PLAYSIDE STUDIOS LIMITED — Interim / Quarterly Report 2025

Feb 19, 2025

==> picture [459 x 95] intentionally omitted <==

Appendix 4D

For the half-year ended 31 December 2024

PlaySide Studios Limited

1

PlaySide Studios Limited Appendix 4D Half-year report

1. Company details

Name of entity: PlaySide Studios Limited ABN: 73 154 789 554 Reporting period: For the half-year ended 31 December 2024 Previous period: For the half-year ended 31 December 2023

2. Results for announcement to the market

2. Results for announcement to the market
				$'000
Revenues from ordinary activities for the half-year	down	21%	to	28,486
Profit from ordinary activities after tax for the half-year attributable
to the owners of PlaySide Studios Limited	down	159%	to	(5,322)
Profit for the half-year attributable to the owners of PlaySide Studios
Limited	down	159%	to	(5,322)

3. Dividend Information

PlaySide Studios Limited has not paid, and does not propose to pay dividends, for the half-year ended 31 December 2024 (half year ended 31 December 2023: $nil).

4. Net tangible assets

4. Net tangible assets
Net tangible assets per ordinary security (i) (i) Net tangible asset backing per ordinary share (including right-of-use assets).	Reporting period $ 0.060	Previous period $ 0.098

The commentary on the results for the period is contained in this PlaySide Studios market disclosure announcing halfyear financial results and the review of operations and financial results in the Directors’ Report accompanying the attached half-year Financial Report for the half-year ended 31 December 2024.

Information should be read in conjunction with PlaySide Studios 30 June 2024 Audited Accounts and the attached halfyear Financial Report. This report is based on the consolidated half-year financial report for the half-year ended 31 December 2024 which has been reviewed by BDO Audit Pty Ltd with the Independent Auditor’s Report included in the half-year Financial Report.

2

PlaySide Studios Limited

ABN 73 154 789 554

Interim Report – Half-Year ended 31 December 2024

3

PlaySide Studios Limited Contents 31 December 2024

Directors’ report 5 Auditor’s independence declaration 8 Consolidated statement of profit or loss and other comprehensive income 9 Consolidated statement of financial position 10 Consolidated statement of changes in equity 11 Consolidated statement of cash flows 12 Notes to the consolidated financial statements 13 Directors' declaration 19 Independent auditor's report to the members of PlaySide Studios Limited 20

General information

The financial statements cover PlaySide Studios Limited as a consolidated entity consisting of PlaySide Studios Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is PlaySide Studios Limited’s functional and presentation currency.

PlaySide Studios Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

75 Crockford Street PORT MELBOURNE VIC 3207

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 20 February 2025.

4

PlaySide Studios Limited Directors’ Report 31 December 2024

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or the ‘Group’) consisting of PlaySide Studios Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024.

Director Details

The following persons were directors of PlaySide Studios Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Cristiano Nicolli – Independent Non-Executive Chairman Gerry Sakkas – Managing Director & Chief Executive Officer Aaron Pasias – Non-Executive Director Mark Goulopoulos – Non-Executive Director Sophie Karzis – Non-Executive Director

Principal activities

During the financial half-year, the principal continuing activities of the consolidated entity consisted of:

• Development of games on a Work-for-Hire basis for external IP Owners;

• Development of games using PlaySide-owned IP, both for its own monetization and for third-parties under license; and

• Investment in titles being developed by other studios under a publishing contract structure.

Review of operations and financial results

A summary of the Group’s statutory financial results from operations for H1 FY25 and the prior corresponding six-month period is set out below:

	Half-year ended Half-year ended Increase
	31 Dec 2024 31 Dec 2023 (Decrease)
	$'000 $'000 $'000
Statutory Results Revenue - Sales Revenue - Other Revenue and Other Income EBITDA NPAT Net Cash at bank	28,486 36,201 (7,715) 644 610 34
	29,130 36,811 (7,681)
	(2,960) 12,179 (15,139) (5,322) 8,965 (14,287) 28,534 38,297 (9,763)

Revenue Growth

Total Revenue declined 21% to $29.1m in the period, down from $36.8m in the prior corresponding period (“PCP”).

