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 2026 Annual Report Sydney, 14 October 2026 – Attached is the 2026 Annual Report for Integrated Research Limited (ASX:IRI). 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. 2026 Annual Report CONTENTS 4 Chairman’s Letter 6 CEO’s Letter 9 About IR 10 Directors’ Report 22 Remuneration Report (audited) 40 Consolidated Statement of Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Notes to the Financial Report 69 Consolidated Entity Disclosure Statement 70 Directors’ Declaration 71 Auditor’s Independence Declaration 72 Independent Auditor’s Report 77 Shareholder Information 80 Corporate Directory 1 Annual Report 2026 FY26 FINANCIAL UPDATE (A$M) Revenue 16% 3% Cash Receipts from Customers Jun-25 Jun-26 Jun-25 Jun-26 57.6 68.3 64.7 66.7 EBITDA Jun-25 Jun-26 (2.1) 15.9 91% NPAT Jun-25 Jun-26 13.4 1.2 2 Integrated Research Limited 27% Net Cash Jun-25 Jun-26 40.6 51.7 46% Net Operating Cashflow Jun-25 Jun-26 8.7 12.6 3 Annual Report 2026 CHAIRMAN’S LETTER 4 Integrated Research Limited Dear Shareholders, FY26 was a year of continued transition for Integrated Research, as the Company navigated a more cautious enterprise market while maintaining investment in the products and capabilities that will shape IR’s future. Market conditions softened through the year, with customers taking longer to make purchasing decisions and increasingly favouring shorter contract terms. These dynamics contributed to lower renewals and reduced new business, particularly in the second half. Despite these challenges, management maintained disciplined cost control and prudent capital allocation while continuing to execute the Company’s product‑led growth strategy. Product and technology investment increased by 29% during FY26, fully expensed with no capitalisation, and funded through savings across other areas of the business. IR also continued to generate strong cash flow. Net cash from operating activities increased to $12.6 million, and the Company ended the year with $51.7 million in cash and no debt — a 27% increase on the prior year. This balance sheet strength provides the capacity to invest in innovation, maintain appropriate financial flexibility, and return capital to shareholders. Reflecting this position, the Board declared a fully franked final dividend of five cents per share, comprising an increased ordinary dividend of three cents per share and a special dividend of two cents per share. The Board’s capital allocation framework remains focused on balancing investment in innovation with prudent reserves and shareholder returns. Investing in IR’s Future While FY26 financial performance was challenging, the Company made meaningful progress against its product‑led growth strategy. During the year, IR launched Iris, its AI interface integrated into Prognosis; delivered the first product from IR Labs, our AI‑first innovation capability; introduced Prognosis Elevate, enabling customers to consume Prognosis as a service; and completed implementation of the High Value Payments product with a top‑ten US bank. First customers have now been activated across several of these new offerings. These developments expand both the markets in which IR can participate and the ways customers can consume our technology. The introduction of AI‑native products also enables utilisation‑based SaaS revenue models, reducing upfront commitments for customers and creating opportunities for revenue to grow as adoption and utilisation increase. AI is reshaping the technology landscape and the environments in which our customers operate. This presents both disruption and opportunity. IR is responding by embedding AI into existing products, developing new AI‑native offerings, and adopting AI tools within its own operations to improve productivity. Strong Foundations As we look beyond FY26, it is important to recognise IR’s underlying strengths. The Company has long‑standing relationships with some of the world’s largest and most sophisticated enterprises, including leading banks, telecommunications providers and Fortune 500 organisations. Our technology monitors applications and infrastructure that are critical to our customers’ operations, and much of the data IR accesses sits deep within their technology environments. The capability to collect, interpret and simplify this complex data has been developed over many years. It is particularly relevant for customers operating in highly regulated industries such as financial services, government and health, where security, regulatory compliance and trust are fundamental. These capabilities — combined with our established enterprise relationships and deep domain expertise — provide a strong foundation for continued innovation. FY26 was an important year of product development and investment. The focus now increasingly shifts toward commercialisation and execution: expanding customer engagement, releasing new products and enhancements, building sales pipelines, and accelerating adoption and utilisation of the products introduced during the year. There is considerable work ahead, and revenue contributions from these investments remain at an early stage. However, IR enters FY27 with a strong balance sheet, an experienced team, trusted relationships with major global enterprises, deep technical and domain expertise, and a broader portfolio of products. The Board believes these strengths position IR well to continue executing its product‑led growth strategy and pursue sustainable revenue growth over the medium to long term. On behalf of the Board, I would like to thank our employees for their commitment throughout FY26, our customers for their continued trust, and our shareholders for their ongoing support. Yours sincerely, Peter Lloyd Chair Integrated Research Limited 5 Annual Report 2026 CEO’S LETTER 6 Integrated