WEBJET GROUP LIMITED — Interim / Quarterly Report 2024

Nov 24, 2024

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Investor Briefing
1H
25
Results.
25 November 2024
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1

Contents.

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Group Performance - Key Metrics Business Unit Updates Webjet OTA

GoSee Financial Summary FY25 Trading Update

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2

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Demerger of Webjet Group Limited (WJL) from WEB Travel Group implemented 30 September 2024

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Webjet OTA

Trip Ninja

GoSee

The #1 online travel agent in Australia & New Zealand.

A global motorhome & car rental ecommerce site.

Providing complex travel itinerary automation technology.

Webjet Group has elected to adopt predecessor accounting to ensure continuity and comparability in its financial reporting. Webjet Group has also elected to present previous corresponding period financial information as if it had always operated independently. Consequently, the comparative numbers are only representative in nature.

Unless otherwise stated, all financials in this presentation are for Underlying Operations and all comparisons are over the previous corresponding period (pcp). Underlying Operations reflects the core financial performance of Webjet Group, adjusting for the impact of any one-off or non-recurring items, non-cash items such as share based payments and pro forma adjustments disclosed in the Demerger Booklet. These adjustments are made

to give investors a clearer and more consistent view of Webjet Group's ongoing financial performance. Underlying Operations are non-IFRS measures and not subject to review procedures. This presentation should be read in conjunction with the half-year Financial Report for the six months ended 30 September 2024.

3

Webjet Group overview.

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Webjet OTA

The #1 OTA in Australia & New Zealand

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Holiday Packages

Flights

Hotels

Travel Insurance

Hire Cars

Activities

Unique 730,000+ hotels Unlock hotel Powered by 400+ global car Wide range Mix’n’Match worldwide savings with CoverMore rental suppliers of ‘on trip’ matrix flight bookings & 50,000+ pickup experiences locations

Our investment in technology

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Delivering
UX + Revenue
benefits
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Trip Ninja

Complex travel itinerary automation for travel intermediaries

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for Webjet OTA
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GoSee

Global specialist in motorhome & car rental

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With two owned brands…
1.3k+ Product
suppliers
Airport
Rentals
35k+ Pickup
locations
Motorhome
Republic
129+ Affiliates
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New York
London
L.A.
Paris
Melbourne
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4

Growth Strategy.

Our Mission:

To help people travel by seamlessly integrating world class technology to offer unparalleled choice & convenience.

Our Vision:

To enhance the leadership positions of our online travel marketplaces in Australia & New Zealand.

Our Strategic Priorities:

Customer Customer Acquisition Acquisition

• Refresh Webjet OTA brand branding & marketing research in underwayWebjet OTA

• •• Reduce acquisition costs using Airport Rentals and Motorhome owned media Republic brands channels (eg social, refreshed content)

• Webjet OTA launched on TikTok

• Target affiliates to extend GoSee reach

• Build & convert Trip Ninja customer pipeline

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Revenue Revenue Optimisation Optimisation

• Enhance Launched Webjet OTA Member m mber & loyalty offers to drive higher LTV Only Offers in AU/NZ -[(1) ] & repeat rate see page 13

• •• Use tech & data analytics to Enhanced First Party Data

personalise experiences, upsell & capabilities underway to enable greater segmentation and cross-sell other travel products (e.g. personalisationhotels, cars)

• •• Increase Webjet OTA air revenue Increasing sale of higher margin streams through ancillaries on Webjet OTA - higher margin see ancillaries page 11 (e.g. seats)

International International Share Growth Bookings Growth

• International bookings Use tech enhancements & Trip on Webjet Ninja to OTA increasing - grow market share of see page 12 international flights for Webjet OTA

• Revitalise GoSee penetration in international markets, with a focus on US/Canada

Operational Operational Excellence Excellence

• In-house frontline call centre Aut mate & simplify customer serviceestablished in Manila for Webjet

• OTA, delivering Continue investment in innovation materially better customer metrics at lower cost per contact& tech development of our market leading platforms

• GoSee operational review

• Ensure financial strength & completed with material flexibility to allow exploration of simplification and cost savings new opportunities or adjacencies identified - see page 17

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1. Lifetime Customer Value

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We are progressing our strategic priorities.

