Audinate : 2025 Full Year Results Report

1. Company details

Name of entity: Audinate Group Limited

ABN: 56 618 616 916

Reporting period: For the year ended 30 June 2025

Previous period: For the year ended 30 June 2024

2. Results for announcement to the market				$'000
Revenue from ordinary activities	Down	32.3%	to	62,069
Earnings Before Interest, Tax, Depreciation and Amortisation ('EBITDA')	Down	99.9%	to	26
Loss before income tax expense	Down	192.0%	to	(11,122)
Loss from ordinary activities after tax expense attributable to the members of Audinate Group Limited	Down	162.3%	to	(6,378)
Loss for the year attributable to the members of Audinate Group Limited	Down	162.3%	to	(6,378)

Dividends

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

Review of operations

Refer to the 'Review of operations' section of the Directors' report accompanying this Appendix 4E for further commentary.

1. Net tangible assets

   Reporting period

   Previous period

   Cents Cents

   Net tangible assets per ordinary security 151.99 159.56

   Net tangible assets is calculated as net assets excluding intangibles as per the statement of financial position.

2. Dividend reinvestment plans

   Not applicable.

3. Audit qualification or review

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

   The financial statements have been audited and an unmodified opinion has been issued.

4. Attachments

   Details of attachments (if any):

   The Directors' report and financial statements of Audinate Group Limited for the year ended 30 June 2025 is attached.

5. Signed

Authorised by the Board of Directors.

Signed Date: 18 August 2025 David Krall

Chair Sydney

Audinate Group Limited ABN 56 618 616 916 Directors' report and financial statements - 30 June 2025

Audinate Group Limited Contents 30 June 2025

Corporate directory 2

Directors' report 3

Auditor's independence declaration 35

Consolidated statement of profit or loss and other comprehensive income 36

Consolidated statement of financial position 37

Consolidated statement of changes in equity 38

Consolidated statement of cash flows 39

Notes to the consolidated financial statements 40

Consolidated entity disclosure statement 73

Directors' declaration 74

Independent auditor's report to the members of Audinate Group Limited 75

Directors David Krall

Alison Ledger Aidan Williams John Dyson Roger Price Tim Finlayson

Amrita Blickstead

Company secretary Chris Rollinson

Notice of annual general meeting Audinate Group Limited advises in accordance with ASX Listing Rule 3.13.1 that its

Annual General Meeting (AGM) will be held on 21 October 2025. In accordance with the Audinate Group Limited Constitution the closing date for the receipt of nominations from persons wishing to be considered for election as a director is 2 September 2025. Shareholders will be advised of further details regarding the AGM in a separate Notice of Meeting.

Registered office Level 7

64 Kippax Street Surry Hills NSW 2010 Tel: [phone]

Share register MUFG Corporate Markets (AU) Limited Liberty Place

Level 41

161 Castlereagh Street

Sydney NSW 2000

Auditor Ernst & Young

200 George Street

Sydney NSW 2000

Solicitors Maddocks

Level 27

123 Pitt Street

Sydney NSW 2000

Stock exchange listing Audinate Group Limited shares are listed on the Australian Securities Exchange (ASX

code: AD8)

Website https://www.audinate.com

Corporate Governance Statement The directors and management are committed to conducting the business of Audinate

Group Limited in an ethical manner and in accordance with high standards of corporate governance. Audinate Group Limited has adopted and has substantially complied with the ASX Corporate Governance Principles and Recommendations (Fourth Edition) ('Recommendations') to the extent appropriate to the size and nature of its operations.

The Group's Corporate Governance Statement, which sets out the corporate governance practices that were in operation during the financial year and identifies and explains any Recommendations that have not been followed and ASX Appendix 4G are released to the ASX on the same day the Annual Report is released.

The Corporate Governance Statement can be found on https://www.audinate.com/company/governance.

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Audinate Group Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the financial year ended 30 June 2025.

Directors

The following persons were directors of Audinate Group Limited during the whole financial year and up to the date of this report, unless otherwise stated:

David Krall Alison Ledger Aidan Williams John Dyson Roger Price Tim Finlayson

Amrita Blickstead

On 2 June 2025, Audinate announced that Mr David Krall will retire as Chair and Non-Executive Director following the release of the Company's financial results. Ms Alison Ledger will assume the role of Chair, and Mr John Dyson will become Chair of the Remuneration & Nomination Committee at that time.

Principal activities

Audinate Group Limited is a global leader in digital Audio Visual ('AV') networking solutions. The Group's principal activity is the development and sale of AV-over-IP solutions that enable the distribution of high-quality audio and video signals over standard computer networks.

At the core of the Group's offering is Dante, a proprietary technology platform that comprises a suite of software, chips, and modules. These components are sold to Original Equipment Manufacturer ('OEM') customers and integrated into a wide range of professional AV products. Dante has become the industry standard for networked AV, enabling interoperability between thousands of devices across hundreds of brands.

In addition to supporting OEM partners, Audinate provides a growing portfolio of products and services for AV professionals. This includes hardware such as Dante AVIO adapters, as well as software for network management, device control, and system configuration.

The Group's technology is deployed globally across diverse market verticals, including live sound, broadcast, education, corporate, and government. By replacing traditional point-to-point AV connections with scalable, IP-based networking infrastructure, Audinate delivers significant advantages in flexibility, efficiency, and system integration.

Dividends

No dividends were paid, recommended or declared during the current or previous financial year.

Review of operations

FY25 was a transitional year for Audinate, with financial performance impacted by a temporary inventory overhang among OEM customers and softening AV industry growth rates. Pleasingly, Audinate launched multiple new software and cloud products, achieved gross margin expansion, maintained strong cash reserves and delivered growth in software revenue. With the inventory rebalancing largely complete and several new platform initiatives gaining traction, we enter FY26 with a renewed focus on execution, growth, and long-term value creation.

Revenue and gross profit - US dollars

This section presents an analysis of revenue and gross profit in US dollars, consistent with the currency in which the Group's sales transactions are denominated.

Consolidated

Key financial metrics US dollar denominated	2025 $'000	2024 $'000
Revenue	40,045	60,012
Gross profit	32,873	44,512
Gross margin %	82.1%	74.2%

Audinate's financial performance was temporarily affected by inventory overstocking among OEM customers, which delayed new orders for Dante-enabled chips, cards, and modules. This dynamic drove a 33% year-on-year decline in revenue.

Encouragingly, the Group delivered a stronger second-half performance, with revenue up 12% compared to the first half of the year.

Audinate delivered a significant improvement in gross margin, increasing to 82.1%, up from 74.2% in FY24. This improvement reflects a favourable shift in product mix towards software-based solutions.

As more customers adopt the cost-effective software implementations of Dante, unit economics improve for our manufacturing partners, enabling broader adoption across a wider range of products. Software based solutions also position Audinate to penetrate higher-volume product categories while sustaining strong gross profit margins over the medium term.

Importantly, alongside the growing adoption of software solutions, demand for Dante Chips, Cards, and Modules remains strong. These products continue to provide seamless integration and faster time to market, and they will remain a core element of our offering.

Income statement

The analysis is presented in Australia dollars, the Group's presentation currency.

