free cash flow margin of 5% - 8% in FY26, normalised for the 4G hardware
upgrade program.
Investor Day
EROAD plans to hold an upcoming Investor Day in March 2026 to provide deeper
insight into EROAD’s product roadmap and long-term strategic and financial
targets.
We will provide notice to the market about how to participate in the near future.
Introducing FY25 Guidance
•Revenue growth reflecting economic environment
•EBIT of $5m to $10m normalisedfor 4G hardware upgrade programme
•Free cash flow neutral
Consistently FCF positive by latter part of calendar 2024
Implementation of refreshed strategy provides pathway to sustainable, profitable
growth.
EROAD expects to be FCF neutral for FY25 overall, FCF positive for FY26 overall
Outlook
Grow our existing customer base in North America utilizing dedicated North
American sales teams focused on new logo acquisition and expansion of existing
relationships.
Continued growth in New Zealand with increased opportunity to leverage brand
recognition to capture new enterprise accounts. Proposed government policies
for eRUC represent significant medium/long-term opportunity.
Building on momentum gained in Australia and launching expanded product
suite beyond existing customers.
On-track to achieve FY26 Targets
New product introductions, and a refreshed go-to-market strategy under new
leadership, will be fully in-place by mid-year. Accordingly, we are on-track to
achieve our FY26 targets.
FY26 Guidance
Revenue$197m - $203m
ARR (restated)
(1)
$175m - $183m
Free cash flow margin
(2)
5% - 8%
FY26 guidance to be agreed with Board in lead up to May FY
announcement
JK:
Need to consider providing a few targets
-12 months
-There’s an out here to not provide too much detail because
of uncertainty US tariffs
-Needs to provide a growth metric and a margin metric
-Gold star for meeting rule of 20
-Market is looking for 6.6% revenue growth and 7.2% EBIT/FCF
Yield
-Budget says we’ll grow 11%, we’d have to miss 50% of our new
growth (~$10m) to still make the market
-Budget also says normalised EBIT margin of 6% / FCF yield of
11%. We should put the focus on FCF rather than EBIT (and
explain why). If we hit $206m of revenue, we’d still hit a FCF
margin of X%
-3 year targets
-This needs to provide a free cash flow yield, similar to
previous targets
-Investors want to understand the future potential cash
generation of the business. This is important and takes the
focus off the US.
-This is a roundabout way to prove the US isn’t money losing
long-term.
-Capital reinvestment
-Need to provide commentary on what we’re going to be
doing with the cash that we’re generating.
-Near term, reinvesting because we see opportunities for
higher returns
-Medium term, we will consider buy-backs if our share prices
continues to be disconnected from the business
fundamentals
-Also could consider inorganic growth opportunities that
provide margin expansion.
-Would also consider a dividend when once we hit our long-
term FCF yield potential, achieved scale and are trading at
appropriate premium to intrinsic value.
Committed to continuing to delivering sustainable, profitable growth
Guidance
1
Annual recurring revenue from subscriptions only. Excludes purchased
hardware sales and non-recurring revenue
2
Normalised for the temporary impact of the 4G upgrade program.

EROAD H1 FY26 Results | Page 25
Q&A

EROAD H1 FY26 Results | Page 26
Appendix

EROAD H1 FY26 Results | Page 27
ANNUALISED RECURRING REVENUE (ARR)
A non-GAAP measure representing monthly
subscription revenue including bundled
rental hardware, measured each month by
taking subscription revenue for that month
and multiplying by 12 to annualise​. This
measure has been restated to remove
amortised revenue which is not recurring by
nature.
ASSET RETENTION RATE
The number of Total Contracted Units at the
beginning of the 12 month period and
retained as Total Contracted Units at the end
of the 12 month period, as a percentage of Total
Contracted Units at the beginning of the 12
month period.
AVERAGE REVENUE PER UNIT (ARPU)
A non-GAAP measure that is calculated by
dividing the total subscription revenue for the
reporting period by the Total Contracted Units
at the end of each month during this period.
COSTS TO ACQUIRE CUSTOMERS (CAC)
A non-GAAP measure of costs to acquire
customers. Total CAC represents all sales &
marketing related costs. CAC capitalised
includes incremental sales commissions for
new sales, upgrades and renewals which are
capitalised and amortised over the life of the
contract. All other CAC related costs are
expensed when incurred and included within
CAC expensed.
COSTS TO SERVICE & SUPPORT (CTS)
A non-GAAP measure of costs to support and
service customers. Total CTS represents all
customer success and product support costs.
These costs are included in Administrative and
other Operating Expenses.
EBIT
A non-GAAP measure representing Earnings
before Interest and Taxation (EBIT). Refer to
Consolidated Statement of Comprehensive
Income in Financial Statements.
EBITDA
A non-GAAP measure representing Earnings
before Interest, Taxation, Depreciation and
Amortisation (EBITDA).
ENTERPRISE
A customer where the $ARR is more than
$100k in local currency for the Financial year
reported.
FREE CASH FLOW (FCF)
A non-GAAP measure representing operating
cash flow and investing cash flow reported in
the Statement of Cash Flows.
FREE CASH FLOW TO THE FIRM
A non-GAAP measure representing operating
cash flow and investing cash flow net of
interest paid and received. For the purposes of
this presentation, payments for the acquisition
of Coretex have been excluded.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
HALF ONE (H1)
For the six months ended 30 September.
HALF TWO (H2)
For the six months ended 31 March.
NORMALISED EBIT
Excludes one-off 4G hardware upgrade
program$1.7m (H1 FY25 $2.3m) and
impairment of goodwill and other assets
of $134.7m (H1 FY25 nil).
NORMALISED FCF
Excludes one-off 4G hardware upgrade
costs.
ROAD USER CHARGES (RUC)
In New Zealand, RUC is applicable to Heavy
Vehicles and all vehicles powered by a fuel not
taxed at source. The charges are paid into a
fund called the National Land Transport Fund,
which is controlled by NZTA, and go towards
the cost of repairing the roads.
SAAS
Software as a Service, a method of software
delivery in which software is accessed online
via a subscription rather than bought and
installed on individual computers.
UNIT
A communication device fitted in-cab or
on a trailer. Where there is more than one
unit fitted in-cab or on a trailer, it is counted
as one unit (excluding Philips Connect).
Glossary

EROAD H1 FY26 Results | Page 28
Reported Revenue increased $3.2m primarily due
to subscription revenue increasing $4.8m partially
offset by a $0.9m increase in RUC transaction fees
due to a GST treatment change in the prior period.
EBITDA decreased $0.5m due to higher revenue
offset by higher platform costs, increased
recruitment costs related to the ramp-up of the
Philippines office and lower capitalisation of R&D.
D&A increased $1.1m on the additional unit growth
since 30 September 2025 as well as accelerated
amortisation related to the termination of a legacy
North American customer.
Impairment of goodwill and intangible assets
was $134.7m reflecting the termination of a legacy
customer, competitive dynamics and economics
conditions in the North American market.
NZ$mH1 FY26H1 FY25Change ($)
Revenue99.195.93.2
Operating expenses
(70.4)(6 6.7)
(3.7)
Earnings before interest, taxation,
depreciation, amortisation and impairment loss
28.729.2
(0.5)
Depreciation of property, plant and equipment(10.8)(11.0)0.2
Amortisation of intangible assets(11.6)(10.4)(1.2)
Amortisation of contract and customer acquisition assets(5.5)(5.4)(0.1)
Impairment of g oodwill and intangible assets(134.7)-(134.7)
Earnings before interest and taxation(133.9)2.4(136.3)
Net financing costs
(2.7)(2.5)
(0.2)
Loss before income tax
(136.6)(0.1)
(136.5)
Income tax ex pense(7.6)(1.4)(6 .2)
Loss after tax for the year
attributable to the shareholders
(144.2)(1.5)
(142.7)
Cash flow hedges0.40.8(0.4)
Currency translation differences(2.7)(10.3)7.6
Total comprehensive loss for the year
(146.5)(11.0)
(135.5)
Statement of Income
Updated post
FRAC
submission

EROAD H1 FY26 Results | Page 29
NZ$mH1 FY26H1 FY25Change ($)
Cash received from customers97.396.11.2
Payments to suppliers and employees(6 5.8)(71.4)5.6
Investment in contract fulfilment assets(4.6)(5.1)0.5
Net interest(1.1)(2.2)1.1
Income taxes paid(0.1)(0.1) -
Cash flows from operating activities25.717.38.4
Property, plant & equipment(12.4)(9 .1)(3.3)
Investment in intangible assets(7.5)(8.8)1.3
Contract fulfilment and customer acquisition assets(0.7)(1.5)0.8
Cash flows from investing activities(20.6)(19.4)(1.2)
Bank loans(2.5)-(2.5
Payment of lease liability(0.9)(1.0)0.1
Cash flows from financing activities(3.4)(1.0)(2.4)
Net increase (decrease) in cash held1.7(3.1)4.8
Cash at the beginning of the financial period13.814.5(0.7)
Effects of exchange rate changes on cash-(0.1)0.1
Closing cash and cash equivalents15.511.34.2
Operating Cash Flowincreased
$8.4m primarily due to an increase
in trade payables.
Investing Cash Flow spend was
higher by $1.2m primarily due to
lower capitalised R&D and an
increase in inventory versus the
prior year.
Financing Cash Flowincreased
$2.4m on the pay down of
borrowing in the current year.
Cash Flow Statement
Updated post
FRAC
submission

