AIRTASKER LIMITED — Interim / Quarterly Report 2023

Feb 26, 2023

==> picture [55 x 16] intentionally omitted <==

26 February 2023

==> picture [266 x 356] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

Disclaimer

The following disclaimer applies to this presentation. Please consider its contents carefully. By accepting this presentation, you acknowledge that you are receiving it on the basis set out in the following paragraphs. This presentation has been prepared by Airtasker Limited ( Airtasker ).

Currency of information

The information contained in this presentation is current as at the date of this presentation or such earlier date as specified in this presentation.

Summary information

The information in this presentation is of a general nature only and does not purport to be complete.

Not an oer

This presentation is not a prospectus or other disclosure document, and is not an invitation or oer of securities in Airtasker for subscription, purchase or sale in any jurisdiction.

Third party information

Certain market and industry data used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents or advisers have independently verified any such market or industry data.

Historical information

Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Forward looking information

This presentation contains certain forward-looking statements that involve risks and uncertainties. Airtasker can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements.

Actual results may dier materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including, without limitation, risks associated with future capital needs and general economic uncertainty.

Airtasker does not undertake any obligation to release any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws.

Financial information

information has been presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards ( AAS ), the International Financial Reporting Standards ( IFRS ) (including the interpretations of the International Financial Reporting Interpretations Commiee) and other mandatory professional reporting requirements applicable to financial reports prepared in accordance with the Corporations Act. All currency is in Australian dollars unless indicated.

Airtasker uses certain measures to manage and report on its business that are not recognised under AAS or IFRS. These measures are collectively referred to in this presentation as ‘non-IFRS financial measures’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by the Australian Securities and Investments Commission.

Financial information (continued)

performance and profitability of the overall business. Although Airtasker believes that these measures provide useful information about the financial performance of Airtasker, they should be considered as supplements to the income statement measures that have been presented in accordance with the AAS and IFRS in Airtasker’s audited financial statements released on the ASX and not as a replacement for them.

Disclaimer

No representation or warranty, whether express or implied, is made by any person as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation.

You should carry out your own investigations and analysis of Airtasker and verify the accuracy, reliability and completeness of the information contained in this presentation. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents and advisers accept any responsibility for any loss arising from anyone acting or refraining from acting in reliance on the contents of this presentation.

Distribution

This document has been prepared for publication in Australia and may not be released to United States wire services or distributed in the United States. By receiving this document you are deemed to confirm, represent and warrant to Airtasker and its related bodies corporate and each of their directors, employees, agents and advisers that you agree to be bound by the limitations and conditions set out in this disclaimer.

2

Building the world’s most trusted marketplace to buy and sell local services

We connect people who need work done, with people who want to work.

3

==> picture [16 x 16] intentionally omitted <==

Our mission:

To empower people to realise the full value of their skills

Creating jobs isn’t a by-product of the work that we do: it’s our core purpose.

In the pockets of our Taskers $428m (excluding all fee revenue)[1]

==> picture [112 x 110] intentionally omitted <==

==> picture [112 x 110] intentionally omitted <==

“This has helped me see my value and my self worth.”

Tess K

“This gives you the chance to help people and at the same time, feel appreciated for what you do.”

Maico L

4

1. Cumulative net Tasker earnings in Australia from inception to 1H23.

==> picture [237 x 32] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

Aligned with our mission, we’ve built a unique marketplace model and customer experience

==> picture [111 x 112] intentionally omitted <==

Open marketplace

Built on transparency and accountability to enable trust with an eicient, light touch operating model.

==> picture [111 x 111] intentionally omitted <==

Customers can get almost any task done, bringing together a highly fragmented local services industry and creating entirely new industries.

5

Efficient marketplace model enables profitable unit economics[1] and sustainable competitive advantage…

==> picture [314 x 185] intentionally omitted <==

----- Start of picture text -----

450,000 [2] GST 1.6% Merchant fees 3.7%Insurance 1.9%
UPC in TTM
Airtasker revenue
16.6%
Tasker pay out Airtasker gross
81.8% profit 94.4%
----- End of picture text -----

==> picture [188 x 183] intentionally omitted <==

----- Start of picture text -----

5m+
User reviews
----- End of picture text -----

Organic customer acquisition

Sustainable competitive advantage

Light touch operating model delivers consistent gross margin of 94% with variable input costs being largely untethered to inflation.

Low reliance on paid marketing with over 450,000 UPCs[3] in the TTM[4] to 1H23 of which ~63%+ are repeat UPCs and ~80%+ of new UPCs are from non-paid acquisition.

Strong network eects combined with cumulative reputation data results in a sticky user base and sustainable competitive advantage.

