Announcement PDF 2024 Annual Report Pentanet Limited ASX: 5GG At Pentanet, our vision is to carve our own path by leading the digital edge, not only contributing to the creation of Australia’s digital future but also improving and increasing the ways we connect digitally and IRL (in real life). From our growing telco network in Perth, to partnering with NVIDIA to bring its cloud computing power to Australia and NZ, we’re working hard to deliver next‑level experiences across every touchpoint. STEPHEN CORNISH Managing Director Contents Chairman and Managing Director's Address 4 Our Values 6 Operational and Financial Review 7 People, Performance, and Culture 19 Corporate Directory 24 Director’s Report 25 Remuneration Report (Audited) 35 Auditor Independence Declaration 48 Financial Report 49 Consolidated Entity Disclosure Statement 84 Director's Declaration 85 Independent Auditor’s Report 86 Shareholder Information 90 PENTANET LTD • 2024 ANNUAL REPORT 3 Chairman and Managing Director’s Address Dear Shareholder, Welcome to Pentanet’s Annual Report for the Financial Year ended 30 June 2024. This year has been marked by some important achievements across the Company’s key operational segments, coupled with a tougher regulatory and competitive environment for Pentanet’s main telecommunications segment. The Australian telecommunications sector experienced a significant surge in investment from the nbn® through 2023 and into 2024 to provide free Fibre to the Premises (FTTP) upgrades through nbn service providers in the major metropolitan areas of Australia. This expansion, when coupled with repriced wholesale rates that favour higher-speed usage, has allowed nbn service providers to offer significantly increased speeds without needing to invest capital nor increase end-customer prices. Consequently, the difference in service speed between the nbn and other alternative technologies such as Fixed Wireless and Mobile has narrowed dramatically and impacted the ability of these competitive technologies to grow. In response to these challenges, Pentanet simplified its wireless internet plans, launched new 5G higher-speed plans and commenced its Fibre Connect campaign toward the end of 2023. In addition, the Company diversified its nbn product offering to include higherspeed FTTP plans, and adjusted prices to better align with the changed competitive landscape. Pleasingly, these initiatives have begun to yield positive results, with reduced churn and increased sales volumes in the second half of FY24. Churn decreased for three consecutive quarters, from 1.42% to 1.31% by Q4FY24. Pentanet closed the year with 17,383 subscribers, 39% of whom were high-margin on-net subscribers. Investment in the Company’s 5G network enabled the roll-out of new 5G infrastructure to ten wireless towers in areas of high customer demand across Perth where traditional fixed wireless has been unable to grow due to capacity restrictions. Since the launch of its 5G Fixed Wireless service in October 2023, Pentanet has connected 400 net new on-net subscribers. 4 CHAIRMAN AND MANAGING DIRECTOR'S ADDRESS The current return on investment (ROI) for these towers is 110% with the potential to reach up to 254% if these towers become fully utilised by additional subscribers. Market demand is trending towards higher-speed tiers, which 5G can competitively deliver within existing and potential future coverage areas. Pentanet’s 5G coverage is currently at 19% of its existing tower footprint across Perth, and the Company will be looking at expanding this coverage in the next financial year. The Company’s Network as a Service (NaaS) financing agreement with Cambium Networks Ltd will facilitate a balanced CapEx expense profile over four years with flexible deployment and limited upfront capital expenditure. Demand for Pentanet’s on-net services continues to grow and the Company remains focused on the strategic expansion of coverage and capacity to deliver higher‑speed tiers at attractive price points to existing and new subscribers. In the gaming segment, Pentanet's exclusive GeForce NOW Alliance Partner Agreement with NVIDIA Corporation continues to evolve and