EROAD H1 FY26 Results | Page 30
Cashincreased $1.7m from cash generated from
operations partially offset by the paydown of
debt.
Property, plant and equipment decreased
$1.0m due to the increase in inventory to support
the 4G hardware upgrade program and rollout of
a large enterprise customer contract in Australia.
Inventory balance at 30 September 2025 was
$26.2m.
Borrowingsdecreased by $2.4m since 31 March
2025 due to reflecting scheduled repayments of
the credit facilities.
NZ$mH1 FY26FY25Change ($)
Cash15.513.81.7
Restricted bank accounts28.726.12.6
Costs to acquire and contract fulfilment costs9.39.4(0.1)
Other31.535.4(3.9)
Total current assets85.084.80.2
Property, plant and equipment83.382.31.0
Intangible assets131.5265.6(134.1)
Costs to acquire and contract fulfillments costs9.29.3(0.1)
Other7.718.3(10.6)
Total non-current assets231.7375.5(143.8)
Total assets316.7460.3(143.6)
Payable to transport agencies28.626.12.5
Contract liabilities28.032.2(4.2)
Borrowings23.225.6(2.4)
Other liabilities50.144.75.4
Total liabilities129.9128.61.3
Net assets186.8331.7(144.9)
Balance Sheet
Updated post
FRAC
submission

EROAD H1 FY26 Results | Page 31
35.5
(7.5)
(0.7)
9.2
(2.0)
3.7
(0.7)
(1.3)
36.2
(19.7)
(0.9)
(7.5)
(1.9)
6.2
Free Cash Flow to the Firm by Region
NEW ZEALAND
$27.3m
NORTH AMERICA
$7.2m
AUSTRALIA
$3.0m
CORPORATE & DEVELOPMENT
$(31.3)m
H&A Assets - Hardware & Accessory Assets • CA Assets - Customer Acquisition Assets • CE EBITDA – Corporate and Elimination EBITDA • H&A under Construction - Hardware & Accessories +/_ Inventories
Inflows
Outflows
Total
Updated post
FRAC
submission

EROAD H1 FY26 Results | Page 32
80,366
84,526
87,892
93,639
106,916
112,280
116,455
121,483
124,417
126,045
126,944
126,447
2,120
2,373
2,874
5,072
14,099
14,643
15,636
18,008
19,613
21,391
24,515
25,357
34,002
35,294
35,437
33,992
87,682
90,596
95,058
103,393
106,860
106,494
104,386
101,708
116,488
122,193
126,203
132,703
208,697
217,519
227,149
242,884
250,890
253,930
255,845
253,512
H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
New Zealand
Australia
North America
Unit Count & Global Revenue
$42.7m
$45.8m$45.8m
$48.0m
$66.9m
$85.4m
$79.9m
$88.9m
$93.1m
$95.9m
$98.5m
$99.1m
Need to fix
design &
labelling etc
but numbers
are in
Global Revenue

EROAD H1 FY26 Results | Page 33
Reconciliation of Non-GAAP Financial Information
Free cash flow to the firm
($m)30-Sep-202530-Sep-2024
Cash flows from operating activities
Cash received from customers97.396.1
Payments to suppliers and employees(65.8)(71.4)
Payments for contract fulfilment assets(4.6)(5.1)
Interest received0.40.4
Interest paid(1.5)(2.6)
Income taxes paid(0.1)(0.1)
Net cash inflow from operating activities25.717.3
Payments for investment in property, plant and
equipment
(12.4)(9.1)
Payments for investment in intangible assets(7.5)(8.8)
Payments for investment in costs to obtain contracts(0.7)(1.5)
Net cash outflow from investing activities
(20.6)(19.4)
(Deduct) / Add back:
Interest received(0.4)(0.4)
Interest paid1.52.6
Free cash flow to the firm6.20.1
Add back:
4G Hardware upgrade costs10.56.1
Normalised free cash flow to the firm16.76.2
1
LTM EBITDA to 30 September 2023.
•Free cash flow to the firm is a non-GAAP
measure representing operating cash flow
and investing cash flow net of interest paid
and received.

EROAD H1 FY26 Results | Page 34
Normalised EBIT
($m)30-Sep-202530-Sep-2024
Revenue99.195.9
Operating expenses(70.4)(66.7)
Earnings before interest, taxation,
depreciation, amortisation and impairment
loss (EBITDA)
28.729.2
Depreciation of property, plant, and
equipment
(10.8)(11.0)
Amortisation of intangible assets(11.6)(10.4)
Amortisation of contract and customer
acquisition assets
(5.5)(5.4)
Impairment of goodwill and other assets(134.7)-
Earnings before interest and taxation (EBIT)(133.9)2.4
Add back:
Impairment of goodwill and other assets134.7-
4G Hardware upgrade costs1.72.3
Normalised EBIT2.54.7
1
LTM EBITDA to 30 September 2023.
•H1 FY26 EBIT is normalised for:
•Impairment of goodwill and other
assets of $134.7m
•4G hardware upgrade
relatedcosts of $1.7m.
•H1 FY25 EBIT is normalised for:
•4G hardware upgrade
relatedcosts of $2.3m.
Reconciliation of Non-GAAP Financial Information

ASX & NZX: ERD
investors@eroad.com | eroadglobal.com/investors

---

2026 INTERIM
REPORT

EROAD Interim Report 2026
PAGE 3 PAGE 4
CONTENTS
LETTERS FROM THE CHAIR AND CEO
PAGE 3
FINANCIAL STATEMENTS
PAGE 9
NOTES TO FINANCIAL STATEMENTS
PAGE 15
INDEPENDENT REVIEW REPORT
PAGE 35
GAAP TO NON-GAAP RECONCILIATIONS
PAGE 37
GLOSSARY
PAGE 39
DIRECTORY
PAGE 41
Non-GAAP Measures
EROAD has used non-GAAP measures when
discussing financial performance in this document.
The directors and management believe that
these measures provide useful information as
they are used internally to evaluate performance
of business units, to establish operational goals
and to allocate resources. Non-GAAP measures
are not prepared in accordance with NZ IFRS
(New Zealand International Financial Reporting
Standards) and are not uniformly defined,
therefore the non-GAAP measures reported in
this document may not be comparable with those
that other companies report and should not be
viewed in isolation or considered as a substitute
for measures reported by EROAD in accordance
with NZ IFRS.
The non-GAAP measures EROAD have used are,
Annualised Recurring Revenue (ARR), Costs
to Acquire Customers (CAC), Costs to Service
& Support (CTS), EBITDA, Normalised EBIT,
Free Cash Flow, Free Cash Flow to the firm and
Normalised Free Cash Flow to the firm.
EROAD Interim Report 2026
OUR PURPOSE
Delivering intelligence
you can trust, for a
better world tomorrow.
PAGE 3 PAGE 4

EROAD Interim Report 2026
PAGE 4
Dear shareholders,
In the first half of FY26, EROAD delivered revenue growth of
3.3% to $99.1 million and achieved positive free cash flow of
$6.2 million. Despite ongoing macro-economic challenges,
particularly in the U.S., the business remains steady and
is executing on priorities, growing revenue, and investing
deliberately for long-term returns.
Every company gets moments that define what comes next.
For EROAD, this is one of them.
In August 2025, the New Zealand Government confirmed its
plan to replace fuel excise with distance-based electronic Road
User Charges for all 4.7 million vehicles on the road.
EROAD pioneered the world’s first nationwide eRUC system in
2009, transforming how the heavy-transport sector paid road
charges and met compliance obligations. Today, that same
technology, regulatory credibility, and delivery experience
position us to lead again as universal eRUC becomes a reality.
It’s rare to see a market shift that aligns so directly with
a company’s heritage and capability, and we are moving
decisively to capture it.
To enable the team to move at the pace this moment
demands, the Board and I implemented a temporary
Executive Chair arrangement that allows for speed without
compromising discipline. For up to nine months, I’m working
more closely with Mark Heine and the leadership team to
ensure decisions are fast, aligned, and well-governed.
LETTER FROM THE EXECUTIVE CHAIR
Governance & Leadership
In October, the Board applied an impairment to goodwill
and other assets from the Coretex acquisition to reflect the
combined impact of competitive and economic conditions,
a large customer non-renewal, and our strategic shift
toward ANZ. It was a non-cash adjustment and a prudent
step to ensure the balance sheet accurately reflects current
conditions.
I also want to acknowledge Susan Paterson for her leadership
as Chair through EROAD’s turnaround and David Kenneson for
his contribution as Co-CEO. Both helped stabilise the business
and set it up for the next phase.
While I’m in an executive capacity, the Board has strengthened
oversight arrangements. The Finance, Risk & Audit Committee,
made up entirely of independent directors, is also acting
as an Executive Oversight Committee during this period.
David Green, who chairs that committee, serves as Lead
Independent Director, ensuring independence where it
matters most. This structure will remain in place until the
executive component of my role concludes, after which
standard Board arrangements will resume.
After the release of our H1 FY26 results, the Board will
introduce a Directors’ Fixed Share Trading Plan (FTP) under
which half of any fees paid to directors will be used to
acquire EROAD shares on market This strengthens alignment
with shareholders and reinforces our commitment to long-
term value.
Looking ahead
We’re operating in a complex environment. Inflation, interest-
rate uncertainty and mixed market dynamics remain part of
the backdrop for every business in our sector. But moments
of structural change, such as the move to universal eRUC, are
where great companies emerge.
EROAD’s foundation is strong: disciplined governance, strong
balance sheet, an immense opportunity, loyal customers, and
a proven platform. Our success ultimately comes down to
people — customers, partners, and our team — and a shared
belief that when you get those things right, everything else
follows.
Our guidance for FY26, reset in October to reflect the shift
toward Australasia and the non-renewal of one large North
American customer, remains unchanged. We continue to
expect:
• Revenue: $197 – $203 million
• Annualised Recurring Revenue (ARR): $175 – $183 million
• Free Cash Flow Margin: 5 – 8 percent (normalised for the
4G upgrade programme)
The Board is confident in this outlook and in the company’s
ability to deliver against it.
EROAD’s foundations are strong, the environment is turning
in our favour, and the path ahead is clear. What matters now
is disciplined execution as we convert this opportunity into
lasting shareholder value.
Few companies get to shape an industry twice. EROAD is one
of them, and we intend to make it count.
John Scott
Executive Chair
EROAD Interim Report 2026
PAGE 4
EROAD pioneered the
world’s first nationwide
eRUC system in 2009,
transforming how the
heavy-transport sector
paid road charges
and met compliance
obligations. Today,
that same technology,
regulatory credibility,
and delivery experience
position us to lead
again as universal eRUC
becomes a reality.
It’s rare to see a market
shift that aligns so
directly with a company’s
heritage and capability,
and we are moving
decisively to capture it.
PAGE 3