==> picture [16 x 16] intentionally omitted <==

1. 1. Includes the Airtasker marketplaces only.

2. Unique paying customers. 4. Trailing twelve months.

6

We’ve built the largest local services marketplace in Australia…

…and are exporting it to the world!

2,200,000+ Posted tasks[2]

==> picture [105 x 110] intentionally omitted <==

----- Start of picture text -----

$52 b
AU TAM [1,7]
----- End of picture text -----

~~1~~ 12,000 Active Taskers[3]

$200,000,000+ Annualised GMV[4]

==> picture [332 x 347] intentionally omitted <==

----- Start of picture text -----

$200m+
Annualised GMV [4]
$70b $500b
UK TAM [5,7] US TAM [6,7]
----- End of picture text -----

1. Frost and Sullivan, 2021.

2. Posted tasks in calendar 2022.

3. Total Oer Active Taskers in Australia in calendar 2022.

4. Annualised Australian Airtasker marketplace GMV for December 2022.

5. Frost and Sullivan, 2021.

6. Frost and Sullivan, 2021. 7. Total addressable market (TAM).

7

Our marketplace is naturally resilient to weakness in the macroeconomic environment

==> picture [16 x 16] intentionally omitted <==

Airtasker Labour Supply Index

==> picture [340 x 167] intentionally omitted <==

----- Start of picture text -----

2020 2021 2022
+48%
YoY increase in
marketplace supply
----- End of picture text -----

Demand

With lower consumer confidence, top-of-funnel demand has softened… Posted tasks

Supply

supply has seen a huge improvement in conversion to revenue.

Average Task Price Completion rate Cancellation rate Take rate (revenue)

The Airtasker Labour Supply Index measures the relative supply and demand of labour in the Airtasker marketplace[1] .

During the COVID-19 pandemic and subsequent labour shortage, labour supply decreased due to low immigration and government stimulus reducing incentives to work. In 1H23, labour supply began to trend upwards with Jan-23 seeing a massive 48% YoY increase in labour supply.

==> picture [299 x 79] intentionally omitted <==

8

1. Measured as the total number of oers made (supply) divided by the total number of posted tasks (demand).

Adaptive business model in low consumer demand phase of the economic cycle…

• ✓ Proven elasticity of fee pricing enables increased take rate on the supply-side of Airtasker marketplace.

• ✓ demand from Service Pros who are incentivised to discover and reach more customers.

• ✓ Low reliance on paid marketing (~2.5% of GMV[1] ).

• ✓

==> picture [376 x 355] intentionally omitted <==

9

==> picture [16 x 16] intentionally omitted <==

1H23 revenue +57[% ] on pcp to $21.8m

1H23 GMV[1] increased to $131.7m (up 58% on pcp) whilst revenue increased to $21.8m (up 57% on pcp).[2] Excluding Oneflare[2] , GMV increased 24% on pcp to $103.5m and revenue increased 23% on pcp to $17.1m.

1. Gross marketplace volume (GMV) represents the total price of all tasks booked through the Airtasker marketplaces before cancellations and inclusive of price adjustments between customers and Taskers, bonuses paid by customers to Taskers, fees payable by customers and Taskers to Airtasker, and any applicable sales taxes plus Oneflare GMV estimated by dividing total Oneflare marketplace revenue by the Airtasker marketplace take rate.

2. 25 May 2022.

$131.7m Revenue $21.8m +58[%] on pcp +57[%] on pcp

GMV

==> picture [6 x 6] intentionally omitted <==

==> picture [166 x 289] intentionally omitted <==

==> picture [166 x 289] intentionally omitted <==

10

==> picture [16 x 16] intentionally omitted <==

Balance Sheet $m

• Operating cash burn reduced 29% on pcp.

• Net cash reduction of $0.4m in 1H23.

	31 Dec 22	30 Jun 22	+/- Variance
Cash and cash equivalents	23.3	23.7	(2.0%)
Trade and other current assets	2.7	6.5	(58.5%)
Non-current assets	26.2	24.7	6.3%
Total assets	52.2	54.9	(4.8%)
Trade and other payables	4.3	7.3	41.4%
Unclaimed customer credits	5.5	4.7	(18.1%)
Other current liabilities	5.0	4.7	(6.4%)
Non-current liabilities	3.5	1.2	(170.6%)
Total liabilities	18.3	17.9	(2.4%)
Net assets	33.9	37.0	(8.3%)
Issued equity	137.4	133.8	2.8%
Reserves	19.2	18.2	5.7%
Accumulated losses	(122.8)	(115.0)	(6.8%)
Equity	33.9	37.0	(8.3%)

11

Marketplace staging economics

Airtasker operates marketplaces at dierent stages of maturity with economics diering significantly depending upon stage of development:

Framework for understanding economics of marketplaces at different stages of maturity

• Scaling (eg. Australia)

• One to 100 (eg. UK)

• Zero to one (eg. US)

To illustrate these economics, management has prepared a notional (non-statutory) split of financial performance based on the following:

• Revenue is aributed to each local marketplace based on customer location.

