IVE GROUP LIMITED - Annual Report 2025

IVE Group Limited Annual Financial Report 2025

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ABN 62 606 252 644

APPENDIX 4E

YEAR ENDED 30 JUNE 2025

Results for announcement to the market

In accordance with the ASX Listing Rule 4.3, the board and management of IVE Group Limited has enclosed an Appendix 4E for the year ended 30 June 2025.

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30 June 2025 30 June 2024
Results
$’000 $’000
Revenue Down 1.4% 959,245 972,821
Profit from ordinary activities after tax attributable
Up 69.2% 46,708 27,605
to members
Net profit for the period attributable to members Up 69.2% 46,708 27,605
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All comparisons are on a statutory basis unless stated.

Refer to the attached Directors’ Report and Operating and Financial Review for commentary and explanation of results.

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IVE Group Limited Annual Financial Report 2025

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Net tangible assets per security 30 June 2025 30 June 2024
Net tangible asset per security (cents) 39.8 25.7
Amount per Franked amount
Dividend amount per security
security (cents) per security (cents)
Final dividend for the year ended 30 June 2025 8.5 8.5
to be paid 16 October 2025
Interim dividend for the year ended 30 June 2025
9.5 9.5
paid 16 April 2025
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Record date for determining entitlement to the final dividend: Close of business on 10 September 2025.

Audit report

The Independent Auditor’s Report provided by KPMG is included in the IVE Group Limited Financial Report for the year ended 30 June 2025.

Attachments

Financial Report for the year ended 30 June 2025 for IVE Group Limited. Authorised for release by the IVE Group Limited Board.

IVE Group Limited Annual Financial Report 2025

IVE GROUP LIMITED ANNUAL FINANCIAL REPORT

ABN 62 606 252 644

YEAR ENDED 30 JUNE 2025

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IVE Group Limited Annual Financial Report 2025

Operating and financial review ..............................................5 Directors' report ...............................................................................31 Lead auditor's independence declaration ..................... 53 Financial report .............................................................................54 Consolidated financial statements ..................................55 Notes to the consolidated financial statements .......59 Consolidated entity disclosure statement ...................103 Directors' declaration ............................................................... 105 Independent auditor's report ............................................... 106 ASX additional information .....................................................111

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW

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

UNDERLYING FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 30 JUNE 2025[1]

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REVENUE EBITDA NPAT EPS (NPAT) EPS (NPATA [2] )
$954.8m $136.7m $52.1m 33.7¢ 36.1¢
↓1.6% on PCP ↑7.0% on PCP ↑21.1% on PCP ↑20.3% on PCP ↑19.4% on PCP
NET DEBT
OPERATING
MATERIAL PROFIT FULLY FRANKED
MARGIN CASH FLOW $114.4m FINAL DIVIDEND IFRS NPAT
TO EBITDA
49.3% 101.9% CASH ON HAND 8.5¢ps $46.7m
46.7% PCP 114.0% PCP Stable on PCP ↑69.2% on PCP
$50.1m
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The underlying financial results are on a non-IFRS basis, exclude various non-operating items (mainly Lasoo operating result as reconciled on page 14) and are not audited or reviewed.
PCP – prior corresponding period representing the 12 month period ending 30 June 2024.
NPATA – NPAT excluding amortisation of customer contracts.

KEY HIGHLIGHTS

Strong performance underpinned by margin expansion and continued high operating cash conversion:
Revenue down 1.4% – underlying revenue down ~3% supplemented by acquisition revenue;
All key profit metrics up significantly;
Balance sheet further strengthened – gearing now well below target with significant debt capacity to fund continued organic and inorganic expansion; and
On-market share buyback (of ‘up to $10m’) resulted in the cancellation of 706,893 shares or approximately ~0.5% of issued capital.
Ovato cost synergies fully realised.
Packaging – JacPak cost synergies fully realised and $15m of available revenue capacity fully committed with organic expansionary plans in Sydney commenced during 2H FY25.
Catalogues – consumer and quantitative research driving stronger retailer engagement.
Lasoo – continued strong growth across all key metrics with FY25 gross transaction value (GTV) of $17.5m, up 70% on pcp, underpinned by a 40% increase in retailers live on the platform (to 302) and a 30% increase in unique users (to 3.6m). As at the end of FY25, 80% of total investment is complete and Lasoo remains on-track to break even during FY28.
Third Party Logistics (3PL) expansion – handover of the new 32,000m[2] site in Dandenong South, Melbourne occurred in early August 2025, with relocation now expected to be completed in mid-late October, around six weeks ahead of plan.
Kemps Creek – completion of the Sydney supersite is expected around the end of calendar 2025 with the site expected to be fully operational by March 2026.
Sustainability – strong progress in implementing strategic objectives.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR BRAND PRINCIPLES

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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

IVE GROUP’S STRATEGIC EVOLUTION

To improve revenue diversification and strengthen earnings resilience, IVE began broadening its product and service offering in the late 1990s, through a combination of organic growth initiatives and a disciplined acquisition program.

Core to executing the Group’s strategy was IVE’s decision to list on the ASX in December 2015. Since listing, strong free cash flow combined with access to capital has enabled IVE to successfully execute a transformational investment and growth program to expand and strengthen our integrated marketing offer and enhance and deepen long-term client relationships.

Over the past decade, IVE’s continued growth and diversification coupled with the convergence of technologies on the back of the digital revolution, has coincided with significant consolidation across the more traditional segments of the marketing and communications sector. This has resulted in a vastly more concentrated market than ever before with a significantly reduced number of competitors. IVE has led sector innovation and consolidation and today is Australia’s largest and most diversified integrated marketing communications company by a considerable margin.

A clearly defined and well executed strategy has not only cemented IVE as Australia’s largest integrated marketing communications business but has also contributed to a resilient business with diversified revenue streams spanning a broad range of sectors and underpinned by an extensive and high-quality customer base.

TODAY’S EVOLVING MARKETING AND COMMUNICATIONS LANDSCAPE

Today’s marketing and communications landscape is evolving rapidly, driven by digital advancements, shifting consumer expectations and the growing importance of data driven strategies: success isn’t just about creativity, it’s about connectivity.

The businesses that will lead the future, both in Australia and globally, are those that can effectively harness these digital capabilities, create engaging experiences and respond quickly to the ever-changing demands of modern audiences.

As the competitive landscape transforms, integrating digital capabilities and leveraging market research have become critical in shaping content and advertising strategies. IVE is uniquely positioned to capitalise on these shifts with our seamless omnichannel marketing solutions and deep understanding of consumer behaviour. This puts us in a prime position to lead in an increasingly dynamic market.

IVE unites strategy, data, creative, production and delivery in one integrated ecosystem which means sharper thinking, faster execution and consistent brand experiences across every touchpoint all powered by one connected team.

WHAT THIS MEANS FOR IVE

The Group is ideally positioned to leverage these trends and will continue to play a leading role in the evolving marketing landscape.

The Group’s existing omnichannel solutions align with consumers’ growing expectations for seamless, personalised experiences. With 92% of consumers expecting consistent interactions across all channels, IVE’s capability to deliver omnichannel solutions at scale will continue to drive significant customer loyalty for our clients.

The Group’s investment in emerging technologies like AI and digital content creation enables IVE to respond swiftly to market changes. The rapid growth of AI-driven personalisation presents opportunities to enhance customer engagement through tailored experiences, while our expertise in creating immersive content places us at the forefront of digital innovation.

As sustainability becomes a more prominent factor in consumer decision-making, IVE’s focus on innovation and sustainability initiatives ensures that the Group is well positioned to meet this growing demand. By embedding sustainability into our creative strategies, the Group is able to develop solutions (for example in packaging or apparel) that are not only environmentally conscious but also deeply aligned with evolving customer values and expectations.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Alongside these evolving consumer trends, IVE’s breadth of capability ensures the Group is not reliant on any single market or channel. IVE’s integrated model spanning strategy, content, production and fulfilment enables the Group to deliver scalable, future-ready solutions that align with shifting behaviours. From CX and data to packaging, logistics and brand activations, IVE is strategically positioned to grow across multiple verticals. By staying ahead of key trends and investing in our diversified capabilities, the Group is set to lead the market in connected, commercially impactful brand experiences.

OUR VISION

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Our goal is to position IVE as the leader in omnichannel solutions, leveraging our strong foundation in creativity, sustainability and technological innovation.

What truly sets IVE apart is the Group’s longstanding blue-chip customer base spanning multiple sectors, complemented by our comprehensive manufacturing capability and national footprint. Our unique combination of capabilities solidifies IVE’s position as a fully integrated, omnichannel provider that can execute across every customer touchpoint, from concept to delivery, at scale.

IVE’s extensive breadth and scale of client relationships provide a significant advantage in the Australian market. With over 2,800 clients across multiple sectors, clients have witnessed our ability to scale alongside our largest accounts, building a strong level of trust. The ability to adapt and grow with our clients sets us apart from the competition.

While our core offering remains strong and we have access to blue-chip clients and capital, our focus is on building and integrating new capabilities to deliver even greater value.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR CORE OBJECTIVES AND VALUES

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NOW TO 2030

Our Vision

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The above ambition targets are not forecasts and should be considered in conjunction with the forward-looking statements disclaimer on the final slide of the Group’s FY25 Results presentation.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR CLIENTS

IVE has a high-quality customer base with around 2,800 customers spanning most industry sectors and includes many leading Australian and multi-national companies.

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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

IVE’s customer origination and retention strategy is founded upon a:

Highly customer-centric culture;
Sales-focused corporate structure and executive team;
Broad range of products and services providing a sound base for increasing ‘share of wallet’ of existing customers; and
Expanding the value proposition (through the addition of new products and services) to ensure the offering remains relevant to customers’ ever-evolving communication needs.

The customer base is highly diversified with the largest customer representing around 8% of total revenue and the top 20 customers accounting for around 40% of total revenue.

Revenue concentration by customer[1]

Customer product penetration[1]

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21.0%
18.5%
44.8%
8.6%
7.1%
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IVE adopts a structured, disciplined, solutions-based strategy with customers enabling the bundling of various products and services to deliver a tailored customer outcome, improving the customer’s return on total supply chain or ‘ownership’ cost. This approach has led to deep, long-term relationships with customers and provides an opportunity to further expand the range of products and services offered to customers.

Around 79% of IVE’s revenue is sourced from customers purchasing more than one Group product and/or service with nearly 45% of revenue sourced from customers purchasing 5 or more products and/or services. The Group’s ability to meet customers’ current and evolving needs is one of our key advantages leading to the long tenure of customer relationships – currently around 10.2 years on average for our Top 20 customers.

Based on FY25 revenues.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Major corporations are increasingly focused on reducing supply chain ‘counter party’ risk (financial, operational and ESG) and improving supply chain efficiency (eliminating hand-offs, additional administration and reducing supply chain lead times) by seeking a fewer number of financially secure, well-credentialed full-service suppliers. IVE’s broad product and service offering (across which it holds leading market positions), strong financial position and sound ESG credentials aligns with those objectives.

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Top 20 customers
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Relationship tenure of top 20 customers[1]

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MARKET POSITION

Leading market positions across a diverse range of sectors

Marketing (but especially printing) industry structure has improved materially over the past decade following significant industry consolidation, much of which has been driven by IVE.

IVE now holds leading market positions in most sectors in which we operate including direct marketing mail (#1), letterbox distribution (#1), general commercial printing (#1), web offset printing (#1), brand activations (Top 3), merchandise & apparel (Top 3) and integrated marketing (Top 3).

IVE’s diverse and powerful value proposition, broad geographical footprint, undoubted financial strength and ESG credentials contribute to the Group’s attractive and trusted counterparty status.

IVE’s full-service offering enables customers to consolidate multiple supply chains, thereby improving efficiency and reducing risk.

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Revenue sector analysis [1] (%) Revenue sector analysis (cont.) (%)
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Retail	51.4	Government	2.9
Whitegoods, electronics, furniture, clothing	17.0	Health	2.5
Supermarkets	16.8	Food	2.0
Health/personalproducts	13.2	Trade	1.7
Food/beverage	4.3	Tourism/Entertainment	1.6
Financial/Corporate Services	8.5	Agency	1.4
Publishing	5.9	Other2	17.7
Media	4.4	Total	100.0

Based on FY25 revenues.
Other includes service, manufacturing, associations, telecommunications, automotive, education, charity/NFP, IT, utilities, building/construction, advertising agency, broker, property and transport.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

RESULTS FOR THE YEAR ENDED 30 JUNE 2025

Basis of preparation

IVE’s Financial Report for the year ended 30 June 2025 (FY25) is presented in accordance with Australian Accounting Standards which comply with International Financial Reporting Standards (IFRS).

Certain non-IFRS financial information has also been included in this report to assist investors in better understanding the underlying performance of IVE. The non-IFRS 'underlying' financial information pertaining to the FY25 and FY24 results is presented before the impact of certain non-operational items.

The directors believe the non-IFRS underlying results (as reconciled to the IFRS results on page 14) better reflect the underlying operating performance and is consistent with prior year reporting.

The non-IFRS underlying financial information has not been audited or reviewed.

Financial information in this report is expressed in millions and has been rounded to one decimal place. This differs from the Financial Report where numbers are expressed in thousands. As a result, some minor rounding discrepancies may occur.

FINANCIAL RESULTS ON AN IFRS BASIS

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FY25 FY24 Variance
($m) ($m) (%)
Revenue 959.2 972.8 (1.4)
Material profit 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 finance 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 [1] 50.4 31.0 62.5
% of revenue 5.3% 3.2% 64.8
ROFE [2] 25.6% 17.8% 44.2
ROE [3] 22.9% 14.2% 61.3
Basic earnings per share (EPS) 30.2¢ 18.0¢ 68.3
EPS (NPATA) 32.6¢ 20.2¢ 61.6
Dividends per share 18.0¢ 18.0¢ —
Payout ratio 59.6% 100.2% (40.6)
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NPATA – NPAT excluding amortisation of customer contracts.
ROFE – EBIT/average funds employed (where funds employed represents net assets plus net debt).
ROE – NPAT/average equity.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

FINANCIAL RESULTS ON AN UNDERLYING BASIS[1]

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FY25 FY24 Variance
($m) ($m) (%)
Revenue 954.8 969.9 (1.6)
Material profit 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 finance 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
NPATA [2] 55.7 46.4 20.1
% of revenue 5.8% 4.8% 22.0
ROFE [3] 28.3% 24.9% 13.6
ROE [4] 25.6% 22.2% 15.4
Basic earnings per share (EPS) 33.7¢ 28.0¢ 20.3
EPS (NPATA) 36.1¢ 30.2¢ 19.4
Dividends per share 18.0¢ 18.0¢ —
Payout ratio 53.4% 64.3% (16.9)
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The underlying financial results are on a non-IFRS basis, exclude certain non-operating items and are not audited or reviewed.
NPATA – NPAT excluding amortisation of customer contracts.
ROFE – EBIT/average funds employed (where funds employed represents net assets plus net debt).
ROE – NPAT/average equity.

IFRS TO UNDERLYING NPAT RECONCILIATION

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FY25 FY24
($m) ($m)
IFRS NPAT 46.7 27.6
Lasoo 6.2 5.8
Restructure costs 3.0 13.1
Other items (0.1) 4.1
Pre-tax non-operating items 9.1 23.0
Tax effect of adjustments [1] (3.7) (7.7)
Underlying NPAT 52.1 43.0
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Non-operating items included in IFRS NPAT but excluded from underlying NPAT include:

Restructuring costs of $3.0m primarily relating to relocation ahead of the Dandenong and Kemps Creek supersite moves coupled with redundancies associated with cost base refinement; and
Lasoo’s $6.2m pre-tax operating loss ($5.8m pcp).
Tax effect of adjustments also includes the difference in the effective tax rate between underlying and IFRS profit.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Revenue

IFRS revenue decreased 1.4% to $959.2m from $972.8m in the prior corresponding period (pcp).

Underlying revenue (which excludes Lasoo) decreased 1.6% to $954.8m from $969.9m pcp, inclusive of a modest incremental revenue contribution from JacPak (acquired 31 October 2023) and Elastic Group (acquired 31 May 2024).

Excluding incremental JacPak and Elastic contributions, revenue was down by ~3% relative to pcp, reflecting softer economic conditions in the second half partly due to the uncertainty that surrounded the federal election.

Solid revenue growth was achieved in Brand Activations and 3PL with new client/business wins across the Group during the past 12 months including Sara Lee, Darrell Lea, Peters Ice Creams, Maxisafe, 3M, Starbucks, Water Street Collective, Energizer, Vertiv, Elanco, Duracell, Stuart Alexander, Nestlé, Bayer Pharma, ANZ and Fitness Lifestyle Group.

Material gross profit margin (MGM)

IFRS and underlying material gross profit (revenue less material cost of goods sold) margin for the year improved further to 49.4% from 46.7% pcp due to input cost relief (particularly paper and freight) combined with business mix changes.

Earnings, NPAT and EPS

Despite including the full year impact of the JacPak acquisition, production expenses (including depreciation) were broadly stable at $222.0m compared with $221.1m pcp. Production expenses mainly relate to direct labour ($139.6m), power (electricity and gas), repairs and maintenance as well as depreciation of property, plant and equipment including right-of-use assets for leasehold premises ($82.4m). The reduction in underlying production expenses (normalised for JacPak) reflects the full year Ovato integration efficiencies realised as well as further efficiencies across the balance of the Group, partly through prior and current period capital expenditure benefits.

Administrative expenses increased 2.2% to $163.6m from $160.1m pcp, reflecting the full year impact of the JacPak acquisition as well as additional compliance costs relating to continual improvement in Group IT (cyber security in particular) and sustainability, along with ongoing salary and wages increases.

Other expenses were $4.5m, down materially from $16.1m pcp on an IFRS basis, primarily due to the reduction in (mainly Ovato) restructuring costs and (mainly JacPak) acquisition costs.

As a result of the above impacts, IFRS EBITDA increased 21.0% to $129.6m from $107.1m pcp.

Underlying EBITDA increased 7.0% to $136.7m from $127.8m pcp, again primarily reflecting cost-of-sales margin expansion and a full year of enhanced operating leverage following completion of the Ovato integration and other Group efficiency initiatives.

IFRS depreciation and amortisation was $45.9m, down 8.0% from $49.9m pcp, while underlying depreciation and amortisation was $44.2m (the difference representing Lasoo amortisation), down 7.0% from $47.6m pcp.

Pre-AASB 16 depreciation (excluding amortisation) was $19.0m, broadly unchanged from $18.6m pcp.

IFRS EBIT increased 46.3% to $83.7m from $57.2m pcp, reflecting underlying EBITDA growth coupled with reduced depreciation and amortisation and a material reduction in non-operating items.

Underlying EBIT increased 15.3% to $92.4m from $80.2m pcp.

IFRS and underlying net finance costs were $16.3m and $16.0m respectively, down from $17.4m pcp, primarily due to lower average debt coupled with marginally lower average interest rates. Finance costs include AASB 16 impacts of $5.2m compared with $5.9m pcp.

IFRS NPAT increased 69.2% to $46.7m from $27.6m pcp, the significant increase due to underlying profit growth coupled with materially reduced (mainly Ovato) restructure costs.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Underlying NPAT increased 21.1% to $52.1m from $43.0m pcp, reflecting strong EBIT growth coupled with reduced net finance costs.

IFRS earnings per share (EPS) for the year was 30.2 cents, up 68.3% from 18.0 cents pcp.

Underlying EPS was 33.7 cents, up 20.3% from 28.0 cents pcp, while underlying (NPATA) EPS was 36.1 cents, up 19.4% from 30.2 cents pcp.

NET DEBT, CAPITAL EXPENDITURE AND CASH FLOW

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FY25 FY24
Net debt
($m) ($m)
Loans & borrowings [1] 164.5 179.8
Less cash 50.1 48.8
Net debt 114.4 131.0
Net debt/EBITDA (pre-AASB 16) 1.05x 1.34x
Net debt/EBITDA (post-AASB 16) 0.84x 1.03x
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Loans and borrowings are gross of facility establishment costs and exclude AASB 16 liabilities impacts.

Net debt reduced to $114.4m at 30 June 2025 from $131.0m at 30 June 2024, reflecting the stable dividend payout (despite the significant increase in IFRS profit), stable working capital and reduced significant items with the resulting increase in net cash flow used to repay senior debt and fund the on-market share buyback.

Relatively stable working capital should contribute to continued strong operating cash flow in FY26.

At 1.05x pre-AASB 16 EBITDA (0.84x post-AASB 16 EBITDA), net debt remains well below the Group’s agreed internal benchmark of 1.5x and compares with 1.34x (1.03x post-AASB 16 EBITDA) at 30 June 2024.

Net debt to equity reduced to 53.8% at 30 June 2025 from 67.3% at 30 June 2024.

Cash at bank was $50.1m with undrawn debt capacity of $72.0m at 30 June 2025.

Senior debt facility was refinanced for a further 4-year term effective May 2025.

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FY25 FY24
Capital expenditure
($m) ($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
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Capital expenditure for the year was $25.0m (net of disposals), including $18.2m relating to the replacement of aging sheet-fed printing presses and the purchase of other equipment to facilitate IVE’s packaging expansionary plans at the Group’s Kemps Creek supersite.

