PEXA GROUP LIMITED — Interim / Quarterly Report 2022

Feb 22, 2022

1H22 Results Presentation

23 FEBRUARY 2022

Important Notice and Disclaimer

This presentation and the information accompanying it (Presentation) has been prepared and provided solely by PEXA Group Limited (PEXA or the Company).

No offer of securities

This Presentation is not a Prospectus, product disclosure statement or offer document under Australian law or the laws of any other jurisdiction. It is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the subscription, purchase or sale of any securities in PEXA or any other entity.

The information contained in the Presentation has been prepared without taking account of any person's investment objectives, financial situation or particular needs and nothing contained in the Presentation constitutes investment, tax, legal or other advice. You must not rely on the Presentation but make your own independent assessment and rely on your own independent taxation, legal, financial or other professional advice.

Financial data

All financial amounts contained in this Presentation are expressed in Australian dollars (unless otherwise stated). Note: numbers may not sum due to rounding.

Certain financial information included in this Presentation is 'non-IFRS financial information' under Regulatory Guide 230 'Disclosing non-IFRS financial information' published by ASIC. PEXA believes this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of PEXA. The non- IFRS financial information does not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial information determined in accordance with Australian Accounting Standards. You are cautioned, therefore, not to place undue reliance on any non-IFRS financial information or ratio included in this Presentation.

Forward statements

No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information and opinions contained in the Presentation.

The Presentation may contain certain forward-looking statements, including estimates, projections and opinions (Forward Statements). We use words such as 'will', 'may', 'intend', 'seek', 'would', 'should', 'could', 'continue', 'plan', 'probability', 'risk', 'forecast', 'likely', 'estimate', 'anticipate', 'believe', or similar words to identify Forward Statements. Forward Statements are based on assumptions and contingencies which are subject to change without notice, may involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of PEXA, and have been made based upon management's expectations and beliefs concerning future developments and their potential effect on us.

No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the Forward Statements. Circumstances may change and the contents of this Presentation may become outdated as a result.

Except as required by applicable laws or regulations, PEXA does not undertake any obligation to provide any additional or updated information or revise the Forward Statements or other statements in this Presentation, whether as a result of a change in expectations or assumptions, new information, future events, results or circumstances.

You are strongly cautioned not to place undue reliance on Forward Statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID-19.

Past performance

Past performance and historical information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Market and Industry data

This Presentation contains statistics, data and other information (including forecasts and projections) relating to markets, market sizes, market shares obtained from research, surveys or studies conducted by third parties (Market Data). You should note that Market Data is inherently predictive, are subject to uncertainty and not necessarily reflective of actual market conditions. PEXA cannot assure you as to the accuracy or the reliability of the underlying assumptions used to estimate such Market Data. Forecasts and estimates involve risks and uncertainties and are subject to change based on various factors, including in data collection and the possibility that relevant data has been omitted. As a result, the Market Data is not necessarily reflective of actual market conditions, involves additional risks and uncertainties and are subject to many factors beyond PEXA's control. There is no assurance that any of the estimates contained in the Market Data and included in this Presentation will be achieved.

Disclaimer

The information is supplied in summary form and is therefore not necessarily complete. The material contained in this Presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

To the maximum extent permitted by law, PEXA and each of its affiliates, directors, employees, officers, partners, agents and advisers and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the Presentation. PEXA accepts no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of the Presentation or this document, which may affect any matter referred to in the Presentation.

This Presentation should be read in conjunction with PEXA's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

Overview

Today's speakers Today's agenda

Glenn King

Group Managing Director and Chief Executive Officer

Richard Moore Chief Financial Officer

1H22 Business Highlights	4
1H22 Business Overview & Performance	7
1H22 Financial Summary	17
Trading Update & Upgraded FY22 Guidance	24
Q&A	27
Appendix	28

1H22 Business Highlights

Key 1H22 highlights

Core Exchange exhibiting scalability and strong outcomes

Executing a clear strategy: Enhance, Replicate, Extend and Build

Robust revenue and EBITDA performance

PEXA International delivery progressing as planned

Commercial traction in PEXA Insights and PX Ventures, first prop-tech investment made in Landchecker

