AIRTASKER LIMITED — AGM Information 2024

Nov 26, 2024

Airtasker Limited ABN 53 149 850 457

==> picture [81 x 22] intentionally omitted <==

27 November 2024

ASX Announcement Airtasker Limited (ASX:ART)

2024 Annual General Meeting - Chair Address

Airtasker Limited (ASX:ART) is pleased to lodge the aached address being made by the Chair of the Board of Directors, Cass O’Connor, at its 2024 Annual General Meeting being held at 11:00 am (AEDT) on Wednesday 27 November 2024.

-- Ends –

For further information, please contact:

Media Enquiries Investor Relations Andrea Philips www.investor.airtasker.com andrea.philips@airtasker.com investors@airtasker.com

About Airtasker

Airtasker Limited (ASX:ART) is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With a mission to empower people to realise the full value of their skills , Airtasker aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Airtasker has put more than $600m into the pockets of workers (payments made after all fee revenue is deducted) and served 1.8m unique paying customers across the world. For more information visit: investor.airtasker.com.

This announcement was approved for release by the Board of Directors of Airtasker Limited.

1

Airtasker Limited ABN 53 149 850 457

==> picture [81 x 22] intentionally omitted <==

Dear Shareholders,

It is my pleasure to welcome you to Airtasker's Annual General Meeting for the financial year ending June 30, 2024. This year has been one of significant progress and continued focus for Airtasker, and I am delighted to share with you the highlights of our performance and our views for the future.

Financial Performance

Airtasker delivered on last year’s promise of maintaining positive free cash flow into FY24, delivering $1.2m in free cash flow. We finished the year with $17.8m in cash and term deposits, plus $8.3m of unused advertising inventoryon our balance sheet.

The operational factors behind this include our team's dedication to - and eectiveness of – chosen strategic initiatives. Our Group revenue grew by 5.6% to $46.6 million, demonstrating resilience in challenging macroeconomic conditions.

We reduced employee expenses by just under $8m or ~26% to $22.4 million, and technology, general and administrative expenses by just over $2m or 16.4% to $10.7m. This enabled us to increase our marketing investment by around $6m, while shrinking earnings losses.

Operational Highlights

In addition to streamlining operations, we made significant progress in enhancing our marketplace reliability. Our eorts resulted in a 26.3% reduction in cancellations, leading to a record number of completed tasks.

This improvement directly contributed to a 13.7% increase in our full-year monetisation rate to 20.0% and – just as importantly - enhanced trust in our platform.

FY24 was also the springboard year for strategic media partnerships. These partnerships provide us with extensive reach across various media channels, significantly enhancing our brand visibility and thus demand creation and market penetration.

As we move into FY25, we are well-positioned for continued growth and success.

Return to Above-the-Line Media Advertising

In FY24, Airtasker made a significant return to above-the-line ( ATL ) media advertising, which some would say is a contrarian bet on mainstream media.

Tim will present further details on where we are at as of today, but let me expand on this point.

First, consider cost. Estimates vary, but the general consensus is that from mid-2020 to mid-2024, the average CPM rates of Meta, Google and TikTok increased by between 20% and 90% CAGR, i.e. each year. At least once source shows that Meta’s CPM rates increased by 100% in the first 18 months of that period alone.[1] Such increases work against any business’ or brand’s cost-eiciency and ability to plan. Digital retains a place in Airtasker’s overall media strategy, of course, but that place is now complementary rather than dominant.

1 Source: hps://www.rightsideup.com/blog/q4-advertising-trends

2

Airtasker Limited ABN 53 149 850 457

==> picture [81 x 22] intentionally omitted <==

Secondly, consider purpose. Airtasker’s need in existing and new markets is to reiterate and build brand awareness, trust, and to create demand. Digital platforms are not so good at that. Any and every brand can be on digital platforms whether they are legit or not. While not perfect, the more mainstream mass media channels have greater regulatory overview and thus commercial imperative to protect consumers.

So, at Airtasker we see our increased focus on these ATL channels as strategic.

Finaly, the structure of our media-for-equity and media-for-convertible-note deals we have put in place since June 2024 make them extremely cost eicient for Airtasker on a multi-year basis. At the same time, our media partners benefit from securing reliable, forward inventory sales and having Airtasker as a new advertiser with them.

Our ATL marketing activities have shown promising early trends in business activity. We look forward to bringing you more detail on this in the future.

Trust and Customer Confidence

More on trust.

Trust is the biggest single contributing factor to marketplace success.

High levels of trust lead to higher customer acquisition, improved conversion and beer retention rates. They also lead to increased credibility, which allows stronger and more premium channel partnerships.

Trust is hard-earned but can be quickly lost, as everyone at Airtasker is aware. Our FY25 product development program is focused on continuing to improve marketplace trust and customer confidence, and regular users of Airtasker have seen some of these features rolled out already. They will continue.

Closing Remarks

In closing, I express my gratitude to our dedicated team, whose hard work and considered innovation have been instrumental in achieving these results.

I also want to thank you, our shareholders, for your continued support and belief in Airtasker's mission and vision. While we acknowledge ongoing macroeconomic challenges in many of our markets, we are confident that our strategic focus and actions and solid market position will enable us to deliver sustainable growth and value creation in the coming years.

I will now hand over to Tim.

3