DUG TECHNOLOGY LTD — Interim / Quarterly Report 2026

Feb 24, 2026

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DUG Technology Ltd Appendix 4D

Half-year report

Reporting period

Current period: Half-year ended 31 December 2025 Previous corresponding period: Half-year ended 31 December 2024

Results for Announcement to the Market

		Half-year ended 31 December	Half-year ended 31 December
	2025 US$’000	2024 US$’000	Change %
Revenue from ordinaryactivities	40,363	28,745	40%
Other income	2,345	1,597	47%
EBITDA1	11,453	5,197	120%
Normalised EBITDA2	13,579	5,197	161%
Profit/ (loss)after tax from ordinaryactivities	992	(3,871)	n.m.
Profit/ (loss)after tax attributable to members	1,509	(3,972)	n.m.

1 These items are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 - Disclosing non-IFRS financial information. 2 Normalised EBITDA excludes a one-off contingent liability provision relating to the MP2 legal matter. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further information.

Dividends and Dividend Reinvestment Plans

No dividend has been proposed or declared in respect of half-years ended 31 December 2025 and 31 December 2024 and there were no dividend reinvestment plans in operation during the current period.

Control Gained/Lost Over Entities

No control over any entities was gained or lost during the half-year ended 31 December 2025.

Net Tangible Assets per Share

	31 December 2025 US$	31 December 2024 US$
Net tangible assetsper share	0.36	0.35

Audit Review

This report is based on the interim consolidated financial statements for the half-year ended 31 December 2025 which have been reviewed by Grant Thornton Australia.

Other

Additional information supporting the Appendix 4D disclosure requirements and a comparison of performance against previous periods, can be found in the accompanying Directors’ Report and the interim consolidated financial statements for the half-year ended 31 December 2025.

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INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
for the half-year ended 31 December 2025
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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2025

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Contents

Company Information ..................................................................................................................................... 2 Directors’ Report ............................................................................................................................................. 3 Auditor’s Independence Declaration .............................................................................................................. 6 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income .................................... 7 Condensed Consolidated Statement of Financial Position ................................................................................ 8 Condensed Consolidated Statement of Changes in Equity ...................................................................................... 9 Condensed Consolidated Statement of Cashflows ....................................................................................... 10 Notes to the Condensed Consolidated Financial Statements ....................................................................... 11 Directors’ Declaration ................................................................................................................................... 2 0 Independent Auditor’s Review Report ......................................................................................................... 2 1

DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Company Information

Company Information
	Francesco Sciarrone	Non-Executive Chairman
	Matthew Lamont	Managing Director
DIRECTORS	Louise Bower	Non-Executive Director
	Mark Puzey	Non-Executive Director
	David Monk	Non-Executive Director
COMPANY SECRETARY	Jacqueline Barry
COUNTRY OF INCORPORATION	Australia
COMPANY REGISTRATION
	169 944 334
NUMBER
LEGAL FORM	Limited Company
	76 Kings Park Road
REGISTERED OFFICE	West Perth WA 6005
	AUSTRALIA
	76 Kings Park Road
PRINCIPAL PLACE OF BUSINESS	West Perth WA 6005
	AUSTRALIA
	Grant Thornton Audit Pty Ltd
	Level 43 Central Park
AUDITORS	152-158 St Georges Terrace
	Perth WA 6000
	AUSTRALIA
	Computershare Investor Services
SHARE REGISTRY	Level 11, 172 St Georges Terrace Perth WA 6000
	AUSTRALIA
ASX LISTING	ASX CODE: DUG

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Directors’ Report

The Directors hereby present their report of the Group comprising of DUG Technology Ltd ( DUG , or the Company ), and its subsidiaries (together referred to as the Group ) for the half-year ended 31 December 2025. The use of the words Company and Group are interchangeable for the purposes of this report.

DIRECTORS

The Directors of the Company in office during the half-year and until the date of this report are set out below. Directors were in office for the entire period unless otherwise stated.