EROAD Interim Report 2026
PAGE 6PAGE 5
LETTER FROM THE CEO
Fellow shareholders,
EROAD is a company focused on execution and long-term
growth. Our strength comes from combining technology and
innovation with deep transport and regulatory knowledge to
solve real problems for fleets and governments.
We entered FY26 with the same focus that guided our
turnaround - generating cash, investing consciously, and
putting our resources behind the right opportunities. First
half results delivered $6.2m in free cash flow, or $16.7m when
normalised for the 4G upgrade programme. Revenue grew
3.3% to $99.1m, and ARR rose 6.9% to $178.1m. Our balance
sheet remains strong, with $62.3m in liquidity to support
growth, fund large enterprise deployments, and provide
flexibility to make the right choices.
We earn our returns by building long-term partnerships
with customers. New contracts typically begin with solving
a compliance or safety need - often through electronic Road
User Charging (eRUC), our cold chain solution or video
safety products - and when customers see the value, those
relationships can expand through additional products and
new vehicle connections. Each new connected vehicle adds
recurring subscription revenue. Each additional product
deepens that relationship and increases lifetime value.
Future growth
Our disciplined focus on free cash flow gives us the
opportunity to decide where growth capital should go. In
October, we shared that new investment will be directed to
the markets where opportunity and conversion are strongest
– in the near term that is Australia and New Zealand. These
are regions where we already have a strong product market
fit, credibility, and policy momentum. Governments in both
countries are moving toward usage-based and time-of-use
charging, and EROAD is uniquely positioned to help them get
there.
For the 12 months to September 2025 we collected ~$946m
in RUC for the New Zealand Government, and proudly serve a
majority of the country’s heavy-vehicle fleets. This trusted role
places us at the centre of New Zealand’s planned transition of
approximately 4.7m vehicles to a universal RUC system.
The shift toward electronic and usage-based charging is
one of the most significant infrastructure transitions of the
coming decade. In New Zealand, the Government’s plan to
move all vehicles onto electronic RUC represents a multi-year
opportunity that builds directly on EROAD’s existing capability
and credibility. Australia is now signalling similar intent, and we
have previously worked with partners at both state and federal
levels to help shape practical solutions. These programmes
will require proven technology, data integrity and regulatory
experience at scale, and no one has deeper, more proven
experience in electronic road charging than EROAD.
The long-term potential extends well beyond ANZ.
Governments around the world are confronting the same
challenge: declining fuel-tax revenues and the need to
sustainably fund transport infrastructure. As this shift
accelerates, we see meaningful opportunities to extend our
leadership in road-charging technology into other markets.
Our goal is to be the trusted partner that helps governments
implement fair, efficient and future-ready systems while
simultaneously giving fleets a seamless entry point into
EROAD’s wider platform.
Regional Updates:
New Zealand remains a stable, cash-generating market with
a loyal customer base and a deep runway for expansion.
ARR increased by just over 6% year-on-year, supported by
disciplined portfolio management and steady upsell activity.
The team is advancing work to prepare for the government’s
move to universal electronic road user charging in 2027 - a
once-in-a-generation opportunity to build on an already
expanding market. This includes launching our connected car
pilot for light vehicles beginning early in the New Year.
Australia delivered another strong half, with ARR up 36%
year-on-year. Growth came from the completion of a
major customer roll-out and steady conversion across the
pipeline. The region is set to continue this growth, with the
newly announced enterprise win with Cleanaway of 3,000+
vehicles, validating EROAD’s product strength and customer
relationships in the region. Asset retention remains high,
and an 8% lift in ARPU reflects both disciplined pricing and
demand for higher-value solutions.
North America continues to serve a solid base of enterprise
customers while navigating a slower, more competitive
market. Growth has been muted, with a 6% ARR decline year-
on-year in local currency (3% growth in reporting currency
due to favourable fx rates) driven primarily by fleet resizing.
We also received notice from a large customer that they will
not be renewing their contract, with the impact to be realised
in February 2026. Given ongoing uncertainty, we have applied
growth capital cautiously to protect free cash flow, while
focusing on deepening engagement and expanding value with
existing fleets to position the region for future recovery.
Across all markets, our priorities remain the same: deliver value
to customers, convert that value into recurring, profitable
growth, and generate cash to fund the next opportunity. The
3G network shutdown in NZ, now scheduled for completion
in December 2025, will release additional cash capacity and
simplify operations. We’ve also increased our investment in
customer operations to lift the experience end-to-end, from
faster onboarding to proactive support, so fleets can see value
sooner and stay with EROAD longer.
EROAD exists to make transport safer, smarter and fairer.
We’ve always focused on helping fleets operate efficiently and
enabling governments to fund infrastructure sustainably, using
trusted data to connect fleets, drivers and regulators. Today,
the strength of the business means we can do that from a
position of real stability and choice.
We’ll keep focusing on what we control: generating cash,
delivering for customers, and directing investment where
it creates the most value. The opportunity in front of us is
significant, and the team is ready to make the most of it.
Mark Heine
Chief Executive Officer
EROAD Interim Report 2026
PAGE 6
First half results
delivered $6.2m in free
cash flow, or $16.7m
when normalised
for the 4G upgrade
programme. Revenue
grew 3.3% to $99.1m,
and ARR rose 6.9% to
$178.1m. Our balance
sheet remains strong,
with $62.3m in liquidity
to support growth,
fund large enterprise
deployments, and
provide flexibility to
make the right choices.

EROAD Financial Statements HY26
PAGE 7 PAGE 8
FINANCIAL STATEMENTS

EROAD Financial Statements HY26
PAGE 9 PAGE 10
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2025

30 SEP 2025 30 SEP 2024
$M‘s$M’s
NotesUnauditedUnaudited
Revenue299.195.9
Operating expenses(70.4)(66.7)
Earnings before interest, taxation, depreciation,
amortisation and impairment loss
28.729.2
Depreciation of property, plant and equipment4(10.8)(11.0)
Amortisation of intangible assets5(11.6)(10.4)
Amortisation of contract and customer acquisition assets(5.5)(5.4)
Impairment of goodwill and other assets4,5(134.7)-
Earnings before interest and taxation(133.9)2.4
Finance expense(3.1)(2.9)
Finance income0.40.4
Net financing costs(2.7)(2.5)
Loss before income tax(136.6)(0.1)
Income tax expense8(7.6)(1.4)
Loss after tax for the period attributable to the shareholders(144.2)(1.5)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Cash flow hedges0.40.8
Currency translation differences(2.7)(10.3)
(2.3)(9.5)
Total comprehensive loss for the period(146.5)(11.0)
Loss per share - Basic (cents) 7(77.07)(0.82)
Loss per share - Diluted (cents) 7(77.04)(0.82)
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

Condensed Consolidated Statement of Financial Position
As at 30 September 2025
30 SEP 2025 31 MAR 2025
$M‘s$M’s
NotesUnauditedAudited
Current assets
Cash and cash equivalents315.513.8
Restricted bank accounts328.726.1
Derivative financial assets-0.1
Trade and other receivables31.535.4
Contract fulfilment costs7. 26.7
Costs to obtain contracts2.12.7
Total Current Assets85.084.8
Non-current assets
Property, plant and equipment483.382.3
Intangible assets5131.5265.6
Derivative financial assets0.10.3
Contract fulfilment costs7. 27. 2
Costs to obtain contracts2.02.1
Deferred tax assets7. 618.0
Total Non-Current Assets231.7375.5
Total Assets316.7460.3

EROAD Financial Statements HY26
PAGE 11 PAGE 12
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2025
Share
Capital
Share
Premium /
Discount
Accumulated
losses
Translation
Reserve
Hedging
Reserve
Total
Notes$M’s$M’s$M’s$M’s$M’s$M’s
Balance as at 31 Mar 2024353.5(19.9)(32.7)2.5(0.4)303.0
(Audited) as previously reported
Retrospective restatement(e)--(0.8)19.1-18.3
Restated Balance as at 31 Mar 2024353.5(19.9)(33.5)21.6(0.4)321.3
Loss after tax for the period--(1.5)--(1.5)
Other comprehensive income---(10.3)0.8(9.5)
Total comprehensive income--(1.5)(10.3)0.8(11.0)
Transactions with owners
of the Company
Equity settled share-based payments2.2-(0.7)--1.5
Balance as at 30 Sep 2024355.7(19.9)(35.7)11.30.4311.8
(Unaudited)
Balance as at 31 Mar 2025356.1(19.9)(34.2)30.5(0.8)331.7
(Audited)
Loss after tax for the period--(144.2)--(144.2)
Other comprehensive income/(loss)---(2.7)0.4(2.3)
Total comprehensive income/(loss)--(144.2)(2.7)0.4(146.5)
Transactions with owners
of the Company
Equity settled share-based payments--1.6--1.6
Balance as at 30 Sep 2025356.1(19.9)(176.8)2 7. 8(0.4)186.8
(Unaudited)
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Condensed Consolidated Statement of Financial Position (continued)
As at 30 September 2025
30 SEP 2025 31 MAR 2025
$M‘s$M’s
NotesUnauditedAudited
Current liabilities
Borrowings65.05.0
Trade payables and accruals31.023.0
Payables to transport agencies28.626.1
Contract liabilities16.620.3
Lease liabilities1.71.5
Employee entitlements4.83.7
Derivative financial liabilities0.40.6
Total Current Liabilities88.180.2
Non-current liabilities
Borrowings618.220.6
Contract liabilities11.411.9
Lease liabilities5.14.1
Derivative financial liabilities0.10.8
Deferred tax liabilities7. 011.0
Total non-current liabilities41.848.4
Total Liabilities129.9128.6
Net Assets186.8331.7
Equity
Share Capital7356.1356.1
Share capital premium/discount7(19.9)(19.9)
Other reserves72 7. 429.7
Accumulated losses(176.8)(34.2)
Total Shareholders' Equity186.8331.7
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Chair of the Finance, Risk and Audit Committee, 21 November 2025Chair, 21 November 2025

