Annual financial statement
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ABN 53 149 850 457 (ASX:ART) Appendix 4E Preliminary Final Report and Full Year Report 30 June 2026 Lodged with ASX under Listing Rules 4.3A and 4.3B. www.airtasker.com
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Airtasker Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Airtasker Limited ABN: 53 149 850 457 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market $'000 Revenues from ordinary activities up 9.9% to 57,827 - Profit from ordinary activities after tax attributable to the owners of Airtasker Limited nm nm nm 1,218 - Profit for the year attributable to the owners of Airtasker Limited nm nm nm 1,218 Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The profit for the Group after providing for income tax and non-controlling interest amounted to $1,218,000 (30 June 2025: loss of $31,569,000). Refer to the 'Financial and Operational Review' within the Directors' report for further commentary on the performance of the Group. 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security (3.88) (3.84) Calculated as: Consolidated 2026 2025 $'000 $'000 Net (liabilities)/assets (833) 2,077 Less: Right-of-use assets (862) (1,380) Less: Intangible assets (18,363) (19,778) Less: Deferred tax asset (16,150) - Add: Lease liabilities 1,058 1,630 Net tangible assets (35,150) (17,451) Total shares issued 489,218,005 454,357,882 4. Control gained over entities Not applicable.
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Airtasker Limited Appendix 4E Preliminary final report 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any) The financial statements have been audited and an unmodified opinion has been issued. 11. Attachments Details of attachments (if any) The Directors' report and financial statements of Airtasker Limited for the year ended 30 June 2026 are attached. 12. Signed Approved for release by the Board of Directors Signed ___________________________ Date: 26 August 2026 Cass O'Connor Chair
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Airtasker Limited ABN 53 149 850 457 Directors' report and financial statements - 30 June 2026
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Airtasker Limited Contents 30 June 2026 1 Directors' report 2 Auditor's independence declaration 48 Consolidated statement of profit or loss and other comprehensive income 49 Consolidated statement of financial position 50 Consolidated statement of changes in equity 51 Consolidated statement of cash flows 53 Notes to the consolidated financial statements 54 Consolidated entity disclosure statement 96 Directors' declaration 97 Independent auditor's report to the members of Airtasker Limited 98
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Airtasker Limited Directors' report 30 June 2026 2 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as 'Airtasker' or the 'Group') consisting of Airtasker Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the financial year ended 30 June 2026 ('FY26'). Directors The following persons were directors of Airtasker during the whole of the financial year and up to the date of this report, unless otherwise stated: Catherine (Cass) O'Connor - Independent Non-Executive Chair Ellen (Ellie) Comerford - Independent Non-Executive Director John (John) Boris - Independent Non-Executive Director (Appointed 25 May 2026) Peter (Pete) Hammond - Non-Executive Director Xiaofan (Fred) Bai - Non-Executive Director Timothy (Tim) Fung - Managing Director and Chief Executive Officer Company secretary Mahendra Tharmarajah Principal activity The principal activity of the Group is the provision of technology-enabled online marketplaces for local services, connecting people and businesses who need work done with people and businesses who want to work. Financial and operational review The profit attributable to the owners of the Group after providing for income tax and non-controlling interest amounted to $1.2 million (30 June 2025: loss of $31.6 million). Key financial and operational metrics Consolidated 2026 2025 Change Change Financial metrics $'000 $'000 $'000 % Group revenue 57,827 52,622 5,205 9.9% Gross profit1 55,367 50,397 4,970 9.9% - - - - Employee benefits expense (25,671) (22,575) (3,096) (13.7%) Sales and marketing expense (54,144) (46,279) (7,865) (17.0%) Technology expense (5,587) (5,223) (364) (7.0%) General and administration expense (8,319) (7,066) (1,253) (17.7%) - - - - Group EBIT2 (21,198) (36,806) 15,608 42.4% Group EBITDA3 (18,076) (33,650) 15,574 46.3% - - - - Loss before tax (23,116) (37,733) 14,617 38.7% Net loss after tax (6,966) (37,733) 30,767 81.5% Net profit /(loss) after tax attributable to the owners of Airtasker Limited 1,218 (31,569) 32,787 103.9% - - - - Net cash flow4 (6,239) 1,182 (7,421) (627.8%) Cash from operating activities (2,329) 4,361 (6,690) (153.4%) - - - - Cash and term deposits 12,361 19,062 (6,701) (35.2%) Total assets 63,828 70,408 (6,580) (9.3%) Total liabilities (64,661) (68,331) 3,670 5.4% Net (deficiency)/assets (833) 2,077 (2,910) (140.1%) 1 Gross profit is calculated based on 'Revenue' (as disclosed in the Consolidated statement of profit or loss and other comprehensive income) less 'Cost of sales' (refer to note 7 of the Notes to the Consolidated financial statements). 2 Earnings before net interest income and taxation. 3 Earnings before net interest income, taxation, depreciation and amortisation. 4 Represents the net (decrease)/increase in 'cash and cash equivalents' in the Consolidated statement of cash flows before the effects of exchange rate changes.
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Airtasker Limited Directors' report 30 June 2026 3 Operational metrics - Airtasker marketplaces 2026 2025 Change Change % Booked tasks 897,568 835,647 61,921 7.4% Average task price ($) 267 250 17 7.0% Monetisation rate5 21.7% 21.6% 0.1% 0.5% Airtasker marketplaces revenue ($'000)6 52,023 45,033 6,990 15.5% Airtasker platform fee revenue ($'000)7 48,794 42,160 6,634 15.7% GMV ($'000)8 239,775 208,664 31,111 14.9% Financial review Financial performance In FY26 Group statutory revenue grew 9.9% to $57.8 million, up from $52.6 million in the year to 30 June 2025 ('FY25'). This increase was primarily driven by the Airtasker marketplaces (excluding the Oneflare marketplace), which saw strong 15.5% organic revenue growth contributing $52.0 million in FY26 (FY25: $45.0 million). New Marketplaces also contributed to the result with revenue growing 65.8% in FY26 to $5.8 million (FY25: $3.5 million). The Group's gross profit mirrored this revenue growth, increasing by 9.9% over the reporting period. Organic revenue growth in the Airtasker marketplaces was supported by the Group's global marketing strategy focussing on above-the-line brand marketing, complemented by public relations, paid performance marketing and sponsorships. The above-the-line brand marketing investment continued to be financed by leveraging the non-cash media advertising services from a series of media partnerships completed in Australia, the UK and the US between June 2023 and March 2026, while the public relations, paid performance marketing, brand sponsorship and other marketing activities were financed from Airtasker's operating and financing cash flows. 5 Monetisation rate represents Airtasker marketplaces revenue in a given financial period, expressed as a percentage of Airtasker marketplaces gross marketplace volume. 6 Airtasker marketplaces revenue (excluding the Oneflare marketplace). Refer to note 5. 7 Airtasker marketplaces platform revenue comprising connection fees charged to customers, service fees charged to taskers, cancellation fees and membership fees, excluding breakage revenue. Refer to note 5. 8 Gross marketplace volume represents the total value of all tasks booked through the Airtasker marketplaces including market stimulus transactions before cancellations and is inclusive of price adjustments between customers and taskers, bonuses paid by customers to taskers, fees payable by customers and taskers to Airtasker, tasker and customer membership fees, and any applicable sales taxes.
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Airtasker Limited Directors' report 30 June 2026 4 The FY26 statutory Net loss after tax ('NPAT') was $7.0 million (FY25: $37.7 million loss) reflecting the sales and marketing investment of $54.1 million, $0.9 million impairment related to the Oneflare business and $2.5 million expense from the unwinding of the interest component of share purchase liabilities, offset by $14.8 million in unrealised statutory accounting gains arising from the remeasurement of share purchase liabilities, $3.7 million in unrealised statutory accounting gains from the related foreign currency translation and $16.2 million in income tax benefits. The Net profit after tax attributable to the owners of Airtasker Limited was $1.2 million (FY25: $31.6 million loss), after accounting for the 4 Ventures Limited ('Channel 4') and Univision Communications Inc. ('TelevisaUnivision') non- controlling interests that arose following the media-for-equity transactions in June 2023 and August 2024, respectively. Employee benefits expense increased 13.7% to $25.7 million (FY25: $22.6 million) principally due to salary indexation, headcount increases and an increase in contractor spend across engineering and customer support through business process outsource providers in the Philippines and Vietnam. During the year, as part of the Group's global expansion strategy in its key markets of Australia, the UK and the US, sales and marketing investment increased 17.0% to $54.1 million (FY25: $46.3 million). The global marketing strategy predominantly involves above-the-line brand marketing through the use of non-cash media advertising services provided by a range of media partners in Australia, the UK and the US for consideration in the form of equity or unsecured convertible notes issued by the Company and Group subsidiaries. During the year, the marketing investment included $31.2 million in non-cash media advertising services (57.7% of total sales and marketing expense) while the remaining $22.9 million was an investment of Airtasker's cash resources in marketing activities including public relations, paid performance marketing and brand sponsorship. Technology expense increased 7.0% to $5.6 million (FY25: $5.2 million) reflecting indexation of software licensing costs and continuing investment in both software and infrastructure resources in a disciplined manner. General and administration expense of $8.3 million (FY25: $7.1 million) reflected higher legal fees associated with the media partnership transactions, travel and accommodation costs associated with the scaling of the UK and US operations and higher investor relations related expenses. Earnings before net interest and taxation (‘Group EBIT’) and Earnings before net interest, taxation, depreciation and amortisation ('Group EBITDA') are non-statutory financial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the statutory NPAT under AAS adjusted for specific non-cash and other items. The Directors consider that Group EBIT and Group EBITDA assist in understanding the financial performance of the Group. Group EBIT and Group EBITDA have been calculated by eliminating the following from statutory NPAT: ● Net interest expense, comprising finance costs less interest revenue; ● Income tax benefit; and ● Depreciation and amortisation expense. Consolidated 2026 2025 Change Change Reconciliation of statutory NPAT to Group EBITDA $'000 $'000 $'000 % Statutory NPAT (6,966) (37,733) 30,767 81.5% Add: Net interest expense 1,918 927 991 106.9% Add: Income tax benefit (note 8) (16,150) - - - - - - - Group EBIT (21,198) (36,806) 15,608 42.4% - - - - Add: Depreciation and amortisation expense (note 7) 3,122 3,156 34 1.1% - - - - Group EBITDA (18,076) (33,650) 15,574 46.3%
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Airtasker Limited Directors' report 30 June 2026 5 For FY26, Group EBIT was a $21.2 million loss (FY25: $36.8 million loss) while Group EBITDA was an $18.1 million loss (FY25: $33.7 million loss). This result was due to an increase in marketing investment to $54.1 million including $31.2 million in non-cash media advertising services, offset by $14.8 million in unrealised statutory accounting gains arising from the remeasurement of share purchase liabilities and $3.7 million in unrealised statutory accounting gains from the related foreign currency translation. In total, $14.2 million of the $18.1 million Group EBITDA loss arose from non-cash statutory accounting expenses and losses. These items include share-based payments expense (note 20), non-cash media advertising services expense (note 10) and the remeasurement of the media partner share purchase liabilities and the associated foreign currency translation (note 17). Group EBIT was calculated by adjusting the statutory NPAT for net interest expense of $1.9 million and income tax benefit of $16.2 million while Group EBITDA reflected the adjustment of Group EBIT for the depreciation and amortisation expense of $3.1 million, which arose primarily from the amortisation of right-of-use assets and capitalised platform development expenditure. Media partnerships The Group has completed a number of media partnerships where Group subsidiaries in the UK and the US issued equity and unsecured convertible notes in exchange for media advertising services in the markets in which they operate. At maturity, the Group subsidiaries may choose to settle the unsecured convertible notes in cash for principal and coupon or convert them into equity in the issuing Group subsidiary. These unsecured convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity issued in subsequent periods. The forward obligation over own equity is treated as a share purchase liability. At the option of the Group, these forward obligations can be settled in cash or equity in the Company. The share purchase obligations are a function of the Group subsidiary valuation, which is based on each Group subsidiary's trailing twelve months revenue prior to the forward purchase date, multiplied by the Group’s market capitalisation multiple as a function of the Group’s trailing twelve months revenue prior to the forward purchase date. The forecast revenues for the Group subsidiaries and the movement in the Group's revenue based market capitalisation multiple were the primary drivers of the $14.8 million in unrealised statutory accounting gains arising from the remeasurement of the share purchase liabilities, recognised through profit or loss. In addition, as the share purchase liabilities are denominated in foreign currencies, there was a further $3.7 million in unrealised statutory accounting gains arising from the associated foreign currency translation of the share purchase liabilities, recognised through profit or loss. It is expected that as the Group continues to utilise prepaid media assets in executing its global marketing strategy, Group EBIT and Group EBITDA losses will continue to be significant in subsequent periods, as the utilisation is recognised as a sales and marketing expense through profit or loss. Changes in the measurement of the share purchase liabilities will also impact Group EBIT and Group EBITDA as they will be recognised directly to profit or loss, except for the unwinding of the effect of discounting on the liabilities, which will be recognised as a finance cost. Subsequent remeasurement of the share purchase liabilities will be subject to movements in the forecast revenues of the relevant Group subsidiary, the Group’s revenue based market capitalisation multiple, foreign currency translation rates and the Group’s cost of capital. Refer to note 10 and note 17. Cash flows In FY26 the Group recorded net cash outflows of $6.2 million (excluding the effects of exchange rates) comprising operating cash outflows of $2.3 million, investing cash outflows of $2.0 million and financing cash outflows of $1.9 million. Cash from operating activities decreased by $6.7 million to cash outflow of $2.3 million (FY25: $4.4 million cash inflow). The negative operating cash flow resulted from increasing cash receipts 9.6% to $64.1 million (FY25: $58.5 million) with cash outflows increasing 22.7% to $67.0 million, driven by increased cash sales and marketing investment. Cash receipts growth was supported by Group revenue growth of 9.9% to $57.8 million and in particular, Airtasker marketplaces revenue growth of 15.5% to $52.0 million.
