IVE GROUP LIMITED — Annual Report 2025

Aug 25, 2025

2025

FY25 Results

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Melbourne Sydney Brisbane Adelaide Perth Tasmania International

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Table of Contents

FY25 Results 2 2025

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Contents

Contents
Key highlights	3
Underlying fnancial performance	4
Customer diversity and longevity	5
Financials	6
Underlying proft and loss	7
Balance sheet	9
Capital expenditure	10
Cash flow and dividends	11
Growth initiatives	12
Third Party Logistics (3PL)	13
Sydney supersite	15
Sustainability	16
FY26 outlook and guidance	18
Appendices	20
Contact	24
	ivegroup.com.au

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Key highlights

FY25 Results

3

2025

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Key

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Financial performance Operational updates - strong year Ovato Key profit metrics up significantly cost synergies fully realised

Ovato cost synergies fully realised

JacPak

Strong margin expansion

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cost synergies fully realised

Strong operating cash flow working capital stable

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Catalogues consumer and quantitative research driving stronger retailer engagement Sustainability strong progress

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Balance sheet further strengthened gearing well below target

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Growth initiatives

Packaging

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• JacPak revenue capacity committed - NSW expansion in train

3PL relocation to Dandenong ahead of schedule

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Sydney supersite

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Kemps Creek consolidation on track for FY26 H2

Lasoo

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continued strong momentum with all key profit metrics on track

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Financial performance

FY25 Results

2025

4

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Underlying

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Strong performance underpinned by margin expansion and continued high operating cash conversion

Revenue EBITDA NPAT $954.8m $136.7m 49.3% $52.1m ↓1.6% on PCP ↑7.0% on PCP 46.7% PCP ↑21.1% on PCP Material gross profit margin (MGM)

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EPS (NPAT)
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33.7¢

↑20.3% on PCP

EPS (NPATA[2] ) Operating cash flow to EBITDA Net debt 36.1¢ 101.9% $114.4m ↑19.4% on PCP 114.0% PCP Cash on hand $50.1m

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DPS
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18.0¢ Per share Stable on PCP

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IFRS NPAT
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$46.7m

↑69.2% on PCP

1. The underlying financial results are on a non-IFRS basis, exclude various non-operating items (refer Appendix A) and are not audited or reviewed 2. NPATA – NPAT excluding amortisation of acquired customer contracts

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Customer diversity and longevity

FY25 Results 5

2025

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Customer diversity

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Revenue concentration by customer

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Top 2-5
Top customer
customers
7.9%
15.7%
Top 6-20
customers
16.5%
Balance
of customers
35.4%
Top 21-100
customers
24.5%
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Revenue product/service penetration

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1 product/service
21.0%
2 products/services
18.5%
3 products/services
8.6%
4 products/services
7.1%
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5 or more
products/services
44.8%
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Revenue sector analysis

Relationship tenure of top 20 customers

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% 1
2
Retail 51.4%
3
Average relationship
Supermarkets 17.0%
4 tenure of top 20 customers
Retailing (White goods, Electronics, 5 10.2 years
16.8%
Furniture, clothing) 6
Health / Personal Products 13.2% 7
8
Food / Beverage 4.3%
9
Financial / Corporate Services 8.5%
10
Publishing 5.9% 11
Media 4.4% 12
13
Government 2.9%
14
Health 2.5%
15
Food 2.0%
16
Trade 1.7% 17
18
Tourism / Entertainment 1.6%
19
Other [2] 19.1%
20
Total 100.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Years of tenure
Top 20 customers
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1. Based on FY25 revenues

1. Other includes service, manufacturing, associations, telecommunications, automotive, education, charity/NFP, IT, utilities, building/construction, advertising agency, broker, property and transport

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Financials

FY25 Results

6

2025

Financials

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Financials

FY25 Results

2025

7

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Underlying

Strong profit growth underpinned by MGM expansion and delivery of promised cost synergies

