PEXA GROUP LIMITED — Interim / Quarterly Report 2025

Feb 27, 2025

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HY 25 Results 28 February 2025

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Important notices and disclaimer

This presentation and accompanying information ( Presentation ) has been prepared for the purpose of providing general background information on PEXA Group Ltd ( PEXA or the Company ), its subsidiaries and their activities.

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 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.

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.

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, is 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.

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 its 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.

1

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

2

2

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The PEXA Group acknowledges Aboriginal and Torres Strait Islander people as the traditional custodians of the lands on which we work, live and dream, we pay our respects to elders past and present.

We recognise that we have a role to play in creating space and place for Aboriginal and Torres Strait Islander voices in our business and our impact.

We continue to explore how we walk together, how we co-design with Aboriginal and Torres Strait Islander Peoples, to develop meaningful relationships, with mutual benefit.

We will continue to embrace the spirit of reconciliation, in its evolving nature, toward an equitable future.

3

1H25 highlights Improved strategic and operating position, focused on execution

1 Australia’s #1 property exchange

2

Leveraging valuable Australian IP offshore

• Continuing solid operating performance

from critical national infrastructure

• Market share and transaction mix

• improvement

• Platform on schedule, progressing UK lender engagement

• • Improved Optima Legal and Smoove performance, lower capex support

• Improved Optima Legal and Smoove performance, lower capex support reduced cash spend

3 Extending PEXA’s property market reach

4

Diverse portfolio of opportunities

• Business scaling with strong demand from current and new customers

• Operating EBITDA break-even for 1H25

• Group revenue and operating EBITDA up

• • Conservative balance sheet and growing cashflows supporting returns to shareholders

4

Group financial snapshot

Solid operating outcome, result impacted by non-cash adjustments

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Statutory revenue Operating EBITDA [1] NPATA [1,4] Statutory NPAT
+25% +24% (188%) (28.1m)
$202.5m +12% $73.2m +30% ($13.2m) (211%) ($32.7m) (25.0m)
Net Debt / OEBITDA [1,3]
Operating margin [1,2] Free cashflow [1] EPS-A [1]
(0.1ppt) +82% (16.0cps) (1.0x)
35.9% 1.9x
+5.2ppt $27.9m +118% (7.5cps) (14.2cps) (1.0x)
On-market buyback announced
Up to $50m
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vs 1H24 vs PF1H24

Note: All comparisons are vs 1H24 on both a reported and proforma basis. The proforma view assumes Smoove was owned for all 1H24.

1 Non-IFRS measure. See glossary for detailed definition

2 Operating EBITDA / Business revenue

3 LTM basis

5

4 NPATA adjusted for the impairment and DTA would have been $20.8m for 1H25, EPS-A incorporating these same changes is 11.7cps

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

6 6

Group financial results Strong operating result, NPAT impacted by non-operating items

Group financial performance

A$m	1H25	1H24	1H24PF	Var1 (%)
Business Revenue	203.7	163.3	183.5	11.0
Cost of sales	(34.4)	(19.4)	(31.9)	(7.8)
Gross margin	169.3	143.9	151.6	11.7
Operating expenses	(96.1)	(85.1)	(95.3)	(0.8)
Operating EBITDA	73.2	58.8	56.3	30.0
Specified items	(22.8)	(15.4)	(15.4)	(48.1)
EBITDA	50.4	43.4	40.9	23.2
NPAT	(32.7)	(4.6)	(7.7)	(324.7)
NPATA1	(13.2)	15.0	11.9	large
Capex - resource costs	(16.9)	(18.8)	(18.8)	10.1
Capex - other	(11.5)	(15.5)	(15.5)	25.8
Capex	(28.4)	(34.3)	(34.3)	17.4
Operating cashflow	44.8	24.5	22.0	103.6
Operating EBITDA margin (%)	35.9%	36.0%	30.7%	5.2ppt
Capex to Business Revenue ratio	13.9%	21.0%	18.7%	(4.8ppt)
Operating cashflow yield (%)	22.0%	15.0%	12.0%	10.0ppt

Commentary[1]

Business revenue

• Revenue up 11% with all business units experiencing growth

• Exchange up $13m, Digital Solutions up $1.8m, and International increased $5.4m on a pro forma basis

• Underlying business activity increased across all business units

Operating expenses

• Disciplined expense management with Group expenses up by $0.8m or 1%.

• Expense growth reflects underlying expense growth across the group reflecting annual salary reviews and supplier cost increases offset by productivity improvements implemented in prior periods

Capex

• Capex spend across the group was $5.9m lower. The reduction was reflected across all business units

Margin and yield

• Operating EBITDA margin up 5.2ppt on a proforma basis

• Operating cashflow yield improved 10.0ppt on a proforma basis

Note: See glossary for definition of metrics

7

1 Variance 1H25 vs 1H24PF. PF = Pro forma. 1H24PF assumes full period ownership of Smoove. 2 NAPTA adjusted for the impairment and DTA would have been $20.7m for 1H25.

Group non-operating items Non-cash charges for impairment and tax

Group financial performance

A$m	1H25	1H24	1H24PF	Var1 (%)
Operating EBITDA	73.2	58.8	56.3	30.0
Specifed Items
Integration costs	(1.9)	(3.0)	(3.0)	36.7
Restructuring and redundancy related costs	(2.0)	(4.7)	(4.7)	57.5
Unrealised FX gain / (loss)	-	0.7	0.7	-
M&A	(1.0)	(5.0)	(5.0)	80.6
Share of loss after tax from investments in associates	(0.9)	(1.1)	(1.1)	24.1
Impairment of investments	(15.0)	-	-	large
Other items	(2.0)	(2.3)	(2.3)	13.0
EBITDA	50.4	43.4	40.9	23.2
Depreciation	(2.3)	(1.6)	(1.6)	(43.8)
Amortisation	(18.6)	(13.6)	(14.4)	(29.2)
EBITA	29.5	28.2	24.9	18.5
Historical Acquired Amortisation	(27.8)	(28.0)	(28.0)	0.7
EBIT	1.7	0.2	(3.1)	large
Net finance expense	(3.0)	(2.6)	(2.3)	(30.4)
Net (loss)/profit before tax	(1.3)	(2.4)	(5.4)	75.9
Income Tax Benefit/(Expense)	(31.4)	(2.2)	(2.2)	large
NPAT	(32.7)	(4.6)	(7.7)	large
Add Back: Acquired amort (tax-effected)	19.5	19.6	19.6	(0.5)
NPATA	(13.2)	15.0	11.9	large
Tax impact on specified items	0.8	1.4	1.4	(42.9)

Commentary

Specified items

• $7.4m higher than in 1H24 largely due to an impairment charge in relation to minority stake, offset by lower restructuring, M&A and integration activity

Depreciation and Amortisation

• Depreciation $0.7m higher largely reflecting new office space in the UK

• Amortisation increased $4.2m primarily due to new international assets ($1.1m) and continued investment in the Exchange ($2.9m)

Net finance expense

• Net finance expense increased by $0.7m primarily due to higher debt drawn. This was mitigated by higher income generated by cash balances

Tax

• $29.2m increase was due to the de-recognition of a $19m DTA in Australia, combined with the increased Australian profits in the half

• There was no recognition of new tax credits in the UK

8

1 1Variance 1H25 vs 1H24PF. PF = Pro forma. 1H24PF assumes full period ownership of Smoove.