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Airtasker Limited Directors' report 30 June 2026 6 Net cash used in investing activities totalled $2.0 million (FY25: $2.2 million), primarily in capitalised platform development expenditure. Net cash used in financing activities of $1.9 million (FY25: $1.0 million) comprised the ordinary share subscription capital of $10.0 million (announced on 17 November 2025) less transaction costs of $0.5 million, less the settlement of the total $10.8 million of the Australian unsecured convertible notes and $0.6 million in lease payments. On 17 November 2025 the Company announced a $10.0 million capital raise through the issue of 33,333,333 ordinary shares in the Company at $0.30. The initial placement of 31,666,667 ordinary shares was completed on 24 November 2025 and the second placement of 1,666,666 ordinary shares was completed on 16 June 2026, following the Extraordinary General Meeting held on 10 June 2026 approving the second placement. The placement transaction costs totalled $0.5 million. On 29 June 2026, the Company cash settled each of the $5.0 million unsecured convertible notes issued to oOh!media Operations Pty Limited ('oOh!media') on 25 June 2024 and Australian Radio Network Pty Limited ('ARN') on 3 July 2024, with payments of $5.5 million and $5.4 million, respectively for the principal and accrued coupon. The aggregate early settlement reduction in the coupon amounted to $0.3 million, equivalent to 27% of the total coupon otherwise payable on the two notes. Financial position Net assets decreased by $2.9 million, resulting in net liabilities of $0.8 million at 30 June 2026, reflecting a decrease in total assets following the usage of the prepaid media asset. Total assets decreased by $6.6 million to $63.8 million at 30 June 2026 (30 June 2025: $70.4 million). The decrease principally reflected $31.2 million of prepaid media assets recognised as a sales and marketing expense, partly offset by $17.8 million of new prepaid media assets received from the Group's media partners in Australia, the UK and the US. Refer to note 10. Total liabilities at 30 June 2026 decreased by $3.7 million to $64.7 million (30 June 2025: $68.3 million) mainly due to the remeasurement of the share purchase liabilities by $14.8 million. Refer to note 17. Airtasker's financial position remains strong at 30 June 2026 with $12.4 million (30 June 2025: $19.1 million) in cash and term deposits.
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Airtasker Limited Directors' report 30 June 2026 7 Consolidated 2026 2025 Cash and term deposits $'000 $'000 Cash and cash equivalents (note 9) 12,048 18,471 Term deposits (note 10) 313 591 Total cash and term deposits 12,361 19,062 Operational review Overview Airtasker is Australia’s leading online marketplace platform for local services, connecting people who need work done with people who want to work. Airtasker's mission is to empower people to realise the full value of their skills. In Australia, more than 13% of active digital platform workers use task-based digital platforms and more than 61% of those people have chosen to work through the Airtasker marketplaces, placing the Group at the forefront of the flexible working movement. 9 The core purpose of the Group is to enable flexible jobs and income opportunities by becoming the world’s most trusted place to buy and sell local services. Since launching in 2012, Airtasker has had over $1 billion in jobs and 5 million tasks completed globally on the platform, and has put more than $839 million into the pockets of Australian taskers (net of Airtasker’s fees). During FY26, Airtasker marketplaces revenue grew 15.5% to $52.0 million (FY25: $45.0 million) supported by a 14.9% increase in GMV to $239.8 million (FY25: $208.7 million). This growth was driven by a 7.4% increase in booked tasks to 897,568 (FY25: 835,647) and a 6.8% increase in the average task price to $267 (FY25: $250). Growth in all marketplaces was achieved in the face of mixed macroeconomic conditions in the Group's key markets, with conditions in the UK and US having lesser impact due to the earlier stage of development in those markets. In Australia, the Group's largest market at 90.1% of Group revenue, macroeconomic conditions and consumer sentiment deteriorated over the course of the financial year. While monetary policy was eased in the first half of the financial year, the re-emergence of inflationary pressures, amplified by a war in the Middle East and higher global oil prices, resulted in the Reserve Bank of Australia reversing course and raising interest rates successively across the second half of the financial year. Consumer sentiment weakened materially in response, falling to levels well below historical averages, while the unemployment rate remained relatively steady. Management note that inflation and interest rate expectations appear to have stabilised towards the end of the financial year, and are cautiously optimistic that Australian macroeconomic conditions and consumer sentiment will improve over the course of financial year 2027, supporting improved marketplace demand. The Group continued to execute on its global marketing expansion program, securing follow-on investments from Channel 4 in the UK, iHeartMedia + Entertainment, Inc. ('iHeartMedia') in the US and the addition of a new media partnership with Nine Entertainment Co. Pty Ltd ('Nine Entertainment') in Australia. In February 2026 the Group launched a subscription membership product that had acquired over 10,000 subscribers by 30 June 2026 across Australia, the UK and the US. Membership subscriptions are targeted to become a significant source of recurring revenue whilst also driving transaction revenue through the marketplace from repeat bookings and more frequent usage. As of 30 June 2026, the Company retired the Oneflare brand and technology platform and migrated its business and operations to the Airtasker Australia marketplace, including customer relationships, registered business customers, organic search traffic, data and the majority of its personnel. This was the final step in the integration plan announced in May 2022 following the acquisition of the Oneflare business. 9 The Local Services Market - Market Report, Frost & Sullivan, July 2024. 10 Comprising the Airtasker marketplaces only (excluding the Oneflare marketplace).
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Airtasker Limited Directors' report 30 June 2026 8 Marketplace economics The ‘Established Marketplaces Segment’ is represented in Australia by Airtasker and Oneflare which have established user bases and operations. The 'New Marketplaces Segment' is represented primarily by the international Airtasker marketplaces in the US and the UK which have less established user bases and operations and may experience accelerated growth in posted tasks, GMV and revenue each year. Management also present a non-statutory view of the operating segment data disclosed in note 4 based on the 'marketplace economics', reconciling the contribution of the Established Marketplaces Segment EBITDA to the investment in the New Marketplaces Segment EBITDA and Group EBITDA. During FY26, Airtasker's Established Marketplaces Segment generated positive EBITDA of $28.7 million (FY25: positive $26.9 million). The increase reflected growth in revenue with a $2.2 million decrease in the Australian marketing investment to $11.1 million (FY25: $13.4 million), primarily from Oneflare. The majority of the marketing investment was in the Airtasker Australia marketplace, with a total investment of $9.2 million including $5.6 million in non-cash media advertising services, down $1.0 million in total on FY25. The EBITDA from the Established Marketplaces Segment covered global head office expenditure of $19.2 million (FY25: $18.8 million), to generate positive Australian net EBITDA of $9.5 million (FY25: positive $8.1 million). Global head office expenditure increased 1.8% against FY25. 2026 2025 Change Non-statutory operating segment data $'000 $'000 $'000 % Established Marketplaces (Australia) EBITDA (note 4) 28,673 26,913 1,760 6.5% - - - - Less: Global head office expenditure 11, 12 (19,169) (18,834) (335) (1.8%) - - - - Australian net EBITDA 9,504 8,079 1,425 17.6% - - - - Less: New Marketplaces (UK and US) EBITDA (46,084) (36,576) (9,508) (26.0%) - - - - Less: Remeasurement and foreign currency translation of share purchase liabilities (note 17)13 18,504 (5,153) 23,657 459.1% - - - - Group EBITDA (18,076) (33,650) 15,574 46.3% The marketing investment in the New Marketplaces Segment during FY26 was $43.0 million, comprising $25.7 million from utilisation of the UK and US prepaid media assets, plus a $17.3 million cash investment mainly in public relations, paid performance marketing and brand sponsorship. After accounting for the increased marketing investment in the New Marketplaces Segment, which recorded an EBITDA loss of $46.1 million (FY25: $36.6 million loss), and the $18.5 million unrealised statutory accounting gain from the remeasurement of the share purchase liabilities and the associated foreign currency translation, Group EBITDA increased by $15.6 million, to an $18.1 million loss (FY25: $33.7 million loss). 11 Represents ‘Global head office expenditure’ (refer to note 4), less the $14.8 million in unrealised statutory accounting gains arising from the remeasurement of the share purchase liabilities recognised through profit or loss, and the $3.7 million in unrealised statutory accounting gains arising from the associated foreign currency translation recognised through profit or loss (refer to note 17). 12 Global head office expenditure includes operating expenditure relating to the marketplace platforms, including engineering, product, support and maintenance costs and back office support functions including leadership, legal, finance and people operations and innovation investment that is non-capitalisable and associated with the design of, and post-implementation work on new features designed to enhance the user experience, increase long term GMV and grow long term revenue. 13 Comprises the $14.8 million in unrealised statutory accounting gains arising from the remeasurement of the share purchase liabilities, recognised through profit or loss, and the $3.7 million in unrealised statutory accounting gains arising from the associated foreign currency translation recognised through profit or loss (refer to note 17).
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Airtasker Limited Directors' report 30 June 2026 9 Established Marketplaces The Established Marketplaces Segment in Australia, comprising Airtasker and Oneflare, saw a 5.9% increase in revenue to $52.1 million (FY25: $49.2 million). Specifically, the Airtasker Australia marketplace delivered double digit growth with revenue up 11.3% to $46.3 million (FY25: $41.6 million) and GMV increasing 10.9% to $211.6 million (FY25: $190.8 million). The Airtasker Australia revenue growth was supported by $9.2 million (FY25: $10.2 million) in media advertising of which $5.6 million was non-cash media advertising services through oOh!media, ARN and Nine Entertainment which also saw unprompted brand awareness (brand salience) increase 20% 14 during the year. Meanwhile, the newly launched membership subscription product saw 9,400 members signed up by 30 June 2026. The Oneflare marketplace revenue contribution for FY26 was $5.8 million (FY25: $7.6 million) with its marketing investment decreasing proportionately to $1.9 million (FY25: $3.2 million) while its proportion of Group revenue was 10.0% (FY25: 14.4%). As of 30 June 2026, the Company retired the Oneflare brand and technology platform and migrated its business and operations to the Airtasker Australia marketplace, including customer relationships, registered business customers, organic search traffic, data and the majority of its personnel. This was the final step in the integration plan announced in May 2022 following the acquisition of the Oneflare business. On 25 March 2026, the Company and Nine Entertainment formed a strategic partnership for the provision by Nine Entertainment of $5.0 million in media advertising services over two years. In consideration the Company issued an unsecured convertible note in the amount of $5.0 million, paying a coupon of 4.9% per annum. At maturity on 1 July 2028, the Company has the option to repay the principal and coupon in cash or convert it into equity in the Company at a 10% discount to the volume-weighted average share price ('VWAP'). On 29 June 2026, the Company cash settled each of the $5.0 million unsecured convertible notes issued to oOh!media on 25 June 2024 and ARN on 3 July 2024, with payments of $5.5 million and $5.4 million, respectively for the principal and accrued coupon. The aggregate early settlement reduction in the coupon amounted to $0.3 million, equivalent to 27% of the total coupon otherwise payable on the two notes. The partnerships with oOh!media and ARN supported a resurgence in brand investment in Australia, with Airtasker brand salience increasing 38.5% from the September 2024 quarter to the June 2026 quarter. At the same time, the compound annual growth rates for Australian GMV and revenue between the September 2024 quarter and the June 2026 quarter were 8.1% and 8.7% respectively. 14 YouGov Brand Tracker, 4Q26 compared with 4Q25.
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Airtasker Limited Directors' report 30 June 2026 10 New Marketplaces The New Marketplaces Segment, comprising the UK and the US, grew revenue in FY26 by 65.8% to $5.8 million (FY25: $3.5 million) supported by an increase in marketing investment to $43.0 million (FY25: $32.9 million), with its proportion of Group revenue at 9.9% (FY25: 6.6%). The increase in marketing primarily comprised $25.7 million of non-cash marketing through the Group's media partners, including Channel 4 in the UK and TelevisaUnivision, iHeartMedia, Sinclair Television Group, Inc. and Mercurius Media Capital LP in the US plus $17.3 million cash invested in public relations, performance marketing and brand sponsorship. On 7 October 2025, Airtasker UK Limited ('Airtasker UK') and Channel 4 agreed to a further investment by Channel 4 of £2.5 million ($5.1 million) in media advertising services over two years. In consideration Airtasker UK issued an unsecured convertible note in the amount of £2.5 million ($5.1 million), paying a coupon of 5.0% per annum. At maturity on 31 October 2027, Airtasker UK has the option to repay the principal and coupon in cash or convert it into equity in Airtasker UK at a 10% discount to an agreed valuation. As at 30 June 2026 Channel 4’s total investment in Airtasker UK was £10.0 million ($19.6 million). In FY26, the continuing above-the-line brand marketing campaigns in the UK saw posted tasks increase by 25.8%, GMV grow by 47.3% to £11.0 million ($21.6 million) (FY25: £7.5 million), and revenue increase by 55.4% to £2.2 million ($4.4 million) (FY25: £1.5 million). The new membership subscription product had secured 700 members across the UK and US by 30 June 2026. On 17 November 2025, Airtasker USA Inc ('Airtasker USA') and iHeartMedia agreed to a further investment by iHeartMedia of US$5.0 million ($7.7 million) in media advertising services over three years. In consideration Airtasker USA issued an unsecured convertible note in the amount of US$5.0 million ($7.7 million), paying a coupon of 5.0% per annum. At maturity on 30 November 2028, Airtasker USA has the option to repay the principal and coupon in cash or convert it into equity in Airtasker USA at a 20% discount to an agreed valuation. As at 30 June 2026 iHeartMedia’s total investment in Airtasker USA was US$10.0 million ($14.7 million). The US marketplace continued to demonstrate promising results in FY26 with posted tasks increasing 84.8%, GMV growing 140.6% to US$4.3 million ($6.3 million) (FY25: US$1.8 million) and revenue up 149.8% to US$0.9 million ($1.3 million) (FY25: US$0.4 million).
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Airtasker Limited Directors' report 30 June 2026 11 Business strategy and outlook Focus The Group commenced the 2027 financial year ('FY27') with $12.4 million of cash and term deposits on its balance sheet and $13.2 million in prepaid media assets across its main markets of Australia, the UK and the US. In FY26 the Group invested heavily in cash marketing in its New Marketplaces as part of its overall marketing strategy supported by the additional capital raised in November 2025. This strategy resulted in an operating cash outflow and a net cash outflow for the year after two years of positive free cash flow. The Group is targeting positive free cash flow in FY27. In FY27 Airtasker intends to remain true to its core long term strategy anchored around the following three key areas of focus: ● Investing in the core Airtasker brand and platform experience to maintain market leadership; ● ● Driving profitable growth in the Australian marketplace; and ● ● Continuing to scale in the UK and the US. Following the retirement of the Oneflare brand and technology platform in FY26 and the migration of its business and operations into Airtasker Australia, the Group will segment its business operations in FY27 into Australia and International (the latter comprising the scaling marketplaces in the UK and the US as well as nascent marketplaces in New Zealand, Singapore and Ireland). Australia In Australia, macroeconomic conditions and consumer sentiment are expected to improve over the course of FY27 supported by an expectation of lower inflation rates and a gradual easing in monetary policy. Consequently, top of funnel demand metrics for posted and booked tasks are expected to continue to strengthen, supported by several marketing and product initiatives. The Group will continue to leverage its Australian media partnerships to increase Airtasker brand salience and consideration to win customer discoverability. The strategic partnership with Nine Entertainment, which provides access to a range of media assets, will be supported by the recently announced renewal of an existing partnership with oOh!media and a new partnership with Nova Entertainment Pty Ltd ('Nova Entertainment'), which provide access to out-of-home and broadcast audio assets, respectively. Additionally, the subscription membership product which saw 9,400 members signed up by 30 June 2026 is expected to continue to be an area of focus and investment with additional value to be provided to members through partnerships and other reward strategies. Winning repeat customer usage through accelerated membership subscriptions with a target of 50,000 members at 30 June 2027. Membership subscriptions are targeted to become a significant source of recurring revenue whilst also driving transaction revenue through the marketplace from repeat bookings and more frequent usage. More recently, following the migration of the Oneflare business and operations into Airtasker Australia, the Group launched Airtasker Pro Pass, an annual paid subscription product for professional tradespeople and active taskers. This membership program is also expected to generate growing recurring revenue in FY27 whilst addressing platform leakage by taskers and also delivering greater value and rewards to high frequency users. In FY27, Australia is targeting to deliver double digit revenue growth supported by strong topline GMV growth with a similar marketing investment to FY26, generating increasing cash flows to fund the Group’s global expansion strategy. International According to market data 15, the aggregate total addressable market ('TAM') for local services in the UK and US is more than $954 billion per annum, more than 12 times the size of the Australian TAM. The Group is focused on leveraging its proven, open and infinitely horizontal Airtasker marketplace platform to expand its reach in new markets.
