Announcement PDF Global leader in smart security and sensing technologies FY26 RESULTS AVA RISK GROUP LIMITED 28 August 2026 FORWARD LOOKING STATEMENTS This presentation is given on behalf of Ava Risk Group Limited (AVA). Information in this presentation is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in AVA. Certain statements in this document regarding the Company’s financial position, business strategy and objectives may contain forward- looking statements rather than being based on historical or current facts. Any forward-looking statements are based on current beliefs of the Company’s management as well as assumptions made by, and information currently available to, the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that the underlying assumptions will prove to be valid. All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release updates or revisions to the information, including forward-looking statements, to reflect any change to expectations or assumptions and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content. 2 AGENDA 1 OVERVIEW 2 STRATEGIC GROWTH DRIVERS 3 FINANCIAL PERFORMANCE 4 STRATEGY & OUTLOOK 3 FY26 RESULTS: FINANCIAL REALITY, STRATEGIC PROGRESS, FY27 EXECUTION Ava Risk Group (AVA) enters FY27 with a stronger strategic platform and a clear focus on conversion $28.8M FY26 REVENUE Revenue below expectations, reflecting timing of several significant project orders. 1.02x book-to-bill ORDERS $29.4M order intake exceeded revenue, with delayed opportunities remaining active into FY27. ~63% GROSS MARGIN PROFILE Strong consolidated gross-margin profile supports meaningful operating leverage as revenue scales. WHAT CHANGED DURING FY26 1 U.S. PLATFORM Hale strategic investment, Bryant Henson appointed CEO and Rear Admiral Terry McKnight appointed to the Board. 2 MARKET VALIDATION Progress across aviation, rail, telecommunications, energy and sovereign- border applications. 3 COMMERCIAL CAPABILITY Strengthened global sales organisation, enterprise-account development and OEM/channel activity. 4 FY27 MANDATE Convert backlog, delayed opportunities and a broader qualified pipeline into revenue, EBITDA and cash generation. Lower than FY25 but positive despite revenue timing Positive UNDERLYING EBITDA 4 LEADERSHIP & GOVERNANCE ALIGNED TO U.S. GROWTH Capital, board capability and executive leadership are now deliberately aligned to the largest growth opportunity GROUP CEO Bryant Henson U.S.-based executive leadership with deep defence, aerospace, government and critical- infrastructure experience. NON-EXECUTIVE DIRECTOR Rear Admiral Terry McKnight 40+ years U.S. Navy and defence- industry leadership; DoD, government and prime-contractor relationships. STRATEGIC INVESTOR Hale Capital Capital, governance alignment and U.S. federal/state/enterprise market experience supporting AVA’s expansion. Capital, leadership and governance are now deliberately aligned to AVA’s U.S. Federal, Defence and critical-infrastructure growth strategy. 5 BRYANT HENSON: PROVEN MISSION-CRITICAL TECHNOLOGY OPERATOR Multi-billion-dollar P&L leadership across defence, aerospace, secure communications, infrastructure and global strategy GLOBAL C-SUITE EXECUTIVE | STRATEGIC GROWTH, TRANSFORMATION & LEADERSHIP ACCELERATOR OTIS WORLDWIDE EVP Global Strategy & Business Development ~US$14B revenue / ~69k employees / 2M+ customer units/ 66 global M&A transactions L3HARRIS — TACTICAL COMMUNICATIONS President Multi-Billion P&L / customers in 59 countries / ~4,000 employees, subcontractors, agents and distributors/ High-volume business/ grew backlog 27% YoY L3HARRIS — MISSION AVIONICS President Multi-Billion P&L/ Serving DoD, aircraft OEMs and international customers/ ~2,300 employees / High-mix business / >80% new-business win rate/ Delivered 27% and 41% YoY top-line growth L3HARRIS — AVIONICS BUSINESS UNIT Vice President & General Manager Multi-Billion P&L/ Serving DoD, aircraft OEMs and international customers /~90% new-business win rate / Delivered 44% YoY organic top-line growth and 23% YoY bottom-line growth LOCKHEED MARTIN 16 years in global security and aerospace. Executive and senior roles across flight, maritime and advanced systems, training/logistics, program management, business development, chief engineering and supply chain RELEVANT CREDENTIALS Global experience across North America, UK, Europe, Asia-Pacific, Middle East and Northern Africa. Cornell University M.Eng Systems Engineering Why this matters: Bryant has repeatedly scaled complex technology businesses where customer trust, mission performance, supply-chain execution and institutional sales capability matter. 