Announcement PDF ASX:5GG FY26 Results Presentation and Strategy Update September 2026 · Includes FY26 results, year ended 30 June 2026 Important notice & disclaimer You must read the following before continuing Summary information in relation to Pentanet Limited: This presentation contains summary information about Pentanet Limited (ACN 617 506 279) (“Company”), its subsidiaries and their activities which is current as at the date of this presentation, unless otherwise indicated. The information in this presentation remains subject to change without notice, and the Company is not responsible for updating, nor does it undertake to update it. 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SECTION 1 FY26 Results Overview 3 of 33 FY26 KEY HIGHLIGHTS Growth in higher-margin gaming delivers improved operating performance 01 Significant improvement in operating and financial performance Group revenue up 8% on PcP to $24.4 million Improved profitability with Group EBITDA1 up 74% to $2.4 million Net Operating Cash Inflow up 17% to $1.6 million Operating leverage & cost discipline converted growth into profit & cash 02 Higher-margin cloud gaming drives operating leverage Gaming revenue up 16% on PcP to $2.8 million, at a 68% gross margin (up 11pp) Gaming EBITDA up 61% to $1.7 million, 46% of Group EBITDA, up from 35% In advanced negotiations with NVIDIA, under our alliance agreement, to acquire additional Blackwell servers, expected to conclude soon2 Alliance partner status enables GPU upgrade 03 Resilient telco performance underpins recurring revenue Steady subscriber growth, supported by NBN Speed Boost Higher margin 5G subscribers up 15% on PcP A recurring-revenue foundation underpins future growth 1. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. 2. Negotiations remain ongoing and there is no certainty that an agreement will be concluded. 4 of 33 FINANCIAL UPDATE · FY26 VS PCP Group results: EBITDA +74% Group revenue $m +8% $20.9m $22.6m $24.4m FY24 FY25 FY26 Consistent revenue growth, up 8% on PcP and 17% on FY24. Group EBITDA1 $m +74% $1.4m $2.4m ($1.3m) FY24 FY25 FY26 From a $1.3m loss to $2.4m, a step-change in operating leverage. Operating cash flow $m +17% $1.4m $1.6m ($0.6m) FY24 FY25 FY26 Operating cash flow of $1.6m, a $2.2m turnaround from FY24's outflow. 1. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. 5 of 33 FINANCIAL UPDATE · CASH FLOW Operating cash flow up 17% to $1.6m $1.6m Operating cash flow +17% ($2.3m) Investing, narrowed 16% ~$0 Financing, broadly neutral $1.5m Cash at bank Operating cash flow $m $1.4m $1.6m ($0.6m) FY24 FY25 FY26 A $2.2m turnaround from FY24’s outflow. Investing: $1.8m intangibles and $0.5m network equipment. Included in payments for intangibles is the final $1.6m payment to ACMA for the 15-year Spectrum License. Financing: $1.2m borrowings repaid, $0.9m of lease payments, offset by $2.1m financing facility for the final Spectrum payment. 6 of 33 FINANCIAL UPDATE · CLOUD GAMING SEGMENT · FY26 VS PCP Cloud gaming segment: EBITDA +61% Segment revenue $m +16% $2.4m $2.8m FY25 FY26 Revenue up 16% on PcP to $2.8m. Gross profit $m +40% $1.4m $1.9m FY25 FY26 Gross profit up 40% to $1.9m. Gross margin % +11pp 57% 68% FY25 FY26 Margin up 11pp to 68%. Segment EBITDA1 $m +61% $1.0m $1.7m FY25 FY26 EBITDA up 61% to $1.7m. Gaming is now 46% of Group EBITDA before corporate costs, up from 35% in FY25. Bar baselines are truncated to show the change between periods. 1. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. 7 of 33 OPERATIONAL UPDATE · GAMING Loyal customers are choosing the premium tiers Increased Gaming ARPU / month $24 +36% on PcP $16 FY24 $17 FY25 $24 FY26 Retiring the Casual plan lifted subscribers into higher- value tiers. Higher proportion of Ultimate plan customers 59% +20pp on PcP 39% 30-Jun-25 59% 30-Jun-26 Ultimate now carries the majority of the paying base. Strong loyalty within the customer base 31,773 ~half returning Around half of paid activations are users returning to the platform. Registered users demonstrate future growth potential 840k registered CloudGG users Paying subscribers Registered gamers, demand awaiting its upgrade moment 8 of 33 FINANCIAL UPDATE · TELCO SEGMENT · FY26 VS PCP Telco segment: EBITDA +5% Segment revenue $m +7% $20.2m $21.6m FY25 FY26 Revenue up 7% on PcP to $21.6m. Gross profit $m +2% $9.6m $9.8m FY25 FY26 Gross profit up 2% to $9.8m. Gross margin % -2pp 48% 46% FY25 FY26 Margin down 2pp to 46%. Segment EBITDA1 $m +5% $1.9m $2.0m FY25 FY26 EBITDA up 5% to $2.0m. Bar baselines are truncated to show the change between periods. 1. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. 9 of 33 OPERATIONAL UPDATE · TELCO 18,936closing subs at 30-Jun-26 Total subscribers, up 4% on PcP A resilient, recurring-revenue foundation, with 779 net new subscribers over the year and the network backbone supporting the broader digital-infrastructure strategy. 12,799 Off-net +13% 1,039 5G subscribers +15% 1.3% Avg monthly churn, low $92 Recurring ARPU +2% $96 Blended ARPU 6,137 On-net subscribers GROWING OFF-NET NBN Speed Boost lifted acquisition Eligible higher-speed fibre and HFC connections were automatically upgraded during September 2025 at no additional cost. HIGHER MARGIN ON-NET Utilisation over expansion Continued growth in higher-margin on-net 5G adoption, with utilisation the strategic focus rather than further network expansion. 10 of 33 FINANCIAL UPDATE · LOSS AFTER TAX NPAT affected by impairment, but more work to do As reported Loss widened 55% FY25 ($4.5m) FY26 ($6.9m) ($6.9m) loss after tax and other comprehensive income, against a $4.5m loss in FY25. Underlying, excluding Gen2 Impairment 36% improvement FY25 ($4.5m) FY26 ($2.9m) ($2.9m) loss excluding the impairment, an improvement of $1.6m on the prior year. 11 of 33 FINANCIAL UPDATE · GEN 2 IMPAIRMENT Gen 2 impairment Not a pattern Launching GeForce NOW in a new market meant available capacity on the ground early, skin in the game for where the platform aims to be. The legacy generation is now impaired, but the residual standing as NVIDIA's continued partner remains, aligned on the same goals. Current Gen 3 expansion is incremental, in service on delivery, depreciating from day one. 2021 Gen 2 deployed Capital commitments to meet the NVIDIA commitment and unlock exclusivity. New technology, new market, the platform had to be prepared for any number of users. 1080P @ 60FPS 2023 Gen 3 deployed Gen 3 deployed supporting 1440p resolution, then increasing to 4K. 1440P & 4K 2025 Users migrate to Ultimate Across 2025, more users migrated to Ultimate tier plans and away from Gen 2 hardware DEMAND SHIFTS TO GEN 3 2026 Gen 2 end-of-life Decision made to EOL Gen 2, setting a clear operational stage for pure Gen 3 deployments as the future of where users will reside. ($4.0M) IMPAIRMENT 12 of 33 SECTION 2 Inside the Segments, and the Strategy Ahead 13 of 33 LEADING-EDGE TELCO & DIGITAL INFRASTRUCTURE The Infrastructure that underpins segments National connectivity layer National connectivity infrastructure across multiple data centres, built to support the internet services and low latency Cloud Gaming. Our network is engineered at a national level for very high- bandwidth low-latency applications. Telco subscriptions Telco infrastructure, towers, spectrum, fibre backhaul, with NBN connectivity. National reach would enable new product bundles for consumers and enterprises. Gaming subscriptions NVIDIA GPU infrastructure, the deployment and monetisation of GPU-based systems. Cloud gaming in Australia and New Zealand peaks in evenings and on weekends. Data centre infrastructure Telco revenue Gaming revenue Interstate fibre Subsea fibre National connectivity · cloud gaming in AU & NZ 14 of 33 THE BUSINESS TODAY · STRATEGIC OVERVIEW Current Pillars vs Strategic Value Looking at each segment today, and their trend. MATURE EMERGING CASH GENERATING CASH BURN Fixed Wireless CASH GENERATING Enterprise NBN Cloud Gaming CASH GENERATING Now Trajectory Gaming NBN Fixed Wireless Enterprise Note: positioning is indicative and reflects strategic direction based on H1 FY26 performance and management commentary. 