X2M CONNECT LIMITED

X2M Connect Limited HALF-YEAR REPORT

31 December 2025 APPENDIX 4D

1. Company details

Name of entity: X2M Connect Limited ACN: 637 951 154 Reporting period: For the period ended 31 December 2025 Previous period: For the period ended 31 December 2024

2. Results for announcement to the market

2. Results for announcement to the market
			$
Revenues from ordinary activities	up	45% to	4,903,792
Loss from ordinary activities after tax attributable to the owners of
X2M Connect Limited	up	2% to	(3,254,622)
Loss for the period attributable to the owners of X2M Connect
Limited	up	2% to	(3,254,622)
Adjusted EBITDA loss	down	10% to	(1,232,063)

Adjusted EBITDA loss

The following table summarises key reconciling items between the statutory after-tax result attributable to the shareholders of the Company and adjusted EBITDA loss*:

Loss after income tax expense for the period attributable to the owners of X2M Connect Limited Add: loss after income tax expense from discontinued operations Loss after income tax expense from continuing operations Add: Finance costs Add: Depreciation and amortisation Add: Impairment of capitalised development costs Less: Fair value gain on derivative financial instruments EBITDA Add: Share based payments expense* Adjusted EBITDA loss	Consolidated 31 December 2025 31 December 2024 $ $ (3,254,622) (3,175,935) 118,454 82,881 (3,136,168) (3,093,054) 735,885 655,133 147,347 811,684 1,207,942 - (651,394) (193,588) (1,696,388) (1,819,825) 464,325 457,066 (1,232,063) (1,362,759)
	(3,136,168) 735,885 147,347 1,207,942 (651,394)
	(1,696,388) 464,325
	(1,232,063)

Adjusted EBITDA is a non-IFRS measure calculated as earnings before income tax, and before depreciation and amortisation, finance costs, impairment, share based payments and one-off expenses. The Board assesses the underlying performance of the business based on measures of Adjusted EBITDA and Adjusted EBIT which excludes the effect of non-operating and non-recurring items.

** Share based payments expense relate to non-cash shares, options and performance rights to employees.

Dividends

There were no dividends paid, recommended or declared during the current financial period.

X2M Connect Limited HALF-YEAR REPORT

31 December 2025

APPENDIX 4D

Key points

The first half of FY26 saw X2M deliver strong performance on several key business metrics compared with results for the previous corresponding period (pcp). Key operational metrics for the half year were as follows:

Revenue $4.9 million, up 45% on the pcp
Gross profit $2.1 million, up 35% on the pcp
Operating expenditure was $3.6 million, up 12% on the pcp
Adjusted EBITDA* loss $1.2 million, an improvement of 10% on the pcp
Enterprise/government customers increased to 88, up 10% on the pcp
Total cash as at 31 December 2025 was $1.9 million
Net debt as at 31 December 2025 was $0.2 million
1H FY26 cash generated from operating activities was $0.1 million, versus cash burn of $1.8 million in pcp, mainly attributable to timing of the R&D refund and operational performance improvements

Group Commentary

Revenue was $4.9 million, up 45% on the pcp, reflecting a stronger market in South Korea, an increase in the Company’s market share, initial deliveries of the Seoul HelpMe devices and first revenue from water digitisation in Japan.

Cost of sales at $2.8 million, was up 54% on the pcp, or $1 million, in line with revenue growth and product mix.

Operating expenses increased by 12% on pcp to $3.6 million. This was largely due to $0.25 million in product replacement costs in respect of historical deployments. Normalised growth of operating costs excluding these would be 5% on the pcp reflecting costs associated with growth in the business.

Non-cash share based payments were $0.5 million (pcp: $0.5 million), including options issued to Directors as part of cash outflow reduction initiatives.

Finance costs were $0.7 million (pcp: $0.7 million), mainly driven by non-cash effective interest accrued on the convertible notes and convertible loans.

The Group has recognised a non-cash impairment charge of $1.2 million (31 December 2024: Nil). This largely reflects FY25 results, with forecast growth now coming from a lower base.

Financial position

The Group's cash and cash equivalents as at 31 December 2025 were $1.9 million, an increase of $0.2 million from 30 June 2025.

Please refer to the Review of Operations in the Directors’ report in the attached financial report for further commentary.

3. Net tangible assets

Net tangible assets per ordinary security	Reporting period Cents (0.44)	Previous period Cents (1.28)

X2M Connect Limited HALF-YEAR REPORT

31 December 2025

APPENDIX 4D

4. Control gained over entities

Not applicable.

5. Loss of control over entities

Not applicable.

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

7. Dividend reinvestment plans

Not applicable.

8. Details of associates and joint venture entities

Not applicable.

9. Foreign entities

Details of origin of accounting standards used in compiling the report:

Not applicable.

10. Audit qualification or review

Details of audit/review dispute or qualification (if any):

The interim financial statements have been reviewed by the Group’s independent auditor who has issued an unmodified review conclusion with a material uncertainty in relation to going concern.

11. Attachments

Details of attachments (if any):

The Half Year Financial Report of X2M Connect Limited for the period ended 31 December 2025 is attached.