Group income tax expense Legacy issues now washed through

Tax charge 1H24, 2H24 and 1H25

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31.4
11.9
2.2
19.0
7.0
9.4
7.3
(0.3) 0.5
(7.2)
1H24 2H24 1H25
Tax on Australian earnings @30%
DTA de-recognition (Aus)
Other / UK DTA
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Tax drivers

Australia

• Our Australian business activities are generating taxable profits, and we are recognising the relevant tax expense in our profit and loss statement [1]

• These expenses do not involve the payment of cash to the ATO, as we are utilising carry forward losses and R&D credits to extinguish the liability. We utilised $18.9m of these items for this purpose

• The underlying credits have been generated at different times. Those in place at the time when Link divested its interest are subject to either the ‘same business test’ or the ‘similar business test’. Credits generated since that time are subject to the ‘continuity of ownership test’

• Business activity by PEXA during the period means that we can no longer meet the ‘same business test’, and we cannot expect to utilise the relevant credits. This led us to derecognise $19m of deferred tax assets

• We now have about $67.6m of credits subject to the similar business test or the continuity of ownership test. We expect to be able to utilise these credits in future periods. We will not be able to pay franked dividends until these credits, and any underlying franking debits, have been extinguished

UK

• We have $8.6m of deferred tax assets in the UK, which we expect to be available for use in future periods

• We are not adding to this amount for accounting purposes, as we have elected not to tax effect our losses in the UK

1 For the purposes of modelling, assume Australian Geography Operating EBITDA less D&A and Net interest cost, and apply the Australian tax rate to modelled outcome

9

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

10

10

Exchange Solid performance from leading critical infrastructure asset

Australia’s #1 property exchange with 90% market share

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FY25 objective
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1H25 progress

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|||||
|---|---|---|---|
|Business|
|$162.6m|+8.7%|
|revenue|
|Operating|
|56.3%|+0.9 ppt|
|margin|
|Operating|
|$75.1m|+$11.2m|
|cashflow|
|Market share|[1]|90%|+2 ppt|
|Transactions|2.04m|+3.7%|
|System uptime|100%|stable|
|Customer|
|90.8%|-2.6 ppt|
|satisfaction|

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Increase coverage and expand market share

• Tasmania live on refi, progressed to transfers in Feb 25

• Jurisdictions

• NT engagement progressing

• Instruments

• Instruments now support transmissions, part tenancy and foreign resident transfers in WA

• Collaborating with large lenders and practitioners driving increase in API integration (1H25: 333 APIs consumed vs 279 in 1H24)

• • Satisfactory progress, contracts signed with 3 key PMS providers

Removing friction points through increased

integration

• APIs

• PMS providers

• Preparation for pricing review well progressed

Constructive regulatory engagement

• Working with key lenders on potential transaction options with no cheque.

• Pricing review

• • Cheques

• Supported ARNECC with their inter-op

• • Inter-operability review

Note: Comparisons vs 1H24 as published. See glossary for definition of terms

11

1 PEXA Exchange transaction volumes as a percentage of Oxford Economics Australia estimate of all property transactions in the Australian market

Exchange Attractive operating leverage and cash generation

Exchange financial performance

A$m	1H25	1H24	Var (%)
Business revenue	162.6	149.6	8.7
Cost of sales	(18.7)	(17.8)	(5.1)
Gross margin	143.9	131.8	9.2
Operating expenses	(52.4)	(48.9)	(7.2)
Operating EBITDA	91.5	82.9	10.4
Specified items	(3.1)	(2.3)	(34.8)
EBITDA	88.4	80.6	9.7
Capex-resource costs	(11.3)	(11.3)	-
Capex-Other	(5.1)	(7.7)	33.8
Capex	(16.4)	(19.0)	13.7
Operating cashflow	75.1	63.9	17.5
Operating EBITDA margin %	56.3%	55.4%	0.9ppt
Capex to Business Revenue ratio	10.1%	12.7%	(2.6ppt)
Operating cashflow yield (%)	46.2%	42.7%	3.5ppt

Commentary

Business Revenue $13.0m (9%) higher, including

• Transaction volumes arising from market & PEXA share growth: $5.4m

• CPI price increase: $5.5m

• A shift in transaction mix: $2.1m

Operating expenses $3.5m (7%) higher than PCP

• People related expenses were 2% higher driven by annual salary reviews and further investment in Group capability, while offset by productivity initiatives undertaken and implemented during FY24 and release of bonus provisions

• Non-labour expense up $2.7m arising from a one-off indirect tax write back in 1H24, increased data costs, and an increase in expenses related to regulatory matters

Specified items $0.8m (35%) higher than in the PCP

• Incurred due to wind up of interoperability activity and other restructuring costs

Capex $2.6m (14%) lower than in the PCP

• Primarily due to lower regulatory spend on Interoperability

12

International Progressing platform development and lender engagement

Unique, multi-jurisdictional platform

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|||
|---|---|
|Business|
|$32.1m|Large|
|revenue|[1]|
|Operating|
|(57.3%)|+20.5 ppt|
|margin|
|Operating|
|($28.6m)|+$1.3m|
|cashflow|
|Lifetime|
|Remos|
|> £100m|value|
|processed|
|processed|
|Remo market|
|26.4%|+5.2 ppt|
|share|[1]|
|Stage 1-2|Discovery|
|+10|
|pipeline|complete|
|Testing slots|
|4|stable|
|committed|

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1H25 progress

FY25 objective

• Remo activity to deliver transfer of equity on track for Q3 delivery

• • S&P delivery remains on track with onesided S&P complete and two-sided S&P due in 3Q FY25

Platform

• Remo, S&P, integrations

• 2x (vs pcp) uplift in Optima Legal productivity. Currently exploring further opportunities to improve the operating performance of Optima Legal, including through assistance of, or involvement from, 3[rd] parties.

Performance uplift

• Optima, Smoove

• Smoove integration broadly on track for FY25 completion[5]

• Scheduled for 2H25, subject to FCA approval[4]

Launch S&P

• Conversion, on-boarding

• Lenders • Pipeline expanding at the initial stages. • Conversion, on-boarding • Lender on-boarding behind schedule. Working with lenders to progress implementation via knowledge uplift and through governance processes

• 1 Remo 1H25 market share is an average to Nov 24. Variance is on a pro forma basis

• 2 Combined Optima Legal and Smoove

• 3 Transfer of Equity

• 4 Required for Source Account component of the PEXA product

• Other markets • Market exploration continuing – leverage • Explore NZ, Canada lessons from UK

• 5 Full financial system integration dependent on completing billing system migration in subsequent periods Note: Comparisons vs 1H24 as published. See glossary for definition of terms

13

International Establishing UK’s only integrated property digital transaction platform

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2021 2022 2023 2024 2025+
PEXA Go Optima Legal / Smoove enhancements
Build
• PEXA Go platform Remo
• Remortgage functionality
• Sale & Purchase functionality S&P
Approve 7 lenders successfully tested with BOE 4 lenders successfully tested with BOE 4 BOE testing slots
• Lender BOE Testing
• FCA Approval S&P FCA Approval
NatWest initial engagement Verbal agreement Written agreement Implementation
Engage Lender Hinckley &
• Initial Engagement Rugby BS onboarded
• Verbal Agreement for Remo Other Lenders initial engagement Verbal agreement Written agreement Implementation
• Written Contract
• Allocation of Partner Resources Lender Shawbrook onboarded for Remo Practitioners
PEXA Pay › BOE RTGS System
Integrate
• Into BOE RTGS system
• Acquired co’s into PEXA Go Optima Legal › PEXA Go
• Lender onto PEXA Go
• Practitioner onto PEXA Go Smoove › PEXA Go
Remo
Transact S&P
S&P v1.0 Test Transaction
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14