6 AVA TODAY: CRITICAL INFRASTRUCTURE SECURITY TECHNOLOGY PLATFORM Protecting the physical infrastructure on which nations, economies and communities depend DETECT ACCESS ILLUMINATE Fibre optic sensing systems • Perimeters, borders and secure sites • Telecommunications, subsea and data networks • Pipelines, energy and condition monitoring • Software and recurring services model High-security access control • Encrypted biometric and access readers • Electronic locking products • Mobile, NFC and wallet-enabled roadmap • OEM and channel-driven growth Outdoor sensing and illumination • Perimeter detectors and ANPR • Illuminators and camera-support products • LoRa wireless system • OEM, distributor and U.S. cross-sell focus The strategic shift: from discrete security products to a higher-value platform for sovereign security and critical infrastructure protection. 7 PROVEN EXPERIENCE IN MISSION-CRITICAL SECURITY Hale → Bryant → Terry → U.S. commercial capability 8 Hale → Bryant → Terry → U.S. commercial capability EXAMPLE DEPLOYMENT: AVIATION SECURITY 9 PROVEN EXPERIENCE IN MISSION-CRITICAL SECURITY Hale → Bryant → Terry → U.S. commercial capability 10 FY26 STRATEGIC MILESTONES The platform for growth is broader and stronger than the reported revenue result suggests Q1 Critical infrastructure orders Siemens transport infrastructure, U.S. government sites, corrections and border- security deployments. Q2 UniKey agreement Five-year BQT supply and co-development agreement; next- generation mobile and wallet-enabled reader platform. Q2/Q3 Hale strategic investment Growth capital and U.S. market access partner aligned to Federal, Defence and enterprise expansion. Q3/Q4 Australian aviation trials Canberra and Cairns completed; Melbourne and Perth comprehensive trials commenced. Q4 Sydney Metro milestone Object detection successfully tested on rail corridor; strategic reference for future transport opportunities. Post-year- end Bryant Henson CEO U.S.-based leadership to accelerate commercial growth, especially in North America. The sequence matters: Ava Risk Group is transitioning from technology validation into market access, repeatable applications and a larger commercial footprint. 11 COMMERCIAL CAPABILITY STRENGTHENED Improved sales execution is central to FY27 revenue conversion $3.9m–$5.0m FY26 EVIDENCE Annual order intake generated individually by senior leaders in the U.S., APAC and Europe. New hires COMMERCIAL INVESTMENT Experienced sales executives added in the U.S., South-East Asia and India. Direct + channel GO-TO-MARKET Direct enterprise selling supported by OEM and distribution partners. Conversion FY27 FOCUS Sales execution, pipeline discipline and strategic-account penetration. Recent momentum North American enterprise-account engagement, continuing airport trials, India expansion, Access U.S. ramp-up and channel-led Illuminate activity support the FY27 execution thesis. 12 SIX STRATEGIC GROWTH MARKETS Ava is expanding beyond conventional perimeter intrusion detection into sovereign and critical infrastructure applications U.S. FEDERAL & DEFENCE: BORDER AND INFRASTRUCTURE SECURITY SPEND IS SCALING Large budget allocations are shifting toward persistent sensing, surveillance, AI-enabled monitoring and infrastructure hardening US$64.4B FY26 DHS DISCRETIONARY Senate conferenced homeland bill summary: FY26 base discretionary total for DHS. US$6.17B BORDER TECHNOLOGY + SCREENING CRS summary of reconciliation funding for border-security technology, screening operations and procurement costs. US$4.5B SMART WALL CONTRACTS 230 miles of barriers plus patrol roads, lighting, surveillance cameras and advanced detection technologies. US$183M PORT + TRANSIT SECURITY FY26 Port Security Grant Program (~US$95m) plus Transit Security Grant Program (~US$88.35m). WHY THIS MATTERS FOR AVA • U.S. security spend is increasingly directed toward persistent sensing, surveillance towers, edge processing, cameras and connected situational awareness. • AVA now has the U.S. CEO, Hale alignment, Terry McKnight defence/government experience and growing commercial capability to pursue this market. • Relevant end-markets include borders, defence installations, ports, utilities, corrections and other critical- infrastructure sites. Ava is positioned where U.S. spend is moving: smarter physical security, border resilience and critical- infrastructure protection. Capital + leadership + market access now aligned to U.S. federal / defence growth. 