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FY25
$m
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FY24 Variance
$m %
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	FY25 $m FY24 $m	Variance %
Revenue	954.8 969.9	(1.6)
Material proft	471.2 452.6	4.1
% of revenue	49.3% 46.7%	5.7
EBITDA	136.7 127.8	7.0
% of revenue	14.3% 13.2%	8.5
Depreciation and amortisation	44.2 47.6	(7.0)
EBIT	92.4 80.2	15.3
Net fnance costs	16.0 17.4	(8.1)
NPBT	76.5 62.8	21.7
Income tax expense	24.4 19.8	23.2
NPAT	52.1 43.0	21.1
% of revenue	5.5% 4.4%	23.9
NPATA2	55.7 46.4	20.1
% of revenue	5.8% 4.8%	22.0
EPS (NPAT) cents	33.7 28.0	20.3
EPS (NPATA) cents	36.1 30.2	19.4

1. The underlying financial results are on a non-IFRS basis, exclude various non-operating items (refer Appendix A) and are not audited or reviewed

2. NPATA – NPAT excluding amortisation of acquired customer contracts

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Financials

FY25 Results 8

2025

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Revenue

Revenue down 1.6% to $954.8m

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Base revenue¹ down ~3% relative to pcp, impacted by softer economy and uncertainty surrounding the federal election

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Brand Activations, 3PL and Packaging enjoyed new client/business wins including household brands in the FMCG and pharmaceutical sectors

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Material gross profit margin (MGM)

MGM improved to 49.3% from 46.7% pcp Reflects input cost relief and business mix changes

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Underlying earnings

EBITDA up 7.0% to $136.7m

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EBITDA margin up strongly to 14.3% from 13.2% pcp

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EBIT up 15.3% to $92.4m

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NPAT margin up strongly to 5.5% from 4.4% pcp

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Strong margin expansion reflects improved MGM, a full period of Ovato integration benefits, JacPak synergies as well as ongoing operational efficiencies

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Non-operating items

Non-operating items of $9.1m pre-tax included:

• $6.2m Lasoo operating loss consistent with guidance;

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$3.0m of restructure costs; and

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• ($0.1m) of other items

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1. Excluding incremental impact of acquisitions

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Financials

FY25 Results

9 2025

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Balance

Gearing well below target - significant debt capacity

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FY25 FY24
Net debt
$m $m
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Loans and borrowings1	164.5	179.8
Less cash	50.1	48.8
Net debt	114.4	131.0
Net debt/EBITDA (pre-AASB16)	1.05x	1.34x
Net debt/EBITDA (post-AASB16)	0.84x	1.03x

Cash at bank $50.1m

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Net debt decreased to $114.4m, reflecting stable working capital and greatly reduced restructuring costs, partially offset by capex associated with the packaging capacity build-out

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Gearing is well below the Group’s internal benchmark of 1.5x pre-AASB 16 EBITDA (<1.2x post-AASB 16 EBITDA)

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Undrawn debt capacity of $72.0m

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Senior debt facility refinanced for a further 4-year term (May 2025)

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1. Loans and borrowings are gross of facility establishment costs and exclude AASB 16 right of use liabilities impacts

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Financials

FY25 Results 10 2025

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Capital

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Packaging capacity build-out underway

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FY25 FY24
Capital expenditure
$m $m
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Capital expenditure	FY25 $m	FY24 $m
Investment and maintenance	9.8	13.6
Packaging capacity/sheet-fed replacement	18.2	-
Asset sale proceeds	(3.0)	(1.0)
Ovato	-	3.4
Total	25.0	16.0

Capex was $25.0m (net of disposal proceeds), including $18.2m related to the packaging capacity build-out largely for the purchase of replacement sheet-fed presses also capable of printing on board for packaging as well as packaging finishing equipment (die-cutters and folders)

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Due to timing, ~$7.0M of planned capex relating to sheetfed/packaging equipment moved from FY25 into FY26

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Financials

FY25 Results

2025

11

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Cash flow and

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Operating cash conversion remains strong

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FY25 FY24
Cash flow and dividends
$m $m
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EBITDA	136.7	127.8
Movement in NWC/non-cash items in EBITDA	2.6	18.0
Operating cash flow	139.3	145.8
Operating cash conversion to EBITDA	101.9%	114.0%
Dividend per share	18.0¢	18.0¢