Non-Executive Chairman

• Francesco Sciarrone Non-Executive Chairman

• o Matthew Lamont Managing Director o Louise Bower Non-Executive Director o Mark Puzey Non-Executive Director o David Monk Non-Executive Director

REVIEW OF OPERATIONS

Highlights from FY26-H1

The Group delivered strong operational performance in FY26-H1 with record half-year revenue of US$40.4 million (up 40%) and normalised EBITDA of US$13.6 million (up 161%) . This was driven by a strong FY26-Q2, which delivered revenue of US$23.7 million and normalised EBITDA of US$9.4 million.

These results were underpinned by growth in the Services business and the ramp up of the EPIC contract in Malaysia.

• Services growth was driven by strong performance in both established and emerging regions, and the continued adoption of MP-FWI imaging technology.

• Malaysian SaaS and HPCaaS contract (“EPIC”) was able to be partially commissioned earlier than anticipated, after the Company was able to mobilise IT hardware from other regions. This resulted in 3 months of partial revenue recognition, with the full revenue run rate achieved by mid-December 2025.

DUG expanded its global multi-client portfolio by launching two new seismic reprocessing projects offshore Equatorial Guinea in partnership with Geoex MCG. Both projects are fully pre-funded by clients and cover extensive acreage in the highly prospective deep-water Douala and Rio Muni basins, ahead of upcoming exploration licensing rounds by the Ministry of Hydrocarbons and Mining Development.

Revenue

	FY26-H1 US$’000	FY25-H1 US$’000	Change %
Services	31,778	24,471	30%
Software	4,137	3,196	29%
HPC	4,448	1,078	313%
Total revenue	40,363	28,745	40%

Services revenue increased 30% on FY25-H1. This was driven by strong performance in both established and emerging regions, and the continued adoption of MP-FWI imaging. The Services Order Book was US$43.5 million at 31 December 2025, compared to US$42.2 million at 31 January 2025 (US$32.9 million at 31 December 2024). The Services Order Book is supported by a growing pipeline of opportunities that underpins the Company’s confidence in continued momentum.

The increase in Software (29% growth) and HPC (313% growth) revenue compared to FY25-H1 was driven by the ramp up of the EPIC contract in Malaysia.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Operating Profit and Loss

	FY26-H1 US$’000	FY25-H1 US$’000	Change %
Total revenue	40,363	28,745	40%
Other income	2,345	1,597	47%
Total income	42,708	30,342	41%
Employee benefits expense	(17,437)	(15,788)	10%
Other expenses	(13,818)	(9,357)	48%
**EBITDA1 **	11,453	5,197	120%
**Normalised EBITDA2 **	13,579	5,197	161%
Depreciation and amortisation expense	(6,102)	(6,392)	(5%)
Operating profit/ (loss)	5,351	(1,195)	n.m.
Net finance expense	(2,005)	(2,030)	(1%)
Profit/ (loss) before tax	3,346	(3,225)	n.m.
Tax expense	(2,354)	(646)	264%
Profit/ (loss) after tax	992	(3,871)	n.m.

1 These items are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 – Disclosing non-IFRS financial information. 2 Normalised EBITDA excludes a one-off contingent liability provision relating to the MP2 legal matter. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further details.

Employee benefits increased 10% in FY26-H1, driven by higher headcount in the Services business as the Brazilian office ramped up and established regions continued to grow. Other expenses increased 48% in FY26-H1 due to higher IT, facilities and subcontracting costs associated with the EPIC contract as well as the recognition of a one-off contingent liability provision relating to the MP2 legal matter (please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further details).

Financial Position

With total cash and cash equivalents of US$14.3 million (US$16.4 million at 30 June 2025), the Group has sufficient liquidity in place to continue to fund its growth strategy. The decrease in cash and cash equivalents from 30 June 2025 largely reflects the increased trade and other receivables balance. High cash receipts in January 2026 resulted in a 31 January 2026 cash balance of US$20.7 million.

The Group improved its net asset position to US$48.9 million at 31 December 2025, up from US$47.3 million at 30 June 2025. Total assets grew to US$105.7 million at 31 December 2025 (US$91.5 million at 30 June 2025), reflecting increases in receivables, contract assets, property, plant and equipment, and lease right-of-use assets. Total liabilities increased to US$56.8 million at 31 December 2025 (US$44.2 million at 30 June 2025), reflecting increases in trade and other payables and contract liabilities.