strengthen. Initially, Pentanet's offering was launched in Australia with Gen 2 NVIDIA infrastructure, supporting only 1080p at 60 frames per second (FPS). With additional investment and technological improvements, Pentanet's plans now support 1080p, 1440p and 4K resolution cloud gaming at high refresh rates, graphically surpassing the capabilities of most home gaming computers. A significant advancement for Pentanet's Graphics Processing Units (GPUs) was made by joining NVIDIA's Graphics Delivery Network (GDN), which will extend the Company’s service capabilities beyond gaming into broader commercial computing services. Integration with GDN will allow the Company to introduce commercial and enterprise usage onto idle GPU capacity, with potential opportunities brought by direct local sales channels and from NVIDIA globally. In time, this will provide opportunities to diversify revenue on Pentanet’s fixed infrastructure and cost base. Pentanet also announced the extension of its NVIDIA Alliance Partner Agreement in the financial year to include New Zealand as a serviceable territory and a non-exclusive pathway to providing services in Indonesia. In FY25, the gaming segment will increase plan prices to improve profitability and introduce new ways to trial higher-end plans, as well as increase marketing and awareness of the platform to encourage higher Average Revenue Per User (ARPU) plan adoption. Investment in the Company’s 5G network enabled the roll-out of new 5G infrastructure to ten wireless towers in areas of high customer demand across Perth where traditional fixed wireless has been unable to grow due to capacity restrictions. Looking forward more broadly, the management team will aim to accelerate revenue growth by leveraging the Company’s 5G growth opportunities and optimising its NVIDIA GPU capacity. To close, we would like to express our gratitude to our passionate and dedicated staff, whose efforts have been the driving force behind our success. We also thank our board of directors and shareholders for their unwavering support. We are excited about the opportunities ahead and remain confident in Pentanet’s abilities to deliver value to all stakeholders. Thank you for your continued support as we embark on this exciting journey in FY25 and beyond. David Buckingham Non Executive Chairman 29 August 2024 Stephen Cornish Managing Director 29 August 2024 CHAIRMAN AND MANAGING DIRECTOR'S ADDRESS 5 Our Values Impactful Innovation We dare to introduce new ideas and technology that can positively impact the world around us, not just the screens in front of us. Good Connections We bring people together both digitally and IRL for shared experiences and memorable moments. Next level service is just a given. We Meme Business Genuinely hyped on what we do, we take fun stuff seriously, and make serious stuff fun. Unapologetically us, we use our unique attributes and abilities to get shit done. PentaFam First We do whatever it takes for our team and community to know they are safe, protected, and valued as part of the Pentanet family. Be The Supercar The world moves fast, so we move faster with our speed, agility and expertise. High performance is in our DNA, and we bet on ourselves every time. 6 OUR VALUES Operational and Financial Review Pentanet is more than a telecommunications company. We enhance infrastructure, connectivity, and entertainment through innovative cutting-edge technology we're fiercely passionate about. We bring people and customers together to share unforgettable experiences and moments. Next level service is a given. Technology is evolving at lightning speed, but with our innovative spirit and unwavering expertise, we don’t just match the pace, we set it. At the heart of our mission is a relentless drive to advance technology to improve the lives of those around us. We bring next-generation technologies to the people of Perth, creating positive social and lifestyle impacts that go beyond digital experiences. Our passion isn’t limited to gaming and internet technologies; we're committed to translating strong network performance into growth and positive returns for our shareholders. Looking ahead, our strategy remains