*Pending commencement; delivery subject to external commitment of resources

Project complete

Project pending commencement

Project in process, ongoing

International

All tier 1 lenders engaged – commencing progression through pipeline

Tier 1	NatWest	NatWest		Lender 2	Lender 2	Lender 3	Lender 3		Lender 4	Lender 4	Lender 5	Lender 5	Lender 6	Lender 6	Tier 1 market share c.72%1
	Jul 24	Dec 24		Jul 24	Dec 24	Jul 24	Dec	24	Jul 24	Dec 24	Jul 24	Dec 24	Jul 24	Dec 24
Key Stages
Introduction															Introductionrepresents
Discovery															initial discussions and SME
															connections
Scope
BoE Testing
Commitment															Discoverycaptures deep
Implementation															dive workshops and
Contract															business case progression
Go Live
															Scopereflects detailed
Key Stages			Tier 2 Lenders					Tier 3 Lenders							design work
Introduction			1		9					14			Requested		PEXA UK has implemented
Scope BoE Testing Discovery			5 2		3 3		3		11	2 4 7			Complete Progressing		an industry standard sales pipeline methodology. Our pipeline now reflects progress against this
Commitment									1	2			Not Started		methodology
Implementation										2
Contract										2					Tier 2 & 3 market share c.20%1
Go Live										2

15

1 Source: UK Finance

Note Tier 1 lenders reflects the 6 largest lenders in the UK. The market share ranges from 7 – 20%. Tier 2 lenders have a market share between 1 – 7%. Tire 3 are all other lenders below 1% market share

International Optima and Smoove improving, cash outflows decreasing

International financial performance[1]

A$m	1H25	1H24	1H24PF	Var1 (%)
Business Revenue	32.1	6.5	26.7	20.2
Cost of sales	(15.0)	(0.7)	(13.3)	(12.8)
Gross margin	17.1	5.8	13.5	26.7
Operating expenses	(35.5)	(24.0)	(34.2)	(3.8)
Operating EBITDA	(18.4)	(18.2)	(20.7)	11.1
Specified items	(4.0)	(9.1)	(9.1)	56.0
EBITDA	(22.4)	(27.3)	(29.8)	24.8
Capex – resource costs	(3.9)	(5.2)	(5.2)	25.0
Capex – other	(6.3)	(6.5)	(6.5)	3.1
Capex	(10.2)	(11.7)	(11.7)	12.8
Operating cashflow	(28.6)	(29.9)	(32.4)	11.7
Operating EBITDA margin (%)	(57.3%)	(280.0%)	(77.8%)	20.5ppt
Capex to Business Revenue ratio (%)	31.8%	180.0%	43.9%	(12.1ppt)
Operating cashflow yield (%)	(89.1%)	(460.0%)	(121.6%)	32.5ppt

Commentary[1]

Business Revenue $5.4m (20%) increase

• Optima Legal revenue up $1.6m arising from higher transactions completed (40%) offset by lower interest earned per transaction. Remo transactions market share c.15%

• Smoove revenue increased $3.8m on PCP primarily driven by increased S&P volumes offset by Remo transactions

Operating expenses $1.3m (4%) higher than PCP

• Expense growth was driven by activities to operationalise the Exchange in the UK and further investment to improve productivity

• The expense growth was mitigated through simplification of the operating model with the benefits flowing through this period

Specified items $5.1m (56%) reduction on PCP

• $2.8m incurred in the half relate to Smoove integration and restructuring activities related to the Smoove acquisition

Capex $1.5m (13%) lower on PCP

• Material completion of the Remo functional capability

• The reduction was partially offset by increased investment in Sale and Purchase platform build

16

Note: See glossary for definition of metrics 1 Variance 1H25 vs 1H24PF. PF = Pro forma. 1H24PF assumes full period ownership of Smoove.

Digital Solutions Broadening and deepening our property market reach

Property insights, tools and support

FY25 objective

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1H25 progress
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||||
|---|---|---|
|Record business|
|$9.0m|+25.0%|
|revenue|
|Operating|
|1.1%|+82 ppt|
|margin|
|Operating|
|($1.7m)|+$7.7m|
|cashflow|
|New customers|47|+6|
|Subscription mix|72%|-0.6 ppt|
|Subscription|Improved|
|2.2%|
|churn rate|[2]|0.5 ppt|
|Adjacency|
|22.5%|+ 2.9 ppt|
|revenue|

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Distribution effectiveness

• Increase .id • Record 1[st] half revenues for .id, Value subscriptions Australia, Land Insight and Send FX

• • Grow Value Australia • Reduced .id churn with better customer base retention management

• • • Grow Exchange New business with existing and new adjacency income to Group customers

Product development

• Value Australia – • Value Australia continuing to continued enrichment enhance model performance of Automated • Value Australia providing consulting

• Valuation Model (AVM) services to a second major bank

• functionality •

• • Progressed approvals with 5 states, Regulated data[1] ACT and Tasmania data approvals

• usage progressing

Note: Comparisons vs 1H24 as published. See glossary for definition of terms

17

1 Remains subject to regulatory approvals and covered by certain permissions 2 This reflects .id subscription churn rate only

Digital Solutions Business continues to scale, achieved operating EBITDA break-even

Digital Solutions financial performance

A$m	1H25	1H24	Var (%)
Business Revenue	9.0	7.2	25.0
Cost of sales	(0.7)	(0.9)	22.2
Gross margin	8.3	6.3	31.7
Operating expenses	(8.2)	(12.1)	32.2
Operating EBITDA	0.1	(5.8)	large
Specified items	(15.7)	(4.1)	(282.9)
EBITDA	(15.6)	(9.9)	(57.6)
Capex – resource costs	(1.6)	(2.4)	33.3
Capex – other	(0.2)	(1.2)	83.3
Capex	(1.8)	(3.6)	50.0
Operating cashflow	(1.7)	(9.4)	81.9
Operating EBITDA margin (%)	1.1%	(80.6%)	81.7ppt
Capex to Business Revenue ratio (%)	20.6%	50.0%	(29.4ppt)
Operating cashflow yield (%)	(19.3%)	(130.6%)	111.3ppt

Commentary

Business Revenue $1.8m (25%) higher than PCP

• Revenue in gross terms higher across Subscriptions, Transactions and Projects

Operating expenses $3.9m lower (32%) than PCP

• Efficiency initiatives undertaken in prior periods

• Realisation of synergies through further integration into the broader PEXA group

The combination of improving revenue and lower expenses resulted in Digital Solutions achieving Operating EBITDA break even for the period

Specified items $11.6m increase on PCP

• Impairment taken against a minority investment ($15m)

• The balance of the charge relates to deferred consideration for prior acquisitions

Capex $1.8m decrease vs PCP

• This reflects a reduction in product build costs as the business focused on earlystage research of new and improved products, that are yet to move into development

