Slides
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H1 FY26 Results IMEXHS Limited (ASX: IME) 2 September 2026
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01 now running in production The radiology of the future
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Software Cloud-based medical imaging software — RIS, PACS, universal viewer and, since April 2026, proprietary AI agents embedded across the workflow. Sold direct and through a LATAM partner network. Radiology Services Outsourced radiology, teleradiology, outpatient clinics and mobile units, primarily in Colombia. Operating as RIMAB. AI agents built by the Software business run inside RIMAB’s own operation — proven against real volume and real cost before they are sold. 02 One company, two businesses Two businesses, one purpose: to widen access to medical imaging expertise.
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Our agents are trained on proprietary workflow data from our own radiology operation Users of the patient portal 2.9M up 66% pcp Partners 47 up from 25 pcp Proprietary AI agents 8 03 The data behind the agents
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Our certifications reaffirm our dedication to excellence across multiple geographies. ✓ ISO 27001 certified — Aquila+ platform and R&D process. 04 IMEXHS global presence
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From launch to production The agentic platform launched in April and by 30 June was operating in a live public-sector hospital network. Eight proprietary agents built, against five at launch. Earnings ahead of plan Underlying EBITDA improved materially on the prior corresponding period — radiology ahead of plan, software in line. Revenue grew in reported and constant currency terms. Execution still uneven New software ARR relied on a single large public-sector win. Smaller, higher- probability deals converted less consistently than we require. The commercial transformation is progressing. It is not complete. 1 2 3 05 The half in review
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$16.0m Sales Revenue Up 17% yoy Up 13% on a constant currency basis1 $36.8m Annual Recurring Revenue (ARR) Up 12% yoy Flat on a constant currency basis1 Underlying EBITDA2 311% vs pcp $2.0m Cash $0.25m Debt 1. Constant currency basis assumes 1H FY26 results are converted at the average foreign exchange rate for 1H FY25. This removes the impact of changes in currency rates and allows comparison of IMEXHS’s underlying operating performance. 2. Underlying EBITDA excludes the impact of FX, share based payments and the impairment of goodwill of $nil in 1H FY26. vs $3.3m at 31 December 2025 vs $0.5m at 31 December 2025 $1.27m 06 1H FY26 financial highlights
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Software primarily relates to sales of IMEXHS Enterprise and growing IMEXHS Cloud business 73% priced in USD1 has had a negative impact through exchange rate movement USD/COP/AUD on revenue, ARR and EBITDA. → Underlying EBITDA of $0.8m down from $1.3m in pcp. $M Software Radiology Corporate Total 1H FY26 Revenue 4.8 11.2 - 16.0 Underlying EBITDA 0.8 1.1 (0.6) 1.3 ARR 11.8 25.0 - 36.8 Radiology includes RIMAB along with other services related to outsourcing radiology on-premise or remotely using IMEXHS software → Revenue up 24% vs pcp. → ARR up 20% vs pcp. → Underlying EBITDA of $1.1m up vs $0.3m in pcp. → Corporate costs of $0.6m down $0.7m vs $1.3m in pcp 1. Depreciated 9% against COP-1/1/26 to 30/6/26 07 1H FY26 business unit results
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(1) Constant currency basis assumes that historical results at each year end are converted at the 30 Jun -26 exchange rate. This removes the impact of changes in currency rates and allows comparison of IMEXHS’s underlying operating performance. (2) Adjustments to ARR are made as contracts move from estimates to actual volumes and as estimates are removed for any older contracts which are assessed as unlikely to proceed. ARR AS AT 30 JUNE 2026 $36.8m, up 12% vs 30 Jun 2025: $11.8m from Software, $25m from Radiology services 08 Progress in ARR
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→ Contract under implementation more than double vs June 2025 pcp (+106%), now 12% of total ARR, a strong signal of bookings momentum ahead of H2 billing conversion. → SANITAS (Radiology) is the single largest contract in this bucket, $1.9m. Not yet billing 12% of ARR at 30-Jun-26 $4.40m vs 31-Dec-25 from $1.68m H1 build-up +163% vs 30-Jun-25 from $2.14m YoY growth +106% Backlog by segment (30-Jun-2026) Segment ARR ($M) % of bucket IMEXHS Radiology 2.4 54% IMEXHS Software 2.0 46% Total 4.40 100% Contracted, not yet billing Signed revenue and billing revenue are not the same thing. 09