15 of 33 THE BUSINESS TODAY · NBN LANDSCAPE The NBN landscape Over 100 active RSPs compete on the same wholesale infrastructure, with differentiator typically being price. Active RSPs, market entrants over time 107 22 55 10 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total active retail RSPs (est.) RSPs at all 121 POIs Source: ACCC NBN Wholesale Market Indicators Reports. Cheapest introductory price by speed tier Best available intro offer (AUD/mo), retail pricing falls, while wholesale pricing increases $0 $30 $60 $90 2020 2021 2022 2023 2024 2025 2026 NBN 25 NBN 50 NBN 100 → 500 NBN 250 → 750 Source: Finder, WhistleOut, April 2026. What this tells us Increasing competition, lower prices, compressing margins. The NBN market is a volume game built for national operators with an edge. As a regional operator our edge is defined by local service, but strategically limits growth to a smaller market. Where we see opportunity The higher serviced local operator heritage stays. But a configuration change would enable national connectivity, as a low-overhead gaming ISP for CloudGG users. Revenue growth by enabling our existing gaming database connectivity directly, for the best experience. Customer acquisition without marketing spend. 16 of 33 THE BUSINESS TODAY · FIXED WIRELESS Fixed-Wireless Network to Hold Proven high-margin economics, when competitive Perth metro Fibre-backhauled towers engineered to never be the constraint. Speed is set by interchangeable radios depending on their generation. Highest GP margin Fixed-wireless, fixed costs, supporting the highest GP margin segment. But rely on a competitive product offering in market. Growth declining NBN's fibre upgrades and speed boosts have sharply shifted the $-per- Mbps landscape against our current wireless offering. Built for the moment it flips Wireless speeds climb with every hardware generation. Today's plans trail NBN on speed, but that gap closes over time. COST VS SPEED, CURRENT PRICING, AND WHERE CPI TAKES IT $80 $100 $120 $140 C o s t / m o n t h 200 400 600 800 1000 Speed, Mbps NBN 100 · $100 +CPI every year ↑ Fixed Wireless 200 · $109 our pricing, holds NBN 1000 · $115 +CPI every year ↑ Potential future product Illustrative. CPI arrows assume year-on-year increases; NBN wholesale pricing is at NBN's discretion. A MOMENT IN TIME, NOT STRUCTURAL Wholesale NBN pricing has climbed annually with CPI and is expected to continue. Wireless speeds keep improving, and pricing is entirely ours. When a competing gigabit product can lead the market on price, the investment decision reopens. Until then we maintain, not expand. 17 of 33 THE BUSINESS TODAY · CLOUD GAMING Cloud Gaming, still early days relatively, but highest growth potential identified What makes gaming the priority is the structural moat, margin profile, and external forces now accelerating the market toward exactly what CloudGG provides. Early days, proven economics ~10,000 paid users: modest scale, but the unit economics already work 68% GP margin: demonstrable healthy margins ARPU doubled in under 4 years ($12 → $24) as users shift to higher plans EBITDA positive in isolation even at current scale Industry tides are turning GPU prices surging: RTX 5080 at $2,000-$3,000 AUD makes cloud gaming the rational alternative1 Supply constrained: AI demand pulling consumer GPU supply out of market Next consumer GPU launch: 2027 at earliest, a long window2 Blackwell upgrades can support better efficiency, ARPU, and workloads The moat NVIDIA GeForce NOW Alliance Partner for Australia and New Zealand since January 2021. Every gamer who wants GeForce NOW comes through CloudGG. 1. GeForce RTX 5080 Specs and Prices (Australia). 2. DropReference, 'GPU drought 2026: why Nvidia and AMD are not releasing anything this year', 15 July 2026. 18 of 33 SECTION 2.1 NVIDIA GeForce NOW alliance GeForce NOW Alliance Partner for Australia and New Zealand. 19 of 33 NVIDIA GEFORCE NOW ALLIANCE Pentanet is a GeForce NOW Alliance Partner GeForce Now Alliance Partner in Australia and New Zealand Sole operator of GeForce NOW in Australia and New Zealand, entrusted by NVIDIA since 2021. Our telecommunications backbone and gaming heritage have delivered the platform to the region for five years, with one goal: GeForce NOW in the hands of every ANZ gamer. Why the alliance matters The platform that won GeForce NOW is the world’s most advanced cloud gaming platform, with performance no rival matches. Operating moat around our territory Only operator of GeForce NOW in Australia and New Zealand, a moat that allows us to focus on providing the best service for users, not competition. Every GFN user is ours Every Australian and New Zealand gamer who wants GeForce NOW comes through CloudGG, 100% of the region's GFN demand lands on our platform. Inside the NVIDIA ecosystem The alliance puts us inside NVIDIA's ecosystem, access to GPUs and supply, with the green light to grow capacity. Increasingly strategic We've been aligned with NVIDIA since before the AI era, and five years of operating history keeps us an active, valuable partner. 