X2M Connect Limited HALF-YEAR REPORT

31 December 2025

APPENDIX 4D

12. Signed

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_________

Date: 25 February 2026

Hon. Alan Stockdale AO Non-Executive Chairman Melbourne

Contents
Corporate directory	2
Directors' report	3
Auditor's independence declaration	8
Consolidated statement of profit or loss and other comprehensive income	9
Consolidated statement of financial position	11
Consolidated statement of changes in equity	12
Consolidated statement of cash flows	13
Notes to the consolidated financial statements	14
Directors' declaration	26
Independent auditor's review report to the members of X2M Connect Limited	27

Corporate Directory

Directors Hon. Alan Stockdale AO (Non-Executive Chairman) Mr Mohan Jesudason (Managing Director and Chief Executive Officer) Mr Damien Johnston (Non-Executive Director) Mr John Stewart (Non-Executive Director) Chief Executive Officer Mr Mohan Jesudason Company secretary Mr Oliver Carton Registered office Suite 1.01b, Building B, and principal place 18-24 Ricketts Road, of business Mount Waverley, VIC 3149 Phone: 1800 926 926 (1800 X2M X2M) Share register Automic Group Level 5, 126 Phillip Street, Sydney, NSW 2000 Phone: +61 2 9698 5414 Auditor Grant Thornton Audit Pty Ltd Collins Square Tower 5, 727 Collins Street, Melbourne VIC 3008 Stock exchange listing X2M Connect Limited securities are listed on the Australian Securities Exchange (ASX code: X2M) Website www.x2mconnect.com

Report

X2M Connect Limited DIRECTOR’S REPORT

31 December 2025

The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of X2M Connect Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the period ended 31 December 2025.

Directors

The following persons were directors of X2M Connect Limited during the whole of the financial period and up to the date of this report, unless otherwise stated:

Hon Alan Stockdale AO (Non-Executive Chairman) Mr Mohan Jesudason (Managing Director and Chief Executive Officer) Mr Damien Johnston (Non-Executive Director) Mr John Stewart (Non-Executive Director)

Principal activities

X2M operates in the utility sector across the Asia Pacific Region with offices in Australia, Japan, South Korea and Taiwan. The Company employed 51 people at the end of the period.

During the period, the principal continuing activities of the Group included:

Gas monitoring and control
Water monitoring and control
Energy monitoring and optimisation
Data delivery for artificial intelligence and data analytics applications
Public safety device supply and operation

The technology uses the internet to deliver rich data applications from process automation and control to analytics and artificial intelligence. The technology connects devices over the internet to enable monitoring, data exchange and the remote control of devices such as utility meters and pressure sensors.

As at 31 December 2025, X2M has connected more than half a million devices to its IoT platform and distributed intelligence solution. It generates real-time information and control to more than 88 enterprise and government customers across Asia Pacific and operates over multiple communications technologies.

Review of operations

The loss for the Group after providing for income tax amounted to $3,254,622 (31 December 2024: $3,175,935).

X2M's strategic programme delivers strong operational results in 1H FY26, with increased momentum across all markets.

Key operating metrics for the Group for the half year ended 31 December 2025 include:

Revenue $4.9 million, up 45% on the pcp
Gross profit $2.1 million, up 35% on the pcp
Operating expenditure was $3.6 million, up 12% on the pcp
Adjusted EBITDA* loss $1.2 million, an improvement of 10% on the pcp
Enterprise/government customers increased to 88, up 10% on the pcp
Total cash as at 31 December 2025 was $1.9 million
Net debt as at 31 December 2025 was $0.2 million
1H FY26 cash generated from operating activities was $0.1 million, versus cash burn of $1.8 million in pcp, mainly attributable to timing of the R&D refund and operational performance improvements

Impairment

Following a review of the carrying value of capitalised development costs, the Group has recognised a non-cash impairment charge of $1.2 million (2024: Nil). This largely reflects FY25 results, with forecast growth now coming from a lower base.

X2M Connect Limited DIRECTOR’S REPORT

31 December 2025

Discontinued operations

As disclosed in the financial statements for the year ended 30 June 2025, the Group reviewed the China operations and determined to exit this market. The operations in China are treated as discontinued operations in the financial statements following the Board resolution in June 2025 to exit this market and business. The comparable results in this report have been represented to exclude discontinued operations. A loss from discontinued operations of $0.12 million has been recorded for 1H FY26 (31 December 2024: $0.08 million).