Consolidated

Income statement	2025 $'000	2024 $'000
Revenue	62,069	91,483
Gross profit	51,104	67,959
Gross margin %	82.3%	74.3%
Employment costs	(36,070)	(34,310)
Sales and marketing	(6,704)	(6,003)
Administration and other	(7,474)	(7,221)
Foreign currency	(205)	(165)
Operating costs	(50,453)	(47,699)
Underlying EBITDA	651	20,260

Acquisition costs (625) -

Reported EBITDA 26 20,260 Operating expenses - continued investment to support long-term growth

Operating expenses (excluding one-off acquisition related costs) increased by 6% to $50.5 million for the year ended 30 June 2025, compared to $47.7 million for the prior corresponding period. The Group has continued to invest in core capabilities and product innovation, to ensure we are well positioned to capture future growth and deliver on our strategic roadmap.

Employment costs increased by 5% to $36.1 million (FY24: $34.3 million), with the primary driver being an increase in headcount from 225 to 235 at 30 June 2025. The increase in headcount focused on our investment across audio, video, and management and control capabilities.

Sales and marketing expenses rose to $6.7 million, a 12% increase over the prior year, reflecting higher investment in advertising to support the Dante Director product launch, and continued investment in a presence at trade shows across key regions.

Administration and other expenses (excluding one-off acquisition related costs) rose to $7.5 million, a 4% increase over the prior year, driven by greater spend on software subscriptions, travel, and general administration to support the expanding employee base.

EBITDA

The directors consider Earnings Before Interest, Tax, Depreciation and Amortisation ('EBITDA') to reflect the core earnings of the Group. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards ('AAS') and represents the profit under AAS adjusted for non-cash and significant items. The Group's reconciliation of its statutory net profit after tax for the current and previous year to EBITDA is as follows:

Consolidated 2025 2024

Income statement $'000 $'000

Profit after income tax expense for the year (6,378) 10,236

Interest income (4,686) (4,155)

Interest expense 222 158

Income tax (benefit)/expense (4,744) 1,848

Depreciation and amortisation 15,612 12,173

Reported EBITDA 26 20,260

Add back: acquisition costs 625 -

Underlying EBITDA 651 20,260

Underlying EBITDA was $0.7 million for the year ended 30 June 2025, compared to $20.3 million in the prior corresponding year. This reflects the impact of reductions in revenue during FY25, coupled with the continued investment in our cost base to drive future revenue opportunities.

Underlying EBITDA for FY25 excludes $0.6 million of merger and acquisition-related expenses (legal, accounting and tax advice).

We have updated our definition of EBITDA to include foreign exchange gains and losses, as they arise from normal trading and are relevant to assessing operating performance. Comparatives have been restated to reflect this change.

Depreciation and amortisation expenses were $15.6 million, compared to $12.1 million in FY24, reflecting increased investment in product development and subsequent amortisation of capitalised development costs.

Audinate recognised an income tax benefit of $4.7 million in FY25, primarily related to the recognition of tax losses, compared to an income tax expense of $1.8 million in the prior year.

As a result of these movements, the net loss after tax for the year ended 30 June 2025 was $6.4 million, compared to a net profit after tax of $10.2 million in the prior corresponding year.

Balance sheet and cashflow movements

The following table highlights key balances in Audinate's statement of financial position. The balances are presented in Australian dollars.

Consolidated

	2025 $'000	2024 $'000
Cash and term deposits	109,899	117,037
Inventories	4,087	5,233
Total current assets	123,699	135,388

Total non-current assets 58,704 54,086

Total assets 182,403 189,474

Total current liabilities 13,135 15,249

Total non-current liabilities 3,959 3,739

Total liabilities 17,094 18,988 Total equity 165,309 170,486

Cash and term deposits - retaining robust cash position

Audinate held $109.9 million in cash and term deposits as at 30 June 2025, compared to $117.0 million as at 30 June 2024.

On 25 June 2025, Audinate announced the acquisition of Iris Studio Inc. (Iris), a US-based leader in AI-powered, cloud-based camera control technology. Total cash consideration, inclusive of contingent amounts, is estimated at US$24 million. After accounting for the Iris acquisition, Audinate's pro forma cash position remains strong at approximately $72.8 million.

Positive operating cashflow

The Group recorded operating cash flow of $7.5 million for the year ended 30 June 2025 compared to $25.4 million in the prior corresponding year.

Continued Investment in Product Innovation and Platform Expansion

Audinate invested $15.3 million in product research and development during FY25, compared to $18.3 million in FY24, to focus on advancing its platform in audio, video, and AV control. Key product milestones included:

• Dante Director - A cloud-based management platform that simplifies multi-site deployment, configuration and monitoring of large-scale Dante AV networks, enhancing visibility and control for system integrators and enterprise users.

• Dante Device Link - A connector for OEMs that exposes device-level controls (e.g. gain, EQ, phantom power, fault detection) to Audinate's cloud management platform so fleets of Dante devices can be configured and managed centrally - beyond basic media routing.

• Dante Phoenix Adaptors - The next generation of Dante AVIO adaptors, delivering higher performance and expanded connectivity to streamline integration with installed Dante networks.

• Dante Virtual Soundcard Pro - Expanded capability and performance to broaden software-based adoption across recording, broadcast and conferencing workflows.

• Dante Controller (UI modernisation) - A refreshed interface enhances usability and workflow efficiency, enabling quicker access to advanced Dante network management features. Business Foundations Robust

  During the year, Audinate strengthened its foundations by scaling the Dante ecosystem, deepening customer engagement and expanding its product range.

• Ecosystem scale - growth in Dante-enabled devices

  • Adoption in professional audio is ~14× the nearest competitor.

  • 4,603 Dante-enabled devices now in market.

  • 427 additional partner products launched during the year.

  • 129 design wins, up 12% on FY24.

  • 490 individual brands licensed to deliver Dante products.

  • Cumulative downloads of the Dante Controller setup tool up 12.5%.

• Training, certification, and engagement to accelerate adoption among integrators, consultants, and end users

  • 316,990 Dante-trained and certified professionals globally.

  • 48,472 newly trained and certified during the year.

  • Marketing database up 8% to ~799,940 contacts.

  • Unique website visitors reached 1.2 million, up 33% year-on-year.

• Innovation and platform expansion

  • Acquisition of Iris, an AI-powered, cloud-based camera control technology.

  • Launches of Dante Device Link, Dante Phoenix Adaptors, and Dante Virtual Soundcard Pro to simplify integration and broaden software-based adoption.

    Iris and Video - reshaping our go-to-market

    By the end of FY25, 60 OEM brands were licensed for Dante Video (up from 50 in FY24), and manufacturers had launched 116 Dante Video products (FY24: 66), a 76% year-on-year increase.

    In June 2025, Audinate entered into an agreement to acquire Iris Studio Inc., a US based provider of AI-powered, cloud-based camera control solutions. Iris meaningfully extends our video capabilities and advances our vision for interoperable control and management of AV-over-IP across the widest range of devices.

    Together, our existing portfolio and the strategic addition of Iris are reshaping our approach to the video market - deepening integration between audio and video, accelerating software-centric workflows, and positioning Audinate for sustained leadership in AV-over-IP.

    Dante Director: progress on cloud-based control

    Launched in June 2024, Dante Director is Audinate's first SaaS, cloud-based platform for monitoring and managing audio-visual installations. It marks a significant step in a broader portfolio of management and monitoring services for Dante-enabled systems.

    In FY25, Dante Director delivered an initial feature set tailored to small and mid-sized deployments. Over the next 12 months, our roadmap focuses on enterprise-grade capability - adding advanced security for corporate IT environments, along with performance monitoring, dashboarding and media encryption - to enhance visibility, control and resilience across professional AV networks.

    Significant changes in the state of affairs

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

    Matters subsequent to the end of the financial year

    Acquisition of Iris Studio Inc.