Solid progress on people and ESG

Progressing constructive discussions with regulators about ongoing reforms

Operating strength underpins upgrade to FY22 Prospectus guidance

PEXA delivers strong 1H22 revenue and earnings growth

KEY FINANCIAL METRICS KEY OPERATING METRICS

REVENUE

PEXA EXCHANGE EBITDA1

NPAT1

NPAT (STATUTORY)

PEXA EXCHANGE TRANSACTIONS

PEXA EXCHANGE TRANSFER MARKET PENETRATION

PEXA EXCHANGE EBITDA MARGIN1

FREE CASH FLOW CONVERSION (BEFORE FINANCING AND TAX)1

up 46% YoY up 37% YoY

up 76% YoY up 6ppts YoY

up $30m YoY

up 10ppts YoY

up 39% YoY

up $11m YoY $10m

$83m 84%

57%

$45m

1H22 Business Overview & Performance

PEXA Strategy

VALUES

Positive momentum across all areas of the Group

Executing a clear strategy: ENHANCE the core Exchange in Australia, REPLICATE in new Torrens title jurisdictions, EXTEND to build deeper customer relationships and BUILD our people, platform and brand

Solid progress on people and ESG, underpinned by PEXA's commitment to transform property experiences for everyone

The majority of property transactions in Australia now occur on the PEXA Exchange

PEXA EXCHANGE

Notes:

• 1. Based on a rolling 12-month view
• 1. Based on jurisdictionally specific industry process requirements there is no need to develop an integration with the State Revenue Office to enable stamp duty processing in the ACT
• 1. Transfer market uptake based on BIS Oxford estimate of market size and PEXA Exchange transaction volumes, for the 6 months to Dec-21

Australia's leading Electronic Lodgement Network Operator (ELNO)

Transactions

Since launch PEXA has now facilitated >10 million property transactions through the PEXA Exchange, with a total value of >$2 trillion

Users

9,600+ practitioner firms 160+ financial institutions 1.1 million+ consumers1

Systems integrated with:

6 Land Titles Offices (LTOs) 5 State Revenue Offices (SROs)2 Reserve Bank of Australia

• Favourable industry conditions continue, with 24% growth in total market volumes between 1H21 and 1H22

• PEXA volume growth in Queensland of 84% YoY helped drive national market penetration

• Successful launch in ACT

EXCHANGE HIGHLIGHTS IN 1H22 FOCUS FOR 2H22

PEXA Exchange highlights

• Total transaction volumes up 37% YoY

• Transfer market share increased to 84%, up from 78% in 1H21

• PEXA Exchange successfully launched in ACT

• 230 individual system enhancements deployed to market

• NPS tracking above +60 indicating strong member satisfaction

• PEXA reaffirmed as the industry's No 1. most trusted provider1

• Participation with regulators in ongoing reform

• Supporting industry in improving settlement certainty, delivering better outcomes for homebuyers and sellers

• Launch of new products and services to meet customer needs

  • Faster refinancing (reimagine refi)
  • Mobile signing
  • Auto-balancing of loan proceeds
  • WA stamp-duty changes
  • API-first

• Continued exploration around expansion into new jurisdictions (Tasmania and Northern Territory)

• Continued involvement in regulatory reform

Notes: 1. PEXA Brand Research December 2021, Nature

PEXA International explores new markets, beginning with the UK

100 FTEs are now working on the project across the UK, Australia and India, and we expect to invest more than 30 million dollars (in opex and capex) in FY22.

RENGAGEMENT CONTINUES	STRONG ENGAGEMENT WITH KEY PARTNER!
------------------------------	-------------------------------------

• Provide richer service offering to existing customers of PEXA

• Attract customers from new segments

• In line with regulations, appropriately re-monetise data generated by the Group

• Two products launched in market:

  • Aimed at financial institutions
  • Improve risk and capital management and process optimisation

• Promising response to initial product sets

• Small paid proof-of-concept / trials with major and regional financial institutions

• New Chief Data and Analytics Officer on board

• Executed MOU with Melbourne Business School to help build capability and talent

• Implemented joint product development partnerships – speed of execution and enriched data

• Investment made in prop-tech, Landchecker with strong pipeline of organic and inorganic opportunities under consideration

PEXA Insights

• PEXA Insights has made its first significant strategic investment in prop-tech data company, Landchecker

  • 38% stake (RACV 51%, Founders 11%)

• Landchecker allows homebuyers, developers and renovators to make informed property decisions, faster:

  • Informing consumers about planning restrictions
  • Planning permit applications such as pending development next door
  • Planning restrictions such as heritage overlay
  • Approximate land size, boundaries and dimensions

• Investment enriches the unique and timely property data PEXA is unlocking for industry

• Creates new value for consumers, government and industry through additional products and services.