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Airtasker Limited Directors' report 30 June 2026 12 The Airtasker business model has high operating leverage as the marketplace platform can be launched into new markets by customising relevant features using its localisation configuration layer with the primary investment being marketing to generate brand awareness. Consequently, only limited non-variable expenditure including product, engineering and corporate expenses are incurred. The Airtasker marketplaces exhibit a high degree of seasonality and as such demand peaks in the northern hemisphere (e.g. the UK and the US) during the first and fourth quarters of the Group's financial year. The primary investment in new markets is above-the-line brand marketing to build brand awareness, build awareness of the marketplace platform and build network effects. These media partnerships remain a cash efficient strategy to finance the marketing investment required to establish and grow new markets. Airtasker's media partners also provide local market expertise, networking opportunities and powerful media distribution. The Group intends to continue to leverage its existing global partnership with VCARB. Over the past two years this partnership has enabled Airtasker to celebrate the 'Team Behind the Dream' - the unsung heroes of Formula 1 - through a range of marketing initiatives in Australia, the UK and the US that have enhanced Airtasker’s brand cachet and rewarded members of the Airtasker community. In FY27 the Group is targeting to maintain its total marketing investment in international markets at approximately 65% of FY26 levels. Airtasker UK The UK marketplace is targeting to continue to grow GMV from $21.6 million and revenue from $4.4 million supported by continuing marketing investment (non-cash media advertising services and cash) and by the membership subscription product (launched in May 2026) which acquired 500 members as at 30 June 2026. The UK GMV ARR at 30 June 2026 was equivalent to $29.3 million 16, ahead of the $25 million three-year target set when the media partnership with Channel 4 went to market in October 2023. With the FY26 average monetisation rate at 20.4% the UK market has scaled to a point where the Group could determine that it be self-sufficient and fund its own marketing investment. To that end the Company intends to reduce its total FY27 cash investment in the UK relative to FY26. Airtasker USA The US marketplace is expected to continue to deliver triple digit growth in GMV and revenue in FY27, up from $6.3 million and $1.3 million in FY26, respectively. As at 30 June 2026, the membership subscription product (launched in May 2026) had acquired 200 subscribers in the US. The US marketplace is now two years into its above-the-line brand marketing strategy focusing on the key cities of Los Angeles, Las Vegas, Austin and more recently New York, Houston and Phoenix. The Group continues to refine its marketing strategy for the US based on the learnings of the last two years with a more targeted marketing program for FY27. FY27 GMV and revenue growth in the US marketplace will continue to be supported by a program of disciplined marketing activity alongside the Group’s US media partners. Regulatory environment The Group operates in a sector where laws and regulations relating to its operations and marketplaces are evolving. Reporting by digital platform operators Airtasker is compliant with regulatory frameworks supporting digital platform operators, including the OECD Model Rules, as adopted by the UK, European Union, and New Zealand, and Australia's Sharing Economy Reporting Regime. 15 The Local Services Market - Market Report, Frost & Sullivan, July 2024. 16 GMV annual recurring revenue calculated as 12x GMV for June 2026.
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Airtasker Limited Directors' report 30 June 2026 13 Risk and governance The Board of the Company recognises that effective risk management is fundamental to sound corporate governance and to the continued growth and success of the Group. Consistent with Principle 7 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition), the Board, with the assistance of the Audit and Risk Committee, has established and oversees a risk management framework designed to identify, assess, monitor and manage the Group’s material business risks. The framework, together with the supporting policies and processes, is reviewed at least annually and updated as required to reflect changes in the Group’s operations and external environment. Further information on the Group’s approach to risk management, including the role of the Audit and Risk Committee, is set out in the Corporate Governance Statement available on the Company’s website. In accordance with section 299A(1)(c) of the Corporations Act 2001 (Cth), the material business risks that may have a material impact on the achievement of the Group’s financial or operational performance, together with the principal mitigation strategies that are or may be adopted in response, are summarised below. The risks below are not listed in order of significance, are not exhaustive, and may change over time. Risk Potential Impact Mitigation Brand salience and user trust in Airtasker's marketplaces The success of the Group's business and its ability to grow relies on its brand and reputation, ability to attract new users and retain existing ones, manage demand and supply optimisation, and build loyalty and trust in its marketplaces. The Group is exposed to the risks that: - Posted tasks and offers are not sufficient to attract and retain users in each marketplace leading to low trust; - Taskers may not perform services to the standards expected by customers or engage in criminal or other dangerous activities that may lead to customer complaints or legal action negatively impacting the Group's brand and reputation; or - Users may, after connecting through the Group's marketplaces, engage only on a one-off basis or engage off-platform and deal directly with one another to avoid paying fees. - Continue to implement systems, processes and documentation to streamline processes and increase the efficiency of the platform. - Key performance marketing and metric monitoring to target optimised demand and supply. - Optimise pricing and marketplace incentives. - Customer service and complaints monitoring with escalation and feedback loops. - Develop product features that support repeat usage, including rebooking and membership. - Terms and conditions and community guidelines structured to ensure behaviour is clear responsibility of customers and taskers (not Airtasker). - Customer support procedures in place to escalate major incidents. - PR and communication supporting brand awareness with Airtasker recognised as the marketplace where one can “get anything done”. Changes in geopolitical and macroeconomic conditions Changes in geopolitical and macroeconomic conditions, including inflation rates, interest rates, unemployment rates and volatility in global capital markets may impact consumer confidence and the level of consumer demand for services negatively. There is a risk that the level of consumer demand and the volume of labour supply through the Group's marketplaces may be impacted by external factors beyond the Group’s control with a flow on impact to revenue and profitability. - Maintain liquidity discipline and target positive free cash flow. - Monitoring marketplace activity, financial position and forecast cash flow on regular basis. - Treasury policy with balance sheet cash reserves to withstand external shocks to the business. - Geographical diversification of revenue sources. International expansion The Group is expanding further in its international markets, in particular the UK and - Engage experienced local senior management in the UK and the US.
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Airtasker Limited Directors' report 30 June 2026 14 Risk Potential Impact Mitigation the US. There is a risk that the Group is less familiar with the macroeconomic conditions, political, legal, tax and regulatory environment, competitive landscape and cultural norms in these markets potentially leading to increased compliance risk, cost and a longer period to reach scale. - Retain reputable local legal, accounting, tax and transfer pricing advisers as necessary in each jurisdiction. - Regular monitoring of performance and competitors. - Development of local partnerships (e.g. Dunelm, Argos and Zoopla in the UK). Brand marketing and media partnerships The Group has adopted a global strategy of pursuing above-the-line brand marketing to build awareness of the Airtasker brand through media partnerships and sponsorship arrangements in each market in which it operates. The Group is exposed to the risks that: - The marketing strategy may not achieve the levels of brand awareness expected in each market at the outset; - Achieving the desired level of brand awareness takes longer than planned; and/or - The marketing channels provided by its media partners are less effective than expected or will take longer to become productive. - Deploying non-cash media spend on targeted, measured (brand and performance metrics) and monitored basis over time. - Continuing to develop and diversify current and potential media partnerships to deepen access for future media spend requirements. - Nurture and develop media partnerships to sustain a long-term relationship. - Continue to expand digital marketing and organic/ content strategy approaches. Media equity transactions The Group has completed several media partnerships that have provided media advertising services for use in the markets in which it operates, in consideration for which the Company or Group subsidiaries have issued equity and unsecured convertible notes. There is a risk that at the respective maturity dates of the convertible notes the Group may not have the financial resources to opt for cash repayment of the convertible notes and hence, at the conversion date, may no longer retain a controlling interest in a subsidiary. - Capital management plan. - Preserve balance sheet reserves. - Capital planning to forward plan access to funding and prioritisation of investments. - Continuing to develop and diversify current and potential media partnerships to deepen access for future media spend requirements. Profitability and access to additional capital While demonstrating increased marketplace and revenue growth, the Group is not currently profitable and may take time to achieve profitability. Even if the Group achieves profitability, it may not be able to sustain or increase profitability over time. The Group's ability to continue its current operations and effectively implement its growth strategies may depend on its ability to raise additional debt or equity capital. There is a risk that low debt or equity capital markets appetite for unprofitable technology enabled companies, may, in the short term, limit the Group's ability to access capital to implement its growth strategies. - Active liquidity management targeting positive free cash flow for the Group. - Monitoring marketplace activity, financial position and forecast cash flow on regular basis. - Disciplined and prioritised allocation of financial resources and capital management to forward plan access to funding. Competition There are several online marketplaces with which the Group competes from time to time, - Structured marketplaces to establish network effect, data and reputation
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Airtasker Limited Directors' report 30 June 2026 15 Risk Potential Impact Mitigation particularly in international markets. There is a risk that competitors may increase their position through increased marketing, technological advances and innovations, more competitive pricing, obtaining more capital and more specialised expertise and resources. Increased competition may reduce consumer demand and the volume of labour supply through the Group's marketplaces. passport "moats". - Monitor competitor activity. - Target superior regulatory compliance as a competitive advantage. - Monitor inorganic mergers and acquisition opportunities. - Deploy artificial intelligence tools ('AI') selectively to improve marketing, discoverability and operating efficiency. Key personnel The Group is dependent on its existing employees as well as its ability to attract and retain skilled employees. There is a risk that loss of key employees or under-resourcing and an inability to recruit suitable employees within a reasonable time frame may cause disruptions to the Group's operations and growth initiatives, adversely impacting its financial performance. - Ongoing review of competitive compensation and learning and development opportunities. - Career growth opportunities through structured 360 feedback and organisational structures. - Diversity and Inclusion Council focusing on safety, belonging and inclusion in the workplace supported by an employee value proposition and wellbeing benefits programme. - Work Health and Safety management framework including policy, incident monitoring and training. - Established alternate resourcing model for customer support and Engineering and Data roles. Fraud in the marketplaces As the Group continues to grow, particularly into international markets, incidences of fraud in the Group's marketplaces may increase. There is a risk that increasingly sophisticated occurrences of fraud may not be able to be prevented. - Ongoing investment in security and fraud detection systems, including machine- learning based risk scoring of transactions and dedicated trust and safety resources monitoring marketplace security. - Financial controls including cash reconciliations, cash sweeps. - Access controls. - Complaints monitoring. - Limit financial exposure through low average transaction values. - Subject relevant fraud controls to external audit review. Data breaches and other data security incidents The Group and its suppliers collect a wide range of personal and service usage data and other confidential and sensitive information from users of its marketplaces in the ordinary course of business, and store that data electronically. As an online platform business, the Group is exposed to cybersecurity risks that may arise through a cyber-attack, data breach or other data security incident relating to its marketplace platforms. - Systems in place to maintain the confidentiality and security of that data and prevent unauthorised access to, or disclosure of that data. - Annual penetration testing of platforms. - Cyber insurance. - Information security framework aligned to recognised industry standards, with documented policies covering access management, encryption, vendor due diligence and secure software development. - Documented cyber and data breach incident response plan, including escalation to executive management and the Board, and assessment of notification obligations
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Airtasker Limited Directors' report 30 June 2026 16 Risk Potential Impact Mitigation under the Privacy Act 1988 (Cth) Notifiable Data Breaches scheme and, where applicable, UK GDPR and equivalent overseas regimes. - Ongoing employee security awareness training and phishing simulations. - Third-party / vendor risk assessment for suppliers handling personal or sensitive data. Performance of technology The Group operates online marketplaces and is heavily reliant on information technology utilising proprietary software, software and services licensed from third party suppliers as well as the reliability and performance of communications infrastructure including the Internet which is outside the Group's control. The success of the Group also depends on its ability to identify and deploy the most appropriate new technologies and features on its marketplace platforms (e.g. artificial intelligence). There are risks that the Group: - May experience technology outages, loss of suppliers or changes in supply terms that have a material adverse impact on its operations, reputation, financial performance and growth prospects; or - May fail to update, develop or adopt new technologies which may render the Group's marketplaces less competitive. - Ongoing disciplined investment in platform infrastructure with credible suppliers and fit- for-purpose tools, supported by documented business continuity and disaster recovery arrangements. - Monitor competitor activity for AI integrations and use of AI-powered productivity tools. - Selectively test and adopt AI initiatives from software vendors to improve operations and increase efficiency. Compliance with and changes to laws and regulations As the Group operates broad, multi-category marketplaces for lawful local services, it is exposed to evolving laws and regulations affecting its operations and users. The Group is exposed to the risks that: - New laws or regulations may be enacted or existing laws or regulations amended in such a way that impose regulations on the Group and/or users of its marketplaces; or - The provision of a particular service may require the Group itself to comply with laws or regulation or require a specific licence in respect of that particular service. - Maintain up to date policies and procedures to assess compliance with key legislative provisions including ASIC, ASX and other compliance obligations in Australia. - Retain local experts (accountants, tax and secretarial), as necessary, in international jurisdictions to support reporting and compliance in those markets. - Monitor changes in key regulatory provisions in each market. - All non-Australian staff engaged through third-party employers of record. - Maintain open and responsive relationships with government, law enforcement and regulatory bodies, including engagement on emerging legislative reform; and maintain compliance programmes addressing the Group’s obligations under whistleblower protection legislation and applicable anti-bribery and corruption laws. Climate change The Group may be exposed to physical risks (such as extreme environmental and weather conditions in key markets) and transition risks (including evolving regulatory requirements, - Review and assess environmental and social sustainability footprint and its exposure to environmental and social risks in order to meet its reporting and
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Airtasker Limited Directors' report 30 June 2026 17 Risk Potential Impact Mitigation changing customer and investor expectations, and the mandatory climate-related financial disclosure regime). There is a risk that over time these factors may impact the Group’s reputation, compliance obligations, cost base and financial performance. compliance obligations when due. - Progressive uplift of internal data collection, governance and assurance processes in preparation for mandatory climate-related financial disclosure under AASB S2 and the Australian sustainability reporting regime. - Board and Audit and Risk Committee plan to include oversight of climate-related risks and opportunities as part of the Group’s risk management framework in line with compliance requirement timing. Agentic commerce The emergence of agentic commerce where autonomous AI agents transact on behalf of consumers may enable customers to connect directly with taskers outside the Group’s marketplaces or shift the competitive landscape in which the Group operates. This may reduce transaction volumes, pricing power or differentiation, and adversely impact the operational and financial performance of the Group. - Monitor competitor activity for AI integrations and use of AI-powered productivity tools. - Deploy artificial AI selectively to improve marketing, discoverability and operating efficiency. Significant changes in the state of affairs During the financial year: ● On 7 October 2025, Airtasker UK and Channel 4 agreed to a further investment by Channel 4 of £2.5 million ($5.1 million) in media advertising services over two years. In consideration Airtasker UK issued an unsecured convertible note in the amount of £2.5 million ($5.1 million), paying a coupon of 5.0% per annum. At maturity on 31 October 2027, Airtasker UK has the option to repay the principal and coupon in cash or convert it into equity in Airtasker UK at a 10% discount to an agreed valuation. ● ● On 17 November 2025, Airtasker USA and iHeartMedia agreed to a further investment by iHeartMedia of US$5.0 million ($7.7 million) in media advertising services over three years. In consideration Airtasker USA issued an unsecured convertible note in the amount of US$5.0 million ($7.7 million), paying a coupon of 5.0% per annum. At maturity on 30 November 2028, Airtasker USA has the option to repay the principal and coupon in cash or convert it into equity in Airtasker USA at a 20% discount to an agreed valuation. As at 30 June 2026 iHeartMedia’s total investment in Airtasker USA was US$10.0 million ($14.7 million). ● ● On 25 March 2026, the Company and Nine Entertainment formed a strategic partnership for the provision by Nine Entertainment of $5.0 million in media advertising services over two years. In consideration the Company issued an unsecured convertible note in the amount of $5.0 million, paying a coupon of 4.9% per annum. At maturity on 1 July 2028, the Company has the option to repay the principal and coupon in cash or convert it into equity in the Company at a 10% discount to the VWAP. ● ● On 29 June 2026, the Company cash settled each of the $5.0 million unsecured convertible notes issued to oOh!media on 25 June 2024 and ARN on 3 July 2024, with payments of $5.5 million and $5.4 million, respectively for the principal and accrued coupon. The aggregate early settlement reduction in the coupon amounted to $0.3 million, equivalent to 27% of the total coupon otherwise payable on the two notes. ● ● As of 30 June 2026, the Company retired the Oneflare brand and technology platform and migrated its business and operations to the Airtasker Australia marketplace, including customer relationships, registered business customers, organic search traffic, data and the majority of its personnel. There were no other significant changes in the state of affairs of the Group during the financial year.