    On 25 June 2025, the Group entered into an agreement to acquire 100% of the issued share capital of Iris Studio Inc. (Iris) for a total consideration of up to US$28 million.

    Completion of the transaction was subject to standard conditions including seller shareholder approval, no material adverse changes, continuity of key personnel, and no warranty breaches. The conditions remained outstanding as at 30 June 2025. Subsequent to the end of the year, the acquisition was completed on 21 July 2025, at which point the Group obtained control of Iris Studio Inc.

    Strategic rationale for the transaction:

• Strengthens Audinate's video platform capabilities and accelerates the Company's vision for interoperable control and management of audio-visual devices;

• Improves Audinate's position in two key growth segments (video and control) and strongly aligns with Dante's existing customer base across verticals such as corporate, entertainment, sports, government, houses of worship and education; and

• A control first video production SaaS platform initially targeting remote production use cases, but with significant longer-term opportunities in cloud-based management and control.

  The consideration comprises:

• US$20 million paid in cash at completion; plus

• Up to US$4 million in contingent cash consideration, subject to revenue and service-based conditions, payable after three years.

  The agreement further provides for:

• Up to US$4 million in new Audinate shares (based on volume-weighted average price on entering into the agreement), subject to service conditions and a three-year vesting schedule.

In addition to the transaction consideration, Audinate will continue to invest in operating and development expenditure to support go-to-market activities and scaling of the Iris business. Depending on the pace of market adoption and execution milestones, Audinate currently expects a positive contribution to free cashflow from the investment in Iris within three to four years.

No other matter or circumstance has arisen since 30 June 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.

Likely developments and expected results of operations

Audinate enters FY26 with a strengthened revenue outlook and a clear focus on executing its strategic priorities. Positioned at the forefront of the global AV industry's shift from proprietary hardware to IP-based, software-driven solutions, Audinate is well placed to drive the next phase of industry transformation.

Information on directors

Name: David Krall

Title: Outgoing Chair and Non-Executive Director

Qualifications: David has a Master of Business Administration from Harvard Business School and both

a Bachelor of Science degree and Masters' degree in Electrical Engineering from Massachusetts Institute of Technology.

Experience and expertise: David serves as a director and/or strategic advisor to several technology companies,

combining a strong educational background in engineering and business over 30 years of professional experience. David currently acts as Strategic Advisor for Roku Inc. He is the former President and Chief Operating Officer of Roku Inc., a market leader in television streaming. He was also formerly President and Chief Executive Officer of Avid Technology Inc. (NASDAQ: AVID). He is a non-executive director of Universal Audio; Director of Earth Observant Inc.; and Director of WeVideo Inc.

Other current directorships: Director of Progress Software Corporation (NASDAQ: PRGS); Director of Harmonic Inc.

(NASDAQ: HLIT).

Former directorships (last 3 years): None

Special responsibilities: Member of the Remuneration and Nomination Committee Interests in shares: 402,308 ordinary shares

Interests in options: None

Interests in rights: None

Name: Alison Ledger

Title: Incoming Chair and Non-Executive Director

Qualifications: Alison has a Master of Business Administration from Harvard Business School and a

Bachelor of Arts degree in Economics from Boston College. She is a graduate and member of the Australian Institute of Company Directors.

Experience and expertise: Alison is a company director with significant experience in banking, consulting and

corporate P&L roles. She is currently a Non-Executive Director of ASX listed Latitude Group Holdings Ltd, ASX listed Count Ltd and Auto & General Insurance Australia. As a Partner with McKinsey & Company, Alison advised leading global and Australian financial institutions on strategy, performance improvement and organisational change. While Executive General Manager, Product, Pricing and e-businesses at Insurance Australia Group (IAG), Alison led the digital transformation of the direct insurance business.

Other current directorships: Director of Latitude Financial Services (ASX: LFS); Director of Count Limited (ASX:

CUP).

Former directorships (last 3 years): None

Special responsibilities: Chair of the Remuneration and Nomination Committee Interests in shares: 7,597 ordinary shares

Interests in options: None

Interests in rights: None

Name: Aidan Williams

Title: Chief Executive Officer

Qualifications: Aidan has a BSc in Computer Science, and a BEng (Hons I) in Electrical Engineering,

both from the University of New South Wales (UNSW), Australia.

Experience and expertise: Aidan Williams is co-founder and CEO of Audinate. While at the National ICT Australia

(NICTA), he was the driving force behind the Digital Audio Networking project that developed the fundamental audio networking technology behind Dante. Prior to joining NICTA, Aidan was at Motorola Labs in Sydney where he worked on advanced networking technologies including zero-configuration IP networking, IPv6, reliable multicast, mobile adhoc networking and residential gateways. He is an inventor on more than twenty patents related to IP networking. Before embarking on an R&D career, Aidan developed extensive skills in networking, security, operating systems, and software development through several years of hands-on experience managing large networks, mission-critical systems and network security for a large university campus.

Other current directorships: None Former directorships (last 3 years): None Special responsibilities: None

Interests in shares: 1,930,799 ordinary shares

Interests in options: None

Interests in rights: 206,260 performance rights

Name: John Dyson

Title: Non-Executive Director

Qualifications: John has a Master of Business Administration from RMIT University and a Bachelor of

Science degree from Monash University. He has a Graduate Diploma in Finance and Investment from the Securities Institute of Australia and is a graduate and member of the Australian Institute of Company Directors.

Experience and expertise: John is a director and one of the founders of Starfish Ventures. He played a crucial role

in the establishment of Starfish Ventures and has personally overseen and managed investments across a range of technologies and industries. John is currently a Director of Echoview Pty Ltd., Design Crowd Pty Ltd, Marp Therapeutics Pty Ltd and Hearables 3D Pty Limited. John is also a Director at the Walter and Eliza Hall Institute of Medical Research. Formerly, John was General Manager (Australia) of JAFCO Investment (Asia Pacific), a Singapore based private equity manager. Prior to joining JAFCO, John worked in the investment banking and stockbroking industries for Schroders, Nomura Securities, KPMG and ANZ McCaughan.

Other current directorships: None Former directorships (last 3 years): None

Special responsibilities: Member of the Remuneration and Nomination Committee and the Audit and Risk

Management Committee

Interests in shares: 155,675 ordinary shares

Interests in options: None

Interests in rights: None

Name: Roger Price

Title: Non-Executive Director

Qualifications: Roger has an Engineering degree from the University of Technology, Sydney and is a

graduate of the Australian Institute of Company Directors.

Experience and expertise: Roger is currently Chair of Additive Assurance Pty Ltd and Binary Tech Global Pty Ltd.

He is also a non-executive director of HIWAY. He was formerly the Chief Executive Officer of Windlab Limited, a wind energy company (which was listed on the ASX until it was sold and delisted on 29 June 2020). Previously Roger was also a partner at Innovation Capital, a venture capital firm in Sydney, one of the early investors in the Group. Roger has a depth of operational experience including senior engineering, manufacturing, information technology service and international business development roles for a number of technology-based companies. Prior to joining Innovation Capital, Roger was the Chief Executive Officer of Reino Intl., a developer of advanced parking solutions. Roger commenced his career at Alcatel and has held senior positions with a number of Australian technology businesses and NASDAQ listed software companies.

Other current directorships: None Former directorships (last 3 years): None

Special responsibilities: Member of the Audit and Risk Management Committee Interests in shares: 80,164 ordinary shares

Interests in options: None

Interests in rights: None

Name: Tim Finlayson

Title: Non-Executive Director

Qualifications: Tim has degrees in Economics and Laws from Macquarie University. He is a member

of Chartered Accountants Australia and New Zealand and is admitted as a Solicitor of the Supreme Court of New South Wales. He is a graduate and member of the Australian Institute of Company Directors.

