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 Investor Presentation Sydney, 27 August 2026 – Further to Integrated Research Limited’s (Company, IR) (ASX:IRI) announcement to the market today on its results for the year ended 30 June 2026, please find attached the presentation to be delivered this morning. This announcement is approved for release by the Board. Leanne Ralph Company Secretary Integrated Research Limited ABN: 76 003 588 449 About IR At IR, we power elite business performance. Trusted by the world’s largest organizations for more than 30 years, our market-leading observability solutions are powered by Prognosis – the real-time intelligence platform built for multi-vendor infrastructure, UC&CX and payments environments. Find out more: www.ir.com. 2 ABOUT IR INTEGRATED RESEARCH (ASX:IRI) FY26 RESULTS 27th August 2026 SUMMARY INFORMATION This document and the associated transcript (together “the presentation”) has been prepared by Integrated Research Limited (ABN 76 003 588 449) (IRI). The presentation provides general background information about IRI's activities current at the date of preparation. IRI is not responsible for updating, and does not undertake to update, the presentation. It contains information in a summary form and does not purport to be complete. It should be read in conjunction with IRI's other announcements released to ASX (available at www.asx.com.au). NOT INVESTMENT ADVICE The information contained in the presentation does not constitute investment or financial product advice or a recommendation to acquire shares or other financial products. It does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, with professional advice if appropriate, before making an investment decision. FINANCIAL INFORMATION All dollar values are in Australian Dollars (A$) unless stated otherwise. All financial information is presented in respect of the full year ended 30 June 2026 unless stated otherwise. The presentation contains certain non-IFRS financial measures that IRI believes is relevant and appropriate to understanding its business. The presentation uses proforma subscription revenue, which is used consistently without bias year on year for comparability and to present a clear view of underlying results. The basis of preparation and a reconciliation to statutory results is provided in the appendix to this presentation. A number of figures, amounts and percentages in the presentation are subject to the effect of rounding. FORWARD LOOKING STATEMENTS 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, and guidance on, future earnings and financial position and performance are also forward-looking statements. While due care and attention has been used in the preparation of forward-looking statements, they are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors, some of which are beyond the control of IRI, that may cause actual results, conduct, performance or achievements to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements. Neither IRI nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the presentation will actually occur. All forward looking statements in the presentation reflect views only as at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, IRI disclaims any obligation or undertaking to publicly update any forward-looking statements, whether as a result of new information or future events or otherwise. PAST PERFORMANCE Statements about past performance are not necessarily indicative of and should not be relied upon as an indication of, future performance. NOT AN OFFER The presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under any law. The presentation does not constitute or contain an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or financial products in any jurisdiction. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to any 'US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. IRI shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States. GENERAL Each of IRI, its related bodies corporate and their respective affiliates, officers, employees, agents and advisers, to the maximum extent permitted by law, expressly disclaim any and all liability in respect of any expenses, losses, damages or costs (including indirect or consequential loss) arising from or in connection with this presentation or the information contained in or omitted from it, including, without limitation, any liability arising from fault, negligence or otherwise. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, reliability or completeness of information contained in the presentation. The information in the presentation remains subject to change without notice. Disclaimer 2 FY26RESULTS BUSINESS UPDATE Ian Lowe, CEO and Managing Director 4 IR…TRUSTED BY THE WORLD’S LEADING GLOBAL ENTERPRISES Tech | Telco BFSI Health | Gov | Edu Retail | Industrial Leading telco companies Leading USA banks Fortune 500 companies Leading large enterprises 5 Continued product-led growth execution Progress against new product agenda - new AI products launched, product investment ongoing, new product releases to continue. FY26 financial performance Strong cash generation and cash balance - increased dividend & special dividend, FY26 revenue down on PCP due to softer renewals book and 2H new business contribution, reflecting cautious market and protracted procurement cycles. FY26 KEY THEMES FY26RESULTS PRODUCT-LED GROWTH HIGHLIGHTS: COLLABORATE 6 New products delivered, first client activations: • Iris: AI interface integrated into Prognosis, powers deeper discovery and foundational to expanded AI offering, first clients activated. • First IR Labs product: Beta launch of AI platform that automates software quality assurance, first clients activated. • Prognosis Elevate (Prognosis-as-a-service): Provides clients the option to activate Prognosis as a service. • High Value Payments (HVP) product implementation completed with Top 10 US bank, engagement with other major global banks progressing. New AI products introduce utilisation (SaaS) revenue model: Utilisation based revenue model supports the product-led growth strategy and sustainable revenue growth objective over the medium-long term. Product-led growth execution: • Product & technology investment (new products) up by 29%, offset by other cost savings. • New product investment has established innovation, engineering and client engagement motions, targeting further improvement in FY27. FY26RESULTS FY26RESULTS FINANCIAL UPDATE Christian Shaw, CFO 8 FY26 KEY FINANCIAL METRICS Refer to Glossary within the Appendix for definitions and reconciliation of pro forma revenue to statutory numbers. Pro forma Revenue $65.8m Down 12% on FY25 Statutory Revenue $57.6m Down 16% on FY25 Net Cash $51.7m Up 27% on Jun 25 EBITDA ($2.1m) Down on FY25 $15.9m NPAT $1.2m Down 91% on FY25 FINANCIALS Ordinary Dividend (Fully Franked) $0.03 Up on FY25: $0.02 Special Dividend (Fully Franked) $0.02 PRO FORMA REVENUE FY26 Pro forma Revenue: $65.8m (down 12%). Pro forma revenue apportions upfront license fee revenue evenly over the life of the contract. 92% of Pro forma revenue is secured via term-based contracts. Pro forma revenue decline reflects an 11% reduction in term- based revenues, and a 20% reduction in other revenues (services and perpetual licences). 67.5 60.4 6.8 5.4 FY25 FY26 Term-based Other 74.3 65.8 A$M FINANCIALS 9 Refer to Glossary within the Appendix for definitions and further information on pro forma revenue, including a reconciliation of statutory to pro forma revenue. PRO FORMA REVENUE BY TERRITORY AND PRODUCT 10 Pro forma revenue declines across all territories and products. FINANCIALS AMERICAS 45.0 APAC 13.8 EUROPE 7.0 TERRITORY(A$M) • Americas down 13% vs PCP. Collaborate reductions were aligned with prior years trend, whereas Transact and Infrastructure declines reflect down sell and represent a shift from upsell driven growth in prior years. • APAC down 7% vs PCP and Europe down 11% vs PCP, with smaller reductions seen across all products. Collaborate 32.2 Transact 14.9 Infrastructure 18.7 PRODUCT(A$M) • Collaborate down 11% vs PCP due to churn and down sell offsetting new business wins. • Transact down 14% vs PCP mainly due to down sell. • Infrastructure down 11% vs PCP also mainly due to down sell. 11 FY26 Statutory Revenue: $57.6m (down 16%) Revenue recognised at a point in time was $38.8m vs $44.6m in FY25. Licence fees were down 13%, maintenance fees down 12% and subscription fees down 54% vs FY25. Services revenue was down 17% vs FY25, following the sale of the testing business in FY25. 