Investment and maintenance capital expenditure of $9.8m was down slightly on pcp.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

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Underlying [1] IFRS
Cash flow FY25 FY25
($m) ($m)
EBITDA 136.7 129.6
Movement in NWC/non-cash items in EBITDA 2.6 1.1
Operating cash flow 139.3 130.7
Capital expenditure (net) (25.0) (25.0)
Payments for acquisitions and deferred consideration (4.0) (4.0)
Net cash flow before financing and taxation 110.3 101.7
Tax (15.8) (13.5)
Repayment of bank loans (10.0) (10.0)
Share buy back (1.6) (1.6)
Repayment of lease liabilities (32.6) (32.6)
Equipment finance loan payments (3.2) (3.2)
Dividends paid (27.9) (27.9)
Net interest paid (10.0) (10.0)
Transaction costs of facility increase (1.5) (1.5)
Net cash flow 7.6 1.3
Operating cash conversion to EBITDA [2] 101.9% 100.8%
Free cash conversion to EBITDA [3] 83.6% 81.5%
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The underlying financial results are on a non-IFRS basis, exclude various non-operating items and are not audited or reviewed.
Operating cash flow as a percentage of EBITDA.
Operating cash flow net of capital expenditure as a percentage of EBITDA.

Stable working capital and greatly reduced restructuring costs following completion of the Ovato integration resulted in a significant uplift in IFRS operating cashflow to $130.7m ($119.0m pcp), underpinned by operating cash conversion of 100.8% (111.1% pcp).

Working capital stability also ensured that underlying operating cash flow remained strong at $139.3m ($145.8m pcp), underpinned by operating cash conversion of 101.9% (114.0% pcp).

The Board declared a fully franked final dividend of 8.5¢ per share, stable on pcp.

This resulted in a full year dividend of 18.0¢ per share, stable on pcp. The full year payout ratio is 53.4%, down from 64.3% pcp, with the conservative payout intended to assist in reducing senior debt and generating additional funds for reinvestment and/or capital management initiatives.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

OPERATIONAL OVERVIEW

3PL – DANDENONG SOUTH, MELBOURNE

Facilitating continued strong growth

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

IVE has partnered with existing Braeside landlord, Frasers Property, in the development of a major site at their Rubix Circuit hub in Dandenong South. The 33,000m[2] facility will become 3PL’s largest site and will provide an additional 60% of storage capacity for IVE’s Victorian clients (increasing the national capacity of the Group’s 3PL business by 30% to 80,000m[2] from 62,000m[2] currently).

While completion was expected in September 2025, the handover of the site to IVE occurred in early August 2025 with relocation now expected to be completed in mid-late October, around six weeks ahead of plan.

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-theart storage systems for over 25,000 pallets of stock, with plenty of open floor space for future growth.

The benefits of the new 3PL site are expected to include:

Additional space to accommodate 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 our staff.

Once the relocation is fully completed in October 2025, the 3PL business will have over 80,000m[2] of modern, highly efficient logistics facilities that provide IVE clients with best-in-class receiving, storage, order fulfillment and delivery of products to their networks daily.

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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

SYDNEY SUPERSITE – KEMPS CREEK

Consolidating multiple sites for operating efficiencies and capacity expansion

Following the successful establishment of a supersite in Braeside, Victoria over the last 2–3 years, during the first half of the year IVE committed to replicating this strategy in Sydney.

Coinciding with the expiry of several of our industrial leases during 2025, the Group intends co-locating four business units into a brand new, state-of-the-art 42,000m[2] building in Kemps Creek, Western Sydney, part of the Mirvac Aspect business park development.

The building will have a 5-star green rating, with parking for all staff, cafes, electrical vehicle charging stations, green spaces for exercise and end-of-trip facilities.

Business units being consolidated into the Kemps Creek supersite include:

Commercial print & packaging – from Silverwater;
Brand Activations – from Granville;
CX & Data – from Homebush; and
Paper storage (for Print Web Offset) – from Warwick Farm.

The site is well located from a transport perspective, being only 5 minutes to the new M12 motorway, 10 minutes to the M7, 15 minutes to the M4 and is close to the new Western Sydney Airport. Moreover, the site is close to IVE’s Erskine Park and Huntingwood sites, thereby bringing most of our Western Sydney teams much closer together.

Groundworks at the site commenced in early January 2025 with completion expected around the end of calendar 2025 with the site expected to be fully operational by March 2026.

The benefits of the new supersite are expected to include:

Avoidance of an additional $3.1m per annum in rental cost increase;
Operating efficiencies including consolidation of leases, common operational functions such as dispatch and receiving, reduced handover costs and a centralised pool of factory workers who can ‘rove’ between business units to reduce external labour hire and minimise overtime;
Additional space to accommodate further expansion, particularly in packaging; and
More fit-for-purpose and modern working conditions for our staff.

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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

PEOPLE AND SUSTAINABILITY

FY25 marked the creation of the Chief People & Sustainability Office uniting People & Culture, Workplace Safety, Health & Wellbeing, Sustainability & ESG as well as Compliance to sharpen governance and unlock operational efficiencies.

With a continued focus on advancing robust systems, reporting and operational frameworks, independent certifications and a culture of continuous improvement, the Chief People & Sustainability Office safeguards the quality of our products, the security of our data and the integrity of our supply chains whilst driving positive environmental and social outcomes.

IVE’s 2025 Sustainability Strategy is founded upon three core pillars: Innovative Customer Solutions, People & Communities and Responsible Operations & Supply Chain.

Underpinned by our broader approach to leadership and governance, the strategy guides how we act and holds us accountable across each of these four functions.

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The current strategy comprises 47 discrete initiatives. As at 30 June 2025, 45% of these initiatives were complete, a further 45% are on track for completion by the end of calendar year 2025, with the balance realigned to IVE’s 2030 goals to be detailed in the Group’s 2026-2030 program of work.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Supporting Our People through IVE Care

IVE Care is our overarching program geared towards supporting our people in and outside the workplace through practical programs that promote safety, wellbeing and community connection. In FY25, we strengthened this support with targeted initiatives that are making a real difference.

Workplace Safety, Health and Wellbeing

The safety, health and wellbeing of our people is foundational to our culture and business success. As part of our broader IVE Care program, the Safety of Our People pillar reflects our commitment to ensuring that all employees return home safely every day and that we protect the wellbeing of their families and the communities in which we operate.

Reflecting the continued evolution of our approach to safety, health and wellbeing, the Safety Framework was strengthened in FY25 with a focus on greater leadership accountability, stronger governance, uplifting transparent reporting and more meaningful cultural change.

Our approach to safety extends beyond mere regulatory compliance and is underpinned by fostering behavioural change, encouraging personal responsibility and embedding a shared commitment to Safe Operations across the Group.

Guided by the principles of ‘feel safe, think safe, work safe and go home safe’, ‘a better you’, and ‘a better workplace’, IVE continues to strengthen its safety-first culture and structured framework to drive continuous improvement in safety across all parts of the business.


ONE GOAL		IVE Care Framework FIVE OBJECTIVES SIX STRATEGIES				SIX	TOOLS
Safe & Healthy People,		1.	Thoughtful Workers	1.	Thinking	1.	Donesafe SOP
Sites & Work		2.	Good Work	2.	Leading		Management
•	Safe Operations		Practices	3.	Involving		System
	Program (SOP) in	3.	SOP Awareness	4.	Simplifying	2.	Safety Culture
	respect of all that we	4.	SOP Assurance	5.	Improving		Observations,
	do @ all parts of IVE	5.	Event Reduction	6.	Learning		Inspections,
•	SOP applies to						Checks & Audits
	everyone, everywhere,					3.	HAZID / RA
	every minute and					4.	Toolbox Talks
	every day					5.	Training
						6.	Process Standards

At the heart of this framework is our Safe Operations Program (SOP) which applies to everyone, everywhere, every minute and every day, ensuring safe practices are embedded into every aspect of the Group’s operations.

As part of the Group’s ongoing commitment to employee wellbeing, IVE has set a target to maintain a minimum of 80 certified Mental Health First Aid Officers across the business. These officers play a vital role in fostering a psychologically safe workplace by providing early support, promoting awareness and reducing the stigma attaching to mental health.

During the year, IVE trained 67 Mental Health First Aid Officers across various sites and roles, strengthening the Group’s frontline capability to respond to mental health challenges.

Looking ahead, the Group remains focused on developing a cohesive approach to psychosocial risk drawing together threads of activity within the People & Culture and Safety strategies to enhance collaboration, build visibility and reinforce a culture of care and proactive mental health support across the Group.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Performance Overview

Over the past year, IVE also made significant progress in enhancing its proactive safety culture, and achieving measurable improvements across key safety metrics and programs of work including:

16% reduction in Lost Time Injury Frequency Rate (LTIFR)
32% reduction in Medically Treated Injury Frequency Rate (MTIFR)
167 total events recorded from 3,527,459 hours worked, a result 17% below target
Expansion of Safety Culture Assurance and Event Reduction programs
Implementation of ‘Stop Work Authority’ across all sites
Enhanced Return to Work (RTW) and Recover at Work (RAW) initiatives
Active safety leadership demonstrated through Leader Mentoring and Support programs
Over 3,000 scheduled safety observations, inspections, checks and audits
Introduction of Quarterly Officer Due Diligence Debriefs and Independent Safety Reviews
Establishment of 31 Hazard Critical Risks and Controls
Monthly Safety Performance Snapshot reporting across all sites

Ensuring safe operations is an ongoing journey, one that requires constant vigilance, continuous improvement and personal accountability at every level. While recognising our achievements, we acknowledge the occurrence of an isolated tragic workplace accident during the year.

IVE remains focused on its long-term ambition of ‘No Accidents, No Incidents and No Injuries’ by:

Continuing to invest in proactive safety controls;
Fostering regular, open and personal safety conversations; and
Empowering all IVE people to take ownership of safety as a shared responsibility.

Through IVE Care, the Group remains committed to supporting employees by enhancing their health, safety, and wellbeing, strengthening community connections and easing the pressures of everyday life because we believe that when our people are safe, supported and thriving, so too is our business.

People and Culture

The capability and commitment of our 2,000+ strong workforce remains central to IVE’s ability to deliver for clients and sustain long-term growth. In FY25, we launched a comprehensive People & Culture strategy aligned with our 2025–2030 business goals. Informed by direct employee feedback, including our enterprise-wide engagement survey, the strategy focuses on improving the employee experience across attraction, onboarding, development, recognition and progression.

The Group’s policies and frameworks underpin a safe, inclusive, and accountable workplace. These include strong provisions on equal opportunity, anti-discrimination, bullying prevention, whistleblowing, flexible work and leave entitlements.

Through embedded performance, grievance and feedback mechanisms, IVE continues to build a culture of transparency and continuous improvement. All employment policies are reviewed regularly to ensure they meet legal requirements, reflect best practice and respond to evolving workforce needs – supporting IVE’s position as a responsible and attractive employer.

Recognising our People

This past year saw the launch of the Geoff Selig Scholarships, honouring our former Executive Chairman, Geoff Selig, whose passion for supporting people and personal development remains deeply embedded in our culture. The scholarships offer two employees and one individual from the print industry the opportunity to pursue personal and professional growth, reflecting our commitment to elevate those within our industry fulfil their potential.

IVE’s internal recognition program ‘High f-IVE’ also launched, geared towards fostering a positive culture of engagement and recognition. The Group also commenced development of a refreshed onboarding and induction program and a renewed Employee Value Proposition, further strengthening our ability to attract, engage and retain talent in a competitive market.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Diversity, Equity and Inclusion (DE&I)

With employees representing over 50 nationalities and 70 cultural backgrounds, diversity remains a core strength that drives innovation, engagement and performance.

Building upon its FY24 foundations, during the year the Group embedded its refreshed DE&I approach into the People & Culture Strategy. This included targeted initiatives and campaigns as well as expanded pathways for under-represented groups through the IVE Works program, internships, scholarships and leadership development supporting greater representation and career progression.

Diversity in Leadership

IVE has committed to achieving a 40/40/20 gender balance across senior management representing 40% women, 40% men and 20% flexibility to any gender. During the year we made measurable progress toward this goal, increasing female representation in senior leadership roles from 28% to 33%. This improvement reflects our ongoing efforts to create equitable leadership pathways and build a more inclusive workplace.

Alongside the submission of our 2026 WGEA (Workplace Gender Equality Agency) report, IVE continues to implement targeted strategies to support diversity, equity and inclusion ensuring transparency and driving continuous improvement in gender equity across the Group.

Pathways to Employment

IVE has continued its commitment to building a more inclusive workforce by supporting meaningful career pathways for under-represented groups including First Nations peoples, culturally and linguistically diverse (CALD) communities, people with disability and older Australians. Our target is to complete 30 placements into employment through targeted initiatives and partnerships.

Through the IVE Works program, the Group welcomed 17 new starters into the business during the year. A key highlight was our partnership with AbilityWorks, a leading social enterprise, on the development of a Skills Assessment Tool that supports organisations, including IVE, to better identify and support people with disability entering the workforce. This collaboration is part of the Group’s ongoing commitment to creating equitable access to long-term, meaningful employment opportunities.

Looking ahead, IVE will continue to collaborate with NGOs, social enterprises and community partners to expand these pathways and create opportunities that support both individual growth and workforce diversity across the Group.

Our Commitment to Reconciliation

During the year, IVE reaffirmed its commitment to reconciliation by submitting its first Reflect Reconciliation Action Plan (RAP) to Reconciliation Australia for endorsement.

The RAP outlines the Group’s approach to building respectful relationships, creating meaningful opportunities and fostering a more inclusive workplace for Aboriginal and Torres Strait Islander peoples.

To support effective implementation, IVE established a cross-functional governance group and commenced delivery of early reconciliation actions. Looking ahead, the Group will publish the RAP and continue to implement commitments made in line with agreed timelines ensuring reconciliation is embedded into both workplace culture and operations.

Sustainability

A foundational cornerstone of IVE’s sustainability strategy is delivering products and services that support clients in making more informed, sustainable choices. Through innovation, data, and circular design thinking, environmental considerations are embedded into the Group’s client offering.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Environmental impact of our products and services

In FY25, IVE made significant progress toward its goal of providing environmental impact information across products and services. The Group identified and partnered with a technology provider enabling the calculation of carbon emissions for the first core print service line. Work to integrate further print services continues and will allow the Group to determine product level information giving clients greater transparency over the footprint of their print activity and support more responsible, data-driven decision-making.

During the year, the Group also advanced its commitment to providing end-of-life solutions for its apparel and textile products with the establishment of a take-back program as a standard opt-in service for all clients. Since launch, IVE has diverted over five tonnes of textile waste from landfill by partnering with high-order recycling providers supporting the Group’s second-life objectives.

IVE became the first uniform supplier to join Seamless Australia, the National Clothing Stewardship Scheme, reinforcing the Group’s leadership in circular apparel practices.

Since becoming a signatory and member of the Australian Packaging Covenant Organisation (APCO) in FY24, the Group submitted its first APCO Annual Report and Action Plan in May 2025, achieving an Advanced performance rating, demonstrating strong alignment with best practice packaging sustainability frameworks.

Looking ahead, IVE remains focused on further reducing the environmental footprint of its packaging by:

Increasing the use of recycled and recyclable materials;
Reducing unnecessary packaging;
Improving packaging data collection and reporting across the Group; and
Supporting client and supply chain collaboration on sustainable packaging solutions.

Climate Change and Decarbonisation

During FY25, IVE continued to build on the emissions accounting groundwork laid in FY24 by refining and expanding its Group-wide greenhouse gas (GHG) inventory. This included aligning calculations with the Forest, Land and Agriculture (FLAG) guidance under the Greenhouse Gas Protocol, a critical step given the material impact of paper and vegetable ink inputs across the Group’s operations.

As a business operating in sectors closely linked to land use and complex supply chains, this expanded inventory enhances transparency and equips IVE to better identify emission reduction opportunities, engage suppliers and support more sustainable outcomes for clients as we transition to a lower-carbon future.

Direct Emissions

IVE is targeting a 25% reduction in emissions intensity across Scopes 1 and 2 by the end of calendar year 2025 measured against a FY23 baseline.[1]

In FY25, the Group completed a full energy baseline assessment across all production sites and established a consistent emissions intensity metric to ensure reliable tracking. Following data validation, IVE has updated its emissions trajectory, reinforcing the need for ongoing operational efficiency to meet the Group’s 2025 goal. This work also improved visibility into performance trends, helping to sharpen focus on high-impact opportunities.

Looking ahead, the Group is prioritising initiatives that improve energy efficiency and reduce emissions, including optimising equipment and processes, reducing energy use and strengthening accountability across business units.

We have reset our target baseline to FY23 from CY21 to ensure a complete and comparable dataset across all operations in scope.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Renewable Electricity

In FY24, IVE commenced a seven-year Power Purchase Agreement (PPA), securing renewable electricity equivalent to approximately 98% of the Group’s electricity demand. In FY25, the Group maintained its commitment under this agreement and began assessing opportunities to expand coverage, including the potential inclusion of additional sites as existing energy contracts expire. These efforts form part of the Group’s broader strategy to achieve 100% renewable electricity across all operations by 2030.

Indirect Emissions

IVE is working towards year-on-year reductions in Scope 3 emissions, recognising that most of the Group’s carbon emissions impact sits outside of its direct operations. In support of this, IVE has completed detailed carbon footprint assessments for calendar years 2021, 2022 and FY24[1] , covering Scopes 1, 2 and 3 emissions across the Group.

To inform targeted supplier engagement, IVE has commenced a comprehensive review of Scope 3 emissions, identifying the most material emissions sources within the Group’s supply chain. This work will continue into FY26, identifying the greatest opportunities for impact and prioritising high-emissions categories and suppliers for engagement and reduction planning.

Mandatory Climate Reporting

As part of the evolving sustainability landscape in Australia, IVE is actively preparing for the mandatory climate-related disclosures required under the Australian Sustainability Reporting Standards (ASRS), which will be further detailed in the Group’s FY26 Annual Report. This next phase of environmental governance will further strengthen transparency and accountability providing stakeholders with clear, consistent, and decision-useful information on IVE’s environmental governance and climate resilience.

Disclosures will include detail against the key pillars of climate-related disclosure:

Governance – Board and management oversight of climate-related risks and opportunities.
Strategy – business and financial impact of material climate related risks and opportunities.
Risk management – processes for identifying, assessing, and managing climate-related risks and opportunities.
Metrics and targets – metrics used to monitor climate performance and progress against defined targets.

Operational Waste Reduction and Efficiency

IVE is targeting a 20% reduction in operational waste intensity by end 2025, against a FY23 baseline[2] , as part of the Group’s broader goal to improve circular practices and divert materials from landfill.

In FY25, IVE completed a comprehensive baseline assessment of operational waste and identified relevant intensity measures across production divisions. This included defining key waste streams, mapping data collection processes, and clarifying the final destinations for each waste stream.

This work builds on existing site and material-specific initiatives, such as paper and aluminium plate recycling within the Group’s print operations, and broader landfill diversion through reuse and technology partnerships, including PonyUp for Good. As a result, 92% of operational waste was diverted from landfill in FY25.

With these foundations in place, IVE is now focused on developing and implementing a comprehensive waste reduction strategy to guide further progress, ensure consistent measurement and support delivery of the Group’s intensity reduction target.

Paper Traceability

IVE upholds robust governance standards in the sourcing of paper and fibre-based materials through the maintenance of Forest Stewardship Council[®] (FSC[®] ) and Program for the Endorsement of Forest Certification™ (PEFC™) chain of custody certifications.

FY25 calculations are underway and further detail on our emissions will be published in our FY25 Annual Report.
We have reset our target baseline to FY23 from CY21 to ensure a complete and comparable dataset across all operations in scope.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Chain of custody certification ensures that the materials sourced and supplied come from responsibly managed forests and verified recycled sources. This process involves rigorous, independently audited tracking of materials from forest origin to final product, providing clients with full transparency and assurance that the Group’s products are free from unsustainable sources. These certifications ensure social standards are upheld, providing assurance that the paper and other fibre-based materials are not linked to illegal logging, human or indigenous rights abuses and, aligned with the International Labour Organisation conventions for worker rights.

While IVE remains committed to sourcing its paper stocks from FSC[®] or PEFC™ certified sources, the Group recognises that certification alone does not provide complete visibility or guarantee long-term supply chain resilience.

In FY25, IVE took further steps to strengthen traceability across the Group’s paper sourcing practices. Internal mechanisms were strengthened to support paper traceability, enabling us to assess where and how paper is sourced across the Group’s operations. Alongside maintaining FSC[®] or PEFC™ certifications, the Group conducted enhanced due diligence on 21 paper suppliers with no critical concerns identified.

In FY26, traceability efforts will continue across core product lines to achieve clear, end-to-end visibility of the Group’s paper supply chain.

Environmental Governance

IVE’s environmental management practices are governed by an independently certified ISO 14001 Environmental Management System, reflecting the Group’s long-standing commitment to minimising environmental impacts and drive continuous performance improvement.

IVE’s ISO 14001 framework oversees how the Group identifies, manages and mitigates environmental risks, ensuring legal and regulatory compliance and delivering on its broader sustainability targets. This includes ongoing efforts to reduce emissions, improve energy and resource efficiency, and minimise operational waste across the Group’s facilities.

Regular internal reviews and independent audits of the Group’s environmental objectives enable progress tracking, identification of improvement opportunities and alignment with evolving regulatory expectations and industry best practices.