clear: attract and nurture customers across our internet and cloud gaming services, and continually enhance our offerings with cutting-edge technologies to take their experience to the next level. OPERATIONAL AND FINANCIAL REVIEW 7 Key Milestones for FY24 July 2023 November 2023 • Canopus Networks, in partnership with Pentanet Limited and UNSW Sydney, secured a $2 million federal grant for AI‑enhanced cloud gaming network performance solutions, of which Pentanet will receive $500k. • Upgraded our eighth tower with 5G infrastructure. August 2023 • Together with NVIDIA, we made GeForce NOW accessible on the Samsung Gaming Hub Australia. September 2023 • Rebranded our cloud gaming service to GeForce NOW Powered by CloudGG. • Completed rollout of GeForce NOW RTX 3080 ‘Gen 3’ cloud gaming infrastructure in Australia, introducing the new ‘Ultra’ membership tier for 4K immersive gameplay in the cloud. October 2023 • Welcomed Mr. Dominic O’Hanlon as Non-Executive Director. • Launched a new, in-house custom built Pentanet website. • Upgraded our seventh tower with 5G infrastructure. • Established a new Fixed Wireless tower in Perth’s southern corridor. • Established a new 5G tower in Perth’s northern corridor. • Launched GeForce NOW Powered by CloudGG on Optus SubHub. December 2023 • Executed a Network as a Service (NaaS) Agreement with Cambium Networks Ltd. March 2024 • Extended GeForce NOW Alliance Partner Agreement with NVIDIA to include New Zealand with a non‑exclusive pathway into Indonesia. • Upgraded GeForce NOW infrastructure to NVIDIA L40 GPUs. • Secured $4.28m in placements to fund NVIDIA cloud server infrastructure and working capital. May 2024 • Completed deployment of upgraded NVIDIA Gen 3 infrastructure. • Launched new 'Ultimate' cloud gaming membership, replacing the previous ‘Ultra’ membership (RTX 3080) with GeForce RTX 4080-class performance. • Joined NVIDIA’s global Graphics Delivery Network (GDN). 8 OPERATIONAL AND FINANCIAL REVIEW Operational Advancements and Future Growth Outlook FY24 saw significant advancements and strategic initiatives aimed at enhancing our service offerings and expanding our market presence. We focused on simplifying our on-net product suite and expanding network coverage, including the continued rollout of 5G Fixed Wireless technology. Our partnership with Optus made it easier for users to access GeForce NOW Powered by CloudGG through by integrating with Optus SubHub. In March 2024, we expanded our Principal Alliance Partnership Agreement with NVIDIA to include New Zealand, while maintaining our exclusive distributor status in Australia. The rising demand for high-speed internet was met with encouraging uptake of 5G Fixed Wireless in available areas. This growth was further supported by regular tower upgrades and new tower establishments, and we renegotiated multiple network contracts to improve performance and margin. These initiatives led to significant membership growth in our gaming segment. CloudGG paid subscriptions increased by 79% year-on-year (YoY), and gaming segment gross profit grew by 199% YoY, reaching $0.4 million. Throughout FY24, we focused on growing top-line revenue and reducing churn. In Q4, we launched a promotional offer to test the price sensitivity with 5G run-rates and collected data to identify areas and service types where 5G could compete. We also ensured our off-net pricing remained in line with the competitive landscape. As a result, we saw net new subscribers increase by 263, up from 20 in Q3. As of 30 June 2024, the average Return on Investment (ROI)1 on 5G coverage was 110%. While 5G customers represented only 2% of our subscriber base, they already contributed approximately 4% of recurring gross profit. The trend towards higher-speed tiers, which 5G can deliver, is growing, and we’re well-positioned to service this market competitively within our existing and future 5G coverage. Currently, 5G extends across approximately 19% of our tower footprint. By the end of FY24, GeForce NOW Powered by CloudGG had over 589,000 registrations and over 2,000 playable games, with new titles added weekly. Fundamentally, we’ll continue running the company with financial