14 AVIATION: A NATIONAL PIDS MODERNISATION OPPORTUNITY Successful trials can create a pathway from individual airports to repeatable national deployments 9 MAJOR AIRPORTS Australia’s highest security- controlled airport category. 5 TIER 1 AIRPORTS Additional major security-controlled airports. 44 TIER 2 AIRPORTS A broad regional airport universe with regulated security requirements. AVA VALIDATION AND CONVERSION PATHWAY • Canberra — trial completed • Cairns — trial completed • Melbourne — comprehensive trial • Perth — comprehensive trial • Gold Coast — trial completed TRIAL → SPECIFICATION → DEPLOYMENT The addressable Australian airport universe extends well beyond the four FY26 trials, creating potential for repeatable PIDS upgrade programs subject to procurement and specification outcomes. 9 Designated + 5 Tier 1 + 44 Tier 2 = 58 higher-category security- controlled airports. 15 ENERGY & CRITICAL INFRASTRUCTURE: INDIA SHOWS THE SCALE OF THE OPPORTUNITY Recent execution in India points to a larger market of pipelines, refineries, terminals and processing assets 34,803 km AUTHORISED GAS PIPELINES PNGRB authorised natural-gas pipeline network as at March 2026. 27,905 km OPERATIONAL GAS PIPELINES Operational natural-gas pipeline length reported by PNGRB as at March 2026. 267.1 MMTPA REFINING CAPACITY Installed Indian refining capacity as at 1 April 2026 across the national refinery base. 1,800 km NEW LPG PIPELINES PNGRB-approved LPG pipeline expansion across six states, estimated at ~US$731m. WHY AURA AI-X FITS • India: high-consequence linear assets, fuel logistics, refining and storage infrastructure distributed across large distances. • AVA has already fulfilled a fibre-sensing deployment to a critical Indian energy pipeline, with final commissioning expected in H1 FY27. • The same technology logic extends to pipelines, terminals, refineries, defence infrastructure and border-security applications. India demonstrates growing execution: large addressable infrastructure, credible local partners and recent AVA deployment experience. India gives investors a practical example of how Aura scales beyond conventional perimeter security. 16 SOVEREIGN BORDER PROTECTION Geopolitical instability is increasing demand for advanced border and perimeter sensing WHY THIS MARKET MATTERS • Border protection increasingly requires persistent sensing, covert detection and rapid response across long, remote boundaries. • Eastern European deployments and follow-on opportunities support the application case. • Australian Border Protection Technologies Panel (BPTP) appointment provides five-year access to Commonwealth opportunities. • Defence and border opportunities are developing across APAC, Europe and the Middle East. PROOF POINTS BPTP is more than a tender event: it validates AVA’s suitability for government border-security applications and creates a structured pathway to future Commonwealth opportunities. Sovereign-border deployments create reference credibility that can compound across allied markets. Sovereign-border deployments create reference credibility that can compound across allied markets. 17 RAIL & TRANSPORTATION: DRIVERLESS NETWORKS NEED SMART CORRIDOR DETECTION Automated rail growth makes reliable intrusion and object detection part of the safety case and operating architecture 2,300+ km GOA4 LINES IN SERVICE Fully automated GoA4 metro networks now exceed 2,300km globally and are expected to double by 2030. ~50 projects GOA4 PROJECT PIPELINE Global GoA4 project pipeline of roughly 1,800 route-km in progress, with Asia-Pacific and Europe key growth regions. 