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Airtasker Limited Directors' report 30 June 2026 18 Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Matters subsequent to the end of the financial year On 25 August 2026, subsequent to the end of the financial year, the Company issued a $5.0 million unsecured convertible note to Australian media company oOh!media Operations Pty Ltd with a 3 year maturity and 4.9% coupon as consideration and in exchange for $5.5 million in out-of-home media inventory. At maturity, at the option of the Company, the note and coupon are redeemable in cash or convertible into ordinary shares of the Company at a 10% discount to the 30-trading day VWAP. On 25 August 2026, subsequent to the end of the financial year, the Company issued a $5.5 million unsecured convertible note to Australian media company Nova Entertainment Pty Ltd with a 3 year maturity and 4.9% coupon as consideration and in exchange for $5.5 million in broadcast audio media inventory. At maturity, at the option of the Company, the note and coupon are redeemable in cash or convertible into ordinary shares of the Company at a 10% discount to the 30-trading day VWAP. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Environmental regulation The Group is not subject to any significant environmental regulation under Australian Commonwealth or State law. Information on Directors Name: Cass O'Connor Title: Independent Non-Executive Chair Qualifications: Bachelor of Business from the University of Technology, Sydney and a Graduate of the Australian Institute of Company Directors Experience and expertise: Cass joined Airtasker as the Independent Non-Executive Chair on 1 July 2023. Cass is currently the Chair of a number of successful Australian companies in venture backed technology, film and television production, premium consumer goods and Government backed performing arts. Cass has 35 years’ of executive, non-executive and advisory experience, spanning various industries including media production and distribution, technology, premium consumer goods, real estate and the arts. Her background is in finance, including as a senior equities research analyst with Deutsche Bank, and investment banking and private equity investing with a number of companies including Turnbull & Partners, Goldman Sachs LLC and Carnegie, Wylie & Co. Cass was previously the Chair of ASX-listed NextEd Group Limited (ASX:NXD) and the Chair of Prime Media Group. Cass has also held senior executive roles at some of Australia's most successful pioneering technology success stories, including initial General Manager of OzEmail and Executive Director of Ecorp, which launched eBay in Australia. Other current directorships: None Former directorships (last 3 years): NextEd Group Limited (ASX:NXD) Special responsibilities: Member of the Audit and Risk Committee and the Nomination and Remuneration Committee. Interests in shares: 150,000 (Indirect beneficial interest) Interests in options: None Interests in rights: 184,919 (Indirect beneficial interest)
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Airtasker Limited Directors' report 30 June 2026 19 Name: Ellie Comerford Title: Independent Non-Executive Director Qualifications: Bachelor of Economics from Macquarie University Experience and expertise: Ellie joined Airtasker as an Independent Non-Executive Director on 1 February 2021. Ellie is an experienced ASX-listed Non-Executive Director with more than 35 years of experience in mainly financial services businesses in Australia and internationally across a range of regulated sectors, including insurance, banking and finance, fintech and associated products and services. Ellie has extensive board and executive experience leading strategy, governance, audit and risk oversight, capital management, organisational transformation and shareholder value creation. Ellie is a Non-Executive Director of Webjet Group Limited (ASX:WJL) where she Chairs the Audit and Risk Committee and is a member of the Remuneration and Nomination Committee. She is also a Non-Executive Director of a number of privately held companies in Australia and the Netherlands. Ellie is a member of Chief Executive Women. Other current directorships: Webjet Group Limited (ASX:WJL) Former directorships (last 3 years): Non-Executive Director of Heartland Group Holdings Limited (ASX:HGH) (NZX:HGH) Special responsibilities: Chair of the Audit and Risk Committee and a member of the Nomination and Remuneration Committee Interests in shares: None Interests in options: None Interests in rights: 1,807,956 (Indirect beneficial interest) Name: John Boris Title: Independent Non-Executive Director Qualifications: Master of Business Administration from the New York University Stern School of Business and a Bachelor of Arts from Middlebury College Experience and expertise: John joined Airtasker as an Independent Non-Executive Director on 25 May 2026. John is an entrepreneurial and visionary executive with more than 25 years of marketing and management experience across leading tech‑enabled consumer brands and two‑sided marketplaces, predominantly in the United States. He has held senior roles including Chief Executive Officer, President, Chief Growth Officer and Chief Marketing Officer, with a track record of building profitable consumer and enterprise businesses, scaling platforms and creating strong corporate cultures. John’s experience spans companies such as Tripadvisor, Shutterfly, IfOnly, Immutable, Lonely Planet, Zagat Survey, 1‑800‑Flowers, FreshDirect and Radio City Music Hall/Madison Square Garden. Other current directorships: Webjet Group Limited (ASX:WJL) Former directorships (last 3 years): None Special responsibilities: None Interests in shares: None Interests in options: None Interests in rights: None
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Airtasker Limited Directors' report 30 June 2026 20 Name: Pete Hammond Title: Non-Executive Director Qualifications: Bachelor of Business from the University of Technology, Sydney and is a member of the Institute of Chartered Accountants in Australia Experience and expertise: Pete joined Airtasker as a Non-Executive Director on 8 November 2013. Pete is a co-founder and Managing Director of Exto Partners, an alternative investment manager founded in Sydney in 2003. Over more than two decades as a founder, investor and director of technology companies, he has built and scaled high-growth businesses through to trade sale and IPO exits, and has guided the firm's evolution from company-building into venture capital and, today, a multi- strategy platform of private funds for high-net-worth investors. Pete's current focus includes the Exto Global Technology Leaders Fund, which gives wholesale investors access to leading late-stage, privately held technology and artificial intelligence companies through the global secondary market. This keeps him closely engaged with the trends and companies shaping the next generation of technology platforms. Pete is a qualified Chartered Accountant. Prior to founding Exto Partners he spent 10 years with KPMG in Australia and the United States, latterly as a senior executive for 8 years with KPMG Consulting in New York, where he advised capital markets clients on risk management, product pricing, business process re- engineering and large-scale merger integration. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Chair of the Nomination and Remuneration Committee and a member of the Audit and Risk Committee Interests in shares: 72,484,378 (Indirect beneficial interest via the Exto Active Fund which is managed by Exto Partners) Interests in options: None Interests in rights: 577,415 (Indirect beneficial interest) Name: Fred Bai Title: Non-Executive Director Qualifications: Bachelor of Commerce from the University of Sydney Experience and expertise: Fred joined Airtasker as a Non-Executive Director on 24 April 2015. Fred is a co-founder and the managing partner of Morning Crest Capital, a venture capital firm. Fred is also founder and Chief Executive Officer of Fanyu Investment, an equity investment management company. Fred was a co-founder and director of NASDAQ listed company Reven Housing REIT. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: None Interests in shares: 58,170,896 (Indirect beneficial interest) Interests in options: None Interests in rights: 787,455 (Direct beneficial interest)
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Airtasker Limited Directors' report 30 June 2026 21 Name: Tim Fung Title: Managing Director ('MD') and Chief Executive Officer ('CEO') Qualifications: Bachelor of Commerce from the University of New South Wales and Graduate Australian Institute of Company Directors Experience and expertise: Tim is co-founder, MD and CEO of Airtasker. He has been the CEO of Airtasker since its incorporation in 2011 and was appointed a Director on 15 March 2011. Tim was previously the co-founder of Tank Stream Labs, a Sydney-based technology co-working space. Prior to joining Airtasker, Tim was a founding team member at mobile telco start-up Amaysim and before that spent several years at Macquarie Bank and talent representation agency Chic Management. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: None Interests in shares: 48,692,000 (Direct and indirect beneficial interest) Interests in options: 335,000 (Direct beneficial interest) Interests in rights: 6,138,075 (Direct beneficial interest) 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. Company secretary Mahendra Tharmarajah joined the Company as Chief Financial Officer ('CFO') in October 2022 and was appointed Company Secretary in June 2023. A qualified Chartered Accountant, Mahendra has over 25 years’ experience in leading finance functions, across both listed and unlisted environments. Having commenced his career in the accounting profession Mahendra has spent the last twenty years in commerce including 6 years at high growth e- commerce marketplace Viator. Most recently Mahendra was CFO at listed labour hire and recruitment business Ignite Ltd for 6 years. Mahendra’s experience includes strategic as well as operational finance expertise including systems implementation, mergers and acquisitions and international expansion. On 28 July 2026, the Company announced the resignation of Mahendra from both the CFO and Company Secretary roles effective 30 September 2026. The Company will formalise the appointment of incoming CFO and Company Secretary, Reena Minhas, in September 2026. Meetings of Directors The number of meetings of the Company's Board of Directors (the 'Board') and of each Board committee held during the year ended 30 June 2026, and the number of meetings attended by each director were: Board of Directors Nomination and Remuneration Committee Audit and Risk Committee Held Attended Held Attended Held Attended Cass O'Connor 10 10 3 3 4 4 Ellie Comerford 10 10 3 3 4 4 Pete Hammond 10 10 3 3 4 4 Fred Bai 10 10 - - - - John Boris 1 1 - - - - Tim Fung 10 9 - - - - * Represents the number of meetings held during the time the director held office or was a member of the relevant committee.
