CATAPULT SPORTS LTD — Call Transcript 2026

May 21, 2026

CATAPULT
CATAPULT.COM

CATAPULT FY26 RESULTS

CEO & MD, CFO ADDRESSES

MAY 22, 2026

ALL FINANCIALS ARE IN USD UNLESS OTHERWISE INDICATED

Catapult Sports Ltd (ASX:CAT, 'Catapult' or the 'Company') sets out below a transcript of the CEO & MD, and CFO addresses that were delivered at the Company's FY26 results briefing on Wednesday, May 20, 2026.

CEO & MD ADDRESS

Good morning and welcome to Catapult's investor conference call for our full year FY26 results. I have with me Bob Cruickshank, Catapult's Chief Financial Officer. This morning Bob and I will present our results, our strategy and FY27 outlook, and then take questions from participants on the call.

FY26 was a transformational year. Catapult increased its ACV base by 28% while delivering a record 18% on Management EBITDA margin. We executed three acquisitions, doubled the size of the company, launched a number of new products, while maintaining focus on our customers. That combination of scale, discipline, and execution is what this business is built on.

FY26 was also a year when we significantly grew the number of teams on Catapult's platform. We increased our total team count to over 5,500 teams globally. While our focus remains squarely on our professional teams, which we'll touch on shortly, that represents an increase of approximately 1,000 teams year-over-year, exceeding 20% growth.

This reflects the global demand for Catapult's solutions — and our ability to expand our footprint into more and more teams around the world. It's clear more than ever that Catapult is categorically the global standard for performance technology, trusted by athletes, teams and organizations across every level of sport.

There is no greater near-term example of that trust than the upcoming Football World Cup. More than half of the national teams competing in this year's tournament are customers of Catapult. When it comes to the biggest tournament in global sport, we are there supporting the very best teams and athletes on the planet.

Turning to our results, before I begin, I want to be clear that all figures I reference today are reported in U.S. dollars, unless otherwise indicated. To provide a clearer picture of our underlying performance, year-over-year growth rates are presented in constant currency — removing the noise of foreign exchange and reflecting the true trajectory of the business.

One of our most significant achievements of the year is our performance on the Rule of 40, our north star, as demonstrated on slide 6. Rule of 40 is defined as the sum of annual ACV growth percentage on a constant currency basis and Management EBITDA margin. In FY26, we hit a record high of 36%, excluding acquired ACV, or 46% with it. This reflects a powerful combination of Annualized Contract Value growth and a record 18% Management EBITDA margin; the amount of operating profit we retain. This breakthrough confirms that we are not

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just growing, but growing with the discipline and leverage characteristic of the world's best vertical SaaS companies.

The next slide breaks this down in more detail, and these numbers tell a story of disciplined, profitable growth. ACV growth of 28% translated into ACV of $133.8 million. This was the key driver of our top line, with revenue of $140.7 million, growth of 19% year-over-year. Translated into Australian dollars, we reached a major milestone — A$200 million of revenue for the first time.

Our Management EBITDA, the key measure of our operating profit — grew by $10 million year-over-year to $25 million. We continue to deliver top-line growth at the same time as we are dropping more operating profit to the bottom line, consistent with our strategy and the hallmark of a great scaling SaaS business.

Slide 8 shows that Catapult delivered an ACV retention rate of 96.1% — an outstanding performance. Catapult sits in illustrious company in delivering retention rates of this magnitude, and it is yet another validation of the quality of our product and the integral role we play in accelerating the performance of the best athletes and teams on earth.

ACV per Pro Team — our core ARPU metric — grew 10% year-over-year. As in prior periods, the primary driver of this increase is the continued expansion of customers adopting more than one solution. Historically, this has been adding a video analysis solution from our Tactics & Coaching vertical, to a wearables solution in our Performance & Health vertical. However, as our product suite expanded to include Focus Live for gameday and practice, Hub Pro, as well as the acquisitions of Perch and IMPECT, we are now successfully cross selling within the verticals and improving our opportunities to expand ARPU.

