Announcement PDF 1 www.ir.com Integrated Research Ltd > ABN 76 003 588 449 Suite 9.03, Level 9, 420 George Street, Sydney NSW 2000 Australia t: +61 (2) 9966 1066 e: InfoAP@ir.com Market Announcement 2025 Annual General Meeting – CEO’s Presentation Sydney, 24 November 2025 – Integrated Research Limited (ASX:IRI) provides the attached CEO’s presentation to be delivered at today’s Annual General Meeting commencing at 10.00am AEDT. Authorised for release by the Board of Integrated Research Limited. Leanne Ralph Company Secretary Integrated Research Limited ABN 76 003 588 449 About Integrated Research Limited (ASX: IRI). Integrated Research (IR) is the leading global provider of user experience and performance management solutions for payment transactions and collaborative systems. We create value through our real- time, scalable & extensible hybrid cloud platform and our deep domain knowledge to optimise operations of mission- critical systems and improve user experience through intelligent and actionable insights. We enable many of the world’s largest organisations to simplify complexity and provide visibility over systems that millions of people can’t live without – systems that allow them to transact and collaborate. For further information on IR, visit www.ir.com. CEO Presentation Ian Lowe Business critical IT environments are becoming more complex, creating material risk for enterprises across the world. About IR Confidential Internal Only – Do not share externally to partners, vendors or customers Observability solutions monitor business-critical technology and infrastructure performance. Demand is increasing for sophisticated observability solutions that can provide unified oversight of cluttered IT ecosystems. What is Observability? USD $100K-$250K per hour Major outages at global banks cost USD $1m per hour Revenue system downtime costs Source: IDC and William Blair Equity Research 2024 Monitor performance in real time Reduce downtime and outages Accelerate time to remediation Improve User Experience About IR Confidential Internal Only – Do not share externally to partners, vendors or customers Transact Financial services Infrastructure NonStop environments 4 Collaborate Unified Communications • Cards • High Value Payments • Real-Time Payments • NonStop Hewlett Packard Enterprises (HPE) • Enterprise UC • Contact Center • Service Provider Our Observability solutions make managing complexity a performance advantage for large enterprises. AI-enabled insights, powered by core proprietary technology Prognosis About IR Trusted by the world’s leading global enterprises Tech | Telco BFSI Retail | Industrial Health | Gov | Edu Top global telco companies Top USA banks Fortune 500 companies Large Australian companies Clients 6 IR has reset its strategy to focus on product-led growth • Significant investment of available capital and future cashflow to develop and commercialise new products. • New products are focused on building new revenue opportunities with: • new clients in existing markets and/or new markets • expansion of existing clients • Investment in product-led growth is: • designed to position the company for sustainable growth over the medium to long term • expected to reduce profits over the short to medium term FY25 Financials 8 FY25 Key Financial Metrics Pro forma Revenue $74.3m Down 1% on FY24 Statutory Revenue $68.3m Down 18% on FY24 EBITDA $15.9m Down 35% on FY24 Refer Glossary within the Appendix for definitions and reconciliation of Pro forma revenue to Statutory numbers Net Cash $40.6m Up 27% on FY24 Dividend Per Share 2.00 c Unchanged from FY24 Fully franked Robust capital position NPAT $13.4m Down 51% on FY24 Steady underlying performance Effective tax rate increase 9 Growth Metrics Expansion Revenue $3.3m Down 51% on FY24 Refer Glossary within the Appendix for definitions New Client Revenue $6.7m Up 31% on FY24 Subscription Fees $3.9m Up 77% on FY24 Early stages of releasing new products Consumption based revenue Licence fee revenue from new clients Growth metrics quantify progress against the medium-term objective of sustainable revenue growth. 1H FY26 Trading Update 11 1H FY26 - Trading Update • FY26 renewals softer than FY25, 1H FY26 revenue midpoint -4% versus PCP. • Increased investment in product and technology, partially offset by ongoing cost management. • A significant increase in the impairment of receivables largely relates to one client and unrelated to software performance. • 1H FY25 EBITDA included $3.3m of Other Gains. Guidance information is unaudited and based on management’s expectations, as announced via ASX on 14 November 2025. Product-Led Growth 13 Product-led growth: why? • Historical revenue performance has been overly reliant on contract renewals, the value of which fluctuates each year. • Revenue from new clients and expansion of existing client contracts has been inconsistent and insufficient to offset fluctuations in renewals book and the impact of churn. • Under investment in new products in recent years has compounded reliance on renewals and constrained new business growth. • Observability is growing but also maturing, the Company needs to innovate