EROAD Financial Statements HY26
PAGE 13 PAGE 14
Reconciliation of Operating Cash Flows with Reported Loss After Tax
For the six months ended 30 September 2025
30 SEP 2025 30 SEP 2024
$M‘s$M’s
NotesUnauditedUnaudited
Reconciliation of operating cash flows with reported loss
after tax
Loss after tax for the year attributable to the shareholders(144.2)(1.5)
Add/(less) non-cash items
Tax expenses7. 50.1
Depreciation and amortisation2 7. 926.8
Impairment losses on intangible assets, goodwill and other
assets
134.7-
Other non-cash expenses1.51.1
Unwinding of interest expense for discounted contract
liabilities
0.80.6
172.428.6
Movements in other working capital items
Decrease in trade and other receivables3.00.5
(Decrease)/increase in current tax payables0.70.4
(Decrease)/increase in contract liabilities(4.3)0.6
Increase/(decrease) in trade payables, interest payable
and accruals
2.7(6.2)
Increase in contract fulfillment costs(4.6)(5.1)
(2.5)(9.8)
Net cash from operating activities25.717.3

Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2025
30 SEP 2025 30 SEP 2024
$M‘s$M’s
NotesUnauditedUnaudited
Cash flows from operating activities
Cash received from customers97. 396.1
Payments to suppliers and employees(65.8)(71.4)
Payments for contract fulfilment assets(4.6)(5.1)
Interest received0.40.4
Interest paid(1.5)(2.6)
Tax paid(0.1)(0.1)
Net cash inflow from operating activities25.717.3
Cash flows from investing activities
Payments for investment in property, plant & equipment4(12.4)(9.1)
Payments for investment in intangible assets5(7.5)(8.8)
Payments for investment in costs to obtain contracts(0.7)(1.5)
Net cash outflow from investing activities(20.6)(19.4)
Cash flows from financing activities
Repayments of bank loans(2.5)-
Payment of lease liability(0.9)(1.0)
Net cash outflow from financing activities(3.4)(1.0)
Net increase/(decrease) in the cash held1.7(3.1)
Cash at beginning of the financial period13.814.5
Effects of exchange rate changes on cash and cash equivalents-(0.1)
Closing cash and cash equivalents15.511.3
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

PAGE 15 PAGE 16
EROAD Notes to Financial Statements HY26
(d) Critical accounting estimates and judgements
In applying the Group‘s accounting policies, management continually evaluates judgements, estimates and assumptions based
on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements,
estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to the
Group. Actual results may differ from the judgements, estimates and assumptions.
The significant judgements, estimates and assumptions made by management in the preparation of these financial statements are
outlined within the financial statement notes to which they relate. These are:
• Taxation - recognition and utilisation of tax losses
• Intangible assets - assumptions used in the impairment tests; capitalisation of development costs
• Property, plant and equipment - determining residual values and useful lives
(e) Restrospective restatement
During the half-year period to September 2024, the Group identified an error where goodwill and other acquired intangible
assets relating to the Coretex acquisition had been recorded in NZ$, rather than recorded in the functional currency of each
of the Group‘s CGUs (US$ for North America and A$ for Australia), in its financial statements since 2022. The correction was
reflected in the Group’s full-year financial statements for the year ended 31 March 2025, with comparative figures restated.

Notes to the consolidated financial statements
For the six months ended 30 September 2025
REPORTING ENTITY
The condensed consolidated interim financial statements presented for the six months ended 30 September 2025 are for
EROAD Limited (EROAD), and its subsidiaries (collectively referred to as the “Group“). The Group provides electronic on-board
units and software as a service to the transport industry.
EROAD Limited (the “Company”) is a company domiciled in New Zealand registered under the Companies Act 1993 and
listed on the New Zealand Stock Exchange (NZX) Main Board and Australian Stock Exchange (ASX). The Company is a FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013.
BASIS OF PREPARATION
The condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (NZ GAAP). These consolidated interim financial statements also comply with the New
Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34), and International
Accounting Standard 34: Interim Financial Reporting (IAS 34) and are prepared in accordance with the Financial Markets
Conduct Act 2013.
The condensed consolidated interim financial statements for the six months ended 30 September 2025 are unaudited and
have been the subject of review by the auditor, pursuant to NZ SRE 2410 (Revised): Review of Financial Statements Performed
by the Independent Auditor of the Entity as issued by the External Reporting Board.
The condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that
the Group will be able to discharge its liabilities including the mandatory repayment terms of the banking facilities disclosed in
note 6, which the Group expects to achieve through a refinancing prior to 31 March 2026.
These financial statements have been approved for issue by the Board of Directors on 21 November 2025.
(a) Basis of measurement
The financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value.
(b) Presentation currency
The financial statements are presented in New Zealand dollars ($) which is the Group‘s presentation currency, and all values are
rounded to million dollars to one decimal place ($M‘s) except where stated. Items included in the financial statements of each
of the Group‘s entities are measured using the currency of the primary economic environment in which the entity operates (the
“functional currency“). The functional currency of the Company and its New Zealand subsidiaries is New Zealand dollars. The
functional currencies of the Company’s subsidiaries in Australia, North America, and the Philippines are Australian dollars, United
States dollars, and Philippine pesos, respectively.
(c) Accounting policies
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after 1
April 2025.
The Group has not adopted, and currently does not anticipate adopting, any standards prior to their effective dates.
These condensed consolidated interim financial statements have been prepared using the same accounting policies as, and
should be read in conjunction with the Group‘s last annual consolidated financial statements as at and for the year ended 31
March 2025 (‘last annual financial statements‘). These condensed consolidated interim financial statements do not include all of
the information required for a complete set of NZ IFRS financial statements. However, selected explanatory notes are included
to explain events and transactions that are significant to an understanding of changes in the Group‘s financial position and
performance since the last annual financial statements.

PAGE 17 PAGE 18
EROAD Notes to Financial Statements HY26
Performance
This section focuses on the Group’s financial performance. This section includes the following notes:
NOTE 1 SEGMENT REPORTING
NOTE 2 REVENUE
NOTE 1 SEGMENT REPORTING
EROAD operating segments are based on geographic location for operating companies and corporate and development costs.
These operating segments equate to the Group‘s strategic divisions and are reported in a manner consistent with the internal
reporting provided to the Chief Executive Officer (CEO). The CEO is considered to be the chief operating decision maker
(CODM).
The four segments/strategic divisions offer different services and are managed separately because they require different
technology, services and marketing strategies. For each strategic division, the CODM reviews internal management reports.
The following summary describes the operations in each of the Group’s segments.
• Corporate & Development: Includes costs associated with the corporate head office, the Philippines office, and R&D
activities for development of new and existing products and services
• North America: Operating companies serving customers in North America
• Australia: Operating companies serving customers in Australia
• New Zealand: Operating companies serving customers in New Zealand
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise income tax, derivative financial instruments, finance income and
expenses.
Inter-segment pricing is determined on an arm’s length basis.
Reportable segment information
Key information related to each reportable segment as provided to the CODM is set out below.
CORPORATE &
DEVELOPMENT
NORTH AMERICA NEW ZEALANDAUSTRALIA
30 SEP
2025
Unaudited
30 SEP
2024
Unaudited
30 SEP
2025
Unaudited
30 SEP
2024
Unaudited
30 SEP
2025
Unaudited
30 SEP
2024
Unaudited
30 SEP
2025
Unaudited
30 SEP
2024
Unaudited
$M's$M's$M's$M's$M's$M's$M's$M's
Revenue
Subscription revenue0.5-38.438.447. 745.07. 96.3
Uncontracted hardware revenue0.1-0.41.0----
Transaction fee revenue ----2.53.2--
Other revenue 132.440.70.50.71.91.30.30.2
Total revenue33.040.739.340.152.149.58.26.5
Earnings/(loss) before interest,
taxation, depreciation &
amortisation and impairment loss
(19.7)(17.4)9.210.335.534.43.71.9
Depreciation of property, plant &
equipment
(0.7)(0.6)(4.7)(4.8)(4.3)(4.8)(1.1)(0.8)
Amortisation of intangible assets(6.6)(6.7)(4.2)(3.0)(0.5)(0.4)(0.3)(0.3)
Amortisation of contract and
customer acquisition assets
--(1.2)(1.4)(3.5)(3.4)(0.8)(0.6)
Impairment loss - goodwill--(104.9)-----
Impairment loss - other intangible
assets
-(22.3)-----
Impairment loss - property, plant
&equipment
-(7.5)-----
1
Revenue from Corporate & Development Markets includes R&D Grant Income of $0.9m (30 September 2024: $0.9m).
CORPORATE &
DEVELOPMENT
NORTH AMERICA NEW ZEALANDAUSTRALIA
30 SEP
2025
Unaudited
31 MAR
2025
Audited
30 SEP
2025
Unaudited
31 MAR
2025
Audited
30 SEP
2025
Unaudited
31 MAR
2025
Audited
30 SEP
2025
Unaudited
31 MAR
2025
Audited
$M's$M's$M's$M's$M's$M's$M's$M's
Total assets296.9289.548.7200.7100.299.239.339.1

NOTE 1 SEGMENT REPORTING (CONTINUED)