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Airtasker Limited Directors' report 30 June 2026 22 Letter from the Chair of the Nomination and Remuneration Committee Dear Shareholders, On behalf of the Nomination and Remuneration Committee ('Committee'), I am pleased to present Airtasker's Remuneration Report for the financial year ended 30 June 2026 (FY26). Business performance and strategic progress FY26 delivered continued revenue and marketplace growth, alongside disciplined management of the cost base and marketing investment. Airtasker Australia grew revenue by 11.3% to $46.3 million, while the international marketplaces continued to scale, with the UK achieving 47.3% growth in GMV for the year to £11.0 million ($21.6 million) and the US achieving 140.6% growth in GMV for the year to US$4.3 million ($6.3 million). Growth was achieved while management focused on marketing efficiency, operating cost discipline and cash flow management. The Group nevertheless recorded net cash outflows in FY26 as it increased cash marketing investment in its New Marketplaces. In Australia, marketing investment was managed with a clear focus on efficiency and measurable returns, while supporting growth in the Established Marketplaces. This was supported by the successful implementation of a Marketing Mix Modelling ('MMM') framework, giving the business a rigorous, data-driven view of returns across channels and markets and sharpening the allocation of marketing investment. Across the business, the team continued to pursue significant operating efficiencies through the adoption of AI in product development and operations. The Company introduced poster subscription memberships, rebooking and recurring-task features to deepen engagement and encourage repeat activity on the platform. The subscription membership product attracted over 10,000 subscribers within six months of launch. These results reflect a strategy of funding international expansion from a disciplined and increasingly efficient core business. Leadership The Board continues to work closely with Tim Fung, the CEO and Co-Founder, on the depth and capability of the leadership team. After nearly four years as CFO, including since June 2023 as Company Secretary, Mahendra Tharmarajah has resigned effective 30 September 2026. Reena Minhas, an experienced ASX-listed CFO and Company Secretary, commenced on 3 August 2026 to ensure an orderly transition. FY26 remuneration outcomes The Board considers the FY26 remuneration outcomes to be aligned with performance and shareholder interests. For FY26, Executive KMP realised between 57.8% and 61.1% of their Total Remuneration Package. A further 13.0% to 17.7% remains subject to a three-year relative total shareholder return hurdle, and the balance of 24.5% to 26.0% lapsed or was forfeited. The FY24 LTVR granted in respect of the 2024 financial year was tested for performance exercisability against its three-year relative total shareholder return hurdle at 30 June 2026 using the S&P/ASX 300 Information Technology Index as the benchmark. The Company's share price CAGR exceeded the benchmark index over the period, resulting in 39.7% of the CEO's rights vesting and 79.3% of the CFO's rights vesting, with the balance of the rights lapsing. The CEO's 4,000,000 IPO share appreciation rights expired unexercised during the year. These outcomes reflect a framework that pays for performance and does not pay when hurdles are not met. A new long-term incentive structure for the CEO Following a review by the Committee, shareholders approved a new CEO long-term incentive structure at the Extraordinary General Meeting held on 10 June 2026. The change also represents a significant personal commitment by Tim to the Company's future. In moving to the new structure, Tim has exchanged annual LTVR grants, which could vest at share price performance broadly in line with the index, for a single five-year program in which the full value vests only if the share price reaches $1.00 within 3 years, sustained over 90 days. These hurdles sit several multiples above the share price at the time of grant and are far more demanding than the existing model. The Board considers the structure to strengthen alignment between the
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Airtasker Limited Directors' report 30 June 2026 23 CEO and shareholders because no value vests unless the specified share-price hurdles are achieved. Tim is rewarded only if shareholders first see a step-change in value. Executive equity participation As in prior years, Executive KMP elected at the beginning of FY26 to receive all of their short-term variable remuneration in equity rather than cash, reinforcing alignment with shareholder value creation. Non-Executive Director remuneration Fees for Non-Executive Directors have not changed since the IPO in 2021 and remain consistent with appropriate benchmarks. Non-Executive Directors do not participate in incentive arrangements, though several have elected to exchange a portion of their fees for equity under the shareholder-approved NED Equity Plan. Closing remarks The Committee is confident that the FY26 outcomes reflect Airtasker's performance and the disciplined application of its remuneration framework. I thank the entire Airtasker team for their contribution during the year. The Company enters FY27 with positive momentum, a clear strategy and a strengthened platform for growth across Australia, the UK and the US. On behalf of the Board, thank you for your continued support. Yours sincerely, Pete Hammond Chair, Nomination and Remuneration Committee 26 August 2026
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Airtasker Limited Directors' report 30 June 2026 24 Contents x x x 1 Key Management Personnel 2 Summary of Financial Year Outcomes 3 Remuneration and Governance Framework 4 Executive KMP Remuneration Framework 5 Executive KMP Remuneration Outcomes 6 NED Remuneration 7 Service Agreements 8 Other Required Disclosures
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Airtasker Limited Directors' report 30 June 2026 25 Remuneration Report (audited) The Directors are pleased to present the Remuneration Report ('Report') for the Group for the financial year ended 30 June 2026, prepared in accordance with section 300A of the Corporations Act 2001 (Cth) ('Act') and regulation 2M.3.03 of the Corporations Regulations 2001 ('Regulations'). The Report, which forms part of the Directors’ report, outlines the remuneration framework and governance adopted by the Group during the financial year and has been prepared in accordance with the requirements of the Act and the Regulations. The information and disclosures within this Report have been audited as required by section 308(3C) of the Act. 1. Key Management Personnel The Report provides information and disclosures on the remuneration arrangements for the Group's key management personnel ('KMP'), being those individuals with the authority and responsibility for directly or indirectly planning, directing and controlling the Group's activities. The Group's KMP includes any Non-Executive Director, Executive Director or Executive KMP (comprising the CEO, CFO and Company Secretary). The individuals who served as KMP during the financial year are listed in the table below. Name Role Date First Appointed Nomination and Remuneration Committee Audit and Risk Committee NED Cass O'Connor Independent Non-Executive Chair 1 July 2023 Member Member Ellie Comerford Independent Non-Executive Director 1 February 2021 Member Chair John Boris Independent Non-Executive Director 25 May 2026 Not applicable Not applicable Pete Hammond Non-Executive Director 8 November 2013 Chair Member Fred Bai Non-Executive Director 24 April 2015 Not applicable Not applicable Executive KMP Tim Fung Managing Director and CEO 15 March 2011 Not applicable Not applicable Mahendra Tharmarajah CFO and Company Secretary 10 October 2022 Not applicable Not applicable 2. Summary of Financial Year Outcomes 2.1. Group performance summary The following table outlines the Group's annual financial performance over the last five years: 2026 2025 2024 2023 2022 $'000 $'000 $'000 $'000 $'000 GMV1 239,775 208,664 190,620 197,441 189,609 Group Revenue 57,827 52,622 46,643 44,171 31,469 Airtasker Marketplaces Revenue 52,023 45,033 38,082 34,690 30,381 Group EBIT (21,198) (36,806) (4,686) (12,836) (20,603) Share price at the end of the financial year $0.22 $0.27 $0.26 $0.19 $0.25 1 Gross marketplace volume only includes the Airtasker marketplaces (excluding the Oneflare marketplace).
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Airtasker Limited Directors' report 30 June 2026 26 In addition to these indicators of financial performance, the Group achieved several operational milestones during the financial year: ● The Airtasker marketplaces revenue grew 15.5% to $52.0 million. ● The Airtasker Australia marketplaces performed well with GMV growth of 10.9% to $211.6 million and revenue growth of 11.3% to $46.3 million. ● The Airtasker UK marketplaces performed strongly with GMV growth of 47.3% to £11.0 million and revenue growth of 55.4% to £2.2 million. ● The Airtasker USA marketplaces also demonstrated strong performance with GMV growth of 140.6% to US$4.3 million and revenue growth of 149.8% to US$0.9 million. ● The Group secured $5.0 million in media advertising services through a media partnership with Nine Entertainment in Australia, alongside follow-on investments from Channel 4 in the UK and iHeartMedia in the US totalling $12.8 million. ● The Group successfully launched its membership product acquiring over 10,000 subscribers in under 6 months. ● The Group managed within the cash flow budget for FY26. 2.2 Executive KMP remuneration summary 3. Remuneration and Governance Framework 3.1. Remuneration principles The Company is continually refining its remuneration strategy and framework as part of an ongoing commitment to best practice and market leadership. The Company's remuneration strategy is built on clear principles aligned with ASX guidelines, designed to attract, retain, and motivate high-calibre talent across all areas of the business. Airtasker's remuneration strategy is guided by the following key principles: Aspect Comment Total reward approach Use a mix of reward elements to create competitive total reward packages. Attract, motivate and retain top talent Build competitive, purpose-driven policies and frameworks in each country and region to achieve a globally aligned strategy with local implementation. Pay for performance Reward outperformance, push hard to achieve goals, and celebrate wins at the individual, team and Company levels. Inclusive, equitable and fair approach Consider both internal and external factors in reward decisions, reflecting a commitment to pay equity and inclusiveness while aiming to be transparent in compensation decisions. Value high demand skill sets Recognise the value in people's skills and understand supply-and-demand pressures to ensure the Company can attract the right talent at the right time. Tailored for our employees Value employees as individuals and support them with a tailored approach to benefits, ways of working, and health and wellness programs.
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Airtasker Limited Directors' report 30 June 2026 27 These principles are designed to: ● create a clear link between employee remuneration and the Company's strategic objectives; ● offer competitive total reward packages that incentivise and recognise outperformance; ● ensure that the design, approach, and communication of all reward elements are clear, transparent, and fair; and ● align with creating shareholder value. As the Company and the talent market continue to evolve, the Board will regularly review these principles and the remuneration framework to ensure they remain relevant and align with the Company's strategy. 3.2. Benchmarking and market positioning The Committee regularly benchmarks remuneration to ensure the remuneration framework is competitive and sustainable. For the 2026-27 remuneration review, the Company engaged AON Radford, an independent third-party compensation advisor, to provide market insights. The peer group, selected in partnership with AON Radford, was based on the following criteria, where available: ● Industry: Technology sector, including software products/services and internet/online community peers. ● Revenue: US$10.0 million to US$49.9 million. ● Headcount: 50–199 employees. ● Ownership: Publicly listed. When necessary, benchmark data may be adjusted to reflect variations in Company roles compared to market benchmarks. Individual remuneration may vary by ± 25% from the policy midpoint to account for factors such as experience, qualifications and performance. This methodology provides the Company with a balanced and transparent approach to remuneration decisions, considering headcount, revenue and prevailing ASX market practices. The NED remuneration has remained unchanged since the IPO in 2021 and in the view of the Committee, it aligns with appropriate benchmarks. The Company paid AON Radford $15,809 ex GST for their services in FY26. 3.3. Shareholder engagement and ESG alignment The Board recognises that consistent, transparent, and constructive engagement with shareholders is essential to ensuring that the Company's remuneration framework aligns with the long-term interests of investors and other stakeholders. Throughout FY26, the Company maintained open communication channels with shareholders through the Annual General Meeting on 26 November 2025 ('AGM'), investor briefings, quarterly updates, and one-on-one meetings. The Board also held an Extraordinary General Meeting on 10 June 2026 ('EGM') which included two remuneration resolutions (FY26 CEO LTVR and the five-year CEO LTVR). These opportunities allowed shareholders to provide feedback on the Company's remuneration approach and broader governance practices. The Committee actively considers this feedback when reviewing the Company's remuneration policies and performance metrics.
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Airtasker Limited Directors' report 30 June 2026 28 The Board is committed to integrating Environmental, Social and Governance ('ESG') considerations into the Company's remuneration framework to promote sustainable value creation. In FY26, ESG commitment was reinforced through the following measures: Aspect Comment ESG-linked performance provisions STVR and LTVR plans are subject to malus and clawback provisions, allowing the Board to withhold, adjust, or recover payments - or cancel awards entirely (vested or unvested) - in cases of fraud, misconduct, reputational harm, breach of obligations, gross negligence, inappropriate benefit, or material ESG or malus events. Non-financial performance metrics Within the STVR framework, a portion of awards is subject to the Board’s assessment of outcomes in areas such as team retention and risk management. Gender pay equity A continued focus on gender pay equity through regular pay reviews and transparent reporting. Diversity in leadership Support for diversity in leadership through talent development and recruitment strategies aimed at broadening leadership representation. Looking ahead to FY27, the Board plans to continue to focus on ESG integration to better align executive decision- making with shareholder expectations and the Company's corporate purpose of empowering people to realise the full value of their skills, while building a resilient, responsible, and sustainable business. 3.4. Remuneration governance framework The Company's remuneration governance framework is outlined below.
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Airtasker Limited Directors' report 30 June 2026 29 3.5. Role of the Nomination and Remuneration Committee The Committee consists of a majority of independent NEDs, which ensures that remuneration-setting procedures remain independent. Other Directors and members of the executive leadership team may attend Committee meetings to provide information, reports, and updates, provided that their own remuneration is not being finalised at that time. The Committee's responsibilities include assisting the Board with: ● the remuneration policy and framework (including short and long-term incentive plans), its specific application to the CEO, and its general application to all Executive KMP; ● the adoption, operation and administration of all annual and long-term incentive plans; ● setting compensation levels for the CEO and providing a general overview of reward levels for the CEO's direct reports; ● the annual performance evaluation of the CEO (conducted through the Board Chair); ● ensuring the Company complies with all applicable legal and regulatory requirements related to remuneration; ● preparation of the annual Remuneration Report; and ● communicating with shareholders and other stakeholders about remuneration policy and the Committee's work. 4. Executive KMP Remuneration Framework This section provides an overview of the Executive KMP remuneration framework. 4.1. Remuneration framework The Executive KMP Total Remuneration Package ('TRP') combines various elements, including Total Fixed Remuneration ('TFR'), STVR and LTVR. The Target TRP ('TTRP'), which is the value of the TRP at target performance, is generally set around the seventieth percentile (P70) of market benchmarks, subject to smoothing for volatility across comparable roles. The Executive KMP Remuneration Framework continues to be utilised in FY26, with review and adjustment to the TTRP to align with updated benchmarking data. The diagram below illustrates the Executive KMP remuneration framework for FY26.
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Airtasker Limited Directors' report 30 June 2026 30 4.2. Total remuneration package 4.2.1. Total fixed remuneration TFR includes base salary, statutory benefits plus other fixed elements including superannuation based on the maximum contributions base, annual leave, long-service leave, allowances, benefits, and fringe benefits tax. TFR is intended to be positioned at the fiftieth percentile (P50) of market benchmarks for comparable roles. 4.2.2 Short-term variable remuneration STVR is the annual 'at-risk' portion of remuneration, paid in cash and/or equity, based on service and performance hurdles during the financial year. The metrics chosen include both financial and non-financial measures that are directly linked to key drivers of value creation and the successful execution of the long-term strategy. "Threshold" represents a near-miss of expectations, while "Target" is intended to be a challenging but realistically achievable objective. "Stretch" is designed to reward outperformance. The on-target STVR is positioned around the median of peers. 4.2.3 Long-term variable remuneration LTVR is the annual 'at-risk' remuneration paid in equity. In FY26, it was based on a minimum one-year service and three-year performance hurdle. The primary metric is Total Shareholder Return relative to a benchmark index, which is intended to align executive interests with long-term shareholder value creation. The on-target LTVR is positioned around the median of peers. Following shareholder approval of the five-year LTVR structure at the EGM held on 10 June 2026, annual LTVR grants to the CEO will cease from FY27. Details of the new structure are set out in section 4.4. The structure strengthens the alignment between the CEO and shareholders over the long term, with vesting hurdles set at levels requiring share price growth substantially in excess of the expected indexed TSR hurdles before value is delivered. 4.2.4 Variable remuneration aligned with creating shareholder value Variable remuneration is specifically designed to align executive rewards with the creation of sustainable shareholder value. The STVR focuses on achieving annual financial, operational, and strategic objectives that drive near-term performance. In contrast, the LTVR is tied to multi-year metrics such as relative total shareholder return and earnings growth. These measures are designed to reward outperformance against market peers and ensure that executives are incentivised to deliver sustainable, measurable results that are in the long-term interests of shareholders. Malus and clawback provisions are in place to safeguard against outcomes that are inconsistent with shareholder expectations or the Company's risk appetite. 4.3 Short-term variable remuneration The STVR structure for FY26 is described below: Aspect Comment Purpose To provide "at-risk" remuneration that rewards executives for performance against annual objectives set by the Board at the beginning of the financial year. These objectives are designed to support long-term value creation and link to the Company's strategic objectives on an annual basis. Measurement period The financial year of the Company. Opportunity For the CEO, the target value is 45.1% of TFR, with a maximum 'stretch' of 67.7% of TFR. For the other Executive KMP who is a direct report to the CEO, the target value is 21.3% of TFR, with a maximum 'stretch' of 42.5% of TFR.
