READCLOUD LIMITED — Investor Presentation 2025

Sep 23, 2025

ASX Release

24 September 2025

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ASX SMIDcaps Conference Presentation

ReadCloud Limited (ASX: RCL, “ReadCloud” or “the Company”) is participating in the ASX SMIDcaps Conference in Sydney today. The conference highlights some of the most promising small and mid-capitalisation companies on the Australian Stock Exchange.

The Company’s presentation is attached.

Chief Executive Officer, Andrew Skelton, will deliver ReadCloud’s presentation at 12.00pm AEST. Investors may register to attend the event online via the ASX Events registration link.

Investors & Media:

Luke Murphy, Chief Financial Officer & Company Secretary +61 409 933 924

About ReadCloud Limited

ReadCloud is a leading provider of eLearning software solutions and industry-based training.

ReadCloud’s eReader platform creates an engaging and collaborative learning environment with seamless access to dynamic, interactive digital content from leading publishers. Teachers and students benefit from social annotations, media-rich embedding options, cross-platform compatibility, and an engaging text-to-speech feature available in 120 languages.

ReadCloudVET enables the delivery of 50 qualifications to 15,000 learners across three specialist Registered Training Organisations (RTOs) in Vocational Education and Training Delivered to Secondary School Students.

ReadCloud’s strong connection to industry and career pathways extends to Southern Solutions Training Services, an RTO specialising in flexible and blended training models including delivery in a genuine workplace environment for qualifications in Early Childhood Education and Care, Business, Aged Care, Hospitality, Logistics and Real Estate.

This announcement is authorised for release to the market by the Board of Directors of ReadCloud Limited.

Readcloud Limited | 126 Church Street, Brighton, Victoria, 3186 P +61 3 9078 4833 | W www.readcloud.com ABN 44 136 815 891

ReadCloud (ASX:RCL) ASX SMIDcaps Conference September 2025

Proprietary software platform enabling seamless delivery of learning content

Used by over 400 K-12 schools (students in 50+ countries with text-to-speech and translation in 120 languages)

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Proprietary software developed over ten years

ReadCloud has two highly scalable K-12 solutions delivering strong organic growth momentum

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• VET-in-schools
grew by 32% in
Signs first 1H25
international • Generated
$14.0m customer for operating
eBooks. 6,500+ Andrew Skelton cashflow of
students in 50+ commences as $1.9m in 1H25
countries CEO of
ReadCloud
$12.0m
• Acquires • Acquires
COSAMP Ripponlea
• Adds 184 schools • Adds 70 schools Business undergoes
to VET-In- to VET-In- restructure to enhance
$10.0m Schools Schools operational efficiency
$8.0m
• Acquires AIET to
enter VET-in-
Distribution
agreements schools market with 90 schools Significant operational
signed with major Improvements delivered
$6.0m publishers in the last 18 months
accessing 100k
Signs distribution eBooks and ReadCloud
agreement with services 26 lists on the ASX
OfficeMax who schools
$4.0m begins selling
ReadCloud to
schools
ReadCloud
eReading App
launched
$2.0m
-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total Revenue (A$m)
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Core platform underpins two highly-scalable solutions

Proprietary software platform underpins two highly scalable, capital-light K-12 digital learning solutions

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Core Offering Underpinned by Proprietary Digital Learning Software Platform
VET-in-Schools eBooks
Serves 372 schools in Australia • Serves 57 schools in Australia and
internationally
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• Serves 372 schools in Australia

• Premium Vocational Education & Training (VET) learning and assessment tools custom designed for years 11 and 12

• Dynamic, interactive digital textbooks for K- 12

• Qualifications available: 50+ (category leader) delivered in school by teachers

• World’s leading publishers, multi-language support

• Proprietary technology (built on Moodle) integrates with VETtrak (SMS) and government compliance platform

• Proprietary technology integrates with leading School Management Systems (SMS)

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Southern Solutions
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• Serves over 400 students and ~15 organisations in Australia

• Registered Training Organisation (RTO) delivers government funded nationally accredited vocational training

• Delivers flexible blended training models in the workplace environment for 14 qualifications

• Specialises in Early Childhood Education and Care (ECEC) and Aged Care

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School spend and retention rates are trending upwards

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VET-in-Schools [1] eBooks [2,3]
14,258
75,428
11,491 70,988 71,473
10,450
Avg. Revenue per
School (A$)
FY23 FY24 YTD254 FY23 FY24 YTD25 4
92% 91%
85%
School Retention
Rate [5]
85% 85% 74%
FY23 FY24 YTD254 FY23 FY24 YTD25 4
Note 1: VETiS data is based on invoices raised for course fees during the period
Note 2: eBooks data is based on revenue recognised for domestic and international schools for the period (excludes miscellaneous revenue not allocated to
specific customers)
Note 3: Direct eBook sales are made directly to schools (B2B, domestic & international) as opposed to resellers
Note 4: YTD is Oct-24 to Aug-25
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Note 5: School retention rate is based on the total # of schools who continued to be active in the subsequent period

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VET-in-Schools revenue growth is accelerating