Experience and expertise: Tim is a chartered accountant with more than 30 years of experience in professional

services, telecommunications and infrastructure industries and has held finance and operational leadership roles in Australia, Singapore and Vietnam. Tim is currently Chief Operating Officer with King & Wood Mallesons Australia, a leading international law firm. During his time at PricewaterhouseCoopers, Tim was a partner of Tax and Legal Services in Indochina advising foreign companies on setting up and operating in Vietnam, Cambodia and Laos, following tax advisory roles in Sydney and Singapore. Tim was previously Chief Financial Officer for Sydney Airport Corporation (ASX: SYD) and Hutchison Telecommunications (Australia) Limited (ASX: HTA).

Other current directorships: None Former directorships (last 3 years): None

Special responsibilities: Chair of the Audit and Risk Management Committee Interests in shares: 103,262 ordinary shares

Interests in options: None

Interests in rights: None

Title: Non-Executive Director

Qualifications: Amrita holds a Master of Business Administration from Harvard Business School and a

Bachelor of Mechanical (Biomedical) Engineering from the University of Sydney. Amrita won the Australian Financial Review BOSS Awards for Young Executive of the Year in 2019.

Experience and expertise: Amrita is an experienced Non-Executive Director and C-suite executive with expertise

in strategy, operations, manufacturing, pricing, sales, and marketing across technology and healthtech companies. Her leadership roles include serving as Co-CEO of SomnoMed (ASX: SOM), the global leader in oral appliances for the treatment of sleep apnea, and as Chief Operating and Marketing Officer at eBay Australia & New Zealand, where she led business areas across strategy, operations, marketing, sales, and pricing over her ten-year tenure. Prior to these executive roles, Amrita built her foundation as a Management Consultant and a Biomedical Engineer. Amrita currently serves as a Non-Executive Director at Genea and Vision Beyond Aus.

Other current directorships: Co-CEO and Executive Director at ASX-listed Somnomed (ASX: SOM) Former directorships (last 3 years): None

Special responsibilities: Member of the Audit and Risk Management Committee Interests in shares: 13,365 ordinary shares

Interests in options: None

Interests in rights: None

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

Company secretary

Chris Rollinson was appointed on 14 October 2024 as the Chief Financial Officer and Company Secretary, responsible for finance, risk management and investor relations. He is qualified as a Chartered Accountant and holds an MBA from AGSM UNSW Business School, Sydney.

Chris Rollinson has 25 years of experience in financial management, strategy and corporate governance and brings wealth of expertise to Audinate. Prior to joining Audinate, he held senior roles at global advertising, communications and PR company WPP (ASX: WPP) and before that STW Communications (ASX: SGN) covering Finance, Company Secretarial and Operations.

Rob Goss was the Chief Financial Officer and Company Secretary until 14 October 2024. He was responsible for finance, risk management and investor relations. He is a member of the Chartered Accountants Australia and New Zealand and has a Bachelor of Business degree, majoring in Accounting, from the University of Technology, Sydney.

On 14 October 2024 Rob Goss resigned as Chief Financial Officer and Company Secretary.

Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director were:

Full Board

Remuneration and Nomination Committee

Audit and Risk Management Committee

Attended Held Attended Held Attended Held

David Krall	14	14	4	4	-	-
Alison Ledger	13	14	4	4	-	-
Aidan Williams	14	14	-	-	-	-
John Dyson	13	14	4	4	3	3
Roger Price	14	14	-	-	3	3
Tim Finlayson	13	14	-	-	3	3
Amrita Blickstead	13	14	-	-	3	3

Held: represents the number of meetings held during the time the director held office.

Dear Shareholder,

On behalf of the Board, I am pleased to present the FY25 Remuneration Report for Audinate Group Limited and its controlled entities. The Remuneration Report outlines the remuneration arrangements for the Company's Key Management Personnel (KMP), including the Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Non-Executive Directors (NEDs).

FY25 was a pivotal year for Audinate. While external factors negatively impacted our financial performance compared to FY24, we made strong progress in delivering new products, expanding our platform, and deepening customer adoption. We remained focused on our long-term strategy and continued to invest in key initiatives that further strengthened our leadership in AV networking and control technologies.

During the year, we launched several key products that enhanced our portfolio and supported our strategic transition toward software and platform-based solutions. These included the Phoenix Adaptor, designed for professional installers, the release of DVS Pro with a new subscription model, and a major upgrade to the Dante Controller interface. We also advanced our control and management capabilities through the commercial launch of Dante Director and the introduction of Dante Device Link, improving the flexibility and efficiency of AV system management.

In July 2025, we completed the acquisition of Iris Studio Inc., a US-based company specialising in AI-powered, cloud-based camera control. This strategic acquisition expands our video capabilities and supports our broader vision to deliver seamless, interoperable AV control across both audio and video.

Audinate's market leadership remains strong. As at 30 June 2025, there were 4,603 Dante-enabled products in market, including 427 new devices launched during the year. We secured 129 new design wins, building a pipeline for future growth, and now have 490 licensed brands offering Dante-enabled products. Our technology has strengthened its market leading position, with adoption estimated at 14 times greater than our nearest competitor in professional audio networking.

We continued to deliver strong levels of customer satisfaction and engagement, reflecting the trust that AV professionals around the world place in the Dante platform. We enter FY26 well-positioned to deliver long-term growth.

Executive remuneration outcomes - FY25

Audinate's short-term incentive (STI) framework is built around a streamlined scorecard comprising three financial measures: revenue, EBITDA, and video units shipped. While the FY25 results did not meet the thresholds required for vesting under these measures, the Board recognised that the organisation made meaningful progress in advancing long-term shareholder value.

To acknowledge this delivery, and support retention in a competitive talent market, the Board approved a STI pool equal to 20% of target, to be applied across the organisation. This resulted in STI outcomes of 19.8% of target (equivalent to 10.56% of maximum opportunity) for CEO Aidan Williams and CFO Chris Rollinson.

No vesting occurred under the FY23 LTI.

Executive remuneration changes - FY25

As previously disclosed, changes were made to Aidan Williams' remuneration structure at the start of FY25, including the introduction of new performance measures for the long-term incentive (LTI).

The FY25 LTI Plan incorporates two performance measures. The first is USD gross profit growth, which aligns with Audinate's strategic shift from hardware-based installations to a more software-led business model. The second is a relative total shareholder return (TSR) measure, benchmarked against the S&P/ASX 300 Index, excluding companies in the Metals & Mining, Energy, Utilities, and Real Estate GICS sectors. Both measures are designed to support long-term value creation and will continue to apply in FY26.

Chris Rollinson was appointed CFO effective 14 October 2024. His LTI contains the same performance measures as Aidan Williams', with the addition of a service-based LTI component, agreed at the time of his appointment, to support long-term share ownership and further align his interests with those of shareholders.

Looking ahead

The Board remains committed to ensuring that Audinate's remuneration framework supports the successful execution of our strategy and delivers long-term value for shareholders.

During the year, the Board conducted a review of CEO Aidan Williams' remuneration. This review took into account external benchmarking data for comparable ASX-listed companies. Aidan Williams' updated remuneration package remains below the median for fixed remuneration, with increased opportunity through the LTI Plan, when long-term performance conditions are achieved. For FY26, Aidan Williams' fixed remuneration will be $650,000, his STI target will remain at 50% of fixed remuneration, and his LTI opportunity will increase to 200% of fixed remuneration.

