BEFOREPAY GROUP LIMITED — Interim / Quarterly Report 2025

Feb 26, 2025

Interim Report – 31 December 2024 i

Appendix 4D

Half-year report

1. Company details

Name of entity: Beforepay Group Limited ABN: 63 633 925 505 Reporting period: For the 6 months up to 31 December 2024 Previous period: For the 6 months up to 31 December 2023

2. Results for announcement to the market

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$
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Revenues from ordinary activities	up	11.6%	to	19,672,701
Profit from ordinary activities after tax attributable to the owners	up	27.2%	to	2,816,191
of Beforepay Group Limited
Profit for the period attributable to the owners of Beforepay Group Limited	up	27.2%	to	2,816,191

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The profit for the Group after providing for income tax amounted to $2,816,191 (31 December 2023: $2,213,391).

Refer to ‘Review of operations’ in the Directors’ Report for further commentary on the results for the half-year ended 31 December 2024.

3. Net tangible assets

	Reporting period $	Previous period $
Net tangible assets per ordinary security	0.68	0.63

Right-of-use assets and lease liabilities have been excluded from the net tangible assets calculation.

4. Control gained over entities

Not applicable.

5. Loss of control over entities

Not applicable.

ii

Beforepay Group Limited

Appendix 4D continued

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

7. Dividend reinvestment plans

Not applicable.

8. Details of associates and joint venture entities

Not applicable.

9. Foreign entities

Details of origin of accounting standards used in compiling the report:

Not applicable.

10. Audit qualification or review

Details of audit/review dispute or qualification (if any):

The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report.

11. Attachments

Details of attachments (if any):

The Interim Report of Beforepay Group Limited for the period ended 31 December 2024 is attached.

12. Signed

As authorised by the Board of Directors

Signed

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Brian Hartzer Chair 27 February 2025 Sydney

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The Next Era of Lending Interim Report – 31 December 2024

Beforepay Group Limited

Contents

H1 FY25 Highlights	02
Directors’ Report	04
Auditor’s Independence Declaration	07
Statement of Profit or Loss and Other Comprehensive Income	08
Statement of Financial Position	09
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12
Directors’ Declaration	25
Independent Auditor’s Review Report	26
Glossary	28
Corporate Directory	30

Interim Report – 31 December 2024 01

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Beforepay

Carrington Labs

For consumers

Beforepay is our domestic consumer-lending business. Through our flagship Pay Advance product, eligible customers can access up to $2,000 for a fixed 5% fee to manage short-term cash flow challenges. Our simple and straightforward pricing structure offers a transparent and customer-friendly approach to lending that reduces risk of long-term, revolving debt.

For enterprise

Carrington Labs commercialises the AI credit risk models that power Beforepay. Using explainable AI, Carrington Labs provides lenders with alternative credit risk scoring insights and product-specific loan limit recommendations to enable more accurate, transparent and holistic lending decisions. With Carrington Labs, lenders are empowered to elevate their lending performance, driving growth while reducing risk.

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Beforepay and Carrington Labs use the same technology stack and risk-management capabilities, with a single team of engineers, data scientists, and credit experts building and maintaining the underlying systems and IP that power both businesses.

02

Beforepay Group Limited

H1 FY25 Highlights

m $ 397 Pay Advances in H1 FY25, up from $359m in H1 FY24

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b $ 2.2 Cumulative Advances surpassed since inception in 2019

94%

Reuse Rate*

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m $ 19.7 Revenue in H1 FY25, up from $17.6m in H1 FY24

User Growth

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257,627
234,034 235,644 240,254
203,937
H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25
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Interim Report – 31 December 2024 03

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m $ 11.8 Net Transaction Margin in H1 FY25, up from $10.1m in H1 FY24

1.1% Net Defaults in H1 FY25, down from 1.3% in H1 FY24

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m $ 2.8 Net Profit Before Tax (NPBT) in H1 FY25, up from $2.2m in H1 FY24

m $ 18.3 Cash at 31 December 2024

m $ 35.6 Equity at 31 December 2024

m $ 5.5 EBITDA in H1 FY25, up from $4.2m in H1 FY24

1.5m+ Registered Users since inception in 2019

• The percentage of customers who successfully repaid their first pay advance in full by 30 June 2024 and then took out a second pay advance by 31 December 2024. These figures are unaudited.

04

Beforepay Group Limited

Directors’ Report

31 December 2024

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group’) consisting of Beforepay Group Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the period ended 31 December 2024.

Directors

The following persons were directors of Beforepay Group Limited during the whole of the financial period and up to the date of this report, unless otherwise stated:

Brian Hartzer – Chair and Non-Executive Director

Daniel Moss – Non-Executive Director

Stefan Urosevic – Non-Executive Director

Patrick Tuttle – Non-Executive Director

Principal activities

During the financial period the principal continuing activities of the Group consisted of providing finance to its customers by way of pay on demand advances.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial period.

Review of operations

The profit for the Group after providing for income tax amounted to $2,816,191 (31 December 2023: $2,213,391).

Revenue from ordinary activities in the current period was $19,672,701 representing an increase of 11.6% on the previous financial period (31 December 2023: $17,635,458).