Adjusted EBITDA

The following table summarises key reconciling items between the statutory after-tax result attributable to the shareholders of the Company and adjusted EBITDA*:

Loss after income tax expense for the period attributable to the owners of X2M Connect Limited Add: loss after income tax expense from discontinued operations Loss after income tax expense from continuing operations Add: Finance costs Add: Depreciation and amortisation Add: Impairment of capitalised development costs Less: Fair value gain on derivative financial instruments EBITDA Add: Share based payments expense* Adjusted EBITDA	Consolidated 31 December 2025 31 December 2024 $ $ (3,254,622) (3,175,935) 118,454 82,881 (3,136,168) (3,093,054) 735,885 655,133 147,347 811,684 1,207,942 - (651,394) (193,588) (1,696,388) (1,819,825) 464,325 457,066 (1,232,063) (1,362,759)
	(3,136,168) 735,885 147,347 1,207,942 (651,394)
	(1,696,388) 464,325
	(1,232,063)

Adjusted EBITDA is a non-IFRS measure calculated as earnings before income tax, and before depreciation and amortisation, finance costs, impairment, share based payments and one-off expenses. The Board assesses the underlying performance of the business based on measures of Adjusted EBITDA and Adjusted EBIT which excludes the effect of non-operating and non-recurring items.
** Share based payments expense relate to non-cash shares, options and performance rights to employees.

Segment performance

South Korea

South Korea operation was profitable in 1H FY26, delivering adjusted EBIT of $0.04 million (31 December 2024: EBIT loss of $0.02 million). This was driven by significant revenue growth and continued effort to lower production costs. South Korea achieved revenue of $4.2 million, up 43% on the pcp.

During the period, X2M secured multiple new and repeat water digitisation contracts with municipal government customers, including the major metropolitan customer City of Seoul. X2M advanced delivery of remote water monitoring under its latest Seoul water digitisation mandate, covering 6,750 households, as part of the City’s broader long-term program to digitise all water meters by 2040. X2M also delivered the first 30,000 units of the 100,000 contracted HelpMe public safety devices. With X2M providing services across water and public safety, Seoul remains a strategically significant customer with substantial future expansion potential.

X2M Connect Limited DIRECTOR’S REPORT

31 December 2025

Taiwan

Taiwan achieved revenue of $0.4 million, up 88% on the pcp.

In Taiwan, where the Company earlier released ‘ Hive.AI by X2M’ , a data aggregation and AI enablement platform for renewable energy operators, a good prospect pipeline has been developed with first sales now secured.

Taiwan reported an adjusted EBIT loss of $0.2 million (31 December 2024: $0.4 million).

Other

The Other segment consists of Japan and Australia. Australia continued to be the cost centre for corporate costs including head office expenses and R&D software development costs. This segment reported revenue of $0.3 million, up 29% on the pcp; and an adjusted EBIT loss of $1.2 million (31 December 2024: $1.8 million). Improved performance was mainly driven by entering Japanese water digitisation market through a new software development agreement with Azbil Kimmon, extending an established six-year gas monitoring partnership into the water sector. The initial contract is valued at $0.2 million and supports the deployment of X2M’s SaaS platform across 5,000 water meters, with scope to expand the current project to cover up to 50,000 meters. During the quarter, X2M commenced platform development and integration activities to support Azbil Kimmon’s smart water metering service, marking a strategic entry point into a large and under-digitised industry. The total addressable SaaS market for water meter monitoring in Japan is estimated at $100 million per annum based on the 60 million existing water connections.

$0.5 million of non-cash share based payments were incurred, mainly attributable to securities issued to key management personnel and employees under an incentive plan, and options issued to Directors as part of cash outflow reduction initiatives. Finance costs were $0.7 million (pcp: $0.7 million), mainly attributable to non-cash effective interest accrued on the convertible notes and convertible loans.

Significant changes in the state of affairs

During the period, the Group raised approximately $5.4 million before costs through a Placement and Entitlement Offer. In addition, approximately $2 million of borrowings at 30 June 2025 were converted to equity. These funds strengthened X2M's balance sheet and allowed the repayment of debt, including convertible notes and convertible loans.

As part of a renaming initiative, the company's wholly owned Taiwan and Japan subsidiaries changed names to X2M Co. Ltd. and X2M KK respectively.

There were no other significant changes in the state of affairs of the Group during the financial period.

Matters subsequent to the end of the financial period

Subsequent to half year end, the Group successfully extended the expiry of two convertible loans totalling $1.5 million to 31 March 2026 and increased the total value of the loans to $1.8 million.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

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 immediately after this directors' report.

X2M Connect Limited

DIRECTOR’S REPORT 31 December 2025

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

_________

Hon. Alan Stockdale AO Non-Executive Chairman

25 February 2026

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Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222

Auditor’s Independence Declaration

To the Directors of X2M Connect Limited

In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of X2M Connect Limited 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

P M Glynn Partner – Audit & Assurance

Melbourne, 25 February 2026

www.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.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the period ended 31 December 2025