and evolve its offering to return to growth. • Investing in new products is essential for the Company to establish sustainable revenue growth over the medium term. 14 Product-led growth: what does it mean? • Develop new products targeting sustainable growth opportunities that leverage our existing product architecture and blue-chip client base: • new clients in existing and/or new markets • expansion of existing clients • Develop new, innovative, AI enabled capabilities/products to create new revenue streams (incorporates IR Labs) Leverage our DNA: pioneering, innovative, big data, global, enterprise grade 15 Innovation Framework: three central capability themes… New products across these three capability themes in combination reposition the business: • Higher order value proposition more closely aligned to business level outcomes • Future-state focused • Modern, adaptable technology • Growth mindset • Leveraging our strengths: existing technology platform, client base, people Discover Better: AI-first Unlock efficiencies across the client tech stack Accelerated remediation, lower critical incident cost & impact + + = Improved Business Performance 16 …commercialised under the existing product architecture or as stand-alone products… Collaborate Transact Infrastructure P R O G N O S I S 1 1 1. New capabilities/products offered as modular components under the existing product architecture (optional extras) - Example: Service Now integration 2. New capabilities/products within Prognosis – universal to all existing products Examples: Prognosis Elevate, Iris (AI powered insights) 3. New adjacent, stand-alone capabilities/products - Example: High Value Payments 4. IR Labs – new products targeting new revenue streams: adjacent or non-adjacent Example: Prototype built, beta product in development, CY26 launch 4 IR Labs 3 3 2 2 17 …while diversifying our revenue model. • Flexibility for clients: offer more products/capabilities as-a-service (as well as on-prem). • Introduce hybrid pricing models: combine fixed licence fees and variable pricing (eg. based on levels of usage and/or consumption) for organic growth over time. Examples: • Prognosis Elevate – Prognosis-as-a-service, hybrid revenue model: fixed licence fee + consumption fee. • Iris - variable utilisation fee. Key Product Releases: 1H FY26 19 Introducing….Prognosis Elevate • IR’s on-prem product offering is now available as a service (Prognosis-as-a-Service: Prognosis on-prem, hosted by IR) • Prognosis-as-a-Service provides significant benefits for clients (easier/faster implementation, removes day to day management & maintenance, no version updates required) • Opens the door to building subscription style revenue • Provides for hybrid pricing: licence fee + consumption fee 20 Meet Iris Your AI-Powered Prognosis Assistant • Natural language • Chat-style interface • Industry leading subject matter expertise View video: ir.com/iris Unlike generic AI assistants, Iris is built for observability and built into Prognosis. “Why are dropped calls spiking in our Singapore region? Which department had the worst experience on Teams today and chart their quality score for the last 24 hours?” Capital Management 23 FY26 Capital Allocation Framework Innovation investment • Product innovation across the Prognosis observability business & IR-Labs (AI-first innovation lab). • 30%-35% of available capital allocated to product innovation in the medium term. Flexibility reserves • 20%-35% of available capital to Flexibility Reserves in the medium term to fund opportunistic deals e.g. M&A if right-sized, synergistic, in growth markets and supportive of product strategy. Contingency reserves • Maintain adequate working capital to support day-to-day operations and manage cash needs. • 30%-35% of available capital to Contingency Reserves in the medium term. Shareholder returns • Dividend policy - targeting a minimum 25% of Free Cash Flow (with Board discretion). • FY25 Board declared a $0.02 dividend, fully franked (consistent to PCP). • Emphasis on sustainability and maintaining flexibility in pursuit of product led growth. Summary 25 Summary • Observability is growing but also maturing, the Company needs to innovate to evolve its offering and return to growth. • Investment is essential to achieving product-led growth and establishing sustainable revenue growth over the medium term: • Targeting revenue growth from new clients, expansion revenue and subscription revenue (x3 growth metrics). • Requires investment over the medium-term. • Will dampen profit in the short term. • The Company has a product-led growth plan and is executing: • Innovation framework: higher order value proposition, diversified revenue model. • Capital allocation framework. • Growth metrics established to assess progress. • Foundational product releases in 1H FY26: AI powered Iris & Prognosis-as-a-Service (Elevate) • The Company has a strong platform: robust balance sheet, blue chip client base, trusted brand, pioneering DNA. Confidential Internal Only – Do not share externally to partners, vendors or customers Thank you Ian Lowe CEO and Managing Director Appendix Confidential Internal Only – Do