In the half-year ended 31 December 2024 (‘H1 FY25’), the Group maintained profitability, with a half-yearly profit of $2.8 million, and continues to be a leader in the pay-advance sector. This strong outcome was driven by consistent execution of our strategy, including delivering consistent profitability, continued top-line growth, and strong default outcomes. The Group continues to support more customers with an alternative to revolving debt. This achievement of profitability and our continued balance-sheet strength has provided us a platform to launch two new strategic initiatives; our new Personal Loan product and our enterprise-software product under the Carrington Labs brand.

Compared to the previous financial period ended 31 December 2023, the Group grew the number of advances written by 9% to 1,009,968 and increased the total volume of advances by 11% to $396.7 million. The number of active customers reached a record 257,627, a 7% increase from FY24 reflecting the Group’s continued focus on product improvement and performance marketing. The Group achieved underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) profit of $5.5 million (unaudited) for the current period, up from an EBITDA profit of $4.2 million (unaudited) in the previous financial period ended 31 December 2023.

The Group earned a positive net transaction margin of $11,848,473 (unaudited) in the current period (31 December 2023: $10,061,384 (unaudited)), an 18% increase from the previous financial period. This result was driven by a decrease in net default rates, as well as higher revenue. Net transaction margin is comprised of income less direct financing costs, direct service costs in facilitating pay advances to customers, and expected credit losses (defaults).

The Group maintained a strong balance sheet with cash on hand of $18,258,669 and a total equity position of $35,607,972 as at 31 December 2024. The Group is well capitalised and only carries debt to finance receivables.

Interim Report – 31 December 2024 05

Directors’ Report continued

Significant changes in the state of affairs

The company’s wholly owned subsidiary, BPG Credit Pty Ltd obtained an Australian Credit Licence (ACL) at the end of August 2024 enabling it to issue its regulated credit product, the Personal Loan. This complements the existing Pay Advance and Tax Refund Advance products, supporting customers requiring larger sums for longer durations. This new offering initially provides eligible customers with loans from $2,001 up to $3,000 for a term of up to 3 months, with the potential for higher limits and longer durations in the future. The Personal Loan has initially been priced with a 5% fee and a 1.5% monthly interest charge.

There were no other significant changes in the state of affairs of the Group during the financial period.

Matters subsequent to the end of the financial period

No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.

Likely developments and expected results of operations

In FY25, the Group will focus on three primary initiatives:

• Core pay advance business: The Group intends to continue growing and servicing our core pay advance business. The Group aims to provide safer and better alternatives to our customers while maintaining a lean cost base and improving margins.

• New lending products: The Group launched its Personal Loan product, with a phased approach, initially offering the product to existing customers to validate its performance and identify opportunities for enhancements to the credit risk model and processes prior to offering the product more widely. The company will progressively expand the offering to new customers. With our strong capabilities in data-driven risk management and a large customer base, Beforepay believes it is well-positioned to compete effectively in this market.

• Carrington Labs: The Group has established a new business line, Carrington Labs, to offer our risk models to lenders globally. This initiative aims to offer enterprise clients the same cutting-edge technology and artificial intelligence tools that power the Group’s ethical lending products.

06

Beforepay Group Limited

Directors’ Report continued

Auditor’s independence declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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Brian Hartzer Chair

27 February 2025 Sydney

Interim Report – 31 December 2024 07

Auditor’s Independence Declaration

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Auditor’s independence declaration to the directors of Beforepay Group Limited

As lead auditor for the review of the financial report of Beforepay Group Limited for the half-year ended 31 December 2024, I declare to the best of my knowledge and belief, there have been:

• a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review;

• b. No contraventions of any applicable code of professional conduct in relation to the review; and

• c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.

This declaration is in respect of Beforepay Group Limited and the entities it controlled during the financial period.

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Ernst & Young

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Anita Kariappa Partner 27 February 2025

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

08

Beforepay Group Limited

Statement of Profit or Loss and Other Comprehensive Income

For the period ended 31 December 2024

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Consolidated
6 months 6 months
ended ended
Note 31 Dec 2024 31 Dec 2023
$ $
Revenue
Revenue from contracts with customers 4 19,672,701 17,635,458
Other income 5 80,105 1,742
Interest income 6,457 22,462
Expenses
Direct service cost (774,372) (802,562)
Employee benefits expense 6 (3,767,975) (4,141,643)
Depreciation and amortisation expense (257,253) (244,246)
Other non-operational expenses (10,223) (3,849)
Expected credit losses expense (4,712,317) (4,913,802)
Occupancy expenses (53,029) (33,760)
Advertising and marketing expenses (2,331,319) (1,433,735)
Professional and consultancy expenses (939,281) (737,725)
Software licences (34,972) (12,664)
Technical suppliers (703,410) (567,316)
Other expenses (746,487) (585,316)
Finance costs 6 (2,612,434) (1,969,653)
Profit before income tax expense 2,816,191 2,213,391
Income tax expense – –
Profit after income tax expense for the period attributable to the 2,816,191 2,213,391
owners of Beforepay Group Limited
Other comprehensive income for the period, net of tax – –
Total comprehensive income for the period attributable to the owners 2,816,191 2,213,391
of Beforepay Group Limited
$ $
Basic earnings per share 17 0.06 0.05
Diluted earnings per share 17 0.05 0.05
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The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