Modern Slavery

IVE maintains a formal commitment to addressing modern slavery risks, in line with the Group’s obligations under the Australian Modern Slavery Act 2018 (Cth). Each year, IVE publishes a comprehensive Modern Slavery Statement outlining the steps taken to identify, assess and mitigate modern slavery risks across the Group’s operations and supply chains. Through transparent reporting, strong governance frameworks and regular supplier engagement, IVE is committed to ensuring that human rights are respected and upheld across Group-wide activities.

Ethical Sourcing and Supply Chain Sustainability

IVE’s active membership of the Supplier Ethical Data Exchange (SEDEX) enables the Group to monitor and assess risks relating to labour rights, health and safety, environmental management and business ethics within its supply chain.

In FY25, IVE completed SMETA 7.0 4-Pillar audits at two of the Group’s key production sites, covering labour standards, health and safety, environmental performance and business ethics. While site-specific, the audits assessed Group-wide governance frameworks, policies and operational controls, ensuring consistent ethical sourcing, workplace standards and sustainability practices across IVE’s operations. Through SEDEX membership, SMETA audits and ongoing supplier assessments, the Group is continuously strengthening its supply chain integrity and aligning with global best practice.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

Quality

Maintaining the highest standards of quality is central to IVE’s reputation and commercial success. The Group’s operations are underpinned by a long-standing and robust Quality Management System, certified to ISO 9001. This system provides a structured framework for quality control, risk management and continuous improvement across the business. IVE continues to invest in technology to ensure product and service quality, improve operational efficiency and reduce waste whilst concurrently providing ongoing training programs in quality assurance, enhancing localised capability and a culture of accountability and empowering teams to consistently meet and exceed customer expectations.

Food Safety

IVE maintains rigorous food safety systems across its packaging and integrated logistics operations to ensure safe, compliant, and high-quality products for clients in food and related industries. HACCP certification forms the foundation of the Group’s approach, with structured hazard analysis and risk-based controls implemented across its packaging and integrated logistics operations, where food contact processes are core to the service offering. This ensures the safety and compliance of food-grade materials and supply chain solutions.

IVE has further strengthened the Group’s governance framework by achieving FSSC 22000 certification within the packaging operations. FSSC 22000 builds on HACCP principles, incorporating ISO-based management system requirements and additional regulatory and customer-specific controls, offering a more comprehensive framework for food safety governance. Recognised by the Global Food Safety Initiative (GFSI), FSSC 22000 provides globally benchmarked assurance of food safety standards and enables IVE to serve the broader food sector with the highest levels of credibility and compliance.

Data and Information Security

Protecting the confidentiality, integrity and availability of sensitive information is critical to IVE’s operations. The Group’s Information Security Management System (ISMS) is certified to ISO 27001 and SOC 2 Type II, recognised global benchmarks for data security. IVE also complies with CPS 234, the Australian Prudential Regulation Authority (APRA) standard governing information security for the banking and financial services sector. The Group’s security governance is supported by ongoing investment in technology, strong focus on internal controls, secure physical environments and staff training to ensure cyber security awareness at all levels of the business. These measures enable IVE to confidently manage large volumes of personally identifiable information (PII), providing peace of mind to clients across sectors including financial services, government and retail.

IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

RISK MANAGEMENT FRAMEWORK

The purpose of the Risk Management Framework is to provide a mechanism for IVE to identify opportunities and challenges that could impact the business, understand the risk appetite and ensure appropriate mitigations are in place.

Together with the senior executives, the Risk Register is reviewed on a quarterly basis to ensure that risk mitigation is in place for all identified risks and includes recent events such as COVID-19 as well as economic impacts affecting sales, client demand and supply volatility.

As part of the last risk review conducted in June 2025, the following key risks were identified as being the most relevant to the business achieving its operational and financial targets:

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Key Risk Description Risk Appetite Mitigation
Macro Macro-economic IVE will take a balanced • Ability to pass costs on to
Environment Macro-economic approach to the risks customers
changes disrupting the associated with changes • Strategic long-term planning
Australian economy, in the macro-economic • Indicators in day-to-day figures
international trade environment. The level of i.e. increased debtor days
and key sectors (i.e. risk taken will be planned
retail or Australia Post for each risk event. This will • MGM and margin decreases
services). Inflation, be measured by monitoring • Sourcing better pricing for long
energy, gas and the revenue to budget in term, e.g. energy and gas
other cost increases customer sectors, increased
as well as the debtor days, forward
impact of increased bookings and economic
interest rates. indicators.
Possible recessionary
environment.
IT, Systems Cyber Security IVE has minimal appetite • ISO 27001 and SOC 2 Type II
& Security Failure to protect and will aim to minimise certification
the business from risks associated with • External penetration testing
ransomware, phishing, cyber security. This will be conducted annually
data leakage, hacking measured by data breaches • Quarterly vulnerability scans
or insider threat. or incidents, client audit
failures or negative • Restricted firewalls
public relations. • Appropriate level of
Cyber insurance
• Information security policies
• Improved technologies
and software
• Ongoing Investment in
Cyber Security
IT, Systems Data Protection IVE has minimal appetite • Internal processes / firewall
& Security Breach and will aim to minimise • ISO 27001 certification
Significant (notifiable) risks associated with data • Multiple back-ups
loss of confidential protection. This will be (offsite storage)
data (i.e. customer or measured by data breaches
employee records) or or incidents, client audit • Awareness training
Intellectual Property. failures or negative • Continue to review and purge
public relations. old data
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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

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Key Risk Description Risk Appetite Mitigation
Customer Changing Customer When adapting to the • Customer feedback
& Client expectations expectations of clients and • Board and SLT constantly
Failure to adapt to customers in the changing review products and services
changing customer and external environment sustainability
client expectations IVE will take risk to drive
• Acquire and invest in new
driven by new or value for money. This will
products and services
disruptive technologies be measured by customer
including emerging AI retention, number of services • SLT constantly stay abreast or
technologies. per customer and customer new technologies available in
feedback. the market
• Reduce client financial impact
due to supply chain issues to
protect channel
• Continue to diversify
revenue streams
• Road Map for
emerging technologies
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IVE Group Limited Annual Financial Report 2025

OPERATING AND FINANCIAL REVIEW (CONT.)

FY26 OUTLOOK AND GUIDANCE[1]

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

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);

Excludes an expected Lasoo post-tax operating loss of ~$4m (with a significant reduction expected in FY27); and

Excludes abnormal costs of ~$10m post-tax primarily associated with the Dandenong and Kemps Creek relocations including duplication of rent until expiry of old leases.

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.

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

The Group’s annual dividend is expected to remain steady at 18.0 cents per share.

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.

The Group’s strategic focus over the period ahead includes:

Executing on the Group’s planned organic packaging expansion;
Executing on the Dandenong South 3PL relocation and the Sydney site consolidation in Kemps Creek;
Materially growing the breadth and depth of IVE’s Creation and Content offering;
Continuing to invest in, and drive further growth across, the Lasoo platform; and
Continuing to drive ongoing efficiency and performance across the business more broadly.
Outlook and guidance is subject to the risks as outlined in the Risk Management Framework outlined on pages 28–29.

Additional information

For further information contact:

IVE Group Ltd Level 3, 35 Clarence Street Sydney NSW 2000

Matt Aitken Managing Director + 61 2 9089 8550

Darren Dunkley Chief Financial Officer + 61 2 8020 4400

Tony Jackson Investor Relations Sydney NSW 2000 + 61 2 9089 8548

61 410 499 043

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT

For the year ended 30 June 2025

The directors present their report together with the consolidated financial statements of the Group comprising of IVE Group Limited (the Company), and its subsidiaries (the Group or IVE Group) for the financial year ended 30 June 2025 and the auditor’s report thereon.

Principal activities

The principal activities of the Group during the course of the financial year were:

Conceptual and creative design across print, mobile and interactive media;
Printing and distribution of catalogues, magazines, marketing and corporate communications materials and stationery;
Manufacturing of point-of-sale display material and large format banners for retail applications;
Fibre-based packaging;
Personalised communications including marketing automation, marketing mail, publication mail, eCommunications and multi-channel solutions;
Data analytics, customer experience strategy and CRM; and
Outsourced communications solutions for large organisations including development of customised multi-channel management models covering creative and digital services, supply chain optimisation, inventory management, warehousing and logistics.

The Group services all major industry sectors in Australia including financial services, publishing, retail, communications, property, clubs and associations, not-for-profit, utilities, manufacturing, education and government.

Operating and financial review

The profit after tax of the Group for the year ended 30 June 2025 was $46,708 thousand (2024: $27,605 thousand). A review of operations and results of the Group for the year ended 30 June 2025 are set out in the Operating and Financial Review, which forms part of the Annual Financial Report.

Dividends

The directors have declared a final dividend of 8.5 Australian cents per share, fully franked, to be paid on 16 October 2025 to shareholders on the register at 10 September 2025.

Total dividends of $27,879 thousand were declared and paid by the Company to members during the 2025 financial year. Further details on dividends are included in Note 23 of the Financial Report.

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Dividends
(¢ps) FY21 – FY25
20.0
15.0
7.0 8.0 8.5 8.5 8.5
10.0
5.0
7.0 8.5 9.5 9.5 9.5
0.0
FY21 FY22 FY23 FY24 FY25
1H 2H
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Significant changes in the state of affairs

In the opinion of the directors there were no significant changes in the state of affairs of the Group that occurred during the financial year under review.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Information on Directors

The directors of the Company at any time during or since the end of the financial year are:

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Director Experience, special responsibilities and other directorships
James Scott James is an experienced company director, corporate advisor and investor.
Charles Todd James commenced his career in investment banking and has taken active roles
in a range of private and public companies. James was Managing Director of
Independent,
Non-Executive Wolseley Private Equity, an independent private equity firm he
Director and co-founded in 1999.
Chairman
James was previously a Non-Executive Director of Coventry Group Limited
Appointed: (ASX:CYG) as well as a Director of Bapcor Limited (ASX:BAP) and HRL Holdings
10 June 2015, Limited (ASX: HRL).
appointed Chairman
James holds a Bachelor of Commerce and a Bachelor of Laws from the
1 June 2024
University of New South Wales, and a Graduate Diploma of Applied Finance
from the Financial Services Institute of Australasia (FINSIA), where he is a Fellow.
James is also a member of the Australian Institute of Company Directors.
Committee: Member of the Nomination & Remuneration Committee.
Matthew (Matt) Matt has been Managing Director of IVE Group since 2019 and has been with
Aitken the Group for 26 years. Prior to joining IVE, Matt’s background was in marketing,
data and advertising having worked for Westpac (New Zealand) before taking
Managing Director
on a senior role in data and technology consulting. Matt eventually established
Appointed:
the Sydney office of a New Zealand based advertising agency that was
1 June 2024
subsequently acquired by IVE.
Matt has been Chair of several industry associations and is currently President
of the Cronulla Surf Life Saving Club.
Matt holds a Bachelor of Arts from Victoria University in Wellington, New Zealand.
Gavin Terence Bell Gavin is an experienced director, executive and a lawyer. Prior to becoming a
director, Gavin was the CEO of global law firm Herbert Smith Freehills. He was
Independent
Non-Executive a partner in the firm for 25 years.
Director
Gavin holds a Bachelor of Law from the University of Sydney and a Master of
Appointed: Business Administration from the AGSM, University of New South Wales
25 November 2015
Committees: Member of the Nomination & Remuneration Committee and
member of the Audit, Risk & Compliance Committee.
Sandra Sandra has a track record in driving customer-centred business transformation
Margaret Hook and transitioning traditional organisations in rapidly evolving environments.
Independent A former Managing Director, CEO, COO and CMO for some of Australia’s largest
Non-executive media companies including NewsLifeMedia (a division of News Limited), Foxtel,
Director
Federal Publishing Company, Murdoch Magazines and Fairfax, Sandra brings
Appointed: more than 20 years’ experience as a non-executive director of listed, public and
1 June 2016 private companies and government bodies.
Sandra is currently Chair of NextED Group (ASX:NXD) and non-executive director
of CRC Fight Food Waste, auDA and WiseTech Global Limited (ASX:WTC) since
1 July 2025.
Sandra is a member of the Australia Institute of Company Directors.
Committee: Chair of the Nomination & Remuneration Committee.
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IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

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Director Experience, special responsibilities and other directorships
Paul Stephen Selig Paul’s career commenced in banking and treasury management before moving
into the print and marketing communications sector over 25 years ago.
Independent,
Non-executive Paul has been a director of the Company since 2012 and was appointed to IVE
Director [1]
Group Limited on its incorporation in 2015. Paul is an experienced director and
Appointed: investor, having run the Caxton Group family office for over 15 years.
10 June 2015
Paul is also a director of Caxton Group, Caxton Print Holdings and Caxton
Property Developments and holds a Bachelor of Economics (Hons) from
Macquarie University.
Catherine (Cathy) Cathy is an internationally experienced executive and non-executive director
Ann Aston across a diverse range of sectors including telecommunications, digital,
government and financial services. Cathy has a broad commercial background
Independent,
Non-executive with senior roles including CEO, CFO, marketing, strategy and digital business
Director
Cathy is currently Chair of IMB Bank LTD, a director of Macquarie Investment
Appointed: Management Ltd (Chair of Board Audit Risk and Compliance Committee) and
15 December 2020 Monash IVF Group Ltd (Chair of Board Audit Risk and Compliance Committee -
ASX:MVF). Cathy was previously a director of Integrated Research Ltd (ASX:IRI),
Virtus Health Ltd (ASX:VRT) and Over The Wire Ltd (ASX:OTW).
Cathy holds a Bachelor of Economics from Macquarie University and a Master
of Commerce from the University of New South Wales. Cathy is a Senior
Fellow of the Financial Services Institute of Australasia and a member of the
Australian Institute of Company Directors.
Committee: Chair of the Audit, Risk & Compliance Committee.
Andrew Peter Andrew has extensive financial, operational and strategic experience acquired
George Bird from a 35-year executive career in consulting, strategy, digital and investment
roles, primarily in Australia.
Independent,
Non-Executive Following the earlier part of his career in management consulting with Booz,
Director
Allen and Hamilton, Andrew joined CCH, a multi-national listed publishing
Appointed: company and ran one of their business units in Australia. In 1997, Andrew
1 April 2022 co-founded Aspect Huntley which was acquired by Morningstar in 2006 and
Andrew was appointed CEO for Australia and New Zealand. In 2010, Andrew
established his own family investment firm with a focus on private equity and
early-stage investments in technology and information businesses
Andrew is currently the Chair of Sharesight Limited.
Andrew holds a Bachelor of Arts from Williams College in Massachusetts, USA
and and MBA from INSEAD Business School in Fontainebleau, France.
Committee: Member of the Audit, Risk & Compliance Committee.
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IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Company Secretaries

Sarah Prince

Sarah was appointed as joint Company Secretary on 25 November 2020. Sarah is an experienced Company Secretary and has worked with ASX-listed entities in the biotech, technology, managed funds, legal and mining and resources industries. Sarah holds a Bachelor of Arts, Bachelor of Laws and a Graduate Diploma of Applied Corporate Governance. Sarah is a member of The Governance Institute of Australia and is admitted as a Solicitor of the Supreme Court of New South Wales.

Darren Dunkley

Darren has been the Chief Financial Officer (CFO) of the Group since 2012, and has been with IVE Group for over 15 years. He has over 25 years of experience with a range of blue chip companies including Sharp Corporation, ANZ Banking Group Ltd and Nashua Australia. Darren has a Bachelor of Commerce majoring in Accounting from the University of Western Sydney and is a CPA.

Meetings of Directors

The number of directors’ meetings (including meetings of committees of directors) and number of meetings attended by each of the directors of the Company during the financial year are:

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Audit, Risk & Nomination &
Board Compliance Remuneration Other Committees
Committee (ARCC) Committee (NRC)
Eligible Attended Eligible Attended Eligible Attended Eligible Attended
James Todd 16 15 - 4 [1] 4 3 2 2
Matt Aitken 16 16 - 4 [1] - 4 [1] - 2 [1]
Gavin Bell 16 15 4 3 4 3 - -
Sandra Hook 16 16 - 4 [1] 4 4 - -
Paul Selig 16 14 - 4 [1] - 4 [1] - -
Cathy Aston 16 16 4 4 - 4 [1] 2 2
Andrew Bird 16 16 4 4 - 4 [1] - -
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Attended as an invitee.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Directors’ interest and benefits

The relevant interests of each director in the shares of the Company as at the date of this report are disclosed in the Remuneration Report (on page 51).

Environmental regulation

The Group’s operation is not subject to any significant environmental regulations under either Commonwealth or State legislation. However, the Board believes that the Group has adequate systems in place for the management of its environmental requirements and is not aware of any breach of those environmental requirements as they may apply to the Group during the period covered by this report.

Events subsequent to reporting date

There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group, in future financial years.

Likely developments

Information about likely developments in the operations of the Group and the expected results of those operations in future financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable prejudice to the Group.

Indemnification and insurance of officers

During the financial year, the Group paid a premium insuring the directors of the Group, the company secretaries, and executive officers to the extent permitted by the Corporations Act 2001.

The Group indemnified its directors and company secretaries to the extent permitted by law against a liability incurred.

Indemnification and insurance of auditor

During or since the end of the financial year the Group has not indemnified or made a relevant agreement to indemnify the auditor of the Group against a liability incurred as the auditor. In addition, the Group has not paid, or agreed to pay, a premium in respect of a contract insuring against a liability incurred by the auditor.

Insurance premiums

During the financial year the Company has paid premiums in respect of directors’ and officers’ liability insurance contracts for the year ended 30 June 2025. In addition, since the financial year, the Company paid or agreed to pay premiums in respect of such insurance contracts for the year ending 30 June 2026. Such insurance contracts insure against certain liability (subject to specific exclusions) for persons who are or have been directors or executive officers of the Company.

The directors have not included details of the nature of the liabilities covered or the amount of the premiums paid in respect of the directors’ and officers’ liability insurance contracts, as such disclosure is prohibited under the terms of the contract.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Remuneration Report

The remuneration report contains the following sections:

Introduction
Persons covered by this report
Overview of the remuneration framework for Executive KMP
Linking reward and performance
Grant of Performance Share Rights and the Long-Term Incentive Plan
Non-Executive Director remuneration framework
Contractual arrangements with Executive KMP
Details of remuneration for KMP
Rights granted to Executive KMP
Director and Executive KMP shareholdings
Other statutory disclosures

Introduction

This Remuneration Report ( Report ), which has been audited, describes the Key Management Personnel ( KMP ) remuneration arrangements for the 12 months ended 30 June 2025 for IVE Group, in accordance with the Corporations Act 2001 (Cth) ( Corporations Act ) and its regulations.

The Report is designed to provide shareholders with an understanding of IVE Group’s remuneration philosophy and the link between this philosophy and IVE Group’s strategy and performance.

The Board is committed to having remuneration policies and practices which are designed to ensure remuneration is equitable, competitive and reasonable to attract and retain key talent who are critical to IVE Group’s business success, align with long-term interests of the Company and its shareholders, and to ensure that any incentives do not reward conduct that is contrary to the Company’s values or risk appetite. IVE Group aligns remuneration to strategies and business objectives and provides a balance between fixed and variable rewards to ensure that rewards are given for performance. Remuneration structures are designed to be transparent to employees and other stakeholders and easily understood. In addition, the remuneration framework is designed to be acceptable to shareholders by being consistent with market practice and creating value for shareholders.

While revenue was adversely impacted in some parts of the business due to uncertainty surrounding the state of the economy (including persistent inflation) and the Federal election, commercial initiatives coupled with input price relief and operating leverage associated with the Ovato acquisition and JacPak cost synergies underpinned strong margin expansion.

The Company’s strong financial and non-financial performance and the overall performance of the leadership team is reflected in the remuneration outcomes for FY25.

The Company reported underlying EBITDA of $136.7m which compares favourably to FY24 EBITDA of $127.8m and resulted in the target for the payment of the key financial component of the FY25 Short-Term Incentive (STI) being achieved. Performance against non-financial remuneration measures and the overall performance of the company was also strong and resulted in the payment of 90.0% of the STI to each of the CEO and the CFO.

The FY23 Long-Term Incentive (LTI) grant reached the end of its three-year performance period on 30 June 2025. Any shares vesting in relation to this period will vest after the end of the 2025 financial year. The three-year EPS CAGR hurdle was met. Accordingly, 100.0% of this tranche of the LTI shares will vest. In addition, over the performance period IVE achieved a TSR at the 80.0th percentile. Accordingly, 100.0% of the TSR tranche of the LTI shares will vest. Details of the face value of these shares will be included in the FY26 Remuneration Report. At the 2024 Annual General Meeting, 94.4% of the shares voted at the meeting were cast in favour of the adoption of the Remuneration Report for the year ended 30 June 2024.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

The Board will continue to review the effectiveness of the Company’s remuneration practices to ensure they are appropriately benchmarked and align with strategic performance objectives, to appropriately reward its executives and deliver shareholder value.

The Board considers that the members of the Nomination and Remuneration Committee (NRC) possess the necessary expertise and independence to fulfil their responsibilities and are able to access independent experts in remuneration for advice should this be required. The governance processes in relation to remuneration are working effectively and the Board trusts that shareholders find this Report useful and informative.

The Board believes that the remuneration outcomes for the Executive KMP for the 2025 financial year reflect a strong business performance and satisfy the goals of the remuneration framework.

To encourage greater equity ownership and drive improved alignment with shareholder interests, the Board recently introduced minimum shareholding requirements for directors, KMP and senior executives and put in place an Employee Salary Sacrifice Share Plan (ESSSP).

