ENECO REFRESH LTD — Interim / Quarterly Report 2026

Jan 28, 2026

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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, 29 January 2026

ASX Announcement (ASX: ERG)

Quarterly Activity Report to 31 December 2025

Eneco Refresh Ltd (Eneco) is pleased to present a review for its performance for the second quarter ending December 2025. Total revenue for the quarter by Cash Generating Units (CGU) compared to the same period last financial year are as follows:

Cash Generating Units Western Australia (WA) New South Wales (NSW) Victoria (VIC) Northern Territory (NT) Queensland (QLD) Refresh Waters Refresh Plastics Total	Second Quarter Revenue Year-to-date Revenue OCT 25 - Oct 24- Variance July 25 - July 24 - Variance Dec 25 Dec 24 Dec 25 Dec 24 $'000 $'000 $'000 $'000 1,533 1,406 9% 2,705 2,498 8% 931 913 2% 1,677 1,687 -1% 671 574 17% 1,223 1,064 15% 14 20 -30% 35 40 -13% 962 896 7% 1,794 1,708 5% 4,111 3,809 8% 7,434 6,997 6% 708 820 -14% 1,566 1,454 8% 4,819 4,629 4% 9,000 8,451 6%	Second Quarter Revenue Year-to-date Revenue OCT 25 - Oct 24- Variance July 25 - July 24 - Variance Dec 25 Dec 24 Dec 25 Dec 24 $'000 $'000 $'000 $'000 1,533 1,406 9% 2,705 2,498 8% 931 913 2% 1,677 1,687 -1% 671 574 17% 1,223 1,064 15% 14 20 -30% 35 40 -13% 962 896 7% 1,794 1,708 5% 4,111 3,809 8% 7,434 6,997 6% 708 820 -14% 1,566 1,454 8% 4,819 4,629 4% 9,000 8,451 6%
		4,819

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

Product manufacturing and operating costs Advertising and marketing Leased premises (ROU assets) Staff costs1 Purchase of plant and equipment	Q2 FY26 $’000 2,236 76 194 1,525 176	Q1 FY26
		$’000 2,673 56 191 1,313 51

1 Includes $32,634 paid as director fees.

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Refresh Waters

The water businesses have continued the revenue growth of FY25 with a strong 8% increase in sales over the Q2 period and a 6% improvement when compared to the first half of last year. This was achieved with a record revenue month for the total business in December, with the total sales year to date exceeding last year by $437,000.

Several cost saving initiatives have reduced the cost of goods and services; however, there is ongoing price pressure from suppliers and customers that we are proactively addressing. In particular, the cost associated with local, interstate and international freight has increased significantly and negatively impacts the entire supply chain.

The business continues to implement measures to increase sales, improve efficiency and find new business opportunities which will facilitate further growth.

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Refresh Plastics

The Plastics branch continues to show overall revenue growth with an 8% increase year to date which represents an additional $112,000 in sales. For Q2 FY26 compared to Q2 FY25 there was a notable 14% decline due to a one-off promotional sale last year which was not repeated this year. Despite this, the financial performance is showing ongoing improvement and has delivered a profitable outcome in each month of the quarter. To continue this growth, we are looking at multiple opportunities for extensions of the product range, plus new products, to further improve the position of the branch.

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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Rule 4.7B

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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”)
28 079 681 244	31 December 2025

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other 1.9 Net cash from / (used in) operating activities	4,691 (2,236) (76) (103) (1,525) (117) 40	8,687 (4,909) (132) (191) (2,838) (227) 93
	674	483

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 (6 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 (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 (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	(175) 8	(227) 40
	(167)	(187)
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) 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	(194)	(385)
	(194)	(385)

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	Consolidated statement of cash flows	Current quarter $A’000	Current quarter $A’000	Year to date (6 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	4,105 674 (167) (194)		4,507 483 (187) (385)
		4,418		4,418
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 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (cash) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		1,103 3,309 6		842 3,257 6
		4,418		4,105
6. Payments to related parties of the entity and associates		their	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.			33

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. 7.1 7.2 7.3 7.4 7.5 7.6	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 Loan facilities 0 0 Credit standby arrangements Other (please specify) Total financing facilities 0 0 Unused financing facilities available at quarter end 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.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		0	0
		0	0

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) 674 Cash and cash equivalents at quarter end (item 4.6) 4,418 Unused finance facilities available at quarter end (item 7.5) 0 Total available funding (item 8.2 + item 8.3) 4,418 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. 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?	674 4,418 0
		4,418
	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: ....... 29th January 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.

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