PAGE 19 PAGE 20
EROAD Notes to Financial Statements HY26
Reconciliation of information on reportable segments
30 SEP 2025 30 SEP 2024
$M‘s$M’s
UnauditedUnaudited
Revenue
Total revenue for reportable segments132.6136.8
Elimination of inter-segment revenue(33.5)(40.9)
Consolidated Revenue99.195.9
EBITDA
Total EBITDA for reportable segments
28.729.2
Elimination of inter-segment EBITDA--
Consolidated EBITDA
28.729.2
Depreciation
Total depreciation for reportable segments(10.8)(11.0)
Elimination of inter-segment depreciation
--
Consolidated Depreciation
(10.8)(11.0)
Amortisation of intangible assets
Total amortisation for reportable segments(11.6)(10.4)
Elimination of inter-segment amortisation
--
Consolidated Amortisation(11.6)(10.4)
30 SEP 202531 MAR 2025
$M‘s$M’s
UnauditedAudited
Total assets
Total assets for reportable segments485.1628.5
Elimination of inter-segment balances(168.4)(168.2)
Consolidated Total Assets
316.7460.3
Allocation of goodwill, property, plant and equipment and other intangible assets
Included within Total Assets are Development Assets of $90.6M (31 March 2025: $107.6M) which for the purpose of the segment
note have been allocated to the Corporate & Development Market based on the ownership of intellectual property. The
amortisation for these assets are also presented in the Corporate & Development segment. The Group‘s cash generating units
(CGUs) are North America, New Zealand and Australia. For impairment testing purposes management allocate the Development
Assets to the CGU based on the specific CGU that the Development Asset relates to, or if the Development Asset is developed
for use globally across all CGUs, the asset is allocated to CGUs based on the proportionate share of the Group‘s Contracted Units.
Property plant and equipment and other finite intangible assets are also included and tested as part of impairment testing of
repective CGUs.
Also included in the total assets is the intangible assets acquired through the acquisition of the Coretex subsidiaries and resulting
goodwill. The allocation of these to respective CGUs has been done based on valuation expert advice as part of acquisition
accounting during the period ended 31 March 2022.
The allocation of the Development Assets, goodwill and other intangibles to CGUs within the following reportable segments for
the purpose of impairment testing was as follows:
DEVELOPMENT
ASSETS
GOODWILLBRAND
CUSTOMER
RELATIONSHIPS
$M's$M's$M's$M's
30 SEP 2025
(Unaudited)
North America33.6-0.612.4
New Zealand50.05.7-0.9
Australia7. 014.9-3.1
90.620.60.616.4
31 MAR 2025
(Audited)
North America50.7106.91.321.2
New Zealand50.05.7-1.0
Australia6.914.4-3.1
1 07. 61 2 7. 01.325.3
The figures above as at 30 September 2025 are after taking into account the impairment loss described in note 5.
NOTE 1 SEGMENT REPORTING (CONTINUED)NOTE 1 SEGMENT REPORTING (CONTINUED)

PAGE 21 PAGE 22
EROAD Notes to Financial Statements HY26
Geographic information
The geographic information below analyses the Group‘s revenue and non-current assets by the Company‘s country of domicile
and other countries. In presenting the following information revenue has been based on the geographic location of customers
and assets were based on the geographic location of the assets.  These allocations are not aligned with the Group‘s reportable
segments.
30 SEP 2025 30 SEP 2024
$M‘s$M’s
UnauditedUnaudited
Revenue
New Zealand52.149.8
All foreign countries:
USA39.039.6
Australia8.06.5
Total revenue99.195.9
30 SEP 202531 MAR 2025
$M‘s$M’s
UnauditedAudited
Non-current assets
New Zealand156.1143.4
All foreign countries:
USA35.6182.0
Australia32.331.8
Total non-current assets224.03 57. 2
Non-current assets exclude financial instruments and deferred tax assets.
30 SEP 2025 31 MAR 2025
$M‘s$M’s
UnauditedAudited
Reconciliation of geographical non-current assets
to total non-current assets
Geographical non-current assets224.03 57. 2
Deferred tax assets7. 618.0
Derivative financial instruments0.10.3
Total non-current assets231.7375.5
NOTE 1 SEGMENT REPORTING (CONTINUED)NOTE 2 REVENUE
30 SEP 2025 30 SEP 2024
$M‘s$M’s
UnauditedUnaudited
Revenue from contracts with customers
Subscription revenue94.589.7
Uncontracted hardware revenue0.51.0
Other
Transaction fee revenue2.53.2
Other revenue and income0.71.1
Grant income0.90.9
Total Revenues99.195.9
Set out above is the disaggregation of the Group’s revenue. The disaggregation reflects the nature, amount, timing and
uncertainty of revenue and cash flows are affected by economic factors. 
Revenue recognition
Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it
transfers control over a good or a service to a customer.
The Group provides electronic on-board units to its customers, which comprise the provision of hardware and the rendering of
services. 
The supply of electronic on-board units (leased or purchased outright), installation of the units and providing services are not
distinct and have one single performance obligation (linked to the service contract). Consequently, the Group does not recognise
revenue separately for these goods and services but recognises this revenue together as the provision of subscription revenue.
Each of the Group‘s main sources of revenue are described in detail below:
Subscription revenue
Subscription revenue represents revenue earned from customer contracts for the sale or rental of hardware, installation services,
training and support services and provision of software services. 
As noted above, the Group has determined that for the majority of customers the supply and installation of units and the services
are not distinct and treated as one single performance obligation.  That is, EROAD’s customers do not have the right to direct the
use of EROAD’s assets (such as the Ehubo, Corehub and TMU units) as EROAD continues to have the right and ability to change
how the asset operates during the customer’s contract period. These contracts are therefore accounted for as service contracts.
The Group generates revenue through the sale of hardware assets, rental of hardware assets, installation of hardware assets and
provision of software services as part of contracts with customers as part of a bundled package. These hardware units enable
customers to access the software platform offered by the Group.
The transaction involving hardware and accessories do not convey a distinct good or service. The sale does not transfer control to
the customer as the Group provides a significant service of integrating the software service to produce a combined output. The
sale of the hardware, accessories and software service are referred to as subscription revenue, which is recognised on a straight
line basis over the contract period to reflect the fulfilment of the performance obligations as they arise. There are no variable
consideration terms within the contracts.
The Group offers installation services as part of a number of promises to transfer goods and services within each contract.
Installation services do not convey a distinct good or service and therefore are not a separate performance obligation as the
installation is a set-up activity that does not provide the customer a direct benefit other than access to the software services. As a
result, the installation service is considered as part of the single performance obligation referred to as software as a service (SaaS)
revenue, which includes the software service and hardware sale or rental for which the customer simultaneously receives and
consumes the benefit of the service. 

PAGE 23 PAGE 24
EROAD Notes to Financial Statements HY26
A contract liability is recognised where consideration is received in advance of the completion of associated performance
obligations. The contract liability is derecognised over time evenly over the period of the contract as the customer derives the
benefit evenly from the services provided over the contract period. The majority of contracts are for 3 years and can be for a term
of up to 5 years. As a result there is a financing component which the group recognise as a finance cost when consideration is
received in advance.
Uncontracted hardware revenue
Hardware revenue purchased with a subscription is recognized over the first month‘s subscription. Hardware revenue reflects
hardware sales where a subscription must be separately purchased to utilise the hardware and obtain access to services. The
hardware together with the monthly subscription is considered a single performance obligation. A receivable is recognised by the
Group when the right to consideration becomes unconditional, as only the passage of time is required before payment is due. 
The installation revenue associated with uncontracted hardware units is included in the hardware revenue line and recognised
when the installation is completed.
The services revenue associated with the uncontracted hardware units is included in the subscription revenue line and is
recognised when the performance obligation is completed.
Transaction fees
Transaction fee revenue relates to the collection of Road User Charges (RUC) fees. The Group acts as an agent for transport
authorities in the market that is operates in. Where fees are collected on their behalf, the Group charges a commission. The
revenue recognised is the net amount of the commission fee earned by the Group.
Grant income
Government grants are recognised at fair value in the statement of comprehensive income over the same periods as the costs for
which the grants are intended to compensate. No unfulfilled conditions or contingencies exist related to the government grants.
Future contracted income
The Group reports the Non-GAAP measure, Future Contracted Income. The definition of Future Contracted Income includes all
future hardware and SaaS cash inflows relating to income under non-cancellable long-term agreements. The disclosure below
aligns with the Future Contracted Income reported by the Group.
Transaction price allocated to the remaining performance obligations
The below table represents the revenue allocated to performance obligations that are unsatisfied or partially unsatisfied at the
period end. The revenue amounts yet to be recognised under non-cancellable contract agreements at 30 September 2025 are
expected to be recognised by EROAD based on the time bands disclosed below. 
30 SEP 2025 30 SEP 2024
$M‘s$M’s
UnauditedAudited
Subscription revenue
No later than one year1 2 7. 698.9
Later than one year, no later than five years136.9190.3
Total price allocated to remaining performance obligations264.5289.2
Working capital
This section provides information about the primary elements of the Group’s working capital.
This section includes the following notes:
NOTE 3 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
NOTE 3 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
30 SEP 2025 31 MAR 2025
$M‘s$M’s
UnauditedAudited
Cash and cash equivalents15.513.8
Restricted bank accounts28.726.1
44.239.9
Cash and cash equivalents exclude restricted bank accounts. Restricted bank accounts are presented separately from cash and
cash equivalents on the face of the Statement of Financial Position and movements in restricted bank accounts are excluded from
the Statement of Cash Flows. The restricted bank accounts relate to Road Users tax collected from clients due for payment to the
appropriate government agency.
Payables to transport agencies(28.6)(26.1)
NOTE 2 REVENUE (CONTINUED)