In addition, 25% of any FY25 (and thereafter) STI achieved by several of the senior executive team, including KMP, will be paid in shares.

Persons covered by this report

This report covers Non-Executive Directors and Executive KMP (collectively KMP) and includes:

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Role
Non-Executive Directors
James Todd Independent Non-Executive Director & Chairman
Gavin Bell Independent Non-Executive Director
Sandra Hook Independent Non-Executive Director
Paul Selig [1] Non-Executive Director
Cathy Aston Independent Non-Executive Director
Andrew Bird Independent Non-Executive Director
Executive KMP
Matt Aitken Managing Director
Darren Dunkley Chief Financial Officer & Company Secretary
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Executive Director prior to 1 February 2025.

Overview of the remuneration framework for Executive KMP

The objective of IVE Group’s remuneration philosophy is to ensure Executive KMP are rewarded for business performance and retained to continue to grow the business. The objectives underpinning the remuneration philosophy are that remuneration will:

Be competitive and reasonable to attract and retain key talent (which is key to IVE Group’s business success);
Align to IVE Group’s strategies and business objectives;
Provide a balance between fixed and variable rewards;
Be transparent and easily understood; and
Be acceptable to shareholders.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Governance

IVE Group established the NRC to assist the Board with its remuneration responsibilities, including reviewing and recommending to the Board for approval, arrangements for executives, Executive Directors and Non-Executive Directors. The NRC has three members, all of whom are independent, including an independent committee chair. The members of the NRC have appropriate qualifications and experience to enable the NRC to fulfil its role.

External remuneration consultants

The Terms of Reference for the NRC require that any remuneration consultants engaged be appointed by the NRC. No remuneration consultants were engaged in FY25.

Any advice that may be received from remuneration consultants in future will be carefully considered by the NRC to ensure it is given free of undue influence by IVE Group executives.

Structure of Remuneration

The remuneration framework for Executive KMP includes both fixed and performance-based pay.

Remuneration Mix

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Matt Aitken 50% 25% 25%
Darren Dunkley 58% 23% 20%
Fixed Remuneration STI Potential LTI Potential
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Fixed remuneration

Fixed remuneration is set using a combination of historical levels and sector comparisons. Fixed remuneration includes base pay, statutory contributions for superannuation and non-monetary benefits. Paying Executive KMP the right fixed remuneration is a key tool in attracting and retaining the best talent.

The NRC reviews the fixed remuneration of Executive KMP on an annual basis and for FY26 has approved an increase in Matt Aitken’s fixed remuneration to $1,000,000 (from $800,000). The NRC consider this revised level of remuneration to be reasonable on the following grounds:

the revised level is more consistent with comparable MDs/CEOs;
to secure the retention of his services;
25% of Matt Aitken’s STI will be issued in shares, which further supports his retention; and
the enhanced remuneration will assist Matt Aitken in increasing his shareholding (particularly with regard to the recently adopted Minimum Shareholding Guidelines).

Short-Term Incentive ( STI )

The NRC reviews the achievement of STI targets at the end of each year and sets STI targets for the following year. The STI is the main tool for rewarding the current year’s performance of the business.

In FY25, Executive KMP (excluding Paul Selig while he remained as an Executive Director) were eligible to receive an STI payment of between 38.6% and 50.0% of fixed remuneration. The Board adjusted the STI structure in FY25 such that 25% of any STI payment awarded be remunerated in fully paid ordinary shares. The change was made in conjunction with the introduction of minimum shareholding guidelines for senior leadership including KMP. As a director, shareholder approval is required prior to the issue of any securities to Matt Aitken and such approval will be sought at the 2025 Annual General Meeting. The STI is an incentive payment and full payment is conditional on achievement of the following:

The key financial performance target for the Group, specifically, Earnings before Interest, Tax, Depreciation and Amortisation ( EBITDA ) for the year in review;
Individual financial and non-financial performance targets relevant to the individual Executive KMP which includes strategic and other measurements. Individual measurements vary depending on the nature and specific strategic areas attributable to the Executive KMP to align with the IVE Group’s strategic objectives.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

The Board determines the STI payment for Executive KMP by allocating a percentage weighting across the above measures. At the end of the financial year, the Board assesses the individual and collective performance against the STI measures and retains an overall discretion in relation to the assessment of performance, to consider, for example, overall performance and any changes to priorities.

The percentage weightings across financial and non-financial targets, and the assessed performance achieved during FY25 for each of the KMP to whom an STI payment was made was as follows:

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KMP Financial Non-financial Total STI
targets targets
Weighting Achieved Weighting Achieved Weighting Achieved
% % % % % %
Matt Aitken 65.0 100.0 35.0 71.4 100.0 90.0
Darren Dunkley 65.0 100.0 35.0 71.4 100.0 90.0
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Financial performance measures and individual achievement ratings for Executive KMP

Matt Aitken, Managing Director


Area	Weighting %	Achieved %
EBITDA	40.0	100.0
NPAT	25.0	100.0

Darren Dunkley, Chief Financial Officer & Company Secretary


Area EBITDA		Weighting % 40.0		Achieved % 100.0
NPAT		25.0		100.0

Non-financial performance measures and individual achievement ratings for Executive KMP Matt Aitken, Managing Director


Area	Weighting %	Achieved %
Keyinitiatives	18.75	100.0
WHS	10.0	100.01
Investor relations	6.25	100.0
Darren Dunkley, Chief Financial Officer & Company Secretary
Area	Weighting %	Achieved %
Keyinitiatives	18.75	100.0
WHS	10.0	100.01
Investor relations	6.25	100.0

Achieved in full, however, the Board exercised discretion to award nil due to an isolated tragic workplace accident.

The FY25 Actual STI and FY25 maximum STI amounts for Executive KMP are shown in the table on page 41.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Long-Term Incentive ( LTI )

The Board has established an LTI Plan as outlined in prior years’ Remuneration Reports and outlined in the section of this Report entitled ‘Share-based remuneration’. The LTI Plan was reapproved by shareholders at IVE’s 2024 Annual General Meeting ( AGM ). The LTI Plan is largely used to reward long-term sustainable performance.

The LTI Plan facilitates the offer of Performance Share Rights ( Rights ) to key executives and the Rights vest and convert to ordinary shares on a one-for-one basis, subject to meeting specific performance conditions. The current performance conditions are:

Relative total shareholder return ( TSR );
Compound annual earnings per share growth based on NPAT ( EPS ) over a three-year Performance Period .

There is no re-testing of performance hurdles.

The LTI Plan, including the combination of TSR and EPS hurdles, has been designed commensurate with IVE Group’s long-term strategic objectives so that Executive KMP will only receive a substantial component of LTI when there has been strong absolute and relative performance.

The grant of Rights during FY25 to the Managing Director was approved by shareholders at the 2024 AGM.

The Board has the discretion to amend the future vesting terms and performance hurdles at the grant of each award of Rights to ensure that they are aligned to market practice and ensure the best outcome for IVE Group. The Board also has the discretion to change the LTI Plan and to determine whether LTI grants will be made in future years.

The Board considers the level of LTI to grant each year based on reviews of total remuneration packages for executives. The NRC believes that the issue of long-term equity incentivises and aligns management’s remuneration with shareholders’ longer-term interests.

The staged approach to executive remuneration over recent years has led to the current level of executive remuneration which the Board feels is appropriate in the challenging and competitive sector in which the Group operates. All rewards, other than fixed remuneration, are subject to achieving the performance conditions outlined above.

Assessment of performance

Executive KMP performance is assessed against the agreed non-financial and financial targets on a regular basis.

Matt Aitken, as Managing Director, made recommendations to the NRC for Board approval of the amount of STI and LTI to award (as applicable) to Darren Dunkley.

The NRC assesses the actual performance of IVE Group and the Managing Director against the agreed targets and recommends the amount of STI and LTI (as applicable) to be paid for approval by the Board.

Executive KMP remuneration – paid, vested and targets

The table overleaf presents the STI paid and LTI granted to Executive KMP during FY24 and FY25. Further detail on remuneration is included in the tables at the end of this Report.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

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STI - $ LTI – Number of Rights
Maximum Actual Granted Vested
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Matt Aitken	FY25 400,000 360,000 270,270 Not applicable (3-year vesting)
	FY24 400,000 364,000 147,058 Not applicable (3-year vesting)
Darren Dunkley	FY25 230,000 207,000 135,135 Not applicable (3-year vesting)
	FY24 180,000 163,800 110,294 Not applicable (3-year vesting)

Further detail on the value of the Rights granted is included in the tables at the end of this Report.

Proportions of fixed and variable remuneration

The Board and NRC consider annually the fixed remuneration and proportion of variable remuneration that is dependent on performance (‘at risk’) for each Executive KMP. The relative proportions of fixed versus variable pay (as a percentage of total remuneration) received by Executive KMP during the past two financial periods and proposed for the next financial period are shown below.


All in $	Fixed Remuneration1 FY24 Actual FY25 Actual FY26 Agreed				FY24 Actual	STI FY25 Actual		FY26 Target	FY24 Grant	LTI FY25 Grant	FY26 Grant2
Matt Aitken	700,000	800,000	1,000,000		364,000	360,0006	500,0006		200,000	400,000	500,0003
Darren Dunkley	529,990	585,000		585,000	163,800	207,000		230,000	150,000	200,000	200,000
Paul Selig4,5	330,000	238,715		N/A	N/A	N/A		N/A	N/A	N/A	N/A

Fixed remuneration includes superannuation.
LTI grant is the $ value of the grant approved by the Board.
FY26 LTI grant for Matt Aitken is subject to shareholder approval.
Paul Selig transitioned to Non-Executive Director effective 1 February 2025, after which his remuneration changed to align with the Company’s other Non-Executive Directors ($110,000 per annum inclusive of superannuation).
Due to the nature of his previous role as Executive Director, Paul Selig did not participate in the STI or LTI Plan.
The 25% of Matt Aitken’s STI payable via shares is subject to shareholder approval.

The Board uses a fair value method to determine the value of performance rights issued under the LTI Plan, which was last approved by shareholders at the 2024 AGM. This is consistent with the required accounting treatment of rights and the basis on which the KMP remuneration arrangements were agreed. The Board recognises that some stakeholders advocate the use of the face value method to determine the value of performance rights. A face value approach does not consider the risk that rights may not vest and that the rights are not entitled to dividends. Executive KMP remuneration arrangements were agreed assuming a fair value approach. The FY26 LTI will again use a fair valuation calculation to determine the quantity of performance rights to be granted to Executive KMP.

The Board agreed that the measurement period for the fair valuation report will be based on the volume weighted average price of the 20 trading days following the release of the Company’s full year 2025 results, as has been done each year since 2020.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

The Board believes that this will allow the market to absorb the full year results and align the fair valuation closer to the date of grant, noting that a different valuation methodology is applied per AASB 2 share-based payments.

If a face value method were used, the FY25 LTI grant for each of the Executive KMP would be as indicated in the table below. The number of performance rights granted under the FY26 LTI will be determined and reported in the 2026 remuneration report.


No. of Rights	FY25 Fair Value	FY25 Face Value1
Matt Aitken	270,270	202,020
Darren Dunkley	135,135	101,010
Paul Selig2	N/A	N/A

Based on the closing share price on 28 June 2024 of $1.98 per share.
Due to the nature of his role as Executive Director prior to 1 February 2025, Paul Selig did not participate in the STI or LTI Plan.

Linking reward and performance

Performance indicators and link to performance

Notwithstanding the impacts of the unprecedented COVID-19 pandemic during the 2020, 2021 and 2022 financial years, IVE Group’s financial performance has been strong since listing on the ASX in December 2015. Performance of the business is reflected in the outcome of the variable components to the remuneration framework:

Full STI payments are only made if Executive KMP meet agreed financial and non-financial targets for the year in review (and the FY20 STI payment was suspended due to the impact of COVID-19); and
LTI grants only vest if IVE Group achieves the targets set for TSR and EPS over a 3-year performance period.

Performance rights granted to KMP in 2021 under the FY22 LTI reached their vesting date during FY25. Of these, 294,117 performance rights granted to KMP vested and nil performance rights lapsed in accordance with the IVE Group Equity Incentive Plan rules as set out below:

No. of Rights	Total LTI Grant FY22	60% of Rights Earnings Per Share Target (EPS)	40% of Rights Relative Total Shareholder Return (TSR)	Vested	Lapsed
Matt Aitken	168,067	100,840	67,227	168,067	-
Darren Dunkley	126,050	75,630	50,420	126,050	-
Paul Selig1	N/A	N/A	N/A	N/A	N/A
	294,117	176,470	117,647	294,117	-

Due to the nature of his role as Executive Director prior to 1 February 2025, Paul Selig did not participate in the STI or LTI Plan.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

The relevant performance conditions were as follows:


60% of Rights Earnings Per Share Target (EPS) EPS Growth Target 3%-5% Performance Share Rights		40% of Rights Relative Total Shareholder Return (TSR) Granted Vested
Less than 3% achieved	Nil	Company ranks below 50thpercentile	Nil
3%–3.99% achieved	50% vesting on straight-line basis	Company ranks at the 50thpercentile	50%
4%–4.99% achieved	75% vesting on straight-line basis	Company ranks between the 50thand 75thpercentile	Straight-line vesting between 50% and 100%
5% target achieved or exceeded	100%	Company ranks at or above 75thpercentile	100%

Accumulated pro-forma EPS growth over the three-year vesting period between FY22 to FY24 exceeded the EPS Target. Accordingly, 100% of the EPS tranche of performance rights vested.

IVE Group was ranked 36th (80.00th percentile) compared to the relevant FY22 LTI peer group as at 30 June 2025. Accordingly, 100% of the TSR tranche of performance rights vested.

Key financial metrics over the last five years are shown below:

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FY22 Pre FY22 Post
FY21 [1] FY23 FY24 FY25
AASB 16 AASB 16
Revenue ($m) 656.7 759.0 759.0 967.4 969.9 954.8
EBITDA ($m) 59.3 75.1 96.6 119.0 127.8 136.7
Net profit after tax ($m) 19.9 33.4 33.1 39.7 43.0 52.1
Dividend payment
14.0 16.5 16.5 18.0 18.0 18.0
(cents per share)
Dividend payout ratio [1] 67% 72% 72% 69% 65% 53%
Share price change ($) [2] +0.655 +0.28 +0.28 +0.58 (0.32) +0.875
NPAT EPS (cents) 13.5 23.1 23.1 26.4 28.0 33.7
NPATA EPS (cents) 16.2 25.4 25.4 28.5 30.2 36.1
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The above results are prepared on an underlying continuing business basis. FY21 and FY22 are presented on a pre-AASB 16 basis while FY22 and thereafter is presented on a post-AASB 16 basis. Underlying continuing business basis results exclude all non-operating items (including JobKeeper). This better reflects the underlying operating performance and is consistent with guidance.

FY21 dividend payout ratio is based on underlying NPAT including JobKeeper.
Calculated as close price on 30 June for the applicable year.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Grant of Rights and the Long-Term Incentive Plan

During the year, the Company made offers of Rights under the LTI Plan to the Senior Leadership Team with clear performance measures.

On 30 December 2024, offers were made granting 942,563 performance rights under the Senior Leadership Team Plan. Of these, 270,270 were granted to Matt Aitken for which approval for the issue was obtained under ASX Listing Rule 10.14 at the 2024 Annual General Meeting. These Rights vest following the release of the FY27 financial results if specified performance conditions are met during the Performance Period which is 1 July 2024 to 30 June 2027.

In total there were 2,078,179 unvested Rights at 30 June 2025 from the FY23, FY24 and FY25 offers. There were no offers of options during the year and there are no unvested options.

The terms of the Equity Incentive Plan which provide the framework under which the LTI grants were made in FY25 are as follows:

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Feature Terms of the IVE Group Equity Incentive Plan
Type of security Performance Share Rights which are an entitlement to receive fully paid ordinary
IVE Group Limited shares (as traded on the ASX) on a one-for-one basis.
Valuation The number of Performance Share Rights for each KMP is calculated by dividing the
allocated value of the LTI award for that KMP by the fair value of a Performance
Share Right. The fair value is calculated using a Monte Carlo simulation approach
for the Awards subject to the Relative TSR condition and a risk neutral assumption
is used the value the Awards subject to the EPS condition.
For the Managing Director (if applicable), the LTI grant, as recommended by the
Board, will be submitted for approval by shareholders at the relevant Annual
General Meeting, as required by the ASX Listing Rules.
Performance Period The Performance Period is the three-year period 1 July to 30 June inclusive.
Performance The number of Rights that may vest will be determined by reference to:
Conditions
• Earnings Per Share ( EPS ) compound annual growth over the Performance Period.
EPS growth will be calculated as IVE Group’s Net Profit After Tax ( NPAT ) divided
by the undiluted weighted average shares on issue throughout the Performance
Period, using the following formula:
Year 3 EPS
EPS CAGR = [3] ( ————————––– ) — 1
Year 0 EPS
(Benchmark 1); and
• Relative Total Shareholder Return ( TSR ) performance of the Company in
comparison to companies included in the ASX Small Ordinaries Index at the
commencement of the performance period, being 1 July 2024. The TSR of each
company will be measured from the start of the Performance Period to the end
of the Performance Period (Benchmark 2);
(collectively the Performance Conditions ).
Together Benchmark 1 and Benchmark 2 comprise the total Performance
Conditions but act independently relative to their specific target component
of 60% and 40% of Rights, respectively.
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IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

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Feature Terms of the IVE Group Equity Incentive Plan
Re-testing There is no re-testing. Any unvested LTI after the test at the end of the Performance
Period will lapse immediately.
Forfeiture Unless the Board determines otherwise:
• All unvested Rights will lapse if the participant is terminated for cause or
resigned (or give notice of resignation) prior to the Vesting Date;
• If the participant ceases employment for any other reason prior to the Vesting
Date, a pro-rata portion of the unvested Rights (calculated on the portion
of the Performance Period that has elapsed up until the date of cessation)
will remain on foot and will be tested in the ordinary course as though the
participant had not ceased employment.
Clawback The Board has broad ‘claw back’ powers if, amongst other things, the participant
has acted fraudulently or dishonestly, engaged in gross misconduct or has acted
in a manner that has brought the Company into disrepute, or there is a material
financial misstatement, or the Company is required or entitled under law or
company policy to reclaim remuneration from the participant, or the participant’s
entitlements vest as a result of the fraud, dishonesty or breach of obligations of
any other person and the Board is of the opinion that the incentives would not
have otherwise vested.
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IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Feature Terms of the IVE Group Equity Incentive Plan

Non-Executive Director remuneration framework

Non-Executive Directors enter into service agreements through letters of appointment which are not subject to a fixed term. Non-Executive Directors receive a fee for their contribution as Directors. Fees are determined with reference to the demands of the role and the responsibilities carried out by Directors. The fee setting process also considers market levels, the need to attract high quality Directors and the size and complexity of the Company.

Directors receive fees for their role as members of the Board and, where applicable, for additional responsibilities. During the reporting period, Non-Executive Directors did not receive additional fees for being Chair or a member of a Board Committee. Non-Executive Directors do not receive any variable or performance-based remuneration. Where Directors are required to provide additional services, these are paid on a fixed fee basis or determined on an hourly basis depending on the nature of the service. There were no additional services provided in FY25 by Non-Executive Directors.

Upon the appointment of James Todd as independent Non-Executive Chair effective 1 June 2024, the remuneration payable for the role of Non-Executive Chair was resolved by the Board to be $250,000 per annum, including superannuation. Effective 1 August 2024, it was resolved by the Board that the Chair of the Audit, Risk and Compliance Committee and the Chair of the Nomination and Remuneration Committee will each be paid an additional $15,000 per annum (inclusive of superannuation).

No further increase in Non-Executive Director remuneration was approved for FY26.

The annual fees provided to Non-Executive Directors for FY25 are shown below (inclusive of superannuation):


Chair fee	Non-Executive Director fee
$250,000	$110,000

The total Non-Executive Director fee pool has a maximum value of $1 million per annum. The total amount paid to Non-Executive Directors in FY25 was $763,333, being slightly more than 76% of the approved fee pool, up from $561,667 and 56% respectively in FY24. The increase in total Non-Executive Director fees reflects the remuneration of the Non-Executive Chairman (the previous Executive Chairman’s remuneration was reported under KMP remuneration) and Paul Selig’s transition from Executive Director to Non-Executive Director effective 1 February 2025 (together which resulted in a larger corresponding reduction in KMP remuneration) coupled with the introduction of additional fees for the Chair of each standing Board Committee.

There is no intent to seek approval to increase the Non-Executive Director fee pool at the 2025 AGM.

Non-Executive Directors do not receive fees that are contingent on performance, shares in return for their services, retirements benefits (other than statutory superannuation) or termination benefits.

Executive Directors are not remunerated separately for acting as Directors.