18

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

19 19 19

Group Cashflow Material increase in free cashflow conversion

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

Cash balance bridge: June 2024 to December 2024 (A$m) [ 1]
(10.5) $55m of debt
repaid in
(28.4) 1H25
69.1
(1.3)
90.5
(56.5)
60.6
(2.3)
June 2024 cash Adjusted EBITDA Net working capital Capex Investments and acquisitions Net debt and leases Other December 2024 cash
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----- Start of picture text -----

Adjusted EBITDA to free cashflow conversion: 1H24 vs 1H25 [1]
Free cashflow: 1H25 (A$m)
Free cashflow
69.1 conversion = 40.4%
(10.5)
(28.4)
27.9
(2.3)
Adjusted EBITDA Net working Capex Net financing Free cashflow
capital and tax
Free cashflow: 1H24 (A$m)
Free cashflow
48.8 conversion = 31.3%
2.9
(34.3)
15.3
(2.0)
Adjusted EBITDA Net working Capex Net financing Free cashflow
capital and tax
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1 Adjusted EBITDA ± changes in net working capital – capex. Adjusted EBITDA is EBITDA adjusted for non-cash items

20

Group balance sheet Continuing to de-leverage as earnings improve, natural hedge in place

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

Net Debt / Op EBITDA [1]
2.9
2.4
1.9
1H24 2H24 1H25
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Net debt / operating EBITDA trend continuing to improve driven by growth in operating EBITDA, and improving net debt position

Times Interest Cover – Op EBITDA / Gross interest expense[2]

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

6.0
5.5
5.4
1H24 2H24 1H25
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Times interest cover improvement reflects Operating EBITDA growth occurring faster than gross interest expense.

Average gross debt, PEXA plus third-party moneys: 1H24, 2H24,1H25 (A$m)

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

Average gross loans and borrowings [1]
350
340
334
1H24 2H24 1H25
Average
interest rate
(% pa) c5.9% c6.0% c6.4%
Average PEXA and third-party moneys [2]
375 381 378
PEXA
83 77 77 moneys
Third
292 304 301 party
moneys
Average 1H24 2H24 1H25
interest rate
(A% pa) c4.2% c4.1% c4.5%
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21

1 Closing net debt excluding leases / Operating EBITDA 2 Statutory operating EBITDA / statutory gross interest expense

Capital management framework Strengthening the balance sheet, creating long-term value

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Generate sustainable returns for shareholders

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

Maintain organic Evaluate material Ensure a strong,
Run the business Deliver robust and Safeguard Recycle surpluses
efficiently resilient services investment new opportunities flexible balance liquidity to shareholders
discipline rigorously sheet
Opportunities
Cash surpluses will
evaluated
Australian Growth against Cash cover be deployed to
10.7% reduce debt or
Group 35.9% capex to investment Net debt / 1.9x
OEBITDAmargin ≥34% Australian revenue 10% - 14% [1] spend • EPS OEBITDA ≤2.5x Able to meet distribute capital to shareholders
ratio $30.3m • Payback commitments $55m debt
• IRR / NPV repaid in 1H25
Support
Generate cash Fund efficiently
shareholders
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The capital framework has underpinned PEXA’s ability to announce $50m buy back

xxx FY25 targets

Medium term Target in progress

Note: See glossary for definitions

xxx Outcomes achieved in 1H25

xxx

22

On-market share buyback Up to $50m return to shareholders

Net Debt / Op EBITDA ratio: published vs impact of buyback[1]

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

2.9
2.4 2.3
1.9
1H24 2H24 1H25 1H25 BB
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Net debt / operating EBITDA trend continuing to improve driven by growth in operating EBITDA, and improving net debt position

Times Int. Cover – Op EBITDA / Gross int. expense: reported vs buyback[2]

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6.0
5.9
5.5
5.4
1H24 2H24 1H25 1H25 BB
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Buy back program

• PEXA has announced an on-market share buy-back (“buy-back”) of up to the maximum aggregate amount of $50m, funded from cash and existing debt facilities

• The buy-back reflects the strength of PEXA’s balance sheet and ongoing cash flow generation

• The share buy-back is expected to commence from mid March 2025 and we intend to complete the buy-back over the next 6 months and prior to our FY25 results

• The total amount of shares bought back, and timing of purchases, will be continually evaluated based on market conditions and subject to the Board’s ongoing assessment of PEXA’s capital management framework

• PEXA reserves its right to suspend or terminate the buy-back at any time

Times interest cover improvement reflects Operating EBITDA growth occurring faster than gross interest expense.

23

1 Closing net debt excluding leases / Operating EBITDA 2 Statutory operating EBITDA / statutory gross interest expense

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

24 24

24

Guidance Operational guidance reaffirmed

Metric 1H25 outcome FY25 guidance Group Business Revenue + 24.7% + 13-19% Group Operating EBITDA margin 35.9% ≥ 34% Specified items $22.8m $35-40m Depreciation and amortisation $48.7m $98-102m Net interest expense $3.0m $5.5-7.5m Tax $31.4m $40-45m Australian capex / Australian revenue 10.7% 10-14% International operating cash outflows $(28.6)m $(55-58)m Net debt / operating EBITDA 1.9x ≤ 2.5x

• 2H25 priorities

• Australia • Progress pricing review and ARNECC next steps

• UK / International • Lender onboarding

• • Receiving FCA approval

• • Delivery of S&P capability

• Group

• Successful CEO transition

25

1H25 highlights Improved strategic and operating position, focused on execution

1 Australia’s #1 property exchange

2

Leveraging valuable Australian IP offshore

• Continuing solid operating performance

from critical national infrastructure

• Market share and transaction mix

improvement

• Platform on schedule, progressing UK lender engagement

• • Improved Optima Legal and Smoove performance support reduced cash spend

• Improved Optima Legal and Smoove performance support reduced cash spend

3

Extending PEXA’s property market reach

4

Diverse portfolio of opportunities

• Business scaling with strong demand from current and new customers

• Operating EBITDA break-even for 1H25

• Group revenue and operating EBITDA up

• • Conservative balance sheet and growing cashflows supporting returns to shareholders

26

Agenda

01 02 Overview Group results

03 04 Business units Balance sheet 05 06 Conclusion Appendices

27 27 27

Detailed financial information

Group

28

Financials disclosed in this section is on an as reported basis

Economic outlook Mixed prospects, risks remain

GDP growth (%, yoy)

Central bank rate (%, average of year)

Real dwelling investment growth (%, yoy)

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

2.4 2.8
2.2 4.0 4.3 1.3
1.8 3.7 3.5
-0.5
1.1
-2.2
CY 23A CY 24A CY 25F CY 26F CY 23A CY 24A CY 25F CY 26F CY 23A CY 24A CY 25F CY 26F
5.3 4.9 2.8
1.5 4.2 4.1 0.5
0.8 0.8
0.0
0.3
-7.3
CY 23A CY 24A CY 25F CY 26F
CY 23A CY 24A CY 25F CY 26F CY 23A CY 24A CY 25F CY 26F
1Australia
2
UK
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2 Bank of England, Monetary Policy Report , Feb 2025