4 / 46 / 113km SYDNEY METRO Australia's largest public transport project: four metro lines, 46 stations and 113km of new metro rail. 40,000/hr AUSTRALIAN CAPACITY BENCHMARK Sydney Metro target capacity is ~40,000 customers per hour, compared with ~24,000 on the existing suburban system. WHY THIS MARKET MATTERS • Driverless metros remove the driver as the primary on-board visual detector: corridors must detect objects and intrusions and trigger control-room response. • Sydney Metro’s UTO safety case requires CIDS and ODS; UGL describes these systems as automatically detecting corridor intrusions and obstacles. • AVA’s UGL relationship is a “land and expand” proof point: public disclosures show the contract and related variations reached A$3.0m as scope was finalised; AGM material also cites deployment along Western Line and Western Sydney Airport infrastructure. • Successful Sydney Metro completion makes rail addressable in Australia and creates reference credibility for international metro and rail opportunities. The bigger story is not Australian track length — it is global automation, UTO safety cases and the need for safety-critical corridor intelligence. Sydney Metro is the reference; automated rail is the global repeat market. 18 TELECOMMUNICATIONS & SUBSEA: THE SEABED IS NOW A SECURITY DOMAIN Shangri-La call-outs and AUKUS investment show subsea resilience is now a national-security priority 99% / 15 AUSTRALIA EXPOSURE ~99% of Australia’s internet traffic flows through just 15 subsea cables. 18 months UNPRECEDENTED PATTERN Shangri-La described recent attacks on subsea critical infrastructure as historically unprecedented in scale and frequency. 5 cases TAIWAN 2025 Taiwan reported five separate seabed cable damage cases in 2025, up from three in 2024 and three in 2023. £150M AUKUS UUV PROJECT UK contribution to the first AUKUS Pillar II signature project for undersea drones and payloads from 2027. INCIDENTS ARE TURNING CABLES INTO STRATEGIC ASSETS • Taiwan Strait: repeated cable-damage cases are driving stronger surveillance, penalties and resilience planning. • Japan: policy focus has shifted toward submarine-cable resilience following Baltic and Taiwan incidents. AVA opportunity: protect the nearshore / landing-station / terrestrial-fibre chain where cable exposure becomes monitorable infrastructure. Global base: 694 cable systems / 1,893 landing stations. The onshore chain is where monitoring becomes actionable. 19 ACCESS: NEXT-GENERATION CREDENTIAL PLATFORM dormakaba partnership, UniKey and the refreshed reader range reposition BQT for higher-quality growth GROWTH VECTOR UniKey agreement Five-year supply and co-development agreement for new NFC/BLE reader form factors with minimum purchase commitments and North American supply position. GROWTH VECTOR Refreshed reader platform DESFire EV3, Apple & Google Wallet, NFC, BLE, OSDP v2 secure channel and AES-256 encryption support a modern access-control roadmap. GROWTH VECTOR Channel expansion dormakaba U.S. activity, global YG80 launch, NEXA progression and specification-channel engagement broaden the route to market. Access is moving from a legacy reader portfolio toward a next-generation mobile/wallet-enabled platform with OEM and distribution leverage. 20 ILLUMINATE: FOCUSED CHANNEL-LED GROWTH Disciplined positioning: channel expansion, OEM relationships and U.S. cross-sell Illuminate provides channel reach, OEM leverage and complementary sensing capability that strengthens AVA’s integrated critical-infrastructure proposition. 1 UK DISTRIBUTION New sales resources focused on distributor-network growth and domestic-market uplift. 2 OEM RELATIONSHIPS Planning and engagement with key OEM accounts to broaden market acceptance. 3 U.S. CROSS-SELL Leverage Digital Watchdog and Detect customer relationships where Illuminate strengthens the integrated solution. Illuminate strengthens AVA’s channel coverage, OEM leverage and ability to offer integrated critical-infrastructure solutions. 21 FINANCIAL PERFORMANCE A transparent review of revenue timing, margins, cash and operating leverage FY26 AT A GLANCE: CANDID SCORECARD Revenue timing masked meaningful strategic and commercial progress $28.8m TOTAL REVENUE / INCOME Below prior guidance due principally to project timing $29.4m SALES ORDER INTAKE Order intake exceeded revenue, supporting opening FY27 activity ~63% GROSS MARGIN Strong margin profile maintained Positive UNDERLYING EBITDA Lower than FY25 but positive despite revenue timing $6.7m CASH BALANCE Year-end cash position supports FY27 execution $6.8m SALES BACKLOG Includes equipment orders and multi- year service contracts $2.6m CONTRACTED ARR Recurring revenue base remains a key feature of Aura Ai-X ~$6.0m DELAYED OPPORTUNITIES No material contracts lost or cancelled; carried forward into FY27 FY26 revenue was below expectations; however, order intake, backlog, margins and strategic progress provide a stronger platform entering FY27. 