The remuneration paid to Non-Executive Directors is detailed in the tables later in this Report.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Contractual arrangements with Executive KMP

Remuneration and other conditions of employment are set out in the Executive KMP's employment contracts. The key elements of these employment contracts are summarised below:

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Name: Matthew Aitken
Title: Managing Director
Terms of Agreement: No fixed term – subject to termination provisions detailed below
Annual remuneration includes cash salary, superannuation and non-cash benefits
Details: Incentives – eligible to participate in short-term incentive and equity remuneration plans
Termination: Termination – 9 months’ written notice (except in certain circumstances, such as
where committed any breach or material neglect of the material terms of his
contract of employment, or any act of serious or wilful misconduct) by Company
or employee
All payments on termination will be subject to the termination benefits cap under
the Corporations Act 2001 in the absence of shareholder approval
Post-employment – 3 months’ restraint provisions
Redundancy: 6 months’ pay in circumstance where employment is terminated due to redundancy
Name: Paul Selig [1]
Title: Executive Director
Terms of Agreement: No fixed term – subject to termination provisions detailed below
Details: Annual remuneration includes cash salary, superannuation and non-cash benefits
Incentives – discretionary bonus
Termination: Termination – 3 months’ written notice (except in certain circumstances, such as
where committed any breach or material neglect of the material terms of his
contract of employment, or any act of serious or wilful misconduct) by Company
or employee
All payments on termination will be subject to the termination benefits cap under
the Corporations Act 2001 in the absence of shareholder approval
Post-employment – 12 months’ restraint provisions
Name: Darren Dunkley
Title: Chief Financial Officer & Company Secretary
Terms of Agreement: No fixed term – subject to termination provisions detailed below
Details: Annual remuneration includes cash salary, superannuation and non-cash benefits
Incentives – eligible to participate in short-term incentive and equity remuneration plans
Termination: Termination – 6 months’ written notice (except in certain circumstances, such as
where committed any breach or material neglect of the material terms of his
contract of employment, or any act of serious or wilful misconduct) by Company
or employee
All payments on termination will be subject to the termination benefits cap under
the Corporations Act 2001 in the absence of shareholder approval
Post-employment – 3 months’ restraint provisions
Redundancy: 6 months’ pay in circumstance where employment is terminated due to redundancy
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Paul Selig transitioned to Non-Executive Director effective 1 February 2025, after which his remuneration changed to align with the Company’s other Non-Executive Directors ($110,000 per annum inclusive of superannuation).

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Details of remuneration for KMP

The table below provides remuneration prepared on a statutory basis for Directors and Executive KMP for the year ended 30 June 2025 (except as noted below).

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Fixed Variable Performance
Remuneration Remuneration Related
Name Year Cash, Super- Short-term Fair value Total Total Percentage
salary annuation incentive of LTI performance performance
and fees [1] award [2] related related
Executive Directors
Matt Aitken 2025 770,068 29,932 360,000 286,656 1,446,656, 646,656 44.7%
2024 672,601 27,399 364,000 196,466 1,260,466 560,466 44.5%
Paul Selig [3] 2025 175,040 17,842 - - 192,882 - 0.0%
2024 302,601 27,399 - - 330,000 - 0.0%
Non-Executive Directors
James Todd 2025 224,215 25,785 - - 250,000 - 0.0%
2024 109,610 12,057 - - 121,667 - 0.0%
Gavin Bell 2025 103,382 6,618 - - 110,000 - 0.0%
2024 110,000 - - - 110,000 - 0.0%
Sandra Hook 2025 110,987 12,763 - - 123,750 - 0.0%
2024 99,099 10,901 - - 110,000 - 0.0%
Paul Selig [3] 2025 41,106 4,727 - - 45,833 - 0.0%
2024 - - - - - - 0.0%
Cathy Aston 2025 110,987 12,763 - - 123,750 - 0.0%
2024 99,099 10,901 - - 110,000 - 0.0%
Andrew Bird 2025 98,655 11,345 - - 110,000 - 0.0%
2024 99,099 10,901 - - 110,000 - 0.0%
Other Executive KMP
Darren Dunkley 2025 565,155 29,932 207,000 182,663 984,750 389,663 39.6%
2024 502,591 27,399 163,800 147,350 841,140 311,150 37.0%
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Cash, salary and fees includes annual leave and long service leave.
Fair value of LTI award reflects accounting impacts during period.
Paul Selig transitioned to Non-Executive Director effective 1 February 2025, after which his remuneration changed to align with the Company’s other Non-Executive Directors ($110,000 per annum inclusive of superannuation).

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Rights granted to Executive KMP

FY25

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KMP Number of Vesting Grant date Fair value at Expiry date
Rights granted conditions grant date
Matt 270,270 Relative TSR 19 November $400,000 After vesting
Aitken and compound 2024 following
annual EPS release of FY27
growth over financial results
3-years Any unvested
Rights expire
Darren 135,135 Relative TSR 19 November $200,000 After vesting
Dunkley and compound 2024 following
annual EPS release of FY27
growth over financial results
3-years Any unvested
Rights expire
FY24
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KMP Number of Vesting Grant date Fair value at Expiry date
Rights granted conditions grant date
Matt 147,058 Relative TSR 20 November $200,000 After vesting
Aitken and compound 2023 following
annual EPS release of FY26
growth over financial results
3-years Any unvested
Rights expire
Darren 110,294 Relative TSR 20 November $150,000 After vesting
Dunkley and compound 2023 following
annual EPS release of FY26
growth over financial results
3-years Any unvested
Rights expire
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IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

FY23

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KMP Number of Vesting Grant date Fair value at Expiry date
Rights granted conditions grant date
Matt 111,111 Relative TSR 22 November $200,000 After vesting
Aitken and compound 2022 following
annual EPS release of FY25
growth over financial results
3 years Any unvested
Rights expire
Darren 83,333 Relative TSR 22 November $150,000 After vesting
Dunkley and compound 2022 following
annual EPS release of FY25
growth over financial results
3 years Any unvested
Rights expire
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FY22

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KMP Number of Vesting Grant date Fair value at Expiry date
Rights granted conditions grant date
Matt 168,067 Relative TSR 23 November $200,000 168,067 shares
Aitken and compound 2021 were issued
annual EPS on vesting of
growth over performance
3 years
Rights on
4 September
2024
Darren 126,050 Relative TSR 23 November $150,000 126,050 shares
Dunkley and compound 2021 were issued
annual EPS on vesting of
growth over performance
3 years
Rights on
4 September
2024
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In total there were 857,201 unvested Rights at 30 June 2025 relating to KMP.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Director and Executive KMP shareholdings

The table below provides the number of shares in IVE Group Limited held by each Director and Executive KMP during the period, including their related parties:

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Balance at Shares received Shares Shares Balance at
30 June 2024 during the period acquired disposed 30 June 2025
on exercise of
Rights
Executive Directors
Matt Aitken 500 168,067 - 118,067 50,500
Managing Director
Non-Executive Directors
James Todd 122,336 - 25,000 - 147,336
Gavin Bell 122,967 - - - 122,967
Sandra Hook 21,808 - - - 21,808
Paul Selig [1,2] 3,410,231 - - - 3,410,231
Cathy Aston 7,223 - 12,777 - 20,000
Andrew Bird 450,650 - 39,755 - 490,405
Executive KMP
-
Darren Dunkley 51,231 126,050 105,420 71,861
CFO and Company
Secretary
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Executive Director prior to 1 February 2025.
Paul Selig is a beneficiary of the Selig Family Trust No. 5, the trustee of which holds 3,360,231 shares.

Other statutory disclosures

Loans to directors and executives

No loans were made to directors and executives of IVE Group Limited including their close family and entities related to them during the year.

Shares under option

There were no unissued ordinary shares of IVE Group Limited under option outstanding at the date of this report. Shares under performance rights. There were no unissued ordinary shares of IVE Group Limited under Rights outstanding at the date of this report.

Shares issued on the exercise of options

There were no ordinary shares of IVE Group Limited issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report.

Shares issued on the exercise of Performance Share Rights

908,190 rights vested during the year and 908,190 shares were issued on exercise of Rights during the year.

This concludes the remuneration report, which has been audited.

IVE Group Limited Annual Financial Report 2025

DIRECTORS’ REPORT (CONT.)

For the year ended 30 June 2025

Non-audit services

The Directors are satisfied that:

the non-audit services provided during the financial year by KPMG as the external auditor were compatible with the general standard of independence for auditors imposed by the Act; and
any non-audit services provided during the financial year by KPMG as the external auditor did not compromise the auditor independence requirements of the Act for the following reasons:
a) all non-audit services are subject to corporate governance procedures adopted by the Group and have been reviewed by those charged with governance throughout the year to ensure they do not impact the integrity and objectivity of the auditor; and
b) the nature of the services provided do not undermine the general principles relating to audit independence in accordance with APES 110: Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Group, acting as an advocate to the Group or jointly sharing the risks and rewards.

Details of the amounts paid to the auditor of the Group, KPMG, for audit and non-audit services provided during the year are set out in Note 32 of the Financial Report.

Lead auditor’s independence declaration

The lead auditor’s independence declaration is set out on page 53 and forms part of the directors’ report for the financial year ended 30 June 2025.

Rounding

The Group is of a kind referred to in ASIC Corporations Instrument 2016/191 dated 24 March 2016 and in accordance with that Instrument, amounts in the consolidated financial statements and directors’ report have been rounded off to the nearest thousand dollars, unless otherwise stated.

This report is made in accordance with a resolution of the directors:

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James Todd Chairman

Dated at Sydney this 26th day of August 2025

IVE Group Limited Annual Financial Report 2025

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Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of IVE Group Limited.

I declare that, to the best of my knowledge and belief, in relation to the audit of IVE Group Limited for the financial year ended 30 June 2025 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit

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KPM_INI_01
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KPMG
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Daniel Camilleri Partner Sydney

26 August 2025

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

IVE Group Limited Annual Financial Report 2025

FINANCIAL REPORT

For the year ended 30 June 2025

Consolidated Financial Statements

Consolidated statement of profit or loss and other comprehensive income .........................................................55 Consolidated statement of financial position ..........................................................................................................................56 Consolidated statement of changes in equity .........................................................................................................................57 Consolidated statement of cash flows .........................................................................................................................................58

Notes to the Consolidated Financial Statements

Reporting entity ....................................................................................................................................................................................59 2. Basis of preparation ..........................................................................................................................................................................59 3. Material accounting polices .........................................................................................................................................................60 4. Revenue ...................................................................................................................................................................................................... 73 5. Other income .......................................................................................................................................................................................... 73 6. Personnel expenses ............................................................................................................................................................................. 73 7. Expenses .................................................................................................................................................................................................... 74 8. Net Finance costs ................................................................................................................................................................................ 74 9. Taxes ........................................................................................................................................................................................................... 74 10. Cash and cash equivalents ........................................................................................................................................................... 77 11. Trade and other receivables .........................................................................................................................................................78 12. Inventories ................................................................................................................................................................................................78 13. Property, plant and equipment ...................................................................................................................................................79 14. Leases .........................................................................................................................................................................................................80 15. Intangible assets and goodwill...................................................................................................................................................82 16. Other assets............................................................................................................................................................................................83 17. Trade and other payables .............................................................................................................................................................84 18. Loans and borrowings ......................................................................................................................................................................84 19. Employee benefits ...............................................................................................................................................................................84 20. Provisions ..................................................................................................................................................................................................85 21. Other liabilities .....................................................................................................................................................................................85 22. Share-based payments ...................................................................................................................................................................86 23. Capital and reserves ......................................................................................................................................................................... 87 24. Earnings per share ..............................................................................................................................................................................88 25. Acquisitions .............................................................................................................................................................................................89 26. Operating segments ..........................................................................................................................................................................89 27. Financial risk management and financial instruments ...............................................................................................90 28. Capital commitments .......................................................................................................................................................................95 29. Related parties .....................................................................................................................................................................................96 30. Group entities .........................................................................................................................................................................................97 31. Parent entity disclosures .................................................................................................................................................................98 32. Auditor’s remuneration .....................................................................................................................................................................99 33. Deed of cross guarantee .................................................................................................................................................................99 34. Subsequent events ............................................................................................................................................................................ 102 Consolidated entity disclosure statement ................................................................................................................................ 103 Directors’ declaration ...........................................................................................................................................................................105 Independent audit report to the members of IVE Group Limited ..................................................................................106 ASX additional information ...................................................................................................................................................................111

IVE Group Limited Annual Financial Report 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2025

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In thousands of AUD Note 2025 2024
Revenue 4 959,245 972,821
Cost of sales (485,437) (518,355)
Gross profit 473,808 454,466
Other income 5 41 11
Production expenses (222,002) (221,121)
Administrative expenses (163,637) (160,135)
Other expenses (4,539) (16,050)
Results from operating activities 83,671 57,171
Finance income 801 859
Finance costs (17,111) (18,314)
Net finance costs 8 (16,310) (17,455)
Profit before tax 67,361 39,716
Income tax expense 9 (20,653) (12,111)
Profit for the year 46,708 27,605
Other comprehensive income
Items that are or may be reclassified to profit or loss
Cash flow hedges – effective portion of changes in
(361) (197)
fair value (net of tax)
Cash flow hedges – reclassified to profit or loss
(net of tax) (145) 369
Net exchange differences on translation of foreign 78 (54)
operations
Total other comprehensive income (428) 118
Total comprehensive income for the year 46,280 27,723
Profit attributable to:
Owners of the Company 46,708 27,605
Profit for the year 46,708 27,605
Total comprehensive income attributable to:
Owners of the Company 46,280 27,723
Total comprehensive income for the year 46,280 27,273
Earnings per share
Basic earnings per share (cents) 24 30.2 18.0
Diluted earnings per share (cents) 24 29.9 17.8
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The notes on pages 59 to 102 are an integral part of these consolidated financial statements.

IVE Group Limited Annual Financial Report 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2025

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In thousands of AUD Note 2025 2024
Assets
Cash and cash equivalents 10 50,073 48,760
Trade and other receivables 11 132,546 140,621
Inventories 12 79,181 80,459
Prepayments 6,628 4,771
Other current assets 16 2,023 2,016
Total current assets 270,451 276,627
Deferred tax assets 9 18,945 15,457
Property, plant and equipment 13 119,097 111,640
Right-of-use assets 14 103,763 105,477
Intangible assets and goodwill 15 151,359 155,058
Other non-current assets 16 243 570
Total non-current assets 393,407 388,202
Total assets 663,858 664,829
Liabilities
Trade and other payables 17 107,839 119,106
Lease liabilities 28,914 32,307
Loans and borrowings 18 781 2,966
Employee benefits 19 29,295 28,101
Current tax payable 12,369 1,954
Provisions 20 5,008 2,113
Other current liabilities 21 12,561 13,667
Total current liabilities 196,767 200,214
Loans and borrowings 18 159,138 170,810
Lease liabilities 83,611 84,848
Employee benefits 19 7,941 7,936
Provisions 20 3,731 5,442
Other non-current liabilities 21 - 1,000
Total non-current liabilities 254,421 270,036
Total liabilities 451,188 470,250
Net assets 212,670 194,579
Equity
Share capital 23 166,059 167,664
Reserves 23 4,788 3,921
Retained earnings 41,823 22,994
Total equity 212,670 194,579
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The notes on pages 59 to 102 are an integral part of these consolidated financial statements.

IVE Group Limited Annual Financial Report 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2025

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In thousands of AUD Note Share Share- Other Retained Total
capital based Reserves earnings equity
payment
reserve
Balance at 1 July 2023 167,664 2,938 (149) 23,105 193,558
Total comprehensive income for the year
- - -
Profit for the year 27,605 27,605
Other comprehensive income - - 118 - 118
Total comprehensive income for the year - - 118 27,605 27,723
Transactions with owners of the Company
Performance share rights 22 - 1,014 - - 1,014
Dividends to owners of the Company 23 (27,716) (27,716)
Total transactions with owners -
1,014 (27,716) (26,702)
of the Company
Balance at 30 June 2024 167,664 3,952 (31) 22,994 194,579
Balance at 1 July 2024 167,664 3,952 (31) 22,994 194,579
Total comprehensive income for the year
- - -
Profit for the year 46,708 46,708
- - -
Other comprehensive income (428) (428)
- -
Total comprehensive income for the year (428) 46,708 46,280
Transactions with owners of the Company
Performance share rights 22 - 1,295 - - 1,295
Share buy-back 23 (1,605) - - - (1,605)
(net of transaction costs)
Dividends to owners of the Company 23 - - - (27,879) (27,879)
Total transactions with owners -
(1,605) 1,295 (27,879) (28,189)
of the company
Balance at 30 June 2025 166,059 5,247 (459) 41,823 212,670
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The notes on pages 59 to 102 are an integral part of these consolidated financial statements.

IVE Group Limited Annual Financial Report 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2025

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In thousands of AUD Note 2025 2024
Cash flows from operating activities
Cash receipts from customers 1,063,243 1,074,421
Cash paid to suppliers and employees (928,493) (934,763)
Cash generated from operating activities 134,750 139,658
Interest received 799 859
Interest paid (10,815) (11,362)
Income tax paid (13,519) (8,327)
Payment of restructure costs (3,845) (18,739)
Net cash from operating activities 10 107,370 102,089
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 3,026 984
-
Proceeds from disposal of assets held for sale 1,191
Acquisition of property, plant and equipment
(28,029) (14,743)
and intangible assets
Acquisitions of businesses
25 (230) (29,395)
(net of cash and transactions costs)
Payment for contingent consideration (4,000) (1,086)
Net cash used in investing activities (29,233) (43,049)
Cash flows from financing activities
Proceeds from bank loans 25,000 50,000
Repayment of loans and borrowings (38,219) (39,366)
-
Transaction costs on refinancing bank loans (1,547)
Dividends paid (27,879) (27,716)
Payment of lease liabilities (32,596) (38,040)
-
Share buy back (net of transaction costs) (1,605)
Net cash used in financing activities (76,846) (55,122)
Net (decrease)/increase in cash and cash equivalents 1,291 3,918
Effects of foreign currency translation 22 (18)
Cash and cash equivalents at beginning of year 48,760 44,860
Cash and cash equivalents at end of year 50,073 48,760
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The notes on pages 59 to 102 are an integral part of these consolidated financial statements.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 30 June 2025

1. Reporting entity

IVE Group Limited (the ultimate parent entity or the Company) is a company domiciled in Australia. Its registered address is Level 3, 35 Clarence Street, Sydney NSW 2000.

This consolidated financial report as at and for the year ended 30 June 2025 comprises the Company and its subsidiaries (IVE or Group).

The Group is a for-profit entity. The Group is primary involved in:

Conceptual and creative design across print, mobile and interactive media;
Printing and distribution of catalogues, magazines, marketing and corporate communications materials and stationery;
Manufacturing of point of sale display material and large format banners for retail applications;
Fibre-based packaging;
Personalised communications including marketing automation, marketing mail, publication mail, eCommunications, and multi-channel solutions;
Data analytics, customer experience strategy, and CRM; and
Outsourced communications solutions for large organisations including development of customised multi-channel management models covering creative and digital services, supply chain optimisation, inventory management, warehousing and logistics.

2. Basis of preparation

(a) Statement of compliance

The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The consolidated financial statements comply with International Financial Reporting Standards (IFRSs) adopted by the International Accounting Standards Board (IASB).

The consolidated financial statements were authorised for issue by the Board of Directors on 26 August 2025. Details of the Group’s accounting policies is included in Note 3.

(b) Functional and presentation currency

These consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency.

The Company is of a kind referred to in ASIC Corporations Instrument 2016/191 dated 24 March 2016, and in accordance with that Instrument, all financial information presented in Australian dollars has been rounded to the nearest thousand unless otherwise stated. Where applicable certain comparative figures have been reclassified to align with current period presentation.

(c) Use of estimates and judgements

In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 June 2024.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

2. Basis of preparation (cont.)

(c) Use of estimates and judgements (cont.)

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.

(i) Judgements

Information about judgements made in applying the Group’s accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes:

Note 3(e) & (f) – estimation of useful lives of assets
Note 3(k) – provisions
Note 27 – Level 2 and 3 fair values of forward exchange contracts; and
Note 14 – lease term: whether the Group is reasonably certain to exercise extension options.

(ii) Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following notes:

Note 3(i)(ii) & 15 – impairment testing for cash generating units containing goodwill
Note 25 – acquisitions: fair value measured on a provisional basis; and
Note 27 – measurement of Expected Credit Loss (ECL) allowance on trade receivables.

Measurement of fair values

When measuring the fair value of an asset or a liability, the Group uses market observable data if possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

3. Material accounting policies

The accounting policies set out below have been applied consistently during the period presented in these consolidated financial statements, and have been applied consistently by all entities in the Group, except for the adoption of new accounting standards (see Note 3(s)).

(a) Basis of consolidation

(i) Business combinations

The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except those related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre-exiting relationships. Such amounts are generally recognised in profit or loss.

Any contingent consideration is measured at fair value at the date of acquisition, with subsequent changes in the fair value of the contingent consideration recognised in profit or loss.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(a) Business consolidations (cont.)

(ii) Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

(iii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

(b) Foreign currency

Foreign currency transactions

Transactions in foreign currencies are translated to the functional currency of the Group (Australian dollars) at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date.

Foreign currency differences arising on retranslation are recognised in profit or loss, and other comprehensive income.

(c) Financial instruments

(i) Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii) Classification and subsequent measurement

The Group classifies its financial instruments in the following measurement categories: at amortised cost, at fair value through profit and loss (FVTPL) and at fair value through other comprehensive income (FVOCI).

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
Its contractual terms give rise on a specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
Its contractual terms give rise on specified dates to cash flow that are solely payments of principal and nterest on the principal amount outstanding.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(c) Financial instruments (cont.)

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets at amortised costs

These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Financial liabilities – Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit and loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

(iii) Derecognition

Financial assets

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognised in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised.

Financial liabilities

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

(iv) Offsetting

Financial asset and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(c) Financial instruments (cont.)