Cash Flow

Net cash flows from operating activities totalled US$7.4 million in FY26-H1, a significant improvement compared to the US$2.2 million outflow in FY25-H1. This increase was primarily driven by higher cash receipts from customers, reflecting strong operational activity during the period.

Investment in plant, equipment and intangible assets reduced substantially to US$2.0 million in FY26-H1, down from US$6.1 million in FY25-H1. The prior-year period included the final delivery of new computer equipment, initial infrastructure capacity upgrades at the Houston data centre, and the Abu Dhabi office fit out.

Net cash outflows from financing activities amounted to US$7.5 million, largely reflecting scheduled debt repayments to reduce asset financing lease obligations.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the Auditor’s Independence Declaration, as required under Section 307C of the Corporations Act 2001, is set out on page 6 of the Interim Consolidated Financial Statements for the half-year ended 31 December 2025.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

ROUNDING OF AMOUNTS

The Company is of a kind referred to in ASIC Corporations (Rounding in Financial / Directors’ Reports) Instrument 2016/191 and, in accordance with that instrument, amounts in the Interim Consolidated Financial Statements and Directors’ Report are rounded off to the nearest thousand in United States dollars, unless otherwise stated.

Dated at Perth on 25 February 2026.

Signed in accordance with a resolution of the Directors.

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Mark Puzey DIRECTOR

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000

Auditor’s Independence Declaration

To the Directors of DUG Technology Ltd

In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of DUG Technology Ltd for the half-year ended 31 December 2025. I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b no contraventions of any applicable code of professional conduct in relation to the review.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L A Stella Partner – Audit & Assurance

Perth, 25 February 2026

grantthornton.com.au

ACN-130 913 594

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the half-year ended 31 December 2025

Note	31 Dec 2025 US$’000 31 Dec 2024 US$’000
Income Revenue from contracts with customers 6 Other income 7 Expenses Depreciation and amortisation expense Employee benefits expense 8 Other expenses 9 Operating profit/(loss) Finance income Finance expense Net finance expense 10 Profit/(loss) before tax Tax expense 11 Profit/(loss) for the period Attributable to: Equity holders of the parent Non-controlling interests Total comprehensive income/(loss) Earnings per share Basic profit/(loss) per share (US$ cents per share) 18 Diluted profit/(loss) per share (US$ cents per share) 18	40,363 28,745 2,345 1,597
	42,708 30,342
	(6,102) (6,392) (17,437) (15,788) (13,818) (9,357)
	5,351 (1,195)
	44 53 (2,049) (2,083)
	(2,005) (2,030)
	3,346 (3,225)
	(2,354) (646)
	992 (3,871)
	1,509 (3,972) (517) 101
	992 (3,871)
	1.12 (3.28) 1.09 (3.28)

The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the accompanying Notes to the Interim Consolidated Financial Statements.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Financial Position

As at 31 December 2025

Note	31 Dec 2025 US$’000 30 June 2025 US$’000
ASSETS Current assets Cash and cash equivalents Trade and other receivables 12 Prepayments Contract assets 15 Current tax asset Other current assets Total current assets Non-current assets Property, plant and equipment 13 Right-of-use assets 14 Intangible assets Deferred tax asset Other non-current assets Total non-current assets Total assets LIABILITIES Current liabilities Trade and other payables Loans and borrowings Contract liabilities 15 Lease liabilities 16 Provisions Total current liabilities Non-current liabilities Lease liabilities 16 Provisions Total non-current liabilities Total liabilities NET ASSETS EQUITY Share capital 17 Reserves Accumulated losses TOTAL EQUITY Equity attributable to equity holders of parent Non-controlling interests TOTAL EQUITY	14,293 16,410 16,799 11,667 1,388 1,241 8,437 4,319 446 505 2,501 1,945
	43,864 36,087
	44,343 41,109 13,823 10,615 521 534 1,339 1,339 1,774 1,766
	61,800 55,363
	105,664 91,450
	12,478 4,861 190 40 8,022 3,090 8,755 11,163 4,566 2,338
	34,011 21,492
	22,676 22,606 102 76
	22,778 22,682
	56,789 44,174
	48,875 47,276
	76,606 76,240 (285) (526) (27,446) (28,438)
	48,875 47,276
	49,437 47,321 (562) (45)
	48,875 47,276