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Triage: Prioritises urgent studies Orchestration: Coordinates the workflow Detection: Flags findings in real time Quality: Checks consistency Reporting: Structures the report 10 Agentic AI radiology of the future Surveys: Suggests survey images Scheduling: Books the appointment Display: Sets the reading layout
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Strategic Realignment — Five Priorities 1 AI-First Product Strategy Embed AI agents progressively across the radiology workflow. 2 Product & Tech Consolidation Standardised, modular and cloud-native Aquila+ platform. 3 Protect & Expand Installed Base Retention, Aquila+ migration, satisfaction, upsell/cross-sell, AI adoption. 4 Profitable Growth Accelerate software revenue and ARR growth. 5 Operational Simplification Automation, standardisation, more efficient resource allocation. 11
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12 The agentic AI platform Eight proprietary agents. One live public hospital network.
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Why now Imaging demand is compounding. The radiologist workforce is not. Delay, error and cost do not concentrate in the reading itself. They concentrate in the operational tasks around the radiologist — scheduling, triage, distribution, monitoring, follow-up. The industry response has been to add single-point AI to legacy workflows: an algorithm for one modality, an assistant for one report. Incremental gains inside an unchanged process. Our approach We rebuilt the workflow around agents that operate inside the process itself, resolving operational tasks autonomously. That is what AI-native means in practice. No competitor known to the Company addresses the radiology workflow this comprehensively. 13
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Eight agents across the full workflow 1 Scheduling Reads medical orders and insurance authorisations, applies each institution’s rules and books appointments automatically. DEVELOPMENT COMPLETE Up to 80% lower call-centre staffing requirement · 50–60% shorter patient wait times 2 Prioritisation Assigns study priority from clinical data using a self-learning medical dictionary, surfacing critical cases at once. FINAL TESTING 3 Distribution Reads each radiologist’s live workload and dynamically assigns and reassigns studies to balance caseloads and hold SLAs. LIVE ACROSS THE CLIENT BASE 4 Monitoring Tracks every study in the queue and flags any case at risk of breaching its priority-based SLA threshold. LIVE ACROSS THE CLIENT BASE 14
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Eight agents across the full workflow 5 Reading co-pilot Enhances dictated reports, incorporates patient and study context and suggests report templates at the point of reading. Exclusive to Aquila+. Multi-language translation and academic searches. PHASE 1 STABILISED; PHASE 2 IN DEVELOPMENT 6 Hanging protocols Applies the correct image-display layout for each study, embedded in the new Web Viewer. COMPLETE 7 Annotation suggestion Suggests image annotations, automating part of the annotation workflow. IN DEVELOPMENT 8 Survey image suggestion Suggests images during the creation of dynamic patient surveys. IN QUALITY ASSURANCE At 30 June 2026: two live · two development-complete · two in test or QA · two in development 15
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Why it compounds 1 Cross-sell inside the installed base 569 installations already contracted, integrated and trained. Each new agent is a product with no new customer to acquire. 2 Displacement in procurement Full-workflow automation changes what we are compared against. Tenders decided on operational outcome, not on RIS/PACS specification and price. 3 Switching cost Each agent embeds further into a client’s operating process. Displacing the platform means rebuilding the operation, not migrating a database. 4 Unit economics Less human effort per study, for clients and for our own radiology operation. Volume grows without proportional cost. The monitoring agent is deployed platform-wide at no incremental sales cost. It makes the problem visible — and creates the adoption path into the distribution agent that solves it. 16