44.6 38.8 13.2 11.6 3.9 1.8 6.5 5.4 FY25 FY26 Licence fees Maintenance Subscription fees Services A$M 68.3 57.6 STATUTORY REVENUE Down 16% vs PCP FINANCIALS Licence fees are recognised up-front rather than over the life of the contract and can be lumpy. Subscription fees and maintenance revenue are recognised over the life of the contract. Statutory revenue trends with Total Contract Value (TCV). TCV is reported in the Appendix. Refer to Glossary within the Appendix for definitions and related information 12 STATUTORY EBITDA FY26 EBITDA Loss of $2.1m Refer Glossary within the Appendix for definitions and related information. In A$M FY26 FY25 Change % Total revenue 57.6 68.3 (16%) Expected credit losses (ECL)1 5.0 0.1 NM Operating Expenses (excl. ECL & Depreciation & Amortisation) 53.1 54.4 (2%) Other (losses)/gains2 (1.6) 2.1 NM EBITDA (2.1) 15.9 NM Margin (4%) 23% NM EBITDA moved from a $15.9m profit in FY25 to a $2.1m loss, driven by lower revenue and expected credit losses and adverse FX movement. FY26 credit loss expense of $5.0m reflects 1H provision and includes $3.8m relating to a single client and unrelated to software performance. Excluding credit losses expense, FY26 expenses were broadly flat on FY25 at $53.1m. Investment in new products continues in line with capital allocation framework. No capitalisation of R&D during the period. 1 Expected credit losses (ECL) is an interchangeable term for doubtful debts expense 2 FY26 includes $2.7m of currency exchange losses, part offset by $1.0m other income, where FY25 includes $2.1m of gains, largely from sale of testing business and currency exchange. NM - The percentage change is not meaningful to PCP. FINANCIALS 13 BALANCE SHEET & CASH GENERATION Period Ended Jun-26 Jun-25 Change % A$M A$M Cash & equivalents 51.7 40.6 27% Trade & other receivables 58.2 73.7 (21%) All other assets 9.4 8.7 9% Total assets 119.4 123.0 (3%) Trade & other liabilities 5.7 5.7 (1%) Deferred revenue 10.6 11.5 (8%) All other liabilities 5.1 5.2 0% Total liabilities 21.4 22.4 (4%) Net assets 98.0 100.6 (3%) Net Tangible Assets cents per share 54.3 56.7 (4%) Strong balance sheet with cash of $51.7m and no debt. FY26 net assets: $98.0m (down 3%) Trade & other receivables of $58.2m, down 21% on Jun 25. Net Tangible Assets of 54.3 cents per share. Product & Technology expense increase of 29% was offset by savings across Sales and Marketing and General & Administration (excluding expected credit losses). Net cash from operating activities $12.6m, (FY25: $8.7m), reflects broadly consistent cash generation from operations and a large reduction in income tax payments that align to timing of statutory profits. Net Interest receipts of $3.6m (FY25: $2.9m). FY26 payment of $3.5m for FY25 Dividend (FY25 payment of $3.5m for FY24 Dividend). The Change % is based on unrounded numbers as per the Annual Financial Report. FINANCIALS 14 FY27 CAPITAL ALLOCATION FRAMEWORK Investing for Product-Led Growth FINANCIALS Innovation investment • Product innovation across the Prognosis platform & 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). • FY26 final fully franked dividend of $0.05 per share comprising of an ordinary dividend of $0.03 per share (FY25: $0.02) and a special dividend of $0.02 per share. • Emphasis on maintaining flexibility while in pursuit of product led growth. FY26RESULTS PRODUCT-LED GROWTH UPDATE Ian Lowe, CEO and Managing Director 16 PRODUCT-LED GROWTH (PLG) Investment in new products is essential to establish sustainable revenue growth over the medium to long term: • IR has a mature product in a competitive global market and is investing to build new products. • Product & technology investment increased 29% in FY26, new products were delivered, first clients activated and usage-based revenue models established. • AI led disruption presents both risk and opportunity: • Risk – procurement cycles are protracting and average term of contract is reducing: reflective of a more cautious enterprise mindset. • Opportunity – IR is embracing AI to: • expand and accelerate product innovation • deliver greater value via new AI powered products and enhanced features • drive operational efficiencies • Product & technology investment to continue, program of new product development ongoing and targets return to growth over the medium to long term. PLGSTRATEGY Focused PLG strategy execution has delivered new products and revenue models. FY27 focus is to improve innovation and commercialisation cadence. 