STRAKER LIMITED — AGM Information 2025

Aug 19, 2025

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ASX RELEASE

2025 Annual Meeting Chair and CEO Addresses and Presentation

Auckland, 20 August 2025 – Straker Ltd (ASX: STG, ‘Straker’ or ‘the Company’) attaches the Chair and CEO addresses and presentation for Straker’s 2025 Annual Meeting.

Authorisation

This announcement has been authorised for release by the Company Secretary of Straker Limited.

Corporate: Investors: Grant Straker, CEO & Co-Founder Ben Henri E: grant@straker.ai E: ben.henri@mcpartners.com.au P: +64 21 512 484 P: +61 473 246 040

David Ingram, CFO E: david.ingram@straker.ai P: +64 21 591 984

About Straker

Straker provides next generation language services supported by a state-of-the-art technology stack and robust AI layer to clients around the world. By combining the latest available technologies with linguistic expertise, Straker’s solutions are scalable, cost-effective, and accurate. Through technical innovation and data analytics, Straker is a proven partner in future-proofing global communications.

For more information visit: www.straker.ai

Straker (STG) NZ Company no. 1008867 ARBN: 628 707 399

Registered Address Level 2, 49 Parkway Drive Rosedale, Auckland 0632

www.straker.ai investors@straker.ai

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FY25 AGM – Chair Speech

Good morning, my name is Linda Jenkinson, and I am the Chair of Straker Ltd. On behalf of the Board and executive team, welcome to the 2025 Annual General Meeting.

Before we move to the formal part of the meeting, I will share some comments on Straker’s performance for the Financial Year to 31 March 2025 and other matters before handing over to Grant Straker, the Company’s Founder and CEO, for his presentation on how Straker is positioned to benefit from the industry’s dynamics.

Financial Performance

outstanding cost control and a dynamic product offering in an environment of rapidly changing market conditions and technology innovations.

Whilst Revenue declined by 10%, we have worked hard to shift our revenue to high-margin AI-driven revenue. We also grew our level of profitability. The Company’s Gross Margin reached a record 67% for FY25 and, combined with improved productivity, saw the Company continue to be Operating Cash Flow positive and generate Free Cash Flow, whilst maintaining high levels of investment in R&D. This yielded a record Adjusted EBITDA of $4.8m and further cash build on our balance sheet. We finished the year with $12.9m in cash and no debt. This consistent financial strength means Straker has not had to raise equity funding to invest in new AI driven product offerings.

AI and the Translation Industry

Almost 50% of Straker’s share price is represented by our cash balance, leaving a modest valuation for a business that generates cash, a record level of Adj EBITDA and operates in a highly fragmented multi-billion-dollar industry.

We suspect this disconnect can be explained partly by the perception of some investors that translation is a business well on its way to being disintermediated by AI. In our view, this is mistaken. One needs to look no further than the strong strategic partnership we have with IBM for clear proof of that. Our mission statement, “ To harness the power of human insight and artificial intelligence to drive unparalleled productivity ”, encapsulates how we see the future of the industry.

The integration of AI into the translation industry marks one of the most profound shifts in the history of language services. What was once a field entirely dependent on human intellect, linguistic intuition, and cultural knowledge has now become a dynamic intersection of human expertise and machine efficiency. From facilitating rapid multilingual communication to enabling real-time interpretation, AI has dramatically expanded the possibilities of translation. Yet, the story of AI in translation is not one of replacement but of transformation, adaptation, and collaboration.

AI has unquestionably improved the speed and accessibility of translation. Tools like Google Translate have democratised translation and brought language support to the fingertips of millions. However, the widespread adoption of AI translation tools has also exposed their limitations.

Straker stands at this intersection of language and technology. Our core AI Verify product is a prime example of this, combining the speed of AI translation with the accuracy of human language experts. Using Verify, our clients can upload content, have Verify's custom AI models based on our proprietary Tiri language model translate that content, provide a quality score and then send the lower-scoring segments to internal team members or externally to Straker for finessing. Growing Verify’s customer base is a key priority of the sales team.