• Completion expected late Feb 2022

Strategic investment in Landchecker

	LAST SOLD PRICE C$1,800,000 1100,000
	URIENTATIONUnavailable
hi.etal Deck	WALL MATERIAL @Rrick, Stane, HebelPanel, Fibre Cement.Stucco Rendered Finish

PLANNING OVERLAYS
AIRPORT BUILDINGHEIGHTS REGULATED
BUILDING NEAR AIRFIELDS @
COASTAL AREAS
PRESCRIBED WELLS AREA
REGULATED ANDSIGNIFICANT TREE
STORMWATERMANAGEMENT
TRAFFIC GENERATINGDEVELOPMENT
URBAN TRANSPORTROUTES
URBAN TREE CANOPY

PX Ventures

• Establish partnerships in the broader digitisation of the property ecosystem

• Act as learning portfolio to enhance PEXA Exchange and create future opportunities

• Utilise PEXA's knowhow and relationships

• PX Ventures now operating in broader property ecosystem focusing on opportunities that support industry

• Launchpad active with considerable opportunity flow

  • Partnerships in digitising the property experience of developing, buying / selling, settling, owning, serving properties

• Highly skilled advisory board

• 3 new partnerships and services being tested

  • Smaver pilot launched improving the moving and transition experience for consumers
  • Business Advantage gaining traction deepening support for our members
  • Honey Insurance offering live on PEXA Key

• Other investment opportunities under investigation

A culture built on trust and community

OUR PURPOSE: TRANSFORMING PROPERTY EXPERIENCES FOR EVERYONE
TRUST	OUR PEOPLE	ESG FRAMEWORK
>Setting a new watermark for brandtrust achieving an 8.9/10 rating frommembers (up from 8.1 in June 2021)>92% of financial institutions and 84%of practitioners agree PEXA deliversa "high quality of service">91% of financial institutions and80% of practitioners agree PEXA is"constantly innovating"1	>Award-winning policies and culture>Maintained >80% teamengagement score>18 Participants in the PEXA xSisterWorks mentoring program	>CY2020 GRESB outcome 92/100GRESB rating>$125k granted to Homes for Homessafe and secure accommodation forthe vulnerable>Established commitment to achievenet zero by 2025 with an immediate25% offset made to PEXA's FY21carbon footprint

• CY2020 GRESB outcome 92/100 (up from 84/100) resulting in a 5-star GRESB rating

• $125k granted to Homes for Homes as funding to help establish additional safe and secure accommodation for the vulnerable

• Established commitment to achieve net zero by 2025 with an immediate 25% offset made to PEXA's FY21 carbon footprint

• 2021 Best Place to Work 3rd placing

• 2021 Ashton Media CX Awards, Excellence in Customer Service, Elevating Customer Care: Finalist

• 2021 ANZ Transform Awards, Best use of copy style or tone of voice: Finalist

• 2021 ARN Innovation Awards, Collaboration: Finalist

OUR PURPOSE: TRANSFORMING PROPERTY EXPERIENCES FOR EVERYONE

AWARDS

Notes: 1. PEXA Brand Research December 2021, Nature

1H22 Financial Summary

Revenue, EBITDA and NPAT all well ahead of prior year

PRO FORMA1

FINANCIAL PERFORMANCE REVENUE AND PRO FORMA1 PEXA EXCHANGE EBITDA (A$M)