Operating cash conversion to EBITDA remains strong at 101.9% The high cash conversion reflects stable working capital levels mainly due to continued lower inventory holdings

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Working capital is expected to remain relatively stable hereafter, broadly in-line with revenue (and seasonality) Fully franked final dividend of 8.5¢ps (FY25 18.0¢ps), stable on pcp, consistent with guidance

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Growth initiatives

FY25 Results

12

2025

Growth

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Growth initiatives

FY25 Results

13

2025

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3PL

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(Dandenong South, Melbourne) Facilitating continued strong growth

With the strong growth in IVE’s 3PL operations and the upcoming expiry of 3PL’s main warehouse lease in Braeside, the Group is relocating to a brand new, purpose-built facility in nearby Dandenong South

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The 33,000m2 facility will become 3PL’s largest site and will provide an additional 60% of storage capacity for IVE’s Victorian clients (increasing 3PL’s national capacity by 30% to 80,000m² from 62,000m2 currently)

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Handover of the site to IVE occurred in late July 2025 with relocation expected to be complete in mid-late October (six weeks ahead of expectations)

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The building has a 5-star green rating, with parking for all staff, solar powered electricity supply with battery storage, and end-of-trip facilities for up to 100 staff. In the initial phase, the warehouse will have state-of-the-art storage systems for over 25,000 pallets of stock, with plenty of open floor space for future growth

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Growth initiatives

FY25 Results

2025

14

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3PL

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(Dandenong South, Melbourne)

Benefits of the supersite are expected to include:

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• Additional space for further 3PL expansion;

• Dedicated in-house logistics services for JacPak;

• Operating efficiencies through the consolidation of two existing Braeside warehouses, including common operating functions such as receiving and despatch, kitting operations co-located with daily order fulfillment and reduced duplication of resources and equipment; and

• More fit-for-purpose and modern working conditions for staff

Post relocation, the 3PL business will have over 80,000m2 of modern, highly efficient logistics facilities providing IVE clients with best-in-class receiving, storage, order fulfillment and delivery of products to their networks daily.

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Growth initiatives

FY25 Results 15

2025

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Kemps Creek
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Sydney

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Consolidating multiple sites for operating efficiencies and capacity expansion, consistent with strategy

Replicating the success of our Braeside site in Victoria via a 42,000m² supersite in Kemps Creek, Western Sydney

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Facilitates the Group’s strategy of expanding into horizontal adjacencies such as packaging, to drive revenue growth and operational efficiencies Business units being co-located to the Kemps Creek supersite:

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• Commercial Print & Packaging – from Silverwater;

• Brand Activations – from Granville;

• CX & Data – from Homebush; and

• Paper storage (for Print Web Offset) – from Warwick Farm.

• Site is close to key transport hubs and IVE’s Erskine Park and Huntingwood sites thereby bringing the majority of our Western Sydney teams much closer together

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Groundworks commenced in December 2024 with completion on track for late December 2025 - site expected to be fully operational by March 2026

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Operational updates

FY25 Results

16

2025

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Sustainability

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Our sustainability pillars

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Innovative customer solutions

Pushing the boundaries of sustainable product and service development in partnership with our clients and suppliers, while empowering clients with the knowledge to make informed choices.

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Responsible operations & supply chain

Reducing our climate impact, whilst leading initiatives that deliver more regenerative and ethical supply chain.

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People & communities

Continuing to foster a safe and inclusive working environment for our people while supporting the communities that support us.

Sustainability leadership & governance

Laying firm foundations by building strong capabilities, establishing robust governance and transparently communicating our progress.

Progress against strategy

In FY25, we made strong progress against the 47 initiatives captured within our 2025 Sustainability Strategy. This included strengthening our reporting frameworks, and scaling initiatives that reduce waste, drive social value and improve environmental performance. We also advanced social procurement, deepened partnerships, improved leadership diversity and launched core data baselines across energy, emissions and waste. These actions bring our strategy to life and lay the foundation for continued impact as we move toward our calendar 2025 goals.