Note Revenue from continuing operations 5 Cost of sales Gross profit Other income Expenses Employee benefits expense Share based payments expense 6 Depreciation and amortisation expense Impairment of capitalised development costs 10 Finance costs Short-term lease expenses Other expenses 7 Professional fees Fair value gain on derivative financial instruments Total expenses Loss before income tax expense from continuing operations Income tax expense Loss after income tax expense from continuing operations Loss after income tax expense from discontinued operations 8 Loss after income tax expense for the period attributable to the owners of X2M Connect Limited Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the period, net of tax Total comprehensive loss for the period attributable to the owners of X2M Connect Limited Total comprehensive loss for the period is attributable to: Continuing operations Discontinued operations	Consolidated 31 December 2025 31 December 2024 $ $ 4,903,792 3,378,999 (2,774,146) (1,801,067) 2,129,646 1,577,932 194,458 221,100 (2,084,740) (1,993,613) (464,325) (457,066) (147,347) (811,684) (1,207,942) - (735,885) (655,133) (42,021) (46,255) (1,130,155) (816,666) (299,251) (305,257) 651,394 193,588 (5,460,272) (4,892,086) (3,136,168) (3,093,054) - - (3,136,168) (3,093,054) (118,454) (82,881) (3,254,622) (3,175,935) 176,377 73,062 176,377 73,062 (3,078,245) (3,102,873) (2,959,791) (3,019,992) (118,454) (82,881) (3,078,245) (3,102,873)
	2,129,646
	194,458 (2,084,740) (464,325) (147,347) (1,207,942) (735,885) (42,021) (1,130,155) (299,251) 651,394
	(5,460,272)
	(3,136,168) -
	(3,136,168) (118,454)
	(3,254,622) 176,377
	176,377
	(3,078,245)
	(2,959,791) (118,454)
	(3,078,245)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

X2M Connect Limited

For the period ended 31 December 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Cents	Cents
Earnings per share for loss from continuing operations attributable to the
owners of X2M Connect Limited
Basic earnings per share	(0.37)	(0.87)
Diluted earnings per share	(0.37)	(0.87)
Earnings per share for loss from discontinued operations attributable to
the owners of X2M Connect Limited
Basic earnings per share	(0.01)	(0.02)
Diluted earnings per share	(0.01)	(0.02)
Earnings per share for loss attributable to the owners of X2M Connect
Limited
Basic earnings per share	(0.38)	(0.89)
Diluted earnings per share	(0.38)	(0.89)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

X2M Connect Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note Assets Current assets Cash and cash equivalents Trade and other receivables Contract assets Inventories Other assets 9 Total current assets Non-current assets Property, plant and equipment and right-of-use assets Other assets 9 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 11 Contract liabilities Borrowings 12 Lease liabilities Employee benefits Total current liabilities Non-current liabilities Borrowings 12 Lease liabilities Employee benefits Total non-current liabilities Total liabilities Net liabilities Equity Issued capital 13 Reserves Accumulated losses Total deficiency in equity	Consolidated 31 December 2025 30 June 2025 $ $ 1,907,741 1,691,365 528,656 557,126 130,160 51,071 76,110 95,163 1,338,306 2,040,192 3,980,973 4,434,917 343,713 278,080 450,736 438,974 794,449 717,054 4,775,422 5,151,971 1,913,290 3,369,587 3,236,364 1,429,022 1,543,763 6,625,313 214,412 199,369 1,107,691 1,108,723 8,015,520 12,732,014 579,864 548,546 116,237 64,989 552,225 657,446 1,248,326 1,270,981 9,263,846 14,002,995 (4,488,424) (8,851,024) 38,225,994 31,562,291 3,193,583 5,077,075 (45,908,001) (45,490,390) (4,488,424) (8,851,024)
	3,980,973
	343,713 450,736
	794,449
	4,775,422
	1,913,290 3,236,364 1,543,763 214,412 1,107,691
	8,015,520
	579,864 116,237 552,225
	1,248,326
	9,263,846
	(4,488,424)
	38,225,994 3,193,583 (45,908,001)
	(4,488,424)

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

X2M Connect Limited

Issued capital $ 29,046,310 - -	Reserves $ 4,404,640 - 73,062	Accumulated losses $ (32,906,051) (3,175,935) -
- 1,650,848 - 27,038 - 50,000	73,062 - (390,025) (27,038) 216,098 407,066	(3,175,935) - 390,025 - - -
30,774,196	4,683,803	(35,691,961)
Issued capital $ 31,562,291 - -	Reserves $ 5,077,075 - 176,377	Accumulated losses $ (45,490,390) (3,254,622) -
- 4,579,346 - 1,276,537 718,000 42,570 47,250 - - -	176,377 - (2,837,011) - - - (47,250) 359,717 350 464,325	(3,254,622) - 2,837,011 - - - - - - -
38,225,994	3,193,583	(45,908,001)

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows from operating activities Receipts from customers Receipts from government grants Payments to suppliers and employees Interest received Interest and other finance costs paid Net cash from/(used in) operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for intangibles (Payments for)/receipts from security deposits Proceeds from disposal of property, plant and equipment Dividends received Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs Proceeds from borrowings Repayment of borrowings Repayment of lease liabilities (including interest) Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial period	Consolidated 31 December 2025 31 December 2024 $ $ 7,339,281 2,970,116 1,400,723 - (8,384,778) (4,650,356) 3,541 2,570 (251,782) (72,550) 106,985 (1,750,220) (6,508) - (1,772,164) (1,361,311) (28,814) 13,680 1,720 - - 2,556 (1,805,766) (1,345,075) 5,490,301 923,177 (569,777) (83,547) 1,437,971 1,550,199 (4,279,630) (380,482) (146,082) (118,144) 1,932,783 1,891,203 234,002 (1,204,092) 1,691,365 1,938,882 (17,626) 3,790 1,907,741 738,580
	106,985
	(6,508) (1,772,164) (28,814) 1,720 -
	(1,805,766)
	5,490,301 (569,777) 1,437,971 (4,279,630) (146,082)
	1,932,783
	234,002 1,691,365 (17,626)
	1,907,741

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 1. General information

The financial statements cover X2M Connect Limited as a consolidated entity consisting of X2M Connect Limited and the entities it controlled at the end of, or during, the period (referred to hereafter as “X2M” or as the “Group”). The financial statements are presented in Australian dollars, which is X2M Connect Limited's functional and presentation currency.