Given the change in our ability to sell more solutions in and across verticals, we introduced a multi solution metric to better reflect our efforts in cross selling. On the right hand side of this slide you can see how we are expanding the number of Pro Teams with Multiple solutions, which increased by 62% year-over-year. Bob will talk more about this in a moment, but this reflects excellent cross sell progress and the growing breadth and sophistication of our platform. Perch and IMPECT are early in their contribution to this metric, which gives us confidence in the runway ahead as we scale cross-sell through our global sales organization.

Turning to slide 9, you can see the depth of operating leverage in our subscription business model and the strength of our unit economics. As many of you know, our target is to keep at least 30% for every additional dollar of revenue we generate as profit. I'm pleased to say that in FY26, we continued to benefit from improvements in efficiencies across our cost base, exceeding this target with a 41% incremental profit margin, despite the addition of costs from our acquisitions. In fact, when you exclude the impact from acquisitions, our incremental profit margin would have been 48%. So you can see very clearly the operating leverage in our business.

Before I hand over to Bob, let me take you through some of the innovations we delivered for customers this year — on Slide 10.

This year we introduced Vector 8, the world's most powerful athlete monitoring system. — faster, more accurate, and built to save coaches time where it matters most. The product is out and in the hands of the best pro teams on earth.

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Even though we acquired Perch less than twelve months ago, we've already delivered a brand new camera system. The Perch P2 has a 37% wider field of view and a frame rate two times faster than the original. Coaches get richer, more complete data from every session.

IMPECT is now live on the Catapult platform. As a reminder, IMPECT is an end-to-end intelligence platform covering player scouting, opponent analysis, and internal benchmarking — all built on data that IMPECT collects and owns. They are the leading innovator in soccer analytics, and their proprietary Packing™ data gives teams a unique perspective on player performance. With IMPECT on the platform, rich match data and video analysis are now unified in a single workflow for the first time.

On MatchTracker, we've gone further this year with our new automated aggregation service. We now pre-package event data, positional data, and multi-angle video for every team in a league — hosted, synced, and ready to analyze at the end of matchday.

We are also actively bringing AI into the product suite. In January, we launched AI-powered automatic shift detection in ice hockey. Our wearables now detect active player shifts based on movement patterns, giving coaches instant, automatic workload insights — no manual tagging required. This has materially extended our leadership in pro ice hockey, is opening doors with new customers, and the same capability is coming to more sports this year.

And finally, Focus Live has moved beyond game day and is now live for practice. American Football teams get the same real-time insight on the training field that they've always had on the sideline. We now have teams across the SEC, other NCAA Conferences, and the NFL using it — which further strengthens our position as the gold standard for video analysis across the pro American Football market.

FY26 is a year I'm genuinely proud of, not just for the growth numbers, but for the discipline behind them. We scaled, we acquired, and we expanded margins simultaneously. That's the compounding model we've been building toward. I'll hand it over to Bob to take you through the details.

CFO ADDRESS

Thank you Will, and good morning, afternoon, and evening to those of you joining today. I am very pleased to present another excellent financial result from Catapult today. I will begin with an overview of our key SaaS metrics, before taking you through our financial performance in more detail, and then hand back to Will to talk about our strategy and outlook. I would like to reiterate that unless I state otherwise, the numbers I am about to talk to are actual, reported numbers in U.S Dollars, and that our growth rates, which compare our performance year on year, are in constant currency, removing the impact of fluctuations in foreign exchange rates.

As always, I will begin by focusing on our primary metric on Slide 12, our Annualized Contract Value (or ACV). In FY26, we delivered 28% constant currency growth, finishing the year at $133.8 million dollars. When normalizing for the acquired ACV from Perch and IMPECT, this represented 18% constant currency growth, another strong year. It's worth pausing for a moment to reflect on this achievement. In a year where we executed several strategic acquisitions, and kept organic sales and marketing headcount relatively steady, we still maintained an organic growth rate of 18%, albeit on a larger base. This is an outstanding outcome, and represents another year of delivery for our shareholders.