(v) Derivative financial instruments and hedge accounting

Derivative financial instruments and hedge accounting

The Group may hold derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss.

The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates.

At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.

Cash flow hedges

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (‘forward points’) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity.

When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised.

For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.

If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.

(d) Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(e) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Any gains and losses on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) are recognised in profit or loss.

(ii) Subsequent costs

Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred.

(iii) Depreciation

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.

Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values using the straight-line basis over their estimated useful lives. Depreciation is generally recognised in profit or loss, unless the amount is included in the carrying amount of another asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.

The estimated useful lives for the current year of significant items of property, plant and equipment are as follows:

leasehold improvements shorter of lease term and life of assets
• plant and equipment 3–20 years • fixtures and fitting 5–10 years • building 40 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(f) Intangible assets and goodwill

(i) Goodwill

Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.

(ii) Computer software and Capital work in progress

Computer software comprises acquired software and the historical cost of development activities for products transferred from capital works in progress when projects/products are considered ready for intended use. Computer software is carried at historical cost less accumulated amortisation and impairment losses.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(f) Intangible assets and goodwill (cont.)

(iii) Customer relationships

Customer relationships are carried at their fair value at the date of acquisition less accumulated amortisation and impairment losses. Amortisation commences when the asset is ready for use.

(iv) Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.

(v) Amortisation

Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised.

The estimated useful lives are as follows:

computer software 3–5 years
customer relationships 5–9 years

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(g) Assets held for sale

Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.

Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, investment property or biological assets, which continue to be measured in accordance with the Group’s other accounting policies. Impairment losses on initial classification as held-for-sale or held-for distribution and subsequent gains and losses on remeasurement are recognised in profit or loss.

Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.

(h) Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.

(i) Impairment

(i) Non-derivative financial assets

The Group recognises loss allowances for expected credit loss (ECL) on financial assets measured at amortised costs.

The Group measures loss allowance at an amount equal to lifetime ECL.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment including forward-looking information.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(i) Impairment (cont.)

(i) Non-derivative financial assets (cont.)

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.

The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held).

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present values of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).

ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortised cost are creditimpaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

A breach of contract such as a default or being more than 90 days past due;
It is probable that the debtor will enter bankruptcy or other financial reorganisation.

Presentation of allowance for ECL in the statement of financial position

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.

(ii) Non-financial assets

The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit (CGU). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(i) Impairment (cont.)

(ii) Non-financial assets (cont.)

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(j) Employee benefits

(i) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees.

(ii) Other long-term employee benefits

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise.

(iii) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(iv) Share-based payment transactions

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with market and nonvesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(k) Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(i) Restructuring

A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced to those affected. Future operating losses are not provided for.

(ii) Make good provision

A make good provision is recognised when the Group enters into a lease contract that requires the property to be returned to the lessor in its original condition. The provision is based on the expected future cost of the refurbishment discounted to reflect current market assessments.

(l) Revenue from contracts with customers

Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue at a point in time or over-time.

Recognising of revenue at a point in time

The Group recognises revenue relating to print production and distribution when it transfers control over a good or service to a customer. Customers obtain control when the goods are delivered to and have been accepted. Invoices are generated at that point in time. Invoices are usually payable within 30 days.

Recognising of revenue over-time

Revenue is recognised on the rendering of services relating to print management, communications, creative and digital services, supply chain optimisation, inventory management, warehousing and logistics in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed based on surveys of work performed.

The Group applies the practical expedient as per paragraph 121 of AASB 15 and therefore does not disclose information about remaining performance obligations that have expected duration of one year or less.

Contract asset

The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting date or upfront agreed expenditure incremental to obtaining the contract. The contract assets are transferred to receivables when the rights become unconditional, or the expenditure is amortised over the contract term as an expense or deducted from other revenue if it is a discount.

Contract liabilities

The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised at a point in time or over time.

(m) Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contracts conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

(i) As a lessee

At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contracts to each lease component on the basis of its relative stand-alone prices.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(m) Leases (cont.)

(i) As a lessee (cont.)

The Group recognises a right-of-use asset and lease liability at the lease commencement date. The rightof-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates for classes of leased assets and lease terms from external financing sources.

Lease payments included in the measurement of the lease liability comprise the following:

fixed payments, including in-substance fixed payments;
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
amounts expected to be payable under a residual value guarantee; and
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group’s changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Group has elected not recognise right-of-use assets and liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises lease payments associated with these leases as an expense on a straight-line basis over the lease term.

(ii) As a lessor

At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand alone prices.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(m) Leases (cont.)

(ii) As a lessor (cont.)

When the Group acts as a lessor, it determines at lease inception whether such lease is a finance lease or an operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.

If an arrangement contains lease and non-lease components, then the Group applies AASB 15 to allocate the consideration in the contract.

(n) Finance income and finance costs

Finance income comprises net gain on financial assets at FVTPL and interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method.

Finance costs comprise net loss on financial assets at FVTPL, and interest expense on borrowings. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.

(o) Income tax

Income tax expense comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; or
temporary differences related to investments in associates to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future, and
taxable temporary differences arising on the initial recognition of goodwill.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(o) Income tax (cont.)

(ii) Deferred tax (cont.)

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(iii) Tax exposures

In determining the amount of current and deferred tax the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

(iv) Tax consolidation

IVE Group Limited and its wholly owned Australian controlled entities formed a tax consolidated group on 16 December 2015. As a consequence, these entities are taxed as a single entity and the deferred tax asset and liabilities of these entities are offset in the consolidated financial statements.

(p) Good and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables are shown inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

(q) Earnings per share

The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

3. Material accounting policies (cont.)

(r) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. It has been determined the Board of Directors is the chief operating decision maker, as they are ultimately responsible for allocating resources and assessing performance.

(s) Adoption of new and revised Accounting Standards

The Consolidated Entity has adopted new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2024.

The following new and amended accounting standards are adopted by the Consolidated Entity and does not have a material impact on the Consolidated Entity’s financial statements.

AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sales and Leaseback

(t) Accounting Standard issued but not yet effective

A number of new accounting standards are effective for annual reporting periods beginning after 1 July 2025 and earlier application is permitted. However, the Consolidated Entity has not early adopted the following new or amended accounting standards in preparing these consolidated financial statements and these are not expected to have a material effect on the Consolidated Entity’s financial statements.

AASB 18 will replace AASB 101 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 July 2027. The new standard introduces the following key new requirements.
Entities are required to classify all income and expenses into five categories in the statement of profit or loss and other comprehensive income, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities’ net profit will not change.
Management defined performance measures (MPMs) are disclosed in a single note in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Consolidated Entity is still in the process of assessing the impact of the new standards, particularly with respect to the structure of the Consolidated Entity’s statement of profit or loss and other comprehensive income, the statement of cash flows and the additional disclosures required for MPMs. The Consolidated Entity is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

4. Revenue

The Group’s operations and main revenue streams are those described in Note 3(l). The tables below provide information on the Group’s revenue and contract balances derived from contracts with customers.

(a) Disaggregation of revenue

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In thousands of AUD 2025 2024
Products and services transferred at a point in time 894,423 916,395
Services transferred over time 64,822 56,426
959,245 972,821
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(b) Contract balances

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In thousands of AUD 2025 2024
Receivables, which are included in
134,086 141,761
‘Trade and other receivables’
Contract assets 619 1,715
Contract liabilities 10,783 9,405
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The majority of contract liabilities of $9,405 thousand as at 30 June 2024 have been recognised as revenue in the year ended 30 June 2025. The majority of contract liabilities of $10,783 thousand as at 30 June 2025 will be recognised as revenue during the year ending 30 June 2026.

5. Other income

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In thousands of AUD 2025 2024
Other income 41 11
6. Personnel expenses
In thousands of AUD 2025 2024
Wages and salaries 232,225 225,554
Contributions to defined contribution plans 20,054 18,700
Share-based payment expense 1,295 1,014
253,574 245,268
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

7. Expenses

Included in the consolidated statement of profit or loss and other comprehensive income:

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In thousands of AUD 2025 2024
Depreciation, amortisation, and impairment 45,913 49,862
Acquisition and transaction costs 230 2,017
Restructuring costs 2,973 13,089
Make good expenses 1,951 (300)
Profit on disposal of assets held for sale, and plant
and equipment (623) (643)
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8. Net finance costs

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In thousands of AUD 2025 2024
Interest income 799 859
Net foreign exchange gain 2 -
Finance income 801 859
Interest expense (17,111) (18,309)
-
Net foreign exchange losses (5)
Finance costs (17,111) (18,314)
Net finance costs (16,310) (17,455)
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9. Taxes

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In thousands of AUD 2025 2024
Current tax expense
Current year 24,073 11,240
Changes in estimates related to prior years (149) (84)
23,924 11,156
Deferred tax expense
Origination and reversal of temporary differences (3,271) 955
Total tax expense 20,653 12,111
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

9. Taxes (cont.)

Reconciliation between profit before tax and income tax expense

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In thousands of AUD 2025 2024
Profit before tax 67,361 39,716
Tax using the Company’s domestic tax rate of 30% 20,208 11,915
(Non-assessable income)/non-deductible
expenses – (net) 540 266
Changes in estimates related to prior years (149) (84)
Other items (net) 54 14
Income tax expense 20,653 12,111
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Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

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In thousands of AUD Assets Liabilities Net
2025 2024 2025 2024 2025 2024
- -
Property, plant and equipment (2,921) (5,449) (2,921) (5,449)
- -
Right-of-use assets (27,679) (27,002) (27,679) (27,002)
Inventories 401 184 - - 401 184
- -
Intangible assets (1,669) (2,692) (1,669) (2,692)
Lease liabilities 32,839 33,543 - - 32,839 33,543
- -
Employee benefits 13,425 12,748 13,425 12,748
Provisions 3,666 3,289 - - 3,666 3,289
Other items 883 836 - - 883 836
Tax assets/(liabilities) 51,214 50,600 (32,269) (35,143) 18,945 15,457
- -
Set off of tax (32,269) (35,143) 32,269 35,143
Net deferred tax assets 18,945 15,457 - - 18,945 15,457
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

9. Taxes (cont.)

Movement in temporary differences during the year

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2025 Balance Acquisition Recognised Recognised Balance
In thousands of AUD 1 July 2024 through in equity in profit 30 June
business or loss 2025
combination
- -
Property, plant and equipment (5,449) 2,528 (2,921)
- -
Right-of-use-assets (27,002) (677) (27,679)
Inventories 184 - - 217 401
- -
Intangible assets (2,692) 1,023 (1,669)
Lease liabilities 33,543 - - (704) 32,839
Employee benefits 12,748 - - 677 13,425
Provisions 3,289 - - 377 3,666
Other items 836 - 217 (170) 883
15,457 - 217 3,271 18,945
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2024 Balance Acquisition Recognised Recognised Balance
In thousands of AUD 1 July 2023 through in equity in profit 30 June
business or loss 2024
combination
-
Property, plant and equipment (5,071) (2,071) 1,693 (5,449)
-
Right-of-use assets (31,670) (1,117) 5,785 (27,002)
Inventories 16 (41) - 209 184
-
Intangible assets (2,435) (1,470) 1,213 (2,692)
Lease liabilities 39,599 1,117 - (7,173) 33,543
Employee benefits 13,538 519 - (1,309) 12,748
Provisions 4,975 155 - (1,841) 3,289
Other items 316 125 (74) 468 836
19,268 (2,783) (74) (955) 15,457
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The gross amount of capital losses for which no deferred tax asset is recognised is $4,908 thousand (2024: $4,908 thousand).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

10. Cash and cash equivalents

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In thousands of AUD 2025 2024
Bank balances 50,068 48,755
Petty cash 5 5
Cash and cash equivalents in the statement of cash flows 50,073 48,760
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Reconciliation of cash flows from operating activities

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In thousands of AUD 2025 2024
Profit from continuing operations 46,708 27,605
Non-cash items
Depreciation, amortisation and impairment 45,913 49,862
Share based payment expense 1,295 1,014
Interest expense 6,296 6,947
Income tax expense 20,653 12,111
Net other income and expenses 268 342
Profit on disposal of assets held for sale, and plant
(623) (643)
and equipment
Cash items
Acquisition costs in investing activities 230 1,880
120,740 99,118
Change in trade and other receivables 8,032 4,307
Change in inventories 1,278 22,050
Change in current assets 134 1,378
Change in prepayment (1,857) 709
Change in trade and other payables (9,555) (7,308)
Change in provisions and employee benefits 2,117 (9,838)
Cash generated from operating activities 120,889 110,416
Income tax paid (13,519) (8,327)
Net cash from operating activities 107,370 102,089
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

11. Trade and other receivables

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In thousands of AUD 2025 2024
Current
Trade receivables 134,086 141,761
Allowance for impairment (1,870) (2,257)
132,216 139,504
Lease and other receivables 330 1,117
132,546 140,621
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12. Inventories

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In thousands of AUD 2025 2024
Finished goods 6,536 4,221
Work in progress 17,925 18,213
Raw materials 57,659 59,839
82,120 82,273
Allowance for inventory obsolescence (2,939) (1,814)
79,181 80,459
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During the year, raw materials, consumables and changes in finished goods and work in progress recognised as cost of sales amounted to $485,437 thousand (2024: $518,355 thousand).

During 2025 financial year an analysis of aged inventory and previous write-offs was performed which resulted in a net increase in provision amounting to $1,125 thousand (2024: net increase of $1,134 thousand).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

13. Property, plant and equipment

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In thousands of AUD Leasehold Plant Capital Land Fixtures Total
improvements and work in and and
equipment progress buildings fittings
Cost
Balance at 1 July 2023 25,671 168,004 2,085 2,000 2,419 200,179
Acquisitions through business 193 7,425 - - 131 7,749
combination
Additions - 2,115 (2,115) - - -
Disposals 445 7,619 4,114 - 33 12,211
Net Transfers to assets held - - - -
(878) (878)
for sale
Balance at 30 June 2024 26,309 184,285 4,084 2,000 2,583 219,261
Balance at 1 July 2024 26,309 184,285 4,084 2,000 2,583 219,261
Transfers to/(from) capital - 265 (265) - - -
work in progress
Additions 612 6,153 18,410 - 101 25,276
- -
Disposals (991) (5,928) (50) (6,969)
Balance at 30 June 2025 25,930 184,775 22,229 2,000 2,634 237,568
Depreciation and
impairment losses
Balance at 1 July 2023 8,651 83,628 - 50 867 93,196
Depreciation for the year 2,464 12,620 - 25 165 15,274
- - - -
Disposals (849) (849)
Balance at 30 June 2024 11,115 95,399 - 75 1,032 107,621
Balance at 1 July 2024 11,115 95,399 - 75 1,032 107,621
Depreciation for the year 2,401 13,409 - 25 164 15,999
- -
Disposals (717) (4,388) (44) (5,149)
Balance at 30 June 2025 12,799 104,420 - 100 1,152 118,471
Carrying amounts
At 1 July 2024 15,194 88,886 4,084 1,925 1,551 111,640
At 30 June 2025 13,131 80,355 22,229 1,900 1,482 119,097
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Security

At 30 June 2025 the carrying amount of total assets less the written down value of finance leased assets were held as security for bank facilities.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

14. Leases

A. Leases as lessee

The Group leases warehouses and factory facilities. The leases typically run up to a period of 10 years, with an option to renew the lease after that date. Lease payments are renegotiated periodically to reflect market rentals. Some leases provide for additional rent payments that are based on changes in local price indices. These leases were entered into many years ago as combined leases of land and buildings.

The Group also leases production equipment under a number of leases with contract terms of one to five years.

The Group leases IT equipment with contract terms of one to three years. These leases are short term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.

Information about leases for which the Group is a lease is presented below.

(i) Right-of-use assets

The carrying amounts of right-of-use assets are as below.

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In thousands of AUD Property, plant and equipment
Property Production Total
equipment
Balance as at 1 July 2023 103,834 18,361 122,195
Depreciation charge for the year (21,958) (4,761) (26,719)
Acquisitions through business combination 2,496 1,227 3,723
Additions/modifications to right-of-use assets 3,451 2,827 6,278
Balance as at 30 June 2024 87,823 17,654 105,477
Balance as at 1 July 2024 87,823 17,654 105,477
Depreciation charge for the year (19,274) (4,188) (23,462)
Additions/modifications to right-of-use assets 20,379 2,223 22,602
-
Disposals of right-of–use assets (854) (854)
Balance as at 30 June 2025 88,928 14,835 103,763
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(ii) Amounts recognised in profit or loss

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In thousands of AUD 2025 2024
Interest on lease liabilities 5,365 6,116
Income from sub-leasing right-of-use assets 149 1,443
Expenses relating to short-term leases 989 591
Expenses relating to leases of low-value assets,
462 400
excluding short-term leases of low-value assets
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

14. Leases (cont.)

(iii) Amounts recognised in statement of cash flows

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In thousands of AUD 2025 2024
Total cash outflow for leases 32,596 38,040
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(iv) Extension options

Some property leases contain extension options exercisable before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is significant event or changes in circumstances within its control.

(v) Lease commitments

The Group is committed to new property leases at Kemps Creek in Sydney, and Dandenong South in Melbourne, that has not yet commenced. The Group estimates the lease liability at commencement from these leases to be approximately $173,000 thousand. The estimated liability includes the initial term and a renewal option.

B. Leases as lessor

The Group leases out some its leased properties. All leases are classified as operating leases from a lessor perspective with the exception of a sub-lease, which the Group classified as a finance sub-lease.

(i) Finance lease

During the year, the Group recognised $2 thousand interest income on lease receivables (2024: $18 thousand).

The following table sets out the maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date.

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In thousands of AUD 2025 2024
Less than one year - 169
Total undiscounted lease receivable - 169
-
Unearned finance income (2)
Net investment in the lease - 167
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(ii) Operating lease

The Group has classified some sub-leased property as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.

Rental income recognised by the Group during the year was $78 thousand (2024: $75 thousand).

The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.

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In thousands of AUD 2025 2024
Less than one year 80 78
Between one to five years 20 80
More than five years - -
Total 100 158
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

15. Intangible assets and goodwill

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In thousands of AUD Goodwill Computer Capital Customer Total
software work in relationships
progress
Cost
Balance at 1 July 2023 152,817 28,420 266 37,754 219,257
Acquisitions through - -
20,929 4,900 25,829
business combination
Other additions - 1,286 1,201 - 2,487
Balance at 30 June 2024 173,746 29,706 1,467 42,654 247,573
Balance at 1 July 2024 173,746 29,706 1,467 42,654 247,573
Acquisitions through - -
1,114 1,640 2,754
business combination
Transfer to/(from) computer - - -
1,437 (1,437)
software
Balance at 30 June 2025 173,746 32,257 1,670 42,654 250,327
Amortisation and impairment losses
-
Balance at 1 July 2023 40,000 19,762 25,940 85,702
- -
Amortisation for the year 3,376 3,437 6,813
Balance at 30 June 2024 40,000 23,138 - 29,377 92,515
-
Balance at 1 July 2024 40,000 23,138 29,377 92,515
- -
Amortisation for the year 2,782 3,670 6,452
Balance at 30 June 2025 40,000 25,920 - 33,047 98,967
Carrying amounts
At 1 July 2024 133,746 6,568 1,467 13,277 155,058
At 30 June 2025 133,746 6,336 1,670 9,607 151,359
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No impairment losses in relation to goodwill have been recognised in the year ended 30 June 2025 (2024 nil).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

15. Intangible assets and goodwill (cont.)

Impairment testing for cash-generating units containing goodwill

The Group completes impairment testing for eight CGUs. The individual CGUs within the ‘Production (group of CGUs)’ are not individually significant and have been grouped for disclosure. The carrying amount of any goodwill summarised by operating division is set out below:

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In thousands of AUD 2025 2024
Print Web Offset (including distribution) 44,361 44,361
CX & Data 38,506 38,506
Production (group of CGUs) 50,879 50,879
133,746 133,746
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Goodwill impairment testing is performed by applying value in use calculations. The calculations for all CGUs use nominal 5 year cash flow projections based on FY26 budgeted EBITDA approved by the Board. The EBITDA has been developed using past experience and industry knowledge. A pre-tax WACC rate has been used based on the size and nature of each CGU. Also, a nominal growth allowance in the 5 year and terminal growth cash flow projections has been made in determining management’s estimate of the EBITDA projections of each CGU. The WACC and growth rates are:

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WACC rate Growth rate
(pre-tax nominal)
Print Web Offset (including distribution) 10.5% (2024:11.9%) 1% (2024: 1%)
CX & Data 11.5% (2024:12.8%) 2% (2024: 2%)
10.2% to 11.5% 1% to 2%
Production (group of CGUs)
(2024: 11.8% to 12.6%) (2024: 1% to 2%)
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There are no reasonable possible changes in assumptions that would give rise to impairment.

16. Other assets

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In thousands of AUD 2025 2024
Current
Contract assets 515 1,284
Other assets 1,510 732
2,025 2,016
Non-current
Contract assets 104 431
Other assets 139 139
243 570
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

17. Trade and other payables

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In thousands of AUD 2025 2024
Current
Trade payables 71,922 86,889
Accrued expenses 35,917 32,217
107,839 119,106
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18. Loans and borrowings

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In thousands of AUD 2025 2024
Current
Equipment finance 781 2,966
Non-current
Bank loan 158,517 169,392
Equipment finance 621 1,418
159,138 170,810
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Bank loan

As at 30 June 2025, the amended Syndicated Facilities Agreement has a carrying amount of $158,517 thousand and face value of $160,000 thousand (2024: carrying amount of $169,392 thousand and face value of $170,000 thousand). During the year, the Group refinanced these facilities at an interest rate of BBSY plus a margin, and maturity date of 9 May 2029. The Group was in compliance with all loan covenants as at 30 June 2025.