The ability to integrate our AI translation tools with existing digital platforms and services used by clients is another benefit of our approach. Verify, for example, can be integrated into apps like Slack and Teams or other platforms like Foxit, offering efficiency for the client and scale distribution opportunities for Straker. Thousands of IBM employees are now using Straker via Slack, and it is unambiguously the way of the future. In his presentation. As the industry evolves, Straker is uniquely positioned to deliver for the needs of the future. Grant will discuss more about the platform aspect of our strategy.

Board changes

As the business evolves, we have been reviewing our board skills to ensure they appropriately support the ongoing strategy.

Shortly after the end of the Financial Year, James Johnstone resigned as a Non-Executive Director of the Company. I would again like to thank Mr Johnstone for his service to Straker and his highly valued counsel. Mr Johnstone was the representative of Bailador Technology Investments Ltd, a key longtime investor in Straker.

He was replaced by Ms Helen Foley, the Chief Financial Officer of Bailador. Ms. Foley brings extensive experience in technology investment, strategy, and governance, and the Board is fortunate to be able to avail itself of her deep understanding of the technology landscape and growth-oriented businesses. Ms Foley has also joined the Company's People and Culture Committee.

Following this AGM, Stephen Donovan will step down as a Non-Executive Director after more than two decades of service. Mr Donovan has played a central role in guiding Straker through its formative years, the IPO on the ASX, and its development as a listed company. The Board would like to sincerely thank Stephen for his invaluable contribution, his wisdom, and his steadfast commitment to Straker’s success.

We are also delighted to announce the appointment of Mr Ron Heinz as a Non-Executive Director, effective 1 September 2025. Mr Heinz brings decades of experience in the

roles at Xerox and Novell, and as CEO of Phobos and Helius. He later founded and continues to serve as General Partner of the venture capital firms Signal Peak Ventures and Oquirrh Ventures, investing in technology businesses from early-stage through to global expansion. His deep expertise in managing technology businesses and in strategic investment makes him an excellent addition to the Board at a pivotal time for Straker, as a huge global market in AI data verification beckons.

Acknowledgements

I’d like to thank my board colleagues for their support during the year, as well as the entire Straker team in our offices around the world, for their hard work and dedication. The 2025 Financial Year was a year of significant progress against our strategic priorities, during which the management team has positioned the business for long-term growth.

My fellow directors and I also express our sincere gratitude to all shareholders for your support. Behind the drop in Revenue in recent times, much is changing inside Straker. The outlook for our Company is positive, and we are confident you will benefit from your investment in the Company in the years to come.

I’d now like to ask Grant to present his report to the meeting.

STRAKER AGM 2025

Thank you for waiting, the presentation will begin shortly

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Linda Jenkinson Chair

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VIRTUAL MEETING AND VOTING

1. Go to https://meetings.openbriefing.com/STG25

2. Click “Get a Voting Card”

3. Enter your Shareholder Number and Postcode, or

Proxy Number, then click “Submit Details and Vote.”

1. Fill out your voting card and click “Submit Vote” or “Submit Partial Vote.”

HELP NUMBER: +61 1800 990 363

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Directors

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Grant Straker Chief Executive Officer and Managing Director

Amanda Cribb Independent NonExecutive Director

Steve Donovan Non-Executive Director

Steve Bayliss Helen Foley Independent Non-Executive Non-Executive Director Director

Agenda

1. Welcome

2. Chair’s address

3. CEO & Managing Director’s address

4. Financials

5. Outlook

6. Q&A

7. Formal business

8. Meeting close

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Chair’s address

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CEO and Managing Directors address

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Straker: Harnessing the AI Revolution

AGM 2025 | From Industry Headwinds to AI Leadership

Grant Straker

Co-founder and Managing Director

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Our Journey into the AI Frontier

Today we'll walk you through our transformation and the path ahead:

Addressing Market Headwinds 1 The industry perception versus our reality 2 Our Strategic Pivot & The Trilemma How we mastered competing priorities to emerge stronger The AI Paradigm Shift 3 Understanding the macro landscape reshaping our industry 4 AI Automating our core Driving internal productivity and new product development AI models 5 Our core intellectual property in models and data 6 Go-to-Market Strategy Our playbook for scalable, sustainable growth The AI Commercial Opportunity 7 Our vision for the future and path to value creation

Caught in a Current of Market Sentiment

We know investors have seen market caps for traditional Language Service Providers decline.