Interim Report – 31 December 2024 09

Statement of Financial Position

As at 31 December 2024

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Consolidated
Note Dec 2024 Jun 2024
$ $
Assets
Current assets
Cash and cash equivalents 7 18,258,669 19,227,764
Trade and other receivables 8 54,301,559 50,182,548
Other assets 805,538 829,035
Total current assets 73,365,766 70,239,347
Non-current assets
Property, plant and equipment 9 68,786 62,036
Intangibles 10 2,922,175 1,101,709
Right-of-use assets 1,505,182 1,560,854
Other assets 278,636 527,673
Total non-current assets 4,774,779 3,252,272
Total assets 78,140,545 73,491,619
Liabilities
Current liabilities
Trade and other payables 11 2,780,508 4,679,775
Lease liabilities 166,477 275,078
Employee benefits 334,409 275,542
Total current liabilities 3,281,394 5,230,395
Non-current liabilities
Borrowings 12 37,785,789 36,411,772
Lease liabilities 1,449,099 1,314,622
Provisions 3,230 3,040
Total non-current liabilities 39,238,118 37,729,434
Total liabilities 42,519,512 42,959,829
Net assets 35,621,033 30,531,790
Equity
Issued capital 13 80,532,225 80,478,664
Reserves 14 3,618,605 1,399,114
Accumulated losses (48,529,797) (51,345,988)
Total equity 35,621,033 30,531,790
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The above statement of financial position should be read in conjunction with the accompanying notes.

10

Beforepay Group Limited

Statement of Changes in Equity

For the period ended 31 December 2024

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Accumulated
Issued capital Reserves losses Total equity
Consolidated $ $ $ $
Balance at 1 July 2023 80,271,145 1,766,011 (55,209,732) 26,827,424
– –
Profit after income tax expense for the period 2,213,391 2,213,391
– – – –
Other comprehensive income for the period, net of tax
– –
Total comprehensive income for the period 2,213,391 2,213,391
Transactions with owners in their capacity as owners:
– –
Contributions of equity, net of transaction costs 69,413 69,413
– –
Share-based payments (note 17) 565,958 565,958
Balance at 31 December 2023 80,340,558 2,331,969 (52,996,341) 29,676,186
Accumulated
Issued capital Reserves losses Total equity
Consolidated $ $ $ $
Balance at 1 July 2024 80,478,664 1,399,114 (51,345,988) 30,531,790
– –
Profit after income tax expense for the period 2,816,191 2,816,191
– – – –
Other comprehensive income for the period, net of tax
– –
Total comprehensive income for the period 2,816,191 2,816,191
Transactions with owners in their capacity as owners:
– –
Contributions of equity, net of transaction costs (note 13) 53,561 53,561
– –
Share-based payments (note 17) 2,219,491 2,219,491
Balance at 31 December 2024 80,532,225 3,618,605 (48,529,797) 35,621,033
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The above statement of changes in equity should be read in conjunction with the accompanying notes.

Interim Report – 31 December 2024 11

Statement of Cash Flows

For the period ended 31 December 2024

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Consolidated
6 months 6 months
ended ended
Note 31 Dec 2024 31 Dec 2023
$ $
Cash flows from operating activities
Receipts from repayment of customers advances 388,265,605 355,109,628
Receipts of income 19,271,222 12,012,893
Payments to suppliers and employees (8,692,394) (7,944,497)
Advances to customers (396,712,505) (358,591,500)
Interest received 6,457 22,462
Interest and other finance costs paid (2,423,606) (1,873,359)
Commission income 5 80,105 1,742
Net cash used in operating activities (205,116) (1,262,631)
Cash flows from investing activities
Payments for property, plant and equipment 9 (23,891) (8,735)
Capitalised employee costs for software development 10 (1,847,402) 0
Net cash used in investing activities (1,871,293) (8,735)
Cash flows from financing activities
Proceeds from issue of shares 13 53,561 69,413
Proceeds from borrowings 1,185,380 32,907,077
Borrowings transaction costs – (1,131,821)
Repayment of borrowings – (33,285,145)
Repayment of lease liabilities (131,627) (196,092)
Net cash from/(used in) financing activities 1,107,314 (1,636,568)
Net decrease in cash and cash equivalents (969,095) (2,907,934)
Cash and cash equivalents at the beginning of the financial period 19,227,764 21,777,857
Cash and cash equivalents at the end of the financial period 18,258,669 18,869,923
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The above statement of cash flows should be read in conjunction with the accompanying notes.

12

Beforepay Group Limited

Notes to the Financial Statements

31 December 2024

Note 1. General information

The financial statements cover Beforepay Group Limited as a Group consisting of Beforepay Group Limited and the entities it controlled at the end of, or during, the period. The financial statements are presented in Australian dollars, which is Beforepay Group Limited’s functional and presentation currency.

Beforepay Group Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Suite 1, Level 9 77 Castlereagh Street Sydney NSW 2000

A description of the nature of the Group’s operations and its principal activities are included in the directors’ report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 February 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material Accounting Policy Information

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’.

These condensed general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group during the financial half-year ended 31 December 2024 and are not expected to have a significant impact for the full financial year ending 30 June 2025.

Interim Report – 31 December 2024 13

Notes to the Financial Statements continued

The revised Standard effective for the current half-year that is relevant to the Group is set out below:

AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-Current and AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

AASB 2020-1 was issued in March 2020 and is applicable to annual periods beginning on or after 1 January 2024, as extended by AASB 2020-6. Early adoption is permitted. AASB 2022-6 was issued in December 2022 and is applicable to annual periods beginning on or after 1 January 2024. Early adoption is permitted where AASB 2020-1 is also early adopted.