The Condensed Consolidated Statement of Financial Position is to be read in conjunction with the accompanying Notes to the Interim Consolidated Financial Statements.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Changes in Equity

For the half-year ended 31 December 2025

Note	Share Capital Translation Reserve Share-based Payment reserve Accumulated Losses Total Non-controlling Interests Total Equity
	US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Balance at 1 July 2025 Income/(loss) for the period Total comprehensive income/(loss) for the period TRANSACTIONS WITH EQUITY HOLDERS Share-based payments Employee loan funded shares sold 17 Shares issued – options exercised 17 Total transactions with equity holders Balance at 31 December 2025 Balance at 1 July 2024 Income/(loss) for the period Total comprehensive income/(loss) for the period TRANSACTIONS WITH EQUITY HOLDERS Share-based payments Employee loan funded shares sold Shares issued during the period Cost of capital raising issued, net of tax Total transactions with equity holders Balance at 31 December 2024	76,240 (2,177) 1,651 (28,393) 47,321 (45) 47,276 - - - 1,509 1,509 (517) 992
	- - - 1,509 1,509 (517) 992
	- - 388 - 388 - 388 219 - - - 219 - 219 147 - (147) - - - -
	366 - 241 - 607 - 607
	76,606 (2,177) 1,892 (26,884) 49,437 (562) 48,875
	55,362 (2,177) 955 (24,590) 29,550 471 30,021 - - - (3,972) (3,972) 101 (3,871)
	- - - (3,972) (3,972) 101 (3,871)
	- - 277 - 277 - 277 502 - - - 502 - 502 20,849 - - - 20,849 - 20,849 (702) - - - (702) - (702)
	20,649 - 277 - 20,926 - 20,926
	76,011 (2,177) 1,232 (28,562) 46,504 572 47,076

The Condensed Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying Notes to the Interim Consolidated Financial Statements.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Cashflows

For the half-year ended 31 December 2025

Note	31 Dec 2025 US$’000 31 Dec 2024 US$’000
CASHFLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers Cash paid to employees Income tax paid Interest received Net cash from / (used in) operating activities CASHFLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment Acquisition of intangible assets Net cash used in investing activities CASHFLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of shares Proceeds from repayment of loan funded shares Proceeds from borrowings and leases Costs relating capital raising Repayment of borrowings Transaction costs relating to borrowings Repayment of lease liabilities (excluding interest) Interest paid on lease liabilities Interest paid on borrowings Net cash from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of changes in foreign currency Cash and cash equivalents at the end of the period	36,091 27,976 (12,119) (11,323) (16,569) (16,052) (16) (2,834) 43 53
	7,430 (2,180)
	(1,962) (6,080) (60) (50)
	(2,022) (6,130)
	- 20,849 448 502 - 5,812 - (1,114) (313) (1,374) (17) (4) (5,729) (5,462) (1,891) (2,054) (6) (14)
	(7,508) 17,141
	(2,100) 8,831 16,410 9,385 (17) (931)
	14,293 17,285

The Condensed Consolidated Statement of Cashflows is to be read in conjunction with the accompanying Notes to the Interim Consolidated Financial Statements.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Notes to the Condensed Consolidated Financial Statements

For the half-year ended 31 December 2025

1. REPORTING ENTITY

The interim consolidated financial statements of DUG Technology Ltd and its subsidiaries (collectively, the Group) for the six months ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 25 February 2026. The Group is comprised of for-profit entities. DUG Technology Ltd is a limited company incorporated and domiciled in Australia and whose shares are publicly traded.

The registered office is located at 76 Kings Park Road, West Perth WA 6005, Australia. The Group is principally engaged in the provision of seismic data analysis, analytical software development, and high-performance computing as a service (HPCaaS).

2. BASIS OF PREPARATION

The interim consolidated financial statement for the half-year ended 31 December 2025 have been prepared in accordance with AASB 134 Interim Financial Reporting .