X2M Connect Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 25 February 2026.

Note 2. Material accounting policy information

These general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

All new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that were mandatory for the current reporting period have been adopted, the adoption of which had no impact on the performance, cash flows and position of the Group presented in these financial statements.

Going concern

The consolidated financial report has been prepared on a going concern basis which contemplates continuity of normal business activities, funding of operating activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The Group has incurred a loss after tax of $3,254,622 during the half year ended 31 December 2025 (2024: loss of $3,175,935) and net cash outflows from operating and investing activities of $1,698,781 (2024: net outflow of $3,095,295). As at 31 December 2025 the Group had a net deficiency in equity of $4,488,424 (30 June 2025 net deficiency: $8,851,024) and had a working capital deficiency, being current assets less current liabilities, of $4,034,547 (30 June 2025: $8,297,097). Included in the loss for the year were non-cash charges including:

(i) Impairment of capitalised development costs of $1,207,942 (2024: Nil)

(ii) Depreciation and amortisation expenditure of $147,347 (2024: $811,684)

(iii) Share based payments expense of $464,325 (2024: $457,066)

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 2. Material accounting policy information (continued)

During the period, the Group successfully completed an Entitlement Offer and Placements, raising $5.4 million before costs. The Group also converted approximately $2 million of borrowings into equity. Proceeds from the capital raising activities were utilised to fund strategic initiatives, operating activities and repayment of debt.

Cash flow forecasts prepared by management indicate that the Group will have sufficient funds to meet commitments over the next twelve months from the date of this report. These cashflow projections assume the Group's ability to achieve sales growth, prudent control on expenditure and successful capital management initiatives via additional debt facilities and/or raising additional equity capital.

Based on these factors, it is the view of the Directors that the Group is expected to continue as a going concern. The Directors acknowledge that this assessment incorporates a number of assumptions and judgements and have concluded that the range of possible outcomes considered in arriving at this support the Group's ability to continue as a going concern as at the date of this report.

In the event that the cash flow forecasts are not achieved or, if required, the Group is unable to obtain new debt facilities and/or equity capital, assets may not be realised and liabilities settled at amounts stated in the financial statements. Consequently, a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas of assumptions and estimates are:

Share-based payment transactions

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted.

Revenue from contracts with customers

When recognising revenue in relation to the sale of goods to customers, the key performance obligation of the Group is considered to be the point of delivery of the goods to the customer, as this is deemed to be the time that the customer obtains control of the promised goods and therefore the benefits of unimpeded access.

Recognised amounts of platform subscriptions revenue reflect the Group's best estimate of each contracts outcome and progress towards completion of performance obligations. Changes in estimates related to service revenue are recorded as an increase or decrease to revenue in the period that the changes are identified.

R&D Tax Incentives

Under the Research and Development (R&D) Tax Incentive scheme, the Group receives a 18.5% refundable tax offset above the Group’s tax rate, of eligible expenditures if its turnover is less than $20 million per annum provided it is not controlled by income tax exempt entities. A R&D plan is required to be filed with AusIndustry in the following financial year, and based on this filing, the Group would be able to receive the incentive in cash. Management performs a detailed review of the Group’s total research and development expenditure to determine the potential claim under the R&D tax incentive legislation. There is a significant degree of judgement and interpretation of the R&D tax legislation required by management to assess the eligibility of the R&D expenditure under the scheme. This is to avoid the risk that expenses claimed are ineligible and the methodology adopted is not appropriate or not in accordance with the ATO guidelines including inaccurate calculations of the R&D tax incentive refund.

X2M Connect Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2025

Note 3. Critical accounting judgements, estimates and assumptions (continued)

Impairment of non-financial assets

The Group assesses impairment of non-financial assets including intellectual property at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions (refer to note 10).

Note 4. Operating segments

Identification of reportable operating segments

The Group has identified its operating segments based on business activities in South Korea, Taiwan and Other. These operating segments are based on the internal reports that are reviewed and used by the Chief Operating Decision Maker in assessing the performance and in determining the allocation of resources.

The principal continuing activities of the Group consisted of carrying on its business to deploy devices and connect them to its proprietary software platform, where the Company generates upfront hardware and software revenue and platform subscription and maintenance fees, which is broadly consistent across all geographical regions.

The Other segment comprises Australia, which is a cost centre for corporate costs including head office, R&D and software development; Japan and United Arab Emirates transactions with the Australian entity.