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SOFTWARE ARR $11.8m ARR and $4.8m revenue at 1H FY26. ENTERPRISE WINS → Zacatecas public tender, Mexico — $384,000 NARR. → Pulso Salud, Peru — $163,000 NARR. → CESAC IPS, Cartagena. → Hospital La Misericordia — $68,000 NARR. PARTNERS CHANNEL → 47 partners in 13 LATAM countries, from 25 a year ago. → 75% of software NARR in H1. → New multi-site wins in Venezuela, El Salvador and Peru. SOFTWARE FOOTPRINT → 569 live installations, +20 sites pcp. across 18 countries. → Aquila+ carries most new contract activity; all new contracts deploy on the platform. COMMERCIAL DISCIPLINE → Stage-gate qualification and lead scoring implemented. → Sales leadership and team rebuilt. → Pipeline quality substantially improved. → Driven by Aquila+ adoption and strong retention → 17 Software business highlights
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Platform progress → New Web Viewer advanced materially, with the hanging- protocol agent embedded. → Visibility controls for AI-generated images, supporting safer clinical deployment. → Superadmin module managing multi-tenant operations from a single control panel. → Strengthened tenant management and streamlined data import, cutting onboarding time and configuration error. → DICOM gateway scaling for high-volume, multi-node environments. Delivered value → Aquila+ commercially live; all new contracts deploy on the platform. → ISO 27001 certification held for Aquila+ and the R&D process. → Biweekly release cadence, no downtime. → Implementation 60% faster than Aquila V3. 18 Software product
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The primary route to market — and now proven at enterprise scale. Partners 47 LATAM countries 13 Software NARR from Partners 75% Colombia (15 partners), Mexico (9) and Ecuador (6) are the most developed markets. Two partners were onboarded in the second quarter. Both contributed new ARR in their first active month — a shorter ramp than we have previously achieved. Reach is added without proportional fixed cost. Zacatecas proves the channel can carry enterprise-scale public-sector transactions, not mid-market volume alone. ✓ +22 vs pcp 19 Partner Programme
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Where we fell short → New software ARR written in the half: $1.1m. → Our average deal size moved sharply and then settled into a lower-value mix. → Reliance on episodic large wins, rather than steady mid-market flow, remains the principal commercial challenge. What is already in place → Enhanced lead scoring and stage-gate qualification. → Tighter forecasting discipline. → Sales leadership and team rebuilt; marketing function redirected. → Pipeline quality substantially improved on these measures. → Marketing-originated, partner-converted deals — the Pulso Salud model — are the repeatable form. The priority for the second half: convert proven large-deal capability into repeatable, territory-balanced performance. 20 Commercial execution One transformational win. Not yet a repeatable engine.
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Business model → Outsourcing. → Teleradiology. → Outpatient clinics. → EBITDA $1.1 m Operating footprint 38 sites · 157 radiologists · 90,000 procedures per month Financial snapshot Technology integration Proprietary AI agents built by IMEXHS Software run at critical points in the RIMAB operation, contributing measurable cost optimisation across the workflow. Stage one — margin. Complete. Revised pricing structure, cost discipline and automation, delivered against a deteriorating sector backdrop. Profitability tracked on plan; radiology earnings came in ahead of plan. Stage two — working capital. Under way. Collections against continuing sector liquidity pressure. Two new contracts, Sanitas and Colsanitas, commence in Q3, together adding approximately $2.0m in ARR. Beyond collections and protecting profitability: improve service quality, broaden the service offering. → Revenue $11.2m→ Mobile units. ARR $25m→ 21 Radiology services — RIMAB
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Healthcare-sector liquidity pressure, driven by delays in government payments to healthcare insurers, persisted through the half and through the election period, which concluded with a runoff in June 2026. With the transition to a new administration under way, we have observed early signs of improved business sentiment across the sector. We are deliberately cautious about what that means for cash. Pressures accumulated over recent periods will take time to unwind. Improved sentiment is not improved payment - yet. Management response → Tightened credit controls. → Conservative pricing assumptions. → Prudent working-capital management. → Selective exit from customers under financial distress. 22 Colombia — operating environment The election is decided. The liquidity is not yet unwound.