17 KEY GROWTH METRICS New Client Revenue $5.5m Down 18% on FY25 Licence fee revenue from new clients Expansion Revenue $2.9m Down 12% on FY25 Early stages of releasing new products Subscription Fees $1.8m Down 54% on FY25 Utilisation-based revenue • New client wins include large US Government agencies, Health and Finance verticals across multiple geographies. • Larger of the new clients committing to shorter contract terms. • Expansion revenue wins strongest in the Finance vertical aligned to Transact product. • Continued investment to build new products in FY27 targets improved expansion revenue performance in the medium to long term. • Subscription fees down 54% vs PCP. • We are building new SaaS products to improve subscription revenue performance. New client wins, revenue growth from new products still to emerge. PLGSTRATEGY 18 PRODUCT-LED GROWTH (PLG) Focused PLG strategy execution has delivered new products and revenue models. FY27 focus is to improve velocity of innovation and commercialisation. PLGSTRATEGY FY26 FY27 Product Innovation Product Commercialisation Iris AI powered Observability Elevate Prognosis as a service Agentic SQA AI powered software verification • Client engagement, innovation uplift, new products launched • Platform on which to build to product led growth New product enhancements New product releases Expanded client engagement • Extended capabilities, product and feature extension • Improved cadence of delivery New product marketing First users secured Build sales pipeline • Accelerate adoption, grow user base • Accelerate utilisation • Increased adoption & utilisation of new products contributes growth 19 • AI is both a disruptor and an enabler. IR is responding in three primary ways: 1. AI as innovation driver - embedding it into our product offering (eg. Iris). 2. Building new, stand-alone products that are born AI enabled (eg. IR Labs). 3. Integrating AI tools into operations to improve productivity. • While AI-led disruption will continue, IR has leverage: • Observability of the business-critical technology IR provides remains essential for clients. • Much of the data IR harvests lies deep within the client tech stack and is difficult to access (IR is trusted). • Trust of AI is an open issue for many clients operating in highly regulated verticals such as finance, government, health. • Observability data is complex, IR has built highly specialised capabilities over many years. • IR’s product strategy recognises larger clients are making decisions more cautiously, committing to shorter contracts: • Minimising deployment friction - build new products that can be more easily deployed and adopted. • Minimising pricing friction – SaaS products do not require the client to commit up front, cost is usage based. • Minimising contract friction – incorporate new products into client contracts to avoid additional contract cycles. FY26RESULTS OBSERVATIONS 20 FY26 Results • FY26 final fully franked dividend of $0.05 per share comprising of an ordinary dividend of $0.03 per share (FY25: $0.02) and a special dividend of $0.02 per share. • Lower FY26 revenue reflective of softer renewals book and new business contribution (impacted by cautious market/protracted procurement cycles, AI disruption, reduced average contract term). • Continued cost management discipline - strong FY26 cash generation, closing cash of $51.7m. • First AI-powered products released. Continued product-led growth execution • Ongoing product investment to build additional new products. Investment in product-led growth to impact profit performance over the short to medium term. • Closer client engagement established in FY26 to be further expanded in support of new product development. • Continued focus on sales and new product commercialisation seeks to minimise churn and secure a growing contribution from new client, expansion and SaaS revenues. • FY27 renewals book weighted to 2H. FY26RESULTS SUMMARY FY26RESULTS THANK YOU FY26RESULTS APPENDIX 23 TOTAL CONTRACT VALUE (TCV) FY26 TCV: $54.3m (down 19%) TCV