discipline and operational rigour. We aim to re-accelerate top-line growth, leveraging the 5G growth opportunities and optimising our GPU capacity.” Looking ahead to FY25, our telco strategy will continue to focus on 5G (on-net) subscriber growth by expanding coverage to multiply demonstrated run rates. We’ll leverage vendor financing (NaaS) to reduce upfront cash deployment costs for 5G growth, and we’ll decrease Customer Acquisition Cost (CAC) over time through increased coverage, reducing the need for geotargeted marketing. We’ll remain competitive in market with lower acquisition cost off-net services, and aim to improve customer experience to reduce churn to 1.2%. In the cloud gaming sector, we achieved a significant milestone by deploying NVIDIA Gen 3 infrastructure with upgraded L40 GPUs, offering RTX 4080-class performance and reaching parity with NVIDIA‑controlled regions. We comfortably have the largest NVIDIA GPU deployment operating in Australia. 1 ROI: The ROI formula is calculated as Net Profit divided by Investment Cost multiplied by 100, where Net Profit is Total Revenue minus Total Costs. OPERATIONAL AND FINANCIAL REVIEW 9 Financial Performance Revenue 6 % $20.9m FY24 $19.7m FY23 $16.8m FY22 Recurring Revenue 7% $19.9m FY24 $18.6m FY23 $15.2m FY22 Gross Profit $9.6m FY24 $8.5m FY23 13% EBITDA 59 FY24 % $7.4m FY22 FY23 FY22 ($1.3m) ($3.1m) ($4.3m) Key Milestones Revenue is up by 6% YoY to $20.9m 10 OPERATIONAL AND FINANCIAL REVIEW Underlying EBITDA loss decreased by 65% to $1.1m Gross profit increased 13% YoY to $9.6m $5.3m closing cash balance Results Overview 30-Jun-24 $'000 30-Jun-23 $'000 % Change Revenue 20,882 19,733 6% Gross profit 9,610 8,468 13% Gross margin 1 46% 43% 7% Other income 636 1,223 (48%) Operating expenses (11,513) (12,805) 10% Underlying EBITDA (1,127) (3,114) 65% (171) - 0% Share-based payments (1,267) (3,114) 59% Depreciation and amortisation (4,486) (4,088) (10%) EBIT (5,753) (7,202) 20% Net finance cost (631) (367) (72%) Net loss before tax (6,384) (7,569) 16% Other comprehensive loss for the year, net of tax (3,180) (820) (288%) Total comprehensive loss for the year (9,564) (8,389) 14% Reported EBITDA 2 Gross margin is revenue less network operating cost and hardware expenses, representing the margin generated from customers before the costs of marketing, sales, support and administration cost. 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. Underlying EBITDA excludes share-based payments. 2 YoY consolidated Revenue increased 6% to $20.9 million across Pentanet’s two product segments. Recurring revenue now constitutes 96% of total revenue. Operating expenses decreased significantly by 10% YoY to $11.5 million, with marginal reductions in employee-related costs, marketing, and general overheads. Telecommunications revenue has increased by 2% YoY to $19 million, reflecting a 2% YoY growth in subscribers. The EBITDA loss was $1.3m, down 59% YoY. The EBITDA loss includes a $0.2 million long service leave provision and a $0.2 million movement in the employee share incentive scheme. The underlying EBITDA loss was $1.1m down 65% YoY. GeForce NOW revenue increased 80% YoY to $1.8 million, in line with a 79% YoY increase in paid GeForce NOW cloud gaming memberships. Total CloudGG membership is up 54% YoY, reaching over 589,000 users. YoY consolidated gross profit increased by 13% to $9.6 million, and the gross margin improved from 43% to 46%. This improvement was driven mainly by the gaming segment, which has a solid paying subscriber base that effectively covers the platform's fixed monthly recurring cost. The gross profit of the gaming segment increased by 199% YoY to $0.4 million. The Telecommunication Gross Profit increased by 5% YoY to $9.2 million, and the margin increased from 47% to 48% due to subscribers opting for higher-speed and revenue plans. Up until Q3, the Company's Telecommunications and Gaming segments maintained EBITDA breakeven, reflecting steady financial improvements. However, in Q4, costs were increased in the Telco segment for EOFY promotions, while operating costs in the gaming segment increased due to capacity expansion with the installation of NVIDIA