The Board thanks management and staff for their continued commitment and contribution to Audinate. The long-term outlook for Audinate is strong, as we continue to consolidate the Company's position as the leading provider of professional AV networking technologies globally.

We hope you find this report informative and welcome any feedback on the Company's remuneration framework and disclosures.

Alison Ledger

Chair of the Remuneration and Nomination Committee

Remuneration report (audited)

Contents

1. Key management personnel 10

2. Remuneration framework 11

3. FY25 Short-term incentive ('STI') 12

4. FY25 Long-term incentive ('LTI') 13

5. Remuneration governance 15

6. Non-Executive Director remuneration 16

7. Remuneration details 17

This remuneration report has been prepared in accordance with section 300A of the Corporations Act 2001 and details the remuneration arrangements in place for key management personnel ('KMP') of the Company.

1. Key management personnel

   KMP of the Group for the year ended 30 June 2025 are as follows:

   KMP	Position	Term
   Non-Executive KMP: David Krall*	Non-Executive Director / Chairman	Full year
   Alison Ledger*	Non-Executive Director / Chair of Remuneration & Nomination Committee ('RNC')	Full year
   John Dyson	Non-Executive Director	Full year
   Roger Price	Non-Executive Director	Full year
   Tim Finlayson	Non-Executive Director / Chair of Audit & Risk Committee ('ARC')	Full year
   Amrita Blickstead	Non-Executive Director	Full year
   Executive KMP: Aidan Williams	Chief Executive Officer ('CEO')	Full year
   Chris Rollinson	Chief Financial Officer ('CFO') / Company Secretary	From 14
   Rob Goss	Chief Financial Officer ('former CFO') / Company Secretary	October 2024 Until 14
   		October 2024

   * On 2 June 2025, the Company announced that Mr David Krall will retire as Chair and Non-Executive Director following the release of the Company's FY25 financial results. Ms Alison Ledger has been appointed to succeed Mr Krall as Chair of the Board, and Mr John Dyson will assume the role of Chair of the Remuneration & Nomination Committee, effective from the same date.

2. Remuneration framework

   The Company's objective is to provide maximum benefit to shareholders while ensuring the long-term sustainability of the business. To achieve this the Company must attract, motivate and retain highly skilled directors and executives, and remunerate them fairly and appropriately. A summary of Audinate's remuneration framework is outlined in the following table.

   Remuneration principles

   Competitiveness and reasonableness

   Link between executive rewards and shareholder value

   Appropriately demanding performance hurdles for variable rewards

   Transparency

   FY25 Remuneration framework

   Total fixed remuneration (TFR)

Short-term incentive (STI)

Long-term incentive (LTI)

Objective	Attract and retain the executives capable of leading and delivering the Company's strategy
Link to performance	Remuneration for meeting the role's requirements
	Benchmarked against relevant peers, including having regard for global practices where relevant
Delivery	Base salary, statutory superannuation and other non-cash benefits
FY25 outcome for CEO and CFO*	The CEO received 2.5% TFR increase effective 1 September 2024.
	No TFR uplift for former CFO entering FY25

Incentivise and reward for execution of the Company's annual goals

Performance is assessed against a Group STI scorecard, and a personal performance multiplier

In FY25, Group STI Scorecard metrics included revenue, EBITDA, and video units shipped

STI awards are settled in cash

19.8% of target STI awarded, following the exercise of Board discretion to provide an STI pool for all eligible participants across the organisation.

No STI awarded to the former CFO

Encourages an ownership mindset and drives long-term value for the Company's shareholders

CEO FY25 LTI:

• 75% subject to US dollar Gross Profit CAGR metric; and

• 25% subject to relative total shareholder return metric

  CFO FY25 LTI:

• 50% subject to US dollar Gross Profit CAGR metric;

• 25% subject to relative total shareholder return metric; and

• 25% subject to service condition only, vesting over 1, 2 and 3 years.

Each vested right entitles the participant to one ordinary share

The FY23 LTI did not vest.

The CFO did not participate in the FY23 LTI plan.

The former CFO's performance rights lapsed on 14 Oct 2024.

* Unless otherwise stated, CFO relates to the current CFO whose tenure commenced on 14 October 2024.

1. FY25 Short-term incentive (STI)

   The STI is designed to incentivise and reward eligible employees for the execution of the Group's annual goals. Under the STI, the decision to pay any bonus remains at the full discretion of the Board, based on recommendations by the RNC.

   The key components of the cash-based STI are:

   • participants may be entitled to receive a percentage of their fixed remuneration as an annual cash bonus;

   • payment of an annual cash bonus is based on (i) a Group STI scorecard and (ii) a personal performance multiplier;

   • the Group STI scorecard is set annually by the Board having regard for key objectives for the period. The measures chosen for FY25 related to revenue, EBITDA and Video Units shipped. The Board will continue to review the construct of the scorecard each year, including having regard for whether additional non-financial measures should be included. The Board sets a target for each metric with the maximum available Group STI scorecard outcome for FY25 being 150% of target; and

   • the personal performance of each executive is also assessed as part of determining STI outcomes. A personal performance multiplier can be applied to adjust the executive's STI outcome by 0-125%, reflecting this performance.

     FY25 performance

     FY25 was strategically significant for Audinate. A cyclical inventory correction among OEM customers reduced short-term demand for chips, cards and modules, which in turn meant the revenue and EBITDA metrics in the STI scorecard were not achieved. Against this backdrop, management executed strongly on the Company's long-term strategy, delivering key new products, expanding our cloud-based control and management capabilities, and deepening platform adoption. Remuneration outcomes reflect this balance of delivery against our scorecard and financial results.

     Selected FY25 achievements

   • Platform and products: Launched the Phoenix Adaptor for the installer market (complementing AVIO), released DVS Pro with a new subscription model, and delivered a major Dante Controller user-interface upgrade.

   • Control and management: Commercial launch of Dante Director and introduction of Dante Device Link, progressing our integrated platform strategy.

   • Strategic growth: Executed a new enterprise agreement with RØDE, and signed an agreement to acquire Iris, adding AI-enabled, cloud-based camera control capability.

   • Market position and customers: Maintained our leading category position and high customer engagement.

   While these outcomes did not trigger vesting under the financial and volume metrics, the Board determined that they materially advanced long-term shareholder value. To recognise this delivery and support retention in a competitive market, the Board approved a STI pool equivalent to 20% of target, to be applied across the organisation.

   For KMP, this resulted in STI outcomes of 19.8% of target (10.56% of maximum) for Aidan Williams and Chris Rollinson.

   STI outcome

   % of Maximum STI payable

FY25 STI payable

% of Maximum STI forfeited

Aidan Williams	$55,827	10.56%	89.44%
Chris Rollinson	$26,136	10.56%	89.44%
Rob Goss	Nil	N/A	N/A

1. FY25 Long-term incentive (LTI)

   The LTI is designed to drive the delivery of Audinate's strategy, and to align management with the interests of shareholders over the long-term.