19. Employee benefits

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In thousands of AUD 2025 2024
Current
Liability for long service leave 15,198 14,050
Liability for annual leave 14,097 14,051
29,295 28,101
Non-current
Liability for long service leave 7,941 7,936
7,941 7,936
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

20. Provisions

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In thousands of AUD Restructure Make good Total
Balance at 1 July 2024 1,327 6,228 7,555
-
Provisions made during the year 1,946 1,946
Provisions utilised during the year (890) (125) (1,015)
Unwind of discount - 253 253
Balance at 30 June 2025 437 8,302 8,739
Current 437 4,571 5,008
Non-current - 3,731 3,731
437 8,302 8,739
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Refer to Note 3(k) on the nature of the provision.

21. Other liabilities

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In thousands of AUD 2025 2024
Current
Contract liabilities 10,783 9,405
Contingent consideration 1,000 4,000
Forward exchange contracts used for hedging 778 262
12,561 13,667
Non-current
-
Contingent consideration 1,000
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

22. Share-based payments

During the year ended 30 June 2025, the company granted Performance Share Rights (Rights) under the Equity Incentive Plan (EIP). The Rights are an entitlement to receive fully paid ordinary IVE Group Limited Shares on a one-for-one basis. Further details on the Rights are described below.

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Type of arrangement Senior Leadership Team Award
Date of grant 19 November 2024
Number granted 942,563
The Rights are subject to the following Performance
Contractual life
3 years and 2 months
The Rights are subject to the following Performance
Conditions: sixty percent of the Rights are referenced
against achieving Earnings Per Share Target (EPS), and
forty percent are referenced against achieving Relative
Vesting conditions
Shareholder Return (TSR) target. The performance
period is 1 July 2024 to 30 June 2027 inclusive. The
vesting date is expected to be on or soon after the
approval of IVE’s 2027 Annual Financial Report.
Weighted average fair value $1.48
The EPS target was calculated using a risk-neutral
Valuation methodology assumption, whereas the TSR target has been valued
using a Monte Carlo simulation approach.
Holders of performance share rights are not entitled
Expected dividend
to receive dividends prior to vesting.
Other key valuation assumptions
Share price at valuation date $2.1209
Expected volatility 32%
Risk-free interest rate 3.54%
Dividend yield 8.27%
----- End of picture text -----

*Share rights issued to Directors required shareholder approval. This occurred at the Group’s 2024 Annual General Meeting.

During the year, 942,563 Rights were granted (2024: 838,235), 908,190 were exercised (2024: 1,884,613), 148,295 lapsed (2024: 181,465), and 2,078,179 remain outstanding (2024: 2,192,101). The total expense relating to the Rights granted was $1,295 thousand (for the year ended 30 June 2024: $1,014 thousand).

These expenses are included in Note 6 of the consolidated financial statements.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

23. Capital and reserves


Issued and paid up capital (In thousands of AUD)	2025	2024
154,181,938(June 2024: 153,980,641) ordinary shares fully paid	166,059	167,664
Movement in ordinary share capital

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Date Details Number of Price Total
shares $’000
1-Jul-23 Opening balance 152,096,028 - 167,664
Issue of shares under the - -
28-Aug-23 1,884,613
Equity Incentive Plan
30-Jun-24 Closing balance 153,980,641 - 167,664
1-Jul-24 Opening balance 153,980,641 - 167,664
Issue of shares under the - -
26-Aug-24 908,190
Equity Incentive Plan
12-Mar-25 to Share buyback (net of
(706,893) $2.206 to $2.351 (1,605)
10-Apr-25 transaction costs)
30-Jun-25 Closing balance 154,181,938 - 166,059
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Dividends

On 26 August 2025, the directors have declared a fully franked dividend of 8.5 cents per share to be paid on 16 October 2025 to shareholders on the register at 10 September 2025. The final dividend payout is $13,105 thousand (2024: $13,087 thousand). A liability has not been recognised as the dividend was declared after the reporting date.

The following dividends were declared and paid during the year ended 30 June 2025:

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In thousands of AUD Cents per share Total amount Date of
payment
2025
Final 2024 ordinary 8.5 13,165 16-Oct-2024
Interim 2025 ordinary 9.5 14,714 16-Apr-2025
Total amount 27,879
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

23. Capital and reserves (cont.)

On 16 October 2024 a dividend of 8.5 cents per share (100% franked) was declared and paid by the directors. The dividend was paid out of opening retained profits and profits earned up to that date.

On 16 April 2025 a further dividend of 9.5 cents per share (100% franked) was declared and paid by the directors. The dividend was paid out of opening retained profits and profits earned up to that date.

The following dividends were declared and paid during the year ended 30 June 2024:

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Cents per share Total amount Date of payment
$'000
2024
Final 2023 ordinary 8.5 13,087 12 October 2023
Interim 2024 ordinary 9.5 14,629 12 April 2024
Total amount 27,716
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Dividend franking account

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In thousands of AUD 2025 2024
Amount of franking credits available to shareholders
of IVE Group Limited for subsequent financial years 21,777 20,357
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The ability to utilise the franking credits is dependent upon the ability to declare dividends.

Reserves

Included within reserves are the fair value of hedged derivative instruments, and foreign currency translation reserve balances.

24. Earnings per share

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In cents 2025 2024
Basic earnings per share 30.2 18.0
Diluted earnings per share 29.9 17.8
In thousands
Earnings
Profit after income tax attributable to owners of the company used
46,708 27,605
in calculating basic and diluted earnings per share
Weighted average number of ordinary shares
Weighted average number of ordinary shares used in calculating
154,563 153,682
basic earnings per share
Weighted average number of ordinary shares used in calculating
156,277 155,549
diluted earnings per share
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

25. Acquisitions

The Group did not have any new business acquisitions during the year.

Transaction cost of $230 thousand relate to prior year acquisitions, and has been included in other expenses in the Group’s consolidated statement of profit or loss and other comprehensive income.

26. Operating segments

The Group has identified one operating segment (whole of business) based on the internal reports that are reviewed and used by the Board (Chief Operating Decision Maker or ‘CODM’) in assessing performance and in determining the allocation of resources. The Board reviews the internal report on a monthly basis.

The key measure of performance used by the CODM to assess performance is earnings before interest, tax, depreciation and amortisation (EBITDA).

A reconciliation of the reportable segment’s EBITDA to profit before income tax expense is shown below. Profit and loss, total assets and liabilities for the reportable segment is consistent with the primary statements included in this consolidated interim financial report.

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In thousands of AUD 2025 2024
EBITDA 129,584 107,033
Depreciation, amortisation and impairment (45,913) (49,862)
Net finance costs (16,310) (17,455)
Profit before income tax 67,361 39,716
----- End of picture text -----

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments

Overview

The Group has exposure to the following risks from its use of financial instruments:

a. credit risk

b. liquidity risk
c. market risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.

Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The CFO is responsible for developing and monitoring the Group’s risk management policies. He reports regularly to the Board of Directors on its activities.

The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group Audit & Risk Committee oversees how management monitors compliance with the Group’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

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In thousands of AUD Carrying amounts
Note 2025 2024
Cash and cash equivalents 10 50,073 48,760
Trade receivables 11 134,086 141,716
Lease and other receivables 11 330 1,117
Contract assets 16 619 1,715
185,108 193,308
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IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments (cont.)

Trade, lease and other receivables, and contract assets

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated the industry under the current economic environment. Additional allowances have been made for this uncertainty.

The Group has no significant concentrations of credit risk. The Group has policies in place to ensure that sales of services are made to customers with an appropriate credit history based on enquiries through the Group’s Finance department. Ongoing customer credit performance is monitored on a regular basis.

The aging of the trade, lease and other receivables and contract assets at the end of the reporting period that were not impaired was as follows:

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In thousands of AUD Carrying amounts
2025 2024
Neither past due nor impaired 77,793 79,052
Past due 1–30 days 34,600 45,996
Past due 31–90 days 14,684 13,465
Past due 91 days and over 7,958 6,035
135,035 144,548
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The movement in the allowance for impairment in respect of receivables during the year was as follows:

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In thousands of AUD 2025 2024
Balance at beginning of the year 2,257 2,180
Assumed in a business combination in current year - 123
Impairment loss recognised 385 (46)
-
Amounts written off (772)
Balance at end of year 1,870 2,257
----- End of picture text -----

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments (cont.)

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.

The Group manages working capital and forecasts cash flow to meet its financial obligations.

The Group at 30 June 2025 had undrawn facility of $72,000 thousand (2024: $60,000 thousand) for general corporate and working capital purpose. The facility will mature on 9 May 2029.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments:

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30 June 2025 Contractual cash flows
In thousands of AUD Carrying Total 12 mths 1–5 More than
amount or less years 5 years
Non-derivative financial liabilities
- -
Trade and other payable 107,839 107,839 107,839
Lease liabilities 112,525 134,889 28,914 62,554 43,421
Equipment finance 1,402 1,460 781 679 -
Bank loans 158,517 192,817 8,324 184,493 -
380,283 437,005 145,858 247,726 43,421
Derivative financial liabilities
Forward exchange contracts used 778 778 778 - -
for hedging
778 778 778 - -
30 June 2024 Contractual cash flows
In thousands of AUD Carrying Total 12 mths 1–5 More than
amount or less years 5 years
Non-derivative financial liabilities
- -
Trade and other payable 119,106 119,106 119,106
Lease liabilities 117,155 146,312 32,307 70,584 43,421
-
Equipment finance 4,384 4,507 2,966 1,541
Bank loans 169,392 189,100 10,421 178,679 -
410,037 459,025 164,800 250,804 43,421
Derivative financial liabilities
Forward exchange contracts used 262 262 262 - -
for hedging
262 262 262 - -
----- End of picture text -----

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments (cont.)

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, equity prices and interest rates will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

Currency risk

The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which purchases are denominated and the respective functional currencies of Group entities. The functional currency of the Group is the Australian dollar (AUD). The currencies in which these transactions are primarily denominated are Euro, US dollars and AUD.

During the year, 4% (2024: 2%) of total group purchases were made in foreign currencies. The Group has used forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These forward exchange contracts has been designated as a cash flow hedge, and has $778 thousand fair value at the reporting date (2024: $37 thousand). The Group has performed effectiveness testing and recognised the full fair value amount net of deferred tax of $428 thousand in other comprehensive income (2024: $118 thousand). Based on the results of the test no in-effectiveness has been recognised in the profit or loss.

Exposure to currency risk

The summary quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows:

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In thousands of AUD As at 30 June 2025 As at 30 June
2024
Euro USD CHF [1] NZD RMB Other Euro USD
- - - - - - -
Equipment finance 1,814
loan
Next three months 250 749 - 1,675 1,191 155 303 1,221
forecast purchases
Next twelve months 13,776 - 3,955 - - - 6,852 -
capital commitments
Forward exchange (13,264) (761) (197) (1,676) (1,182) (1) (2,117) (1,221)
contracts
Net exposure 762 (12) 3,758 (1) 9 154 6,852 -
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Post year-end, the Group has hedged this exposure using a forward exchange contract.

Sensitivity analysis

The impact of exchange rate movements on profit is subject to other variables including movement in market prices. The impact of exchange rate movements on profit and loss is not material.

Interest rate risk

The Group has the ability to enter into interest rate swap contracts to minimise its variable interest exposure on bank loans. As at 30 June 2025, no interest rate swap contracts were outstanding, hence $158,517 thousand of the carrying amount of the bank loan is exposed to variable rates (2024: $169,392 thousand).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments (cont.)

Exposure to interest risk

At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was:

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In thousands of AUD Carrying amounts
2025 2024
Fixed rate instruments
Financial liabilities – leases liabilities (112,525) (117,155)
Financial liabilities – equipment finance (1,402) (2,851)
(113,927) (120,006)
Variable rate instruments
Financial assets – bank balances 50,073 48,760
Financial liabilities – bank loans (158,517) (169,392)
-
Financial liabilities – equipment finance (1,533)
(108,444) (122,165)
----- End of picture text -----

Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss therefore a change in interest rate at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable rate instruments

A change of 10 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by $110 thousand (2024: $123 thousand). This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis as 2024.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

27. Financial risk management and financial instruments (cont.)

Measurement of fair values

The table below gives information on the valuation technique and unobservable inputs of financial assets or liabilities categorised as a Level 2 and 3 in the fair value hierarchy.

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Type Valuation technique Significant Relationship between the fair value
unobservable and unobservable inputs
inputs
Forward The fair value is Not applicable Not applicable
exchange determined using quoted
contracts forward exchange
(level 2) rates and present value
of estimated future
cash flow based on
observable yield curves.
Contingent The fair value is Forecast revenue The contingent consideration value
consideration calculated based on growth will not change if the applicable
(level 3) the acquired business performance targets for the
achieving future acquisition is higher than expected,
however if it is lower by 10%, then the
revenue target.
contingent consideration value will
be decreased by approximately
$0.25 million.
----- End of picture text -----

Fair values versus carrying amounts

As at the reporting date, the carrying value of other financial assets and liabilities as at the end of the financial year are considered to approximate their fair value.

Capital management

The primary objective of the Group’s capital management is to maintain a strong capital base through cash flow management in order to sustain future development of the business and maximise shareholder value. There were no changes in the Group’s approach to capital management during the year. The Group is subject to externally imposed capital requirements (being financial loan covenants – refer to Note 18).

28. Capital commitments

As at 30 June 2025, the Group has committed to purchase plant and equipment, and inventory in the following foreign currencies: EUR7,827 thousand; CHF2,066 thousand; RMB5,588 thousand; NZD1,803 thousand, USD491 thousand (2024: EUR6,852 thousand).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

29. Related parties

Key management personnel compensation

Key management personnel compensation comprised the following:

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

In AUD 2025 2024
Short-term employee benefits 2,766,594 3,475,001
Post-employee benefits 151,708 154,356
Share-based payments 469,319 540,282
3,387,621 4,169,639
----- End of picture text -----

Related party transactions and outstanding balances

There are no outstanding receivables or payables with related parties.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

30. Group entities

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

Ultimate parent entity Ownership interest
IVE Group Limited
2025 2024
% %
Ultimate parent entity
Caxton Print Group Holdings Pty Ltd 100 100
Caxton Print Group Pty Ltd 100 100
IVE Group Australia Pty Ltd 100 100
IVE Group Victoria Pty Ltd 100 100
Task 2 Pty Ltd 100 100
Pareto Fundraising Pty Ltd 100 100
James Bennett & Associates Pty Ltd 100 100
IVE Employment (Australia) Pty Ltd 100 100
IVE Employment (Victoria) Pty Ltd 100 100
Taverners No. 13 Pty Ltd 100 100
AIW Printing (Aust) Pty Ltd 100 100
AIW Printing Unit Trust 100 100
IVE Group Asia Limited 100 100
Guangzhou IVE Trading Company Limited 100 100
SEMA Holdings Pty Ltd 100 100
SEMA Infrastructure Pty Ltd 100 100
SEMA Operations Pty Ltd 100 100
John W Gage & Co Pty Ltd 100 100
IVE Distribution Pty Ltd 100 100
Lasoo Pty Ltd 100 100
Reach Media New Zealand Limited 100 100
IVE Group Limited Employee Share Trust 100 100
AFI Branding Solutions Pty Ltd 100 100
IVE Employment PW01 Pty Ltd 100 100
IVE Employment PW02 Pty Ltd 100 100
JacPak Pty Ltd 100 100
Egotrade Pty Ltd 100 100
----- End of picture text -----

All entities are incorporated in Australia except for: IVE Group Asia Limited (incorporated in Hong Kong, China), Guangzhou IVE Trading Company Limited (incorporated in China), and Reach Media New Zealand Limited (incorporated in New Zealand).

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

31. Parent entity disclosures

As at, and throughout, the financial year ending 30 June 2025 the parent entity of the Group was IVE Group Limited.

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

In thousands of AUD 2025 2024
Result of parent entity
Profit/(loss) for the year 27,890 27,716
- -
Other comprehensive income
Total comprehensive income for the year 27,890 27,716
Financial position of parent entity at year/period end
Current assets - 299
Total assets 17,060 18,513
Current liabilities 451 209
Total liabilities 451 209
Total equity of the parent entity comprising of:
Share capital 298,589 298,976
Equity reserve (146,662) (145,444)
Accumulated losses (net of dividend paid) (135,318) (135,318)
Total equity 16,609 18,214
----- End of picture text -----

IVE Group Limited was incorporated on 10 June 2015, but did not undertake any trading activities until its listing (IPO) on the Australian Stock Exchange (ASX) on 16 December 2015 where it also contemporaneously acquired Caxton Print Group Holdings Pty Ltd (CPGH).

An internal restructure took place resulting in IVE Group Limited becoming the holding company of CPGH. The Directors elected to account for the restructure as a capital re-organisation rather than a business combination. In the Directors’ judgement, the continuation of the existing accounting values is consistent with the accounting that would have occurred if the assets and liabilities had already been in a structure suitable to IPO and most appropriately reflects the substance of the internal restructure. As such, the consolidated financial statements of the new IVE Group have been presented as a continuation of the preexisting accounting values of assets and liabilities in CPGH’s financial statements.

Accordingly, the other equity reserve represents the difference between the fair value of the share capital at the date of the IPO and historical book values of the assets and liabilities of the Group.

IVE Group Limited Annual Financial Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

32. Auditor’s remuneration

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In AUD 2025 2024
Audit services
Auditors of the Company – KPMG
Audit and review of financial reports 551,801 540,712
Other assurance 11,450 10,195
563,251 550,907
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33. Deed of cross guarantee

Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785 the wholly-owned subsidiaries listed below are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports, and directors’ reports.

It is a condition of the Instrument that IVE Group Limited (the Company) and each of the subsidiaries enter into a Deed of Cross Guarantee. The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of any of the subsidiaries under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Act, the Company will only be liable in the event that after six months any creditor has not been paid in full. The subsidiaries have also given similar guarantees in the event that the Company is wound up.

There were no changes to the Deed of Cross Guarantee during the year. The subsidiaries subject to the Deed are:

a. Caxton Print Group Holdings Pty Ltd
b. IVE Group Australia Pty Ltd
c. IVE Group Victoria Pty Ltd
d. Caxton Print Group Pty Ltd
e. Task 2 Pty Ltd
f. Pareto Fundraising Pty Ltd
g. James Bennett & Associates Pty Ltd
h. IVE Employment (Australia) Pty Ltd
i. IVE Employment (Victoria) Pty Ltd
j. Taverners No. 13 Pty Ltd
k. AIW Printing (Aust) Pty Ltd
l. SEMA Holdings Pty Ltd
m. SEMA Infrastructure Pty Ltd
n. SEMA Operations Pty Ltd
o. John W. Gage & Co Pty Ltd
p. IVE Distribution Pty Ltd
q. Lasoo Pty Ltd
r. AFI Branding Solutions Pty Ltd
s. IVE Employment PWO1 Pty Ltd
t. IVE Employment PWO2 Pty Ltd
u. JacPak Pty Ltd
v. Egotrade Pty Ltd

IVE Group Limited Annual Financial Report 2025

100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

33. Deed of cross guarantee (cont.)

The following consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position, comprising the Company and controlled entities, which are a party to the Deed, after eliminating all transactions between parties to the Deed of Cross Guarantee, for the year ended 30 June 2025, are:

Consolidated statement of profit or loss and other comprehensive income

For the year ended 30 June 2025

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

In thousands of AUD 2025 2024
Revenue 936,977 946,244
Cost of sales (472,816) (503,217)
Gross profit 464,161 443,027
Other income 41 15
Production expenses (221,368) (220,546)
Administrative expenses (156,296) (152,004)
Other expenses (4,543) (16,050)
Results from operating activities 81,995 54,442
Finance income 793 858
Finance costs (17,085) (18,273)
Net finance costs (16,292) (17,415)
Profit before tax 65,703 37,027
Income tax expense (19,561) (11,258)
Profit for the year 46,142 25,769
Cash flow hedges 78 171
Total other comprehensive income 46,220 25,940
Reconciliation of movement in retained earnings
Balance reported at 1 July 17,099 19,046
Profit for the year 46,142 25,769
Dividends to owners of the Company (27,879) (27,716)
Balance at 30 June 35,362 17,099
----- End of picture text -----

IVE Group Limited Annual Financial Report 2025

101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

33. Deed of cross guarantee (cont.)

Consolidated statement of financial position

As at 30 June 2025

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

In thousands of AUD 2025 2024
Assets
Cash and cash equivalents 45,927 44,808
Trade and other receivables 129,153 137,598
Inventories 79,180 79,178
Prepayments 5,953 4,303
Other current assets 1,869 1,868
Total current assets 262,082 267,755
Deferred tax assets 19,024 15,483
Trade and other receivables 189 197
Property, plant and equipment 118,863 111,344
Right-of-use assets 102,637 104,219
Intangible assets and goodwill 150,914 154,819
Other non-current assets 243 570
Total non-current assets 391,870 386,632
Total assets 653,952 654,387
Liabilities
Trade and other payables 104,369 115,228
Lease liabilities 28,199 31,592
Loans and borrowings 781 2,966
Employee benefits 29,295 28,101
Current tax payable 12,615 2,738
Provisions 5,008 2,113
Other current liabilities 12,561 13,667
Total current liabilities 192,828 196,405
Trade and other payables 1,194 294
Loans and borrowings 159,138 170,810
Lease liabilities 83,007 83,912
Employee benefits 7,941 7,936
Provisions 3,635 5,346
Other non-current liabilities - 1,000
Total non-current liabilities 254,915 269,298
Total liabilities 447,743 465,703
Net assets 206,209 188,684
Equity
Share capital 166,059 167,664
Reserves 4,788 3,921
Retained earnings 35,362 17,099
Total equity 206,209 188,684
----- End of picture text -----

IVE Group Limited Annual Financial Report 2025

102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT.)