Straker has been caught up in this industry-wide sentiment.

Ensuring we are seen as an AI company, on the back of our unique AI technology platform has been a major objective for management

Listed language companies

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AI startups

We are not a traditional LSP. The rest of this presentation will show how our pivot to a solutions-based AI model makes us fundamentally different.

Company	Primary Focus	Latest Valuation ($B) & Date	Most Recent Revenue/ARR ($M) & Period	Implied Revenue Multiple	YoY Revenue Growth(%)	Total Funding ($M)	Key Enterprise Traction
Cohere	Enterprise LLM Platform	$5.5B(Jul 2024)	$100M (ARR May 2025)	55.0x	669% (vs. $13M late 2023)	$970M	Oracle, Salesforce, McKinsey,RBC
ElevenLabs	Voice & Audio AI	$3.3B(Jan 2025)	$90M(FY 2024)	36.7x	260%	$281M	>60% of Fortune 500
Synthesia	Enterprise AI Video	$2.1B(Jan 2025)	$100M (ARR Mar 2025)	21.0x	110.5%	$336M	>60% of Fortune 100
DeepL	AI Translation	$2.0B (May 2024)	$185.2M (FY 2024)	10.8x	>100% (vs. ~$50M late 2022)	$415M	100,000+ businesses
Jasper	AI Marketing Content	$1.5B(Oct 2022)	$35M (FY 2024)	42.9x*	-53.3%	$131M	~20% of Fortune 500

The Strategic Trilemma: A Balancing Act in a New Era

Over the past 24 months, we faced three competing, critical priorities. Successfully managing this trilemma was our primary operational challenge, requiring disciplined execution across the entire business.

The ability to simultaneously address these three competing priorities has been the defining feature of our successful transformation.

The big advantages we have are

• World leading Enterprise AI software

• Global Team in place

• A well-established customer base

• Partnerships

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Executing on All Fronts: How We Succeeded

Our team didn't just survive the trilemma; we mastered it, emerging in a stronger financial and technological position.

Financial Prudence

Future Investment

Core Maintenance

• Remained cash flow positive throughout transformation

• Invested strategically in R&D without compromising stability

• Built world-leading solution in Verify platform

• • Developed an enterprise AI model team with unique capabilities

• Retained majority of legacy business despite industry headwinds

• Developed AI transition plan for existing customers

• •

• Executed a share buyback Created our own AI model with Tiri, • Leveraged established relationships

• programme, reflecting our establishing proprietary IP to pilot new solutions

• confidence • Invested in data generation and

• • Maintained healthy balance sheet model training infrastructure • Maintained service excellence despite industry pressures through transition period

Our Two Key Audiences

The Legacy Audience

Our Foundation

Who they are: Localization managers and project managers within established enterprises

Their World: Governed by traditional processes, long-term vendor contracts, and complex, manual workflows. They are looking to use AI and want a trusted technology partner

Our Strategy: Pragmatic transition these customers to the new paradigm with Verify , showing them a better way to achieve quality and efficiency, saving significant cost and headcount.

The AI-Native Audience

Our Future

Who they are: Developers, startups, and content creators building the next generation of companies

Their World: Agentic, real-time, and seamlessly integrated. They have never used a traditional TMS and expect to interact with services via APIs and AI-native interfaces.

Our Strategy: A tech-led Go-To-Market approach. Win them by being the default localization agent inside the ecosystems they already use—MCP, Zapier, n8n, Foxit, and developer platforms.

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Strategic Partnership:

Our relationship with IBM continues to expand beyond our original supplier-based framing as we actively integrate IBM technology into our product stack.

Evolving Partnership

Watson Integration

• Straker has evolved from being simply IBM's globalisation partner to becoming an IBM build partner ,

• We are working closely with the IBM Japan ecosystem team on several AI-powered vertically targeted solutions .

• Our partnership with IBM's Globalisation team continues to expand as we embed Watson-powered solutions to support IBM's globalisation needs .

• Using our model development, agent, and training platform Tiri, we are training and testing custom Tiri models for deployment across IBM's globalisation touchpoints .

SwiftBridge Solution

Commercial Applications

• Co-developed with IBM Japan, SwiftBridge is a vertically oriented solution allowing listed companies to attract global investors.