not share externally to partners, vendors or customers 28 Full year Pro forma recurring revenue Reconciliation of statutory to pro forma revenue Full Year Revenue 2022 2023 2024 2025 2022 2023 2024 2025 A$M A$M A$M A$M %chg %chg %chg %chg Infrastructure 17.8 18.6 19.2 19.9 -2% 4% 4% 3% Transact 10.9 11.5 12.7 16.3 10% 5% 11% 29% Collaborate 39.6 38.3 34.9 31.3 -4% -3% -9% -10% Pro forma subscription revenue 68.4 68.3 66.8 67.5 -2% 0% -2% 1% Perpetual sales 0.6 0.3 0.3 0.3 -53% -48% -7% -6% Testing Services 3.8 3.3 3.1 2.7 -11% -13% -7% -12% Professional Services 7.1 3.7 4.6 3.8 -16% -48% 25% -17% Pro forma revenue 79.8 75.6 74.8 74.3 -4% -5% -1% -1% Statutory revenue 62.9 69.8 83.3 68.3 -20% 11% 19% -18% Reconciliation to Statutory Accounts: Pro forma revenue 79.8 75.6 74.8 74.3 Deduct Amortised licence fees (51.9) (51.1) (50.4) (50.3) Add term licence fees recognised upfront (excl perpetual licences) 34.9 45.3 58.9 44.3 Statutory revenue 62.9 69.8 83.3 68.3 Confidential Internal Only – Do not share externally to partners, vendors or customers 29 Reconciliation of Revenue and Pro forma Revenue, and Net Profit After Tax (NPAT) to EBITDA and Pro forma EBITDA A$M 2025 2024 Revenue 68.3 83.3 Term licence fees recognised upfront (44.3) (58.9) Amortised licence fees 50.3 50.4 Pro forma revenue 1 74.3 74.8 Net Profit after Tax (NPAT) 13.3 27.1 Income tax expense 5.1 (0.4) Finance income (2.9) (2.2) Depreciation and amortisation 0.4 0.1 EBITDA 2 15.9 24.6 Cost deferral related to over-time revenue (0.5) 0.6 Over-time revenue conversion 6.1 (8.5) Pro forma EBITDA 3 21.5 16.7 1 Pro forma revenue provides a non-statutory alternate view of underlying performance by restating term licence fee revenue to be on a recurring subscription basis (i.e., overt time), rather than upfront at the commencement of a contract, per the statutory view. Other recurring revenues such as maintenance fees and cloud services, as well as other non-recurring revenue streams such as perpetual licence fees, professional services and one-time testing services are consistently treated, as part of pro forma and statutory revenue views. 2 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is a non-IFRS measure used to evaluate the Company's operating performance by focusing on profit from core operations and excluding the effects of capital structure, tax rates, and non-cash accounting items like depreciation and amortisation. 3 Pro forma EBITDA provides a non-statutory alternate view of the underlying operating performance of the Company by using pro forma revenue instead of statutory revenue and then deducting operating expenses after adjusting commission costs for timing differences, to ensure revenues and expenses are matched to the correct periods. Confidential Internal Only – Do not share externally to partners, vendors or customers 30 Reconciliation of Net Profit After Tax (NPAT) to Adjusted NPAT and the calculation of Underlying Basic Earnings Per Share (UBEPS) A$M 2025 Net Profit after Tax (NPAT) 13.4 Adjustments to remove: Currency exchange gains (0.5) Gain on sale of testing solution buisness (1.2) Tax on adjustments (1) 0.5 Adjusted NPAT 12.1 Number of shares (2) 176,757,152 Underlying basic earnings per share (cents): 6.84 (1) Based on the effective blended income tax rate during the year ended 30 June 2025 (2) Based on the weighted number of ordinary shares outstanding during the year ended 30 June 2025 Confidential Internal Only – Do not share externally to partners, vendors or customers 31 Glossary EBITDA EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is a non-IFRS measure used to evaluate the Company's operating performance by focusing on profit from core operations and excluding the effects of capital structure, tax rates, a nd non-cash accounting items like depreciation and amortisation Pro forma Revenue provides a non-statutory alternate view of underlying performance by restating term licence fee revenue to be on a recurring subscription basis (i.e., overt time), rather than upfront at the commencement of a contract, per the statutory view. Other recurring revenues such as maintenance fees and cloud services, as well as other non-recurring revenue streams such as perpetual licence fees, professional services and one-time testing services are consistently treated, as part of pro forma and statutory revenue views Pro forma EBITDA provides a non-statutory alternate view of the underlying operating performance of the Company by using pro forma revenue instead of statutory revenue and then deducting operating expenses after adjusting commission costs for timing differences, t o ensure revenues and expenses are matched to the correct periods Underlying Basic Earnings Per Share Underlying Basic Earnings Per Share (UBEPS) is used in the calculation for determining the achievement of long-term incentive remuneration for key employees. UBEPS is based on Statutory NPAT adjusted for items not reflective of the core business operations. Any adjustments are subject to approval by the Board. The UBEPS for FY25 is 6.84 cents after adjusting for foreig n currency gains/(losses) and the gain on sale of the testing solutions