Our Mission:

To help people travel by seamlessly integrating world class technology to offer unparalleled choice & convenience.

Our Vision:

To enhance the leadership positions of our online travel marketplaces in Australia & New Zealand.

H1 Outcomes:

Customer Customer Acquisition Acquisition

• Webjet OTA brand bjet OTA brand research research underwaycomplete and refresh work underway

• Airport Rentals and Motorhome

• Airport Rentals and Motorhome Republic brands refreshed Republic brands refreshed

• Webjet OTA launched on TikTok

• Webjet OTA launched on TikTok

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Revenue Revenue Optimisation Optimisation

• Launched Webjet OTA Member unched Webjet OTA Member Only Offers Only Offers in AU/NZ - in AU/NZ - see page 13see page 15

• •• Enhanced First Party Data Enhanced First Party Data

capabilities bilities underway to enable underway to enable grea ter segmentation and ter segmentation and pers onalisationonalisation

• •• Increasing sale of Increasing sale of higher margin higher margin ancillaries ancillaries on Webjet OTA - on Webjet OTA - see see page 13 page 11

International International Share Growth Bookings Growth

• International bookings ternational bookings on Webjet on Webjet OTA increasing - OTA increasing - see page 12see page 14

Operational Operational Excellence Excellence

• In-house frontline call centre -house frontline call centre established in Manila for Webjet established in Manila for Webjet OTA, deliveringOTA, delivering materially better materially better customer metrics at lower cost per customer metrics at lower cost per contactcontact

• GoSee operational review See operational r view completedcompleted with material with material simplification and cost savings simplification and cost savings identified -identified - see page 17see page 19

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6

1H25 Webjet Group - Key Metrics; EBITDA continues to improve.

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Bookings TTV Revenue
784 $752 $72.0
thousand million million
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• All references to $ are in AUD unless otherwise noted.

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EBITDA
$19.4
million
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Note:

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• 1H23 and 1H24 comparatives are for Underlying Operations and are representative in nature only.

Exceptionally strong balance sheet, Webjet OTA EBITDA ahead of PCP.

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Webjet OTA

EBITDA $27.4m 1H24: $26.6m

• Higher margin products helping offset subdued domestic Bookings environment: EBITDA up 3%; EBITDA margin above 44%

• International now 20% of Flight Bookings (1H24: 17%); Ancillaries now 35% of Revenue (1H24: 32%)

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• GoSee

• EBITDA $0.2m 1H24: $1.1m

• • Car Bookings down in line with softening domestic flight markets. Motorhomes continues to be challenged

• Restructuring underway to deliver c.$4.0m annualised OPEX savings (c.$1.0m expected in 2H25)

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• Net cash[(1)] $100.7m As at 30 Sep-24

• • Strong balance sheet to fund growth initiatives

• Dividends anticipated from FY26 onwards

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1. Excludes restricted cash ($34.8m) & surplus demerger cash allocation paid to WEB Travel Group after reporting date ($7.9m).

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Travel Brands Update
Webjet
OTA.
The #1 online travel agent in Australia & New Zealand.
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9

1H25 Webjet OTA - Higher margin product focus hel in offset subdued domestic Bookin s environment. p g g

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Bookings
644
thousand
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Driven by subdued
domestic market
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TTV Revenue
$661 $62.1
million million
TTV aligned Revenue optimisation
with Bookings initiatives coming through
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EBITDA
$27.4
million
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World class OTA margins

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10

Revenue & EBITDA up driven by international focus and ancillaries.