These standards amend AASB 101 ‘Presentation of Financial Statements’ to clarify requirements for the presentation of liabilities in the statement of financial position as current or non-current. The amendments clarify that a liability is classified as non-current if an entity has the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period. If the deferral right is subject to the entity complying with covenants in the loan arrangement based on information up to and including reporting date, the deferral right will exist where the entity is able to comply with the covenant on or before the end of the reporting date even if compliance is assessed after the reporting date. The deferral right will be deemed to exist at reporting date if the entity is required to comply with the covenant only after the reporting date based on post-reporting date information. Additional disclosure is required about loan arrangements classified as non-current liabilities in such circumstances which enables users of financial statements to understand the risk that the liabilities could become repayable within twelve months after the reporting period. Classification of a liability as non-current is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least 12 months after the reporting date or even if the entity settles the liability prior to issue of the financial statements. The meaning of settlement of a liability is also clarified.

The amendments did not impact the classification of the Group’s borrowings.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Going concern

During the half-year ended 31 December 2024, the Group incurred a profit after tax of $2,816,191 (31 December 2023: profit of $2,213,391) and had net operating cash outflows of $192,055 (31 December 2023: outflows of $1,262,631) and net investing cash outflows of $1,871,293 (31 December 2023: outflows of $8,735). Further, the Group has a net current assets position of $70,071,311 at 31 December 2024 (30 June 2024: net current assets of $65,008,952), as well as net assets position of $35,607,972 (30 June 2024: net assets of $30,531,790).

On 18 October 2023, Beforepay Finance Pty Ltd, a subsidiary of Beforepay Group Limited, secured a new debt facility agreement for a three-year term, with a total facility amount of $55,000,000 with Australian Commercial Mortgage Corporation Pty Ltd as trustee for the Australian AB Finance Trust (‘Balmain Group’) and AMAL Trustees Pty Ltd as trustee for the Longreach Direct Lending Fund (‘Longreach’). In October 2024, Longreach novated all of its rights and obligations under the debt facility agreement to AMAL Security Services Pty Ltd as trustee for LCI Funding Trust 1 (‘Longreach Lender’). Refer to note 12 for further details.

The directors believe that the funds available from existing cash reserves and debt facilities will provide the Group with sufficient working capital to carry out its stated objectives for at least the next 12 months from the date of signing these financial statements.

The financial statements have been prepared on a going concern basis for the above reasons.

14

Beforepay Group Limited

Notes to the Financial Statements continued

Note 3. Operating segments

Identification of reportable operating segments

Operating segments are presented using the “management approach” where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. The Group is organised into one operating segment, being the provision of finance to its customers by way of salary advances. There is no aggregation of operating segments.

The operating segment information is the same information as provided throughout the financial statements and therefore not duplicated.

During the current and previous financial period, the Group did not have any major customers due to the nature of services provided.

Note 4. Revenue from contracts with customers

Note 4. Revenue from contracts with customers
	Consolidated
	6 months ended 31 Dec 2024 6 months ended 31 Dec 2023
	$ $
Revenue	19,672,701 17,635,458

Revenue is recognised over the period in which customer advances are made until they are repaid and applying an effective interest rate method. Revenue is calculated and charged based on a fixed percentage of the amount advanced.

All revenue is derived in Australia.

Note 5. Other income

Note 5. Other income
	Consolidated
	6 months ended 31 Dec 2024 6 months ended 31 Dec 2023
	$ $
Commission income	80,105 1,742

Commission income

Commission income was received during the half-year ended 31 December 2024 and relates to the Group’s Compare and Save platform, powered by CIMET, which allows customers to compare and directly switch to a range of electricity, gas, mobile and internet providers.

Interim Report – 31 December 2024 15

Notes to the Financial Statements continued

Note 6. Expenses

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Consolidated
6 months 6 months
ended ended
31 Dec 2024 31 Dec 2023
$ $
Profit before income tax includes the following specific expenses:
Finance costs
Interest and finance charges paid/payable on borrowings 2,337,539 1,857,710
Interest and finance charges paid/payable on lease liabilities 86,067 15,649
Unwinding of the discount on provisions 191 1,976
Amortisation of loan establishment fees 188,637 94,318
2,612,434 1,969,653
Employee benefits expense
Employee benefits expense excluding share-based payments 1,548,484 3,575,685
Share-based payments expense 2,219,491 565,958
3,767,975 4,141,643
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Note 7. Cash and cash equivalents

Note 7. Cash and cash equivalents
	Consolidated
	Dec 2024 Jun 2024
	$ $
Current assets Cash at bank Cash held by service providers	17,908,321 18,864,335 350,348 363,429
	18,258,669 19,227,764

The cash-on-hand figure of $18,258,669 excludes $5,786,946 in cash held by third parties to fund customer advances (30 June 2024: $19,227,764 excludes $6,030,225 in cash held by third parties to fund advances). These are included in note 8 as other receivables.

16

Beforepay Group Limited

Notes to the Financial Statements continued

Note 8. Trade and other receivables

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Consolidated
Dec 2024 Jun 2024
$ $
Current assets
Receivables – customer advances 54,735,498 46,249,504
Less: Allowance for expected credit losses (6,896,690) (5,752,767)
47,838,808 40,496,737
Other receivables 6,462,751 9,663,295
GST receivable – 22,516
54,301,559 50,182,548
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During the half-year ended 31 December 2024, the Group issued customer advances totalling $396,712,505 (half-year ended 31 December 2023: $358,591,500).