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Breaking down our overall growth rate across our core verticals, and yet again we saw a healthy balance of growth in both P&H and T&C. On P&H, which includes both our wearables and Perch gym solutions, we generated 23% ACV growth over the course of the financial year, and this vertical now exceeds $84 million dollars. A small amount, around $2.5 million, was acquired with Perch, so you can see that this was overwhelmingly organic growth that delivered this outcome. We continued to experience success signing new teams in soccer across EMEA and Central America, and growth across college sports within North America. We actually added 460 new Pro P&H customers in FY26, underscoring the significant greenfield growth opportunities remaining in this vertical.

Our T&C vertical, which includes our video analysis solutions, and now IMPECT scouting solutions, generated 40% ACV growth. Adjusting for FX, at the time of completion we added $8 million dollars into our T&C vertical from IMPECT, and the remainder of our growth this year was driven organically. Strong demand from global soccer teams for Catapult's Pro Video Suite, as well as increased adoption of new solutions in American football, were the key sports and solutions driving this growth. Our T&C vertical is now approaching $50 million in ACV, and that represents fantastic progress given T&C ACV was less than $28 million only two years ago.

On the next slide, the first of these two charts will be familiar to you— our ACV per Pro Team. In a reflection of our successful land and expand strategy, whereby we are growing our share of wallet after we have successfully landed with a new team, this has grown again in FY26 and at the end of the year it exceeded $30 thousand dollars for the first time. Growth in this metric will be crucial as we work our way toward our mid- and long-term growth targets.

The chart on the right of this slide shows multi-solution teams, a metric we introduced at our Analyst Day held in March, and included in the presentation we uploaded onto the ASX. With the expansion of our platform in FY26 from the addition of Perch and IMPECT, we are now actively cross-selling different solutions to customers within the same vertical. As such, we believe this metric is a great indicator of our success. On this chart you can see that we added 506 new Multi Solution Pro Teams in FY26, a 62% increase year-over-year. And importantly, over 80% of these new Multi-Solution teams were the result of a great cross-selling effort from our sales team... with only a small component coming by acquisition.

One of the core pillars of our strategy is to target ACV retention rates greater than 95%. Slide 15 demonstrates we are successfully delivering to that target. In FY26 we delivered an ACV retention rate of 96.1%, the inverse of which being a churn rate of 3.9%. This continues to be on par with the best retention rates seen among the world's most successful enterprise software companies and as we continue to add solutions to our product suite, this will provide for an environment whereby we can continue to deliver retention rates of this quality.

Let's now move on to our financial performance.

Slide 16 details the composition of our revenue. As this chart demonstrates, the growth in our SaaS revenue is overwhelmingly driving the growth in our overall revenue. SaaS revenue growth, which is derived from our ACV balance, grew by 21% year-over-year. And this drove overall revenue growth of 19% year-over-year. Positively, our Media business, which is licensed to sell American college football video highlights, continues to benefit from the growing interest of global video streaming companies in producing pro sports content for their streaming platforms, and that business continues to grow at a healthy rate.

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Moving now to our cost base, which we group into Variable Costs and Fixed Costs. Let's start with Variable Costs on slide 17.

Variable Costs, made up of COGS, Delivery, and Sales & Marketing expenses, are now within 2 percentage points of our long term target. These costs ended FY26 at 47% as a percentage of revenue, just shy of our 45% target. This also means that our Contribution Margin has increased from 49% to 53%, which is a very strong performance, and reflects a disciplined approach to how we manage our cost base.

Variable costs are the "Costs of Growth", and will continue to grow in absolute dollar terms to support our revenue growth. And I think it's worth reminding everyone of the journey we've been on related to our Variable Cost base. In FY23, as we exited a period of investment subsequent to the acquisition of SBG, our Variable Costs were 66% of our Revenues, which meant our Contribution Margin was 34%. It was at that time we set ourselves a target to get our Variable Costs down to 45% of Revenue, and a 55% Contribution Margin. Over the last three years we have been disciplined and resolute in working toward this goal, and I'm pleased to see that we are now within touching distance of achieving our long term targets.