			YoY	Variance
A$m;6monthsended31December	1HFY21	1HFY22	#	%
Revenue	99.7	145.4	+45.7	46%
Operatingcostsincl.costofsales	(52.4)	(62.2)	(9.8)	19%
PEXAExchangeEBITDA	47.3	83.2	+36.0	76%
EBITDA	44.2	75.5	+31.3	71%
NPAT	(3.8)	25.9	+29.7	n.m.
NPATA2	16.1	45.7	+29.6	184%
Grossmargin%	86.0%	87.6%	1.6%
PEXAExchangeEBITDAMargin%	47.4%	57.2%	9.8%

Notes:

1. Pro Forma results differ from the Statutory results in the Financial Statements due to adjustments to reflect the operating and capital structure of the business following completion of the IPO as if it was in place as at 1 July 2019. Adjustments are (i) the addition of estimated incremental public company costs associated with PEXA being a listed company, (ii) the removal of IPO costs which are recognised in the Statutory financial information, and (iii) the removal of the impact of the accelerated vesting and close-out of the

1. NPATA = Net Profit After Tax and after adding back the tax-effected Amortisation of acquired intangible assets

Management Equity Plan which occurred as a result of the IPO. See slide 31 for a reconciliation between Pro Forma and Statutory EBITDA and NPAT

PEXA Exchange volume up 37% and revenue up 46%

• Total market volumes of 2.5m transactions (billable events) were up 24% on prior year

• Exchange penetration of 85% was up 8ppts

• Combined, this resulted in total exchange volumes of 2.1m, up 37% from prior year

• Average price up $4 on prior year, driven by mix changes and two3 CPI price increases

• Average Transfer price increase (+$7) on prior year driven by the cessation of 'Better Together' discounting in QLD in FY22. The discount ended on 30 June 2021

• Combined, this resulted in total Exchange revenue being up 46% on prior year

• Ancillary services revenues up 44% to $1.6m

PEXA Exchange average pricing (A$)

PEXA Exchange revenue (A$M)2

Notes:

• 1. Market penetration is calculated using BIS Oxford Economics estimated market volumes and PEXA volumes.
• 1. Pro Forma revenue excluding ancillary services revenue
• 1. FY20 prices were held through 1H21 to assist members and the community during the early stages of COVID-19. FY21 price increase implemented on 1 Jan-21 and FY22 increase implemented as normal on 1 Jul-21

PEXA Exchange gross margin improving slightly

• Cost of sales predominantly made up of LSS Fees1 paid to state land registries for the pre-population of bundled property information from the land registry into a workspace

• Charged on a per workspace basis (i.e. per lodgement, not per transaction)

• The increase in multi-party transfers (with four billable events, as opposed to refinances with two) drove higher gross margin between 1H FY21 and 1H FY22

• 1H FY22 gross margin of 87.6% up 1.6ppts from 1H21.

Average revenue per PEXA Exchange transaction (A$/transaction)2 Average cost of sales per PEXA Exchange transaction (A$/transaction)3

Notes:

1. Lodgement Support Services Fees

2. Calculated based on PEXA Exchange transaction volumes and Pro Forma PEXA Exchange revenue (ex ancillary services)

3. Calculated based on PEXA Exchange transaction volumes and Pro Forma PEXA Exchange cost of sales (ex ancillary services)

PEXA Exchange gross margin (A$M / %)

PEXA Exchange cost-base stable, underpinning high operating leverage

Notes:

1. Pro Forma operating expenses, including A$3.2m of public company costs added into 1H FY20 and 1H FY21 to ensure like-for-like comparison with 1H FY22

PRODUCT DESIGN AND DEVELOPMENT

SALES AND MARKETING

GENERAL AND ADMINISTRATION

• Costs to develop and operate the PEXA platform

• Main driver is headcount, third parties supporting platform operations and AWS hosting services

• Higher costs in 1H22 (vs 1H21) with PEXA bolstering Data Management capability and increased hosting fees from higher transaction volumes

• Total 1H22 Exchange development expenses (excl. growth initiatives) of $24.2m equates to 16.6% of revenue.