Customer advances receivable represent outstanding amounts on advances and associated income receivable issued on the Group’s platform. The Group’s business model is to hold the receivables with the objective to collect the contractual cash flows, including principal and income due to the Group. Consumer receivables are measured at amortised cost using the Effective Interest Rate (EIR) method. They are generally due within 14-56 days.

Allowance for expected credit losses

The Group applies the general provision approach to account for expected credit losses (‘ECLs’) on customer receivables measured at amortised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the terms and all the cash flows that the Group expects to receive. Due to the short-term nature of the customer receivables, the ECLs approximates the lifetime ECL the Group uses ageing of customer advances receivable as the basis for ECL measurement given the short duration of consumer payment terms (maximum 62 days). At each reporting date, the Group assesses impairment risk based on the initial amount of customer advances receivable and the movements in the ageing to estimate the ECL.

Movements in the allowance for expected credit losses are as follows:

	Consolidated
	Dec 2024 Jun 2024
	$ $
Opening balance Additional provisions recognised Receivables written off during the period/year as uncollectable Unused amounts reversed	5,752,767 6,284,756 9,048,284 17,841,686 (3,568,394) (10,733,538) (4,335,967) (7,640,137)
Closingbalance	6,896,690 5,752,767

Interim Report – 31 December 2024 17

Notes to the Financial Statements continued

Note 9. Property, plant and equipment

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Consolidated
Dec 2024 Jun 2024
$ $
Non-current assets
Computer equipment – at cost 297,918 274,027
Less: Accumulated depreciation (230,925) (214,120)
66,993 59,907
Office equipment – at cost 3,332 3,332
Less: Accumulated depreciation (1,539) (1,203)
1,793 2,129
68,786 62,036
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Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial period are set out below:

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Computer Office
equipment equipment Total
Consolidated $ $ $
Balance at 1 July 2024 59,907 2,129 62,036
Additions 23,891 – 23,891
– – –
Transfers in/(out)
Depreciation expense (16,805) (336) (17,141)
Balance at 31 December 2024 66,993 1,793 68,786
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18

Beforepay Group Limited

Notes to the Financial Statements continued

Note 10. Intangibles

Note 10. Intangibles
	Consolidated
	Dec 2024 Jun 2024
	$ $
Non-current assets Development – at cost Less: Accumulated amortisation	3,393,267 1,545,865 (471,092) (444,156)
	2,922,175 1,101,709

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial period are set out below:

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Development
costs
Consolidated $
Balance at 1 July 2024 1,101,709
Additions 1,847,402
Amortisation expense (26,936)
Balance at 31 December 2024 2,922,175
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During the half-year ended 31 December 2024, the Group capitalised additional development costs relating to the personal loans and Carrington Labs offerings.

Note 11. Trade and other payables

Note 11. Trade and other payables
	Consolidated
	Dec 2024 Jun 2024
	$ $
Current liabilities Trade payables Accrued expenses Deferred revenue GST payable	873,015 1,027,169 1,882,414 3,652,606 12,691 – 12,388 –
	2,780,508 4,679,775

Interim Report – 31 December 2024 19

Notes to the Financial Statements continued

Note 12. Borrowings

Note 12. Borrowings
	Consolidated
	Dec 2024 Jun 2024
	$ $
Non-current liabilities Loan – Longreach Lender Loan – Balmain Group Loan establishment fees	3,446,018 17,260,638 35,000,000 20,000,000 (660,229) (848,866)
	37,785,789 36,411,772

Loan – Longreach Lender and Balmain Group

On 18 October 2023, Beforepay Finance Pty Ltd, a subsidiary of Beforepay Group Ltd, signed a secured debt facility agreement for $55,000,000 with Balmain Group and Longreach. In October 2024, Longreach subsequently novated all of its rights and obligations under the debt facility agreement to AMAL Security Services Pty Ltd as trustee for LCI Funding Trust 1 (‘Longreach Lender’).

The secured debt facility has a limit of $55,000,000 and expires on the maturity date of 15 October 2026.

The key terms of the facility agreement include:

• $55,000,000 facility ($20,000,000 from Longreach Lender and $35,000,000 from Balmain Group) for 3 years to 15 October 2026 with the potential to extend the total facility size in a future period. This reflects a transfer of debt on 29 November 2024, where Balmain Group and Longreach Lender reached commercial agreement to assign a A$15,000,000 of Longreach Lender’s drawn exposure to Balmain Group.

• The borrowing base is relevant to the facility limit. The borrowing base in broadly 80% of the value of eligible receivables outstanding at the relevant date plus the amount of funds held in a bank account secured in favour of the security trustee for the Lenders. For the purpose of the borrowing base calculation, eligible receivables means the aggregate amount owing for all loans advanced by Beforepay Finance Pty Ltd to its customers which are less than 30 days overdue.

• Beforepay Finance Pty Ltd, Beforepay Ops Pty Ltd, Beforepay IP Pty Ltd and BPG Credit Pty Ltd have granted first ranking security to the Lenders over all of their present and after acquired assets. The Group has granted security under a specific security deed over its shares in each of these subsidiaries.

