1Q reporting season reaffirms our thesis

Disclosures

Company disclosures

The companies and securities mentioned in this report include:

*Information Technology () | Price: A$—

Price and valuation as at 1 May 2026 (*not covered)

Other disclosures, disclaimers and certificates

Methodology & Disclosures

Homodeus One Pty Ltd (ABN 83 696 272 116), is a Corporate Authorised Representative (No. 1320577) of Sharewise Compliance and Administration Pty Ltd (AFSL 280420). This research is issued in Australia through Homodeus Research, which is the research division of Homodeus One Pty Ltd. The research and any access to it is general advice only and does not take into account your personal circumstances, needs, or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. If our advice relates to the acquisition, or possible acquisition, of a financial product you should read any relevant Product Disclosure Statement or like instrument.

Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd have established and implemented a conflicts policy, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. Persons involved with the preparation of research have regular interaction with companies they cover. Additionally, Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd does and seeks to do business with companies covered by research.

There are robust information barriers in place to protect the independence of research's product. However, recipients of research should be aware of this potential conflict of interest.

Homodeus One Pty Ltd, its officers and employees and Sharewise Compliance and Administration Pty Ltd, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. Employees or officers of either Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable; however, we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently certified. Opinions contained in this report represent those of Homodeus Research at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, and estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of their subject matter to be materially different from current expectations.

Exclusion of liability: To the fullest extent allowed by law, neither Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd shall be liable for any direct, indirect, or consequential losses, loss of profits, damages, costs, or expenses incurred or suffered by you arising out of or in connection with the access to, use of, or reliance on any information contained in this report. No guarantees or warranties regarding accuracy, completeness, or fitness for purpose are provided by Homodeus Research, and under no circumstances will any officers, representatives, associates, or agents of Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd be liable for any loss or damage, whether direct, incidental, or consequential, caused by reliance on or use of the content.

General Advice Warning

Homodeus Research may not be construed as personal advice or recommendation. Homodeus Research encourages investors to seek independent financial advice regarding the suitability of investments for their individual circumstances and recommends that investments be independently evaluated. Investments involve risks and the value of any investment or income may go down as well as up. Investors may not get back the full amount invested. Past performance is not indicative of future performance. Estimates of future performance are based on assumptions that may not be realised. The information contained within Homodeus Research is published solely for information purposes and is not a solicitation or offer to buy or sell any financial instrument or participate in any trading or investment strategy. Analysis contained within Homodeus Research publications is based upon publicly available information and may include numerous assumptions. Investors should be aware that different assumptions can and do result in materially different results.

Homodeus Research is distributed only as may be permitted by law. It is not intended for distribution or use by any person or entity located in a jurisdiction where distribution, publication, availability, or use would be prohibited.

Access & Use

Any access to or use of Homodeus Research is subject to the terms and conditions of Homodeus Research. Copyright of the information contained within Homodeus Research (including trademarks and service marks) are the property of their respective owners. Homodeus Research, video interviews, and other materials, or any portion thereof, may not be reprinted, reproduced, sold, or redistributed without the prior written consent of Homodeus One Pty Ltd.