business. Net Revenue Retention (NRR) equals recurring revenue generated from existing customers over a set period New Business Total Contract Value (TCV) means the aggregate TCV for new clients, cross-sell and upsell clients Total Contract Value (TCV) means the total value of a revenue generating contract written in the period of performance less any residual value from a previous related contract. The value includes software licence and related maintenance, cloud, testing and consulting services bookings Expansion revenue means revenue from cross sell or upsell to existing clients Proforma Revenue illustrative example Licence Contract Value 500 Contract Term = 5 Years Revenue Recognition Year 1 Year 2 Year 3 Year 4 Year 5 Total Statutory revenue 500 - - - - 500 Proforma revenue 100 100 100 100 100 500 Confidential Internal Only – Do not share externally to partners, vendors or customers SUMMARY INFORMATION This document andthe associated transcript (together “the presentation”) has been prepared by Integrated ResearchLimited (ABN76 003 588 449) (IRI). The presentation provides general background information about IRI's activities current at the date of preparation. IRI is not responsible for updating, anddoes not undertake to update, the presentation. It contains information in a summary form and doesnot purport to be complete. It should be read in conjunction with IRI'sother announcements releasedto A SX(available at www.asx.com au). NOTINVESTME NTADVICE The information contained in the presentation doesnot constitute investment or financial product advice or arecommendation to acquire shares or other financial products. It doesnot takeinto account the investmentobjectives, financial situation or needsof any particular investor. Investors should consider these factors, with professional advice if appropriate, before makingan investment decision. FINANCIALINFORMATION All dollar values are in Australian Dollars (A$) unlessstated otherwise.All financial information is presentedin respect of the yearended 30 June2025 unlessstated otherwise. The presentation contains certain non-IFRSfinancial measures that IRI believes is relevant andappropriate to understandingits business. The presentation uses proforma subscription revenue, which is used consistently without biasyear on year for comparability andto present aclear view of underlying results. Thebasis of preparation anda reconciliation to statutoryresults is provided in the appendix to this presentation. Anumber of figures, amounts andpercentages in the presentation are subject to the effect of rounding. FO RW ARDLO OKINGSTATEMENTS The presentation contains certain "forward-looking statements”. The words “anticipate”, "believe", “expect”, "project", "forecast”, “estimate”, “likely”, "intend”, “should", “could", "may", "target", “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, andguidance on, future earnings andfinancial position and performance are also forward-looking statements. While due care andattention hasbeen used in the preparationof forward-looking statements, they are not guarantees of future performance andinvolveknown andunknown risks,uncertainties, assumptions andother factors,some of which arebeyond the control of IRI, that may cause actual results, conduct,performance or achievements to differ materially from those expressedor implied in suchstatements. There canbe no assurancethat the actual outcomes will not differ materially from these statements. Youarecautionednot to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption causedby the outbreak of COVID-19. Neither IRInor any other person gives any representation,warranty, assuranceor guarantee that the occurrence of the eventsexpressedor implied in any forward-looking statements in the presentation will actually occur. All forward looking statements in the presentation reflect views only asat the date of this presentation.Except asrequired by applicable law or the A SXListing Rules,IRIdisclaims any obligation or undertakingto publicly update any forward-looking statements, whether asa result of new information or future eventsor otherwise. P AS TPERFORMANCE Statements aboutpastperformance are not necessarily indicative of and should not be relied upon asan indication of, future performance. NOTANOFFER The presentation is for information purposes only andis not a prospectus, productdisclosure statement or other disclosureor offering document under any law. The presentation doesnot constitute or contain an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or financial productsin any jurisdiction. The presentation does not constitute an offer to sell, or asolicitation of an offer to buy, any securities in the United Statesor to any 'USperson’ (as defined in Regulation Sunder the USSecurities Act of 1933, asamended (Securities Act) (USPerson)). Securities may not be offered or soldin theUnited Statesor to US Persons absent registration or an exemption from registration. IRI shares have not been, andwill not be, registered under the Securities Act or the securities lawsof any stateor jurisdiction of the United States. 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