Announcement PDF ASX Announcement - Nido Education Limited ABN 12 650 967 703 ASX Announcement ASX Code: NDO 2026 Half Year Financial & Operational Results 26 August 2026 Nido Education Limited ACN 650 967 703 (ASX: NDO) (Nido or Company) is pleased to announce its half year financial and operational results for the period ended 30 June 2026. Group performance summary • Delivered a disciplined first-half result in a challenging and evolving operating environment for the early childhood education sector. • Group revenue increased to $85.8 million (HY25: $82.8 million), supported by continued demand for quality early learning and care, expansion of the network and ongoing execution of the Group’s incubator and acquisition strategy. • Group Adjusted EBTIDA (AEBITDA) was $4.3 million. • Adjusted net profit after tax (ANPAT) was $2.1 million. • At the service level, Nido delivered 434,000 days of learning, service revenue of $81.4 million and service AEBITDA of $10.7 million. • Despite occupancy commencing at a lower base this year, enquiries have remained resilient and offers of enrolment have been tracking at approximately 17% ahead of the prior year. • External acquisition opportunities continue to provide a pathway for future growth. • Whilst no dividend has been determined in respect of the half-year ended 30 June 2026, the Board intends to continue paying dividends over the longer term. Group performance detail Group revenue for the half was $85.8 million, comprising service revenue of $81.4 million and establishment and management fees of $4.4 million. Establishment and management fees continue to reflect the value generated through Nido’s incubator model, including ASX Announcement - Nido Education Limited ABN 12 650 967 703 2 the development, opening and management of services before they are acquired by the Group where performance hurdles are met. Group AEBITDA was $4.3 million, adjusted profit before tax was $2.8 million and adjusted net profit after tax was $2.1 million. Support office costs were $6.4 million net of establishment and management fees, reflecting continued investment in the operating platform, leadership capability, governance and systems required to support the Group’s owned and incubated network. Service performance At the service level, childcare revenue was $81.4 million. Service costs were $70.7 million, resulting in service AEBITDA of $10.7 million and a service margin of 13%. The Group delivered 434,000 days of learning during the half year, with an average daily fee of $183 and a wage-to-revenue ratio of 57%. These metrics reflect both the operating scale of the network and the importance of continuing focus on conversion, roster productivity, educator stability and disciplined cost management. Nido’s operating priorities remain centred on quality education and care, child safety and protection, family and educator experience, and consistent service execution. The Group maintained quality ratings above sector averages and continued to invest in curriculum, environments, training and leadership capability to support improved outcomes for children, families and educators. ASX Announcement - Nido Education Limited ABN 12 650 967 703 3 Management’s focus is on converting enquiries and offers into days of learning, improving productivity and maintaining service quality. These priorities are expected to support occupancy growth, improved consistency of performance and stronger operating leverage over time. Looking ahead Nido’s priorities for the balance of the year are clear: 1. Converting enquiry into occupancy. 2. Converting improved systems and processes into productivity. 3. Converting the strengthened operating platform into sustainable earnings growth. 4. Continuing to invest in quality, safety, family and educator experience, workforce capability and disciplined growth. From August 2026, Nido increased fees within the parameters allowed under the Government Funded Work Retention Grant. The Group has also commenced a review of its cost base, with benefits expected to phase in through the year. These initiatives are focused on improving productivity, consistency and returns while protecting the quality of education and care delivered across the network. The Centre Management Agreement with Busy Bees has reached its conclusion. During the half year, Nido extended its existing NAB banking facility to February 2028 and increased the facility limit from $55.0 million to $65.0 million. As at 30 June 2026, the facility was drawn to $47.0 million, with available headroom of $18.0 million. Together, these changes strengthen Nido’s capital position, providing capacity to pursue acquisition opportunities while preserving flexibility to support the Group's ongoing