• We currently have 12 prime listed companies under pilot programs and are working with our Japan distribution partner Iguazu to scale this solution for the December reporting period.

• We're targeting a Q4 launch of our Watson-powered translator agent into IBM's agent marketplace for use by internal IBM teams and their customers.

• Using the Tiri platform coupled with IBM's extensive training data sets, we're seeing excellent model performance against industry benchmarks, highlighting the commercial value of small language models.

Go-To-Market: Scaling Through Ecosystems & Connectors

Verify Connect

Our strategy is to go where our customers already are. By embedding our AI tools into the world's leading platforms , we can achieve massive reach and frictionless adoption.

AI Workflow Automation

Connectors for Zapier and n8n enable thousands of developers, citizen automators, and IT managers to seamlessly plug our AI into their unique business workflows .

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Document Ecosystems

Direct integration into Foxit, one of the world's largest PDF platforms. This puts our verification technology directly into the workflow of millions of users creating and managing critical documents.

Enterprise AI Integration

For our largest customers, we provide a dedicated solution to connect our AI services directly into their secure, on-premise, or private cloud environments.

Our Go-Forward Strategy

Near Term (Next 6 Months)

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• Scale our Verify platform across enterprise clients

• Expand IBM partnership with Watson-powered translator agent

• Advance SwiftBridge for Japanese listed companies

• Continue automation of internal production systems

• Activate live ecosystem users

Long Term (18+ Months)

2 Medium Term (6-18 Months)

• Expand ecosystem partnerships beyond current platforms

• Launch AI agent product line based on internal tools

3

• Develop custom model offering for enterprise clients

• Establish Straker as the leading platform for AI trust and verification

• Increase AI solutions to 60% of total revenue

• Build a thriving ecosystem of partners and developers

• Achieve 70%+ of revenue from AI solutions

• Expand into adjacent AI governance and compliance markets

Our strategy is clear: continue to leverage our unique position at the intersection of AI and language to build scalable solutions for the AIpowered future, while helping traditional enterprises navigate this transition successfully.

AI in Action: Automating Our Own Core

Our AI investment functions as a flywheel—driving internal productivity improvements that in turn generate new commercial products.

The primary goal of the implementation of AI agents is on-demand scalability

AI agents

AI agents to be rolled out across H2

LISA AI

Massive Productivity Gains from AI Agents

40% of production systems now fully automated with AI agents, up from just 15% two years ago

IRIS v2 (Vendor agent) Delivery agent Pre-quoting agent Client comms agent Automated agentic newsletter Vendor selector agent

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40%
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Emily our AI Email Agent

Emily, our AI email automation agent has processed 3,297 emails with a 95.8% success rate in categorization, saving approximately $40,000

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15%
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annually. The production query manager has drafted nearly 60 emails, with 93% of the content forwarded to clients without changes, resulting in a 60% reduction in time spent on this task by the cut team.

AI in Action: AI Quality Boost Engine

Initial results from Q1 quality boost roll out

AI Quality Boost was rolled out in Q1. The highly advanced engine running on top of Tiri increases the quality of translated output. Before quality boost translators were going at 614 words per hour, post they go at more than 1,000 words per hour offering significant savings.

Quality boost is being rolled out across all language cloud clients in Q2 and integrated into the Enterprise TMS in Q3 as part of our TMS to Verify transition plan

Significant savings

Initial calculations on the success of quality boost show if rolled out across all projects, on an annualized basis would offer more than $1m in cost savings.

Low token cost – big human savings

At a spend of $817 in tokens, Quality Boost delivered nearly $10k in savings on internal test projects

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AI in Action: GenAI Verification

Our AI investment functions as a flywheel—driving internal productivity improvements that in turn generate new commercial products. Verify is a world leading solution for using a human crowd to Verify AI generated content.

Collaborate

Our Verify Collaborate platform allows access to human verification inside of our Verify platform.

Expert Verification, not Translation

Using Straker’s advanced Tiri quality estimation models to save customers money by only translating content below a quality threshold

Verify Orchestration workflows

Our internal production agents are becoming a new commercial product range to complement our Verify toolkit

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AI in Action: Tiri Language Model

Generic AI does not understand unique business needs. The Tiri family was developed to ensure customers can maximise their unique data assets

Superior outcomes, reduced cost

Custom-trained models deliver higher accuracy and quality.