Research Limited Dear Shareholders, In FY26, the Company focused its investment and execution on advancing our product‑led growth strategy against the backdrop of a cautious enterprise market and accelerating AI‑driven disruption. Pro forma revenue declined 12% to $65.8 million and statutory revenue declined 16% to $57.6 million, reflecting a softer renewals book and lower new business contribution in the second half. Despite these conditions, disciplined cost management saw net cash from operating activities increase to $12.6 million and our closing cash position strengthen to $51.7 million, a 27% uplift. Across our large enterprise customer base, we observed longer procurement cycles and a continued shift toward shorter contract terms as organisations responded cautiously to a rapidly evolving technology environment. While these dynamics affected near‑term revenue, we remained focused on the actions required to position IR for sustainable growth over the medium to long term. A central pillar of this effort is our product strategy. IR has a mature, trusted portfolio operating in competitive global markets. Our objective is to build on these foundations by accelerating innovation, expanding our addressable markets, and delivering products that are easier for customers to adopt, deploy and consume. During FY26, we increased product and technology investment by 29%, delivering tangible outcomes. We launched Iris, our AI interface integrated into Prognosis, giving customers new ways to explore and interact with the complex observability data captured by our platform. We released the first product from IR Labs, our AI‑first innovation capability, focused on AI‑powered software quality assurance. We introduced Prognosis Elevate, enabling customers to consume Prognosis as a service, and completed implementation of our High Value Payments solution with a top‑ten US bank. Importantly, first customers have now been activated across several of these new offerings. We also began establishing new utilisation‑based SaaS products. These capabilities support our growth agenda by reducing friction for customers and enabling IR to grow revenue as adoption and utilisation increase. AI is central to our product roadmap, serving both as a source of disruption and an enabler of opportunity. We are responding to the rise of AI in three ways: embedding it within our existing portfolio; developing new, standalone products that are AI‑enabled from inception; and applying AI within our own operations to improve productivity and execution. At the same time, we recognise the considerable strengths upon which IR can build. Our technology is trusted by some of the world’s largest enterprises, including leading global banks, telecommunications providers and Fortune 500 organisations. We operate deep within customers’ technology environments, monitoring infrastructure and applications critical to their operations, and have established a privileged position within their ecosystems. We believe the combination of our domain expertise, long‑standing enterprise relationships and the trust customers place in IR provides a strong foundation from which to extend our use of AI and develop the next generation of products. Throughout FY26, we maintained financial discipline. Increased investment in product and technology was offset by savings elsewhere in the business, and our balance sheet affords us the capacity to continue investing in innovation while maintaining appropriate financial flexibility. The priority for FY27 is commercialisation and execution. We will continue to invest in new products and enhancements while improving the velocity with which we bring innovations to market. We are expanding customer engagement to accelerate adoption and utilisation of new capabilities and to optimise renewals outcomes. We recognise that revenue contribution from these investments is still at an early stage. FY26 established new products, new capabilities and new revenue models; our task in FY27 is to build on those foundations and translate product innovation into increasing commercial adoption. 7 Annual Report 2026 IR enters this next phase with a strong balance sheet, deep technical and domain expertise, long‑standing relationships with major global enterprises and an expanding portfolio designed for a technology landscape increasingly shaped by AI. We remain focused on executing our product strategy and building a stronger platform for sustainable growth over the medium to long term. I would like to thank our people for their commitment, energy and willingness to embrace change throughout FY26. I also thank our customers for their continued partnership and our shareholders for their ongoing support. Yours sincerely, Ian Lowe Chief Executive Officer and Managing Director Integrated Research Limited 8 Integrated Research Limited ABOUT IR IR is the corporate brand name of Integrated Research Limited. For more than 30 years, IR has helped some of the world’s largest organisations manage the complexity of their business-critical technology environments. IR powers elite business performance through market-leading observability solutions that provide deeper visibility, stronger performance and smarter insights across complex technology ecosystems. At the heart of IR’s solutions is Prognosis, its real-time intelligence platform built for multi-vendor communications, payments and infrastructure environments. Prognosis underpins IR’s three core solution suites – Collaborate, Transact and Infrastructure. Embedded within Prognosis, Iris is an AI-powered natural language interface and intelligence layer that helps turn complex observability data into contextual, easy-to- understand answers. Together, IR’s solutions help organisations turn deep ecosystem intelligence into actionable insights – protecting