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Airtasker Limited Directors' report 30 June 2026 31 Service condition Executives must remain employed by the Company throughout the financial year up to 30 June 2026 and through the date of the FY26 financial results announcement and not be subject to any period of notice of termination at that date, unless otherwise determined by the Board. Performance conditions The STVR is dependent on meeting Group performance objectives. For FY26 the metrics are as follows: Gate Achieving the maximum negative Group net cash flow Australian revenue 30% weighting Airtasker UK GMV ARR 25% weighting Airtasker USA GMV ARR 25% weighting Non-financial metrics 20% weighting Specific revenue growth rates for Australia and GMV annualised recurring revenue ('ARR') targets for the UK and US were set. The non-financial metrics were a mix of Group and individual qualitative targets related to shipping rebooking and membership functionality, scaling the offshore engineering hub, implementing AI, staff retention, risk management and investor relations. These targets were set to ensure platform and revenue growth was managed within cash flow while also building a sustainable business. Settlement Awards are settled in cash or performance rights, as nominated by the Executive KMP and approved by the Board at the commencement of the financial year. Awards are determined after the financial year and the financial statements are audited. The Company may claw back any STVR declared or paid in the event of negligence, fraud, or other actions deemed to be significantly harmful to the Company by the recipient. The Board has discretion to ensure the STVR reflects the creation of shareholder value. Malus provision Payments are subject to a malus provision. The Board has discretion to modify awards to ensure outcomes are appropriate given the circumstances that prevailed during the measurement period. 4.4 Long-term variable remuneration At the time of its listing on ASX in March 2021 the Company adopted a Rights Plan for the participation of Executive KMP and staff, the terms of which have not changed subsequently. The Rights Plan allows the Company to nominate and invite Executive KMP and staff to participate based on seniority, role and function. The LTVR structure for FY26 is described below. Aspect Comment Purpose To provide 'at-risk' remuneration that rewards executives for achieving long-term value creation objectives. It is also designed to align executive interests with those of shareholders through 'skin in the game.' Measurement period Three financial years of the Company. Opportunity For the CEO, the target value is 18.0% of TFR with a maximum 'stretch' of 36.1% of TFR. For the other Executive KMP who is a direct report to the CEO, the target value is 21.3% of TFR.
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Airtasker Limited Directors' report 30 June 2026 32 Instrument The LTVR is granted under the Rights Plan which allows for rights, service rights, performance rights or restricted rights. These may be structured as a Share Appreciation Right ('SAR'), which is equivalent to an option with a specified exercise price. For FY26, rights were used for the LTVR. Rights do not carry dividend or voting entitlements. Price and exercise price The exercise price is nil for rights because it is part of the executive's remuneration. For SARs the exercise price is equal to the share price used in the grant calculation. The exercise price is 'cashless' or notional. When rights with an exercise price greater than nil are exercised, the value is calculated as: Exercised Rights Value = (Share Price at Exercise – Exercise Price) x Number of Rights Exercised The value to be settled in shares is then divided by the share price at exercise to determine the number of shares received. This approach is intended to reduce dilution compared to options with similar terms. Grant date Rights are generally granted to Executive KMPs at the beginning of each financial year unless they commence employment part way through a financial year. Allocation method The number of rights granted is determined by dividing the LTVR Value by the 5 trading day volume-weighted average share price ('VWAP') immediately prior to the AGM when the exercise price is nil. Number of Rights = LTVR Value ÷ Right Value Right Value = Share Price – (Annual Dividend x Years to First Exercise) Share Price = VWAP during the 5 trading day period immediately prior to the grant date. When structured as SARs, the rights valuation is performed using the Monte Carlo Simulation methodology, ignoring vesting conditions. Service condition Executives must complete a minimum one-year service condition to be eligible for rights to vest. Performance condition The Company's share price compound annual growth rate ('ART CAGR') must meet or exceed the compound annual growth rate of the S&P/ASX Small Ordinaries Index ('Small Ords Index CAGR') over three financial years ('Measurement Period') for the rights to become exercisable. For the CEO: If the ART CAGR equals the Small Ords Index CAGR, 25% of rights will become exercisable. If the ART CAGR exceeds the Small Ords Index CAGR by 2.5% or more, 50% of rights will become exercisable. If the ART CAGR exceeds the Small Ords Index CAGR by 5.0% or more, 100% of rights will become exercisable, with a pro-rata ability to exercise between 25% and 100% achievement. For the other Executive KMP who is a direct report to the CEO: If the ART CAGR equals the Small Ords Index CAGR, 50% of rights will become exercisable. If the ART CAGR exceeds the Small Ords Index CAGR by 2.5% or more, 100% of rights will become exercisable, with a pro-rata ability to exercise between 50% and 100% achievement.
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Airtasker Limited Directors' report 30 June 2026 33 Settlement The rights are 'indeterminate rights' that may be settled in cash or shares (including a restricted share), upon valid exercise. The Company may claw back any LTVR declared or paid in the event of negligence, fraud or other actions deemed significantly harmful to the Company by the recipient. The Board has discretion to ensure the LTVR reflects shareholder value creation. Term Rights must be exercised within fifteen years of the grant date or they will lapse. For SARs, the term is five years. ESG and malus provision Payments are subject to ESG, malus and clawback terms. The Board has discretion to modify awards to ensure outcomes are appropriate given the circumstances that prevailed during the measurement period. Following a review of the long-term incentive framework by the Committee, and with shareholder approval obtained at the EGM for the purposes of ASX Listing Rule 10.14, the CEO’s LTVR will move from annual grants to a single grant of 10,000,000 performance rights covering the five-year period from 1 July 2026 to 30 June 2031. The grant is subject to a three-year service cliff and a stretch share price hurdle: if the Company’s 90-day VWAP is at least $1.00 on 30 June 2029, 6,000,000 rights vest, with the remaining 4,000,000 vesting in equal tranches on 30 June 2030 and 30 June 2031 subject to continued service. If the first test is not met, 2,500,000 rights are forfeited and the remaining 7,500,000 are re-tested against a 90-day VWAP hurdle of $1.40 between 1 July 2029 and 30 June 2033, with any rights that remain unvested at that date forfeited. The rights carry good and bad leaver, change of control, malus and clawback provisions, and an independent valuation of $1,010,000 was obtained. No further long-term incentives will be granted to the CEO during this period. Short-term variable remuneration will continue to be awarded annually. 5. Executive KMP Remuneration Outcomes 5.1 TFR, STVR and LTVR outcomes
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Airtasker Limited Directors' report 30 June 2026 34 The FY26 TFR for Executive KMP was aligned to the benchmark ASX-listed market data. The FY26 STVR for Executive KMP had the following key terms: 1 Tim Fung, CEO, was eligible to receive rights valued at $250,000, subject to meeting specified service and on- target performance conditions, as approved at the AGM. For FY26, the short-term performance conditions included achieving targets for revenue, GMV, cash flow, and a range of non-financial measures. In addition, Tim had the opportunity to earn further rights valued at $125,000 by meeting stretch incentive targets. Notably, at the start of the year Tim elected to receive his STVR entirely in the form of rights rather than cash, reflecting his confidence in the Company's long-term growth potential. For FY26, Tim will be awarded rights equivalent to $149,168 based on the short-term incentive targets achieved. No rights will be awarded based on the stretch incentive targets. 2 Mahendra Tharmarajah, CFO, was eligible to receive rights valued at $100,000, subject to meeting specified service and on-target performance conditions. For FY26, the short-term performance conditions included achieving the same targets as the CEO for revenue, GMV, cash flow, and a range of non-financial measures. Mahendra also had the opportunity to earn additional rights valued at $100,000 by meeting stretch incentive targets. Notably, at the start of the year Mahendra also elected to receive his STVR entirely in the form of rights rather than cash, reflecting his confidence in the Company's long-term growth potential. On 28 July 2026 the Company announced Mahendra's resignation as CFO and Company Secretary, effective 30 September 2026. Mahendra will not receive an STVR award for FY26 and no rights will be awarded. The 637,076 rights granted in respect of the FY26 STVR will lapse. In lieu of the FY26 STVR, Mahendra will receive a termination payment of $60,000 referable to his on-target opportunity. The FY26 LTVR for Executive KMP had the following key terms: 1 Tim Fung, CEO, was issued performance rights over ordinary shares valued at $200,000 (with a fair value of $0.109 per right). The issue of these rights was approved by shareholders at the EGM for the purposes of ASX Listing Rule 10.14. These rights vest based on a one-year service condition and become exercisable based on a three-year performance condition where the ART CAGR is measured against the Small Ords Index CAGR from 1 July 2025. The vesting schedule is as follows: 25% of rights will become exercisable if the ART CAGR is equal to the Small Ords Index CAGR, 50% of rights will become exercisable if the ART CAGR is 2.5% or more, above the Small Ords Index CAGR, and 100% of rights will become exercisable if the ART CAGR is 5% or more, above the Small Ords Index CAGR, with a pro-rata ability to exercise between 25% and 100% achievement. 2 Mahendra Tharmarajah, CFO, was issued performance rights over ordinary shares valued at $100,000 (with a fair value of $0.247 per right). These rights also vest based on a one-year service condition and become exercisable based on a three-year performance condition where the ART CAGR is measured against the Small Ords Index CAGR from 1 July 2025. The vesting schedule is as follows: 50% of rights will become exercisable if the ART CAGR is equal to the Small Ords Index CAGR, and 100% of rights will become exercisable if the ART CAGR is 2.5% or more, above the Small Ords Index CAGR, with a pro-rata ability to exercise between 50% and 100% achievement. Following his resignation, Mahendra's performance rights will be treated in accordance with the terms of the applicable grants and the Rights Plan.
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Airtasker Limited Directors' report 30 June 2026 35 5.2 Statutory remuneration The statutory remuneration of Executive KMP has been prepared in accordance with the requirements of the Act and relevant Accounting Standards. The amounts provided under share-based payments are based on accounting estimates and do not reflect actual amounts received by Executive KMP during the financial year. Details of the statutory remuneration of Executive KMP are set out in the following tables. Short-term benefits Short-term benefits Short-term benefits Short-term benefits Long-term benefits Post- employment benefits Share- based payments Share- based payments TFR - cash TFR - other benefits STVR - cash Annual leave1 Long service leave1 Superannuation STVR - equity LTVR - equity2 Total 2026 $ $ $ $ $ $ $ $ $ Tim Fung 475,000 - - 36,538 12,683 30,000 149,168 69,441 772,830 Mahendra Tharmarajah 402,401 2,599 - 31,154 4,301 30,000 - 78,679 549,134 877,401 2,599 - 67,692 16,984 60,000 149,168 148,120 1,321,964 1 Represents the leave accrual expensed during the financial year. 2 Represents the share-based payments expense for all rights vesting during the financial year that had not lapsed or vested at the start of the financial year. This expense is based on the fair value at the grant date. Short-term benefits Short-term benefits Short-term benefits Short-term benefits Long-term benefits Post- employment benefits Share- based payments Share- based payments TFR - cash TFR - other benefits STVR - cash Annual leave1 Long service leave1 Superannuation STVR - equity LTVR - equity2 3 Total 2025 $ $ $ $ $ $ $ $ $ Tim Fung 465,000 - - 35,769 15,815 29,932 50,000 147,260 743,776 Mahendra Tharmarajah 393,183 1,817 - 29,625 1,525 29,932 20,000 75,343 551,425 858,183 1,817 - 65,394 17,340 59,864 70,000 222,603 1,295,201 1 Represents the leave accrual expensed during the financial year. 2 Represents the share-based payments expense for all rights vesting during the financial year that had not lapsed or vested at the start of the financial year. This expense is based on the fair value at the grant date. 3 LTVR equity remuneration has been re-presented to recognise the LTVR expense over the one-year service period rather than the three-year performance hurdle. In the prior year, the remuneration profile was based on a three-year period. The effect of this re-presentation has been to increase the prior period LTVR equity remuneration by $58,619. The change reflects the timing of the expense under AASB 2 Share-based payment only; there has been no change in the total remuneration. The change has been recognised prospectively in the financial statements in accordance with AASB 108 Accounting policies, change in accounting estimates and errors. 5.3 Remuneration proportions The proportions of fixed and performance-based remuneration are as follows: 2026 Remuneration % of maximum awarded/vested % of maximum forfeited/lapsed % of total remuneration package Tim Fung TFR - cash 100.00% - 72.00% STVR - equity 40.00% 60.00% 19.00% LTVR - equity1 100.00% - 9.00% Mahendra Tharmarajah TFR - cash 100.00% - 86.00% STVR - equity - 100.00% - LTVR - equity1 100.00% - 14.00% 1 The LTVR expense has been recognised over the one-year service period rather than the three-year performance hurdle. Therefore, 100% of the rights have vested and may become exercisable at the end of the three-year performance hurdle.