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45% initiatives complete
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45% due to for completion 10% deferred to end CY2025 2026 -2030 strategy

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Operational updates

FY25 Results 17

2025

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Sustainability

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Innovative customer People & communities solutions

Increased female representation in senior management from 28% to 33% Trained 67 mental health first aid officers against our target of 80 Submitted IVE’s first Reconciliation Action Plan for endorsement Launched the Geoff Selig Scholarship recognising talent across industry

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• Integrated technology to calculate the carbon footprint of core print products

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Introduced a textile take back solution diverting over 5 tonnes of textiles from landfill to date Became the first uniform supplier to join Seamless, the National Clothing Stewardship Scheme

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• Retained EcoVadis Bronze Certification

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Responsible operations & supply chain

Diverted 92% of solid waste from production sites to recycling

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Achieved ‘advanced’ rating for IVE’s Australian Packaging Covenant Action Plan and Report

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Assessed 64 new and re-contracted suppliers under updated due diligence processes

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Maintained third party certification across internationally recognised standards covering quality, environment, safety, traceability, information security, food safety and social accountability

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FY26 outlook and guidance

FY25 Results

18

2025

FY26 outlook

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FY26 outlook and guidance

FY25 Results

19 2025

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FY26 outlook

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Capital expenditure is expected to be ~$42m (net of disposal proceeds) in FY26 reflecting the remaining ~$11.5m packaging capacity build-out (including planned FY25 spend of ~$7m moved to FY26) as well as ~$18m relating to the Dandenong and Kemps Creek fit outs

The Group's FY26 underlying NPAT guidance range is $50m-$54m which:

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• includes a ~$2.5m adverse after-tax non-cash AASB 16 timing difference due to the assumption of significant new long-term property leases (Dandenong and Kemps Creek) that will reverse over the life of the leases (nil pre-AASB 16 impact in FY26);

Capital expenditure expected to revert to $15m-$20m per annum from FY27 onwards, excluding one-off growth initiatives

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• excludes expected Lasoo operating loss of ~$4m post-tax (significant improvement expected in FY27); and

The Group’s annual dividend is expected to remain steady at 18.0¢ps

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Diversification (typically through acquisition) remains a core element of IVE’s growth strategy. Our strong balance sheet supports further acquisition capacity, with the Group actively looking for strategically attractive and accretive acquisitions, particularly in 3PL, merchandise and apparel as well as creative and content.

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• excludes abnormal costs of around $10m posttax primarily associated with the Dandenong and Kemps Creek relocations including duplication of rent until expiry of old leases

• Outlook and guidance is subject to risks as outlined in the Risk Management Framework on pages 28-29 of IVE’s 2025 Appendix 4E

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Appendices

FY25 Results

20

2025

Appendices

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Appendices

FY25 Results

21

2025

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Appendix A

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IFRS Profit and Loss FY25 FY24 Variance
$m $m %
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IFRS Proft and Loss	FY25 $m FY24 $m	Variance %
Revenue	959.2 972.8	(1.4)
Material proft	473.8 454.5	4.2
% of revenue	49.4% 46.7%	5.8
EBITDA	129.6 107.1	21.0
% of revenue	13.5% 11.0%	22.8
Depreciation and amortisation	45.9 49.9	(8.0)
EBIT	83.7 57.2	46.3
Net fnance costs	16.3 17.4	(6.3)
NPBT	67.4 39.7	69.7
Income tax expense	20.7 12.1	70.7
NPAT	46.7 27.6	69.2
% of revenue	4.9% 2.8%	73.9
NPATA	50.4 31.0	62.5
% of revenue	5.3% 3.2%	64.8
EPS (NPAT) cents	30.2 18.0	68.3
EPS (NPATA) cents	32.6 20.2	61.6