1 Reserve Bank of Australia, Statement on Monetary Policy , Feb 2025

29

Reconciliation of operating results to reported financial results

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

Reconciliation of results
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	1H25	1H24
PEXA Exchange	162.6	149.6
Digital Solutions	9.0	7.2
International (incl Optima interest income)	32.1	6.5
Total Business Revenue	203.7	163.3
Less: Optima interest income	1.2	1.5
Total Statutory Revenue	202.5	161.8
PEXA Exchange	91.5	82.9
Digital Solutions	0.1	(5.8)
International	(18.4)	(18.2)
Operating EBITDA	73.2	58.8
Specified Items	(22.8)	(15.4)
EBITDA	50.4	43.4
Depreciation	(2.3)	(1.6)
Amortisation	(18.6)	(13.6)
Depreciation & Amortisation	(20.9)	(15.2)
EBITA	29.5	28.2
Net Interest Expense	(3.0)	(2.6)
Tax (NPATA view)	(39.7)	(10.6)
NPATA	(13.2)	15.0
Historical Acquired Amortisation	(27.8)	(28.0)
Associated Tax	8.3	8.4
NPAT	(32.7)	(4.6)

Further detail

	1H25	1H24
Net interest costs	(1.4)	(0.8)
Remove Optima interest income	(1.2)	(1.5)
Add Amortisation debt costs	(0.4)	(0.3)
Net interest expense as reported	(3.0)	(2.6)
Tax effect (deduction) of specified items	0.8	1.4

30

Group balance sheet

Group financial position

A$m	Dec-24	Jun-24	Dec-23
Cash and cash equivalents	60.6	90.5	73.1
Trade debtors	7.7	11.0	8.2
Prepayments	15.6	16.3	18.9
Other financial assets	3.4	31.7	3.5
Property, plant and equipment and Right-of-use assets	12.6	13.2	13.7
Intangibles	1,569.4	1,583.2	1,590.8
Investments	18.8	33.4	33.2
Total Assets 1	1,688.1	1,779.3	1,741.4
Trade and other payables	(45.2)	(88.5)	(49.1)
Contract liabilities	(5.9)	(5.5)	(5.5)
Provision and accruals	(9.0)	(9.0)	(8.7)
Debt and leases	(320.2)	(375.1)	(380.7)
Net deferred tax liabilities 1	(102.5)	(70.9)	(57.0)
Other financial liabilities	(3.4)	(3.2)	(3.2)
Total Liabilities	(486.2)	(552.2)	(504.2)
Net Assets	1,201.9	1,227.1	1,237.2
Contributed equity	1,273.0	1,271.0	1,268.5
Reserves	7.0	1.9	1.0
Accumulated losses	(78.1)	(45.8)	(32.3)
Total Equity	1,201.9	1,227.1	1,237.2

Commentary

Assets

• Cash and cash equivalents lower due to the repayment of $55m debt during the period, offset by positive operating cash flows

• Other financial assets reduced due to the timing of lodgement fees payments collected for the Land Titles Registries (offset in trade and other payables)

• Intangibles reduction a reflection of the amortisation profile, partially offset by capex in the period

• Investments impacted by a $15m impairment recognised in the period

Liabilities

• Trade and other payables reduced due to the timing of lodgement fees payments collected for the Land Titles Registries (offset in other financial assets) and the timing of payments for employee bonuses and deferred consideration

• Debt and leases reduction a reflection of the $55m loan repayment undertaken during the period

• Net deferred tax liabilities (DTLs) increased during the period due to the derecognition of $19m of deferred tax assets (DTAs), combined with the usage of $18.9m of DTAs, partially offset by a reduction in underlying DTLs caused by amortisation timing differences between tax and accounting for intangible assets

1 Total Assets exclude deferred tax assets which are included in Net deferred tax liabilities

31

Group results Amortisation charge over time

Group capex to amortisation[1 ] and revenue ratios: 1H20 to 1H25 (%)

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

100%
90%
80%
70%
Capex to
60% amortisation
50%
40%
30%
20%
Capex to
10% revenue
1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
----- End of picture text -----

Components of Group amortisation[1] charge: 1H24, 2H24 and 1H25($m)

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

Category 1H25 2H24 1H24
Historical acquired
27.8 27.8 28.0
amortisation
Amortisation on business
3.3 3.5 1.8
assets acquired post 2019
Amortisation on assets
1.0 3.5 1.7
deployed in period
Carry forward
amortisation on non- 14.3 10.3 10.0
acquired assets
Total 46.4 45.1 41.5
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1 Amortisation includes Historical Acquired Amortisation and excludes the amortisation of debt raising costs

32

Specified Items Reconciliation 6 Months ended 31 December 2024

	31 December		Redundancy		M&A	Share of loss			31 December
	2024		and		transaction	after tax from			2024
	Statutory	Integration	restructuring	Unrealised FX	professional	investments in		Total Specified	Excl Specified
	P&L	costs	related costs	gain / (loss)	fees	associates	Other items	Items	items
For the half-year ended 31 December 2024	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Revenue	202,459							-	202,459
Cost of sales	(34,418)							-	(34,418)
Gross proft	168,041							-	168,041
Product management	(9,472)							-	(9,472)
Sales and marketing	(9,661)							-	(9,661)
Operations	(36,796)							-	(36,796)
General and administrative	(47,315)	(1,949)	(2,017)		(976)		(2,204)	(7,146)	(40,169)
Depreciation and amortisation	(47,275)							-	(47,275)
Amortisation of debt raising transaction costs	(381)							-	(381)
Depreciation of right of use assets	(1,433)							-	(1,433)
Unrealised foreign exchange gain/(loss)	-			-				-	-
Share of loss after tax from investments in associates	(854)					(854)		(854)	-
Impairment of intangibles	-						-	-	-
Impairment of investments	(15,000)						(15,000)	(15,000)	-
Gain/(loss) on sale of assets	-						-	-	-
Fair value adjustment to non controlling interest	245						245	245	-
(Loss)/Proft before interest and tax	99	(1,949)	(2,017)	-	(976)	(854)	(16,959)	(22,755)	22,854
Interest income	9,661							-	9,661
Interest expense on loans and borrowings	(10,795)							-	(10,795)
Finance costs associated with leases	(294)							-	(294)
(Loss)/Proft before income tax	(1,329)	(1,949)	(2,017)	-	(976)	(854)	(16,959)	(22,755)	21,426
Income tax expense	(31,396)	8	605	-	293	(0)	(155)	751	(32,147)
(Loss)/Proft after income tax	(32,725)	(1,941)	(1,412)	-	(683)	(854)	(17,114)	(22,004)	(10,721)
										33

Specified Items Reconciliation 6 Months ended 30 June 2024

30 June 2024 Statutory P&L For the half-year ended 30 June 2024 $’000	Integration costs Redundancy and restructuring related costs Unrealised FX gain / (loss) M&A transaction professional fees Share of loss after tax from investments in associates Other items Total Specified Items	30 June 2024 Excl Specified items
	$’000 $’000 $’000 $’000 $’000 $’000 $’000	$’000
Revenue 178,217 - 178,217
Cost of sales (30,880) - (30,880)
Gross proft 147,337 - 147,337 Product management (10,240) - (10,240) Sales and marketing (8,746) - (8,746) Operations (36,226) - (36,226) General and administrative (45,957) (1,583) (3,024) 8 (3,450) (8,049) (37,906) Depreciation and amortisation (45,943) - (45,943) Amortisation of debt raising transaction costs (1,085) - (1,085) Depreciation of right of use assets (1,376) - (1,376) Unrealised foreign exchange gain/(loss) - - - - Share of loss after tax from investments in associates (662) (662) (662) - Impairment of intangibles (3,400) (3,400) (3,400) - Gain/(loss) on sale of assets 42 42 42 - Fair value adjustment to non controlling interest 350 350 350 -
(Loss)/Proft before interest and tax (5,906) (1,583) (6,424) - 8 (662) (3,058) (11,719) 5,813 Interest income 10,708 - 10,708 Interest expense on loans and borrowings (10,909) - (10,909) Finance costs associated with leases (262) - (262)
(Loss)/Proft before income tax (6,369) (1,583) (6,424) - 8 (662) (3,058) (11,719) 5,350 Income tax expense (7,002) - 907 - - - 354 1,261 (8,263)
(Loss)/Proft after income tax (13,371) (1,583) (5,517) - 8 (662) (2,704) (10,458) (2,913)