The China business was discontinued in June 2025 following the resolution by the Board to exit and close this business. The segment information reported does not include any amounts for these discontinued operations, which are described in more details in Note 8.

Intersegment transactions

Intersegment transactions were made at market rates. These transactions included internal services provided by Australian head office to overseas subsidiaries and intersegment sales. Intersegment transactions are eliminated on consolidation.

Intersegment receivables, payables and loans

Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation.

Major customers

During the half year ended 31 December 2025, four customers from South Korea contributed $2,392,075, representing 48% of total external revenues.

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 4. Operating segments (continued)

Operating segment information

South Korea $ 4,156,604 93,236	Taiwan $ 412,041 -	Other $ 335,147 124,251
4,249,840 4,409	412,041 229	459,398 189,820
4,254,249	412,270	649,218
132,792 (93,054)	(199,615) (14,856)	(1,165,240) (39,437)
39,738	(214,471)	(1,204,677)
2,222,735	289,166	2,236,848
4,691,283	132,539	3,812,793

Adjusted EBITDA is a non-IFRS measure calculated as earnings before income tax, and before depreciation and amortisation, finance costs, impairment, share based payments and one-off expenses. The Board assesses the underlying performance of the business based on measures of Adjusted EBITDA and Adjusted EBIT which excludes the effect of non-operating and non-recurring items.

** Share based payments expense relate to non-cash shares, options and performance rights to key management personnel and employees.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 4. Operating segments (continued)

South Korea $ 2,899,543 183,810	Taiwan $ 218,807 -	Other $ 260,649 189,012
3,083,353 206	218,807 131	449,661 220,763
3,083,559	218,938	670,424
51,740 (69,086)	(369,579) (21,485)	(1,044,920) (721,113)
(17,346)	(391,064)	(1,766,033)
1,404,841	254,125	3,396,489
3,737,175	239,807	9,439,395

Adjusted EBITDA is a non-IFRS measure calculated as earnings before income tax, and before depreciation and amortisation, finance costs, impairment, share based payments and one-off expenses. The Board assesses the underlying performance of the business based on measures of Adjusted EBITDA and Adjusted EBIT which excludes the effect of non-operating and non-recurring items.

** Share based payments expense relate to non-cash shares, options and performance rights to key management personnel and employees.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 5. Revenue

Note 5. Revenue
From continuing operations SaaS and maintenance revenue Hardware sales Professional service fees Revenue from continuing operations	Consolidated 31 December 2025 31 December 2024 $ $ 618,071 847,845 4,013,017 2,531,154 272,704 - 4,903,792 3,378,999
	4,903,792

Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:

Timing of revenue recognition Goods transferred at a point in time Services transferred over time	Consolidated 31 December 2025 31 December 2024 $ $ 4,013,017 2,531,154 890,775 847,845 4,903,792 3,378,999
	4,903,792

Note 6. Share based payments expense

Reconciliation of share based payments expense recorded in the statement of profit or loss and other comprehensive income relating to each class of share based payment:

Unquoted options issued to key management personnel and employees Unquoted performance rights issued to employees Issue of shares for advisory fees Other	Consolidated 31 December 2025 31 December 2024 $ $ 403,658 166,694 60,667 108,132 - 50,000 - 132,240 464,325 457,066
	464,325

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 7. Other expenses

Note 7. Other expenses
Advertising and marketing Product remediation and upgrade Subscriptions Telephone expenses Travel costs Other administrative expenses	Consolidated 31 December 2025 31 December 2024 $ $ 88,261 85,658 260,699 22,673 136,553 145,415 104,002 112,819 303,849 231,906 236,791 218,195 1,130,155 816,666
	1,130,155

Note 8. Discontinued operations

Description

During the year ended 30 June 2025, the Group’s Board resolved to discontinue its operations in China. This decision followed a strategic review which identified that the China business was primarily focused on lowermargin hardware sales with unfavourable payment terms and other challenges. These characteristics were inconsistent with the Group’s revised strategic focus on higher-margin, recurring revenue streams and scalable platform services.

Accordingly, as disclosed in the financial statements for the year ended 30 June 2025, the China operations were treated as a discontinued operation in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. The results of the discontinued operation are presented separately in the consolidated statement of profit or loss and other comprehensive income for the current and comparative periods. Comparative information has been re-presented where necessary to conform with this presentation.

Financial performance information

Other income Employee benefits expenses Short-term lease expenses Other expenses Professional fees Total expenses Loss before income tax expense Income tax expense Loss after income tax expense from discontinued operations	Consolidated 31 December 2025 31 December 2024 $ $ 39 99 (36,741) (45,867) (2,131) (18,005) (500) (9,677) (79,121) (9,431) (118,493) (82,980) (118,454) (82,881) - - (118,454) (82,881)
	(118,493)
	(118,454) -
	(118,454)

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 8. Discontinued operations (continued)

Cash flow information

Cash flow information
Net cash used in operating activities	Consolidated 31 December 2025 31 December 2024 $ $ (70,526) (80,145)