Consistency

Ensures consistent terminology and style across all outputs, guided by your data.

Security & Ownership

Customer data is used to build their proprietary model. They maintain control.

Advanced Model leadership

Our ability to develop and run our own models at an Enterprise scale positions us as a unique player in the industry

Tiri outperforms the major LLMs for language translation

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Simple Access, Complex Technology

The world's fastest-growing, high value AI companies in our space, like DeepL and ElevenLabs , share a common strategy: they mask powerful, complex backend technology with simple, accessible, and easy-to-integrate products. This is precisely our strategy for Verify .

Complex Backend

Our AI Engine:

Simple Frontend

Our Products:

• Straker AI Models (Tiri)

• Easy-to-use platforms

• Straker AI Vision (Orchestrate, Collaborate)

• Simple, powerful connections ( Verify Connect )

• Straker AI Agents

• Native integrations

• AI interface

TIMELINE

FINANCIALS

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Financial Performance

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2025 2024 Change
$'000 $'000 $'000 %
Revenue 44,863 50,014 (5,151) -10%
Cost of sale (14,819) (18,093) 3,274 18%
Gross profit 30,044 31,921 (1,877) -6%
Gross margin % 67.0% 63.8% 3.1% 5.0%
Other income 182 355 (173) -49%
Capitalised software development 2,152 2,671 (519) -19%
Underlying operating expenses (27,628) (30,448) 2,820 9%
Percentage of operating revenue 61.6% 60.9% 0.7% 1.0%
Adjusted EBITDA 4,750 4,499 251 6%
Percentage of operating revenue 10.6% 9.0% 1.6% 18.0%
Acquisition & Restructure costs (187) (245) 58 24%
EBITDA 4,563 4,254 309 7%
Percentage of operating revenue 10.2% 8.5% 1.7% 20.0%
Amortisation of software development (5,176) (1,987) (3,189) -160%
Depreciation, and amortisation of right-to-use assets (679) (613) (66) -11%
Amortisation of acquired assets (3,531) (4,322) 791 18%
Impairment losses (6,818) (2,677) (4,141) -155%
Net finance income 1,142 2,874 (1,732) -60%
Loss before income tax (10,499) (2,471) (8,028) -325%
Income tax credit 341 282 59 21%
Net loss after tax (10,158) (2,189) (7,969) -364%
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*Underlying operating expenses are excluding depreciation, amortisation, acquisition & restructure costs, and impairment losses

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Strong GM % reduced impact
of revenue decline
Underlying operating
expenses dropped 9%
Record Adjusted EBITDA,
10.6% of revenue
One-off impact of changing useful
life assumption from 5 years to 3
All acquired intangible assets
fully amortised in FY25
IDEST acquisition fully impaired in H1 FY25
due to 2 contracts ending; NAM CGU goodwill
fully impaired
Mostly unrealised FX on
intercompany loans
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Revenue analysis

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$50.0m
($3.7m)
$4.7m $44.9m
$1.1m
($6.1m)
($1.0m)
LS- IDEST contract losses Subscriptions - TMS Managed services
FY24 LS - other Subscriptions - Verify FY25
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• Drop in Language Services (LS)

• IDEST contracts ending in FY25 H1

• Macro-economic and AI headwinds

• Initial Verify revenue

• Managed Services – 1[st] full year of

• operation

• +1% constant currency impact

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Progress on key metrics

Movement in EBITDA margin %[1]

Gross Margin %

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0.6%
3.1%
-1.2%
-0.6% 10.6%
-0.3% 10.2%
-0.4%
0.5% 9.0%
8.5%
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1. Chart might not add through due to rounding

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Strong balance sheet

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• Cash position grew $750k YOY

• Working capital strengthened to by 21% to $13.4m

• Nil debt

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Resilient free cash flow

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Benefit of margin
$2.3m improvement and cost
efficiencies
$0.5m
$1.2m
$5.2m ($0.2m)
($6.6m)
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Outlook

Our industry is undergoing a fundamental transformation, driven by the power of artificial intelligence . While others may see uncertainty, we see a clear path to leadership . We are proactively navigating this shift by guiding our customers into the future, transitioning them from legacy systems to our next-generation suite of AI products , spearheaded by our flagship 'Verify' platform.