34

Specified Items Reconciliation 6 Months ended 31 December 2023

31 December 2023 Statutory P&L For the half-year ended 31 December 2023 $’000	Integration costs Redundancy and restructuring related costs Unrealised FX gain / (loss) M&A transaction professional fees Share of loss after tax from investments in associates Other items Total Specified Items	31 December 2023 Excl Specified items
	$’000 $’000 $’000 $’000 $’000 $’000 $’000	$’000
Revenue 161,840 - 161,840
Cost of sales (19,394) - (19,394)
Gross proft 142,446 - 142,446 Product management (12,053) - (12,053) Sales and marketing (8,107) - (8,107) Operations (26,047) - (26,047) General and administrative (53,627) (2,988) (4,152) (4,991) (2,564) (14,695) (38,932) Depreciation and amortisation (42,101) - (42,101) Amortisation of debt raising transaction costs (333) - (333) Depreciation of right of use assets (1,034) - (1,034) Unrealised foreign exchange gain/(loss) 674 674 674 - Share of loss after tax from investments in associates (1,125) (1,125) (1,125) - Impairment of intangibles (588) (588) (588) - Gain/(loss) on sale of assets - - - Fair value adjustment to non controlling interest 294 294 294 -
(Loss)/Proft before interest and tax (1,601) (2,988) (4,740) 674 (4,991) (1,125) (2,270) (15,440) 13,839 Interest income 9,314 - 9,314 Interest expense on loans and borrowings (9,937) - (9,937) Finance costs associated with leases (187) - (187)
(Loss)/Proft before income tax (2,411) (2,988) (4,740) 674 (4,991) (1,125) (2,270) (15,440) 13,029 Income tax expense (2,230) 523 862 - 40 - - 1,425 (3,655)
(Loss)/Proft after income tax (4,641) (2,465) (3,878) 674 (4,951) (1,125) (2,270) (14,015) 9,374

35

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Detailed financial information Exchange

36

Financials disclosed in this section is on an as reported basis

Exchange Modest volume growth, favourable mix

Monthly market transactions: 1H24, 2H24 vs 1H25 (#’000)

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

450
400
350
300 1H25 = 2.26m transactions
2H24 = 2.07m transactions
250
1H24 = 2.23m transactions
200
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
----- End of picture text -----

Monthly market refi mix: 1H24, 2H24 vs 1H25 (% of transactions)

==> picture [406 x 163] intentionally omitted <==

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

30%
25%
20%
15%
1H25 = 20% refi mix
10%
2H24 = 19% refi mix
5%
1H24 = 22% refi mix
0%
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
----- End of picture text -----

Monthly PEXA transactions: 1H24, 2H24 vs 1H25 (#’000)

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

400
350
300
1H25 = 2.04m transactions
250
2H24 = 1.85m transactions
1H24 = 1.97m transactions
200
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
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Monthly PEXA refi mix: 1H24, 2H24 vs 1H25 (% of transactions)

==> picture [406 x 166] intentionally omitted <==

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

35%
30%
25%
20%
15%
1H25 = 22% refi mix
10%
2H24 = 21% refi mix
5%
1H24 = 25% refi mix
0%
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6
----- End of picture text -----

Note: Market transactions based on Oxford Economics Australia estimate of all property transactions in the Australian market

37

Exchange Meeting customer needs

PEXA penetration of national market (% of total transactions)

==> picture [438 x 159] intentionally omitted <==

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

88 89 90
1H24 2H24 1H25
----- End of picture text -----

Average price (A$ per transaction)

1H24 vs 1H25

+ $0.98 from mix/other

+ $2.72 from CPI-linked price increase (3.6%) + 4.9% average price increase

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

75.52 76.50 79.22
1H24 2H24 1H25
----- End of picture text -----

PEXA transactions (#’000 per half)

==> picture [436 x 158] intentionally omitted <==

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

1,966 1,846 2,038
272
260
257 Other
439
485 Refinance
382
Transfer
1,221 1,207 1,327
1H24 2H24 1H25
----- End of picture text -----

Exchange revenue bridge: 1H24 vs 1H25 (A$m)

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

162.6
149.6 2.4 3.0 5.5 2.1
1H24 Market PEXA share Pricing Mix and 1H25
growth other
----- End of picture text -----

38

1[PEXA Exchange transaction volumes as a percentage of Oxford Economics Australia estimate of all property transactions in the Australian market]

Exchange Expense bridge and capex program

Exchange operating expense bridge: 1H24 to 1H25 (A$m)

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

1.1 2.5 52.4
2.4 0.9 0.3
48.9 1.8
1.3
1H24 One off adjustments Inflation Op Model benefits Reg & Data PEP benefits Consulting Other 1H25
----- End of picture text -----

Exchange capex by category: 1H24, 2H24 and 1H25 (A$m)

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

19.1
18.7
Other
3.9 2.6 16.4
Regulatory
Integration
4.1
Enhancement
6.6
6.8
2.8
5.5
4.3 6.6
4.1 4.0
2.9
1H24 2H24 1H25
----- End of picture text -----

Enhancement – Mobile signing deployment

Integration – paid APIs, automation of document / data management Regulatory – Tasmania go live, WA instruments and NT readiness Other – Integration of ONEData to support sales effectiveness

39

Exchange Volume and market data summary

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

Exchange volume and market data: 1H24, 2H24 and 1H25 (A$m)
----- End of picture text -----

1H24 2H24	1H25
Transfer 114.2 112.7 Refinance 25.6 20.3 Other 8.7 8.2 Non-ELN fee revenue 1.1 1.2	128.2
	24.1
	9.2
	1.1
Exchange revenue($m) 149.6 142.4	162.6
Transfer 1,352 1,334 Refinance 498 391 Other 377 344	1,450
	451
	362
Market volumes ('000) 2,227 2,069	2,263
Transfer 90% 91% Refinance 97% 98% Other 69% 75%	91%
	97%
	75%
Marketpenetration (%) 88% 89%	90%
Transfer 1,221 1,207 Refinance 485 382 Other 260 257	1,327
	439
	272
PEXA transactions('000) 1,966 1,846	2,038
Transfer 93.5 93.3 Refinance 52.8 53.0 Other 33.6 32.1	96.6
	54.9
	33.7
Average price($) 75.5 76.5	79.2

40

Exchange Transfer volumes recovering, mixed performance across states

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

Index of PEXA transfer volumes: NSW and ACT
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Index of PEXA transfer volumes: Victoria