• Mandatory prepayment occurs if the amounts drawn under the facility exceed the amount of the borrowing base (defined above) at any time, then Beforepay Finance Pty Ltd must either repay that amount or transfer that amount to an agreed bank account secured in favour of the security trustee for the lenders.

• In accordance with the ASX announcement on 18 October 2023, the interest payable lies between 12.25% and 13.25% per annum depending on a fixed charge coverage ratio (FCCR) linked to EBITDA.

• Upfront fees and costs of c. 1.7% on the $55,000,000 balance.

The facility agreement contains financial covenants and other undertakings customary for facilities of this nature. An event of default will occur under the facility agreement if (among other things) Beforepay Finance Pty Ltd breaches the financial covenants. The agreement contains other events of defaults customary for a facility of this nature, including a circumstance or event which would have a material adverse effect.

Covenants have been complied with through to the date of this report. Debt covenants have been assessed regularly to determine whether there were any breaches for which disclosure is required and considered in the forward forecast.

20

Beforepay Group Limited

Notes to the Financial Statements continued

Financing arrangements

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Consolidated
Dec 2024 Jun 2024
$ $
Total facilities
Loan – Longreach Lender 20,000,000 35,000,000
Loan – Balmain Group 35,000,000 20,000,000
55,000,000 55,000,000
Used at the reporting date
Loan – Longreach Lender 3,446,018 17,260,638
Loan – Balmain Group 35,000,000 20,000,000
38,446,018 37,260,638
Unused at the reporting date
Loan – Longreach Lender 16,553,982 17,739,362
– –
Loan – Balmain Group
16,553,982 17,739,362
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Note 13. Issued capital

Note 13. Issued capital
	Consolidated
	Dec 2024 Jun 2024 Dec 2024 Jun 2024
	Shares Shares $ $
Ordinary shares – fully paid	48,220,946 47,335,412 80,519,164 80,478,664

Movements in ordinary share capital

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Number
Details Date of Shares Issued price $
Balance 1 July 2024 47,335,412 80,478,664
Shares issued on exercise of share options 26 September 2024 100,000 $0.405 40,500
–
Shares issued on exercise of performance rights 26 September 2024 743,156 $0
Shares issued on exercise of share options 11 November 2024 35,628 $0.200 7,126
Shares issued on exercise of share options 11 November 2024 6,750 $0.879 5,935
Balance 31 December 2024 48,220,946 80,532,225
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Interim Report – 31 December 2024 21

Notes to the Financial Statements continued

Ordinary shares

Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the Group be wound up in proportions that consider both the number of shares held and the extent to which those shares are paid up. The fully paid ordinary shares have no par value, and the Group does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back

There is no current on-market share buy-back.

Note 14. Reserves

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Consolidated
Dec 2024 Jun 2024
$ $
Share-based payments reserve 3,618,605 1,399,114
Movements in reserves
Movements in each class of reserve during the current financial period are set out below:
Share-based payments
Consolidated $
Balance at 1 July 2024 1,399,114
Share-based payments 2,219,491
Balance at 31 December 2024 3,618,605
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Note 15. Dividends

There were no dividends paid, recommended or declared during the current or previous financial period.

Note 16. Contingent liabilities

Note 16. Contingent liabilities
	Consolidated
	Dec 2024 Jun 2024
	$ $
Bankguarantees	278,636 278,636

22

Beforepay Group Limited

Notes to the Financial Statements continued

Note 17. Share-based payments

The Group has granted shares options and rights under the following share-based payments plans:

• Legacy Long-Term Incentive Plan (Legacy LTIP)

• Long-Term Incentive Plan (LTIP)

Legacy LTIP

During the financial year ended 30 June 2020, an Employee Option Plan was established by the Group whereby share options were issued to certain employees. The options were issued for nil consideration and granted in accordance with performance guidelines established by the Board. These options allow each option holder to convert each option to one share following vesting.

The vesting conditions vary for each grant of options. The following vesting conditions apply to options granted:

• 25% of the options granted will vest one year from grant date; and from the start of the second year, the remaining 75% of the options granted will vest on a quarterly basis over a 3 year period;

• options will vest upon IPO; or

• options will vest equally over 3 years.

Vesting conditions and other vesting events may be varied at the discretion of the Board. The options may only be exercised for shares in the company.

LTIP

During the financial year ended 30 June 2021, a long-term incentive plan was established by the Group whereby share options and share rights may be issued to Directors (including Non-Executive Directors), employees and contractors, or any other person designated by the Board. The options were issued for nil consideration and are granted in accordance with performance guidelines established by the Board. These options allow each option holder to convert each option to one share following vesting. The options will vest over 4 years.

During the half-year ended 31 December 2024, performance rights which will convert into fully paid ordinary shares on vesting, were issued to employees for $nil consideration. The vesting period for these performance rights for non-executive staff is 2 years and for executive staff is 3 years.