This decrease was the net of:

• Revenue – Sales, down $7.7m (21%) on PCP.

5

PlaySide Studios Limited Directors’ Report 31 December 2024

This decreased Revenue was mainly the result of Original IP Revenue, which at $9.9m was $7.7m (44%) below the PCP, with the prior period including significant fees relating to the signing of a major Dumb Ways to Die licensing agreement.

Work for Hire Revenue at $18.6m was flat compared to the PCP ($18.5m).

• Revenue – Other, up $34k (+6%) to $644k.

Increase of $34k represents the net of movements in interest revenue (up $142k) and government grants revenue (down $109k).

EBITDA

Reported Earnings before interest, tax, depreciation and amortisation amounted to a Loss of $3.0m for the half, which was down $15.1m on the PCP.

This statutory reported EBITDA decline was mainly the net effect of:

• Total Revenue decrease of $7.7m or 21% to $29.1m;

• Increased General and Administrative expenses of $3.4m, which primarily reflects a net increase in Contracting, consulting and publishing fees of $2.1m and increased net foreign exchange losses of $0.4m; and

• Increased Selling Expenses of $3.5m, reflecting an increased level of marketing expenditure leading into the launch / planned launches of titles in both FY2025 and FY2026.

Financial Position and Capital Investment

The Company finished the half-year in a net cash position of $28.5m, a decrease of $8.6m on the June 2024 closing position of $37.1m.

This $8.6m decrease in net cash was the net result of the following movements:

• Net Cash generated by operating activities of $1.1m;

• Cash spent on Investing Activities of $8.6m, namely $8.0m invested in Intangible Assets (games launched and under development) and $0.6m spent on Property, Plant and Equipment; and

• Cash used in financing activities of $0.4m.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters subsequent to the end of the half-year

There has been no other matter or circumstance that has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial periods.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

6

PlaySide Studios Limited Directors’ Report 31 December 2024

Auditor’s independence declaration

A copy of the auditor’s independence as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001 .

On behalf of the directors.

---

Cristiano Nicolli

Chairman

20 February 2025 Melbourne, Australia

7

Collins Square, Tower Four Level 18, 727 Collins Street Melbourne VIC 3008 GPO Box 5099 Melbourne VIC 3001 Australia

Tel: +61 3 9603 1700 Fax: +61 3 9602 3870 www.bdo.com.au

==> picture [78 x 31] intentionally omitted <==

DECLARATION OF INDEPENDENCE BY SALIM BISKRI TO THE DIRECTORS OF PLAYSIDE STUDIOS LIMITED

As lead auditor for the review of PlaySide Studios Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of PlaySide Studios Limited and the entities it controlled during the period.

==> picture [127 x 58] intentionally omitted <==

Salim Biskri Director

BDO Audit Pty Ltd

Melbourne, 20 February 2025

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

8

PlaySide Studios Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024

	Consolidated	Consolidated	Consolidated
Note	Dec-24		Dec-23
	$ '000		$ '000
Revenue 2 Other income 4 Expenses Employee benefits expense 5 General and administrative expenses 5 Selling expenses 5 Finance costs 5 Depreciation and amortisation expense 5 Profit/(Loss) before income tax expense Income tax benefit/(expense) Profit/(Loss) after income tax expense for the half-year attributable to the owners of PlaySide Studios Limited Other comprehensive income for the half-year, net of tax Total comprehensive (loss)/income for the half-year attributable to the owners of PlaySide Studios Limited Basic (losses)/earnings per share 8 Diluted (losses)/earnings per share 8	28,486 644 (17,051) (8,097) (6,358) (35) (3,654) (6,065) 743 (5,322) - (5,322) Cents (1.30) (1.30)		36,201 610 (16,665) (4,676) (2,849) (47) (2,552)
			10,022 (1,057)
			8,965 2
			8,967
			Cents 2.20 2.16