23 1 1. Cash balance includes $1.4m remitted to Ava Risk Group on 30 June 2026 and processed by Australian banks on 1 July 2026. UNDERSTANDING FY26 REVENUE TIMING The revenue miss was concentrated in timing-sensitive project orders; the strategic opportunity remains active • FY26 revenue below prior guidance • Approx. $6.0m orders delayed • No material contracts lost or cancelled • Opening FY27 backlog and active opportunities FY27 implication A small number of timing-sensitive large projects had a disproportionate impact on FY26. Converting these opportunities, while improving pipeline discipline, is the highest near-term priority. FY27 conversion priorities Convert delayed opportunities, improve sales cadence and use stronger commercial leadership to translate strategic progress into revenue. 24 FY26 INCOME STATEMENT • Lower revenue driven by delayed Detect orders which are expected to be closed in FY27. • Gross margin remains stable at 63% within target range of 60%-64%. • Stable operating costs have resulted in positive underlying EBITDA despite lower revenue. • Impairment charges relate to remaining goodwill on the balance sheet and revised value of Illuminate development costs. • Fair value of derivates is the revaluation of the derivative liability attributable to the Hale transaction. • Net loss for the period of $3.2m is $3.2m better than the prior year due to lower impairment charges and the revaluation of derivative liabilities associated with the Hale transaction. 1. Underlying EBITDA is profit / (loss) after tax adjusted for depreciation and amortisation, impairment charges, finance expense, foreign exchange movements and non-cash items per Consolidated Statement of Comprehensive Income (unaudited). $Am FY26 FY25 Var Revenue 28.8 31.7 (2.9) Gross Profit 18.2 20.3 (2.1) Gross Margin 63% 64% -1% Underlying EBITDA1 0.1 2.1 (2.1) EBITDA Margin 0% 7% -7% D&A (3.8) (3.5) (0.3) Impairment Charges (1.1) (5.6) 4.5 Finance (0.7) (0.2) (0.5) Fair Value reval of Derivatives 1.8 - 1.8 FX Variance 0.7 0.1 0.6 Tax (0.0) 0.7 (0.7) Profit / (loss) after tax (3.2) (6.5) 3.2 25 FY26 BALANCE SHEET • Movement in cash per cash flow statement. • Increased receivables driven by timing of Detect shipments in June 2026 which are expected to be collected in Q1 FY2027. • Reduction in intangible assets driven by amortisation and impairment charges. • Increased payables attributable to materials supporting Detect shipments in June 2026. These are expected to be settled in Q1 FY2027. • Borrowings include: • Secured convertible note issued as part of the Hale transaction • Derivative liability attributable to warrants issued as part of the Hale transaction • Derivative liability attributable to a conversion option associated with the Hale transaction • Working Capital facilities available to the Illuminate business segment. 1. Cash and cash equivalents includes $1.4m remitted to Ava Risk Group on 30 June 2026 and processed by Australian banks on 1 July 2026. $Am 30 Jun 2026 30 Jun 2025 Movement Cash and cash equivalents1 6.7 5.6 1.1 Receivables 9.3 6.8 2.5 Inventories 6.4 6.6 (0.2) Intangibles / PP&E 7.3 9.3 (2.1) Other assets 1.4 1.2 0.1 TOTAL ASSETS 31.1 29.6 1.5 Payables 4.4 2.5 1.9 Provisions 1.6 1.5 0.1 Borrowings 6.3 1.7 4.6 Other liabilities 1.3 1.7 (0.4) TOTAL LIABILITIES 13.6 7.4 6.2 TOTAL EQUITY 17.5 22.2 (4.7) 26 FY26 CASH FLOW STATEMENT • Negative working capital movement driven by timing of Detect shipments in Q4 FY2026 which are expected to be collected in Q1 FY2027. • Development expenditure relates to continued investment and development of the Aura platform in Detect and development of enhanced reader range in Access. • Proceeds from convertible note reflect proceeds from Hale Capital of $7.0m net of transaction costs of $0.6m. • Repayment of borrowings relate to working capital facilities available to the Illuminate segment. 