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Chief Financial Officer Mr Fabio Carrillo, appointed effective 1 August 2026. A Chartered Accountant with a Bachelor of Commerce (Professional Accounting) from Macquarie University and 20 years in public practice across tax and business advisory. Supported by a strengthened finance team in Colombia and by Crofts CA. Company Secretary Ms Kamille Dietrich of Automic Group, appointed from 27 July 2026. With thanks Ms Reena Minhas has resigned as Chief Financial Officer to pursue a new opportunity. The Board and management thank her for the financial governance and reporting discipline she has established at IMEXHS since October 2020. Completed earlier in the half Mr Daniel Laverde started as Chief Operating Officer in April and Mr Mario Huyo as Sales Manager in the first quarter. Each brings experience scaling technology businesses in Latin America. → → → → 23 Leadership and governance
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Software Business → Convert large-deal capability into repeatable, territory-balanced NARR. → Commence billing on the contracted software book. → Scheduling agent into first production deployment; prioritisation agent into release; co-pilot Phase 2 into build. → Deepen the partner network in Mexico and Peru on the Zacatecas reference. Radiology Services → Collections and working capital as the first-order priority. → Protect embedded margin. → Commence the Sanitas and Colsanitas contracts. → Improve service quality and broaden the service offering. Group Deliver the H2 revenue and earnings set out in guidance. 24 Priorities for 2H FY26
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The Company expects to achieve the following for FY26: → Revenue in the range $31.4 m to $33.7m - up 8% to 16% vs prior year. → Underlying EBITDA in the range $2.4m to $2.7m – up 48% to 66% vs prior year. 25 FY26 guidance
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THANK YOU
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Q&A
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Disclaimer The information contained in this Presentation or subsequently provided to the Recipient of this Presentation, whether orally or in writing by or on behalf of ImExHS Limited or its respective employees, agents or consultants (“Information”) is provided to the Recipient on the terms and conditions set out in this notice. The Recipient should not treat the Information as advice relating to legal, taxation, financial product or investment matters and should consult their own advisers. The Information may not be appropriate for all persons and it is not possible for ImExHS Limited to have regard to the investment objectives, financial situation and particular needs of each Recipient who reads or uses the Information. Accordingly, no recommendation or expression of opinion is contained within the Information. Further, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the Information, including the likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in the Information. Past performance detailed in this presentation is given for illustrative purposes only and should not be relied upon as an indication of the Company’s views on its future financial performance or condition. Readers should note that past performance of the Company cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including the future trading price of the Company’s shares, or the reasonableness of any forward looking statements, forecast financial information or other forecast. Actual results could differ materially from those referred to in the presentation. Statements contained in the Information, particularly those regarding possible or assumed future performance or potential growth, prospects or projections of ImExHS Limited are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks, uncertainties and contingencies. The Information may also be subject to clarification and change and ImExHSLimited may in its absolute discretion, but without being under any obligation to do so, update, amend or supplement the Information. To the maximum extent permitted by law none of ImExHS Limited or its respective employees, agents or consultants nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the Information. All financial information in this presentation is in Australian Dollars ($ or AUD) unless otherwise stated. Investors should be aware that certain financial measures included in this presentation are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non- IFRS financial information’ published by ASIC and are not recognised under International Financial Reporting Standards (IFRS). The principal non-IFRS financial measures that are referred to in this presentation is EBITDA. EBITDA is earnings before interest, tax, depreciation and amortisation and significant items. Management uses EBITDA to evaluate the operating performance of the business prior to the impact of significant items, the non-cash impact of depreciation and amortisation and interest and tax charges. The Company believes the non-IFRS financial information provides useful information to users in measuring the financial performance and conditions of the Company. The non-IFRS financial information does not have a standardised meaning prescribed by IFRS. Therefore, the non-IFRS financial information is not a measure of financial performance, liquidity or value under the IFRS and may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation.
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1H FY26 Results 2 September 2026