The half-year financial report does not include all of the information required for a full financial report, and should be read in conjunction with the Group’s annual consolidated financial statements as at 30 June 2025, and any public announcements made by the Group during the half-year ended 31 December 2025 in accordance with continuous disclosure obligations under the Corporations Act 2001 and ASX Listing Rules.

3. FUNCTIONAL AND PRESENTATION CURRENCY

All entities within the Group have a United States dollars (US$) functional currency. The interim consolidated financial statements are presented in US$, which is the parent entity’s and subsidiaries’ functional and presentation currency.

4. NEW, REVISED OR AMENDING ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED

The Group has adopted all of the new, revised or amending Accounting Standards and Interpretation issued by the Australian Accounting Standards Board that are mandatory for the current reporting period and were relevant to the Group. The adoption of the new amended Accounting Standards and Interpretation had no material impact on the Group. Any new, revised or amending Accounting Standards of Interpretations that are not yet mandatory have not been adopted early.

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

When preparing the interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

The judgements, estimates and assumptions applied in the interim consolidated financial statements including the key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 30 June 2025.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

6. REVENUE FROM CONTRACTS WITH CUSTOMERS

	31 Dec 2025 US$’000 31 Dec 2024 US$’000
Services Software HPCaaS Revenue from contracts with customers Timing of revenue recognition Over time At a point in time Revenue from contracts with customers Geographic information Australia United Kingdom United States of America Asia United Arab Emirates Brazil Revenue from contracts with customers	31,778 24,471 4,137 3,196 4,448 1,078
	40,363 28,745
	38,225 26,594 2,138 2,151
	40,363 **28,745 **
	3,232 2,049 9,027 8,896 15,550 12,163 9,416 5,637 1,135 - 2,003 -
	40,363 28,745

Revenue Performance Obligations (Contract Liabilities[1] )

	2026 US$’000 2027 USD$’000
Revenue expected to be recognised in the respective periods: Services Software HPCaaS Revenue from contracts with customers	992 - 2,993 - 3,185 -
	7,170 -

1 Excludes US$0.85 million in funding received from the Western Australian State Government

7. OTHER INCOME

	31 Dec 2025 US$’000 31 Dec 2024 US$’000
Government grant - non-cash R&D tax concession Gain on lease remeasurement Other income	2,235 1,597 110 -
	2,345 1,597

8. EMPLOYEE BENEFITS

	31 Dec 2025 US$’000 31 Dec 2024 US$’000
Salaries, incentives and fees Superannuation Payroll tax Other benefits Share-based payments Employee benefits	13,916 12,735 1,014 959 893 842 1,288 975 326 277
	17,437 15,788

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

9. OTHER EXPENSES

	31 Dec 2025 US$‘000 31 Dec 2024 US$‘000
General and administrative expenses Sales and marketing expenses IT, facilities and related costs Provision for legal settlement1 Foreign exchange loss – net Other expenses	3,947 2,997 3,014 1,965 4,730 3,656 2,126 - 1 739
	13,818 9,357

1 The Group has recorded a provision of US$2.13 million following the entry of a Final Judgment in the US District Court for the Southern District of Texas. While the Company intends to file post-trial motions and, if necessary, an appeal to contest the judgment, the full amount has been provisioned to reflect the best estimate of the potential liability at this time. Please refer to the Company’s ASX release “Update on legal proceedings” released on 25 February 2026 for further information.

10. FINANCE EXPENSE

	31 Dec 2025 US$‘000 31 Dec 2024 US$‘000
Interest expenses – asset financing leases Interest expenses – facility leases Interest expense – borrowings Others Interest income Net finance expenses	1,263 1,566 628 488 6 6 152 23 (44) (53)
	2,005 2,030

11. TAX EXPENSE

The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total earnings. The major components of income tax expense recognised in the condensed consolidated profit or loss and other comprehensive income are:

	31 Dec 2025 US$‘000 31 Dec 2024 US$‘000
Current tax expense1 Deferred tax expense Tax expense	2,354 920 - (271)
	2,354 646

1 Non-cash government grants relating to R&D costs are recognised in profit or loss (within other income) over the period necessary to match them with the related expenditure, rather than being recorded solely as a tax offset in income tax expense.