• All marketing, infrastructure and customer support costs are aributed to each local marketplace on a proportional traic, spend or customer volume basis.

• Global head oice operations includes both operating expenditure and innovation investment:

• platforms and marketplaces (engineering, product support and maintenance) as well as back oice support functions (leadership, legal, finance and people operations).

• Innovation investment is non-capitalisable operating expenditure relating to the Airtasker and Oneflare platforms associated with the development of new features designed to enhance the customer experience, increase long term GMV and grow long term revenue (management judgement basis).

==> picture [276 x 179] intentionally omitted <==

----- Start of picture text -----

Global Head Oice
Operating Innovation
expenditure investment
Australia UK US
Scaling New marketplaces
----- End of picture text -----

12

Australian marketplaces generate positive EBITDA after covering Global Head Office operating expenditure

==> picture [16 x 16] intentionally omitted <==

In 1H23, Airtasker’s Australian marketplaces generated EBITDA of $11.9m[1] .

• Australian marketplaces EBITDA covers the global head oice operating expenditure[2] (excluding innovation investment[3] ) with a combined EBITDA of $0.1m.[1]

• We are commied to innovation investment to realise long term growth opportunities (eg. rebooking via our Contacts product and high value trades via investment in Oneflare and Airtasker Plus).

• We continue to build new marketplaces internationally in the UK and US, leveraging our scalable software platform, global head oice operations and innovation investment.

• Creating new marketplaces in the UK and US requires upfront investment primarily in the form of variable marketing expenditure (ie. paid advertising) to drive user acquisition and establish early network eects.

Scaled marketplaces	1H231	1H221	+/- Variance
AU revenue	21.4	13.7	56.2%
AU marketplaces EBITDA	11.9	10.1	17.8%
Global head oice - operating expenditure2	(11.8)	(8.0)	(47.5%)
Net EBITDA	0.1	2.1	(95.2%)
Global head oice - Innovation investment3	(2.1)	(2.4)	12.5%
New marketplaces
New marketplaces (UK and US) EBITDA	(3.1)	(3.4)	8.8%
Airtasker Group EBITDA	(5.1)	(3.7)	(37.8%)

1. Airtasker reports and manages its business as a single operating segment. Calculations including EBITDA splits shown are estimates based on management assumptions and judgement, are unaudited and are provided for illustrative purposes only to demonstrate the contribution of various marketplaces.

2. Operating expenditure relating to the Airtasker and Oneflare platforms and marketplaces (engineering, product support and maintenance), as well as back oice support functions (leadership, legal, finance and people operations).

3. development of new features designed to enhance the customer experience, increase long term GMV and grow long term revenue (management judgement basis).

13

==> picture [16 x 16] intentionally omitted <==

AU: Scaling marketplace Revenue +56[%] to $21.4m[1]

In Australia, we are in the “scaling” phase of marketplace growth, focussed on driving profitable revenue and gross profit.

In 1H23 revenue grew 56% on pcp to $21.4m[1] while gross profit grew 58% on pcp to $20.3m[1] driving an Australian marketplace EBITDA contribution of $11.9m[2] .

2. Airtasker reports and manages its business as a single operating segment. Calculations including EBITDA splits shown are estimates based on management assumptions and judgement, are unaudited and are provided for illustrative purposes only to demonstrate the contribution of various marketplaces.

$21.4m[1] Gross $20.3m[1] +56[%] on pcp +58[%] on pcp profit

Revenue

==> picture [156 x 272] intentionally omitted <==

==> picture [167 x 272] intentionally omitted <==

14

UK: New marketplace TTM GMV +83[%] & TTM revenue +153[%]

The UK city-level marketplaces are in the “one to 100” phase during which we begin to balance marketplace supply and demand.

TTM[1] GMV[2] to 1H23 grew 83% on pcp to £3.5m[3] while TTM revenue to 1H23 grew 153% on pcp to £0.4m.[3]

1. Trailing twelve months.

2. Gross marketplace volume (GMV) represents the total price of all tasks booked through the UK Airtasker marketplaces before cancellations and inclusive of price adjustments between customers and Taskers, bonuses paid by customers to Taskers, fees payable by customers and Taskers to Airtasker, and any applicable sales taxes.