Moving onto Fixed Costs on slide 18, which are our G&A and R&D costs, both expensed and capitalized. These costs declined as a percentage of revenue by 2 percentage points to 35% in FY26. Absolute growth in Fixed Costs was primarily driven by the addition of acquired costs into the R&D and G&A functions from IMPECT and Perch. We continue to target a reduction in Fixed Costs as a percentage of revenue while rising modestly in absolute dollar terms.

These concepts all come together on Slide 19, which highlights how our operating leverage is accelerating the growth in our profit margin. You can see the gap that is now opening up between our revenue and our OPEX as a percentage of revenue, and the impact that is having on our profit margin at the bottom of that chart. Our operating profit margin has now expanded 4x in the past 2 years, a 13 percentage point improvement, demonstrating the operating leverage of our model at scale. We continue to make great progress towards our targeted 30% profit margin, delivering an 18% profit margin this financial year, and we feel very positive about this trend going forward.

And on Slide 20, you can see our Free Cash Flow result. Free Cash Flow excluding transaction costs was $6.5 million dollars, slightly less than the $8.6 million we reported in FY25. As we communicated in March, the Year-over-Year comparison reflects the timing of our second-half FY26 collections, which were impacted by the acquisitions, which placed temporary capacity pressure on our finance and collections functions. This deferred a portion of receivables into the first half of FY27, which is reflected in our increased Trade Receivables balance of $20 million at March 31st, a $10 million increase from where it ended in FY25. That is, this is a timing matter... and there is no change to our underlying cash generation. As we announced this morning, since the end of FY26 we have collected the majority of this outstanding balance, with the remainder expected to be collected in coming weeks.

And finally, as you can see on that slide, we ended FY26 with a cash balance of more than $53 million on the Balance Sheet, and no debt, which is a great position to be in.

Now, moving to slide 21, which is our operating profit and loss summary. We have already touched on many of these numbers so I will only make a couple of observations on this slide.

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• Our Gross Margin performance primarily reflects growth in Catapult's Media business, which I flagged earlier. While our Media business has a very high operating profit, its gross margin is lower than the rest of our business. In fact, if you removed the Media business from our P&L, our gross margin would be nearly 85%.
• Our Management EBITDA increased by nearly $10 million Year-over-Year, to $24.7 million. This was a 67% increase and resulted in a Management EBITDA Margin of 17.6%. It's important to reiterate that we removed the payroll tax related to share based payments from our Management EBITDA, as this expense is unrelated to our operating profit as we've previously mentioned.

And finally, our operating profit as it translates to net profit on slide 22. I will make a number of points on this slide as we are presenting some new information here. But overall, I'm excited that our operations continue their strong performance as we just discussed, but we can also see that this is translating to strong EBITDA and net profit progress when excluding non-operational and/or non-recurring items, such as the accounting impacts of acquisition accounting.

• The increase in Capitalized Development primarily reflects the capitalized component of the addition of IMPECT's R&D team into Catapult, which we added in the last five months of the financial year
• The increase in SBP – Employee Compensation & Related Taxes reflects the impact on employee share based compensation of the increase in the Catapult share price, as well as payroll taxes incurred related to the increase. As a reminder, this does not reflect an increase in dilution from share based payments, which has actually been trending down in the last 2 years.
• And you can see that EBITDA, before any acquisition charges, reached $25 million, improving by 33% year-over-year. Another measure demonstrating the operating success we continue to achieve.
• Acquisition Related Charges includes the non-operating effects from the acquisitions we completed this year. Specifically, this includes the non-cash accounting impact from both Acquisition Contingent Consideration and Adjustments to Fair Value of future Consideration. And it also includes the fees paid to advisors related to the acquisitions.
• The increase in Depreciation & Amortization reflects increased subscription units - effectively as a result of growth in our wearables business, and also amortization of our capitalized R&D.
• Amortization of Acquired Intangibles ended FY26 at $7.4 million. This was lower than we had initially projected, and reflects the outcome of that independent assessment we referenced at our Analyst Day.
• FX Loss & Other One-Time Adjustments consist of an FY26 non-operating FX loss from the valuation of certain assets with a weakened US dollar, and an FY25 one-time deferred tax credit.
• And finally, Interest and Other primarily reflects the interest on our debt facility, which we subsequently paid down after the October 2025 capital raise. I also want to make a point here that while we do have deferred tax losses on the Balance Sheet, we are not expecting

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to be able to utilize these in the short-term, and therefore they should not be modelled in our future P&L at this stage.