Interim Report – 31 December 2024 23

Notes to the Financial Statements continued

Set out below are summaries of options and performance rights granted under the plan:

Dec 2024

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Balance at Expired/ Balance at
Exercise the start of forfeited/ the end of
Grant date Expiry date price the period Granted Exercised other the period
01/07/2019 01/01/2025 $0.38 – – – – –
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Dec 2024 Grant date 01/07/2019	Expiry date 01/01/2025	Exercise price $0.38	Balance at the start of the period –	Granted –	Exercised –	Expired/ forfeited/ other –	Balance at the end of the period –
24/07/2019	01/01/2025	$0.38	79,876	–	–	(79,876)	–
15/08/2020	15/08/2025	$0.44	7,190	–	–	–	7,190
19/08/2020	19/08/2025	$0.44	29,052	–	–	–	29,052
20/09/2020	30/06/2024	$1.30	–	–	–	–	–
30/09/2020	30/09/2025	$0.20	1,650	–	–	–	1,650
01/11/2020	01/11/2025	$0.20	2,064	–	–	–	2,064
16/11/2020	30/06/2024	$1.30	–	–	–	–	–
17/11/2020	17/11/2025	$0.20	–	–	–	–	–
17/11/2020	01/01/2025	$0.20	–	–	–	–	–
02/12/2020	02/12/2025	$0.20	35,628	–	–	(35,628)	–
01/01/2021	01/01/2025	$0.20	–	–	–	–	–
04/01/2021	04/01/2026	$0.88	6,587	–	–	–	6,587
08/01/2021	08/01/2026	$0.20	–	–	–	–	–
27/01/2021	30/06/2024	$1.30	–	–	–	–	–
01/02/2021	01/02/2026	$0.88	10,647	–	–	–	10,647
22/02/2021	22/02/2026	$0.88	7,000	–	–	–	7,000
05/07/2021	05/07/2031	$0.88	242,200	–	–	–	242,200
09/07/2021	09/07/2026	$0.88	959,000	–	–	–	959,000
21/07/2021	21/07/2026	$0.88	9,852	–	(6,750)	–	3,102
01/09/2021	01/09/2026	$0.88	430,680	–	–	–	430,680
21/10/2021	01/08/2026	$1.30	20,000	–	–	(20,000)	–
29/04/2022	29/04/2027	$0.41	483,646	–	(251,235)	(14,815)	217,596
30/06/2022	30/06/2027	$0.39	334,452	–	–	–	334,452
30/06/2022	30/06/2027	$0.29	2,780,556	–	–	–	2,780,556
21/09/2022	21/09/2027	$0.45	1,842,308	–	–	–	1,842,308
21/09/2022	21/09/2027	$0.00	224,795	–	(131,558)	(3,316)	89,921
30/06/2023	30/06/2028	$0.54	239,808	–	–	–	239,808
21/12/2023	21/12/2028	$0.00	634,170	–	(200,075)	–	434,095
21/12/2023	21/12/2028	$0.45	137,500	–	–	–	137,500
21/12/2023	21/12/2028	$1.00	50,000	–	–	–	50,000
12/01/2024	12/01/2029	$0.00	1,234,568	–	(411,523)	–	823,045
20/09/2024	20/09/2029	$0.00	–	964,756	–	–	964,756
20/09/2024	20/09/2029	$1.00	–	70,000	–	–	70,000
20/09/2024	20/09/2029	$1.09	–	119,620	–	–	119,620
			9,803,229	1,154,376	(1,001,141)	(153,635)	9,802,829
Weighted average	exerciseprice		$0.38	$0.17	$0.11	$0.45	$0.38

24

Beforepay Group Limited

Notes to the Financial Statements continued

For the options granted during the current financial period, the Black Scholes valuation model inputs used to determine the fair value at the grant date, are as follows:

Grant date	Expiry date	Share price at grant date	Exercise price	Expected volatility	Dividend yield	Risk-free interest rate	Fair value at grant date
20/09/2024	20/09/2029	$0.94	$0.00	40.00%	–	3.64%	$0.94
20/09/2024	20/09/2029	$0.94	$1.00	40.00%	–	3.64%	$0.24
20/09/2024	20/09/2029	$0.94	$1.09	40.00%	–	3.64%	$0.37

Note 18. Earnings per share

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Consolidated
6 months 6 months
ended ended
31 Dec 2024 31 Dec 2023
$ $
Profit after income tax attributable to the owners of Beforepay Group Limited 2,816,191 2,213,391
Number Number
Weighted average number of ordinary shares used in calculating basic earnings per share 47,717,403 46,731,057
Adjustments for calculation of diluted earnings per share:
Options over ordinary shares 4,148,313 927,735
Performance rights over ordinary shares 187,321 130,923
Weighted average number of ordinary shares used in calculating diluted earnings per share 52,053,037 47,789,715
$ $
Basic earnings per share 0.06 0.05
Diluted earnings per share 0.05 0.05
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Note 19. Events after the reporting period

No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.

Interim Report – 31 December 2024 25

Directors’ Declaration

31 December 2024

In the directors’ opinion:

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the Group’s financial position as at 31 December 2024 and of its performance for the financial period ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

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Brian Hartzer Chair 27 February 2025 Sydney

26

Beforepay Group Limited

Independent Auditor’s Review Report

To the members of Beforepay Group Limited

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Ernst & Young Tel: +61 2 9248 5555
200 George Street Fax: +61 2 9248 5959
Sydney NSW 2000 Australia ey.com/au
GPO Box 2646 Sydney NSW 2001
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Independent auditor’s review report to the members of Beforepay Group Limited

Conclusion

We have reviewed the accompanying half-year financial report of Beforepay Group Limited (the Company) and its subsidiaries (collectively the Group), which comprises the condensed statement of financial position as at 31 December 2024, the condensed statement of profit or loss and other comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half-year ended on that date, explanatory notes and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001 , including:

