ENECO REFRESH LTD — Interim / Quarterly Report 2026

Apr 29, 2026

EPR

EARTH RACING RACING

Eneco Refresh Limited (ACN 079 681 244)

17 Denninup Way, Malaga WA 6090

Tel: (08) 9248 3006

Email: info@eneco-refresh.com.au

Website: www.eneco-refresh.com.au

Thursday, 30 April 2026

ASX Announcement

(ASX: ERG)

Quarterly Activity Report to 31 March 2026

Eneco Refresh Ltd (Eneco) is pleased to present an overview of its performance for the third quarter ending March 2026. We are pleased to report continued improvement, with overall revenue growth of 7% for both the quarter and year-to-date. Total revenue for the quarter by Cash Generating Units (CGU) compared to the same period last financial year are as follows:

	Third Quarter Revenue			Year-to-date Revenue
Cash Generating Units	Jan 26 - Mar 26	Jan 25 - Mar 25	Variance	July 25 - Mar 26	July 24 - Mar 25	Variance
	$'000	$'000		$'000	$'000
Western Australia (WA)	1,485	1,445	3%	4,189	3,944	6%
New South Wales (NSW)	765	808	-5%	2,442	2,494	-2%
Victoria (VIC)	719	589	22%	1,942	1,653	17%
Northern Territory (NT)	8	19	-58%	43	59	-27%
Queensland (QLD)	905	846	7%	2,699	2,554	6%
Refresh Waters	3,882	3,707	5%	11,315	10,704	6%
Refresh Plastics	626	513	22%	2,193	1,967	11%
Total	4,508	4,220	7%	13,508	12,671	7%

A summary of key expenditure items incurred compared to the previous quarter is as follows:

	Q3 FY26	Q2 FY26	Q1 FY26
	$ '000	$ '000	$ '000
Product manufacturing and operating costs	2,164	2,565	2,673
Advertising and marketing	52	76	56
Leased premises (ROU assets)	195	194	191
Staff costs¹	1,432	1,525	1,313
Purchase of plant and equipment	166	176	51

¹ Includes $32,634 paid as director fees.

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Page 2

Refresh Waters

The water business continued to deliver on its improved performance with a strong Q3 result of 5% growth compared to the same quarter in the previous financial year and is currently sitting 6% or $611,000 favourable when compared to the year-to-date results from the prior year. The management focus has shifted from the turnaround plan to a future growth plan which is reflected in the improved results of the business.

Sales into major retailers increased throughout the period, whilst several initiatives to reduce the operational costs have helped to deliver profitable results in every branch for the quarter and year-to-date. Management commitment continues with further improvements to operational efficiencies being delivered through investment in our people and equipment.

Our main customer for bulk water in Darwin relocated their factory throughout January. As such, sales were understandably lower.

Due to a change in accounting practice for FY26, in which our custom label water revenue is now assigned directly to the manufacturing site as opposed to all being attributed to Sydney, our Victorian branch is benefiting from the change, and the New South Wales branch is showing a small decline. This is not reflective of overall performance as shown by the total overall increase.

Refresh Plastics

The Plastics business experienced a quiet January but excelled in February and March to establish an 11% or $226,000 revenue improvement year to date end of the Q3 period when compared to 2025. Modifications and redesigns of current saleable items has brought new opportunities for the Plastics business, and we continue to offer our bespoke service to new and existing customers to drive the business forward.

Update re impact of current Middle East war:

The effects of the Middle East conflict and subsequent cost increases of fuel and raw materials were relatively low as we ended the quarter. However, we have started to receive notifications of significant cost movements in numerous raw materials, cost to manufacture and supply chain and such increases have started to flow in April.

Our management team are taking a proactive approach with suppliers and customers to address such pricing movement and to mitigate wherever possible.

In some circumstances where clients cannot carry the increases we may exit supply agreements if they turn negative in terms of profitability as loss making business is no longer part of our DNA at Refresh.