You can find more detailed breakdowns and reconciliations of some of this information in our Financial Statements and our Analyst Pack, both of which are available on our investor website.

In closing, we finished FY26 in excellent shape. Our team has delivered another world class performance and our business continues to go from strength to strength. Catapult has never been in better financial health as we create an even greater experience for our customers and drive our business forward as the platform for global pro sports teams.

With that, I will hand back to Will to discuss our strategy and outlook further.

CEO & MD ADDRESS

Now let me remind everyone why we're here and the opportunity in front of us. Our market is expected to exceed $72 billion US dollars by 2030 — reflecting the enormous growth we're seeing across the industry. Live sport is drawing unprecedented levels of viewership, interest, and investment, and these three characteristics are underpinning ongoing tailwinds in sports technology.

Our unified SaaS platform is designed to help teams make faster, smarter decisions. Our solutions save time, add context, turning information into advantage, and advantage into competitive edge.

Our platform is expanding as slide 26 demonstrates. The last two years have really seen an evolution of our company. Catapult is no longer a company that is predominantly selling wearables subscriptions, Catapult is now a fully-fledged platform. The platform includes new video analysis tools which are now reaching global scale, including MatchTracker, Focus, Hub and RaceWatch. It includes strength and conditioning monitoring with Perch. And it includes both tactical and scouting analysis with IMPECT. This growing portfolio of solutions is built for ACV expansion, and this platform is positioning us as an absolutely indispensable partner to pro sports teams.

Moving to slide 27. At Catapult, we are positioned to lead the AI revolution in sports technology. No one else globally occupies the space we're in when it comes to the history, quality and scale of proprietary pro sports athlete monitoring data. We are in an incredible position whereby AI needs this data for their models to function. And we own it, and it can only be collected by Catapult's hardware, which is also the best hardware in the industry, increasing our advantage even further. We've been using AI for many years as we've developed player and sports specific algorithms related to load, have used computer vision in our video analysis solutions, and now we have the opportunity to have agentic products on top of our tech stack to develop more use cases and create even more upsell opportunities.

AI also expands our addressable market. By removing the analyst capacity constraint, the limitation that prevents some teams without dedicated sports science resources from fully utilizing a platform like ours, AI unlocks deeper value for existing customers and a larger market beyond them. This further entrenches our global leadership position.

On to slide 28. Our moat is wide, deep, defensible, and it is widening. Our one-stop platform, our flexible tech stack, our global scale, and our multi-sport intelligence are unmatched in the industry. The combination of proprietary data, regulatory certifications, and a global customer

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base creates compounding advantages that strengthen with every new team, every new season, and every new solution.

Slide 29 is a reminder of our long term strategy, which is to generate $1 billion in ACV. Our strategy has been to land with new teams, typically a new wearables customer in P&H and then expand with that customer in T&C. Historically we've upsold a wearable customer that had an average contract value of $20K onto one, two, or three modules of video analysis suite, increasing that average contract to around $60K. Now, with our expanded platform including Perch and IMPECT, our profile to expand share of wallet is moving well north of that number. We now have the ability to expand the share of wallet to $100–$150K. That combination against our track record of landing new teams means I see no reason that we can't get to our ambition of $1 billion of ACV.

Moving to Slide 30 - Our unit economics model is unchanged following the acquisitions of Perch and IMPECT. The ability to drive our Contribution Margin through cross-sell and upsell from product innovation allows us to improve unit economics while leveraging a stable fixed cost base, increasing our profit margin. With a 53% Contribution Margin, our unit economics demonstrate our ability to deliver profitable growth at scale.

Slide 31 brings us back to where I started this morning, the Rule of 40. The Rule of 40 is how we measure our success. At the heart of this framework are five key drivers, each a critical input powering our ACV growth and Management EBITDA.