Carrying amounts of assets and liabilities of discontinued operation
Cash and cash equivalents Other current assets Total assets Trade and other payables Total liabilities Net liabilities Note 9. Other assets Current assets Research and development tax credit receivables Prepayments Other assets Non-current assets Deposits	Consolidated 31 December 2025 30 June 2025 $ $ 2,160 72,078 24,513 24,438 26,673 96,516 627,231 586,618 627,231 586,618 (600,558) (490,102) Consolidated 31 December 2025 30 June 2025 $ $ 776,408 1,439,584 537,385 576,170 24,513 24,438 1,338,306 2,040,192 450,736 438,974 1,789,042 2,479,166
	1,338,306
	450,736
	1,789,042

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 10. Intangible assets

Note 10. Intangible assets
Non-current assets Intellectual property, patents and copyright - at cost Less: Accumulated amortisation Less: Impairment	Consolidated 31 December 2025 30 June 2025 $ $ 9,926,904 8,756,721 (3,872,498) (3,873,751) (6,054,406) (4,882,970) - -
	-

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial period are set out below:

	Intellectual
	property,	Intellectual
	patents and	property in
	copyright	progress	Total
Consolidated	$	$	$
Balance at 1 July 2025	-	-	-
Capitalisation of expenses (net of R&D tax refund)	427,468	780,474	1,207,942
Impairment of assets	(427,468)	(780,474)	(1,207,942)
Balance at 31 December 2025	-	-	-

Recoverable amount of capitalised development cost

In accordance with AASB 136 Impairment of Assets, the Group undertakes an assessment of impairment indicators at each reporting date. The Group undertook a review of impairment indicators as at 31 December 2025. This review considered both internal and external sources of information, including changes in market conditions, financial performance, and strategic direction.

Although there were not any indicators of impairment identified for capitalised development costs and other intangible assets at 31 December 2025, management reflected on the fact that existing impairment provisions that was recorded at 30 June 2025 and performed an impairment test using the value-in-use methodology, consistent with the requirements of AASB 136.

The value in use was determined based on management’s best estimates of future cash flows, discounted at an appropriate rate reflecting the risks associated with the assets. Base cash flow projections were used and adjusted to ensure the assumptions applied were reasonable and supportable.

The analysis concluded that the recoverable amount of these assets was nil, and accordingly, the entire carrying value of the affected intangible assets of $1.2m was impaired.

The impairment of $1.2m has been recognised in the statement of profit or loss and other comprehensive income.

Key assumptions included within the impairment model include:

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 10. Intangible assets (continued)

Year 1 cash flows have been modelled based on the updated forecast for the year ending 30 June 2026, including year to date December 2025 actual results. Forecasted revenue thereafter has been reflected on a business-as-usual basis.
All costs, including operating expenses and capitalised development costs, are modelled to grow at 5% year on year.
Long term growth rate of 2.5%.
Pre-tax discount rate of 19.75% per annum was applied in the value-in-use calculation.

Note 11. Trade and other payables

Note 11. Trade and other payables
Current liabilities Trade payables Accrued expenses Other payables Note 12. Borrowings Current liabilities Insurance funding Other borrowings Convertible loan - host liability Convertible loan - embedded derivative Financial liability at fair value through profit or loss Convertible notes Non-current liabilities Convertible notes - host liability Convertible notes - embedded derivative	Consolidated 31 December 2025 30 June 2025 $ $ 1,300,268 2,283,777 613,022 935,810 - 150,000 1,913,290 3,369,587 Consolidated 31 December 2025 30 June 2025 $ $ 41,628 15,530 - 452,545 1,502,135 3,102,378 - 23,573 - 1,892,073 - 1,139,214 1,543,763 6,625,313 569,226 519,965 10,638 28,581 579,864 548,546 2,123,627 7,173,859
	1,543,763
	569,226 10,638
	579,864
	2,123,627

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 13. Issued capital

31 December 2025 30 June 2025 31 December 2025 Shares Shares $ Ordinary shares - fully paid 1,013,137,793 435,056,842 38,225,994 Movements in ordinary share capital Details Date Shares Issue price Balance 1 July 2025 435,056,842 Issue of Placement shares 5 August 2025 9,375,000 $0.016 Issue of shares on conversion of financial liabilities 5 August 2025 79,783,587 $0.016 Issue of make up shares 5 August 2025 6,453,778 - Issue of Placement shares 8 August 2025 23,761,594 $0.013 Issue of shares under Entitlement Offer 8 August 2025 126,954,945 $0.013 Issue of shares under Entitlement Offer 25 August 2025 263,895,060 $0.013 Issue of Placement shares 4 September 2025 3,846,154 $0.013 Issue of shares on conversion of convertible loan 1 October 2025 59,833,333 $0.012 Issue of shares on conversion of vested performance rights 8 October 2025 630,000 - Issue of shares as consideration for services 16 October 2025 3,547,500 $0.012 Cost of capital raising - settled in cash - - Cost of capital raising - paid in shares & options - - Balance 31 December 2025 1,013,137,793	31 December 2025 Shares 1,013,137,793	30 June 2025 Shares 435,056,842	30 June 2025 Shares 435,056,842	31 December 2025 $ 38,225,994	30 June 2025 $ 31,562,291
			Shares Issue price 435,056,842 9,375,000 $0.016 79,783,587 $0.016 6,453,778 - 23,761,594 $0.013 126,954,945 $0.013 263,895,060 $0.013 3,846,154 $0.013 59,833,333 $0.012 630,000 - 3,547,500 $0.012 - - - - 1,013,137,793		$ 31,562,291 150,000 1,276,537 - 308,901 1,650,414 3,430,636 50,000 718,000 47,250* 42,570 (612,188) (398,417)
					38,225,994

*This reflects the fair value of performance rights on grant date.