The team have a solid action plan and despite the significant challenges currently the Board has confidence that the plan and focus is what it needs to be in such an environment.

This announcement was authorised for release by Colin Moran, Non-Executive Chairman

For more information, please contact info@eneco-refresh.com.au

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A

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Eneco Refresh Limited

ABN

28 079 681 244

Quarter ended ("current quarter")

31 March 2026

Consolidated statement of cash flows	Current quarter $A'000	Year to date (9 months) $A'000
1. Cash flows from operating activities
1.1 Receipts from customers	4,422	13,438
1.2 Payments for
(a) research and development
(b) product manufacturing and operating costs	(2,164)	(7,402)
(c) advertising and marketing	(52)	(184)
(d) leased assets	(98)	(290)
(e) staff costs	(1,432)	(4,270)
(f) administration and corporate costs	(138)	(365)
1.3 Dividends received (see note 3)
1.4 Interest received	32	126
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives	0	0
1.8 Other
1.9 Net cash from / (used in) operating activities	570	1,053

ASX Listing Rules Appendix 4C (17/07/20)

• See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows		Current quarter $A'000	Year to date (9 months) $A'000
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities
	(b) businesses
	(c) property, plant and equipment	(166)	(394)
	(d) investments
	(e) intellectual property
	(f) other non-current assets
2.2	Proceeds from disposal of:
	(a) entities
	(b) businesses
	(c) property, plant and equipment	0	40
	(d) investments
	(e) intellectual property
	(f) other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Other (provide details if material)
2.6	Net cash from / (used in) investing activities	(166)	(354)
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)
3.2	Proceeds from issue of convertible debt securities
3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of equity securities or convertible debt securities
3.5	Proceeds from borrowings
3.6	Repayment of borrowings (including AASB16 expense)	(195)	(579)
3.7	Transaction costs related to loans and borrowings
3.8	Dividends paid
3.9	Other (AASB16 adjustments and depreciation)
3.10	Net cash from / (used in) financing activities	(195)	(579)

ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows		Current quarter $A'000	Year to date (9 months) $A'000
4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	4,418	4,507
4.2	Net cash from / (used in) operating activities (item 1.9 above)	570	1,053
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(166)	(354)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	(195)	(579)
4.5	Effect of movement in exchange rates on cash held
4.6	Cash and cash equivalents at end of period	4,627	4,627
5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A'000	Previous quarter $A'000
---	---	---	---
5.1	Bank balances	1,312	1,103
5.2	Call deposits	3,309	3,309
5.3	Bank overdrafts
5.4	Other (cash)	6	6
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,627	4,418
6.	Payments to related parties of the entity and their associates	Current quarter $A'000
---	---	---
6.1	Aggregate amount of payments to related parties and their associates included in item 1	33
6.2	Aggregate amount of payments to related parties and their associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B

| 7. | Financing facilities
Note: the term “facility” includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | 0 | 0 |
| 7.2 | Credit standby arrangements | | |
| 7.3 | Other (please specify) | | |
| 7.4 | Total financing facilities | 0 | 0 |
| 7.5 | Unused financing facilities available at quarter end | | |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | | |
| 8. | Estimated cash available for future operating activities | $A'000 |
| --- | --- | --- |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | 570 |
| 8.2 | Cash and cash equivalents at quarter end (item 4.6) | 4,627 |
| 8.3 | Unused finance facilities available at quarter end (item 7.5) | 0 |
| 8.4 | Total available funding (item 8.2 + item 8.3) | 4,627 |
| 8.5 | Estimated quarters of funding available (item 8.4 divided by item 8.1) | N/A |
| | Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. | |
| 8.6 | If item 8.5 is less than 2 quarters, please provide answers to the following questions:
8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | |
| | Answer: N/A | |
| | 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | |
| | Answer: N/A | |
| | 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | |
| | Answer: N/A | |
| | Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. | |

ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2. This statement gives a true and fair view of the matters disclosed.

Date: ... 30th April 2026

Authorised by: Colin Moran, Chairman
(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.