PAGE 25 PAGE 26
EROAD Notes to Financial Statements HY26
Right of
use assets
Hardware
assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M's$M’s$M’s$M’s$M’s$M’s$M’s$M’s
Six months ended
30 Sep 2025
(Unaudited)
Opening net book
amount
4.176.2-1.0-0.40.682.3
Additions2.01 7. 2---0.10.820.1
Disposals-(0.3)-----(0.3)
Depreciation charge(0.7)(9.6)-(0.1)-(0.1)(0.3)(10.8)
Impairment loss(0.6)(6.6)-(0.3)---(7.5)
Effect of movement in
exchange rates
-(0.5)-----(0.5)
Closing net book
amount
4.876.4-0.6-0.41.183.3
At 30 Sep 2025
Cost10.7153.50.83.00.32.16.5176.9
Accumulated
depreciation and
impairment losses
(5.9)(77.1)(0.8)(2.4)(0.3)(1.7)(5.4)(93.6)
Net book amount4.876.4-0.6-0.41.183.3
Included in the Hardware Assets is equipment under construction to be leased or sold of $26.2M (31 March 2025: $22.0M). Due to
the majority of the equipment under construction being ultimately sold under contract and forming part of hardware assets on
the Group’s fixed asset register it has been accordingly classified under hardware assets.
Items of plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Cost includes the purchase
consideration, and those costs directly attributable to bringing the asset to the location and condition necessary for its intended
use. Where an item of plant and equipment is disposed of, the gain or loss recognised in the statement of comprehensive income
is calculated as the difference between the net sales price and the carrying amount of the asset.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the
underlying asset or the site on which it is located, less any lease incentives received. 
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an
item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group
and the cost of the item can be measured reliably. All other costs are recognised in the statement of comprehensive income as an
expense in the period they are incurred.
Impairment
Property plant and equipment is tested for impairment when there are indicators of impairment. It is not possible to identify sepa-
rately identifiable cash flows for property, plant and equipment as hardware assets are sold together with various SaaS services as
a package.
At 30 September 2025, an impairment loss has been recognised for the North American CGU (refer to note 5 for further details).
As a result the impairment loss with respect to property, plant and equipment was NZD $7.5 million (USD $4.5 million). 

Long-term assets
This section provides information about the investment the Group has made in long-term assets to operate the business.
This section includes the following notes:
NOTE 4 PROPERTY, PLANT AND EQUIPMENT
NOTE 5 INTANGIBLE ASSETS
NOTE 4 PROPERTY, PLANT AND EQUIPMENT
Right of
use assets
Hardware
assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipment
ComputersTotal
$M’s$M's$M's$M's$M's$M's$M's$M's
Year ended 31 Mar 2025
(Audited)
Opening net book
amount
4.781.60.11.20.10.40.788.8
Additions0.615.2---0.10.416.3
Disposals-(2.3)-----(2.3)
Depreciation charge(1.3)(19.6)(0.1)(0.2)(0.1)(0.1)(0.5)(21.9)
Effect of movement in
exchange rates
0.11.3-----1.4
Closing net book
amount
4.176.2-1.0-0.40.682.3
At 31 Mar 2025
Cost8.7142.90.83.00.32.15.8163.6
Accumulated
depreciation
(4.6)(66.7)(0.8)(2.0)(0.3)(1.7)(5.2)(81.3)
Net book amount4.176.2-1.0-0.40.682.3
NOTE 4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

PAGE 27 PAGE 28
EROAD Notes to Financial Statements HY26
DevelopmentSoftwareGoodwillBrand
Customer
relationships
Patents,
trademarks
and other
rights
Total
$M’s$M’s$M’s$M’s$M’s$M’s$M’s
Six months ended 30 Sep 2025
Opening net book amount1 07. 64.31 2 7. 01.325.30.1265.6
Additions7. 5-----7. 5
Amortisation charge(8.4)(0.6)-(0.4)(2.2)-(11.6)
Impairment loss(15.3)(0.5)(104.9)(0.3)(6.2)-(127.2)
Effect of movement in foreign
exchange rate
(0.8)-(1.5)-(0.5)-(2.8)
Closing net book amount 90.63.220.60.616.40.1131.5
At 30 Sep 2025
Cost202.712.9125.53.933.30.1378.4
Accumulated amortisation and
impairment losses
(112.1)(9.7)(104.9)(3.3)(16.9)-(246.9)
Net book amount90.63.220.60.616.40.1131.5
The useful lives of the Group’s Intangible Assets are assessed to be finite except for goodwill. Assets with finite lives are amortised
over their useful lives and tested for impairment whenever there are indications that the assets may be impaired. 
Research and Development
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is
recognised in the statement of comprehensive income when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically
and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour and overhead
costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is recognised in
the statement of comprehensive income when incurred. There is judgement involved in relation to whether a project meets the
capitalisation criteria, and whether the expenditure can be directly attributable to the respective project.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Other intangible assets
Other intangible assets, including customer relationships, brand, patents and trademarks, that are acquired by the Group and
have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised when it increases the future economic benefits embodied in the specific asset to
which relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the
statement of comprehensive income when incurred.
Depreciation
Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner
intended by management.
The following rates have been used on a straight line basis:
Leasehold improvements 3 to 9 years
Hardware assets 3 to 6 years
Plant and equipment 3 to 11 years
Computer/Office equipment 1 to 5 years
Motor vehicles 3 to 5 years
Right of use assets 3 to 9 years
The above rates reflect the estimated useful lives of the respected categories. Consideration was given to how long assets can be
deployed and any expected network changes. Leasehold improvements are depreciated over the contracted lease term.
NOTE 5 INTANGIBLE ASSETS
DevelopmentSoftwareGoodwillBrand
Customer
relationships
Patents,
trademarks and
other rights
Total
$M’s$M’s$M’s$M’s$M’s$M’s$M’s
Year ended 31 Mar 2025
(Audited)
Opening net book amount109.05.1121.82.026.40.1264.4
Additions14.50.4----14.9
Amortisation charge(16.9)(1.2)-(0.8)(2.1)-(21.0)
Effect of movement in foreign
exchange rate
1.0-5.20.11.0-7. 3
Closing net book amount1 07. 64.31 2 7. 01.325.30.1265.6
At 31 Mar 2025
Cost195.712.81 2 7. 04.033.70.1373.3
Accumulated amortisation(88.1)(8.5)-(2.7)(8.4)-(107.7)
Net book amount1 07. 64.31 2 7. 01.325.30.1265.6
NOTE 4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)NOTE 5 INTANGIBLE ASSETS (CONTINUED)

PAGE 29 PAGE 30
EROAD Notes to Financial Statements HY26
Changes in assumptions for the North American CGU since 31 March 2025
Revenue CAGR FY26 – FY30
The North American revenue growth assumptions for FY26 – FY30 at 31 March 2025 was 14.6%. Since this date, the reduced
financial guidance reflecting the strategic changes, which are explained below, and loss of a large legacy customer, have
resulted in negative near-term growth expectations. When this is factored into future growth assumptions, this has the impact
of reducing the FY26 – FY30 CAGR down to 3.1% growth.
In October 2025, management communicated a strategic change in focus towards Australia and New Zealand opportunities,
following the government’s announcement on 6 August 2025, on the intention to transition all vehicles in New Zealand from
fuel tax to an electronic Road User Charges (‘eRUC’) system.
The refreshed focus will see prioritisation of new growth investment to the significant eRUC opportunity in ANZ, whilst
continuing to be committed to maintaining and growing existing customer relationships in NA and continuing to win new
customers where returns on investment are appropriate.
WACC and TGR
The WACC rate has increased from 12.0% in March 2025 to 13.2% following market risk adjustments. The terminal growth rate
also reduced from 2.5% to 2.0% due to the revised economic forecasts. These changes reflect recent customer churn and
macroeconomic uncertainty at September 2025.
An adverse change in a key assumption could result in a further reduction in the recoverable amount, in which case a further
impairment may be possible.
North American impairment
The carrying amount of the net assets of the North American CGU was USD$108.0 million. The recoverable amount is USD$29.5
million, based on its value in use. This means that an impairment has been recognised of NZD $134.7 million (USD $78.5 million).
The impairment has been recognised as a separate line item on the face of the income statement “Impairment of goodwill and
other assets.”
The impairment loss has resulted in the full amount of goodwill allocated to the North America CGU of NZ$104.9 million being
impaired. Since the impairment loss exceeds this amount, the impairment has also been allocated against other intangible assets
(NZ$22.3 million) and property plant & equipment (NZ$7.5 million) on a pro rata basis, as outlined in notes 4 and 5.

Amortisation
Patents 10 to 20 years
Development Hardware & Platform 7 to 15 years
Development Products 5 to 10 years
Software 5 to 7 years
Customer relationships 15 years
Brand 5 years
Impairment
The acquisition of Coretex on 1 December 2021, meant goodwill was recognised for the excess between the fair value of consider-
ation paid and the fair value of the net assets acquired. Net assets acquired included finite life intangibles assets such as customer
relationships, brands, software and development assets.
The goodwill and finite life intangibles were then allocated to the CGUs (‘Cash Generating Unit’) of the business, the lowest level
for which there are separately identifiable cashflows, with the assistance of external specialists (refer to note 1 for the allocation of
goodwill, property, plant and equipment and other finite life intangible assets to CGUs).
When goodwill is acquired in a business combination, under the accounting standards, NZ IAS 36 requires an impairment test to
be completed annually for CGUs in which goodwill has been allocated, irrespective of whether there is any indication of impair-
ment. An impairment test is also required when there is an indicator of impairment identified each reporting period.
As part of impairment testing, Corporate costs attributable to the CGUs are allocated to the respective CGUs using a basis that
reflects the nature of expenditure and its relationship to operating requirements. Development assets specific to a region are
allocated directly to the relevant CGU, while global platform and shared development assets are allocated based on each CGU’s
proportionate share of contracted units.
Impairment Indicator at 30 September 2025
• In October 2025, EROAD announced it was reducing its FY2026 guidance across Revenue, Annualised Recurring Revenue
and Free Cash Flow Margin. The announcement highlighted that the circumstances that led to the guidance update
include:
• Competitive dynamics in the US telematics market;
Weaker economic conditions, partially due to tariffs, resulting in lower freight volumes and reduced capex spending;
• The loss of a large legacy customer; and
• Prioritisation of new growth investment to the significant eRUC opportunity in ANZ which is expected to lead to a slower
growth rate in the US.
This constitutes an impairment indicator for the North American CGU. There are no indicators of impairment for the New Zealand
or Australian CGUs.
Impairment test North American CGU
Management have assessed the recoverable amount of the CGU by reference to its value in use (VIU) determined using a dis-
counted cash flow model over a five-year period using Management forecasts.
The recoverable amounts of the CGU was estimated based on the following key assumptions:
Amount the
VIU exceeds the
carrying value
Revenue
CAGR
WACCTGR
$M’s
(functional currency)
FY26-FY30
North America(78.5)3.1%13.2%2.0%
Operating costs, although pared back slightly, reflect management’s strategy to continue to sustain and win in North America.
NOTE 5 INTANGIBLE ASSETS (CONTINUED)NOTE 5 INTANGIBLE ASSETS (CONTINUED)