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

9

PlaySide Studios Limited Consolidated statement of financial position As at 31 December 2024

	Consolidated	Consolidated	Consolidated
Note	Dec-24		Jun-24
	$ '000		$ '000
Assets Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets Non-current assets Property, plant and equipment Right-of-use assets Intangibles 6 Other financial assets Deferred tax asset Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Current tax liability Employee benefits Total current liabilities Non-current liabilities Trade and other payables Lease liabilities Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital 7 Reserves (Accumulated losses)/Retained profits Total equity	28,534 7,047 1,355 36,936 2,540 1,424 21,007 331 893 26,195 63,131 9,384 906 1,007 2,599 13,896 2,407 709 293 3,409 17,305 45,826 47,052 538 (1,764) 45,826		37,111 7,512 1,789
			46,412
			2,310 1,836 18,097 331 160
			22,734
			69,146
			10,096 872 905 2,624
			14,497
			2,068 1,172 215
			3,455
			17,952
			51,194
			46,192 1,444 3,558
			51,194

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

10

PlaySide Studios Limited Consolidated statement of changes in equity For the half-year ended 31 December 2024

			Retained	Total equity $ '000 38,809 8,965 2 8,967 (93) 848 - - 48,531 Total equity $ '000 51,194 (5,322) - (5,322) (159) 113 - - 45,826
			profits/
			(Accumulated
	Issued capital	Reserves	losses)
Consolidated	$ '000	$ '000	$ '000
Balance at 1 July 2023 Profit after income tax for the half year Other comprehensive income, net of tax Total comprehensive income Transactions with owners in their capacity as owners: Tax debit associated with capital raising costs Other transactions: Share-based payments (note 5) - Expense incurred during the half year - Transfer to Issued Capital on Exercise of Employee Share Options - Transfer to Issued Capital on issue of shares under Employee Share Scheme Balance at 31 December 2023	45,429 - -	1,136 - 2	(7,756) 8,965 -
	- (93) - 624 232	2 - 848 (624) (232)	8,965 - - - -
	46,192	1,130	1,209
			Retained
			profits /
			(Accumulated
	Issued capital	Reserves	losses)
Consolidated	$ '000	$ '000	$ '000
Balance at 1 July 2024 Loss after income tax expense for the half year Other comprehensive income for the half year, net of tax Total comprehensive income for the half year Transactions with owners in their capacity as owners: Tax debit associated with capital raising costs Other transactions: Share-based payments (note 5) - Expense incurred during the half year - Transfer to Issued Capital on Exercise of Employee Share Options - Transfer to Issued Capital on issue of shares under Employee Share Scheme Balance at 31 December 2024	46,192 - -	1,444 - -	3,558 (5,322) -
	(159) - 728 291	- 113 (728) (291)	(5,322) - - - -
	47,052	538	(1,764)

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

11

PlaySide Studios Limited Consolidated statement of cash flows For the half-year ended 31 December 2024

	Consolidated	Consolidated	Consolidated
Note	Dec-24		Dec-23
	$ '000		$ '000
Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Government grants received Interest received Interest paid on lease liabilities Net cash from operating activities Cash flows from investing activities Payments for security deposits Payments for property, plant and equipment Proceeds on disposal of property, plant and equipment Payments for intellectual property Net cash used in investing activities Cash flows from financing activities Repayment of lease liabilities Net cash used in financing activities Net (decrease)/increase/ in cash and cash equivalents Cash and cash equivalents at the beginning of the half-year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the half-year	29,769 (30,737) 1,528 584 (35) 1,109 - (660) 1 (7,971) (8,630) (430) (430) (7,951) 37,111 (626) 28,534		35,286 (22,902) 36 442 (47)
			12,815
			(188) (527) - (5,468)
			(6,183)
			(358)
			(358)
			6,274 32,200 (177)
			38,297

12

PlaySide Studios Limited Notes to the consolidated financial statements For the half-year ended 31 December 2024

Note 1. Material accounting policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Group during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

Capitalised games post launch

During the period, the company revised its useful life for games launched across PC and other major consoles to reflect major benefits being received after the initial purchase of the game by the consumer and a relatively short economic life due to the volume of new game releases available to consumers. These games have an amortisation period of one year split as follows:

• Quarter 1: 50% of original cost

• Quarter 2: 30% of original cost over period (cumulative 80%)

• Quarter 3: 15% of original cost (cumulative 95%)

• Quarter 4: 5% of original cost (cumulative 100% at end of quarter 4).