20 of 33 NVIDIA GEFORCE NOW ALLIANCE GeForce NOW, cloud gaming, growing worldwide. What GeForce NOW is. NVIDIA GeForce NOW streams high-performance games from our local NVIDIA GPUs to any device, no local hardware, no downloads. It links to the games you already own on Steam, Epic and Xbox. Pentanet is the sole Alliance Partner for Australia and New Zealand: every regional GFN user comes through our CloudGG platform. HOW CLOUD GAMING WORKS The game runs in the data center and streams to your screen Your screen Internet < 30 ms round trip Our NVIDIA GPUs in the data center 46m registered users globally since launch 1m 2020 10m 2021 20m 2022 25m 2023 46m 2026 Runs natively on every screen Windows macOS Android TV Android Chrome Safari Source: NVIDIA GeForce NOW milestone announcements, 1m at public launch (Feb 2020), 10m (2021), 20m (2022), 25m (2023), 46m (2026). 21 of 33 NVIDIA GEFORCE NOW ALLIANCE · SINCE 2021 Five years of GeForce NOW in ANZ, by numbers 39,432,197 Unique sessions Individual game sessions served across ANZ. 1,016,597,458 Minutes played Minutes of gaming streamed since launch. 16,943,290 Hours played Rendered in our data centre, session by session. 1,934 Years of playtime Equivalent to one person gaming 24/7 since the height of the Roman Empire. 840,000 REGISTRATIONS - ONLY 1.2% ACTIVELY PAYING AT A TIME GPU consumption for gaming runs on a flat subscription. Millions of GPU hours consumed, much of it free game time invested in market awareness. Users habitually pay, use the platform, deactivate, then return - depending on content and where the value proposition sits for their unique use. THE POTENTIAL GAP Flat subscriptions might not be for everyone. Although churn often leads back to a returning customer, our user behaviour suggests there is a value proposition gap for the casual user, or the seasonal gamer - where monthly economics don't work for how they consume the platform, triggering the churn. 22 of 33 SECTION 2.2 A look at the gaming market and its direction 23 of 33 HIGH-GROWTH MARKET 82% of Australians play video games1 AUSTRALIANS WHO GAME1 82% ▲ up from 81% AVERAGE GAMER AGE1 35 years old PLAYERS AGED 18+1 81% an adult market GAMING HOUSEHOLDS1 89% have devices Key findings, IGEA / Bond University 20251 Australians accessing gaming (Jun 2025) 17 million YoY participation growth +3.9% Average years playing 14 years Households with 2+ devices 74% Households with PC as gaming device 58% Female players (first-time majority) 51% PC gaming penetration1 58% of gaming households own a PC, the direct conversion pool for cloud gaming. Console 87% Smartphone 71% PC / Computer 58% PC players are the cohort whose hardware-refresh economics CloudGG inverts. 1. IGEA / Bond University, Australia Plays 2025 (May 2025). n=1,241 Australian households. Margin of error ±2.7%. 24 of 33 HIGH-GROWTH MARKET Two customer types THE MILLENNIAL GAMER The incumbent gamer The generation who grew up building their own gaming PC. Already our core purchasing demographic, our highest ARPU users come from this cohort. They grew up building and owning gaming PCs. Some users resist defaulting to cloud gaming, but are facing a hardware reality that compels value reconsideration. Psychological barrier to cloud Eroding Hardware ownership cost Increasing Tolerance for upgrade cycles Shrinking Current purchasing capacity Active and represent highest ARPU GENERATION Z Digital Natives The generation who never owned a DVD player. A younger demographic who entered gaming through the cloud from the beginning. No attachment to owned hardware, no perception that “real gaming” requires a PC. Cloud gaming is simply how they play, and their purchasing power is growing. Psychological barrier to cloud None Gaming participation (ages 15-24)1 94% Subscription-native behaviour Default Current purchasing capacity Growing each year The shifting equation The cost of owning gaming hardware keeps climbing while the case for it keeps shrinking. Cloud gaming now matches owned hardware at 4K/120fps, the last technical objection is gone, and with no new consumer GPU generation expected until 2027. Meanwhile GeForce NOW plays on any screen, with no need for downloads, upgrades or maintenance, delivered affordably. 1. IGEA / Bond University, Australia Plays 2025 (May 2025). 