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VET-in-Schools organic
revenue growth
~90% 32% 1H25 growth driven by:
• 11% growth in customer numbers: 55 Schools
$5.6m
added (372 total)
•
$4.5m 14% growth in Qualifications (courses delivered) to
733
$4.1m
$3.8m
• 92% School retention
• Qualifications per retained School increase from
1.9 to 2.1
•
Increase in Average Revenue per School (ARPS)
• Premium offering translating to stronger price
performance
• 91% gross margin for VETiS in 1H25
FY22 FY23 FY24 FY25
(forecast)
GM%
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• 14% growth in Qualifications (courses delivered) to 733

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Australian eBooks strengthening with optionality in other channels

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Direct[1] eBooks revenue

• 10% 1H25 Growth in domestic Direct[1] eBooks driven by:

• Addition of 7 new Schools in 2025 (average revenue per new school is $56k[1] )

• Increase in revenue per retained School from $60k to $67k[1]

• 91% School retention rate[2]

• 57 Schools in 2025, includes 5 International Schools

• Revised sales plan and team structure positioned to accelerate growth in FY26

• Strategic options to accelerate growth

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~20%
$4.8m
$4.2m
$3.9m
$3.5m
FY22 FY23 FY24 FY25
(forecast)
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GM%

Note 1: Direct eBook sales are made directly to schools (domestic & international) as opposed to resellers Note 2: Figures are relating to 1H FY25

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ReadCloud is a 5x-10x growth opportunity

Substantial market opportunity (≥5x growth) across domestic and international eBooks, and VETiS

VETiS

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5x growth opportunity
Australian VETiS (current share ~5%)
5% (14,957 enrolments [2] )
~25% = 5x
(74,052
enrolments [2] )
95% >99.9%
(281,252 enrolments [2] ) (10,675 schools)
ReadCloud (today) Remaining SOM 3
ReadCloud (growth opportunity)
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eBooks

5x-10x growth opportunity

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Australian eBooks (current share ~5%)
5% (53 schools)
~25% = 5x
(271 schools)
95%
(1,029 schools)
ReadCloud (today) Remaining SOM 1
ReadCloud (growth opportunity)
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Sources: ACARA (Australian (government and independent) secondary schools, 2024); NCVER (NCVER 2023 (VET-in-Schools student enrolment numbers)) Note 1: ReadCloud estimate of Serviceable Obtainable Market (SOM) Note 2: By private RTO providers

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Note 3: Based on NCVER proportion of enrolments served by a private provider in each state 2022 (as opposed to in-school, TAFE etc.)

Scalable learning platform, positioned for growth

Proprietary software developed over ten years enables seamless delivery of learning content

Software platform underpins highly scalable, capital-light, digital learning solutions

Substantial improvements to the operating model in the last 18 months delivering results

(ASX:RCL)

Customer validation driving organic growth in high margin products (VETiS growth continues >25% with gross margins >90%)

Large, global growth opportunity, underpinned by increasing adoption of digital resources

Positioned to accelerate with strong product-market fit, balance sheet, and committed team

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Corporate Snapshot

Research coverage is available through RaaS Research

ASX Code: RCL	ASX Code: RCL
Share Price (19 September 2025)	$0.083
Market capitalisation	$12.8m
Shares on issue	153.6m
Options on issue (unlisted)	6.1m
Cash on hand (30 June 2025)	$3.0m
Debt (30 June 2025)	Nil

Board & Management	Board & Management
Cristiano Nicolli	Non-Executive Chairman
Jonathan Isaacs	Non-Executive Director
Paul Collins	Non-Executive Director
Lars Lindstrom	Non-Executive Director (Founder)
Andrew Skelton	Chief Executive Officer
Darren Hunter	Chief Information Officer
Luke Murphy	Chief Financial Officer & Co Sec

Substantial Shareholders	Substantial Shareholders
Board and management shareholdings*	22.7%
ThorneyGroup*	12.2%
Microequities Asset Management	8.7%
Cyan Investment Management	4.0%
Top20	63.7%
*Includes indirect holdings

ReadCloud ASX Chart - LTM (A$)

$0.160

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$0.140
$0.120
$0.100
$0.083
$0.080
$0.060
$0.040
$0.020
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Disclaimer

This presentation has been prepared by ReadCloud Limited (“Readcloud”), based on information available as at the date of this presentation. The information in this presentation is provided in summary form and does not contain all information necessary to make an investment decision.

This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in ReadCloud, nor does it constitute financial product advice or forward-looking any individual’s investment objectives, taxation situation, financial situation or needs. An investor must not act forward-looking any matter contained in this presentation but should make its own assessment of ReadCloud as part of its own investigations. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. ReadCloud is not licensed to provide financial product advice in respect of ReadCloud securities or any other financial products.

Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, neither ReadCloud, nor any of its officers, directors, employees and agents, nor any other person, accepts any responsibility and liability for the content of this presentation including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of or reliance on any of the information contained in this presentation or otherwise arising in connection with it.

The information presented in this presentation is subject to change without notice and ReadCloud does not have any responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation, which may affect any matter referred to in this presentation. Images are illustrative only.

The distribution of this presentation may be restricted by law and you should observe any such restrictions.

Forward looking statements

This presentation contains certain forward-looking statements that are based on ReadCloud’s beliefs, assumptions and expectations and on information currently available to ReadCloud’s management. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results or performance of ReadCloud to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding present and future business strategies and the political and economic environment in which they operate in the future, which are subject to change without notice. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. To the full extent permitted by law, ReadCloud and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including, but not limited to, any assumptions or expectations set out in the presentation).

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