Announcement PDF Pentanet Limited ASX: 5GG 2025 Appendix 4E PENTANET LTD APPENDIX 4E Preliminary Final Report 1. Company details Name of entity: ABN: Reporting period: Previous period: Pentanet Ltd 29 617 506 279 For the year ended 30 June 2025 For the year ended 30 June 2024 2. Results for announcement to the market Movement from previous financial period Current financial period ($’000) Revenues from ordinary activities up 8% to 22,595 Loss from ordinary activities after tax attributable to the owners of Pentanet Ltd up 30% to (4,453) Loss for the year attributable to the owners of Pentanet Ltd up 53% to (4,453) This Appendix 4E should be read in conjunction with the 2025 Annual Report and Financial Statements which has been released to the ASX on the same day as this announcement. 3. Dividends Current period There were no dividends paid, recommended, or declared during the current financial period. Previous period There were no dividends paid, recommended, or declared during the previous financial period. 4. Net tangible assets Net tangible assets per ordinary security Current financial period $ Previous financial period $ 0.03 0.04 Page 1 PENTANET LTD APPENDIX 4E Preliminary Final Report 5. Control gained over entities Not applicable. 6. Loss of control over entities Not applicable. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The 2025 Annual Report and Financial Statements have been audited, and an unmodified opinion has been issued. 11. Attachments Details of attachments (if any): Additional Appendix 4E disclosure requirements and financial information is included in the 2025 Annual Report and Financial Statements which are attached. 12. Signed Signed ___________________________ Date: 29 August 2025 David Buckingham Non-Executive Chairman Perth Page 2 Pentanet Limited ASX: 5GG 2025 Annual Report At Pentanet, we’re building more than just internet connections – we’re helping shape the future of how Australians live, work, and play in a digital-first world. From expanding our telco network in Perth to partnering with NVIDIA to bring cutting-edge cloud Graphics Processing Unit (GPU) technology to Australia and New Zealand, everything we do is about creating faster, smarter, more seamless ways to connect – online and in real life. STEPHEN CORNISH Founder & Managing Director Contents Chairman and Managing Director’s Address 4 Our Values 6 Operational and Financial Overview 7 People, Performance, and Culture 21 Corporate Directory 26 Directors’ Report 27 Remuneration Report (Audited) 35 Auditor Independence Declaration 48 Financial Report 49 Consolidated Entity Disclosure Statement 85 Director’s Declaration 86 Independent Auditor’s Report 87 Shareholder Information 92 PENTANET LTD • 2025 ANNUAL REPORT 3 Chairman and Managing Director’s Address Dear Shareholder, Welcome to Pentanet’s Annual Report for the Financial Year ended 30 June 2025. FY25 marked a significant turning point for Pentanet as the Company delivered positive $1.4 million EBITDA for the first time in its history, representing a substantial $2.7 million improvement year-on-year (YoY). This achievement was driven by revenue growth and improved gross profit performance, supported by higher Average Revenue Per User (ARPU) and margin uplift following plan restructuring and renegotiated supplier contracts across both business segments. Disciplined and targeted marketing spend during the 5G build phase, along with a sharpened focus on 5G, contributed to reduced operating costs and ensured resources were aligned toward supporting higher margin products. The Company’s capital-efficient approach to 5G network expansion assisted cash performance and supports future growth for Pentanet’s telecommunication segment. Through a targeted equipment swap arrangement, the Company expanded 5G coverage to ~25% of its historic tower footprint without significant upfront capital outlay. This approach led to steady subscriber growth, with total subscribers reaching 18,157, up 4% YoY. 5G subscribers grew by 126% YoY to 904, demonstrating strong demand for alternative services delivered over fixed wireless technology. Churn improved from 1.4% to 1.2%, reflecting the positive impact of simplified plans, improved customer experience, and a compelling value proposition. Pentanet’s gaming segment completed the transition to NVIDIA’s RTX 4080 SuperPODs, aligning cloud gaming infrastructure with NVIDIA’s global standard and offering best-in-class performance. Gaming plans were restructured to optimise ARPU and improve margin contribution, resulting in a 31% YoY increase in revenue to $2.4 million and a 226% increase in gross profit to $1.4 million. 