Webjet OTA	1H25	1H24	Change
Bookings	644k	692k	(7%)
Average Booking Value	$1,026	$1,035	(1%)
TTV	$661m	$716m	(8%)
Revenue	$62.1m	$61.2m	+1%
Expenses	$34.7m	$34.6m	+0%
EBITDA	$27.4m	$26.6m	+3%
Revenue / TTV Margin	9.4%	8.5%	+90bps
EBITDA Margin	44.1%	43.5%	+60bps

• 1H25 Bookings down compared to 1H24 reflecting softening of domestic flights market

• International Bookings up 12% compared to 1H24 reflecting focus on growing this higher margin segment.

• Domestic Bookings down 10% reflecting cost of living pressures and collapse of the leisure airline REX in 1H25 (REX accounted for 5% of Australian domestic capacity as at June 2024[(1) ] ).

• 1H25 Revenue up reflecting ongoing focus on higher margin products and new revenue sources - ancillaries now account for 35% of Revenue (CY19: c.25%, 1H24: 32%); international now 20% flight bookings (CY19: 15%; 1H24:17%)

• 1H25 Expenses were flat over 1H24 – reflecting CPI increases for staff, promotional activity, and marketing costs at 1.6% of TTV (1H24: 1.5%);

• Revenue optimisation initiatives driving EBITDA increase despite softening market conditions. 1H25 EBITDA margin over 44%.

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11

1. Source : https://www.accc.gov.au/system/files/domestic-airline-competition-august-2024-report.pdf

Growth strategy delivering higher Revenue er Bookin above re andemic levels. p g, p p

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CY19
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$8
per booking
on 1H24
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CY19 Reduced Air Webjet CY19
(reported) commission Exclusives (adjusted)
& overrides closure
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1H24
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Focus on revenue 1H25
optimisation initiatives,
international bookings
& ancillary products
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• CY19 Revenue (reported) included sources no longer available to Webjet OTA:

• Commission and overrides on international air fares that are no longer paid by airlines (c.$12 million in CY19)

• Revenue from Exclusives business that was closed during FY20 ($14.1 million in CY19)

• CY19 (adjusted) shows Revenue per Booking on comparable basis to current operating environment

• 1H25 Revenue per Booking reflects focus on revenue optimisation initiatives and higher margin products.

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We are selling more ancillaries, driving higher Revenue er Bookin . p g

Non-Air ancillary products are growing as a percentage of Revenue

Non-Air Ancillaries growing as a % of total revenues.

• Attachment rates of ancillaries is increasing.

• Focus on member-only deals going forward projected to drive growth further.

• Implementing a new Marketing Technology platform to further drive cross-sell of ancillaries.

• Note that since the pandemic we have also driven >2x increase in hotel-only bookings.

Air ancillaries are also starting to grow

• We already sell flight add-ons for some LCCs.

• In 1H25 we successfully introduced paid seat sales for another airline with more GDS airlines under development.

• We expect Air ancillaries to drive higher Air Revenue.

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Going forward we expect Revenues to increase through a combination of both non-Air ancillary and Air ancillary products.

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Note: . Non-Air Ancillary Revenue includes hotel commission, car hire, insurance etc. Air Revenue includes commission, overrides, rebates, booking fees and Air ancillaries such as flight add-ons

13

Increasing international flight bookings are driving hi her Revenue er Bookin . g p g

We see significant opportunities to increase international

• International flight prices are starting to fall, “early bird” fares are returning, and capacity is entering the market - all of which are starting to stimulate demand.

International growing as a % of total flight bookings.

• We expect our Webjet Member Program will help drive more international flight bookings.

• The continued roll-out of NDC for international airlines is providing differentiated content & pricing advantages.

Trip Ninja continues to deliver significant value for Webjet OTA

• Trip Ninja technology, our AI driven technology inbuilt into Webjet OTA, is applied across all multi stop trips searches and continues to optimise conversion and increase margins.

