IQGeo : Annual Report 2022

IQGeo Group plc

Annual Report 2022

Building better networks

Telecommunications and utility operators are "Building better networks" with IQGeo's award-winning software solutions. The ability to powerfully model any network requirement, integrate every system and data source,

and support field and oce teams with continual innovation is helping operators create the networks of the future. Our solutions ensure greater cross-team collaboration and process eciency throughout

the network lifecycle, from planning and design to construction, operations and sales.

Contents

Strategic report

1. Our vision and purpose
2. At a glance

4 Investment case

6 Partner and integration ecosystem

8 Our products

10 Chair's statement

12 Chief Executive Officer's statement

1. Market segmentation
2. Market opportunity

1. Our business model

1. Our strategy

24 Case studies

28 Environmental, social and governance

1. Section 172 statement
2. Our stakeholders

38 Key performance indicators (KPIs)

41 Chief Financial Officer's statement

46 Principal risks and risk management

Corporate governance

50 Board of Directors

1. Corporate governance report

1. Audit Committee report

1. Remuneration Committee report

1. Nomination Committee report
2. Directors' report

64 Directors' responsibilities statement

Financial statements

1. Independent auditor's report

1. Consolidated income statement

1. Consolidated statement of comprehensive income
2. Consolidated statement of changes in equity
3. Consolidated statement of financial position
4. Consolidated statement of cash flows
5. Notes to the consolidated financial statements

1. Company balance sheet
2. Company statement of changes in equity
3. Notes to the Company financial statements

IBC Company information

Background image shows our office located in Denver.

See more about our locations on page 3

Awards:

Our vision

To create better networks that improve the communication connectivity, energy security, and service reliability for communities around the world.

Our purpose

To help our customers achieve their ambitious broadband network expansion, electric grid modernisation, and decarbonisation objectives.

Our strategic focus

Goal 1	Goal 2
Global growth	Recurring revenue

IQGeo Group plc	1
Annual Report 2022

Workflow manager

Goal 3

Product innovation

Strategic report

Read more about how we are delivering on our strategy on pages 22 and 23

2

IQGeo Group plc

Annual Report 2022

At a glance

In 2022 IQGeo demonstrated strong financial and market share growth, driven by the active development of our award-winning geospatial software solutions.

The telecom and utility markets we serve with our geospatial network management software continue to make signifi cant investments in broadband rollout and electric grid modernisation and our technology plays a strategic role in their business success. Fuelled by government programmes and corporate investment around the world, fi nancial resources are being dedicated to universal broadband access, and the electrifi cation and decarbonisation of utility grids. The market opportunity for the IQGeo software will remain robust for some time to come as these initiatives are deployed over the coming decades.

Highlights

A key differentiator for IQGeo is our ability to provide a single common software platform that supports the entire lifecycle of our customers' networks. With the acquisitions of OSPInsight in 2020 and Comsof in 2022 and the innovative organic growth of our software, we have established a distinctive market position. Unlike most of our competitors, IQGeo can deliver

a solution that begins with high-level network planning and continues through construction, operations, maintenance and disaster response. A single common platform joins up operational processes for greater efficiency and reduces the complexity and expense of integrating applications from different disconnected vendors. The vision of providing our customers with a fully integrated network lifecycle solution that is built upon a geospatial network digital twin has been fundamental to our success in 2022 and will continue to drive our business in the future.

Exit annual recurring revenue (£m)			In-year recurring revenues (£m)
£15.1m +84%			£10.6m	+84%
2022				15.1		2022		10.6
2021			8.2			2021		5.8
2020	5.3					2020	3.2
IQGeo own product orders (£m)			Gross margin (%)
£40.5m	+115%		59%

2022			40.5		2022	59
2021	18.9			2021	64
2020	10.7				2020	52

We have remained committed to our vision of providing our customers with the world's only integrated platform that allows them to plan, build and operate their physical assets in a single solution.

Richard Petti	Comsof Heat
Chief Executive Officer

IQGeo Group plc		3
Annual Report 2022

There is a clear market demand for solutions that support the entire network lifecycle to enable new working models, changing workforce demographics, and evolving climate change initiatives.

Our locations

	Adjusted EBITDA
Toronto	£1.9 million

Denver

Employees at the end of 2022

180

		Number of new customers
Cambridge	64
Ghent

Frankfurt

Telecoms and utility customers

450+

Tokyo

Strategic report

Delivering value across the network lifecycle

See more about our network lifecycle on page 9