25 of 33 HIGH-GROWTH MARKET Hardware at home is becoming more expensive Consumer GPU launch price by generation (AUD MSRP)1 xx60 Entry xx70 Mid xx80 High-end xx90 Flagship RTX 30 (2020) RTX 40 (2022) RTX 50 (2025) The price of the flagship tier has more than doubled over three generations. AI demand is structurally decoupling GPU pricing from gaming value. MEMORY MARKET PRICES +200%2 Market-wide increase Compound price increase across the computer memory market since the start of 2025. +90-95%3 Bulk prices, Q1 2026 Quarterly prices memory makers charge large manufacturers, the steepest single-quarter rise on record. Storage chips up 55-60%. $140 → $3924 PC memory kit at retail Retail price of a standard PC memory kit, late 2025 to August 2026, nearly 3x. 1. NVIDIA / AMD AUD MSRP by generation. · 2. DRAMeXchange spot market data (2025-2026); IDC Global Memory Shortage analysis (2026) · 3. TrendForce DRAM/NAND contract price forecasts (Jan-Feb 2026) · 4. Tom's Hardware RAM price index (Aug 2026). 26 of 33 HIGH-GROWTH MARKET Consumer unit-economics favour GeForce NOW for gaming Analysing cloud gaming subscription costs vs hardware ownership break-even. Yr 0 Yr 4 Yr 8 Yr 12 Yr 16 Yr 20 Yr 24 TYPICAL USER HARDWARE REFRESH CYCLE, ~5 YEARS Budget build $2,500 up-front 10.4 yrs 6.9 yrs 5.2 yrs Mainstream build $3,500 up-front 14.6 yrs 9.7 yrs 7.3 yrs Flagship build $5,500 up-front 22.9 yrs 15.3 yrs 11.5 yrs $20/mo $30/mo $40/mo Typical hardware refresh cycle Monthly pricing examples are for illustrative purposes. What the data shows LOW CASE, BUDGET BUILD Even at the lowest ARPU, a $2,500 build takes 10.4 years of subscription to break even, over five years even at $40/mo. HIGH CASE, FLAGSHIP BUILD A $5,500 flagship build takes 22.9 years to break even at $20/mo, and still 11.5 years at $40/mo. Every GPU price rise pushes break-even further out, the window where ownership makes financial sense keeps shrinking. 27 of 33 NVIDIA GEFORCE NOW ALLIANCE · THE PIPELINE The market we've already captured All figures are unique users, each person counted once per stage. 1,159,935 Opted-in email addresses Contactable opted-in email addresses across ANZ 840,000 Registered CloudGG users Have ever activated a plan, largely trials 493,000 Have played a session 62% have played on the platform 83,000 Have used a paid plan This is our known paying subscriber base we see as the biggest opportunity ~10,000 Monthly active paying ~1.2% at a time , Different users paying, returning month in, month out 83,000 paid users are already in the base 83,000 gamers have already paid to play on the platform, ~10,000 are active in any one month, a rotating mix who return as content and seasons bring them back. The audience is proven; the next step is increasing capacity, closing the value gap with plan structures and GPU tiers that fit how each user plays. 28 of 33 SECTION 2.3 Strategic Focus on Highest Return Opportunities Increase scale and utilisation of NVIDIA GPU infrastructure. 29 of 33 THE PLAN · ON A PAGE Four strategic focuses. $ 01 · TELCO Predictable cash engine ~19k subscribers, ~$96 ARPU, 1.3% churn. Its job is cash generation, not growth, measured on EBITDA and cash conversion, funding the GPU build-out. HOLD 02 · FIXED WIRELESS Held for its moment Built and paid for; no new capital flows in. NBN pricing rises with CPI each year, widening the future price gap, gigabit-class wireless hardware can trigger re-entry. 03 · NBN ENABLEMENT National reach, already paid for A configuration change, not a build. CloudGG users become the acquisition base for Australia's purest gaming ISP. Low margin, but low-touch revenue growth. + 04 · GPU EXPANSION 'Triple down' on Blackwell Every incremental dollar of free cash is prioritised toward NVIDIA GPU capacity, servers added incrementally to the existing deployment, with cadence set by demand. 30 of 33 THE PLAN · 04 Incremental deployment of capital moving forward Blackwell, incrementally Our Gen3 existing architecture is fully forward-compatible with Blackwell servers, enabling modular, just-in-time scaling without upfront capital over-expenditure. Straight into service Every server deployed goes directly into service generating revenue. No need for over- provisioning, preserving margin. GEN 2 · THE OLD WAY · 2021 IN USE UPGRADE · ADDED AS ONE BLOCK One large capital purchase, day one, hardware not in