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Member only campaigns are now active.

Webjet Member Only Sales campaigns now being run across AU/NZ

• 5 Member Only offers launched since September.

• Significant lift in daily sign-up and sign-in rates during first campaign​;

• Sign-ups: 250% increase vs normal daily average​.

• Sign-ins: 120% increase vs normal daily average.

• c.200% uplift in sign-ins across promotion periods.

• Various Member-only campaigns planned for 2H25 (Black Friday and Boxing day).

Social sign-on now live in AU/NZ (sign-up with or link to Member's Google Account)

• Provides ease of sign-in going forward.

• Creates greater re-targeting capabilities.

Enhanced First Party Data capabilities are underway to enable greater segmentation and personalisation.

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Travel Brands Update
GoSee.
Global motorhome & car rental ecommerce sites
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1H25 GoSee - Key Metrics; Bookin s reflect softenin domestic fli hts market. g g g

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Bookings
140
thousand
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Cars Bookings lower in line with softening domestic flights market

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TTV Revenue EBITDA
$91 $9.8 $0.2
million million million
TTV aligned Margin maintained
with Bookings
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Reflects lower Cars Booking volumes & largely fixed cost base.

TTV aligned with Bookings

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Car Bookings fell in line with softening domestic fli hts Motorhomes continues to be challen ed. g , g

GoSee	1H25	1H24	Change
Bookings	140k	156k	(10%)
Average Booking Value	$650	$667	(2%)
TTV	$91m	$104m	(13%)
Revenue	$9.8m	$11.1m	(12%)
Expenses	$9.6m	$10.0m	(4%)
EBITDA	$0.2m	$1.1m	(82%)
Revenue / TTV Margin	10.8%	10.7%	+10bps
EBITDA Margin	2.0%	9.9%	(790bps)

• 1H25 Bookings fell compared to 1H24, largely reflecting lower Booking volumes for Cars

• Cars fells in line with softening domestic flights in Australia and New Zealand.

• Motorhomes continues to be impacted by lack of inbound long-haul tourism and high pricing , impacting demand (prices remain more than 60% higher than pre pandemic)

• 1H25 EBITDA reflects lower Car Booking volumes compared to 1H24 and the largely fixed cost base.

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Simplification and restructuring underway to deliver c. 4.0m annualised OPEX savin s. $ g

Q2 Activity and Findings

Outcome of Strategic Review

• Our priority is to improve the profitability of this business.

• We undertook a strategic review of the business in 2Q25.

• We need to further streamline to deliver clearer customer focus, simplification and efficient execution.

• While growth is projected from inbound international markets in 2025, our focus for the next 12-18 months is on the core destination markets of New Zealand and Australia.

• Simplify service offering to focus on profitable bookings

• Further automate highly manual and non-value-add tasks

• Reduce headcount to align cost base to current Bookings and Revenue while providing ability to scale when inbound long-haul tourism and Motorhome supply improve

• Restructuring expected to deliver c.$4.0m annualised OPEX savings (c.$1.0m expected in 2H25)

• Remove GoSee brand to consolidate online investment in the better-known Airport Rentals and Motorhome Republic brands which serve both B2C and B2B markets

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1H25
Financial
Summary.
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1H25 - Financial Summary.