This strategic transition is not just about technological advancement; it is about delivering superior value and building deeper partnerships with our clients . As part of this, we continue to invest significantly in research and development to accelerate innovation, strengthen our technology leadership, and ensure our solutions remain at the forefront of the industry.

Based on current momentum and adoption trends, we now anticipate Revenue in the range of $38 million to $41 million , with positive Adjusted EBITDA . This reflects the near-term impact of our transition strategy, but we remain confident that our long-term future is firmly rooted in innovation, growth, and sustained R&D investment.

Thank You

Questions & Answers We appreciate your continued support as we lead the transformation of our industry and build the future of AI verification and trust.

Contact Information

Follow Our Progress

www.straker.ai/investors

investors@straker.ai

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Formal business

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FINANCIAL STATEMENTS AND REPORTS
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To receive and consider the Financial Report and Audit Report for the year ended 31 March 2025, all of which are set out in the Company’s 2025 Annual Report.

There is no formal resolution required for this item but questions for the Board, CFO or the Auditor are welcome.

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RESOLUTION 1: AUDITORS REMUNERATION
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“To record that BDO Auckland continue in office as the Company’s Auditor and to authorise the Directors to fix the remuneration of BDO Auckland as the Company’s Auditor for the ensuing year.”

	FOR	AGAINST	OPEN
Number of Votes	31,111,073	11,055	60,408
Percentages of Votes	99.77%	0.04%	0.19%

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RESOLUTION 2: ELECTION OF DIRECTOR – MS HELEN FOLEY
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“That, Ms Helen Foley be elected as a Director of the Company”

	FOR	AGAINST	OPEN
Number of Votes	25,935,729	7,696	60,408
Percentages of Votes	99.74%	0.03%	0.23%

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RESOLUTION 3 RE-ELECTION OF DIRECTOR – MR STEVEN BAYLISS
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“That, Mr Steven Bayliss be re-elected as a Director of the Company”

	FOR	AGAINST	OPEN
Number of Votes	25,853,900	114,525	60,408
Percentages of Votes	99.33%	0.44%	0.23%

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RESOLUTION 4: ISSUE OF OPTIONS TO DIRECTOR – GRANT STRAKER
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“That, for the purposes of ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of 200,500 Options and the issue of underlying Shares in respect of the Options, to Grant Straker, the CEO of the Company, or his nominee(s), pursuant to the Company’s 2020 LTI Employee Share Option Plan, on the terms and conditions set out in the Explanatory Statement.”

	FOR	AGAINST	OPEN
Number of Votes	25,840,476	102,949	60,408
Percentages of Votes	99.37%	0.40%	0.23%

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RESOLUTION 5: ISSUE OF OPTIONS TO CLOSELY RELATED PARTY TO A
DIRECTOR – MERRYN STRAKER
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“That, for the purposes of ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of 127,100 Options and the issue of underlying Shares in respect of the Options, to Merryn Straker, a related party of the Company, or her nominee(s), pursuant to the Company’s 2020 LTI Employee Share Option Plan, on the terms and conditions set out in the Explanatory Statement.”

	FOR	AGAINST	OPEN
Number of Votes	25,840,476	99,463	63,894
Percentages of Votes	99.37%	0.38%	0.25%

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Voting

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Disclosure statement

This presentation contains general information about Straker Ltd. and its activities as of 20 August 2025. The information is provided in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account your personal circumstances or financial situation. Investors should conduct their own independent research and obtain professional advice before making any investment decisions.

This presentation may contain forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Straker Ltd. does not undertake to update or revise any forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this presentation, other than as required by applicable law and ASX Listing Rules.

While the information contained in this presentation has been prepared in good faith, neither Straker Ltd. nor its directors, officers, employees or agents give any representation or warranty, express or implied, as to the accuracy, reliability, or completeness of the information.

This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. It has been prepared in compliance with the ASX Listing Rules.

All figures in NZD unless otherwise stated.

FY25 refers to the financial year April 1 2024 to March 31 2025.