Index of PEXA transfer volumes: Queensland

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

110 110 130
100 100 120
90 90 110
100
80 80
90
70
70
0 0
0
Index of PEXA transfer volumes: SA Index of PEXA transfer volumes: WA Index of transfer volumes: Total
120 120 120
110 110 110
100 100 100
90
90 90
80
80
80
0 0 0
Capital city (inclusive of ACT for Greater Sydney) Rest of state Total state
1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25
1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25
----- End of picture text -----

41

Note: volumes in each jurisdiction indexed to 100 with start point in 1Q22. Volumes represent PEXA workspaces lodged in each jurisdiction

Exchange Market share over time by state

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Exchange market share by state: 1H20 to 1H25 (%)
100
90
80
70
Vic WA
60 NSW SA
50 Qld ACT
40
30
20
10
0
1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
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42

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Detailed financial information International

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43

Financials disclosed in this section is on an as reported basis

International

Challenging re-mortgage market, modest sale and purchase recovery

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Market remortgage transactions (average #’000 pm)
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40
35 Recession
30
25
20
15
10 Period average
5
0
Period average
Remo market share for Optima and Smoove R3 mth average (%) [1,2]
30
25
20
15
10
Period average
5
0
3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
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Market S&P transactions (average #’000 pm) [1]
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180
160 Recession
140
120
100
80
60
40 Period average
20
0
3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
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Smoove S&P market share R3 month average (%)[1,2]

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2.0
1.5
1.0
0.5 Period average
0.0
Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25
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1 S&P = Sale and Purchase. Residential transactions in the UK. Data for 2Q25 based on provisional statistics Source: Remo sourced from UK Finance, and S&P sourced from ONS – property transactions completed both residential and non-residential 2 Reflects flow from Smoove e-conveyancing activity

44

International

Market share improving in soft operating environment

Optima Legal remortgage volumes by quarter (average #’000 pm)[1]

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10
Instructions
8 Completions
6
4
2
0
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
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Monthly Optima Legal rolling 3-month average market share (%)[1,2]

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25
20
15
10
Period average
5
0
Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25
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Optima Legal Business Revenue drivers

	A$ per completion 1H24 2H24 1H25 Average fee 271 264 292 + Interest 98 85 58 = Income 369 349 350 X #’000 completions 15.2 22.8 21.3 + Insurance claim (A$’000) 330 371 - Business Revenue (A$’000) 5,939 8,325 7,456

Optima Legal Business Revenue bridge: 1H24 vs 1H25 (A$m)

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0.3 0.0 (0.2) 7.5
(0.3)
1.9
5.9
0.1 (0.2)
1H24 FX Market Share/ Fee Mix Interest Insurance 1H25
activity Capita Reprice claim
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45

1 Includes Capita ownership until November 2022 2 Market share based on UK Finance data until November 2024

International

Front end of the pipeline growing, onboarding remains the focus

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Pipeline size PEXA & Optima Engagement Status PEXA Go & Pay Onboarding Status Contracting Status (# of institutions)
4 T1 and 2
1 1 T2 2 large banks
additional and 4 small Working with
4 Addition 4 lenders lenders have NatWest and
of 1 T1 through sought testing other major
lender technical slots lender on their
workshops 1 1 on-boarding
5 5 2 2 programs
1 1 1
Total Pipeline Technical Negotiations for Bank of England BOE Onboarded and Uplifted allocation Joint PEXA & Optima
Workshops joint proposition Onboarded Only using platform due to PEXA Offering
Market Share – 70%
underway
Pipeline size PEXA Engagement Status PEXA Go & Pay Onboarding Status Contracting Status (# of institutions)
Those who have
completed testing
cover 20% of the UK
Addition
11 of 2 T2 9 mortgage market
lenders
6
6 2 5
1 1
1 1 2 2
Technical Negotiations for
Total Pipeline Bank of England BOE Onboarded and PEXA Agreement
Workshops PEXA proposition
Market Share – 21% underway Onboarded Only using platform
Tier 1 (>7% mortgage market share) • Shawbrook continues to transact
• NatWest on-boarding continues to progress but behind previously provided milestones.
Tier 2 (1-7% mortgage market share)
•
Optima Legal customers
customers
Non-Optima Legal
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• Activity with the second lender has been paused owing to strategic reprioritisation by the lender

Tier 3 (<1% mortgage market share)

• Interest amongst Tier 1 lenders to access a BOE testing slot remains. Testing is expected occur in 1Q FY26

4646

Smoove

Economics improving

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Remo
Sale and Purchase
Attachments [1]
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Volumes (#’000) Revenue per transaction (£) Average cost of sales per Gross profit excluding Other
transaction (£) (£’000)
15.4 14.7 14.1 163 157 164
1H24 2H24 1H25 1H24 2H24 1H25
7.9 7.7 9.5 338 366 346 125 140 144 3,475 3,673 4,360
x - =
1H24 2H24 1H25 1H24 2H24 1H25 1H24 2H24 1H25 1H24 2H24 1H25
23.3 22.3 23.6 217 236
177
1H24 2H24 1H25 1H24 2H24 1H25
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Revenue (£m)[2] Gross profit (£m)

Operating cost (£m)

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5.2
12.6
10.8 10.9 1.4 4.2 4.3 5.6 5.4 5.5
1.4 1.0
5.6
4.2 4.8
2.7 2.8 3.3
2.5 2.3 2.3
1H24 2H24 1H25
Other S&P 1H24 2H24 1H25 1H24 2H24 1H25
Attachments Remo
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Operating EBITDA (£m)

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(0.3)
(1.2)
(1.4)
1H24 2H24 1H25
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47

1 Attachments includes search and .id verification. 2 Other is Amity Law, Smoove Complete, LegalEye

International Expense bridge and investment summary

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Expense bridge and investment summary
International operating expense bridge: 1H24 pro forma [1] vs 1H25 (A$m) International capex (A$m)
0.7 1.6 14.5
34.2 3.8 1.5 0.6 35.5
0.5
2.1
11.7
10.2
24.0 0.6 10.2
3.1
1.3
0.6
5.4
9.8
9.3
4.2
1H24 2H24 1H25
Integration Sale and Purchase Remo development
development (including joint
Optima Legal
proposition)
1H24 Smoove Exp pre ownership 1H24 pro forma FX Scale and development Integration exp PEP benefits Tech synergies Other efficiencies 1H25
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1 Pro forma includes A10.2m of costs in 1H24 relating to Smoove’s expense base prior to PEXA’s ownership

48

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Detailed financial information Digital Solutions

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49

Financials disclosed in this section is on an as reported basis

Digital Solutions Building attractive revenue streams

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Value of new business sales (A$m) [1] Digital Solutions revenue composition (A$m)
.id subscription C2.7% C4.3% C2.2%
1.7 churn rate
9.0
8.5
0.9
1.3
0.6
1.1 7.2
1.0 1.1 1.6
0.4 0.6 1.7
0.8 72% of Digital
0.6 0.7 1.3 Sol. revenue
0.6 is from
0.5 Subscriptions
0.9 0.5 6.2 6.5
0.5 0.6 5.3
0.4
0.3
0.2
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 1H24 2H24 1H25
Subscriptions Projects Subscriptions Projects Transactions
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1 Value of new business is annual contract value of new subscriptions plus contract value of projects sold.