12. TRADE AND OTHER RECEIVABLES

	31 Dec 2025 US$‘000 30 June 2025 US$‘000
Current asset: Trade receivables Provision for expected credit losses Trade receivables – net Other receivables Trade and other receivables	16,944 11,565 (145) (130)
	16,799 11,435 - 232
	16,799 11,667

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Expected credit loss lifetime credit

Credit terms for trade receivables average 30 days. The following table shows the movement in lifetime expected credit loss that has been recognised for trade and other receivables in accordance with the simplified approach set out in AASB 9: Financial Instruments.

	31 Dec 2025 US$‘000 30 June 2025 US$‘000
As at 1 July Increase in provision for expected credit losses Total expected credit losses	130 128 15 2
	145 130

The main source of credit risk to the Group is considered to relate to the class of assets described as “trade and other receivables”. At 31 December 2025, a total of 63% of trade receivables were concentrated to the top five customers (30 June 2025: 40%).

13. PROPERTY, PLANT AND EQUIPMENT

	Data Centre Infrastructure and HPC US$‘000 HPC Right-of- Use Assets US$‘000 Leasehold Improvements US$‘000 Office Equipment US$‘000 Under Construction US$‘000 Total US$‘000
At 30 June 2025 Cost Accumulated depreciation Net book value Half-year ended 31 December Opening net book value Additions Remeasurement Reclassification Depreciation Closing net book value At 31 December 2025 Cost Accumulated depreciation Net book value	64,782 35,010 3,590 1,612 1,776 106,770 (52,713) (8,175) (3,205) (1,568) - (65,661)
	12,069 26,835 385 44 1,776 41,109
	2025 12,069 26,835 385 44 1,776 41,109 89 47 1,174 36 6,517 7,863 - 353 - - - 353 6,359 (6,359) - - - - (4,614) (236) (125) (7) - (4,982)
	13,903 20,640 1,434 73 8,293 44,343
	71,230 29,051 4,764 1,648 8,293 114,986 (57,327) (8,411) (3,330) (1,575) - (70,643)
	13,903 20,640 1,434 73 8,293 44,343

The corresponding lease liability for HPC Right-of-Use Assets is disclosed in Note 16.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

14. RIGHT-OF-USE ASSETS

	Offices US$‘000 Data Centre US$‘000 Global Fibre Links US$‘000 Total US$‘000
At 30 June 2025 Cost Accumulated depreciation Net book value Half-year ended 31 December 2025 Opening net book value Additions Reclassification Depreciation Remeasurement Closing net book value At 31 December 2025 Cost Accumulated depreciation Net book value	11,722 8,319 779 20,820 (7,244) (2,535) (426) (10,205)
	4,478 5,784 353 10,615
	4,478 5,784 353 10,615 3,696 - 126 3,822 (199) 199 - - (789) (203) (60) (1,052) 445 - (7) 438
	7,631 5,780 412 13,823
	10,621 8,518 846 19,985 (2,990) (2,738) (434) (6,162)
	7,631 5,780 412 13,823

The corresponding lease liability for the Right-of-Use Assets is disclosed in Note 16.

15. CONTRACT ASSETS / LIABILITIES

	31 Dec 2025 US$‘000 30 June 2025 US$‘000
Contract Assets Services Provision for expected credit losses Contract Liabilities Services Software HPCaaS1	8,464 4,332 (27) (13)
	8,437 4,319
	992 1,137 2,993 740 4,037 1,213
	8,022 3,090

1 Includes $0.85m funding received from the Western Australian State Government

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

16. LEASE LIABILITIES

	31 Dec 2025 US$‘000 30 June 2025 US$‘000
Current Property and global network links HPC asset financing Non-current Property and global network links HPC asset financing	1,531 1,709 7,224 9,454
	8,755 11,163
	15,251 11,747 7,425 10,859
	22,676 22,606

Right-of-use assets

The Group’s lease portfolio includes

• buildings with remaining lease terms ranging from less than 1 year to 16 years.

• compute assets acquired through asset financing facilities totalling US$13.9 million, secured against the financed compute assets and cash deposits. The leases have repayment terms ranging from 24 months to 36 months, with maturity in February 2026 to July 2027. Average interest rate during the period was 14.2% (30 June 2025: 13.5%).