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FY25 FY24
IFRS to underlying NPAT reconciliation
$m $m
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IFRS to underlying NPAT reconciliation	FY25 $m	FY24 $m
IFRS NPAT	46.7	27.6
Lasoo	6.2	5.8
Restructure costs	3.0	13.1
Other	(0.1)	4.1
Pre-tax non-operating items	9.1	23.0
Tax efect of adjustments1	(3.7)	(7.7)
Underlying NPAT	52.1	43.0

1. 1. Tax effect of adjustments also includes difference in effective tax rate between underlying and statutory profit

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Appendices

FY25 Results

22

2025

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Appendix B

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FY25 FY24
IVE Group Limited Balance Sheet
$m $m
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Cash and cash e uivalents 50.1 48.8
q
Trade receivables, prepayments and other 141.2 147.4
Inventories 79.2 80.4
Total Current Assets 270.5 276.6
Deferred tax assets 18.9 15.5
Pro ert lant and e ui ment 119.1 111.6
p y, p q p
Property, plant and equipment (ROUA) 103.8 105.5
Intangible assets and goodwill 151.4 155.1
Other (lease receivable) 0.2 0.6
Total Non-Current Assets 393.4 388.2
Total Assets 663.9 664.8
Trade a ables and rovisions 154.7 162.9
p y p
Loans and borrowin s 0.8 3.0
g
Lease liability (ROUA) 28.9 32.3
Current tax a able 12.4 2.0
p y
Total Current Liabilities 196.8 200.2
Trade payables and provisions 11.7 14.4
Loans and borrowin s 159.1 170.8
g
Lease liability (ROUA) 83.6 84.8
Total Non-Current Liabilities 254.4 270.1
Total Liabilities 451.2 470.3
Net Assets 212.7 194.6
Share ca ital 166.1 167.7
p
Reserves 4.8 3.9
Retained earnin s 41.8 23.0
g
Total Equity 212.7 194.6
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Appendices

FY25 Results 23 2025

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Disclaimer

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Disclaimer

No recommendation, offer, invitation or advice

This presentation contains general information about the activities of IVE Group Limited (IVE) which is current as at 30 June 2025. It is in summary form and does not purport to be complete. It presents financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standards (IFRS)) as well as information provided on a non-IFRS basis.

This presentation is not a recommendation or advice in relation to IVE or any product or service offered by IVE’s subsidiaries.

This presentation is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision. It should be read in conjunction with IVE’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, and in particular the year to 30 June 2025. These are also available at www.ivegroup.com.au.

Investors and potential investors should make their own independent assessment of the information in this presentation and obtain their own independent advice from a qualified adviser having regard to their objectives, financial situation and needs before taking any action.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation. To the maximum extent permitted by law, IVE, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation.

Forward-looking statements

The information in this presentation is for general information only. To the extent that certain statements contained in this presentation may constitute “forward-looking statements” or statements about “future matters”, the information reflects IVE’s intent, belief or expectations at the date of this presentation.

Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, IVE disclaims any obligation or undertaking to disseminate any updates or revisions to this information over time. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause IVE’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investment risk

Any investment in IVE securities is subject to investment and other known and unknown risks, some of which are beyond the control of IVE. Any forwardlooking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. For example, the factors that are likely to affect the results of IVE include, but are not limited to, general economic conditions in Australia, exchange rates, competition in the markets in which IVE operates or may operate and the inherent regulatory risks in the businesses of IVE. Neither IVE, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance.

Jurisdiction

This presentation does not constitute an offer to issue or sell, or solicitation of an offer to buy, any securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of IVE. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Any such securities have not been, and will not be, registered under the U.S. Securities Act of 1933 (Securities Act), or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of, persons in the United States, except in a transaction exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws.

No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of IVE, including the merits and risks involved.

Investors and potential investors should consult with their own professional advisors in connection with any investment decision in relation to IVE securities.

ivegroup.com.au

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Matt Aitken Darren Dunkley Tony Jackson Managing Director Chief Financial Officer Investor Relations Matt.Aitken@ivegroup.com.au Darren.Dunkley@ivegroup.com.au Tony.Jackson@ivegroup.com.au +61 413 740 774 +61 425 228 204 +61 410 499 043

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ivegroup.com.au