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Airtasker Limited Directors' report 30 June 2026 36 2025 Remuneration % of maximum awarded/vested % of maximum forfeited/lapsed % of total remuneration package Tim Fung TFR - cash 100.00% - 73.00% STVR - equity 13.00% 87.00% 7.00% LTVR - equity1 100.00% - 20.00% Mahendra Tharmarajah TFR - cash 100.00% - 82.00% STVR - cash and equity 10.00% 90.00% 4.00% LTVR - equity1 100.00% - 14.00% 1 The LTVR expense has been recognised over the one-year service period rather than the three-year performance hurdle. Therefore, 100% of the rights have vested and may become exercisable at the end of the three-year performance hurdle. 5.4 Rights granted The value of rights over ordinary shares granted, vested, exercised and lapsed for Executive KMP as part of remuneration during the financial year ended 30 June 2026 is outlined below: Name Value of rights granted during the year Value of rights vested during the year Value of rights exercised during the year Value of rights lapsed during the year Remuneration consisting of rights vested during the year $ $ $ $ % Tim Fung 475,577 231,002 - 329,895 29.89% Mahendra Tharmarajah 295,285 131,179 55,000 231,222 23.89% 770,862 362,181 55,000 561,117
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Airtasker Limited Directors' report 30 June 2026 37 5.5 Summary of deferred remuneration and vesting timelines The terms and conditions of each grant of rights over ordinary shares that affect Executive KMP remuneration in this or future financial years are as follows: Name / Grant designation Grant date Vesting date No. of rights at the beginning of the year No. of rights granted during the year No. of rights lapsed during the year No. of rights exercised during the year No. of rights at the end of the year No. of rights vested during the year No. of rights vested and exercisable at the end of the year % of rights vested and exercisable at the end of the year Vesting / exercise condition s Tim Fung - - - - - - - - IPO SARs 4 Feb 21 30 Jun 21 4,000,000 - 4,000,000 - - - - - N/A FY24 Service Rights 17 Oct 23 31 Mar 24 1,011,441 - - - 1,011,441 - 1,011,441 100.00% N/A FY24 Service Rights 1 Jan 24 30 Jun 24 913,393 - - - 913,393 - 913,393 100.00% N/A FY24 STVR Rights 17 Oct 23 31 Aug 24 1,789,054 - - - 1,789,054 - 1,789,054 100.00% N/A FY24 LTVR Rights 30 Nov 23 30 Jun 24 1,149,426 - 693,657 - 455,769 - 455,769 100.00% 1,4 FY25 STVR Rights 28 Dec 24 31 Aug 25 171,233 - - - 171,233 - 171,233 100.00% 3 FY25 LTVR Rights 28 Dec 24 30 Jun 25 684,932 - - - 684,932 - - - 4, 5 FY26 STVR Rights 30 Jun 26 31 Aug 26 - 1,194,515 719,337 - 475,178 475,178 475,178 100.00% 3 FY26 LTVR Rights 30 Jun 26 30 Jun 26 - 637,075 - - 637,075 637,075 - - 4, 5 9,719,479 1,831,590 5,412,994 - 6,138,075 1,112,253 4,816,068 - Mahendra Tharmarajah - - - - - - - - FY24 LTVR Rights 17 Oct 23 31 Aug 24 400,000 - - 200,000 200,000 - 200,000 100.00% 3 FY24 LTVR Rights 17 Oct 23 31 Aug 25 300,000 - - - 300,000 300,000 300,000 100.00% 3 FY24 LTVR Rights 17 Oct 23 31 Aug 26 300,000 - - - 300,000 - - - 3 FY24 LTVR Rights 17 Oct 23 30 Jun 24 564,972 - 116,928 - 448,044 - 448,044 100.00% 2, 4 FY25 STVR Rights 23 Dec 24 31 Aug 25 68,493 - - 68,493 - - - - 3 FY25 LTVR Rights 23 Dec 24 30 Jun 25 342,466 - - - 342,466 - - - 4, 6 FY26 STVR Rights 27 Mar 26 31 Aug 26 - 637,076 637,076 - - - - - 3 FY26 LTVR Rights 27 Mar 26 30 Jun 26 - 318,538 - - 318,538 318,538 - - 4, 6 1,975,931 955,614 754,004 268,493 1,909,048 618,538 948,044 - - - - - - - - - 11,695,410 2,787,204 6,166,998 268,493 8,047,123 1,730,791 5,764,112 - Notes ● All rights have a nil exercise price and an expiry date of 15 years from the grant date. ● Rights granted do not carry dividend or voting rights. ● Approval from shareholders for the grant of rights was obtained under ASX Listing Rule 10.14. ● The value to be expensed in future years is accounted for in accordance with the share-based payments accounting policy. A reversal of a previous expense, resulting in a negative expense, may occur if an Executive KMP's employment is terminated or if they fail to meet non-market-based service or performance conditions. Vesting and exercise conditions 1 If the ART CAGR performance is equal to the S&P/ASX 300 Information Technology Index ('IT Index') CAGR performance for the relevant three-year period, 25% of rights will become exercisable, if the ART CAGR performance exceeds the IT Index CAGR performance by 2.5% or more for the relevant three-year period, 50% of rights will become exercisable and if the ART CAGR performance exceeds the IT Index CAGR performance by 5.0% or more for the relevant three-year period, 100% of rights will become exercisable, with a pro-rata ability to exercise between 25% and 100% achievement. 2 If the ART CAGR performance is equal to the IT Index CAGR performance for the relevant three-year period, 50% of rights will become exercisable, and if the ART CAGR performance exceeds the IT Index CAGR performance by 2.5% or more for the relevant three-year period, 100% of rights will become exercisable, with a pro-rata ability to exercise between 50% and 100% achievement. 3 Minimum one-year service condition including being employed on the date the financial results (for the service year) are announced and achieving certain short term base and/or stretch targets in the service year. 4 Minimum one-year service condition. 5 If the ART CAGR performance is equal to the Small Ords Index CAGR performance for the relevant three-year period, 25% of rights will become exercisable, if the ART CAGR performance exceeds the Small Ords Index CAGR performance by 2.5% or more for the relevant three-year period, 50% of rights will become exercisable and if the ART CAGR performance exceeds the Small Ords Index CAGR performance by 5.0% or more for the relevant three-year period, 100% of rights will become exercisable, with a pro-rata ability to exercise between 25% and 100% achievement. 6 If the ART CAGR performance is equal to the Small Ords Index CAGR performance for the relevant three-year period, 50% of rights will become exercisable, and if the ART CAGR performance exceeds the Small Ords Index CAGR performance by 2.5% or more for the relevant three-year period, 100% of rights will become exercisable, with a pro-rata ability to exercise between 50% and 100% achievement.
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Airtasker Limited Directors' report 30 June 2026 38 5.6 Performance linkage and pay for performance 5.6.1 Group performance versus incentive outcomes The Board considers the FY26 remuneration outcomes to be well-aligned with shareholder interests. They reflect the Group's delivery on annual objectives despite a challenging macroeconomic environment with high inflation and elevated interest rates that impacted consumer confidence and consequently marketplace demand and supply. Key results demonstrating the alignment between STVR outcomes and Group performance in FY26 include: Gate Achieving the maximum negative Group net cash flow Airtasker Australia revenue Revenue growth of 11.3% to $46.3 million Airtasker UK GMV ARR June 2026 quarterly GMV ARR of $26.4 million Airtasker USA GMV ARR June 2026 quarterly GMV ARR of $8.4 million Group objectives The non-financial metrics comprised Group objectives spanning talent retention and engagement, international media partnerships, marketing efficiency, AI adoption, risk management, investor relations, and membership growth and rebooking. 5.6.2 Summary of STVR and LTVR vesting For FY26, the STVR was subject to both service and performance conditions. Vesting was contingent on the executive being employed by the Company on the date the financial results (for the service year) were announced and achieving the performance conditions. Additionally, all STVR outcomes were subject to a malus gate, allowing the Board to adjust or withhold awards where outcomes were not consistent with the Company's risk appetite. The LTVR is subject to a three-year total shareholder return hurdle, measured against the Small Ords Index CAGR. The ability to exercise occurs on a sliding scale based on the level of outperformance, with no vesting below the threshold. These performance measures are designed to align executive incentives with sustainable, long-term shareholder value creation.
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Airtasker Limited Directors' report 30 June 2026 39 6. NED Remuneration 6.1. NED remuneration policy 6.1.1. NED remuneration policy The Company's principles for governing NED remuneration are outlined below: Aspect Comment Key considerations Fees for NEDs are based on their work and responsibilities, considering the nature and complexity of the Company and the skills and experience of the NED. The Committee recommends the fees, which are then determined by the Board. External consultants may be used to source relevant data and advice, or to obtain independent recommendations, given the potential for a conflict of interest when the Board sets its own fees. . Independence To maintain independence and impartiality, NEDs are not eligible for any form of variable remuneration. Their fees are not tied to Company performance measures. . Flexibility NEDs can elect how they receive their fees, for example, as cash, superannuation contributions or equity under the NED Equity Plan. . Aggregate Board fees The total amount of annual fees paid to NEDs is within the aggregate amount of $750,000 per annum, as set out in the IPO Prospectus. There were no changes to the NED fee policy or fees payable to NEDs in FY26. The following table outlines the NED fees for FY26. Board of Directors1 Nomination and Remuneration Committee1 Audit and Risk Committee1 Role $ $ $ Chair 160,000 15,000 20,000 Member (Australia) 100,000 5,000 5,000 Member (International) 75,000 - - 1 Fees are exclusive of superannuation. The Board Chair does not receive committee fees. NEDs are also reimbursed for out-of-pocket expenses that are directly related to the Company's business. 6.1.2. NED equity plan At the time of its listing on ASX on 22 March 2021 the Company adopted a NED Equity Plan solely for NEDs, the terms of which have not changed subsequently. The NED Equity Plan allows NEDs to exchange their cash fees, excluding superannuation, for equity. A description of the key terms of the NED Equity Plan is provided below. Aspect Comment Purpose To enable NEDs to exchange cash fees for equity, which increases their "skin in the game" and aligns their interests with shareholders while also helping fulfil expectations regarding NED share ownership. Opportunity NEDs may elect to exchange up to 100% of their cash fees, excluding superannuation. Price and exercise price The price is nil because it is part of the NEDs remuneration. The exercise price is also nil. The grants are based on an agreement to exchange cash fees, excluding superannuation, for equity.
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Airtasker Limited Directors' report 30 June 2026 40 Allocation Method The number of rights granted to each NED is determined by dividing the exchanged cash fees, excluding superannuation, by the 5 trading day VWAP immediately prior to the grant date. The grant date is fixed as the last date of each financial year quarter. Number of Rights = Exchanged Board Fees ÷ Right Value Right Value = Share Price – (Annual Dividend x Years to First Exercise) Share Price = VWAP during the 5 trading day period immediately prior to the grant date. Vesting conditions, exercise restrictions and disposal restrictions To preserve NED independence, the rights are not subject to any vesting conditions as they are an alternative to cash fees. Rights granted at the end of each financial quarter may not be exercised within 90 days of the grant date. Following exercise a specified disposal restriction applies such that rights may not be disposed of until the earlier of the NED ceasing to hold office or employment with the Company, or 15 years from the grant date. Settlement The rights are share rights (that is, not indeterminate) that may be settled in shares only, however, if they are exercised while a specified disposal restriction applies, they will be restricted shares that will be held in trust. There were no changes to the NED Equity Plan in FY26. 6.2 NED remuneration outcomes 6.2.1 NED remuneration summary The FY26 NED remuneration included the following components: 1 Cass O'Connor was paid $144,000 in cash fees plus superannuation (FY25: $144,000 plus superannuation) and exchanged $16,000 in cash fees for rights under the NED Equity Plan (FY25: $16,000). 2 Ellie Comerford was paid $25,000 in cash fees plus superannuation (FY25: $25,000 plus superannuation) and exchanged $100,000 in cash fees for rights under the NED Equity Plan (FY25: $100,000). 3 John Boris, appointed 25 May 2026, was paid $10,256 in cash fees plus superannuation (FY25: Nil). John's annual fee is $100,000 plus superannuation. 4 Pete Hammond was paid $120,000 in cash fees including superannuation (FY25: $120,000). 5 Fred Bai was paid $75,000 in cash fees including superannuation (FY25: $75,000).