   Component	Detail
   Delivery of LTI Participation and quantum Performance conditions	The LTI is delivered in the form of Performance Rights. On vesting, each Performance Right entitles the holder to one ordinary share. The LTI opportunity levels offered to KMP in FY25 were: The number of Performance Rights issued was determined by dividing the LTI opportunity by the 10-day volume weighted average share price (VWAP) following the release of the FY24 results. The CEO's Performance Rights are eligible to vest subject to long-term performance conditions as described below:
   	US Dollar Gross Profit growth rate (75% LTI weighting)*		Total Shareholder Return relative to comparator group (Relative TSR') ** (25% LTI weighting)
   	Performance	Vesting	Performance	Vesting
   	Less than 10% p.a.	Nil	Below median	Nil
   	10% p.a.	25%	Median	50%
   	10% - 25% p.a.	25% - 100%	Median - 75th percentile	50 - 100%
   	25% p.a. or above	100%	75th percentile or above	100%
   Voting and dividend entitlements Forfeiture of awards	* The US Dollar Gross Profit growth rate is measured as a compound annual growth rate (CAGR) over the three-year performance period from 1 July 2024 to 30 June 2027. ** Audinate's Relative TSR will be assessed against the constituents of the S&P/ASX 300 Index (excluding companies in the Metals & Mining GICS industry and the Energy, Utilities and Real Estate GICS sectors). Relative TSR performance will be assessed over the period from 31 August 2024 to 31 August 2027, having regard to the volume-weighted average share price calculated using the five trading days immediately prior to and including; and the five trading days following each of these dates. These metrics were selected as they were considered, in combination, to be most directly aligned with the creation of shareholder value and aligned with the strategic direction of the Group. The CFO's LTI has a 50% weighting to the above US Dollar Gross Profit measure, a 25% weighting to the above Relative TSR measure, and the other 25% is weighted to a service-based component, vesting in tranches over one, two and three years. The service-based component was agreed upon commencement of his employment with Audinate, having regard for market competitiveness, and in order to maximise alignment with shareholders. No voting rights or dividend entitlements attach to the unvested performance rights. The Board may, in certain circumstances, impose a clawback, including the cancellation of unvested performance rights and forfeiture of shares allocated upon vesting of options or performance rights (e.g. in the event of fraud, dishonesty or serious breach of duty).

   • 150% of TFR for the CEO; and

   • 60% of TFR for the CFO.

   Component

Detail

Change of control

Treatment upon cessation of employment

Treatment upon cessation of employment is dependent on leaver status.

Where the participant is deemed a Good Leaver, the Board may determine where:

• any or all the unvested performance rights will continue to be held and subject to the same performance hurdles and vesting conditions; or

• any or all the performance rights will automatically lapse

Where the participant ceases employment with the Company prior to the vesting and is considered a Bad Leaver, all of the unvested performance rights will lapse unless the Board determines otherwise. Any vested performance rights which have not converted to shares will remain in force and be exercisable.

In the event of a change of control, the performance rights may be subject to accelerated vesting at the discretion of the Board.

FY23 LTI Outcome

The FY23 LTI (with a performance period of 1 July 2022 to 30 June 2025) was tested at the end of FY25 against a revenue CAGR target.

While revenue did increase over the period, growth was not sufficient to trigger vesting under the LTI. The FY23 LTI did not vest.

1. Remuneration governance

   The Board has overall responsibility for the Group's remuneration principles, practices, strategy and approach to ensure they support the Company's business strategy and are appropriate for a listed company given the size and nature of Audinate's business.

   The RNC is responsible for advising the Board on the composition of the Board and its committees, evaluating potential Board candidates and advising on their suitability, and ensuring appropriate succession plans are in place. This Committee is currently comprised of three independent non-executive directors. The CEO and other directors attend at the invitation of the Committee Chair.

   The RNC establishes, amends and reviews the compensation and equity incentive plans with respect to the Executive Leadership Team ('ELT') and employees of the Group including determining individual elements of the total compensation of the Chief Executive Officer, and other members of the ELT.

   The RNC may seek external advice to determine the appropriate level and structure of the remuneration packages from time to time. During FY25, the RNC did obtain such advice from independent remuneration consultants. No remuneration recommendations (as defined in the Corporations Act 2001 (Cth)) were received as part of this advice.

   A summary of the remuneration governance processes for the ELT is set out below.

   
   
   

2. Non-Executive Director remuneration

Fees and payments to non-executive directors seek to reflect the demands and responsibilities of their role. No changes were made to Non-Executive Director fees in FY25.

Non-executive fees, inclusive of superannuation but exclusive of GST (where applicable), for FY25 were as follows:

Non-Executive Director fees	Fees per annum $
Chair (all-in fee)	215,000
Non-Executive Director base fee	110,000
Board Committee - Chair fee	15,000
Board Committee - Member fee	5,000

The Chair's monthly board fees are fixed to US dollars at the beginning of the year based on the prevailing US dollar exchange rate at the time.

There were no shares issued to Non-Executive Directors as part of compensation for FY25. The Non-Executive Director fee pool is currently capped at $1,000,000 per annum.

The table below sets out the NED remuneration for FY25:

Financial Short-term benefits

Post employment benefits

year Cash salary and fees Superannuation Total

$ $ $

Non-Executive Directors: David Krall	2025	221,614	-	221,614
	2024	210,006	-	210,006
Alison Ledger	2025	112,108	12,892	125,000
	2024	111,111	12,222	123,333
John Dyson	2025	120,000	-	120,000
	2024	118,333	-	118,333
Roger Price	2025	103,139	11,861	115,000
	2024	102,102	11,231	113,333
Tim Finlayson	2025	112,108	12,892	125,000
	2024	111,111	12,222	123,333
Amrita Blickstead	2025	103,139	11,861	115,000
	2024	102,102	11,231	113,333
-
Total	2025	772,108	49,506	821,614
Total	2024	754,765	46,906	801,671
7 Remuneration details

Amounts of remuneration of Executive KMP

Details of the remuneration of Executive KMP of the Group are set out in this section.

Financial

Short-term benefits Cash salary

Non-

Post employment benefits

Super-

Long-term benefits Long service

Share based payments

Equity-

year

and fees Cash bonus

monetary

annuation

leave

settled Total

$ $ $ $ $ $ $

Executive Directors: Aidan Williams	2025	519,503	55,827	- 29,932	13,961	(54,644)	564,579
	2024	505,993	360,369	- 27,399	13,681	28,819	936,261
Other KMP: Rob Goss*	2025	107,260	-	- 9,370	-	-	116,630
	2024	403,197	228,892	- 27,399	(26,053)	(29,060)	604,375
Chris Rollinson**	2025	307,815	26,136	- 22,449	366	29,396	386,162
	2024	-	-	- -	-	-	-
Total	2025	934,578	81,963	- 61,751	14,327	(25,248)	1,067,371
Total	2024	909,190	589,261	- 54,798	(12,372)	(241)	1,540,636

* This represents remuneration from 1 July 2024 to 14 October 2024.

** Represents remuneration from date of appointment 14 October 2024 to 30 June 2025.

Executive KMP contract details

Remuneration and other terms of employment for KMP are formalised in service agreement and the key details of these agreements are summarised below:

Component Approach for CEO Approach for CFO Total Fixed Remuneration (FY25): $563,914 $440,000

Contract Duration: Ongoing Ongoing

Target STI % of TFR: 50% 40%

Target LTI % of TFR: 150% 60% Notice period by individual/company: 6 months 3 months

Restraint: Post termination subject to non-competition and non-solicitation of

customers within USA, Australia and UK for 12 months

Post termination subject to non-competition and non-solicitation of customers within USA, Australia and UK for 12 months

Shareholding

Ordinary shares

The number of shares in the Company held during the financial year by each director and other members of KMP of the Group, including their personally related parties, is set out below:

	Balance at the start of the year	Received as part of remuneration	Additions	Disposals and other*	Balance at the end of the year
Ordinary shares
David Krall	402,308	-		- -	402,308
Alison Ledger	7,597	-		- -	7,597
Aidan Williams**	1,897,305	33,494		- -	1,930,799
John Dyson	155,675	-		- -	155,675
Roger Price**	80,164	-		- -	80,164
Tim Finlayson**	103,262	-		- -	103,262
Amrita Blickstead Rob Goss**	13,365 -	-17,092		- - - (17,092)	13,365 -

Chris Rollinson*** - - - - -2,659,676 50,586 - (17,092) 2,693,170

* Held on date of resignation - 14 October 2024

** Includes indirect holdings

*** Appointed on 14 October 2024

Performance rights holding

The number of performance rights over ordinary shares in the Company held during the financial year by each director and other members of KMP of the Group, including their personally related parties, is set out below:

	Balance at the start of the year	Granted	Forfeited/ Lapsed	Exercised	Balance at the end of the year
Performance rights over ordinary shares
Aidan Williams	154,896	89,201	(4,343)	(33,494)	206,260
Rob Goss	74,922	-	(57,830)	(17,092)	-

Chris Rollinson - 19,831 - - 19,831 229,818 109,032 (62,173) (50,586) 226,091

All performance rights held at the end of the year are unvested.