50

Digital Solutions Revenue bridge

Digital Solutions revenue bridge:	Digital Solutions revenue bridge:	Digital Solutions revenue bridge:	Digital Solutions revenue bridge:	1H24 vs 1H25 (A$m)	1H24 vs 1H25 (A$m)	1H24 vs 1H25 (A$m)	1H24 vs 1H25 (A$m)
	7.2 1H24
		7.2 1H24		0.5		0.6
				.id
	Subscriptions		5.3		0.7		0.4		(0.0)	0.1		6.5
	Projects		1.3		(0.2)		0.2		0.1	0.2		1.6
	Transactions		0.6		-		-		-	0.3		0.9

51

Digital Solutions Expense bridge and capex program

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Digital Solutions operating expense bridge: 1H24 vs 1H25 (A$m)
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12.1 0.3 0.4
0.4
4.2
8.2
1H24 .id Value Other Efficiencies 1H25
Australia
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Digital Solutions capex: 1H24, 2H24 and 1H25 (A$m)

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3.6
Acquisition integration and other
0.6
Non - Value Australia product development
Value Australia
1.8
1.8
1.3 0.7
0.4
1.2
1.1
0.9
1H24 2H24 1H25
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52

Glossary

53

Glossary

Term	Type	Definition
API	Business	Application programme interface
ARNECC	Business	Australian Registrars’ National Electronic Conveyancing Council
As published	Financial – non-IFRS	Numbers as provided without adjustment in PEXA’s published financial reports, market briefings or investor updates from time-to-time
Buy back	Business	The company purchases its own stock to reduce the number of shares outstanding
BOE	Business	Bank of England
Business Revenue	Financial – non-IFRS	Statutory revenue recognised in line with AASB 15, Revenue from contracts with customers, plus, in the case of Optima Legal, interest earned in respect of trust account balances it holds on behalf of clients
Capex-to-revenue ratio	Financial – non-IFRS	Capital expenditure divided by Business Revenue
Capital expenditure (Capex)	Financial – non-IFRS	Expenditures recorded during the period as an addition to an intangible asset in accordance with AASB 138, Intangible Assets, or as an addition to a physical asset in accordance with AASB 116, Property, Plant and Equipment
Capita	Business	Capita plc
Capita incident	Business	Being the technology outage impacting the provision of services by Capita to Optima Legal between 31stMarch and 6thApril., 2023
Cash cover	Financial – non-IFRS	Cash balance divided by payments to suppliers and employees and net finance charges multiplied by 365
Cash expenditure	Financial – non-IFRS	Operating expenditure plus capital expenditure in a period
CY	Business	Calendar year
EBIT	Financial – non-IFRS	Profit / (loss) before net finance charges and tax
EBITDA	Financial – non-IFRS	Profit / (loss) before management net finance charges, depreciation, amortisation and tax
EBITDA margin	Financial – non-IFRS	EBITDA divided by Business Revenue
FCA	Business	Financial Conduct Authority
FI	Business	Financial Institution
Free cashflow	Financial – non-IFRS	EBITDA adjusted for items not having an impact on cash, plus / minus changes in net working capital, minus capex minus net finance charges, minus cash taxes paid

54

Glossary

Term Term	Type Type	Definition Definition
Free cash conversion	Financial – non-IFRS	Free cashflow divided by EBITDA adjusted for items not having a cash impact
FTE	Business	Full time equivalent employees
FY	Business	PEXA’s financial year, which covers the period from 1 July to the following 30 June
Gross finance charges	Financial – non-IFRS	Interest expense on borrowings plus finance charges in respect of leases plus amortisation of borrowing costs
Historical acquired amortisation	Financial – non-IFRS	Historical acquired intangibles predominantly arose due to the uplift in asset values following the change in ownership of PEXA in January 2019. These intangibles exclude any effects arising from Group acquisitions made subsequent to January 2019.
HMLR	Business	His Majesty’s Land Registry of England and Wales
HMRC	Business	His Majesty’s Revenue and Customs
.id	Business	Informed Decisions
Jaws ratio	Financial – non IFRS	Revenue growth rate less expense growth rate
Leverage ratio	Financial – non-IFRS	Net Debt / operating EBITDA or EBITDA as notated (excludes leases)
Management net finance charge	Financial – non-IFRS	Net finance charge excluding interest receipts recorded as Business Revenue in respect of Optima Legal
Net debt	Financial – non-IFRS	Borrowings less cash and cash equivalents (excludes leases)
Net finance charges	Financial – non-IFRS	Interest expense on borrowings plus amortisation of borrowing costs plus finance charges in respect of leases less interest received
NPAT	Financial - IFRS	Net profit after tax as recorded in the Statement of Comprehensive income
NPATA	Financial – non-IFRS	Net profit after tax and acquired amortisation, being NPAT adjusted for the tax effected value of historical acquired amortisation
On-day settlement rate	Business	Settlements occurring on a given day divided by the number of settlements scheduled to occur on that day
Operating cashflow	Financial – non-IFRS	EBITDA excluding the effect of specified items less capital expenditure
Operating cashflow yield	Financial – non-IFRS	Operating cashflow divided by Business Revenue
Operating EBITDA / OEBITDA	Financial – non-IFRS	EBITDA excluding the effects of specified items

55

Glossary

Term Term	Type Type	Definition Definition
Operating EBITDA margin	Financial – non-IFRS	Operating EBITDA divided by Business Revenue
Optima	Business	Optima Legal
Other transaction type	Business	Being in Australia a property transaction passing through PEXA’s Exchange which is neither a transfer nor a refi
Operating expense / opex	Financial – non-IFRS	Expenditures, not otherwise treated as specified items, recorded during the period as an expense in the Statement of Comprehensive Income as per the Australian Accounting Standard Board’s Conceptual Framework for Financial Reporting
PF	Financial – non-IFRS	Pro forma
PCP	Financial – non-IFRS	Prior comparative period, being 1H24
POC	Business	Proof of concept
PEP	Business	Productivity Enhancement Program
Practitioner	Business	Solicitor or licenced conveyancer utilising PEXA’s platforms
Prior period	Financial – non-IFRS	Immediate prior period, being 2H24
Pro forma	Financial – non-IFRS	1H24 assumes full period ownership of Smoove.
Refi	Business	Re-finance, being in Australia the discharge of a mortgage with one lender, and the taking of a new mortgage with another lender
Refi mix	Business	Refis transacted through PEXA in a given period divided by total transactions through PEXA in the same period
Remo	Business	Re-mortgage, being in the UK the discharge of a mortgage with one lender, and the taking of a new mortgage with another lender
Sale and Purchase (S&P)	Business	Being in the UK the transfer of land from a vendor to a purchaser
Smoove	Business	Smoove Ltd (previously named Smoove plc)
Specified item	Finance – non-IFRS	An item recorded in the Statement of Comprehensive Income that is notable by reason of its size, nature, or frequency of occurrence
SRO	Business	State Revenue Office
Transfer	Business	Being in Australia, the transfer of the title to land from one entity to another
Third Party Moneys (TPM)	Finance – non-IFRS	Moneys held by PEXA (excluding Optima Legal client balances) on behalf of third parties, and upon which PEXA is entitled to the receipt of interest

56

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Investor relations

Hany Messieh + 61 414 446 876 hany.messieh@pexa.com.au

Media

Kate Prigg + 61 497 595 580 kate.prigg@pexa.com.au