is the total value of client contracts secured in any given period. FY26 renewals of $38.5m and new business of $10.9m, both down 21% vs PCP. Services TCV of $4.9m, broadly flat vs PCP. 48.6 38.5 13.8 10.9 4.9 4.9 FY25 FY26 Renewal New business Services 67.3 54.3 A$M Refer to Glossary within the Appendix for definitions. New business TCV of $10.9m, down 21% vs PCP FINANCIALS 24 EBITDA CASH FLOW BRIDGE ($M) • FY26 Pro forma EBITDA exceeded statutory EBITDA by $10.8m, reflecting add backs for pro forma revenue differential, and cost adjustments for doubtful debts aligned with the pro forma revenue recognition. Over-time revenue conversion deducts “upfront” licence fees and adds back the (“over-time”) amortised licence component that relates to the reporting period. Sales commission costs and expected credit losses associated with this timing difference are also adjusted to ensure revenues and expenses are matched to the correct reporting period. FINANCIALS Net cash from operating activities of $12.6m, up from $8.7m in FY25. Interest received of $3.6m and dividends paid of $3.5m. Closing cash of $51.7m, up 27% on Jun 25, with no debt. 34.1 30.8 FY25 FY26 7.3 10.6 FY25 FY26 13.5 17.4 FY25 FY26 54.9 58.8 FY25 FY26 25 OPERATING EXPENSES – A$M • Total operating expenses of $58.8m includes credit losses and depreciation & amortisation. • FY25 to FY26 product and technology expense movement reflects investment in new products. • No capitalisation during period. • Sales & marketing spend was down 10% vs prior period. • General and administration costs includes expected credit losses of $5.0m. • Depreciation and amortisation is $0.7m. 7% 29% 45% 10% Total expenditure Product and Technology General and Administration Disciplined cost management Rounded numbers may produce minor differences in movement percentages to the FY26 Annual Financial Report. FINANCIALS Sales and Marketing 26 RECONCILIATION OF REVENUE AND PRO FORMA REVENUE, AND NET PROFIT AFTER TAX (NPAT) TO EBITDA AND PRO FORMA EBITDA 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., over 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 and expected credit losses for timing differences, to ensure revenues and expenses are matched to the correct periods. Full year results - $M FY26 FY25 Revenue 57.6 68.3 Term licence fees recognised upfront (38.8) (44.3) Amortised licence fees 46.9 50.4 Pro forma revenue 1 65.8 74.3 Net Profit after Tax (NPAT) 1.2 13.4 Income tax expense (0.5) 5.1 Finance income (3.6) (3.0) Depreciation and amortisation 0.7 0.4 EBITDA 2 (2.1) 15.9 Cost deferral related to over-time revenue (0.6) (0.5) Cost adjustment related to expected credit losses where revenue recognised prior year 3.3 - Over-time revenue conversion 8.1 6.1 Pro forma EBITDA3 8.7 21.5 FINANCIALS Rounded numbers may produce minor differences in movement percentages to the FY26 Annual Financial Report. 27 FY26 PRO FORMA RECURRING REVENUE Full Year Revenue FY23 FY24 FY25 FY26 FY24 FY25 FY26 $M $M $M $M %chg. %chg. %chg. Infrastructure 18.6 19.2 19.9 17.7 4% 3% (11%) Transact 11.5 12.7 16.3 14.1 11% 29% (13%) Collaborate 38.3 34.9 31.3 28.5 (9%) (10%) (9%) Proforma subscription revenue 68.3 66.8 67.5 60.4 (2%) 1% (11%) Perpetual sales 0.3 0.3 0.3 0.0 (7%) (5%) (100%) Testing Services 3.3 3.1 2.7 2.1 (7%) (12%) (24%) Professional Services 3.7 4.6 3.8 3.3 25% (17%) (13%) Proforma revenue 75.6 74.8 74.3 65.8 (1%) (1%) (12%) Statutory revenue 69.8 83.3 68.3 57.6 19% (18%) (16%) Reconciliation to Statutory Accounts: Proforma revenue 75.6 74.8 74.3 65.8 Deduct Amortised licence fees (51.1) (50.4) (50.3) (47.0) Add term licence fees recognised upfront (excl perpetual licenses) 45.3 58.9 44.3 38.8 Statutory revenue 69.8 83.3 68.3 57.6 FINANCIALS Reconciliation of statutory to pro forma revenue Rounded numbers may produce minor differences in movement percentages to the FY26 Annual Financial Report. 28 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, and 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., over 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 and doubtful debts provision for timing differences, to ensure revenues and expenses are matched to the correct periods. New Business Total ContractValue (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 FINANCIALS