1. Pro Team Count helps us measure our ability to expand—With more than 4,100 Pro Teams today, we continue to add teams through greenfield opportunities across leagues, regions, and sports.
2. ACV Per Pro Team is the leading indicator in our ability to expand contract values – We're increasing ARPU through upsell, cross-sell, pricing, and platform expansion - especially as we convert single solution teams into multi solution teams. This is where new solutions like Perch and IMPECT play an increasingly important role.
3. ACV Retention is a key reflection of our platform's compounding value – We're maintaining retention above 95% by consistently delivering value, service, and innovation. The more solutions we offer across key workflows for sport teams the deeper the role we play in helping teams make better decisions, strengthening the stickiness of our platform and the trust teams place in us.
4. Variable Cost Efficiency ensures that our cost to grow the business is well managed and we're scaling smart — supporting growth while not losing sight of productivity.
5. Fixed Cost Discipline is what shows the ultimate leverage of the company—With a scaled foundation in place, we're positioned to grow without increasing fixed cost linearly with our top line growth rate.

Turning to our outlook on Slide 32. Our objective remains to deliver on our strategic priorities, with a continued focus on generating profitable growth. In FY27, we expect:

• ACV growth to remain strong with low churn
• Continued improvement in cost margins towards our targets
• And higher free cash flow, excluding transaction costs, as our business scales

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In closing, FY26 was a transformational year, and one that was fully consistent with our strategy of delivering strong, profitable growth. We are only just beginning to realize the potential of our expanded platform, and I have great confidence in our ability to continue driving this business forward and helping improve the performance of the world's best athletes and teams.

Thank you all for listening. I'll now turn it back to the operator for questions.

Authorized for release to ASX by the Catapult CEO & MD, Mr Will Lopes.

For further information, please contact:

Investors: investors@catapult.com
Media: media@catapult.com

ABOUT CATAPULT

Catapult exists to unleash the potential of every athlete and team on earth. Operating at the intersection of sports science and analytics, Catapult products are designed to optimize performance, mitigate injury risk, and improve return-to-play. Catapult works with more than 5,000 teams in over 40 sports across more than 100 countries globally.

To learn more about Catapult and to inquire about accessing performance analytics for a team or athlete, visit us at catapult.com.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements including plans and objectives. Do not place undue reliance on them as actual results may differ and may do so materially. They reflect Catapult's views as at the time made, are not guarantees of future performance and are subject to uncertainties and risks, such as those described in Catapult's most recent financial report. Subject to law, Catapult assumes no obligation to update, review or revise any information in this document.

Comments made by Management during the Q&A session of the Company's FY26 results briefing should not be taken as an endorsement of any particular analyst's forecast or quantitative growth assumptions and do not affect the Company's disclosed qualitative guidance.

DEFINED TERMS AND CALCULATION METHODOLOGIES

In this document, unless otherwise indicated:

"1H" for April 1, 2021 onwards, is each period starting April 1 and ending September 30, with the first such period being 1H FY22;

"2H" for October 1, 2021 onwards, is each period starting October 1 and ending March 31, with the first such period being 2H FY22;

"FY" for April 1, 2021 onwards, is each period starting April 1 and ending March 31, with the first such period being FY22;

"ACV" or "Annualized Contract Value" is the annualized value of all active subscription contracts in effect using an average exchange rate to US$ over a 1-month period ending on March 31, 2026;

"ACV (CC)" or "ACV constant currency" is ACV calculated on a "constant currency" basis, which is calculated using an average exchange rate to US$ over a 1-month period ending on March 31, 2025;

"ACV CAGR" is the cumulative annual growth rate in ACV on a "constant currency" basis over a period A to B, which is calculated as the annualized growth rate (expressed as a percentage) of (x) the ACV as at the Effective Calculation Date for B (using currency rates as at the effective calculation date for A); divided by (y) the ACV as at, and using the currency rates as at, the effective calculation date for A. Therefore, for example, the ACV CAGR for 1H FY23 to 1H FY25 is calculated as the annualized growth rate (expressed as a percentage) of (x) the ACV calculated as at September 30, 2024 (using currency rates as at September 30, 2022); divided by (y) the ACV calculated as at, and using the currency rates as at, September 30, 2022;