PAGE 31 PAGE 32
EROAD Notes to Financial Statements HY26
EROAD’s operating covenants to support the above facilities include Interest Cover Ratio, Leverage Ratio, Obligor Assets
to Group Assets and Obligor EBITDA to Group EBITDA. EROAD was compliant with covenants during the period and at 30
September 2025.
The security package for the Multi-Option Credit Facility Agreement includes an all obligations cross-guarantee granted by
EROAD Financial Services Limited, EROAD Australia Pty Limited, EROAD Inc, Coretex Limited, Imarda Pty Limited, Coretex
Australia Pty Limited, Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee for the
banking syndicate). In respect of the obligations of EROAD Limited, and a General Security Agreements granted by EROAD
Limited, EROAD Financial Services Limited, EROAD Inc, EROAD Australia Pty Limited, Coretex Limited, Imarda Pty Limited,
Coretex Australia Pty Limited, Coretex NZ Limited, and Coretex USA Inc in favour of the BNZ (in its capacity of Security Trustee
for the banking syndicate).
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised as part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they
are incurred.
NOTE 7 EQUITY
Paid up capital
All issued shares are fully paid up and have equal voting rights and share equally in dividends and surplus on winding up.
Number of
ordinary shares
Issue price
$
Issued Capital
$
At 31 Mar 2025 (Audited)187,410,632356.1
Shares issued to employees59,2231.030.0
At 30 Sept 2025 (Unaudited)187,469,855356.1
At 30 September 2025 there was 187,469,855 authorised and issued ordinary shares (31 March 2025: 187,410,632). 386,166 (31
March 2025: 386,166) shares are held in trust for employees in relation to the long-term incentive plan and are accounted for as
treasury stock.
The calculation of both basic and diluted loss per share at 30 September 2025 was based on the loss attributable to ordinary
shareholders of ($144.2m) (30 September 2024: loss of $1.5m). The weighted number of ordinary shares on 30 September
2025 was 187,058,023 (30 September 2024: 185,642,091) for basic earnings per share and 187,123,242 for diluted earnings per
share (30 September 2024: 185,653,538).
Share capital premium/discount
This account is for the difference between the issued share price and the trading share price (or fair value share price) on date
of issue and includes contigent consideration portion classified as equity related to the acquisition of Coretex. There have been
no changes since 31 March 2025.
• Translation reserve - comprises foreign currency translation differences arising from the translation of financial statements
of the Group‘s foreign subsidiaries into New Zealand dollars.
• Hedging reserve - the hedging reserve is used to record gains or losses on instruments used as cash flow hedges. The
amounts are recognised in profit and loss when the hedged transaction affects profit and loss.
• Retained earnings - includes all current and prior period retained profits and losses and share-based employee
remuneration.
Debt and equity
This section outlines the Group‘s capital structure and the related financing costs. This section includes the following notess:
NOTE 6 BORROWINGS
NOTE 7 EQUITY
NOTE 6 BORROWINGS
30 SEP 2025 31 MAR 2025
$M‘s$M’s
UnauditedAudited
Current borrowings
Term Loans5.05.0
5.05.0
Non-current borrowings
Term loans 15.017.5
Revolving credit facility3.63.5
Capitalised borrowings costs(0.4)(0.4)
18.220.6
30 SEP 2025
Unaudited
30 SEP 2025
Unaudited
31 MAR 2025
Audited
31 MAR 2025
Audited
Nominal
Interest
Year of
Maturity
Face
Value
$M’s
Carrying
amount
$M’s
Face
Value
$M’s
Carrying
amount
$M’s
Term Loans7.04%202620.020.022.522.5
Revolving credit facility7.04%20263.63.63.53.5
Capitalised borrowing costs-(0.4)-(0.4)
23.623.226.025.6
The above nominal interest rate represents the weighted average rate of the entire facility.
At 30 September 2025, EROAD had the following in place:
$20M (NZD) Term Loan Facility A – the Term Loan has a term of 36 months from 4 October 2023 refinance effective date,
with the facility having a maturity date in October 2026. The total facility commitments reduce by $1.25M on a quarterly basis
from 31 December 2024 until the maturity of the facility. Accordingly, $5.0M of debt has been classified as current. The full
outstanding balance is payable on the termination date.
$45M (NZD) Revolving Credit Facility B – the Revolving Credit Facility has a term of 36 months from 4 October 2023 effective
refinance date with a periodic roll over feature at the end of each interest period (90 days) that is subject to continued
compliance with the terms of the loan agreement, with the facility having a maturity date in October 2026. Funds may be
drawn in NZ Dollars, AU Dollars, or US Dollars. The total facility commitments reduce by $1.25M on a quarterly basis from 31
December 2024 until the maturity of the facility. The full outstanding balance is payable on the termination date.
$5.0M Multi-option working capital facility – for capital expenditure and general working capital purposes. This is an on
demand facility. The full outstanding balance is payable on the termination date. No amounts were drawn under this facility as
at the reporting date.
NOTE 6 BORROWINGS (CONTINUED)

PAGE 33 PAGE 34
EROAD Notes to Financial Statements HY26
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Current tax payable
also includes any tax liability arising from the declaration of dividends.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the
reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
As noted in note 5, in light of the reforecasting for North America, the Group has reassessed the recoverability of deferred tax
assets. Consequently, Coretex NZ tax losses have been derecognised, as future taxable profits are no longer expected to support
their utilisation.
NOTE 9 RELATED PARTY TRANSACTIONS
Related party transactions are consistent in nature with those reported in 31 March 2025.
NOTE 10 CAPITAL COMMITMENTS
As at 30 September 2025 the Group had confirmed purchase orders open with its third party manufacturer of hardware units
amounting to $7.7M (31 March 2025: $11.3M).
NOTE 11 CONTINGENT LIABILITIES
During the half year ended 30 September 2025, the Group was served with a lawsuit filed by a third party alleging that EROAD
and Coretex had infringed a number of its patents. From our internal review of the patent claims asserted by the other party,
the Group believes there are grounds in support for why we have not infringed their patents and also plausible grounds that the
patents could be invalid if challenged.
As we firmly believe that we have not infringed any patents no amounts have been provided for in relation to this claim. The
Group has incurred legal costs in defending this claim over the six months ended 30 September 2025 and will continue to incur
legal costs over the next twelve months.
NOTE 12 NET TANGIBLE ASSETS PER SHARE
30 SEP 2025 30 SEP 202431 MAR 2025
$M‘s$M’s$M’s
UnauditedUnauditedAudited
Net assets (equity)186.8311.8331.7
Less Intangibles(131.5)(253.9)(265.6)
Total net tangible assets55.357. 966.1
Net tangible assets per share ($)0.300.310.35
The non-GAAP measure above is disclosed for consistency with the information disclosed in EROAD’s results announced under
the NZX listing rules.
NOTE 13 EVENTS SUBSEQUENT TO BALANCE DATE
There were no further events occurring subsequent to balance date which require adjustment to or disclosure in the financial
statements.
Other
This section contains additional notes and disclosures that aid in understanding the Group‘s position and performance but do not
form part of the primary sections. This section includes the following notes:
NOTE 8 INCOME TAX EXPENSE
NOTE 9 RELATED PARTY TRANSACTIONS
NOTE 10 CAPITAL COMMITMENTS
NOTE 11 CONTINGENT LIABILITIES
NOTE 12 NET TANGIBLE ASSETS PER SHARE
NOTE 13 EVENTS SUBSEQUENT TO BALANCE DATE
NOTE 8 INCOME TAX EXPENSE
30 SEP 2025 30 SEP 2024
$M‘s$M’s
UnauditedUnaudited
(a) Reconciliation of effective tax rate
Loss before income tax(136.6)(0.1)
Income tax using the Company's domestic tax rate of 28% (38.3)-
Non-deductible expense2 7. 6-
Adjustment related to prior period0.90.6
Utilisation of tax losses previously unrecognised(0.5)0.8
Current-year losses for which no deferred tax asset is recognised3.1-
Derecognition of prior-year tax losses12.5-
Effect of different tax rates of subsidiaries operating overseas2.3-
Income tax expense7. 61.4
(b) Current tax expense
Current year-0.7
Adjustment related to prior period0.9-
0.90.7
(c) Deferred tax expense
Current year6.70.1
Adjustment related to prior period-0.6
6.70.7
Income tax expense7. 61.4
At 30 September 2025 there were no imputation credits available to shareholders (31 March 2025: Nil)
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
NOTE 8 INCOME TAX EXPENSE (CONTINUED)

PAGE 35 PAGE 36
EROAD Independent Review Report
Independent Auditor’s Review
Report
To the Shareholders of EROAD Limited (Group)
Report on the interim condensed consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
condensed consolidated financial statements on
pages 9 to 34 do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30
September 2025 and its financial
performance and cash flows for the 6
months ended then ended and comply with
New Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.
We have completed a review of the accompanying
interim condensed consolidated financial statements
which comprise:
‒ the interim condensed consolidated
statement of financial position as at 30
September 2025;
‒ the interim condensed consolidated
statements of comprehensive income,
changes in equity and cash flows for the 6
months ended then ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the interim condensed consolidated financial statements in accordance with NZ SRE
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE
2410 (Revised)). Our responsibilities are further described in the Auditor's responsibilities for the review of the
interim condensed consolidated financial statements section of our report.
We are independent of EROAD Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our f irm has provided other services to the Group in relation to tax c ompliance, tax advisory, agreed upon
procedures in relation to RDTI and other assurance services. Subject to certain restrictions, partners and
employees of our firm may also deal with the Group on normal terms within the ordinary course of trading
activities o f the business of the Group. These matters have not impaired our independence as auditor of the
Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the Shareholders. Our review work has been undertaken so that we might state to
the Shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Shareholders for our review work, this report, or any of the conclusions we have formed.
© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All r ights reserved.
Document classification: KPMG Public

Responsibilities of Directors for the interim condensed consolidated
financial statements

The Directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim condensed consolidated financial statements in
accordance with NZ IAS 34; and
‒ for such internal control as Directors determine is necessary to enable the preparation of interim
condensed consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor's responsibilities for the review of the interim condensed
consolidated financial statements

Our responsibility is to express a conclusion on the interim condensed consolidated financial statements based
on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim condensed consolidated financial statements, taken as a whole, are not prepared, in all
material respects, in accordance with NZ IAS 34.
A review of the interim condensed consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on the interim condensed consolidated financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Matthew Diprose.