4 CHAIRMAN AND MANAGING DIRECTOR'S ADDRESS This positions CloudGG for further growth, supported by the NVIDIA strategic partnership and strong platform fundamentals. Looking ahead to FY26, Pentanet will increase growth investment to accelerate subscriber acquisition, enhance brand visibility, and increase utilisation of 5G and GPU infrastructure. The core focus remains on building momentum in both the telecommunication and gaming segments to drive top-line growth and deliver long-term value for shareholders. We would like to extend our sincere gratitude to our talented team, Board, partners and loyal shareholders. Your continued support and dedication have been instrumental. We are excited about the opportunities ahead and remain confident in our ability to deliver faster, smarter and richer digital experiences for our customers. Thank you for your continued support as we enter the next phase of growth in FY26. David Buckingham Non-Executive Chairman 29 August 2025 Stephen Cornish Managing Director 29 August 2025 Looking ahead to FY26, we will increase growth investment to accelerate subscriber acquisition, enhance brand visibility, and increase utilisation of our 5G and GPU infrastructure. 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 Overview At Pentanet, we’re not just keeping up with the digital future – we’re helping build it. Our business goes beyond connectivity. We’re investing in the infrastructure, technologies, and experiences that empower better living - whether it’s fast, reliable internet at home, or next-generation cloud gaming on the go. Our commitment to innovation is matched only by our commitment to service. While we love the tech, what really sets us apart is the people behind it: our local team, delivering human connection in a digital world. In an industry that never stands still, we’re driven by a clear purpose: to harness cutting-edge technology in ways that create real impact - for our customers, our community, and our shareholders. We remain focused on expanding our customer base across core internet and cloud gaming services, while continuing to evolve our platforms to deliver more value, more performance, and more moments that matter. With strong network performance, a loyal customer base, and a clear growth strategy, we’re well-positioned to keep delivering results, and really take things to the next level. OPERATIONAL AND FINANCIAL REVIEW 7 Key Milestones for FY25 July 2024 February 2025 • Settled into our new HQ in Balcatta, bringing our entire team together under one roof. • Upgraded our twelfth tower with 5G infrastructure. August 2024 • Successfully negotiated a stock swap to change the inventory on our balance sheet to accommodate more 5G expansion. September 2024 • 5G subscribers up 51% QoQ. October 2024 • Pentanet Commercial Team established to further cultivate engagement with managed service providers and other B2B channels. November 2024 • Upgraded our ninth and tenth towers with 5G infrastructure. • Updated GeForce NOW monthly pricing for ARPU uplift. December 2024 • Positive EBITDA for H1FY25 with $1m QoQ improvement from a Q1 EBITDA loss of $0.4m to $0.6m positive EBITDA in Q2. • Upgraded our eleventh tower with 5G infrastructure. 8 OPERATIONAL AND FINANCIAL REVIEW March 2025 • Our second consecutive quarter +EBITDA. • 5G subscribers up 13% QoQ. • Upgraded our thirteenth tower with 5G infrastructure. • Pentanet named WeMoney Fixed Wireless Provider of the Year 2025. April 2025 • Upgraded our fourteenth tower with 5G infrastructure. May 2025 • Retired GeForce NOW Powered by CloudGG ‘Casual’ plan as part of ongoing ARPU and margin optimisation strategy. June 2025 • Stephen Cornish recognised on Business News’ 2025 Power 500 list for Technology & Innovation. Operational Advancements and Future Growth Outlook FY25 saw significant advancements and strategic initiatives aimed at enhancing Pentanet’s service offerings and expanding market presence. The Company focused on simplifying its on-net and off-net product suite and expanding network coverage, including the continued rollout of 5G Fixed Wireless technology. The rising demand for high-speed connectivity products was met with encouraging uptake of 5G Fixed Wireless in available areas. This momentum was driven by ongoing tower upgrades and targeted new tower deployments, and renegotiation of multiple network contracts to improve performance and strengthen margins. To support the 5G rollout with minimal cash impact, Pentanet secured 25 5G base stations and 423 Customer Premises Equipment units via a stock swap arrangement with its main equipment supplier. This has significantly reduced capital expenditure