• a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial performance for the half-year ended on that date; and

• b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants ( including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Directors’ responsibilities for the half-year financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the review of the half-year financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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1
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Interim Report – 31 December 2024 27

Independent Auditor’s Review Report continued

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Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Ernst & Young

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Anita Kariappa Partner Sydney 27 February 2025

2

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

28

Beforepay Group Limited

Glossary

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Term Definition
AAS Australian Accounting Standards issued by the Australian Accounting
Standards Board.
AASB Australian Accounting Standards Board.
Active Users A customer of Beforepay, who has taken out an advance in the previous 12 months
from the date of the relevant information. This includes customers who have not repaid
their most recent Cash Out in full and are not eligible to re-borrow until they have done
so. The figures presented on Active Users are unaudited.
Average Pay Advance Total dollar volume of pay advances in a period divided by the number of pay advances
in that period. The figures presented on average pay advance are unaudited.
App Either one of the two smartphone applications of Beforepay, one for iOS devices
and one for Android or the web application, as appropriate in its context.
ASX ASX Limited or the securities exchange that it operates, as the context requires.
Balmain Group Australian Commercial Mortgage Corporation Pty Ltd as trustee for the
Australian AB Finance Trust.
Beforepay Finance Pty Ltd. Beforepay Finance Pty Ltd ACN 636 670 525 (a wholly owned subsidiary
of the Company).
Beforepay IP Pty Ltd. Beforepay IP Pty Ltd ACN 633 930 015 (a wholly owned subsidiary of the Company).
Beforepay Ops Pty Ltd. Beforepay Ops Pty Ltd ACN 633 930 159 (a wholly owned subsidiary of the Company).
Beforepay Income The transactions fees charged to customers on advances. Beforepay income is
calculated and charged based on a fixed percentage (5%) of the amount advanced.
Board or Board of Directors The board of directors of the Company.
BPG Credit Pty Ltd BPG Credit Pty Ltd ACN 673 570 575 (a wholly owned subsidiary of the Company).
Company Beforepay Group Limited (ACN 633 925 505).
Commission Income Commission income earned on Beforepay’s Compare and Save platform.
Corporations Act Corporations Act 2001 (Cth).
Credit Risk Model Beforepay’s proprietary credit risk scoring model.
Customer Acquisition Advertising and marketing expenses attributable to customer acquisition divided
Costs by the number of first time cash outs. The figures presented on customer acquisition
costs are unaudited.
Director A member of the Board.
Duration The average across all pay advances of the time required to repay the pay advance,
weighted by the dollar size of each pay advance. A pay advance that is not repaid
within 62 days is assumed to have a duration of 62 days.
EBITDA Earnings before interest, taxation, depreciation and amortisation (adjusted).
The figures presented on EBITDA are unaudited.
Group The Company and each of its subsidiaries.
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Interim Report – 31 December 2024 29

Glossary continued

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Term Definition
GST Goods and services tax (GST) imposed under the A New Tax System
(Goods and Services Tax) Act 1999 (Cth).
IFRS International Financial Reporting Standards issued by the International
Accounting Standards Board.
Interest income Interest earned on cash at bank. It is not the fee that Beforepay charges
to its customers.
Lenders Balmain Group and Longreach Lender.
Longreach AMAL Trustees Pty Ltd as trustee for Longreach Direct Lending Fund.
Longreach Lender AMAL Security Services Pty Ltd as trustee for LCI Funding Trust 1.
Net Defaults Actual and expected credit losses (net of recoveries). It comprises customer defaults
plus current advances provisioned during the period. The figures presented on
Net Defaults are unaudited.
Net Transaction Margin Comprises Beforepay income (being Beforepay pay advance fee income) less
the variable costs associated with facilitating the pay advance transaction (net of
recoveries). Variable costs include net transaction loss, third party funding costs
and direct service costs. Net transaction margin is a management metric used
to measure the gross margin on pay advances. The figures presented on net
transaction margin are unaudited.
Non-Executive Director A member of the Board who does not form part of the Company’s management.
Presently this constitutes all of the Directors.
Pay Advances or The aggregate dollar value of Cash Outs in a specified period to a user. T
pay advances he figures presented on pay advances are unaudited.
Share A fully paid ordinary share in the capital of the Company.
Share Registry Automic Pty Ltd (ACN 152 260 814).
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30

Beforepay Group Limited

Corporate Directory

Directors

Brian Hartzer – Chair and Non-Executive Director Daniel Moss – Non-Executive Director Stefan Urosevic – Non-Executive Director Patrick Tuttle – Non-Executive Director

Company secretaries

Elena Chan David Hwang

Auditor

Ernst & Young EY Centre 200 George Street Sydney NSW 2000

Stock exchange listing

Beforepay Group Limited shares are listed on the Australian Securities Exchange (ASX code: B4P).

Website

Registered office

www.beforepay.com.au

Suite 1, Level 9 77 Castlereagh Street Sydney NSW 2000

Tel: +61 1300 870 711

Share registry

Automic Pty Limited Deutsche Bank Tower Level 5, 126 Philip Street Sydney NSW 2000

Tel: +61 2 9698 5414

This page has been left blank intentionally.

colliercreative.com.au #BEF0012

beforepay.com.au

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