The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of the executive director and other KMP in this financial year or future reporting years are as follows:

Name	Number of rights granted	Grant date	Vesting date	Expiry date	Internal target	Fair value per right at grant date
Aidan Williams	70,000	04/11/2022	15/09/2025	15/09/2025	US dollar revenue CAGR	$8.20
Aidan Williams	47,059	24/10/2023	31/08/2026	31/08/2026	US dollar revenue CAGR	$13.68
Aidan Williams	22,300	23/10/2024	31/08/2027	15/12/2027	Relative TSR CAGR	$5.83
Aidan Williams	66,901	23/10/2024	30/06/2027	15/12/2027	US dollar gross profit CAGR	$8.96
Chris Rollinson	1,653	23/10/2024	30/06/2025	15/12/2027	Service based	$8.96
Chris Rollinson	1,653	23/10/2024	30/06/2026	15/12/2027	Service based	$8.96
Chris Rollinson	1,652	23/10/2024	30/06/2027	15/12/2027	Service based	$8.96
Chris Rollinson	4,957	23/10/2024	31/08/2027	15/12/2027	Relative TSR CAGR	$5.83
Chris Rollinson	9,916	23/10/2024	30/06/2027	15/12/2027	US dollar gross profit CAGR	$8.96

Options

There were no options over ordinary shares issued, granted to, or vested by directors and other KMP as part of compensation that were outstanding as at 30 June 2025.

Loans to directors and executives

There were no loans to directors or executives during the year ended 30 June 2025 and 30 June 2024.

Additional information

The earnings of the Group for the five years to 30 June 2025 are summarised below:

2021		2022	2023	2024	2025
$'000		$'000	$'000	$'000	$'000
Sales revenue	33,369	46,292	69,699	91,483	62,069
Gross profit	25,504	34,591	50,228	67,959	51,104
EBITDA	3,049	4,296	11,012	20,260	26
Net profit/(loss) after income tax	(3,441)	(4,457)	10,643	10,236	(6,378)

The factors that are considered to affect total shareholder return are summarised below:

2021		2022	2023	2024	2025
Share price at financial year end ($)	8.13	7.54	9.29	15.83	7.48
Basic earnings per share (cents per share)	(4.56)	(5.80)	13.75	12.50	(7.66)
Diluted earnings per share (cents per share)	(4.56)	(5.80)	13.59	12.49	(7.66)

This concludes the remuneration report, which has been audited.

Environment, Social and Governance ('ESG') at Audinate

Audinate is in its fourth year of incorporating an ESG section in Audinate's annual report and remains committed to continually enhancing ESG transparency and disclosure over time. The Company recognises the growing importance of sustainability to stakeholders, including shareholders, employees, customers, suppliers, governments, and the broader AV industry and is focused on developing practices that reflect its commitment to the environmental responsibility, social impact, and strong governance.

Oversight of ESG matters rests with the Board, which is responsible for monitoring sustainability risks and opportunities, setting the overall ESG framework, and ensuring alignment with the Company's long-term strategy. ESG priorities and progress are regularly reviewed by the Board, reinforcing accountability at the highest level of governance.

Audinate has used the principles of The Global Reporting Initiative (GRI) Sustainability Reporting Standards (Core option) to broadly guide its disclosures. In parallel, the Company is actively progressing towards compliance with the emerging regulatory obligations under the Australian Accounting Standards Board (AASB) sustainability reporting requirements to ensure alignment with future mandatory climate-related and ESG disclosures.

An index of the Group's ESG disclosures against the GRI Reporting Standards can be found on Audinate's corporate website under the Company Information / Environment, Social, Governance tab in the Investor Centre.

These disclosures should be read in conjunction with the rest of Audinate's financial statements, including the FY25 Remuneration Report and the Audinate Corporate Governance Statement.

People and culture

Audinate's values are at the heart of the Company's culture. They serve as a compass for how our people approach their work

- individually, as teams, and as an organization - and guide how we interact with colleagues, customers, partners, and the broader community.

Leaders play a critical role in modelling these values and fostering them within their teams. All employees are expected to uphold and embody these principles in their daily actions and decision-making.

Audinate's values are:

• Excellence - Whatever we do, we do it well
• Courage - We are bold and brave
• Innovation - We imagine the future and build it
• Integrity - We say and do what is right
• Teamwork - Together we achieve

  These values underpin our culture, inform our behaviours, and support the pursuit of our strategic goals.

  Diversity and inclusion at Audinate

  Audinate has a strong commitment to diversity and inclusion, recognising the value of attracting and retaining people from a wide range of backgrounds, experiences, and perspectives strengthens the Company's culture and performance.

  The Company understands that diversity not only encompasses gender but extends to age, ethnicity, religious beliefs, cultural background, language, marital or family status, sexual orientation, gender identity, disability, socio-economic background, perspectives, and experiences.

  Audinate's ability to cultivate a diverse and inclusive workplace is essential to the Company's ability to attract, engage and retain the talent crucial for ongoing success. The Company's policies, practices and values ensure an environment where individual differences are appreciated, allowing employees to realise their potential and contribute to the Company's success.

  By upholding human rights and fostering diversity, Audinate ensures a dynamic and inclusive workplace where individual differences are valued. To further support this inclusive environment, Audinate requires compulsory discrimination and harassment training for all employees. This training is designed to foster appropriate workplace behaviour by educating employees on preventing, recognising and addressing discrimination and harassment in the workplace, ensuring a safe and respectful environment for everyone.

  Audinate is proud of the diversity of its global team. As of the end of FY25, the Company employed 235 people across 13 countries, representing 28 nationalities and 36 countries of birth. There is also a broad representation of age groups, with the age range spanning 5 decades.

  At the end of FY25:

• 27% of Audinate's workforce identified as female;

• 13% of the Senior Executive Team (CEO and executive direct reports) were female;

• 29% of the board were female.

Audinate remains committed to improving female representation at all levels of the organisation and is actively working to address the structural and industry-specific factors that influence gender diversity in the technology sector.

The gender mix within relevant talent pools remains a key consideration in shaping workforce diversity. In 2025, Audinate assessed that approximately 70% of its roles required qualifications in engineering or related disciplines and/or experience in the AV industry - fields in which female representation remains structurally low. Encouragingly, the proportion of female employees in these roles is broadly aligned with the gender composition of the available talent pools, based on relevant industry benchmarks.

Audinate remains committed to fostering an inclusive environment and implementing practices that create greater opportunities for female participation, particularly in technical and leadership roles.