• Costs associated with marketing, onboarding, training and supporting PEXA members

• Main driver is headcount and includes the PEXA Direct Specialists, PEXA Partners and call centre support team

• Costs held relatively flat with external events being impacted by COVID-19 restrictions in both 1H21 and 1H22

• Costs of corporate team, Board and executive remuneration, professional fees, occupancy and administration

• Increased employee costs as support functions grew to support continued expansion, together with higher recruitment costs and cost of new LTIP, as disclosed in Prospectus

• Prior year (1H21) understated due to COVID-19 impacts. 1H22 spend up 5% from 1H20 (2.5% CAGR)

PEXA Exchange scale benefits flowing through

• Growth in cost base slower than that in transaction volumes, resulting in total expenses per transaction falling to $30

• Combined with the growth in revenue this resulted in Pro Forma Exchange EBITDA up $36M, or 76% on 1H FY21

• Pro Forma PEXA Exchange EBITDA Margin grew from 47.4% to 57.2% driven by strong market volumes, increased market share and prudent expense management

Total PEXA Exchange expenses (A$M) and

expense per transaction (A$)1

PEXA Exchange EBITDA (A$M) and EBITDA margin (%)

Strong Pro Forma operating cash flow, up 59% to A$67.5m

1H FY22 PEXA Group Statutory Cash Movements (A$M) Pro Forma Cash Flows (A$M)

• Strong EBITDA offset by working capital outflow delivered $67.5m operating cash flow, up 59% on prior year

• PEXA's operating position facilitated growth in investment spend across the Exchange, PEXA International and PEXA Insights

Trading Update & Outlook

Operating performance underpins upgrade to FY22 Prospectus forecasts

Comparison of PEXA Exchange volumes (000s)

• 1H22 volumes of 2.1m are up 37% from 1H21; up 18% from 2H21

• PEXA Exchange achieved 60% of FY22 Prospectus forecast volumes in 1H22 (vs 52% in Prospectus)

• FY22 seasonality 2H likely to be lower than 1H

• Confirm no dividend payable for 1H22

FY22 guidance upgraded:

Forecast	FY22	FY22
A$M; Year ended 30 June	Updated	Prospectus
Revenue1	265.0 - 275.0	246.9
1PEXA Exchange EBITDA	140.0 - 150.0	126.3
Pro Forma EBITDA	120.0 - 130.0	107.6
Pro Forma NPATA	70.0 - 80.0	59.2
Statutory EBITDA	95.0 - 105.0	75.6
Statutory NPATA	55.0 - 65.0	37.0

In closing

Volume and revenue growth driven by deeper penetration in key states, a robust property market and good momentum across other initiatives

Property market exceptionally buoyant, with significant year-on-year growth across both transfers and refinances nationally

PEXA UK launch tracking to schedule with payments system testing successfully completed and positive engagement across government, banks and industry

PEXA Insights and PX Ventures making tangible progress and delivering as planned

Brand trust at record levels

A firm commitment to achieving Net Zero by 2025

Upgraded FY22 Prospectus forecast to revenue of $265—$275 million and PEXA Exchange EBITDA of $140—$150 million

Appendix

The PEXA Exchange continues to perform

Notes:

1. Based on market estimates from BIS Oxford and PEXA volumes, includes both paper-based and e-conveyancing transactions

2. Based on market volume estimates from BIS Oxford Economics and PEXA Transfer volumes

Total digital property settlement billable transactions in Australia (M)1 Penetration by jurisdiction (% of transfers lodged via PEXA Exchange)2

Key Operating Metrics

			YoY Variance
6 months ended 31 December	1H FY21	1H FY22	#	%
Exchange revenue by state
VIC	33.1	43.7	10.6	32%
NSW	36.5	46.3	9.9	27%
WA	10.4	13.9	3.5	34%
QLD	10.2	29.2	19.0	187%
SA	8.5	10.8	2.3	26%
ACT	‐	0.0	0.0	n.m.
Pro forma revenue excluding ancillary
services ($ millions)	98.6	143.9	45.3	46%
Ancillaryservicesrevenue
($millions)	1.1	1.6	0.5	44%
Pro forma revenue ($ millions)	99.7	145.4	45.7	46%
Key pro forma financial metrics
Revenuegrowth	27%	46%	NA	NA
Costofsalespertransaction($)	9.06	8.54	(0.5)	‐6%
Grossmargin	86%	88%	1.6%	2%
PEXAExchangeEBITDAgrowth	96%	76%	NA	NA
PEXAExchangeEBITDAmargin	47%	57%	9.8%	21%
NPATA($million)	16.1	45.7	29.6	184%
NPATAgrowth	7%	184%	NA	NA
NPATAmargn	16%	31%	15.3%	n.m
Netdebt/PEXAExchangeEBITDA	‐	1.51x	NA	NA