"ACV Churn" is the reduction in ACV from the loss of customers over a period, which is calculated as the quotient (expressed as a percentage) of (x) the reduction in ACV from the loss of customers over the 12-month period prior to the Effective Calculation Date; divided by (y) the total ACV calculated as at the date that is 12 months prior to that Effective Calculation Date;

"ACV Growth" or "ACV YoY" is the growth in ACV (including on a "constant currency" basis), which is calculated as the quotient (expressed as a percentage) of (x) the ACV calculated as at March 31, 2026; divided by (y) the ACV calculated as at March 31, 2025;

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"Fixed Costs" is the total of General & Administrative (G&A), and capitalized and non-capitalized Research & Development (R&D) costs;

"Free Cash Flow" or "FCF" is cash flows from operating activities less cash flows used for investing activities, excluding cash used for acquisitions of, and investments into, businesses and strategic assets. FCF excludes AASB16 lease payments;

"Incremental profit" over a period is calculated as the incremental Management EBITDA over that period;

"Incremental profit margin" over a period is calculated as the quotient (expressed as a percentage) of (x) the incremental Management EBITDA over that period; divided by (y) the incremental revenue over that period;

"Management EBITDA" is Reported EBITDA excluding employee-related share-based payments, acquisition contingent consideration, severance, acquisition-related transaction costs, and payroll tax expense related to employee-related share-based payments; and including capitalized development expenditure;

"Multi Solution Pro Teams" is the number of Pro teams that, as at the effective calculation date, use more than one Catapult solution;

"Multi Vertical Pro Teams" is the number of Pro teams that, as at the effective calculation date, use a product from more than one of Catapult's verticals;

"Recurring Revenue" is SaaS Revenue, plus Media, and plus other recurring revenue that is not attributable to ACV;

"Recurring Revenue Growth", "Recurring Revenue YoY", "SaaS Revenue Growth" or "SaaS Revenue YoY" is the growth in, respectively, Recurring Revenue or SaaS Revenue (including on a "constant currency" basis, the "Relevant Revenue"), which is calculated as the quotient (expressed as a percentage) of (x) that Relevant Revenue over, as applicable, the 12-month period prior to March 31 of a specified FY or the 6-month period prior to September 30 of a specified HY (the "Relevant Period"); divided by (y) the Relevant Revenue over, as applicable, the 12-month period or 6-month period ended 12 months prior to the Relevant Period;

"Reported EBITDA" means earnings before interest, tax, depreciation, and amortization for the relevant period derived from the financial statements prepared in accordance with applicable accounting standards, and before any adjustments applied in calculating Management EBITDA;

"Rule of 40" is the sum of annual ACV growth percentage on a constant currency (CC) basis and Management EBITDA margin (Management EBITDA as a % of Revenue);

"SaaS Revenue" or "SaaS (ACV) Revenue" is revenue attributable to ACV; and

"Variable Costs" is Total non-capitalized COGS, Sales & Marketing (S&M), and Delivery Costs.

This document should be read in conjunction with the above definitions and calculation methodologies as they are integral to understanding the content.

NON-IFRS INFORMATION

While Catapult's results are reported under IFRS, this document also includes non-IFRS information, such as Management Operating Profit, Management EBITDA, EBITDA, Gross Margin, Contribution Margin, Free Cash Flow (FCF), Annual Recurring Revenue (ARR), Annualized Contract Value (ACV), ACV Churn, and Rule of 40. These measures are provided to assist in understanding Catapult's financial performance, given that it is a SaaS business. They have not been independently audited or reviewed, and should not be considered an indication of, or an alternative to, IFRS measures.

Catapult has provided a reconciliation of Management EBITDA to its nearest statutory equivalent in its FY[26] Annual Financial Report.

GENERAL

The information in this document is for general information purposes only and does not purport to be complete. It should be read in conjunction with Catapult's other market announcements. Readers should make their own assessment and take professional independent advice prior to taking any action based on the information.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the presented figures. All financials are in US$ unless otherwise indicated.

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