==> picture [376 x 355] intentionally omitted <==

----- Start of picture text -----

TTM Revenue
+153 [%] on pcp to £0.4m [3]
TTM GMV
+83 [%] on pcp to £3.5m [3]
----- End of picture text -----

1. Calculated on a TTM basis.

15

US: New marketplace Posted tasks 5.5x & Tasker offers 9.4x

The US city-level marketplaces are in the “zero to one” phase during which the key focus is on posted tasks in order to drive Tasker engagement. In 1H23 customer posted tasks increased 5.5x on pcp to 34,000 tasks while Tasker oers increased 9.4x on pcp to 54,000.

==> picture [376 x 355] intentionally omitted <==

----- Start of picture text -----

Supply
● Tasker oers
● 54,000 tasker oers
● 9.4x growth on pcp
Demand
● Posted tasks
● 34,000 posted tasks
● 5.5x growth on pcp
----- End of picture text -----

16

Growth Strategy

==> picture [50 x 26] intentionally omitted <==

Australia: Scaling our home marketplace

==> picture [47 x 26] intentionally omitted <==

==> picture [50 x 26] intentionally omitted <==

UK & US: Building new marketplaces

==> picture [16 x 16] intentionally omitted <==

Investment

Leverage network eects in scaled marketplaces to produce strong margins and positive cash flows.

• Improving frequency - invest in core product experience to encourage returning users and unlock new customer purchase opportunities including repeat relationships (rebooking) and high value tasks.

• Scale and monetise our Australian marketplace to continue generating high margin revenue.

marketplaces to establish and grow new marketplaces in the US and UK.

• Zero to one - build Tasker engagement by establishing a growing stream of job opportunities (posted tasks)

• One to 100 - balance supply and demand and invest in brand awareness to drive marketplace activity and grow GMV.

17

Improving purchase frequency by investing in core product experience to drive customer return rates.

Invest in enhanced marketplace matching

==> picture [90 x 193] intentionally omitted <==

==> picture [90 x 193] intentionally omitted <==

Improve market reliability

Our data science and machine learning teams continue to refine models to visualise marketplace supply and demand paerns at a hyperlocal level in order to enable targeted actions that improve the speed and accuracy of matching each customer with the right Tasker for their job.

To improve the reliability of Taskers in our marketplace, we’re continuing to invest in features to educate users about community expectations, establish Tasker reliability scores and where necessary take action to restrict Taskers that impact overall marketplace reliability.

incentives to reduce cancellations and reward highly reliable Taskers.

==> picture [16 x 16] intentionally omitted <==

18

Improving purchase frequency by enabling repeat booking relationships and higher value services.

==> picture [16 x 16] intentionally omitted <==

Unlock repeat relationships

Prior to 3Q22, it wasn’t possible for customers to re-connect with a Tasker that they had worked with previously.

In 3Q22, we released Airtasker Contacts which enables customers to easily message Taskers, request quotes and make payments through Airtasker Pay with lower marketplace fees.

As we incrementally build awareness of Airtasker Contacts, early stage traction is compounding.

Contacts weekly GMV (annualised)

==> picture [98 x 182] intentionally omitted <==

==> picture [98 x 182] intentionally omitted <==

==> picture [222 x 181] intentionally omitted <==

Enable customers in the high value task segment

larger businesses to access customers through a subscription fee model. Moving into 2H23 we’ll continue to support the Oneflare platform and release a proof of concept for Airtasker Plus - a subscription fee revenue model for the Airtasker marketplaces.

==> picture [83 x 38] intentionally omitted <==

==> picture [86 x 42] intentionally omitted <==

19

Expanding localised PR and partnerships whilst layering on efficient above the line investment to build brand awareness

==> picture [171 x 102] intentionally omitted <==

==> picture [171 x 102] intentionally omitted <==

==> picture [171 x 102] intentionally omitted <==

Efficient above the line brand investment

Proven PR playbook Expanding our local (newsjacking!) Dunelm partnership

==> picture [16 x 16] intentionally omitted <==

20

Rolling out our PR playbook whilst investing in early stage community management to nurture growing demand

==> picture [16 x 16] intentionally omitted <==

==> picture [667 x 197] intentionally omitted <==

----- Start of picture text -----

PR: How to throw the Newsjacking: Get tickets Community: Building our
ultimate Superbowl party to Harry-Wheen early community in
with Airtasker via Airtasker! Los Angeles
----- End of picture text -----

21

==> picture [16 x 16] intentionally omitted <==

Our mission:

EMPOWER PEOPLE TO REALISE THE FULL VALUE OF THEIR SKILLS

==> picture [77 x 106] intentionally omitted <==

==> picture [120 x 166] intentionally omitted <==

==> picture [100 x 106] intentionally omitted <==

22

Thank you!

==> picture [81 x 20] intentionally omitted <==

23