Note 14. Contingent assets and liabilities

The Directors are not aware any contingent assets or contingent liabilities as at 31 December 2025 (2024: Nil).

Note 15. Related party transactions

Parent entity

X2M Connect Limited is the parent entity.

Transactions with related parties

During the period, X2M paid $9,500 for social media, designer and other supporting services from Azimbo Consulting Pty Ltd (an entity associated with Keith Jelley, X2M Chief Operating Officer). The transactions were made on normal commercial terms.

Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and previous reporting date.

Loans to/from related parties

There were no loans to or from related parties at the current and previous reporting date.

X2M Connect Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 December 2025

Note 16. Events after the reporting period

Subsequent to half year end, the Group successfully extended the expiry of two convertible loans totalling $1.5 million to 31 March 2026 and increased the total value of the loans to $1.8 million.

X2M Connect Limited

DIRECTORS' DECLARATION 31 December 2025

In the Directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Regulations 2001;
the attached financial statements and notes give a true and fair view of the Consolidated Entity's financial position as at 31 December 2025 and of its performance for the financial period ended on that date; and
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of Directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

==> picture [168 x 47] intentionally omitted <==

_________

Hon. Alan Stockdale AO Non-Executive Chairman

25 February 2026

==> picture [161 x 31] intentionally omitted <==

Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222

Independent Auditor’s Review Report

To the Members of X2M Connect Limited

Report on the half-year financial report

Conclusion

We have reviewed the accompanying half-year financial report of X2M Connect Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and 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 X2M Connect Limited does not comply with the Corporations Act 2001 including:

a 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
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 Group 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.

www.grantthornton.com.au ACN-130 913 594

Material uncertainty related to going concern

We draw attention to Note 2 in the financial report, which indicates that the Group incurred a loss after income tax expense of $3,254,622 during the half-year ended 31 December 2025 and net cash outflows from operating and investing activities of $1,698,781. As of that date, the Group had a net deficiency in equity of $4,488,424 and had a working capital deficiency, being current assets less current liabilities, of $4,034,547. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

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 half-year 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.

Grant Thornton Audit Pty Ltd Chartered Accountants

P M Glynn Partner – Audit & Assurance Melbourne, 25 February 2026

Grant Thornton Audit Pty Ltd

X2M Connect Limited INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF X2M CONNECT LIMITED 31 December 2025

AI assistant

X2M CONNECT LIMITED — Interim / Quarterly Report 2026

66094_rns_2026-02-24_e5e6708e-0949-4cd3-a92c-1eb116c94370.pdf

1. Company details

2. Results for announcement to the market

Adjusted EBITDA loss

Dividends

APPENDIX 4D

Key points

Group Commentary

Financial position

3. Net tangible assets

APPENDIX 4D

4. Control gained over entities

5. Loss of control over entities

6. Dividends

7. Dividend reinvestment plans

8. Details of associates and joint venture entities

9. Foreign entities

10. Audit qualification or review

11. Attachments

APPENDIX 4D

12. Signed

Contents

Corporate Directory

Report

Directors

Principal activities

Review of operations

Impairment

Discontinued operations

Adjusted EBITDA

Segment performance

South Korea

Taiwan

Other

Significant changes in the state of affairs

Matters subsequent to the end of the financial period

Auditor's independence declaration

Auditor’s Independence Declaration

To the Directors of X2M Connect Limited

X2M Connect Limited

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the period ended 31 December 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

X2M Connect Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS

Note 1. General information

Note 2. Material accounting policy information

New or amended Accounting Standards and Interpretations adopted

Going concern

Note 2. Material accounting policy information (continued)

Note 3. Critical accounting judgements, estimates and assumptions

Share-based payment transactions

Revenue from contracts with customers

R&D Tax Incentives

Note 3. Critical accounting judgements, estimates and assumptions (continued)

Impairment of non-financial assets

Note 4. Operating segments

Identification of reportable operating segments

Intersegment transactions

Intersegment receivables, payables and loans

Major customers

Note 4. Operating segments (continued)

Operating segment information

Note 4. Operating segments (continued)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 5. Revenue

Disaggregation of revenue

Note 6. Share based payments expense

Note 7. Other expenses

Note 8. Discontinued operations

Description

Financial performance information

Note 8. Discontinued operations (continued)

Cash flow information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 10. Intangible assets

Reconciliations

Recoverable amount of capitalised development cost

X2M CONNECT LIMITED Interim / Quarterly Report 2026