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

13

Notes to the consolidated financial statements For the half-year ended 31 December 2024

PlaySide Studios Limited

Note 2. Revenue

	Consolidated	Consolidated	Consolidated
	Dec-24		Dec-23
	$ '000		$ '000
Revenue from contracts with customers Work for hire services Revenue from original intellectual property Revenue	18,566 9,920 28,486		18,543 17,658
			36,201

Note 3. Segment Information

PlaySide Studios Limited operates within the one reportable segment (development and monetization of mobile, PC and console video games).

The Group generated $28,486k (1H 2024: $36,201k) in Operating Revenue from its only reportable segment and is not reliant on any one single customer or contract.

Note 4. Other Income

	Consolidated	Consolidated	Consolidated
	Dec-24		Dec-23
	$ '000		$ '000
Government grants Interest received Other Other income	59 584 1 644		168 442 -
			610

14

PlaySide Studios Limited Notes to the consolidated financial statements For the half-year ended 31 December 2024

Note 5. Expenses

		Consolidated	Consolidated	Consolidated
		Dec-24		Dec-23
		$ '000		$ '000
Profit/(loss) before income tax includes the following specific expenses: Depreciation Leasehold improvements Fixtures and fittings Buildings right-of-use assets Computer equipment Total depreciation Amortisation Computer software Games Patents, licences & trademarks Total amortisation Total depreciation and amortisation Employee benefits expense Defined contribution superannuation expense Share-based payments expense Employee benefits expense excluding superannuation Total employee benefits General and administrative expenses Consultants, contractors and publishing costs Accounting and audit fees Software purchases Domestic and international travel Net Foreign Exchange loss Other General and administration expenses Total General and administrative expenses Selling expenses User acquisition advertising costs Other selling expenses Total selling expenses Finance costs Interest and finance charges paid/payable on lease liabilities Total Finance costs expensed		81 30 413 319 843 - 2,789		31 22 378 239
				670
				2
				1,775
		22		105
		2,811		1,882
		3,654 1,934 113 15,004 17,051 3,849 107 1,465 316 626 1,734 8,097 2,528 3,830 6,358 35 35
				2,552
				1,418 848 14,399
				16,665
				1,776 84 1,151 237 177 1,251
				4,676
				2,255 594
				2,849
				47
				47

15

PlaySide Studios Limited Notes to the consolidated financial statements For the half-year ended 31 December 2024

Note 6. Intangibles

	Consolidated	Consolidated
	Dec-24	Jun-24
	$ '000	$ '000
Non-current assets Brand names, patents, licences and trademarks – finite life Original IP Work in Progress – finite life (i) Original IP Post Launch – finite life (ii) (i) Not ready for use (ii) Costs ceased to be capitalised post launch.	10,885 7,740 2,382 21,007	10,885 6,989 223
		18,097

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Brand		Original IP Work in	Original IP Post
	names, patents, licences and
	trademarks	Software	Progress	Launch	Total
Consolidated	$'000	$'000	$'000	$'000	$'000
Balance at 1 July 2023 Additions – internally generated Additions – licences purchased Transfer from WIP to Production Amortisation Impairment Balance at 30 June 2024 Additions – internally generated Additions – trademarks Transfer from WIP to Production Amortisation Impairment Balance at 31 December 2024	2,082 - 8,803 - - - 10,885 - - - - - 10,885	6 - - - (6) - - - - - - - -	156 8,848 - (1,846) - (169) 6,989 5,721 - (4,970) - - 7,740	2,785 - - 1,846 (4,408) - 223 - - 4,970 (2,811) - 2,382	5,029 8,848 8,803 - (4,414) (169)
					18,097 5,721 - - (2,811) -
					21,007