growth strategy. In its ASX announcement dated 25 February 2026, the Company stated it was targeting FY26 AEBITDA growth in the order of 20% on the FY25 result, supported by both organic performance and acquisition pipeline. The results for the first seven months of FY26, days of learning and labour cost have been unfavourable to the assumptions underpinning that target, and on based current trading the Company does not expect to achieve that target within the current financial year. Accordingly, Nido formally withdraws the previously communicated FY2026 AEBITDA growth target. ASX Announcement - Nido Education Limited ABN 12 650 967 703 4 The Company continues to pursue a number of potential acquisitions. Their timing and completion remain uncertain, and the Company is not currently in a position to quantify their potential impact on the FY26 result. The Company will update the market if this becomes clearer. The Board remains focused on creating long-term value through a disciplined approach to both organic growth and selective acquisitions. Nido will also continue to evaluate opportunities that strengthen the Group’s portfolio, enhance earnings quality, and support sustainable growth over time. Nido continues to see positive lead indicators across the business, including resilient enquiry levels, offers of enrolment tracking approximately 17% ahead of the prior year and a growing pipeline of incubator and external acquisition opportunities. Together with initiatives to improve conversion, occupancy and cost efficiency, these factors support confidence in the Group’s medium-term outlook and its ability to create sustainable shareholder value. Investor briefing call Shareholders are invited to participate in a conference call briefing in relation to the Company’s 2026 half year financial and operational results. Details of the conference call are as follows: Date and time: Thursday 27 August 2026 at 11.00am (Sydney time) Participant details: All participants must pre-register to join this conference call using the Participant Registration link below. Participant Registration Site: Please click here to register https://nidoeducation.edu.au/webinars/y5aX3y-ndo-hy26-results-briefing Accompanying this announcement is the Nido Investor Presentation in relation to the half year financial and operational results for the period ended 30 June 2026. -Ends- This ASX announcement was authorised for release by the Board of Nido Education Limited. ASX Announcement - Nido Education Limited ABN 12 650 967 703 5 Investor & Media enquiries Adam Lai Chief Executive Officer and Director P: 02 9712 7444 E: ir@nido.edu.au About Nido Founded in 2021, Nido Education Limited is a national owner, operator and manager of long day early childhood education and care services, operating under the Nido Early School brand. Visit: www.nido.edu.au Stay connected with Nido by joining our Investor Hub where you will receive ASX announcements and Company updates directly in your inbox and can engage with our interactive Q&A feature. Scan the QR code or visit here to sign up: https://nidoeducation.edu.au/s/3307cc. 2026 Half Year Results NidoEducationLimited(ASX:NDO) 26 August 2026 1 Nido Education Limited (ASX:NDO) 2026 Half Year Results This presentation has been prepared by Nido Education Limited ACN 650 967 703 (Nido) (ASX code: NDO) in relation to its financial and operational results for the half year ended 30 June 2026 and is for personal use only. Information presented in the presentation is on an aggregate basis, reflecting the Nido group of entities. It contains general information in summary form which is current as of 26 August 2026 and does not purport to be complete and should be read in conjunction with Nido's other periodic and continuous disclosure announcements which are available on Nido's website at nidoeducation.edu.au/announcements. This presentation is not a recommendation or advice in relation to NDO. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Nido, its affiliates and related bodies corporate, and their respective officers, Directors, employees and agents disclaim any liability (including, without limitation, any liability arising from fault or negligence) for any loss arising from any use of this presentation (or its content) or otherwise arising in connection with it. Nido’s forward-looking statements set out in this presentation are based on a number of estimates, assumptions and pro forma adjustments that are subject to business, economic and competitive uncertainties and contingencies, with respect to future business decisions, which are subject to change and, in many cases, are outside the control of Nido and its Directors. Nido believes that the forward-looking statements have been