performance, improving experiences and supporting confident business decisions. Collaborate IR Collaborate delivers real- time observability across unified communications, contact centre and collaboration ecosystems. Powered by Prognosis, it gives enterprise IT teams, service providers and contact centre operations the intelligence to maintain performance, prevent disruption and keep people connected across cloud, on-premises and hybrid environments. Transact IR Transact provides monitoring and analytics for complex, high-volume payments environments. Powered by Prognosis, it provides real-time visibility across card, high-value and real-time payments, helping organisations keep transactions flowing, resolve issues before they impact customers and turn complex transaction data into actionable business intelligence. Infrastructure IR Infrastructure delivers performance management and monitoring for HPE NonStop environments. Powered by Prognosis, it provides real-time visibility into system performance, capacity and availability, helping organisations keep mission-critical systems running efficiently, plan proactively and make confident, data-driven decisions. 9 Annual Report 2026 DIRECTORS’ REPORT 10 Integrated Research Limited The Directors present their report together with the Financial Report of Integrated Research Limited (“the consolidated entity” or “Integrated Research”), being the Company and its controlled entities, for the year ended 30 June 2026 and the Auditor’s Report thereon. Review of operations and activities Principal activities Integrated Research Limited’s (the “Company” or “IR”) principal activities are the design, development, implementation, and sale of software to monitor in real time the performance of business-critical computing, including Unified Communication networks and Payment networks. Group overview Integrated Research has a long heritage of providing performance monitoring, diagnostics, and management software solutions for business-critical computing environments. Since its establishment in 1988, the Company has provided its Prognosis products to large organisations requiring high levels of computing performance and reliability. Prognosis is an integrated suite of monitoring and management software, designed to give an organisation’s management and technical personnel operational insight into, and optimise their operation of, HP NonStop, distributed system servers, Unified Communications (“UC”), and Payment environments and the business applications that run on these platforms. Integrated Research has developed its Prognosis products around fault-tolerant, highly distributed software architecture, designed to achieve high levels of functionality and scalability. Integrated Research services clients in more than 40 countries through direct sales operations in the USA, UK, Germany, Singapore, and Australia, and via a global, channel-driven distribution network. Integrated Research’s customer base consists of some of the world’s largest organisations and includes banks, credit card companies, telecommunications carriers, technology companies, service providers and manufacturers. The Company generates its revenue from licence fees, recurring maintenance, testing solutions and professional services. Revenue from the sale of licences where there are no post-delivery obligations is recognised at the date of the delivery. Revenue from maintenance contracts is recognised ratably over the service agreement. Revenue from professional services and testing solution services is recognised over the period the services are delivered. Review and results of operations Overview The Company achieved a profit after tax of $1.2 million for FY26, a decrease of $12.1 million compared to the prior year. The reduction was driven by a $10.6 million (16%) decline in revenue to $57.6 million, a $3.9 million (7%) increase in expenses to $58.8 million, including an expected credit loss provision expense of $5.0 million (2025: $0.1 million), and a $3.7 million adverse movement in other losses and gains, primarily due to foreign currency exchange movements. These impacts were partially offset by a $0.6 million increase in finance income to $3.6 million and an income tax benefit of $0.5 million, compared with an expense of $5.1 million in the prior year. Robust cash conversion enabled the Company to increase its cash balance by 27% to $51.7 million. Revenue performance declined year-on-year, reflecting a softer renewals base and reduced new business contribution. Although trading performance was broadly consistent across the first and second halves, full- year results were adversely affected by a slowdown in new business momentum during the second half and the deferral of several opportunities into FY27. Particularly in the Americas, longer compliance and procurement cycles were experienced as enterprise clients exercised increased caution regarding technology investment decisions amid the rapidly evolving artificial intelligence landscape. The Americas region contributed $41.3 million - a 14% decline on the prior year, where Asia-Pacific contributed $11.0 million, down 29% and Europe $5.3 million, up 13%, year on year. Demand generation and sales execution risk continued to be a focus for management. The Company experienced currency losses of $2.7 million (2025: $0.5 million gain) and benefited from other incomes of $1.0 million (prior year $1.6 million), the prior year included $1.2 million from sale of the non-core testing solutions business. These amounts are included in other gains and losses of the Consolidated Statement of Comprehensive Income. An increase in expected credit loss provision expense to $5.0 million (2025: $0.1 million) hampered profitability during the year. This resulted from specific provisioning for delinquent receivables, principally