Compute purchased and asset financed during the period have an option to purchase and therefore included in Property Plant & Equipment.

Options to extend

The option to extend the lease term is contained in the property leases of the Group. These clauses provide the Group opportunities to manage leases in order to align with its strategies. All of the extension options are only exercisable by the Group. The extension options which were probable to be exercised have been included in the calculation of the rightof-use asset. Set out below are the undiscounted potential future rental payments relating to periods following the exercise date of extension options that are not included in the lease term:

	Within Five Years US$‘000 More than Five Years US$‘000	Within Five Years US$‘000 More than Five Years US$‘000
Extension options expected not to be exercised 43 - AASB 16 related amounts recognised in the Statement of Profit or Loss	43 -
		31 Dec 2025 US$‘000 30 June 2025 US$‘000
Depreciation charge related to right-of-use assets Interest expense on lease liabilities Total cash outflow for leases		1,288 9,085 1,862 4,143
		31 Dec 2025 US$‘000 30 June 2025 US$‘000
Total cash outflow for leases including interest		7,620 15,356

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

17. SHARE CAPITAL

Share capital comprises ordinary shares.

	31 Dec 2025 30 June 2025	31 Dec 2025 30 June 2025
	No. US$‘000 No. US$‘000
Fully paid-up shares Balance at beginning of period Issued shares from options exercised Employee loan funded shares sold Issued on capital raise Cost of capital raising issued, net of tax Balance at end of period Issued under loan funded share plans Balance at beginning of year Employee loan funded shares sold Balance at end of period Total shares issued 18. EARNINGS PER SHARE	132,850,143 76,240 115,710,853 55,362 754,383 147 - - 223,980 219 605,075 731 - - 16,534,215 20,849 - - - (702)
	133,828,506 76,606 132,850,143 76,240
	1,807,458 - 2,412,533 - (223,980) - (605,075) -
	1,583,478 - 1,807,458 -
	135,411,984 76,606 134,657,601 76,240
		31 Dec 2025 US$‘000 31 Dec 2024 US$‘000 1,509 (3,972) 31 Dec 2025 cents 31 Dec 2024 cents 1.12 (3.28) 1.09 (3.28)1 31 Dec 2025 No. 31 Dec 2024 No. 135,011,928 120,998,563 138,715,573 120,998,5631
Profit / (Loss) attributable to equity holders of the Basic/Diluted Earnings per Share (“EPS”)	Company
Basic EPS Diluted EPS Weighted Average Number of Shares
Weighted average number of shares used in basic EPS Weighted average number of shares used in diluted EPS

1 Diluted loss per share is equal to basic loss per share for the half year ended 31 December 2025, as the effect of all potential ordinary shares is antidilutive due to the net loss incurred.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

19. SEGMENT INFORMATION

For management purposes, the Group is organised into business segments based on its products and services and has three reportable segments as follows:

1. The HPCaaS segment, allows clients to connect to the Group’s HPC and storage in a complete HPC environment. The Group’s supercomputers, located in three global locations, provide substantial compute and storage capabilities. DUG also provides software and algorithm support and development to enable a client to successfully operate on DUG’s HPC.

2. The Services segment, provides clients with two types of services:

3. Data loading, quality control and management, and

4. Scientific data analysis.

5. The Software segment, has two main products:

6. DUG Insight – A modern, intuitive and interactive software package for scientific processing and visualisation, and

7. DUG Cluster Software – high end algorithms for the processing of scientific data on large HPC installations.

The Group monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. The Group’s financing (including finance costs, finance income and other income) and income taxes are managed on a Group basis and are not allocated to operating segments. No operating segments have been aggregated to form the above reportable segments.

The Services segment is a significant user of compute and software and is therefore charged by the HPCaaS and Software segments for their use. This results in inter-segment revenue reported in the HPCaaS and Software segments with the corresponding costs recorded in other expenses in the Services segment. These inter-segment values eliminate on consolidation. Over time, internal charges made from the HPCaaS and Software segments to the Services segment change based on commercial discussions between the segments to enable fair market value pricing.