RTX 4080 servers. All these initiatives are geared towards future growth despite the short-term financial impact. In Q3FY24, the Company successfully completed a share placement to raise funds of $4.28m before costs. This allowed further investment in growing the cloud gaming segment through the purchase of NVIDIA RTX 4080 servers and assisted with working capital requirements. OPERATIONAL AND FINANCIAL REVIEW 11 Telecommunications Segment Key Metrics FY24 FY23 % Change Recurring revenue 96% 95% 1% Blended ARPU $92 $91 1% On-net ARPU $88 $89 (1%) Off-net ARPU $80 $79 1% On-net GM% 89% 87% 2% Off-net GM%1 19% 20% (5%) Subscribers 17,383 17,054 2% 39% 39% On-net Off-net 61% 61% Churn 1.39% 1.30% (6%) On-net churn 1.31% 1.00% (24%) Off-net churn 1.44% 1.50% 4% Telecommunications Segment FY24 $'000 FY23 $'000 % Change Recurring revenue 18,195 17,718 3% 823 984 (20%) Total revenue 19,018 18,701 2% Cost of sales (9,818) (9,931) 1% Gross profit­ 9,200 8,770 5% Gross margin 48% 47% 3% EBITDA (767) (2,053) 63% Non-recurring revenue 2 Gross margin is revenue less network operating cost and hardware expenses, representing the margin generated from customers before the costs of marketing, sales, support and administration cost. 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 Key Milestones 10 5G tower upgrades completed (3) 12 50+ Towers in Perth with 10 towers 5G enabled ~19% of the footprint Current ROI(3) on 5G coverage is 110%, with potential to exceed 250% fully utilised ROI: The ROI formula is calculated as Net Profit divided by Investment Cost multiplied by 100, where Net Profit is Total Revenue minus Total Costs. OPERATIONAL AND FINANCIAL REVIEW Revenue 2% Recurring Revenue 3% Gross Profit FY24 $19.0m FY23 $18.7m $16.1m FY22 FY24 $18.2m FY23 $17.8m $14.8m FY22 FY24 $9.2m FY23 $8.8m 5% FY22 EBITDA FY24 ($0.8m) FY23 ($2.1m) 63% 400 FY22 5G subscribers $7.3m ($1.2m) The trend for market demand moving to higher-speed tiers, which 5G can deliver, is increasing. OPERATIONAL AND FINANCIAL REVIEW 13 Telecommunications Update Telecommunication growth was slower than anticipated in a more competitive environment off the launch of wholesale FTTP offers by the nbn®. In response, Pentanet launched a ‘Fibre Connect’ campaign, simplified its wireless plans, and adjusted nbn prices to align more closely with the competitive landscape. The new plan structure is better positioned to meet market demands. These initiatives are already yielding positive results, with reduced churn and increased sales volumes. A noticeable trend in H2 FY24 shows subscribers opting for higher-speed on-net and off-net plans. The Telecommunication Gross Profit increased by 5% YoY to $9.2 million, and the margin increased from 47% to 48% due to subscribers opting for higher-speed and revenue plans. 14 OPERATIONAL AND FINANCIAL REVIEW 5G Fixed Wireless In FY24, we continued to expand our 5G Fixed Wireless network, which operates on our licensed mmWave Spectrum, giving us total control of the network. This calendar year, we upgraded two more Fixed Wireless towers with 5G technology to meet the increasing demand for high‑speed, reliable connectivity at a competitive price point. In FY25, we’ll continue expanding the 5G capabilities of our Fixed Wireless network to other areas. This expansion will make use of our $5.23 million Network as a Service (NaaS) agreement with Cambium Networks Ltd, entered into in December 2023. We anticipate continued growth for the network's subscriber base and are focused on decreasing churn, increasing off-net conversion, and refining new subscriber acquisition strategies. Key metrics across the telecommunications segment: • Telecommunications revenue up 2% YoY to $19m in line with subscriber growth. • Recurring revenue makes up 96% of total revenue. • The telecommunications segment's gross profit is up 5% YoY to $9.2m, with users opting for higher ARPU and margin plans. • Reduced churn from 1.42% in Q1FY24 to 1.31% in Q4FY24 with improved customer experience and expanding retention offers. neXus • Blended ARPU increased to $92 YoY as subscribers shifted towards higher-speed plans. Pentanet neXus is a unique Terragraph-based mesh