associated with a single client contract. These amounts are included in general and administration expenses within the Consolidated Statement of Comprehensive Income. Revenue The following table presents Company revenues for each of the relevant product groups: In thousands of AUD 2026 2025 % Change Collaborate 23,993 33,023 (27%) Infrastructure 14,715 18,170 (19%) Transact 15,626 13,280 18% Professional services 3,304 3,783 (13%) Total revenue 57,638 68,256 (16%) Consistent with the softer FY26 renewals book, Collaborate revenue of $24.0 million decreased by 27% over the prior year, primarily driven by a lower renewals book of business. The combination of new client and expansion revenue also decreased over the prior year, as the profile of contracts won had notably shorter terms than the prior year. The constant currency net revenue retention rate for Collaborate in FY26 was 83% (2025: 83%). Licence fees for Collaborate were $14.6 million, down 25% over the prior year. SaaS revenues for Collaborate were $1.8 million, up 6% over the prior year. Infrastructure revenue of $14.7 million decreased by 19% over the prior year, reflecting similarly lower renewals, as well as a decline in new business revenue, driven by lower expansion sales. Transact revenue of $15.6 million increased by 18% over the prior year, driven by strong renewal growth as a result of client-led early contract renewals. Licence transactions sold during the year were closed on a multi-year term basis with maturities ranging from one year to five years and averaging 3.2 years. The following table presents Company revenues for each of the relevant geographic segments in the underlying currencies: 2026 2025 % Change Asia Pacific (A$’000) 11,032 15,471 (29%) Americas (US$’000) 28,109 30,884 (9%) Europe (£’000) 2,661 2,358 13% Asia Pacific revenue of $11.0 million was down 29% over the prior year, driven by a large decline in new client revenue and lower professional services, whilst renewals were broadly flat versus the prior year. The region achieved growth in Transact, Infrastructure was flat and Collaborate had an underperforming year based on a combination of a soft renewal book and new business. Americas revenue of US$28.1 million, was down 9% over the prior year. The region experienced softer contract renewals and revenue decline to the prior year. Whilst new business revenue increased strongly because of new client wins in the first half of the year within the government sector particularly. During the second half the Company experienced uncertainty from protracted compliance and procurement cycles which resulted in new contract deferrals. Europe revenue of £2.7 million, was up 13% over the prior year, as new business growth more than offset lower renewals and services revenue. DIRECTORS’ REPORT 11 Annual Report 2026 Expenses The following table presents the Company’s cost base compared to the preceding year: In thousands of AUD 2026 2025 % Change Product and technology expenses 17,394 13,514 29% Sales, professional services, and marketing expenses 30,798 34,056 (10%) General and administration expenses 10,631 7,317 45% Total expenses 58,823 54,887 7% Total expenses were up 7% to $58.8 million. The increase in expense was due to an increase in the allowance for credit losses which was primarily from one singular client and included in general and administration expenses. Total staff numbers finished the year at 138 (2025: 131). Gross spending on product and technology expenditure represents 30% of total revenue (2025: 20%): In thousands of AUD 2026 2025 % Change Gross product and technology expenses 17,394 13,514 29% Capitalisation of development expenses – – – Amortisation of capitalised expenses – – – Net product and technology expenses 17,394 13,514 29% Gross spend as a % of revenue 30% 20% Tax expense Income tax was a net benefit of $0.5 million for the year (2025: $5.1 million expense). The benefit principally reflects the utilisation of R&D tax incentives that are available against product development in Australia. This is offset by the impact of temporary differences in overseas locations that have not resulted in deferred tax recognition because future taxable profits are unlikely to support a tax asset being recognised. The Company’s effective tax rate was a benefit of 64.4%, compared to an effective tax rate charge in the prior year was 27.5%. Shareholder returns Returns to shareholders were as follows: 2026 2025 2024 Net profit ($’000) 1,210 13,358 27,130 Basic EPS (cents) 0.67 7.56 15.57 Dividends declared per share - Ordinary (cents) 3.00 2.00 2.00 Dividends declared per share - Special (cents) 2.00 Nil Nil Dividend franking percentage 100% 100% 100% Return on equity 1% 14% 37% DIRECTORS’ REPORT 12 Integrated Research Limited The market response to the Company’s initial AI- enabled offerings has been encouraging with first clients activated. However, these products remain in the early stages of their lifecycle and are yet to generate a meaningful revenue contribution. The Company will continue to invest in expanding its new product offering, with further product releases planned for FY27. More broadly, the Company observed the following market conditions during FY26: – Sales cycles among large enterprise clients are lengthening, reflecting a more cautious approach to acquire IR’s software. – The larger of new contract wins were characterised by shorter average contract durations. This is in large part attributable to the disruption resulting from AI, clients less likely to commit to extended periods in an environment of more rapid change. Priorities for FY27 The Company’s FY27 priorities are focused on improving the commercial return from recent innovation investments while maintaining disciplined execution. Key areas of focus include: – Ongoing product investment to build additional