			YoY Variance
6monthsended31December	1HFY21	1HFY22	#	%
Keyoperatingmetrics
Transfer	1,346	1,658	312	23%
Refinance	316	453	137	43%
Other	337	374	37	11%
Marketvolumes(000's)	1,999	2,485	485	24%
Transfer	78%	84%	6%	8%
Refinance	98%	99%	1%	1%
Other	55%	71%	17%	30%
Marketshare(%)	77%	85%	8%	10%
Transfer	1,046	1,391	345	33%
Refinance	310	448	138	45%
Other	184	266	82	44%
PEXAtransactions(000's)	1,539	2,105	566	37%
Transfer	76	83	7	9%
Refinance	46	47	1	3%
Other	25	28	3	10%
Averageprice($)	64	68	4	7%
Transfer	79.8	115.3	35.5	45%
Refinance	14.2	21.2	7.0	49%
Other	4.7	7.4	2.7	59%
ProFormarevenueexcludingancillary
services($millions)	98.6	143.9	45.3	46%
Ancillaryservicesrevenue
($millions)	1.1	1.6	0.5	44%
Proformarevenue($millions)	99.7	145.4	45.7	46%

Income statement and reconciliation from Pro Forma to Statutory

• Offer costs are portion of the total transaction costs relating to the IPO expensed in 1H FY22

• Incremental public company costs represent an estimate of the additional costs PEXA will incur as a public company. They include additional audit, tax and legal costs, insurance, Board, investor relations, listing fees, share registry fees, AGM and annual report costs. These Pro Forma adjustments have been applied retrospectively in 1H FY21

• The MEP (Management Equity Plan) was established in Jan-20 with the first grant issued in Jul-20. As a result of the Offer, the MEP vesting was accelerated, resulting in A$5.7 million of incremental cost recorded in the Statutory Income Statement in FY21. Taking this pro forma adjustment into account, the Pro Forma Forecast Income Statements reflect the ongoing cost of the MEP in FY21 and FY22 as though the Offer had not occurred ($0.3m in 1H22).

Pro Forma Profit & Loss

$millions			YoY	Variance
6monthsended31December	1HFY21	1HFY22	#	%
Revenue	99.7	145.4	+45.7	46%
Costofsales	(13.9)	(18.0)	(4.0)	(29%)
Grossprofit	85.7	127.5	+41.7	49%
Productdesignanddevelopment	(10.4)	(13.1)	(2.7)	(26%)
Salesandmarketing	(9.6)	(9.9)	(0.3)	(3%)
General&administration	(18.5)	(21.2)	(2.7)	(15%)
OperatingExpenses	(38.5)	(44.2)	(5.8)	15%
PEXAExchangeEBITDA	47.3	83.2	+36.0	76%
ProjectandExpansionary	(2.3)	(7.3)	(5.0)	(215%)
Othernon‐PEXAExchangecosts	(0.8)	(0.5)	+0.3	35%
EBITDA	44.2	75.5	+31.3	71%
Depreciation	(1.2)	(1.5)	(0.3)	(29%)
Amortisation	(3.1)	(4.4)	(1.3)	(41%)
EBITA	39.9	69.6	+29.7	74%
Acquiredamortisation	(28.4)	(28.2)	+0.2	1%
EBIT	11.5	41.4	+29.9	260%
Netfinanceincome/(expense)	(16.5)	(2.7)	+13.8	n.m.
Profit/(loss)beforetax	(5.0)	38.7	+43.7	n.m.
Incometaxbenefit/(expense)	1.2	(12.7)	(13.9)	n.m.
Profit/(loss)aftertax(NPAT)	(3.8)	25.9	+29.7	n.m.
Acquiredamortisationadd‐back(taxaffected)	19.9	19.7	(0.1)	1%
NPATA	16.1	45.7	+29.6	184%

