HIGHLIGHTS

• The initial phase of the partnership is a software development contract valued at $200,000 covering 5,000 connections
• The contract anticipates an increase to 50,000 meters which is expected to generate additional service fee revenue of $225,000
• X2M has an established partnership agreement in place with Azbil Kimmon for gas monitoring in Japan
• The Japanese market comprises around 60 million water meter connections, representing a potential SaaS revenue pool exceeding $100 million per annum

X2M CEO Mohan Jesudason said:

“The Japan water market is large and represents a significant SaaS opportunity for X2M, aligning well with the strategic program we established last year. Japan has around 60 million water meters, the majority of which are ageing mechanical units managed by local government-operated utilities, creating strong demand for digital transformation, automated meter reading and remote leak detection. It is a strong validation of our capabilities that Azbil Kimmon has chosen to extend our existing six-year relationship into the water sector. We will leverage our extensive experience in water digitisation in South Korea, which represents ~80% of Group revenue, to deliver an enhanced platform service to Azbil Kimmon. We look forward to building a successful and expanding partnership with Azbil Kimmon in this new area, which offers significant potential for X2M.” Click here to see the full ASX announcement: ASX:X2M 8 December 2025