network that complements traditional Fixed Wireless technology, delivering higher-speed, reliable connections in dense suburban environments. • Product suite aligned with the competitive landscape. • FY24 closed with a total of 17,383 subscribers. With speeds comparable to Fibre to the Premises, neXus excels in greenfield rollouts, where an entire mesh can be activated at once, offering a superior user experience over incremental rollouts that may lead to staggered serviceability. In FY24, we refined the neXus technology and our rollout processes, achieving its most stable state yet. Looking ahead to FY25, we plan to expand the network sustainably, anticipating continued performance and experience improvements for our subscribers. OPERATIONAL AND FINANCIAL REVIEW 15 Cloud Gaming Update Our exclusive regional Alliance Partnership with NVIDIA has enabled us to bring GeForce NOW to Australia, serving a rapidly growing membership base of 589,000+ users. FY24 was a milestone year for our cloud gaming sector. We rebranded as GeForce NOW Powered by CloudGG and launched a wholesale partnership with Optus, making GeForce NOW accessible to Optus customers through its SubHub platform and expanding our audience. We secured $4.28 million in placements to fund cloud server infrastructure and working capital to support our service expansion efforts. We also extended the GeForce NOW Alliance Partner Agreement with NVIDIA to include New Zealand, setting the stage for substantial membership growth with an entire nation added to our serviceable area. 16 OPERATIONAL AND FINANCIAL REVIEW In H1FY24, we deployed the GeForce NOW RTX 3080 'Gen 3' cloud gaming infrastructure and launched the 'Ultra' membership. In H2FY24, we upgraded to NVIDIA L40 GPUs, bringing Australian cloud gaming up to parity with NVIDIA-controlled regions. This upgrade introduced the ‘Ultimate’ membership tier, replacing ‘Ultra’ and providing members with RTX 4080 performance and up to 4K visuals at 120fps. The ‘Ultra’ and ‘Ultimate’ membership plans prompted a 79% growth in paid memberships and a 80% increase in YoY revenue to $1.8m as new and existing members converted to higher-margin plans. With over 2,000 titles now available on the platform and access to RTX 4080 performance, GeForce NOW has become a premier cloud gaming solution in Australia. More than 550 million minutes have been played, demonstrating clear demand for the service. We’re well positioned to meet that demand as we move into the new financial year. Key metrics across the gaming segment: • FY24 $2.7m of $3.6m cash used in investing activities allocated to the purchase of NVIDIA RTX 4080 servers • EBITDA loss of $0.6 million in FY24 due to increasing operating costs, preparing capacity for commercial workloads • Gaming ARPU remained consistent at $13 • Gaming revenue up 80% to $1.8m YoY • Gaming segment gross profit increased 199% YoY to $0.4m • CloudGG paid subscriptions increased by 79% YoY • CloudGG total membership growth up 54% YoY to 589,000+ capacity Key milestones • Rolled out GeForce NOW RTX 3080 ‘Gen 3’ cloud gaming infrastructure. In FY25, we plan to utilise newly acquired capital and expanded service region, along with the new high-tier membership plan, to continue refining user acquisition, expanding our membership base, and converting existing free members to paid memberships. • GeForce NOW Powered by Pentanet rebranded to GeForce NOW Powered by CloudGG. • Upgraded GeForce RTX 3080 ‘Gen 3’ cloud infrastructure with NVIDIA L40 GPUs. • Made the GeForce NOW Powered by CloudGG ‘Ultimate’ membership available. • Secured $4.28m in placements to fund NVIDIA cloud server infrastructure and working capital. • Extended Pentanet’s GeForce NOW Alliance Partner Agreement with NVIDIA to include New Zealand. • GeForce NOW Powered by CloudGG passed 589,000 users. OPERATIONAL AND FINANCIAL REVIEW 17 Ongoing Strategy The three pillars of Pentanet’s strategy: Grow the Telco subscriber base. The introduction of more 5G on-net coverage to expand and grow our high-margin subscriber base. Grow Revenue on our NVIDIA GPU infrastructure. Continue to capture more cloud gaming users on the NVIDIA GeForce NOW platform, as well as introduce commercial and enterprise opportunities for the compute power. Increase margins. The Company will continue directing resources to attract more off-net customers to higher‑margin on-net services, as well as steer more paid user growth on our NVIDIA GPU infrastructure. 