	HPCaaS Services Software Eliminations Consolidated
31 December 2025 Note	US$’000 US$’000 US$’000 US$’000 US$’000
Income Revenue from contracts with external customers 6 Inter-segment Other income 7 Total income Segment EBITDA1 Segment operating profit/(loss) Segment assets Segment liabilities	4,448 31,778 4,137 - 40,363 14,159 - 1,267 (15,426) - 6 99 2,239 - 2,345
	18,613 31,877 7,643 (15,426) 42,708
	11,545 (1,128) 1,036 - 11,453
	6,323 (1,890) 918 - 5,351
	62,314 22,005 5,267 - 89,586 34,188 15,459 7,142 - 56,789

1. These items are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 - Disclosing non-IFRS financial information.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

	HPCaaS Services Software Eliminations Consolidated
31 December 2024 Note	US$’000 US$’000 US$’000 US$’000 US$’000
Income Revenue from contracts with external customers 6 Inter-segment Other Income 7 Total income Segment EBITDA1 Segment operating profit/(loss) Segment assets Segment liabilities	1,078 24,471 3,196 - 28,745 13,375 - 1,036 (14,411) - 319 - 1,278 - 1,597
	14,772 24,471 5,510 (14,411) 30,342
	7,969 (3,836) 1,064 - 5,197
	2,377 (4,509) 937 - (1,195)
	52,166 19,700 4,950 - 76,816 31,200 9,415 8,825 - 49,440

1. These items are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 - Disclosing non-IFRS financial information.

	31 Dec 2025 US$‘000 31 Dec 2024 US$‘000
Reconciliation of assets Segment assets Cash and cash equivalents Current tax asset Deferred tax assets Total assets Reconciliation of liabilities Segment liabilities Total liabilities	89,586 76,816 14,293 17,285 446 1,076 1,339 1,339
	105,664 96,516
	56,789 49,440
	56,789 49,440
	31 Dec 2025 US$’000 31 Dec 2024 US$’000
Reconciliation of profit/(loss) before tax Segment profit/(loss) Net finance expense Profit/(Loss) before tax	5,351 (1,195) (2,005) (2,030)
	3,346 (3,225)

20. RELATED PARTY TRANSACTIONS

No related party transactions were entered into for the half year ended 31 December 2025.

21. EVENTS AFTER REPORTING DATE

Other than as disclosed in Note 21, there are no other matter or circumstance that has arisen since 31 December 2025 which has significantly affected, or may significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in the future financial years.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Directors’ Declaration

In accordance with a resolution of the directors of DUG Technology Ltd, we state that in the opinion of the directors:

• (a) the interim consolidated financial statements and notes of the Company and its subsidiaries (collectively the Group) for the half-year ended 31 December 2025 are in accordance with the Corporations Act 2001 , including:

• i. giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and

• ii. complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and

• (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

The declaration has been made after receiving the declarations required to be made to the directors by the Managing Director and Acting Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the half-year ended 31 December 2025.

Dated at Perth on 25 February 2026.

Signed in accordance with a resolution of the Directors.

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Mark Puzey DIRECTOR

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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Grant Thornton Audit Pty Ltd Level 43 Central Park 152-158 St Georges Terrace Perth WA 6000 PO Box 7757 Cloisters Square Perth WA 6850 T +61 8 9480 2000

Independent Auditor’s Review Report

To the Members of DUG Technology Ltd

Report on the half year financial report

Conclusion

We have reviewed the accompanying half year financial report of DUG Technology Ltd (the Company) and its subsidiaries (the Group), which comprises the condensed consolidated statement of financial position as at 31 December 2025, and the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half year ended on that date, including material accounting policy information, other selected explanatory notes, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of DUG Technology Ltd does not comply with the Corporations Act 2001 including:

• a giving a true and fair view of the Group’s financial position as of 31 December 2025 and of its performance for the half year ended on that date; and

b complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

grantthornton.com.au

ACN-130 913 594

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Directors’ responsibility for the half-year financial report

The Directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the halfyear ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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L A Stella Partner – Audit & Assurance Perth, 25 February 2026

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DUG TECHNOLOGY LTD | ABN 99 169 944 334 | HALF-YEAR REPORT 2026