READCLOUD LIMITED

ASX: RCL Investor Presentation 3 April 2025

EdTech growth platform

ReadCloud provides eLearning software solutions to Schools and Educational Institutions in Australia and Internationally, notably;

ReadCloudVET

Vocational Education and Training (VET) platform for Australian Schools
Currently serves >14,000 Students with a category leading 50 qualifications on scope

eBooks

Delivers access to dynamic, interactive and digital content from the world’s leading publishers
Seamless integration into leading School Management Systems across Australia and Internationally
429 Schools on the platform with 62 new schools joining in 2025
Breakthrough positive underlying EBITDA and positive operating cashflow in FY24
Profit jaws opening with revenue growth significantly outstripping operating costs
• $3.6m cash as at 31 March 2025

3/4/2025

Investor Presentation

ReadCloudVET Platform

ReadCloudVET leverages technology and IP to empower Schools and Teachers to implement quality Vocational Education & Training programs through tailored support, flexible learning, streamlined processes and diverse pathways.

Market Opportunity:

1.7 million Students in 2,861 Secondary Schools in Australia
252,105 Students in VETin-Schools courses

ReadCloud’s Competitive Advantage:

Widest range of Qualifications on scope (50)
Vertically Integrated end to end offering 3. Students stay on School campus (travel to and from TAFE is not required)
47% of Students enrolled in year 12 did not enroll in an undergraduate higher education course

Australian Bureau of Statistics. Schools, Australia 2024 Australian Bureau of Statistics. Higher Education Student Statistics 2023 ACARA. National Report on Schooling in Australia: Student Numbers 2023 NCVER. Total VET Students and Courses 2023

Customers choose ReadCloud because:

Proprietary content targeted specifically at Secondary School Students and incorporates School and Teacher feedback
● Tech driven innovative platform supports flexibility of delivery at the individual Teacher level
Regulatory requirements are navigated and led by ReadCloud on behalf of the School

3/4/2025

Investor Presentation

ReadCloudVET growth accelerating, Gross Margins continuing >90%

Growth being driven by:

11% growth in customer numbers: 55 Schools added (372 total)
14% growth in Qualifications (ie courses delivered) to 733
94% School retention
Qualifications per retained School increase from 1.9 to 2.1
Increase in average customer value
Premium offering translating to stronger price performance

Growth accelerating:

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2026 pre-sales and government recognition of skills shortages create favourable conditions for extended growth.

3/4/2025

Investor Presentation

ReadCloud eBooks platform

ReadCloud eBooks software empowers Students and Teachers with access to educational resources from the world’s leading publishers housed in one collaborative online platform.

Market Opportunity:

ReadCloud’s Competitive Advantage:

1.7 million Students in 2,861 Secondary Schools in Australia
2.26 million Students in 6,237 Primary and 1,422 Combined Schools in Australia
Digital First
Exceptional Service
Fast, flexible, and automated Timetable Integration 4. Publisher agnostic

Customers choose ReadCloud because:

6.9 million Students in 14,010 English-language International Schools globally

Australian Bureau of Statistics. Schools, Australia 2024 ACARA. National Report on Schooling in Australia: Student Numbers 2023. ISC Research. Data on the international schools market in 2024 .

Cost effective purchasing and procurement of schoolbooks
● Comprehensive offering
Reduces administrative burden on Schools
Collaborative platform provides opportunity for richer engagement
No requirement to purchase, ship, or manage physical books

3/4/2025

Investor Presentation

Australian eBooks strengthening with optionality in other channels

Growth being driven by:

Consistent growth poised to accelerate:

Addition of 7 new Schools in 2025 (average revenue per new school is $56k)
Increase in revenue per retained School from $60k to $67k
91% School retention rate
57 Schools in 2025, includes 5 International Schools
Revised sales plan and team structure positioned to accelerate growth in FY26
Strategic optionality to accelerate

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3/4/2025

Investor Presentation

Revenue growth outstripping cost growth

Track record of consistent growth

Profit jaws opening

FY25 baseline growth target 15%
ReadCloudVET, the highest margin business, growth >25% in FY25 ytd (unaudited)

Large growing and entrenched base of Schools with 429 currently on the platform

6% reduction in Operating Costs in FY24
● Maintaining cost discipline with no increase in Operating Costs in first 5 months of FY25 (unaudited)
Operating leverage unlocked
● Growth is 100% self-funded
51 new Schools joined in 2024
62 new Schools joined in 2025

Large addressable market, including 1.7m students in 2,861 Secondary Schools in Australia

Australian Bureau of Statistics. Schools, Australia 2024

3/4/2025

Investor Presentation

Outlook

School customers are resilient
Lead indicators are positive
Organic growth anticipated to continue
Retention Rates and Average Customer Value are strengthening
Unit economics are strong
Operating leverage flowing through to bottom line
Self-funded for growth and remaining debt free
Positioned to accelerate

3/4/2025

Investor Presentation

Corporate Snapshot

Corporate Snapshot	Corporate Snapshot
ASX Code: RCL
Share Price (2 April 2025)	$0.099
Market capitalisation (@ 9.9 cents)	$14.6m
Shares on issue	152.6m
Options on issue (unlisted)	2.3m
Current cash (31 March 2025)	$3.6m

Board & Management	Board & Management
Cristiano Nicolli	Non-Executive Chairman
Jonathan Isaacs	Non-Executive Director
Paul Collins	Non-Executive Director
Lars Lindstrom	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*	16.0%
ThorneyGroup*	12.3%
Microequities Asset Management	8.8%
Cyan Investment Management	4.0%
Top20	63.0%
*Includes indirect holdings

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3/4/2025

Investor Presentation

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).

3/4/2025

Investor Presentation

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READCLOUD LIMITED Investor Presentation 2025

65670_rns_2025-04-02_438e8c8e-4dca-4950-a60b-85d0f0cd9547.pdf