18 OPERATIONAL AND FINANCIAL REVIEW People, Performance, and Culture Our path to success is forged by our exceptional team: our ‘PentaFam’. We’re lucky to have nearly 70 passionate specialists working hard to elevate Perth internet services and Australian cloud gaming in FY25 and beyond. We couldn’t be prouder of our people. Even as our business has evolved over the years, they’ve stayed true to our core principle of delivering next-level service. Our team is a vital pillar in our company ethos and a key part of what makes Pentanet unique. PEOPLE, PERFORMANCE, AND CULTURE 19 A New Home for Our PentaFam The lease on our former office came to an end in 2024, prompting us to find a new base. We seized this opportunity to find new premises that brought our whole team together on one level, with room to grow. As part of this move, the majority of our team returned to the office full-time in June. This shift has optimised our ways of working, fostering greater collaboration and strategic execution as we head into FY25. 20 Empowering Our Team to Elevate Our Business As Pentanet evolves, we’re committed to keeping it a positive, welcoming, and fulfilling place to work. Our new home in Balcatta has been a huge cultural and strategic win for Pentanet, with greater visibility of leaders and more organic cross-team collaboration evident from the first week. We consistently encourage our people to 'Be the Supercar' in line with our company values, providing on-the-job training, site tours, one-on-one coaching, and annual performance reviews. And of course, our vibrant retail space – the famous ‘Pentahouse’ - continues to deliver a strong brand presence in the Perth CBD. It enables existing and prospective customers to drop by for assistance and hardware collection, and provides a space for our channel partners to operate from. In FY24, we introduced a comprehensive Learning Management System (LMS) that has improved training, interdepartmental knowledge, and industry expertise. Team leaders report a 25% reduction in onboarding time, allowing new arrivals to quickly contribute to our company's growth. PEOPLE, PERFORMANCE, AND CULTURE We’re proud to have grown our female staff base by 27% in FY24. Welcoming Waheed As FY24 came to a close, we were delighted to welcome a new member to our Executive Team: Waheed Khan. Joining us in the newly created role of Executive General Manager Telecommunications, Waheed brings over 26 years of distinguished experience in telecommunications, IT, management consulting, insurance, and health sectors. Waheed’s career began in IT, with two significant tenures at IBM Australia. In 2022, he served as the Chief Technology Officer and Country Head for a UAE-based digital company. From 2015 to 2021, he held the role of GM/VP of Planning & Transformation at the second-largest telecom operator in Saudi Arabia. Prior to that, he spent four years as a Director at Jazz, Pakistan's largest telecom operator with 71 million subscribers. Waheed’s global experience spans Australia, Africa, the Middle East, and Pakistan. His extensive technical and business expertise is complemented by strong academic qualifications, including an MBA from the University of Melbourne, a Master of Applied Science in IT from RMIT University, and a Master of Research in Management from Macquarie University. His diverse and rich background underscores Waheed’s capability as a corporate leader and strategist in various industries, and we’re thrilled to have him as part of the PentaFam. Driving Change: Advancing Female Representation in Tech In a traditionally male-dominated industry, we’re proud to have grown our female staff base by 27% in FY24. We believe diversity in our workplace drives innovation, and we’re dedicated to breaking down barriers and attracting more women into the tech industry. PEOPLE, PERFORMANCE, AND CULTURE 21 Celebrating Our 2023 M