Webjet Group Limited See Note	Statutory Result	Underlying Operations
	1H25 1H24	1H25 1H24
Bookings	784k 848k	784k 848k
TTV	$752m $820m	$752m $820m
Revenue 1	$72.0m $66.4m	$72.0m $72.8m
Expenses	($45.8m) ($46.3m)	($45.8m) ($46.3m)
Corporate overheads 2	($6.8m) ($6.1m)	($6.8m) ($7.4m)
Non-recurring items 3	- $0.6m	- -
Share based payments expense 4	($3.0m) ($2.3m)	- -
Non-operating expenses 5	($0.2m) -	- -
EBITDA	$16.2m $12.3m	$19.4m $19.2m
Depreciation & amortisation 6	($5.9m) ($1.7m)	($5.9m) ($5.4m)
EBIT	$10.3m $10.6m	$13.5m $13.8m
Net interest & finance costs	($0.2m) ($0.7m)	($0.2m) ($0.7m)
EBT	$10.1m $9.9m	$13.3m $13.1m
Tax expense	($3.5m) ($3.3m)	($4.1m) ($4.1m)
NPAT	$6.6m $6.6m	$9.2m $9.0m
Revenue / TTV margin	9.6% 8.1%	9.6% 8.9%
EBITDA margin	22.5% 18.5%	26.9% 26.4%
EPS	1.7 cents 1.7 cents	2.3 cents 2.3 cents
Effective tax rate	34.7% 32.9%	30.7% 31.2%

Note

1. Revenue excludes interest income. Revenue in 1H24 Statutory Result includes a $6.4m adjustment which will not re-occur subsequent to the demerger

2. Corporate overheads in 1H24 Underlying Operations includes a pro forma adjustment for an additional $1.3m of corporate costs (refer slide 22)

3. Non-recurring items represent amounts in 1H24 Statutory Result not applicable to the Underlying Operations of Webjet Group

4. Share based payments expense is excluded in Underlying Operations to provide a better understanding of financial performance. 1H25 expense reflects acceleration of FY23 and FY24 Performance Rights as a result of the demerger

5. Non-operating expenses in 1H25 relate to GoSee restructuring costs and are excluded in Underlying Operations to provide a better understanding of financial performance

6. Depreciation and amortisation in 1H24 Underlying Operations includes a pro forma adjustment for an additional $3.7m amortisation expense applicable to Webjet Group

Underlying EBITDA reconciliation	See Note	1H25	1H24
Statutory EBITDA		$16.2m	$12.3m
Revenue	1	-	$6.4m
Corporate overheads	2	-	($1.3m)
Non-recurring items	3	-	($0.6m)
Share based payments expense	4	$3.0m	$2.3m
Non-operating expenses	5	$0.2m	-
Underlying EBITDA		$19.4m	$19.2m

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1H25 - Technology & Corporate overheads.

Corporate 1H25 1H24 Change	Corporate 1H25 1H24 Change
Webjet OTA EBITDA $27.4m $26.6m +3%
GoSee EBITDA $0.2m $1.1m (82%)
Trip Ninja EBITDA ($1.4m) ($1.2m) (17%)
Corporate overheads ($6.8m) ($7.4m)	(8%)
Webjet Group EBITDA $19.4m $19.2m	+1%
1H24 Corporate overheads reconciliation
Statutory Result ($6.1m) (+) Dissynergies(1) ($1.3m) Underlin oerations ($74m)
yg p .

1H24 Corporate overheads reconciliation
Statutory Result	($6.1m)
(+) Dissynergies(1)	($1.3m)
Underlying operations	($7.4m)

Trip Ninja continuing to expand and develop its technology offering

• 1H25 reflects inflationary pressures and increased headcount costs

Corporate overheads reflect demerger allocation

• 1H24 shows pro forma Corporate overheads applicable to Webjet Group as if it had always operated independently consistent with the Demerger Booklet

• 1H25 reflects Webjet Group’s allocation of Corporate overheads

• 2H25 Corporate overheads expected to be consistent with 1H25

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1. Represents 50% of the estimated $2.6m per annum additional corporate costs disclosed in section 2.6.3 of the Demerger Booklet. These costs include the corporate functions required to support the Group as a standalone listed entity, the cost of maintaining a board of directors, company secretarial costs, ASX listing fees, share registry costs, insurance and other incremental costs.

22

1H25 - Balance Sheet.