For and on behalf of:


KPMG
Auckland

21 November 2025

PAGE 37 PAGE 38
EROAD GAAP to Non-GAAP Reconciliations HY26
GAAP to Non-GAAP Reconciliations
For the six months ended 30 September 2025
EBIT/EBITDA
30 SEP 2025 30 SEP 2024
$M‘s$M’s
Loss after tax for the period attributable to the shareholders (GAAP)(144.2)(1.5)
Add back:
Income tax expense7. 6 1.4
Net financing costs2.7 2.5
Earnings before interest and tax (EBIT)(133.9)2.4
Add back:
Depreciation of property, plant and equipment10.8 11.0
Amortisation of intangible assets11.6 10.4
Amortisation of contract and customer acquisition assets5.5 5.4
Impairment of goodwill and other assets134.7 -
Earnings before interest, taxation, depreciation, amortisation and
impairment loss (EBITDA)
28.7 29.2
Reported EBIT(133.9)2.4
Adjustments:
Impairment of goodwill and other assets134.7 -
4G Hardware upgrade costs1.7 2.3
Normalised EBIT2.5 4.7

GAAP to Non-GAAP Reconciliations (continued)
For the six months ended 30 September 2025
Free cash flow / Free cash flow to the firm
30 SEP 2025 30 SEP 2024
$M‘s$M’s
Cash flows from operating activities
Cash received from customers97. 3 96.1
Payments to suppliers and employees(65.8)(71.4)
Payments for contract fulfilment assets(4.6)(5.1)
Interest received0.4 0.4
Interest paid(1.5)(2.6)
Tax paid(0.1)(0.1)
Net cash inflow from operating activities (GAAP)25.7 1 7. 3
Cash flows from investing activities
Payments for investment in property, plant & equipment(12.4)(9.1)
Payments for investment in intangible assets(7.5)(8.8)
Payments for investment in costs to obtain contracts(0.7)(1.5)
Net cash outflow from investing activities (GAAP)(20.6)(19.4)
Free cash flow5.1 (2.1)
(Deduct)/add back:
Interest received(0.4)(0.4)
Interest paid1.5 2.6
Free cash flow to the firm6.2 0.1
Adjustments:
4G Hardware upgrade costs10.56.1
Normalised free cash flow to the firm16.7 6.2
GAAP to Non-GAAP Reconciliation
EROAD’s standard profit measure prepared under New Zealand GAAP is net profit/(loss) and for cash flow is cash flows from
operating activities and cash flows from investing activities. EROAD has used non-GAAP measures when discussing financial and
cash flow performance in this document. The directors and management believe that these measures provide useful information
as they are used internally to evaluate business units and total group performance and to establish operational goals and allocate
resources. Non-GAAP profit and cash flow measures are not prepared in accordance with NZ IFRS (New Zealand equivalents
to International Financial Reporting Standards) and are not uniformly defined; therefore, the non-GAAP profit and cash flow
measures included in this report are not comparable with those used by other companies. They should not be viewed in isolation
or as a substitute for GAAP profit or cash flow measures as reported by EROAD in accordance with NZ IFRS.
Definitions relating to non-GAAP measures are included in the glossary at the back of this report.

EROAD Interim Report 2026
PAGE 39 PAGE 40
ANNUALISED RECURRING REVENUE (ARR)
A non-GAAP measure representing monthly subsription
revenue including bundled rental hardware, measured
each month by taking subscription revenue for that month
and multiplying by 12 to annualise. This measure has been
restated to remove amortised revenue which is not recurring
by nature.
AVERAGE REVENUE PER UNIT (ARPU)  
A non-GAAP measure that is calculated by dividing the total
subscription revenue for the reporting period by the TCU
balance at the end of each month during this period.
ASSET RETENTION RATE
The number of Total Contracted Units at the beginning of
the 12 month period and retained as Total Contracted Units
at the end of the 12 month period, as a percentage of Total
Contracted Units at the beginning of the 12 month period.
CHURN
The inverse of the asset retention rate.
COSTS TO ACQUIRE CUSTOMERS (CAC)
A non-GAAP measure of costs to acquire customers.
Total CAC represents all sales & marketing related costs.
CAC capitalised includes incremental sales commissions
for new sales, upgrades and renewals which are capitalised
and amortised over the life of the contract. All other CAC
related costs are expensed when incurred and included
within CAC expensed.
COSTS TO SERVICE & SUPPORT (CTS)
A non-GAAP measure of costs to support and service
customers. Total CTS represents all customer success
and product support costs. These costs are included in
Administrative and other Operating Expenses. 
EBIT
A non-GAAP measure representing Earnings before Interest
and Taxation (EBIT). Refer to Consolidated Statement of
Comprehensive Income in Financial Statements.
EBITDA
A non-GAAP measure representing Earnings before Interest,
Taxation, Depreciation, Amortisation and impairment loss
(EBITDA).
ENTERPRISE
A customer where the $ARR is more than $100k in local
currency for the Financial year reported.
FREE CASH FLOW
A non-GAAP measure representing operating cash flow and
investing cash flow reported in the Statement of Cash Flows.
FREE CASH FLOW TO THE FIRM
A non-GAAP measure representing operating cash flow and
investing cash flow net of interest paid and received. For the
purposes of this presentation, payments for the acquisition
of Coretex have been excluded.
FY (FINANCIAL YEAR)
Financial year ended 31 March.
H1 (HALF ONE)
For the six months ended 30 September.
H2 (HALF TWO)
For the six months ended 31 March.
LEASE DURATION
Future contracted income as a proportion of reported
revenue.
NORMALISED EBIT
Excludes one-off 4G hardware upgrade program $1.7m
(H1 FY25 $2.3m) and impairment of goodwill and other
assets of $134.7m (H1 FY25 nil).
NORMALISED FREE CASH FLOW TO THE FIRM
Excludes one-off 4G hardware upgrade costs.
ROAD USER CHARGES (RUC)
In New Zealand, RUC is applicable to Heavy Vehicles and all
vehicles powered by a fuel not taxed at source. The charges
are paid into a fund called the National Land Transport Fund,
which is controlled by NZTA, and go towards the cost of
repairing the roads.
SAAS
Software as a Service, a method of software delivery in
which software is accessed online via a subscription rather
than bought and installed on individual computers.
TOTAL CONTRACT VALUE (TCV)
The total value of a customer contract over its entire
duration, including recurring revenue (e.g., ARR) and any
one-off payments
UNIT
A communication device fitted in-cab or on a trailer. Where
there is more than one unit fitted in-cab or on a trailer, it is
counted as one unit (excluding Philips Connect). 
GLOSSARY

EROAD Interim Report 2026
PAGE 41 PAGE 42
eroadglobal.com/investors
PAGE 41
DIRECTORY
Registered Office
in New Zealand
Registered Office
in North America
Registered Office
in Australia
Level 3, 260 Oteha Valley Road,
Albany, Auckland,
New Zealand
15110 Avenue of Science,
Suite 100, San Diego, 92128
United States of America
1 Link Road,
Zetland, NSW 2017,
Australia
Investor Relations
and Sustainability
Enquires
Managing your
Shareholding Online
Share Register -
New Zealand
Address: EROAD Limited,
PO Box 305 394 Triton Plaza,
North Shore,
Auckland
Email: investors@eroad.com
Telephone: 0800 437 623
Changes in address and investment
portfolios can be viewed and updated
online:
www.computershare.co.nz/
investorcentre.
You will need your CSN and FIN
numbers to access this service.
Computershare Investments Services
Limited
Private Bag 92119, Victoria Street, West
Auckland 1142, New Zealand
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Website: www.computershare.co.nz/
investorcentre
Legal Advisors Bankers
Chapman Tripp
Level 34 Commercial Bay
Auckland 1010
PO Box 2206, Auckland 1140
Telephone: +64 9 357 9000
ANZ
ASB
Bank of New Zealand
HSBC
Wells Fargo

---

TEL +64 9 927 4700 PO Box 305 394
FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz



Results for announcement to the market
Name of issuer EROAD Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
99,113 3%
Total Revenue 99,113 3%
Net profit/(loss) from
continuing operations
(142,440) -19118%
Total net profit/(loss) (144,161) -9339%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
0.29 0.28
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
The current results include an impairment loss in the North American
CGU. Please refer to the interim report for further details. For
commentary on the result, please refer to the Interim Report for the
six months ended 30 September 2025. Net Tangible assets excludes
deferred tax assets/(liabilities) and intangibles.
Authority for this announcement
Name of person authorised to
make this announcement
Ciara McGuigan
Contact person for this
announcement
Ciara McGuigan
Contact phone number (09) 927 4700
Contact email address Ciara.mcguigan@eroad.com
Date of release through MAP 21 November 2025