requirements, improving the overall cash cost of the network upgrade program and allowing resources to remain focused on expanding coverage and capacity. During FY25, Pentanet focused on growing top-line revenue and reducing churn through targeted promotional initiatives and ongoing product optimisation. The Company launched campaigns to test price sensitivity for 5G services, collected data to identify areas and service types where 5G could compete, and ensured off-net pricing remained in line with the evolving competitive landscape. As a result, net new subscribers increased by 4% yearon-year (YoY) to 18,157, with 5G subscribers increasing by 126% YoY to 904. Churn improved from 1.4% down to 1.2% YoY, reflecting improved customer retention initiatives and overall positive impact of product and service adjustments. The increasing demand for reliable and performant connectivity continues to build momentum. Pentanet is ready to address this need competitively, with 5G now covering ~25% of its tower footprint as at 30 June 2025. Looking ahead to FY26, the ‘telco’ strategy will continue to focus on maintaining sustainable growth and lowering churn through competitive value offerings and continued product and service enhancements. Pentanet will continue to operate with financial discipline and operational rigour. In FY26, growth investment in marketing will increase to further leverage deployed 5G and GPU infrastructure. Targeted campaigns and continued platform optimisation will accelerate subscriber acquisition and deliver sustained value for both customers and shareholders. In the cloud gaming sector, significant improvements in the product offering were achieved by restructuring plans and pricing. This included replacing the free tier with a 3-hour ‘Ultimate Trial’, giving users the opportunity to experience GeForce NOW’s highest tier, with RTX 4080-powered performance. These adjustments contributed to a 31% YoY revenue uplift to $2.4m. Gaming segment gross profit also increased 226% YoY to $1.4 million. By the end of FY25, GeForce NOW Powered by CloudGG had over 725,000 registrations and over 2,200 supported games, with new titles added weekly. Pentanet will continue to operate with financial discipline and operational rigour. In FY26, growth investment in marketing will increase to further leverage deployed 5G and GPU infrastructure. Targeted campaigns and continued platform optimisation will accelerate subscriber acquisition and deliver sustained value for both customers and shareholders. OPERATIONAL AND FINANCIAL REVIEW 9 Financial Performance Revenue 8 $22.6m FY25 % $20.9m FY24 $19.7m FY23 Recurring Revenue 9% $21.7m FY25 $19.9m FY24 $18.6m FY23 Gross Profit $11.0m FY25 $9.6m FY24 15% EBITDA FY25 $2.7m $8.5m FY23 +$1.4m FY24 ($1.3m) FY23 ($3.1m) Key Milestones Revenue increased by 8% YoY to $22.6m 10 OPERATIONAL AND FINANCIAL REVIEW EBITDA of $1.4m, $2.7m YoY improvement and positive for first time Gross margin improved by 3 percentage points YoY to 49% Results Overview Revenue Gross profit FY25 $'000 FY24 $'000 Change % 22,595 20,882 8% 11,006 9,610 15% Gross margin 1 49% 46% 3pp Other income 417 636 (34%) (10,063) (11,513) 13% 1 Operating Expenses EBITDA 1,360 (1,267) 207% Depreciation and amortisation (5,322) (4,486) (19%) EBIT (3,962) (5,753) 31% Net finance cost (491) (631) 22% Net loss before tax (4,453) (6,384) 30% - (3,180) 100% (4,453) (9,564) 53% 2 Other comprehensive income for the year, net of tax Total comprehensive income for the year Gross profit is revenue less network operating cost and hardware expenses, representing the profit generated from customers before the costs of marketing, sales, support and administration cost. Gross Margin is calculated as Gross Profit divided by revenue, expressed as a percentage. 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 8% to $22.6 million across Pentanet’s two product segments. Recurring revenue now constitutes 96% of total revenue. Telecommunications revenue increased by 6% YoY to $20.2 million, reflecting a 4% YoY growth in subscribers. GeForce NOW revenue increased 32% YoY to $2.4 million, following an upgrade to infrastructure capability and the streamlining of existing plans. Total CloudGG membership is up 23% YoY, reaching nearly 725,000 users, with over 800 million minutes played. YoY consolidated gross profit increased by 15% to $11 million, and gross margin improved from 46% to 49%. This improvement was driven mainly by the gaming segment, as growth in higher-tier plans and strong support from NVIDIA delivered a Gross Profit increase of 226% YoY to $1.4 million. Telecommunications Gross Profit increased by 5% YoY to $9.6 