More detail is contained in the Company's Diversity Policy published on the Company's website within the Corporate Governance Policies section of the Investor Centre.

Country of birth	%	Age	%
Philippines	22%	18 - 24	1%
Australia	15%	25 - 34	29%
USA	12%	35 - 44	31%
UK	10%	45 - 54	31%
China	8%	55 - 64	8%
India	7%
Belgium	4%
Sri Lanka	3%
France	2%
Bangladesh	1%
Various (26 countries)	16%

Diversity and inclusion objectives

Audinate committed to several objectives to foster a diverse and inclusive workplace over the FY24 and FY25 period. These objectives include further improving recruitment processes to support inclusive and non-biased recruitment and networking to enhance diversity in candidate pools.

Through the Company's annual employee engagement survey, and focus groups run in FY25 Audinate employees were given the opportunity to comment on diversity within the workplace. It was pleasing to know that overwhelmingly the response was that employees were provided equal opportunity for success regardless of gender or background.

In FY25 Audinate continued to sponsor the Women in Technology Society of the University of New South Wales ('UNSW') based in Sydney, Australia, supporting the objective to achieve gender diversity in recruitment candidate pools. As part of this sponsorship, Audinate:

• Hosted an industry insight and networking event for UNSW students;

• Provided mentors for the UNSW Women in Technology mentoring program; and

• Participated in the UNSW Career Discovery mentoring program.

  These initiatives allow Audinate to support the development of future female technology leaders, raise the Company's profile among women in STEM, and build relationships with high-potential graduate talent.

  Audinate also supports workplace flexibility and family-friendly policies:

• Employees continue to benefit from the Hybrid Working Policy.

• A Parental Leave Connection Program helps employees on parental leave remain engaged and supported.

• Since its introduction in 2022, the enhanced global Paid Parental Leave Policy has supported 26 new parents across multiple countries, offering paid leave to both primary and secondary carers.

  Over the last five financial reporting periods, Audinate had an aspirational objective of 30% of people manager vacancies to be filled by females. This target is designed to promote gender balance in leadership pipelines and foster an environment supportive of future female executive opportunities.

  Over the combined FY21-FY25 period, 25% of people manager roles were filled by women. Notably, in FY25:

• 29% of all people manager vacancies were filled by women.

• 33% of externally appointed people managers were female.

  Audinate remains committed to advancing gender diversity and continues to take a long-term, proactive approach to building a more inclusive leadership pipeline.

  Employee engagement and wellbeing

  Audinate recognises that employee engagement and wellbeing are fundamental to the Company's long-term success. Feedback from employees directly informs our people and culture initiatives, ensuring alignment with evolving needs and priorities.

  Audinate continues to achieve employee engagement scores within the top quartile of global technology companies, as benchmarked against industry peers. In FY25, a range of wellbeing initiatives were implemented, including:

• Access to a cost-free Employee Assistance Program for employees and their immediate families;

• Regular wellbeing-focused communications;

• Trained Mental Health First Aiders across the business; and

• A team-based wellbeing challenge, encouraging healthy habits and connection, which saw voluntary participation from 28% of employees.

  Importantly, there were no WorkCover-reportable incidents in Australia during FY25.

  Employee feedback is communicated to the Board and the Remuneration and Nomination Committee through both the annual engagement survey and a mid-year pulse check. In addition, Audinate maintains a robust Whistleblower Policy, enabling confidential reporting of any concerns relating to unethical or unlawful behaviour. This supports a culture of integrity and transparency across the organisation.

  Governance

  Corporate Governance

  Audinate's Board and management are committed to high corporate governance standards and to actively managing and responding to risks and opportunities. The Group's governance framework is underpinned by a suite of policies, codes, and charters that guide ethical behaviour and responsible decision-making across the business. These materials, including the Board and sub-committee charters, codes of conduct, and key governance principles, are available on the Corporate Governance section of Audinate's website.

  Audinate's Corporate Governance Statement sets out corporate governance practices in place during the financial year, including those demonstrating compliance with the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations.

  Audinate is committed to enhancing corporate governance and responsible business practices. This includes actively addressing critical global and societal issues such as anti-corruption, human rights, and environmental and social impacts. While maintaining compliance with both local and international regulations, Audinate seeks to go beyond regulatory minimums, to deliver meaningful and sustainable outcomes for all stakeholders.

  Audinate's Code of Conduct outlines the Company's expectations regarding ethical behaviour, covering areas including:

• Respect for human rights

• Anti-corruption and bribery

• Data security and privacy

• Non-discrimination and equal opportunity

• Diversity and inclusion

• Workplace health and safety

The Code of Conduct applies to all employees, officers, members of Audinate's Board of Directors, and the Company's subsidiaries around the world. All new employees are required to review the Code of Conduct as part of their onboarding process, reinforcing the Company's commitment to a culture of integrity and accountability.

Director skills

Audinate's Board comprises Directors with a broad range of skills, expertise, and professional experience drawn from diverse backgrounds. This collective capability is aligned with the Company's strategy and supports effective governance, oversight, and decision-making.

The Board, together with the Remuneration and Nomination Committee, regularly reviews the skills required by the business and represented collectively by the Directors of the Board. Together they will determine whether the composition and mix of those skills remain appropriate for the Company's strategy, subject to limits imposed by the constitution.

To support this process, the Board maintains a Board Skills Matrix, which identifies key areas of competence considered important to the Company's current and future direction. The matrix also assists in identifying opportunities for professional development and succession planning.

The Board Skills Matrix includes the following:

1. Strategic and commercial acumen - Ability to develop and guide long-term strategy and business models
2. Corporate governance experience - Knowledge of governance principles, board responsibilities, and regulatory frameworks
3. Financial acumen - Expertise in financial reporting, capital management, and financial oversight
4. Risk and compliance expertise - Understanding of enterprise risk management, regulatory compliance, and internal controls
5. Global technology business to business experience - Experience in international technology markets, particularly business-to-business contexts
6. Marketing / new product development skills - Skills in brand strategy, customer engagement, and product lifecycle management
7. Manufacturing expertise - Insight into manufacturing processes, supply chain management, and operational efficiency
8. Executive leadership - Proven leadership at executive level in complex or high-growth organisations
9. Technology infrastructure expertise - Knowledge of digital systems, software development, and cloud-based technologies
10. People, culture and conduct expertise - Experience in driving organisational culture, workforce strategy, and ethical leadership
11. Mergers and acquisitions experience - Experience in evaluating, executing, and integrating corporate transactions
12. Equity and debt capital markets expertise - Familiarity with capital raising, investor relations, and financial markets

This diverse mix of skills ensures the Board is well-equipped to oversee the Company's strategy and performance, while effectively managing risk and supporting value creation for shareholders.

Business risks

Audinate maintains a sound and robust risk management framework designed to identify, assess, and manage risks in a proactive and structured manner. The Company regularly reviews and updates its detailed risk register to reflect changes in the internal and external risk landscape, ensuring that emerging and evolving risks are appropriately monitored and addressed.

A summary of the most significant strategic, operational, financial, and regulatory risks is provided in the table below. These risks are not exhaustive but represent those currently assessed as having the potential to materially impact the business.

This section does not purport to capture all possible risks associated with Audinate's operations or the broader AV industry. Risk severity may shift rapidly, new risks may emerge, and other risks may be mitigated or become less material over time. Any of these known or emerging risks could have a material adverse effect on Audinate's business, financial position, or operating performance.

Further detail on Audinate's approach to risk governance and oversight is available in the Corporate Governance section of the Company's website.