A$m	Sep-24	Mar-24
Cash & cash equivalents(1)	143.4	100.3
Trade receivables & Other assets	18.9	17.6
Non-current assets	77.6	75.8
Total Assets	239.9	193.7
Trade payables & Other liabilities	71.4	67.4
Other current liabilities	13.9	16.3
Non-current liabilities	6.3	75.6
Total Liabilities	91.6	159.3
Total Equity	148.3	34.4
Net cash(2)	100.7	57.4
Current ratio	1.9	1.4

Cash and Cash Equivalents

• Increase primarily reflects cash received from the demerger allocation

• Net cash of $100.7 million, up from $57.4 million at Mar-24

Trade and Other Payables

• Trade payables of $67.3 million with $4.1 million accrued expenses and other payables

• Includes $7.9 million surplus demerger cash allocation paid to WEB Travel Group after reporting date

Non-Current Liabilities

• Reduction reflects transfer of intercompany loan balances following the demerger

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1. Includes $34.8m of restricted cash (Mar-24: $42.9m)

2. Sep-24 excludes restricted cash & surplus demerger cash allocation paid to WEB Travel Group after reporting date ($7.9m). Mar-24 excludes restricted cash.

23

1H25 - Cash Flow.

A$m	1H25	1H24
Statutory EBITDA	16.2	12.3
Change in working capital	(12.6)	2.1
Non-cash items	3.0	2.3
Income tax	(0.1)	(0.1)
Net interest	0.7	(0.5)
Cash Flow from Operating Activities	7.2	16.1
Capital expenditure	(6.6)	(5.3)
Cash Flow from Investing Activities	(6.6)	(5.3)
Demerger cash allocation	43.0	-
Intercompany funding	-	32.0
Lease principal repayments	(0.5)	(0.6)
Cash Flow from Financing Activities	42.5	31.4
FX movement on cash balances	-	(0.1)
Net Increase in Cash	43.1	42.1

Cash from Operations

• Working capital impacted by demerger accounting adjustments

• Operating cash conversion expected to be circa 100% from FY26 onwards

Investing

• CAPEX investment relates to development of travel bookings systems and software to support growth initiatives

Financing

• Demerger cash allocation to maximise the opportunity for Webjet Group to succeed as an independent entity post-demerger

Dividends

• No interim dividend has been declared for the first half of FY25

• Dividends anticipated from FY26

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24

1H25 - CAPEX Summary.

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(1)
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1H25

• Increase represents acceleration of investment to support growth initiatives

• Webjet OTA - Investing in enhancements to support increased customer engagement and retention, international bookings growth and product innovations

• GoSee - Investing in enhancements to support increased customer conversion and payment options, plus simplification and automation of low value activities

• Trip Ninja - Focused on developing its technology offering

2H25

• CAPEX expected to be consistent with 1H25.

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25

1. 1H24 (proforma) includes $0.5m CAPEX for Trip Ninja applicable to Webjet Group as an independent entity

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Group Update
FY
25
Update.
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26

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Looking forward.

We expect FY25 Underlying EBITDA to be broadly in line with FY24. We are well positioned to accelerate growth in FY26 and beyond.

We will be holding a Strategy Day in March 2025 to update the market on our 3–5 year plan.

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28

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Thank
you.
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Glossary & abbreviations.

CY19 12 months ending 31 December 2019 (i.e. pre-pandemic) - unaudited 1H23 6 months ending 30 September 2022 1H24 6 months ending 30 September 2023 1H25 6 months ending 30 September 2024 1H26 6 months ending 30 September 2025 2H25 6 months ending 31 March 2025 FY24 12 months ending 31 March 2024 FY25 12 months ending 31 March 2025

AU/NZ Australia & New Zealand B2C Business to Consumer B2C Business to Business

Demerger Booklet Webjet Limited Demerger booklet published 8 August 2024 NDC New Distribution Capability OTA Online Travel Agency PCP Previous Corresponding Period TTV Total Transaction Value UX User Experience

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