million, as gross margin remained steady at 48%. Operating expenses decreased significantly by 13% YoY to $10 million, with reductions in employee-related costs, marketing, and general overheads. EBITDA for FY25 was $1.4 million, an improvement of $2.7 million YoY. This reflects the continued growth of both business segments and reflects careful cost control and continued operational optimisation. Gross profit increased by 15% to $11m $2.2m closing cash balance From a customer and shareholder standpoint – I'm beyond happy with all services provided. – Ryan from Koondoola OPERATIONAL AND FINANCIAL REVIEW 11 Telecommunications Segment Key Metrics FY25 FY24 % Change Recurring revenue % 1 96% 96% - Blended ARPU $94 $92 2% On-net ARPU $84 $88 (5%) Off-net ARPU $101 $80 26% On-net GM% 88% 89% (1pp) Off-net GM%* 25% 19% 6pp Subscribers 18,157 17,383 4% On-net 38% 39% (3%) Off-net 62% 61% 2% Churn (1.23%) (1.39%) 12% On-net churn (1.18%) (1.31%) 10% Off-net churn (1.26%) (1.44%) 13% Telecommunications Segment FY25 $'000 FY24 $'000 % Change 19,315 18,195 6% 836 823 2% Total revenue 20,151 19,018 6% Cost of sales (10,532) (9,818) (7%) Gross profit 2 9,620 9,200 5% Gross margin 48% 48% - EBITDA 1,909 780 145% 1 Recurring revenue Non-recurring revenue 3 Recurring revenue represents subscription and other repeatable revenue streams, excluding one-off and non-recurring items which primarily comprise hardware sales and set-up service fees. ARPU is calculated as revenue divided by the average number of users in the period (non-IFRS measure).. 1 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. 2 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. 3 Key Milestones 7 5G additional tower upgrades completed 12 OPERATIONAL AND FINANCIAL REVIEW 58 Towers in Perth with 14 towers 5G enabled ~25% of the footprint 904 5G subscribers Revenue 6% Recurring Revenue 6% Gross Profit $20.2m FY25 $19.0m FY24 $18.7m FY23 $19.3m FY25 FY24 $18.2m FY23 $17.8m FY25 $9.6m FY24 $9.2m 5% FY23 $8.8m EBITDA FY25 145% FY24 FY23 +$1.9m +$0.8m ($0.3m) OPERATIONAL AND FINANCIAL REVIEW 13 Telecommunications Update Telecommunications growth in FY25 remained steady, supported by product improvements and ongoing network investments, despite an increasingly competitive landscape following the expansion of nbn® wholesale Fibre-to-the-Premises offers. In response, Pentanet continued to simplify its wireless plan structure, advance the ‘Fibre Connect’ campaign, and refine nbn promotional offerings to maintain competitiveness and better meet evolving customer needs. These strategies, combined with ongoing marketing initiatives, have contributed to positive results, including reduced churn and higher sales volumes. A strong shift towards higher-speed on-net and off-net plans continued in FY25, contributing to ARPU growth from $92 to $94 and supporting overall revenue uplift. Telecommunications gross profit increased by 5% YoY to $9.6 million, while the segment maintained a gross margin of 48%. Improved cost efficiency, particularly with off-net services gross margin increasing from 19% to 25%, further supported this result. Looking ahead, Pentanet remains focused on leveraging its existing tower footprint to enhance plan value further, increase adoption of higher‑margin on-net services to drive uptake of premium-speed services and strengthen long-term profitability. The best thing about Pentanet is being able to talk to a relatable human being when there is a problem. – Ewing from Canning Vale 14 OPERATIONAL AND FINANCIAL REVIEW 5G Fixed Wireless In FY25, Pentanet accelerated the expansion of its 5G Fixed Wireless network, operating on exclusively licensed 5G mmWave spectrum. The Company upgraded seven additional towers to 5G, bringing 5G coverage to ~25% of the tower footprint across Perth. This targeted expansion was supported by a strategic equipment swap arrangement, significantly reducing upfront capital expenditure and preserving cash for broader growth initiatives. 