prepared with due care and attention and considers all best estimate assumptions, when taken as a whole, to be reasonable at the time of preparing this presentation. However, the forward-looking statements presented in this presentation may vary from actual financial results. These variations may be material and, accordingly, neither Nido nor its Directors give any assurance that the performance in the forward-looking statements contained in this presentation will be achieved. This presentation is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. It is not intended to be relied upon as advice to investors or potential investors and does not contain all information relevant or necessary for an investment decision. All references to dollars ($) are to Australian dollars, unless otherwise stated. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written consent of Nido. This presentation is authorised for release by the Board of Nido Education Limited. Disclaimer 2 Nido Education Limited (ASX:NDO) 2026 Half Year Results Contents 1. Executive Summary 2. Service Performance 3. 2026 Half Year results 4. Incubation 5. Acquisitions outside of incubation 6. Looking ahead 3 Nido Education Limited (ASX:NDO) 2026 Half Year Results Joined the Nido family in 2018 Leads the development of Nido’s birth to three and kindergarten curricula Broad experience leading programs that support educator growth and children’s learning Nadia Wilson-Ali Head of Education and Professional Development Introduction to presenters 4 Joined Nido as Chief Executive Officer in February 2025 Appointed Executive Director from August 2025 Extensive experience leading customer- focused, people-driven growth and transformation Adam Lai Chief Executive Officer and Executive Director Tom Herring Chief Financial Officer Joined Nido as Chief Financial Officer in April 2021 Previously held CFO and senior Finance roles across a range of publicly listed and private companies, in a diverse range of sectors Founded Nido Education Limited following the sale of the listed Think Childcare Limited (TNK) in 2021 Mathew Edwards Managing Director Nido Education Limited (ASX:NDO) 2026 Half Year Results Acknowledgment of Country 5 We acknowledge the Traditional Custodians of the land, waters, and skies where we work and live across Australia. We pay our respect to Elders past and present. We celebrate the stories, culture, and traditions of Aboriginal and Torres Strait Islanders of all communities, who work and live on this land. ‘Ngalak Koorlangka Kaadadjiny’ means ‘Our Children Learning’ in Noongar language which is spoken across the southwest corner of WA. The circle patterns in this design represent Nido Services as bird nests. Each nest is made up of different elements to show the diverse range of children and educators who make up the Nido Community. The nests connect with pathways to show they work together as one and are decorated with native Eucalypt leaves and Geraldton Wax flowers. Nido Indigenous Art Work by Brain Blatchford, a Yamatji man “Ngalak Koorlangka Kaadadjiny” (Nyuh-luck Cool-an-gah Car-duh-jin) Our Purpose “To create an environment that supports teachers to rise and make a positive impact on the lives of children” 6 1. Executive Summary 7 Nido Education Limited (ASX:NDO) 2026 Half Year Results Executive Summary 8 • Challenging operating environment • To this backdrop, there are opportunities for quality providers • The first half of 2026 was a period of disciplined execution • We continued to grow the network, acquiring 4 more services and opening 4 services in the first half and 2 services post the reporting period • Strengthened our proposition for children and families, invested in the operating platform, and maintained a clear focus on capital allocation • Group revenue was up 4% to $85.8 million, Group AEBITDA was $4.3 million and Group ANPAT was $2.1 million • 434,000 days of learning for children and families across our services HY26 Financial Performance Operating backdrop Outlook for the Remainder of FY26 • Underlying trading and lead indicators remain strong • Disciplined acquisitions, occupancy growth initiatives and cost optimisation programs support confidence in the medium-term outlook Nido Education Limited (ASX:NDO) 2026 Half Year Results 2026 Half Year Group Performance Note: *Figures and calculations used in this report are adjusted for the impact of AASB 16 and stamp duty costs on acquisitions – refer to reconciliation in Appendix II 1. Free cashflow conversion ((Cash from operations, less capital expenditure) / AEBITDA) 2. As at 30 June 2026 Group Revenue $85.8m 4% increase from HY25 AEBITDA* $4.3m from $6.6m in HY25 ANPAT* $2.1m from $4.6m in HY25 Acquisition facility available $18m Group days