For the year ended 30 June 2025

34. Subsequent events

There have been no other events subsequent to balance date which would have a material effect on the Group’s consolidated financial statements at 30 June 2025.

IVE Group Limited Annual Financial Report 2025

103

CONSOLIDATED ENTITY DISCLOSURE STATEMENT

As at 30 June 2025

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

% of share Place Australian
Body corporate
Entity name capital held by incorporated/ or foreign
or trust
the Company formed tax resident
IVE Group Limited (the Company) Body corporate Australia Australia
Caxton Print Group Holdings Pty Ltd Body corporate 100% Australia Australia
Caxton Print Group Pty Ltd Body corporate 100% Australia Australia
IVE Group Australia Pty Ltd Body corporate 100% Australia Australia
IVE Group Victoria Pty Ltd Body corporate 100% Australia Australia
Task 2 Pty Ltd Body corporate 100% Australia Australia
Pareto Fundraising Pty Ltd Body corporate 100% Australia Australia
James Bennett & Associates Pty Ltd Body corporate 100% Australia Australia
IVE Employment (Australia) Pty Ltd Body corporate 100% Australia Australia
IVE Employment (Victoria) Pty Ltd Body corporate 100% Australia Australia
Taverners No. 13 Pty Ltd Body corporate 100% Australia Australia
AIW Printing (Aust) Pty Ltd Body corporate 100% Australia Australia
AIW Printing Unit Trust Trust N/A Australia Australia
IVE Group Asia Limited Body corporate 100% Hong Kong, China Australia
Guangzhou IVE Trading Company Limited Body corporate 100% China Australia
SEMA Holdings Pty Ltd Body corporate 100% Australia Australia
SEMA Infrastructure Pty Ltd Body corporate 100% Australia Australia
SEMA Operations Pty Ltd Body corporate 100% Australia Australia
John W Gage & Co Pty Ltd Body corporate 100% Australia Australia
IVE Distribution Pty Ltd Body corporate 100% Australia Australia
Lasoo Pty Ltd Body corporate 100% Australia Australia
Reach Media New Zealand Limited Body corporate 100% New Zealand Australia
IVE Group Limited Employee Share Trust Trust N/A Australia Australia
AFI Branding Solutions Pty Ltd Body corporate 100% Australia Australia
IVE Employment PW01 Pty Ltd Body corporate 100% Australia Australia
IVE Employment PW02 Pty Ltd Body corporate 100% Australia Australia
JacPak Pty Ltd Body corporate 100% Australia Australia
Egotrade Pty Ltd Body corporate 100% Australia Australia
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IVE Group Limited Annual Financial Report 2025

104

CONSOLIDATED ENTITY DISCLOSURE STATEMENT (CONT.)

As at 30 June 2025

Basis of preparation

Key assumptions and judgments

Determination of Tax Residency

Section 295 (3A) of the Corporations Act 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. For the purpose of this section, an entity is an Australian resident at the end of a financial year if the entity is:

a) an Australian resident (within the meaning of the Income Tax Assessment Act 1997) at that time;
b) a partnership, with at least one parent being an Australian resident (within the meaning of the Income Tax Assessment Act 1997) at that time; or
c) a resident trust estate (within the meaning of Division 6 of Part III of the Income Tax Assessment Act 1936) in relation to the year of income (within the meaning of that Act) that corresponds to the financial year.

The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the consolidated entity has applied the following interpretations:

–

Australian tax residency

The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5.

Foreign tax residency

The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency.

IVE Group Limited Annual Financial Report 2025

105

IVE Group Limited DIRECTORS’ DECLARATION

1 In the opinion of the directors of IVE Group Limited (the Company):
(a) the consolidated financial statements and notes, set out on pages 55 to 102 and Remuneration Report in pages 36 to 51 in the Director’s Report, are in accordance with the Corporations Act 2001, including:
- (i) giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance for the financial year ended on that date; and
- (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
(b) the consolidated entity disclosure statement as at 30 June 2025 set out on pages 103 to 104 is true and correct; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
2 There are reasonable grounds to believe that the Company and the group entities identified in Note 30 will be able to meet any obligations or liabilities to which they are or may become subject to by virtue of the Deed of Cross Guarantee between the Company and those group entities pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785.
3 The Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the chief executive officer and chief financial officer for the financial year ended 30 June 2025.
4 The directors draw attention to Note 2 to the consolidated financial statements, which includes a statement of compliance with International Financial Reporting Standards.

Signed in accordance with a resolution of directors.

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James Todd Chairman

Dated at Sydney this 26th day of August 2025

IVE Group Limited Annual Financial Report 2025

106

Independent Auditor’s Report

To the shareholders of IVE Group Limited

Report on the audit of the Financial Report

Opinion

We have audited the Financial Report of IVE Group Limited (the Company).

In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group ’s financial position as at 30 June 2025 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the corporations Regulations 2001.

The Financial Report comprises:

Consolidated Statement of financial position as at 30 June 2025
Consolidated statement of profit or loss and other comprehensive income, Consolidated statement of changes in equity and Consolidated statement of cash flows for the year then ended
Consolidated entity disclosure statement and accompanying basis of preparation as at 30 June 2025
Notes, including material accounting policies
Directors’ Declaration.

The Group consists of the Company and the entities it controlled at the year end or from time to time during the financial year.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards . We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.

We are independent of the Group in accordance with 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 Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.

IVE Group Limited Annual Financial Report 2025

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Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period.

This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

Valuation of Goodwill at 30 June 2025 (133.7 million)

Refer to Note 15 to the Financial Report

Valuation of Goodwill at 30 June 2025 (133.7 million)	Valuation of Goodwill at 30 June 2025 (133.7 million)
Refer to Note 15 to the Financial Report

The key audit matter	How the matter was addressed in our audit
A key audit matter for us was the Group’s annual testing of goodwill for impairment, given the size of the balance (being 20% of total assets). Certain conditions impacting the Group increased the judgement applied by us when evaluating the evidence available. We focused on the significant forward-looking assumptions the Group applied in its value in use models, including:  Forecast operating cash flows, annual growth rates and terminal growth rates the Group has experienced competitive market conditions as a result of technological advancements/digital disruption in the printing industry that can impact print demand and volumes or change the demand mix of business between CGU’s. These conditions increase the possibility of goodwill being impaired, plus the risk of inaccurate forecasts or a wider range of possible outcomes for us to consider;  Discount rates These are complicated in nature and vary according to the conditions and environment the specific Cash Generating Unit is subject to from time to time.	Our procedures included:  We considered the appropriateness of the value in use method applied by the Group to perform the annual test of goodwill for impairment against the requirements of the accounting standards;  We assessed the integrity of the value in use models used, including the accuracy of the underlying calculations;  We compared the Group’s cash flow forecasts contained in the value in use models to the Board approved forecasts;  We assessed the accuracy of previous Group forecasts to inform our evaluation of forecasts incorporated in the models;  Working with our valuation specialists we checked the consistency of the growth rates to the Group’s plans and our experience regarding the feasibility of these in the printing industry and economic environment in which it operates;  Working with our valuation specialists, we independently developed a discount rate range considered comparable using publicly available data for comparable entities, adjusted by risk factors specific to the Group and the industry it operates in;  We considered the sensitivity of the models by varying key assumptions, such as forecast operating cash flows, forecast growth rates, terminal growth rates and discount rates, within a reasonable range. We considered the interdependencies of key assumptions when performing the sensitivity analysis and what the Group considers to be reasonable. We did this to identify those CGUs at higher risk of impairment and those assumptions at higher

IVE Group Limited Annual Financial Report 2025

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The Group uses complex models to perform its annual testing of goodwill for impairment. The models are largely manually developed, use adjusted historical performance, and a range of internal and external sources as inputs to the assumptions. The Group has not always met prior forecasts, raising our concern for reliability of current forecasts. Complex modelling, using forward-looking assumptions tend to be prone to greater risk for potential bias, error and inconsistent application. These conditions necessitate additional scrutiny by us, in particular to address the objectivity of sources used for assumptions, and their consistent application. Given the nature of these judgements, we involved our valuation specialists to supplement senior audit team members in assessing this key audit matter.	risk of bias or inconsistency in application and to focus our further procedures;  We challenged the Group’s significant forecast cash flow and growth assumptions in light of continuing competitive market conditions due to technological change and digital disruption in the printing industry that can impact print demand and volumes or change the demand mix of business between CGUs. We applied increased skepticism to forecasts in the areas where previous forecasts were not achieved. We compared forecast growth rates and terminal growth rates to authoritative published studies of industry trends and expectations and considered differences for the Group’s operations. We used our knowledge of the Group, business and customers and our industry experience;  We assessed the impact of technology and market changes on the Group’s key assumptions, specifically the continued market for catalogues and other printed products, for indicators of bias and inconsistent application, using our industry knowledge and information published by reputable sources; and  We assessed the disclosures in the financial report against the requirements of the accounting standards.

The Group uses complex models to
perform its annual testing of
goodwill for impairment. The
models are largely manually
developed, use adjusted historical
performance, and a range of internal
and external sources as inputs to
the assumptions. The Group has not
always met prior forecasts, raising
our concern for reliability of current
forecasts. Complex modelling, using
forward-looking assumptions tend
to be prone to greater risk for
potential bias, error and inconsistent
application. These conditions
necessitate additional scrutiny by
us, in particular to address the
objectivity of sources used for
assumptions, and their consistent
application.
Given the nature of these
judgements, we involved our
valuation specialists to
supplement senior audit team
members in assessing this key
audit matter.

risk of bias or inconsistency in application and to
focus our further procedures;

We challenged the Group’s significant forecast
cash flow and growth assumptions in light of
continuing competitive market conditions due to
technological change and digital disruption in the
printing industry that can impact print demand
and volumes or change the demand mix of
business between CGUs. We applied increased
skepticism to forecasts in the areas where
previous forecasts were not achieved. We
compared forecast growth rates and terminal
growth rates to authoritative published studies
of industry trends and expectations and
considered differences for the Group’s
operations. We used our knowledge of the
Group, business and customers and our industry
experience;

We assessed the impact of technology and
market changes on the Group’s key
assumptions, specifically the continued market
for catalogues and other printed products, for
indicators of bias and inconsistent application,
using our industry knowledge and information
published by reputable sources; and

We assessed the disclosures in the financial report
against the requirements of the accounting
standards.

Other Information

Other Information is financial and non-financial information in IVE Group Limited’s annual report which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.

The Other Information we obtained prior to the date of this Auditor’s Report was the Operating and financial review. The Business highlights, Year in Review, Chairman’s Review Report and Chief Executive Officer’s Review Report are expected to be made available to us after the date of the Auditor's Report.

Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not and will not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained

IVE Group Limited Annual Financial Report 2025

109

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prior to the date of this Auditor’s Report we have nothing to report.

Responsibilities of the Directors for the Financial Report

The Directors are responsible for:

preparing the Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001
implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001 , including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error
assessing the Group’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report

Our objective is:

to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and
to issue an Auditor’s Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at

https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our Auditor’s Report.

IVE Group Limited Annual Financial Report 2025

110

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Report on the Remuneration Report

Opinion

In our opinion, the Remuneration Report of IVE Group Limited for the year ended 30 June 2025, complies with Section 300A of the Corporations Act 2001 .

Directors’ responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001 .

Our responsibilities

We have audited the Remuneration Report included in pages 36 to 51 of the Directors’ report for the year ended 30 June 2025

Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001 , based on our audit conducted in accordance with Australian Auditing Standards .

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KPMG

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Daniel Camilleri

Partner

Sydney

26 August 2025

IVE Group Limited Annual Financial Report 2025

111

ASX ADDITIONAL INFORMATION

Additional information required by the Australian Securities Exchange (ASX) and not disclosed elsewhere in the Annual Report is set out below. The shareholder information below is correct as at 4 August 2025.

IVE Group Limited shares are traded on the ASX under the code ‘IGL’.

Share registry

Registered office

Principal Place of Business

Automic Registry Services Level 3, 35 Clarence Street Building B, Level 5, 126 Phillip Street Sydney NSW 2000 350-374 Parramatta Road Sydney NSW 2000 Phone: +61 2 8020 4400 Homebush NSW 2140 Phone: +61 1300 288 664 Phone: +61 2 8020 4400

Substantial shareholders of ordinary shares (as reported to the ASX)

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Name Number of % Date of notice
Shares held to ASX
Ryan Young 13,968,201 9% 22/10/2024
Tony Young 14,187,860 9.2% 16/10/2024
Aran Young 7,794,513 5% 15/10/2024
Tynan Young 7,642,431 5% 27/04/2023
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Distribution of shareholders and shareholdings – ordinary shares

There are 154,181,938 ordinary shares on issue held by 5,906 shareholders.

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Range Ordinary Shares % No. of %
holders
1 to 1,000 1,038,625 0.67% 2,059 34.86%
1,001 to 5,000 4,048,183 2.63% 1,389 23.52%
5,001 to 10,000 6,221,155 4.03% 782 13.24%
10,001 to 100,000 45,784,378 29.70% 1,512 25.60%
100,001 and over 97,089,597 62.97% 164 2.78%
Total 154,181,938 100.00% 5,906 100%
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IVE Group Limited Annual Financial Report 2025

112

Distribution of performance right holders and holdings – performance share rights (unlisted)

There are 2,078,179 unlisted performance share rights on issue that have been issued under an employee share plan. These are held by 9 employees.

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Range Performance % No. of %
Share Rights holders
- - - -
1 to 1,000
- - - -
1,001 to 5,000
- - - -
5,001 to 10,000
10,001 to 100,000 54,053 2.60% 2 22.22%
100,001 and over 2,024,126 97,40% 7 77.78%
Total 2,078,179 100.00% 9 100.00%
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Unmarketable parcels

The number of shareholders holding less than a marketable parcel of ordinary shares is 127, based on IVE’s closing share price of $2.94 on 4 August 2025.

Twenty largest shareholders

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Rank Name No. shares %
1 CITICORP NOMINEES PTY LTD 17,454,528 11.32%
2 STRATEGIC VALUE PTY LTD 6,321,047 4.10%
3 RYLELAGE PTY LTD 6,026,271 3.91%
4 EXLDATA PTY LTD 4,324,332 2.80%
5 HS CUSTODY NOMINEES (AUSTRALIA) LTD 4,276,085 2.77%
6 J.P. MORGAN NOMINEES AUSTRALIA PTY LTD 4,111,039 2.67%
7 CAXTON PRINT HOLDINGS PTY LTD 3,310,231 2.15%
8 MR STEPHEN CRAIG JERMYN 3,000,000 1.95%
9 SCJ PTY LIMITED 3,000,000 1.95%
9 STRATEGIC VALUE PTY LTD 1,915,387 1.24%
10 DOROTHY PRODUCTIONS PTY LTD 1,600,000 1.04%
MR DAVID RONALD MCLAREN & MRS ROSEMARY PHYLLIS
11 1,500,000 0.97%
MCLAREN
12 BNP PARIBAS NOMS PTY LTD 1,277,696 0.83%
13 MR MIKE FEGELSON 1,202,500 0.78%
14 MR TREVOR READ 1,050,059 0.68%
15 EXLDATA PTY LTD 1,030,851 0.67%
JOHN BARNES FOUNDATION LIMITED 16 930,277 0.60%\
FOUNDATION A/C>
17 BNP PARIBAS NOMINEES PTY LTD 849,076 0.55%
18 UBS NOMINEES PTY LTD 812,442 0.53%
19 EXLDATA PTY LTD 750,000 0.49%
20 WARBONT NOMINEES PTY LTD 710,081 0.46%
Total 65,451,902 42.45%
Total Issued Capital 154,181,938 100.00%
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IVE Group Limited Annual Financial Report 2025

113

On-Market Buy Back

The Company currently has an on-market buy back in place.

Voting rights

The voting rights attached to ordinary shares are set out below:

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

Holders of performance rights do not have voting rights on the performance rights held by them.

Voluntary escrow

There were no ordinary shares held in a voluntary escrow arrangement as at 4 August 2025.

Stock Exchange Listing

IVE Group securities are only listed on the ASX.

Corporate Governance Statement

The Board is responsible for the overall corporate governance of IVE Group Limited, including adopting appropriate policies and procedures designed to ensure that the IVE Group is properly managed to protect and enhance Shareholder interests.

The Board monitors the operational and financial position and performance of IVE and oversees its business strategy, including approving the strategic goals of IVE. The Board is committed to maximising performance, generating appropriate levels of Shareholder value and financial return, and sustaining the growth and success of IVE.

In conducting business with these objectives, the Board is committed to ensuring that IVE is properly managed to protect and enhance Shareholder interests, and that IVE, its Directors, officers and employees operate in an appropriate environment of corporate governance. Accordingly, the Board has created a framework for managing IVE, including adopting relevant internal controls, risk management processes and corporate governance policies and practices, which it believes are appropriate for IVE’s business and that are designed to promote the responsible management and conduct of IVE.

Details of IVE’s key governance policies and the charters for the Board and each of its committees are available on IVE’s website at http://investors.ivegroup.com.au/Investor-Centre/?page=corporate-governance.

The Corporate Governance Statement reports against the 4th edition of the ASX Corporate Governance Council’s Principles and Recommendations ( ASX Principles ) and the practices detailed in the Corporate Governance Statement are current as at 26 August 2025. It has been approved by the Board and is available on the IVE website under Investors at

http://investors.ivegroup.com.au/investor-centre/?page=corporate-governance.

AI assistant

IVE GROUP LIMITED — Annual Report 2025

65109_rns_2025-08-25_e914f688-f75d-445e-b979-06c45e5e8d79.pdf

ABN 62 606 252 644

APPENDIX 4E

YEAR ENDED 30 JUNE 2025

Company Information

Results for announcement to the market

Audit report

Attachments

IVE GROUP LIMITED ANNUAL FINANCIAL REPORT

CONTENTS

OPERATING AND FINANCIAL REVIEW

KEY HIGHLIGHTS

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR BRAND PRINCIPLES

OPERATING AND FINANCIAL REVIEW (CONT.)

IVE GROUP’S STRATEGIC EVOLUTION

TODAY’S EVOLVING MARKETING AND COMMUNICATIONS LANDSCAPE

WHAT THIS MEANS FOR IVE

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR VISION

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR CORE OBJECTIVES AND VALUES

NOW TO 2030

Our Vision

OPERATING AND FINANCIAL REVIEW (CONT.)

OUR CLIENTS

OPERATING AND FINANCIAL REVIEW (CONT.)

Revenue concentration by customer[1]

Customer product penetration[1]

OPERATING AND FINANCIAL REVIEW (CONT.)

Relationship tenure of top 20 customers[1]

MARKET POSITION

Leading market positions across a diverse range of sectors

OPERATING AND FINANCIAL REVIEW (CONT.)

RESULTS FOR THE YEAR ENDED 30 JUNE 2025

Basis of preparation

FINANCIAL RESULTS ON AN IFRS BASIS

OPERATING AND FINANCIAL REVIEW (CONT.)

FINANCIAL RESULTS ON AN UNDERLYING BASIS[1]

IFRS TO UNDERLYING NPAT RECONCILIATION

OPERATING AND FINANCIAL REVIEW (CONT.)

Revenue

Material gross profit margin (MGM)

Earnings, NPAT and EPS

OPERATING AND FINANCIAL REVIEW (CONT.)

NET DEBT, CAPITAL EXPENDITURE AND CASH FLOW

OPERATING AND FINANCIAL REVIEW (CONT.)

OPERATING AND FINANCIAL REVIEW (CONT.)

OPERATIONAL OVERVIEW

3PL – DANDENONG SOUTH, MELBOURNE

Facilitating continued strong growth

OPERATING AND FINANCIAL REVIEW (CONT.)

SYDNEY SUPERSITE – KEMPS CREEK

Consolidating multiple sites for operating efficiencies and capacity expansion

OPERATING AND FINANCIAL REVIEW (CONT.)

PEOPLE AND SUSTAINABILITY

OPERATING AND FINANCIAL REVIEW (CONT.)

Supporting Our People through IVE Care

Workplace Safety, Health and Wellbeing

OPERATING AND FINANCIAL REVIEW (CONT.)

Performance Overview

People and Culture

Recognising our People

OPERATING AND FINANCIAL REVIEW (CONT.)

Diversity, Equity and Inclusion (DE&I)

Diversity in Leadership

Pathways to Employment

Our Commitment to Reconciliation

Sustainability

OPERATING AND FINANCIAL REVIEW (CONT.)

Environmental impact of our products and services

Climate Change and Decarbonisation

Direct Emissions

OPERATING AND FINANCIAL REVIEW (CONT.)

Renewable Electricity

Indirect Emissions

Mandatory Climate Reporting

Operational Waste Reduction and Efficiency

IVE GROUP LIMITED Annual Report 2025