1. Working capital movement includes $1.4m remitted to Ava Risk Group on 30 June 2026 and processed by Australian banks on 1 July 2026. A$m Working Capital Movement1 (1.1) Development / Capital Expenditure (3.0) Net proceeds from convertible note 6.4 Repayment of Borrowings (0.6) Finance, Tax charges (0.5) Other (incl FX) (0.1) Movement in Cash 1.1 Opening Cash 5.6 Closing Cash 6.7 27 OPERATING LEVERAGE: THE CORE FINANCIAL UPSIDE High gross margins, limited incremental working capital and a largely established platform can turn revenue conversion into earnings growth 1 SUSTAINABLE HIGH GROSS MARGINS Consolidated gross margin maintained in the ~60-64% range; Detect is the strongest growth engine and supports the margin profile. 2 LIMITED WORKING-CAPITAL DRAG Management estimate: every A$20m of incremental revenue requires only approximately A$2m of additional working capital. 3 LAND-AND-EXPAND POTENTIAL Sydney Metro / UGL demonstrates scope expansion as customers adopt Aura to protect more infrastructure. 4 ESTABLISHED TECHNOLOGY PLATFORM Aura Ai-X variants, Access roadmap and Illuminate channels require execution focus more than step-change fixed-cost investment. Value creation lever A$20m incremental revenue / ~A$2m working capital creates a high-return growth profile if sales conversion improves. Revenue conversion is the value- creation catalyst. 28 STRATEGY & OUTLOOK FY27 focus: convert strategic progress into revenue, earnings and market recognition STRATEGY: BUILDING A GLOBAL CRITICAL INFRASTRUCTURE TECHNOLOGY COMPANY The strategy is sharper than “sell more product”: focus, scale, quality and U.S. acceleration 1 WIN IN CRITICAL INFRASTRUCTURE Concentrate resources on high-consequence sectors where AVA has demonstrated differentiation: Federal, Defence, telecoms, aviation, transport, energy and sovereign borders. 2 ACCELERATE THE U.S. Leverage Bryant, Terry, Hale and expanded commercial capability to penetrate Federal, Defence, corrections, energy and critical infrastructure markets. 3 SCALE PROVEN PLATFORMS Extend Aura Ai-X applications; commercialise the refreshed BQT reader range; grow Illuminate through OEM and channel leverage. 4 INCREASE REVENUE QUALITY Grow recurring revenue, multi-year programs, repeat deployments, OEM channels and strategic distribution relationships. Strategic discipline: prioritise large, referenceable, repeatable deployments where AVA can become embedded in the security architecture of critical infrastructure owners. 30 FY27 SALES OPPORTUNITY PIPELINE – DETECT A broader opportunity set across high-consequence critical-infrastructure markets Qualified / Advanced FY27 pipeline $102m Detect pipeline value for all sales opportunities having a estimated closing date prior to 30 June 2027. $37 million of the pipeline value includes 17 individual opportunities > A$1.0 million reflecting an increasing focus on larger projects . • High Probability = Purchase order or contract terms are under active negotiation, with award expected in the near term. • In Progress = An active procurement process is underway, including tender, evaluation, approval or commercial discussions. • Early Stage = Opportunity identified based on customer intelligence, market activity and an expected procurement timetable, but no formal procurement process has commenced. Access and Illuminate opportunities sit outside of this pipeline. Pipeline by region A$’000 Pipeline by stage A$’000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 H1 H2 High Probability In Progress Early Stage 0 5,000 10,000 15,000 20,000 H1 H2 Americas APAC UK / Europe MENA 31 FY27 PRIORITIES: FROM PLATFORM BUILDING TO EXECUTION The year is about conversion, not reinvention 1 CONVERT Execute opening backlog and delayed FY26 opportunities. 2 ACCELERATE Drive U.S. Federal, Defence and critical-infrastructure growth under Bryant’s leadership. 3 SCALE Turn trials and reference sites into repeat and multi- site deployments. 4 COMMERCIALISE Launch refreshed BQT reader range and execute UniKey/dormakaba opportunities. 5 LEVERAGE Maintain strong gross margins and disciplined costs to translate revenue into EBITDA and cash. Management should be measured on order-intake quality, conversion cadence, gross-margin discipline, working-capital efficiency, recurring revenue growth and cash generation – not just activity. 32 QUESTIONS Investor enquiries: alexandra.abeyratne@sodali.com