new products. – Closer client engagement established in FY26 to be further expanded in support of new product development. – Continued focus on sales and new product commercialisation to minimise churn and secure a growing contribution from new client, expansion and SaaS revenues. Strategy and priorities During FY26, the Company continued execution of its product-led growth strategy. Having established innovation priorities and a defined product roadmap in FY25, the focus in FY26 shifted towards building the capabilities and commercial foundations required to support sustainable growth over the medium to long term. This included investment in and delivery of new products and the introduction of utilisation- based pricing models intended to simplify client adoption and create additional avenues for future revenue growth. The Company also continued to invest in Artificial Intelligence (AI) and Machine Learning (ML) capabilities, with a focus on deriving additional value from data sets already collected across the Prognosis platform. These activities extend beyond the Observability product portfolio and into IR Labs, the Company’s dedicated innovation function, which is focused on the development of new, stand- alone AI and ML-enabled capabilities. During FY26, the Company achieved a number of outcomes aligned to its innovation and product development priorities, including: – The development and initial release of a stand- alone AI-enabled product aimed at improving software quality assurance and reducing manual effort. – The introduction and expansion of AI-driven analytics functionality, providing clients with improved insights derived from existing data sources. – The launch of cloud-hosted service offerings designed to reduce deployment complexity and ongoing infrastructure requirements. – The successful implementation of a new payments-related solution within a major financial institution, providing validation of the Company’s ability to support critical operational environments. – Monitoring of additional vendors and interoperability with additional third-party platforms. DIRECTORS’ REPORT 13 Annual Report 2026 Risks to Delivery of FY27 Priorities The Company remains well positioned to pursue its product-led growth strategy through its strong balance sheet, established client relationships and ongoing investment in innovation. However, the delivery of FY27 priorities is subject to a number of risks and uncertainties, including: – Commercialisation risk associated with recently launched AI-enabled offerings, including the pace of client adoption, utilisation growth and conversion into meaningful recurring revenue. – Extended enterprise procurement, compliance and approval processes that may delay contract execution, revenue recognition and new business growth. – Competitive pressures and technology disruption, including rapid advancements in artificial intelligence capabilities among both existing and emerging competitors. – Client retention and renewal performance as technology environments continue to evolve towards cloud-based and hybrid architectures. – The attraction and retention of suitably skilled personnel across product, engineering and commercial functions required to support innovation and execution. – Foreign exchange volatility and broader macroeconomic uncertainty that may influence client investment decisions and financial performance. Management and the Board continue to monitor these risks and implement actions intended to mitigate their potential impact while progressing the Company’s strategic objectives. The Company believes it remains well positioned to continue investing in its product-led growth strategy. Its established client base, long-standing relationships with major organisations across multiple industries and geographies, access to mission-critical operating environments, and strong balance sheet provide a foundation from which to pursue further growth opportunities. The Company remains mindful of prevailing market conditions and the need to convert ongoing product investment into sustainable commercial outcomes. DIRECTORS’ REPORT 14 Integrated Research Limited Risk Management IR applies a structured approach to identifying, assessing and managing risks and opportunities in accordance with its risk management framework. The Company faces a range of strategic, financial and non-financial risks that may affect its operations, financial performance and ability to deliver its objectives. Mitigation strategies are designed to reduce the likelihood and potential impact of identified risks; however, certain risks remain subject to factors outside the Company’s control. Residual risks are monitored and managed within the Board- approved risk appetite. Risk and Potential Consequences Mitigations Employed Strategy and Execution Failure to effectively execute strategic initiatives, adapt to changing market conditions, respond to competitive pressures, or realise anticipated benefits from growth opportunities may adversely impact financial performance, market position and long- term shareholder value. – Regular Board review of strategy, market developments and execution priorities. – Governance processes to assess and monitor strategic initiatives and investment decisions. – Performance monitoring against key strategic objectives and outcomes. People Inability to attract, retain, develop or effectively manage employees and key personnel may adversely affect operational performance, organisational culture, client outcomes and the successful execution of strategic objectives. – Succession planning for key leadership and business- critical roles. – Competitive remuneration and incentive arrangements designed to attract and retain talent. – Employee engagement, development and performance management programs. Product Failure to develop, m