of learning 434k Financial performance Impact Capital Quality rating Above average 9 Services opened2 4 Acquisitions 4 Free Cash conversion1 77% Cash conversion 110% 2. Service Performance 10 Nido Education Limited (ASX:NDO) 2026 Half Year Results 11 Backdrop of HY26 service performance Nido’s service results were driven to the backdrop of a challenging operating environment Challenging operating environment • Families: cost of living; rising expectations • Number of children in centre based day care decreased by 2.8% in year to March 20261: less consumption of ECEC • Gradual improvement in birth cohorts from 2026 onwards2 • Increase of 2.5% of ECEC LDC Centres, unevenly distributed across the country2 • Early signs of supply reducing • The balance between demand and supply is inconsistent across geographic catchments Government policy • Workforce Retention Payment extension and award increases support educator attraction and retention • Regulation: Evolving regulation is strengthening safety, trust and outcomes for children and families Opportunities for quality operators • We do not see this as a reason to stand still • Good operators, with quality services, disciplined capital management, and a strong culture that supports wonderful educators, should be well placed as conditions normalise • For Nido, the response has been to focus on the levers we control: quality, safety, family experience, educator stability, conversion, productivity and disciplined growth • The current environment also offers opportunities to open and acquire services 1. Australian Department of Education Child Care Subsidy data report – March quarter 2026 2. Q2 ACECQA snapshot data, 9,705 Q2 2026 from 9,465 Q2 2025 3. 2025 Population Statement, Centre for Population, Australian Government Nido Education Limited (ASX:NDO) 2026 Half Year Results 12 Investment in evolving Nido in HY26 We’ve pursued purposeful and disciplined investment to strengthen our foundation Deliver exceptional education and care for children Create an environment where educators can rise Build a sustainable Nido Expand our impact To drive enterprise value... • Our curriculum: Birth to three curriculum launched, after 3 years of development with over 1,000 educators, children and community input the launch of our Kindergarten Curriculum last year • Our menu: new seasonal, nutritionist informed menu launched • Our environments: launched our new design guide for new services, invested in current services, renewed approach to facilities management • Safeguarding and compliance: Maintained strong quality rating above sector average and delivered year on year compliance improvements • Marketing and campaigns: innovative campaigns driving family engagement • Delivered 434k days of learning • Employee experience: Continued to evolve the recruitment, engagement, training, recognition and employee value proposition for our educators and team • Retention: 12 month moving average employee retention now 83% • Training: delivered over 7,500 hours of training • Leadership: invested in strengthening the senior leadership; Structural realignment to deliver operational control and growth: unique model • Compliance: strengthened practices, including the investment in developing a GRC platform • Transparency report: released the first Nido Transparency Report • Financing: extended our existing NAB facility and increased acquisition headroom • Opened new services: 4 new services in H1, with another 2 already opened post the reporting period • Current spot occupancy for incubated services is 52% • Acquired new services: Acquired 4 services, with more in the pipeline • Acquisitions outside of incubator: currently under review Focus Highlights of H1 achievements Goal 3. 2026 Half Year Results 13 Nido Education Limited (ASX:NDO) 2026 Half Year Results 14 Group Profit and Loss 1 Support office costs are stated net of establishment and management fees * Figures are adjusted for the impact of AASB 16 and stamp duty costs on acquisitions Group performance* ($m) HY26 HY25 Movement Service revenue 81.4 79.5 1.9 2% Establishment and management fees 4.4 3.3 1.1 33% Group revenue 85.8 82.8 3.0 4% Service AEBITDA* 10.7 12.8 (2.1) (16%) Support office costs (net)1 (6.4) (6.2) (0.2) (3%) AEBITDA* 4.3 6.6 (2.3) (35%) Depreciation (0.6) (0.4) (0.2) (50%) Net finance costs (0.9) (0.2) (0.7) (350%) Adjusted Profit before tax* 2.8 6.0 (3.2) (53%) Tax (expense)/benefit (0.7) (1.4) 0.7 50% Adjusted Net Profit after Tax (ANPAT)* 2.1 4.6 (2.5) (54%) Nido Education Limited (ASX:NDO) 2026 Half Year Results Service EBITDA 15 1 Figures are stated pre-AASB 16 and impact of stamp duty costs on acquisitions 2 Average daily fee is net of discounts Service performance1 ($m) HY26 HY25 Movement