5G subscribers grew by 126% YoY to 904, demonstrating strong demand for alternative services delivered over fixed wireless technology. at competitive price points. Continued growth is anticipated in the 5G subscriber base as the 5G tower footprint continues to expand. Competitive value improvements to ensure plans remain attractive alongside targeted marketing initiatives will drive subscriber acquisition in enabled areas. Key metrics across the telecommunications segment: • Revenue up 6% YoY to $20.2m in line with subscriber growth • Recurring revenue makes up 96% of total revenue • Gross profit is up 5% YoY to $9.6m, with users opting for higher ARPU and margin plans • Increased EBITDA to $1.9m in the year • Reduced churn from 1.39% in FY24 to 1.23% in FY25 • Blended ARPU increased to $94 YoY as subscribers shifted towards higher-speed plans • Product suite aligned with the competitive landscape • FY25 closed with a total of 18,157 subscribers Since changing to Pentanet, I have experienced nothing but consistency and reliability with our home internet. Also, we do love having a Perth-based support team. Please don’t go down the path of every other provider by outsourcing this overseas. Keep up the great work! – Keith from Applecross OPERATIONAL AND FINANCIAL REVIEW 15 Pentanet Named WeMoney’s 2025 Fixed Wireless Provider of the Year Customer Voices, Strategic Choices In FY25, Pentanet was proud to be named Fixed Wireless Provider of the Year in the 2025 WeMoney Telco & Broadband Awards, recognising its position as the leading choice in WA, beating seven other national providers. In June 2025, we ran our most in-depth customer survey to date, hearing from nearly 1,900 Pentanet subscribers - around 11% of our base. The goal was simple: understand who our customers are, how they use our services, and what matters most to them. This award reflects ongoing commitment to delivering high-performance, reliable, and affordable Fixed Wireless internet across Perth. It also reinforces the value of Pentanet’s private 5G network infrastructure and the strength of its customer-first approach. Here’s what we learnt: Raising the bar for connectivity in WA Pentanet has spent the past eight years investing in smarter infrastructure and stronger customer experiences – making fast, stable, and flexible internet access a reality for more West Australians. Today, our Fixed Wireless offering delivers next-level connectivity for everything from remote work and online learning to gaming and streaming. How performance was assessed The WeMoney Awards are based on independent, weighted evaluations across four key pillars: 1. Affordability and fees 2. Features and functionality 3. Network performance and coverage 4. Customer experience • Many of our customers are WA-based homeowners aged 35-54, often in busy, multi-device households with kids, work, and entertainment needs all under one roof. • People choose Pentanet for quality, not just price. Local support, reliability, and speed all outranked price, discounts or promotions. • Being Perth-based matters. It’s our biggest differentiator, and our customers genuinely value being able to speak to a real person, close to home. • Streaming and remote work drive demand. Customers rely on Pentanet for work, play, study, and security, often all at once. • The smart home is here to stay. Our customers are connecting more internet-enabled devices than ever before - from air conditioners, robo-vacs, and fridges to VR headsets, sprinklers, pool cleaners, medical devices, solar panels, outdoor lighting, and even barbecues. Reliable connectivity isn’t just nice to have, it’s essential. These insights are helping guide our strategy in FY26 and beyond, from brand positioning and network growth to enhanced customer support, empowered teams, and better experiences all round. A shared win This recognition is a credit to the passion and expertise of our local team, who continue to raise the bar for what’s possible in WA telco. It’s also a thank you to our loyal customers, whose trust and advocacy drive us to do better every day. It's such an amazing service and experience when you're dealing with people that actually know what they're talking about. – Kevin from Ellenbrook 16 OPERATIONAL AND FINANCIAL REVIEW Commercial Team Strengthens Channel Foundations in FY25 In FY25, Pentanet’s Commercial Team focused on strengthening engagement with managed service providers (MSPs), IT providers, and other B2B channels. The team refined its go-to-market strategy and enhanced channel enablement to support approximately 100 predominantly Western Australian partners through improved partner education, targeted brand positioning, and expanded product capability, including the rebranded Pentanet Business Fibre. The team worked to broaden market reach and reinforce Pentanet’s business-grade connectivity offerings. With scalable partner infrastructure, diversified network access, and a disciplined operational approach, the Commercial Team has built strong momentum and established a foundation to support further expansion and margin-aligned revenue growth in FY26. “Working with Pentanet’s Commercial Team has been one of the most consistent highlights of our 18-year journey in the Managed Services space across the globe. From day one, they have been nothing short of exceptional. Rev and