• Group operating revenue of $230.8 million, +4.5% vs FY24
• Appen China revenue of $102.9 million, +75% vs FY24
• Underlying EBITDA (before FX) of $12.2 million, +251% vs FY24

Appen Limited, a global market leader in data for the Artificial Intelligence (AI) lifecycle, reported its full year results for the period ended 31 December 2025 (FY25) and outlook for FY26. Group operating revenue was $230.8 million, up 4.5% versus FY24, reflecting ongoing turnaround within Appen Global, supported by strength in Appen China. Appen Global revenue was $127.9 million, down 21% versus FY24, but with a strong finish to the year driven by success in winning generative AI related projects. Appen China revenue was $102.9 million, up 75% versus FY24, driven by new and expanding large language model (LLM) related projects. Gross margin improved 100 basis points to 40.3% due to greater mix of generative AI projects. Underlying EBITDA (before FX) was $12.2 million, up 251% versus FY24, reflecting a 5.3% EBITDA margin, driven by increased gross margin and operational efficiencies. The company executed against a ~$10 million annualised cost efficiency target. For FY26, Appen provided guidance of revenue between $270-$300 million and underlying EBITDA (before FX) margin of ~5-10%, reflecting confidence in the AI data market and potential for Appen to contribute to the development of leading foundation models.

Revenue of $270 - $300 million; and Underlying EBITDA (before FX) margin of ~5-10% for FY26.

The company remains confident on the AI data market, and the potential for Appen to meaningfully contribute to the development of leading foundation models. The company continues to see positive signals on LLM related growth including from Appen Global and Appen China customers.