Statutory Profit & Loss

$ in millions YoY Variance

6monthsended31December	1HFY21	1HFY22	#	%
Revenue	99.7	145.4	+45.7	46%
Costofsales	(13.9)	(18.0)	(4.0)	(29%)
Grossprofit	85.7	127.5	+41.7	49%
Productdesign&development	(10.4)	(13.1)	(2.7)	(26%)
Sales&marketing	(9.6)	(9.9)	(0.3)	(3%)
General&administration	(15.3)	(21.2)	(5.9)	(38%)
Operatingexpenses	(35.3)	(44.2)	(8.9)	(25%)
PEXAExchangeEBITDA	50.4	83.2	+32.8	65%
Projectandexpansionrelatedcosts	(2.3)	(7.3)	(5.0)	(215%)
Othernon‐PEXAExchangerelatedcosts	(0.8)	(23.7)	(23.0)	n.m.
EBITDA	47.4	52.2	+4.9	10%
Depreciation	(1.2)	(1.5)	(0.3)	n.m.
Amortisation	(3.1)	(4.4)	(1.3)	(41%)
EBITA	43.0	46.3	+3.3	8%
Acquiredamortisation	(28.4)	(28.2)	+0.2	1%
EBIT	14.7	18.1	+3.5	24%
Netfinanceincome/(expense)	(16.5)	(2.7)	+13.8	84%
Profit/(loss)beforetax	(1.9)	15.4	+17.3	n.m.
Incometaxbenefit/(expense)	0.3	(5.8)	(6.0)	n.m.
Profit/(loss)aftertax(NPAT)	(1.6)	9.7	+11.3	n.m.
Acquiredamortisationadd‐back(taxaffected)	19.9	19.7	(0.1)	1%
NPATA	18.3	29.4	+11.1	61%

Bridging Statutory P&L to Pro Forma P&L

$millions
6monthsended31December	1HFY21	1HFY22
StatutoryPEXAExchangeEBITDA	50.4	83.2
Incrementalpubliccompanycosts	(3.2)	‐
ProformaPEXAExchangeEBITDA	47.3	83.2
StatutoryEBITDA	47.4	52.2
Offercosts	‐	23.5
Incrementalpubliccompanycosts	(3.2)	‐
MEPcloseoutcosts	‐	(0.3)
ProformaEBITDA	44.2	75.5
StatutoryNPAT	(1.6)	9.7
Offercosts	‐	23.5
Incrementalpubliccompanycosts	(3.2)	‐
MEPcloseoutcosts	‐	(0.3)
Taxeffectofadjustments	0.9	(7.0)
ProformaNPAT	(3.8)	25.9

Balance sheet

Statutory vs Prior Year

• Cash and cash equivalents in Dec-21 greater than Statutory Dec-20 position following strong operating performance

• Other current assets reduction largely due to IPO-related accruals since paid

• Borrowings-related party of $193.0m at 30 Jun-21 reflect pre-IPO capital structure with shareholder loans. Fully repaid at IPO with primary raise issuance

• Equity increase following the impact of the primary raise in the IPO

$millions	ActualStatutory
Asat	30‐Jun‐21	31‐Dec‐21
Currentassets
Cashandcashequivalents	51.5	78.5
Othercurrentassets	33.1	15.6
Totalcurrentassets	84.6	94.1
Non‐currentassets
Intangibleassets&goodwill	1,517.3	1,506.3
Othernon‐currentassets	11.2	15.5
Totalnon‐currentassets	1,528.5	1,521.8
Totalassets	1,613.1	1,615.8
Currentliabilities
Tradeandotherpayables	49.9	20.7
Borrowings ‐ relatedparties	193.0	‐
Othercurrentliabilities	6.7	7.9
Totalcurrentliabilities	249.6	28.5
Non‐currentliabilities
Borrowings	297.4	297.7
Othernon‐currentliabilities	34.3	37.6
Totalnon‐currentliabilities	331.7	335.3
Totalliabilities	581.3	363.8
Netassets	1,031.8	1,252.0
Equity
Contributedequity	1,058.2	1,268.4
Reserves	7.6	8.0
Accumulatedlosses	(34.0)	(24.3)
Totalequity	1,031.8	1,252.0

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