Childcare revenue 79.5 77.9 1.6 2% Other service revenue 1.9 1.6 0.3 19% Total service revenue 81.4 79.5 1.9 2% Service costs (70.7) (66.7) (4.0) (6%) Service AEBITDA 10.7 12.8 (2.1) (16%) AEBITDA % 13% 16% Average number of services 60.3 56 Days of learning ('000) 434 453 Average daily fee2 ($) 183 172 Wage to revenue ratio 57% 57% Nido Education Limited (ASX:NDO) 2026 Half Year Results 16 Capital management 1 The NAED loan is repayable by October 2029 • Extended covenant compliant NAB facility by one year to February 2028 and increased facility limit by $10m on 30 June 2026 • Drawing increased by $19m in the first half due to acquisitions, NAED funding and working capital June 2026 December 2025 Movement Facilities - total 65.0 55.0 10.0 Facilities - drawn 47.0 28.0 19.0 Acquisitions 30.0 20.9 9.1 NAED loan1 (recoverable) 18.0 13.0 5.0 Working capital (1.0) (5.9) 4.9 Facilities - available 18.0 27.0 (9.0) 4. Incubation 17 Nido Education Limited (ASX:NDO) 2026 Half Year Results 18 Nido Incubation model Nido has developed a greenfield incubation strategy to mitigate risks associated with the traditional roll up approach • A third-party incubator initially owns the service, funds the development and trade up losses • Nido manages the development and day-to-day operations • Once acquisition performance hurdles are met, Nido has a 12- month option to acquire Incubation strategy Purpose built All Nido’s Early Schools are designed by Nido and managed by Nido from site selection through to acquisition • Services are built to be best in their markets • The owned portfolio is relatively new with the older services opened in 2019 Nido has access to a de-risked acquisition pipeline of 100+ Nido services over the next five years • Proven performance services acquired at 4.5x EBIT • Acquiring at circa 80% occupancy • Built with quality and longevity in mind (30+ year leases, including renewal options) Consistent growth Providing consistent growth of purpose-built services Nido Education Limited (ASX:NDO) 2026 Half Year Results 19 Opened 61 New Services in 2026 Australind Safety Bay The Gables Sienna Wood Henley Brook Sunshine 1. 4 services in the first half and 2 services post the reporting period Henley Brook, WA (August 2026) Australind, WA (May 2026) Sienna Wood, WA (May 2026) The Gables, NSW (August 2026) Sunshine, VIC (January 2026) Safety Bay, WA (January 2026) Piazza’s provide a central space for community, connection and collaboration Indoor and outdoor play areas built to support learning needs for each age group Ateliers (art studios) provide children a place for uninterrupted creativity Signature Nido car inspires imaginative play Nido Education Limited (ASX:NDO) 2026 Half Year Results 20 Acquired 4 Services in 2026 Treeby South Piara Waters Para Hills Nido Early School Piara Waters, WA Nido Early School Wembley Downs, WA Nido Early School Treeby South, WA Nido Early School Para Hills, SA Wembley Downs 5 star Google rating 4.6 star Google rating 4.5 star Google rating 4.8 star Google rating 1. Googe reviews as at 26 August 2026 Nido Education Limited (ASX:NDO) 2026 Half Year Results Owned and managed services (#) Oct 23 Dec-24 Dec-25 Jun-26 Actual Actual Actual Actual Nido owned 52 56 59 63 Managed for a 3rd party1 34 34 34 34 Incubated services 9 12 16 16 Total 95 102 109 113 Incubation movements (3) Oct 23 Dec-24 Dec-25 Jun-26 3 mths 12 mths 12 mths 6 mths Open services B/fwd 9 9 12 16 Opened 7 7 4 Acquired by Nido (4) (3) (4) Open services C/fwd 9 12 16 16 21 Platform for growth: 52 56 59 63 34 34 34 34 9 12 16 16 Oct 23 Dec-24 Dec-25 Jun-26 Nido owned Managed for a 3rd party Incubated Services We’ve opened 4 services in the first half and 2 post the reporting period (in incubation) and acquired 4 services 1 The centre management agreement ends on 31 August 2026 Nido Education Limited (ASX:NDO) 2026 Half Year Results Incubation pipeline – August 2026 22 Pipeline The incubator pipeline continues to mature 18 8 8 5 24 26 Open Near completion Under construction Approved DA and Agreements DA and Agreements - pending Approved by Nido for Incubator Expected to open H2 2026 Expected opening from H2 2027 onwards Expected to open 2027 5. Acquisitions outside of incubation 23 6. Looking Ahead 24 Nido Education Limited (ASX:NDO) 2026 Half Year Results Looking ahead 25 Convert enquiries and offers into enrolments Convert platform improvements into quality and productivity Grow through disciplined incubation and acquisitions Build long-term value in a sector with strong structural medium-term demand Questions 26 Thank you 27 28 Appendix I: Glossary Term Definition / Meaning AEBITDA (Adjusted EBITDA) EBITDA adjusted for the impact of AASB 16 and stamp duty costs on acquisitions ANPAT (Adjusted NPAT) NPAT adjusted for the impact of AASB 16 and stamp duty costs on acquisitions Covenant EBITDA EBITDA specifically defined, adjusted EBITDA used for debt compliance EBITDA Total Statutory Group Earnings before Interest, tax, depreciation and amortisation Incubators Owners of greenfield early childhood education services until acquisition metrics are achieved LTM Last twelve months NAED NAED Holdings Pty Ltd, Nido’s incubator. 