16

Notes to the consolidated financial statements For the half-year ended 31 December 2024

PlaySide Studios Limited

Note 7. Issued Capital

			Consolidated	Consolidated	Consolidated
	Dec-24		Jun-24	Dec-24		Jun-24
	Shares		Shares	$ '000		$ '000
Shares issued and fully paid for: Beginning of the year Exercise of performance options Issued under employee share plan Total Contributed equity at the end of the reporting period. Tax (debit)/credit associated with capital raising costs Total Contributed equity at the end of the reporting period	410,529,830 408,651,861 1,184,225 693,744 410,529,830 - 410,529,830		408,651,861 406,806,727 1,434,494 410,640 408,651,861 - 408,651,861	47,052 46,192 728 291 47,211 (159) 47,052		46,192
						45,429 624 232
						46,285 (93)
						46,192

Note 8. Earnings per share

	Consolidated Dec-24 Dec-23 $ '000 $ '000 (5,322) 8,965 Number Number 409,455,591 407,427,297 7,857,102 8,211,747 417,312,693 415,639,044 Cents Cents (1.30) 2.20 (1.30) 2.16
	Dec-24
	$ '000
(Loss)/Profit after income tax attributable to the owners of PlaySide Studios Limited Weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Adjustment for Employee Options & Performance Rights Weighted average number of ordinary shares used in calculating diluted earnings per share Basic (losses)/earnings per share Diluted (losses)/earnings per share*	(5,322)
	Number 409,455,591 7,857,102 417,312,693
	Cents (1.30) (1.30)

• Dilution is not considered when the company is loss making as this is effectively anti-dilutive

17

PlaySide Studios Limited Notes to the consolidated financial statements For the half-year ended 31 December 2024

Note 9. Contingent assets and liabilities

The Group has no contingent assets or liabilities as at 31 December 2024.

Note 10. Commitments

The Group had capital commitments for games development (intangibles), property, plant and equipment as at 31 December 2024 of $2,441,957 (31 December 2023: $2,219,335).

In addition, in the FY24 year, the Group signed a licenced gaming contract that contains a commitment to spend US$4 million in marketing and advertising relatively evenly over a four year period ending 30 June 2028.

During the six months to 31 December 2024, the Group has spent US$1,380,684 (A$2,072,355); leaving a minimum committed spend of US$2,619,316 (A$4,203,348) as at 31 December 2024.

Note 11. Events after the reporting period

There has been no matter or circumstance that has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial periods.

18

PlaySide Studios Limited Directors’ declaration For the half-year ended 31 December 2024

In the directors’ opinion

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2024 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

==> picture [100 x 49] intentionally omitted <==

_________ Cristiano Nicolli Director

20 February 2025 Melbourne, Australia

19

Collins Square, Tower Four Level 18, 727 Collins Street Melbourne VIC 3008 GPO Box 5099 Melbourne VIC 3001 Australia

Tel: +61 3 9603 1700 Fax: +61 3 9602 3870 www.bdo.com.au

==> picture [77 x 30] intentionally omitted <==

INDEPENDENT AUDITOR'S REVIEW REPORT

To the members of PlaySide Studios Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of PlaySide Studios Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the halfyear ended on that date, material accounting policy information and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

• i. Giving a true and fair view of the Group’s financial position as at 31 December 2024 and of its financial performance for the half-year ended on that date; and

• ii. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report.

Responsibility of the directors for the financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of A.C.N. 050 110 275 Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and A.C.N. 050 110 275 Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

20

==> picture [78 x 30] intentionally omitted <==

Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2024 and its financial performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

BDO Audit Pty Ltd

==> picture [127 x 82] intentionally omitted <==

Salim Biskri Director

Melbourne, 20 February 2025

21