Connor are more than just account managers; they’re true partners and considered part of our team here at Royal IT. Their unwavering dependability and relentless dedication to customer satisfaction make them stand out in a crowded industry. Every single day, they make us look good. They take initiative, solve problems before they arise, and always go the extra mile without hesitation. In a space where reliability is often promised but rarely delivered, they embody what it means to be trustworthy and results-driven, every time. Whether it's a complex client request, a last-minute implementation, or a routine check-in, they bring the same level of care and urgency to everything they do. Pentanet don’t just support Royal IT; they elevate us as a business and our service offering to customers. Because of this, we recommend Pentanet to every single customer.” Lee McCaw - Founder, Royal IT OPERATIONAL AND FINANCIAL REVIEW 17 Cloud Gaming Update Pentanet’s exclusive regional Alliance Partnership with NVIDIA has continued to solidify GeForce NOW Powered by CloudGG as the premier cloud gaming service across Australia and New Zealand. • A 100-hour monthly playtime limit was introduced across all new paid subscriptions, with current active memberships grandfathered into unlimited playtime to incentivise retention. Cloud gaming improvements were driven by three key goals: improving service quality, streamlining the plan range, and revamping the free user experience to deliver better outcomes. • Completed transition of Australian GeForce NOW infrastructure to RTX 4080 SuperPODs, delivering NVIDIA’s highest available performance tier, with support for up to 4K resolution and high frame rates. These changes began in H1 FY25 with the removal of the low cost paid subscription (Basic), followed by a price adjustment to all monthly subscriptions and a pause on free trial subscriptions in preparation for a series of further changes launching in January 2025: • The mid-tier Priority plan was rebranded Performance and upgraded with additional value‑adds and features. • The popular free trial relaunched as Ultimate Trial, offering a three-hour trial of our Ultimate membership and replacing the uncapped free model with a time‑limited sample of our premium subscription. 18 OPERATIONAL AND FINANCIAL REVIEW • Later in H2 FY25 the Casual plan was also removed from sale, simplifying the line-up and further uplifting ARPU. These changes delivered a 31% increase in YoY revenue to $2.4m, as new members joined on highermargin plans, and grandfathered members showed stronger retention. With 2,200+ titles now supported on the platform, Xbox PC game pass integration, and RTX 4080 performance, GeForce NOW remains Australia’s premier cloud gaming solution, with the changes made through FY25 further strengthening the proposition heading into FY26. In FY26, Pentanet will focus on streamlining our service offering, accelerating new user acquisition, and increasing conversion of existing users to paid memberships. Key metrics across the gaming segment: • Positive EBITDA for FY25 with $1.6m YoY improvement from a FY24 EBITDA loss of $0.6m to $1m positive EBITDA • Gaming subscription revenue up 31% to $2.4m YoY • Gaming subscription gross profit increased 226% YoY to $1.4m • Gaming subscription gross margin improved to 57% up 35pp YoY • Gaming ARPU increased $12 to $17 with an exit ARPU of $20 in Q4FY25 • CloudGG paid subscriptions decreased by 8% YoY due to a plan restructuring, driving higher revenue and margin • CloudGG total captive audience up 23% YoY to 725,000+ • Cumulative playtime of 800,000,000+ minutes OPERATIONAL AND FINANCIAL REVIEW 19 Ongoing Strategy The three pillars of Pentanet’s strategy: Expand and broaden the Telco subscriber base Accelerate subscriber acquisition through targeted marketing, competitive value propositions, and enhanced service offerings to increase market share and improve margin contribution. Scale and monetise cloud gaming Drive conversion of free memberships to paid subscribers and capture new high-value users on NVIDIA GeForce NOW, leveraging existing infrastructure and Pentanet's exclusive partnership to build a sustainable gaming revenue stream. Strengthen brand and deliver sustainable profitability Invest in brand awareness for Pentanet to support acquisition and retention, improve customer lifetime value, and position the business for long-term, profitable growth. 20 OPERATIONAL AND FINANCIAL REVIEW People, Performance, and Culture At Pentanet, every connection starts with people. Behind every strong result is a team of talented individuals bringing their skills, energy, and ideas to the table eac