100% externally owned by Alceon private equity Net leverage ratio (NLR) Net leverage ratio calculated by net debt / LTM Covenant EBITDA Nido Early School Nido branded quality focused early childhood education long daycare services NPAT Total Statutory Group Net Profit After Tax Occupancy Number of children attending per period specified as a percentage of the service’s licenced places Service AEBITDA EBITDA generated from owned services adjusted for the impact of AASB 16 and stamp duty costs on acquisitions Nido Education Limited (ASX:NDO) 2026 Half Year Results 29 Appendix II: Financial Statements Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 30 Jun 2026 30 Jun 2025 $'000 $'000 Revenue 83,941 81,161 Other income 1,901 1,545 Expenses Employee benefits 55,330 52,935 Occupancy 5,549 4,662 Direct expense of providing services 5,643 5,619 Other 2,476 1,729 EBITDA 16,844 17,761 Depreciation and amortisation 6,584 5,528 Net finance cost 10,731 9,206 Profit/(Loss) before tax (471) 3,027 Income tax 270 (528) Net Profit/(Loss) after tax (NPAT) (201) 2,499 Earnings per share Cents Cents Basic (0.09) 1.10 Diluted (0.09) 1.08 Consolidated statement of cashflow for the year ended 30 June 30 Jun 2026 30 Jun 2025 $'000 $'000 Cash flows from operating activities Receipts from customers and government funding 84,441 79,793 Payments to suppliers and employees (66,756) (63,030) Cash flows generated from operations 17,685 16,763 Interest and other finance costs (10,961) (9,402) Income tax paid (1,683) (1,832) Net cash from operating activities 5,041 5,529 Cash flows from investing activities Payments for property, plant and equipment (1,444) (2,794) Payment of deferred consideration - (165) Payment for acquired subsidiaries (net of cash received) (8,656) - Loan to related party (5,000) - Net cash used in investing activities (15,100) (2,959) Cash flows from financing activities Proceeds from borrowings 19,000 14,000 Dividends paid (4,993) (13,228) Payments for share buybacks (43) (355) Repayment of lease principal (3,066) (2,179) Net cash from/(used in) financing activities 10,898 (1,762) Net increase in cash and cash equivalents 839 808 Cash and cash equivalents at the beginning of the period 5,848 3,506 Cash and cash equivalents at the end of the period 6,687 4,314 Nido Education Limited (ASX:NDO) 2026 Half Year Results 30 Appendix II: Financial Statements Consolidated statement of financial position as at 30 Jun 2026 31 Dec 2025 $'000 $'000 ASSETS Cash and cash equivalents 6,687 5,848 Trade and other receivables 5,274 3,718 Other assets 409 966 Total current assets 12,370 10,532 Property, plant and equipment 8,833 7,613 Loan receivable 20,454 14,853 Right-of-use assets 173,870 165,509 Intangible assets 141,791 132,650 Deferred tax assets 12,008 11,677 Total non-current assets 356,956 332,302 Total assets 369,326 342,834 LIABILITIES Trade and other payables 5,658 3,207 Income tax payable 670 2,150 Employee benefits 10,861 10,917 Consideration payable 1,211 836 Lease liabilities 24,782 22,972 Total current liabilities 43,182 40,082 Borrowings 46,776 27,574 Employee benefits 769 530 Lease liabilities 171,773 162,358 Total non-current liabilities 219,318 190,462 Total liabilities 262,500 230,544 Net assets 106,826 112,290 EQUITY Issued capital 123,235 123,505 Reserves 10,047 10,047 Retained earnings / (deficit) (26,456) (21,262) Total equity 106,826 112,290 EBITDA & NPAT Reconciliations 30 June 2026 30 June 2025 $'000 $'000 Reconciliation to AEBITDA EBITDA 16,844 17,761 Lease rental expense (pre AASB 16) (12,876) (11,163) Stamp duty 366 - AEBITDA 4,334 6,598 Reconciliation to ANPAT NPAT (201) 2,499 Lease rental expense (pre AASB 16) (12,876) (11,163) Right of use asset depreciation 5,930 5,120 Lease liability interest expense 9,841 8,985 Stamp duty 366 - Tax impact (978) (883) ANPAT 2,082 4,558 Consolidated statement of cashflow for the year ended 30 June 2026 Statutory Cashflow IFRS 16 adjustment Adjusted Cashflow $'000 Net cash from operating activities 5,041 (3,066) 1,975 Net cash used in investing activities (15,100) (15,100) Net cash from/(used in) financing activities 10,898 3,066 13,964 Net increase in cash and cash equivalents 839 839 Cash and cash equivalents at the beginning of the period 5,848 5,848 Cash and cash equivalents at the end of the period 6,687 6,687