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Airtasker Limited Directors' report 30 June 2026 41 6.2.2 NED statutory remuneration Details of the statutory remuneration for the Company's NEDs are set out in the following tables. Short-term benefits Post-employment benefits Share-based payments Total Fixed Remuneration Superannuation Equity1 Total 2026 $ $ $ $ Cass O'Connor 144,000 17,280 16,000 177,280 Ellie Comerford 25,000 3,000 100,000 128,000 John Boris2 10,256 1,231 - 11,487 Pete Hammond 120,000 - - 120,000 Fred Bai 75,000 - - 75,000 374,256 21,511 116,000 511,767 1 Represents the share-based payments expense for all rights issued during the financial year. This expense is based on the fair value designated at grant date. 2 John Boris was appointed on 25 May 2026. John's annual fee is $100,000 plus superannuation. Short-term benefits Post-employment benefits Share-based payments Total Fixed Remuneration Superannuation Equity1 Total 2025 $ $ $ $ Cass O'Connor 144,000 16,650 16,000 176,560 Ellie Comerford 25,000 2,875 100,000 127,875 Pete Hammond 120,000 - - 120,000 Fred Bai 75,000 - - 75,000 364,000 19,525 116,000 499,435 1 Represents the share-based payments expense for all rights issued during the financial year. This expense is based on the fair value designated at grant date. 6.2.3 NED rights granted The value of rights over ordinary shares granted, vested, exercised and lapsed for NEDs as part of remuneration during the financial year ended 30 June 2026 is outlined below: Value of rights granted during the year Value of rights exercised during the year Value of rights lapsed during the year Remuneration consisting of rights granted during the year Name $ $ $ % - - - - Cass O'Connor 16,000 - - 9.03% Ellie Comerford 100,000 - - 78.13% 116,000 - -
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Airtasker Limited Directors' report 30 June 2026 42 6.2.4 NED rights holdings The terms and conditions of each grant of rights over ordinary shares in this or prior financial years are as follows: Name/ Grant designation Grant date Exchanged fees for year / quarter ending No. of rights at the beginning of the year No. of rights granted during the year No. of rights lapsed during the year No. of rights available and exercisable at the end of the year % of rights available and exercisable at the end of the year Cass O'Connor * - - - - - NED Equity Plan 1Q24 30 Nov 23 30 Sep 23 22,989 - - 22,989 100.00% NED Equity Plan 2Q24 31 Dec 23 31 Dec 23 20,409 - - 20,409 100.00% NED Equity Plan 3Q24 31 Mar 24 31 Mar 24 14,870 - - 14,870 100.00% NED Equity Plan 4Q24 30 Jun 24 30 Jun 24 15,937 - - 15,937 100.00% NED Equity Plan 1Q25 30 Sep 24 30 Sep 24 13,889 - - 13,889 100.00% NED Equity Plan 2Q25 31 Dec 24 31 Dec 24 9,802 - - 9,802 100.00% NED Equity Plan 3Q25 31 Mar 25 31 Mar 25 13,726 - - 13,726 100.00% NED Equity Plan 4Q25 30 Jun 25 30 Jun 25 15,258 - - 15,258 100.00% NED Equity Plan 1Q26 30 Sep 25 30 Sep 25 - 9,479 - 9,479 100.00% NED Equity Plan 2Q26 31 Dec 25 31 Dec 25 - 12,180 - 12,180 100.00% NED Equity Plan 3Q26 31 Mar 26 31 Mar 26 - 17,566 - 17,566 100.00% NED Equity Plan 4Q26 30 Jun 26 30 Jun 26 - 18,814 - 18,814 100.00% 126,880 58,039 - 184,919 - Ellie Comerford * - - - - - NED IPO Bonus 12 Mar 21 53,846 - - 53,846 100.00% NED Equity Plan FY22 12 Mar 21 FY22 217,071 - - 217,071 100.00% NED Equity Plan 1Q23 23 Nov 22 23 Nov 22 70,225 - - 70,225 100.00% NED Equity Plan 2Q23 31 Dec 22 31 Dec 22 73,747 - - 73,747 100.00% NED Equity Plan 3Q23 31 Mar 23 31 Mar 23 110,620 - - 110,620 100.00% NED Equity Plan 4Q23 30 Jun 23 30 Jun 23 142,858 - - 142,858 100.00% NED Equity Plan 1Q24 30 Sep 23 30 Sep 23 127,552 - - 127,552 100.00% NED Equity Plan 2Q24 31 Dec 23 31 Dec 23 127,552 - - 127,552 100.00% NED Equity Plan 3Q24 31 Mar 24 31 Mar 24 92,937 - - 92,937 100.00% NED Equity Plan 4Q24 30 Jun 24 30 Jun 24 99,602 - - 99,602 100.00% NED Equity Plan 1Q25 30 Sep 24 30 Sep 24 86,806 - - 86,806 100.00% NED Equity Plan 2Q25 31 Dec 24 31 Dec 24 61,260 - - 61,260 100.00% NED Equity Plan 3Q25 31 Mar 25 31 Mar 25 85,786 - - 85,786 100.00% NED Equity Plan 4Q25 30 Jun 25 30 Jun 25 95,361 - - 95,361 100.00% NED Equity Plan 1Q26 30 Sep 25 30 Sep 25 - 59,242 - 59,242 100.00% NED Equity Plan 2Q26 31 Dec 25 31 Dec 25 - 76,123 - 76,123 100.00% NED Equity Plan 3Q26 31 Mar 26 31 Mar 26 - 109,782 - 109,782 100.00% NED Equity Plan 4Q26 30 Jun 26 30 Jun 26 - 117,586 - 117,586 100.00% 1,445,223 362,733 - 1,807,956 - Pete Hammond * - - - - - NED IPO Bonus 12 Mar 21 307,692 - - 307,692 100.00% NED Equity Plan FY22 12 Mar 21 FY22 269,723 - - 269,723 100.00% 577,415 - - 577,415 - Fred Bai * - - - - - NED Equity Plan FY22 12 Mar 21 FY22 153,635 - - 153,635 100.00% NED Equity Plan 1Q23 23 Nov 22 30 Sep 22 52,669 - - 52,669 100.00% NED Equity Plan 2Q23 31 Dec 22 31 Dec 22 55,310 - - 55,310 100.00% NED Equity Plan 3Q23 31 Mar 23 31 Mar 23 82,965 - - 82,965 100.00% NED Equity Plan 4Q23 30 Jun 23 30 Jun 23 107,143 - - 107,143 100.00% NED Equity Plan 1Q24 30 Sep 23 30 Sep 23 95,664 - - 95,664 100.00% NED Equity Plan 2Q24 31 Dec 23 31 Dec 23 95,664 - - 95,664 100.00% NED Equity Plan 3Q24 31 Mar 24 31 Mar 24 69,703 - - 69,703 100.00% NED Equity Plan 4Q24 30 Jun 24 30 Jun 24 74,702 - - 74,702 100.00% 787,455 - - 787,455 - 2,936,973 420,772 - 3,357,745
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Airtasker Limited Directors' report 30 June 2026 43 Notes ● All rights have a nil exercise price and an expiry date of 15 years from grant date. ● Rights granted do not carry dividend or voting rights. ● Approval from shareholders for the grant of rights was obtained under ASX Listing Rule 10.14. 7. Service Agreements 7.1. Executive KMP service agreements A summary of Executive KMP service agreements follows: Name and role Employer Contract duration Company notice period Executive KMP notice period Termination payments1 Tim Fung (MD and CEO) Airtasker Limited No fixed term 12 months 12 months 12 months' total fixed remuneration Mahendra Tharmarajah (CFO and Company Secretary) Airtasker Limited No fixed term 6 months 6 months 6 months' total fixed remuneration 1 Under the Corporations Act 2001 the Termination Benefit Limit is 12 months average base salary (over the prior three years) unless shareholder approval is obtained. 7.2. Cessation of employment, CFO On 28 July 2026 the Company announced that Mahendra Tharmarajah had resigned as CFO and Company Secretary, effective 30 September 2026. Mahendra will continue in both roles through the transition period, including completion of the Company's FY26 financial statements, and will work with the incoming CFO and Company Secretary, Reena Minhas, who commenced on 3 August 2026. Under the terms of Mahendra's cessation, he will receive his salary, superannuation and accrued statutory entitlements to the termination date, a payment of $135,000 in lieu of the balance of his six-month notice period, and a termination payment of $60,000 in lieu of any STVR for FY26. No other termination benefits are payable. The aggregate of these payments is within the termination benefit limit under the Corporations Act 2001 and did not require shareholder approval. Mahendra's performance rights will be treated in accordance with the terms of the applicable grants and the Rights Plan, as described in section 5.1. 7.3. NED service agreements The appointment of NEDs is governed by a letter of engagement. As such, NEDs are not entitled to any termination benefits, nor are they eligible for payments other than statutory superannuation. There are no termination notice periods for either party. Shares resulting from the exercise of restricted rights issued in lieu of fees may not be disposed of until the NED is no longer a member of the Board, or employee of the Group, unless approved by the Board.
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Airtasker Limited Directors' report 30 June 2026 44 8. Other Required Disclosures 8.1 Share holdings There were no shares issued to NEDs and Executive KMP as part of remuneration during the financial year ended 30 June 2026. The number of ordinary shares in the Company held by each NED and Executive KMP, including their personally related parties, during the financial year is set out below: Balance at Received Balance at the start of as part of Disposals/ the end of Name the year remuneration Additions other the year NED - - - - - Cass O'Connor1 150,000 - - - 150,000 Pete Hammond1 70,817,712 - 1,666,666 - 72,484,378 Fred Bai1 58,170,896 - - - 58,170,896 - - - - - Executive KMP - - - - - Tim Fung2 48,692,000 - - - 48,692,000 Mahendra Tharmarajah3 301,300 - 268,493 - 569,793 - - - - - 178,131,908 - 1,935,159 - 180,067,067 1 Indirect beneficial interest. 2 Direct and indirect beneficial interest. 3 Direct beneficial interest. 8.2 Option holdings There were no new options granted to NEDs and Executive KMP as part of remuneration during the financial year ended 30 June 2026. The value of options over ordinary shares granted, vested, exercised and lapsed for NEDs and Executive KMP as part of remuneration during the financial year ended 30 June 2026 was nil. The number of options over ordinary shares in the Company held by each NED and Executive KMP, including their personally related parties, during the financial year is set out below: Balance at Expired/ Balance at the start of forfeited/ the end of Name the year Granted Exercised other the year Executive KMP - - - - - Tim Fung1 731,000 - - (396,000) 335,000 - - - - - 731,000 - - (396,000) 335,000 1 Direct beneficial interest. 8.3 Rights holdings The rights granted to NEDs and Executive KMP as part of remuneration during the financial year ended 30 June 2026 are detailed at sections 5.4, 5.5, 6.2.3 and 6.2.4 of this Report.
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Airtasker Limited Directors' report 30 June 2026 45 The number of rights over ordinary shares in the Company held by each NED and Executive KMP, including their personally related parties, during the financial year is set out below: Balance at Expired/ Balance at the start of forfeited/ the end of Name the year Granted Exercised other the year NED - - - - - Cass O'Connor1 126,880 58,039 - - 184,919 Ellie Comerford1 1,445,223 362,733 - - 1,807,956 Pete Hammond1 577,415 - - - 577,415 Fred Bai2 787,455 - - - 787,455 - - - - - Executive KMP - - - - - Tim Fung2 9,719,479 1,831,590 - (5,412,994) 6,138,075 Mahendra Tharmarajah2 1,975,931 955,614 (268,493) (754,004) 1,909,048 - - - - - 14,632,383 3,207,976 (268,493) (6,166,998) 11,404,868 1 Indirect beneficial interest. 2 Direct beneficial interest. 8.4 Loans to/from KMP and their related parties The Group made no loans to NEDs and Executive KMP during the financial year and as at 30 June 2026 (30 June 2025: Nil). 8.5 Other transactions with KMP and their related parties Certain KMP, or their related entities, hold positions in other entities that result in them having control or significant influence over those entities' financial or operating policies. Some of these entities engaged in transactions with the Group during the financial year ended 30 June 2026. The terms and conditions of these transactions were no more favourable than those available, or which might reasonably be expected to be available, on an arm's-length basis to unrelated entities. Refer to note 27 for more information. 8.6 Use of independent remuneration consultants The Company periodically engages independent remuneration consultants to provide objective market data and advice on remuneration matters. In recent years, the Company has engaged independent third-party external advisors, including AON Radford and Godfrey Remuneration Group, to review and test NED and Executive KMP remuneration. Any advice received from these consultants is considered as one of several inputs into the decision- making process and does not replace the Committee's judgement or procedures. 8.7 Remuneration report At the Company’s most recent AGM, no comments were made on the FY25 Remuneration Report. When a resolution to adopt the FY25 Remuneration Report was put to a vote, over 98% of shareholders voted in favour. This concludes the Remuneration Report, which has been audited.
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Airtasker Limited Directors' report 30 June 2026 46 Shares under option Unissued ordinary shares of the Company under option at the date of this report are as follows: Grant date Expiry date Exercise price* Number under option 12 October 2015 N/A $0.028 130,000 26 July 2016 N/A $0.060 212,000 342,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any ordinary share issue of the Company or of any other body corporate. Shares under rights Unissued ordinary shares of the Company under rights at the date of this report are as follows: Grant date/grant date range Expiry date/expiry date range Exercise price Number under rights 1 July 2020 to 30 June 2021 1 March 2036 to 30 April 2036 $0.000 1,218,373 1 July 2021 to 30 June 2022 1 August 2036 to 28 February 2037 $0.000 94,866 1 July 2022 to 30 June 2023 1 July 2037 to 30 June 2038 $0.000 1,645,199 1 July 2023 to 30 June 2024 1 July 2038 to 30 June 2039 $0.000 8,986,175 1 July 2024 to 30 June 2025 1 July 2039 to 30 June 2040 $0.000 3,459,912 1 July 2025 to 30 June 2026 1 July 2040 to 30 June 2041 $0.000 6,565,341 26 May 20261 26 May 2031 $0.500 1,004,100 22,973,966 1 Share appreciation rights issued at an exercise price of $0.50 with a term of 5 years. No person entitled to exercise the rights had or has any right by virtue of the right to participate in any share issue of the Company or of any other body corporate. Shares issued on the exercise of options There were nil ordinary shares issued on the exercise of options during the year ended 30 June 2026 and up to the date of this report. See note 19. Shares issued on the exercise of rights There were 1,526,790 ordinary shares issued on the exercise of rights during the year ended 30 June 2026 and up to the date of this report. See note 19. Indemnity and insurance of officers The Company has indemnified the NEDs and Executive KMP of the Company for costs incurred, in their capacity as a NED or Executive KMP, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the Company paid a premium in respect of a contract to insure the NEDs and Executive KMP of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and insurance of auditor The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.
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Airtasker Limited Directors' report 30 June 2026 47 Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. Non-audit services As shown in note 23 to the financial statements, there have been no amounts paid or payable to the auditor for non- audit services during the financial year. Officers of the Company who are former partners of Deloitte Touche Tohmatsu There are no officers of the Company who are former partners of Deloitte Touche Tohmatsu. Rounding of amounts The Company is of a kind referred to in Corporations Instrument 2026/183, 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. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report. Auditor Deloitte Touche Tohmatsu continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ ___________________________ Cass O'Connor Tim Fung Chair Managing Director 26 August 2026
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Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 Australia Phone: +61 2 9322 7000 www.deloitte.com.au The Board of Directors Airtasker Limited Level 6, 24-26 Campbell St Sydney NSW 2000 26 August 2026 Dear Board Members Auditor’s Independence Declaration to Airtasker Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the Directors of Airtasker Limited. As lead audit partner for the audit of the financial report of Airtasker Limited for the year ended 30 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of : (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit. Yours faithfully DELOITTE TOUCHE TOHMATSU Damien Cork Partner Chartered Accountants Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. 4 8
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Airtasker Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Consolidated Note 2026 2025 $'000 $'000 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 49 Revenue 5 57,827 52,622 Other income 4 56 Interest revenue calculated using the effective interest method 678 640 Change in fair value of financial instruments 6 14,875 (3,743) Employee benefits expense (25,671) (22,575) Sales and marketing expense 7 (54,144) (46,279) Technology expense (5,587) (5,223) General and administration expense 7 (8,319) (7,066) Depreciation and amortisation expense 7 (3,122) (3,156) Net foreign currency translation gain/(loss) through profit or loss 7 2,939 (1,442) Finance costs 7 (2,596) (1,567) Loss before income tax benefit (23,116) (37,733) Income tax benefit 8 16,150 - Loss after income tax benefit for the year (6,966) (37,733) Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or loss Foreign currency translation (loss)/gain (1,113) 1,331 Other comprehensive (loss)/income for the year, net of tax (1,113) 1,331 Total comprehensive loss for the year (8,079) (36,402) Loss for the year is attributable to: Non-controlling interests (8,184) (6,164) Owners of Airtasker Limited 1,218 (31,569) (6,966) (37,733) Total comprehensive loss for the year is attributable to: Non-controlling interests (8,184) (6,164) Owners of Airtasker Limited 105 (30,238) (8,079) (36,402) Cents Cents Basic earnings per share profit/(loss) 30 0.26 (6.95) Diluted earnings per share profit/(loss) 30 0.25 (6.95)
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Airtasker Limited Consolidated statement of financial position As at 30 June 2026 Consolidated Note 2026 2025 $'000 $'000 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 50 Assets Current assets Cash and cash equivalents 9 12,048 18,471 Trade and other receivables 332 235 Prepaid media and other assets 10 13,917 24,331 Total current assets 26,297 43,037 Non-current assets Property, plant and equipment 174 106 Right-of-use assets 11 862 1,380 Intangible assets 12 18,363 19,778 Deferred tax asset 8 16,150 - Prepaid media and other assets 10 1,982 6,107 Total non-current assets 37,531 27,371 Total assets 63,828 70,408 Liabilities Current liabilities Trade and other payables 13 5,987 6,030 Contract liabilities 14 1,983 2,105 Unclaimed customer credits 15 3,569 3,217 Employee benefits 1,228 1,171 Lease liabilities 16 624 574 Provisions 42 251 Total current liabilities 13,433 13,348 Non-current liabilities Share purchase liabilities 17 50,416 53,633 Employee benefits 378 294 Lease liabilities 16 434 1,056 Total non-current liabilities 51,228 54,983 Total liabilities 64,661 68,331 Net (liabilities)/assets (833) 2,077 Equity Issued capital 19 146,944 137,448 Reserves 20 28,855 34,475 Accumulated losses (160,950) (162,348) Equity attributable to the owners of Airtasker Limited 14,849 9,575 Non-controlling interests 21 (15,682) (7,498) Total (deficiency)/equity (833) 2,077
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Airtasker Limited Consolidated statement of changes in equity For the year ended 30 June 2026 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 51 Issued capital Reserves Accumulated losses Non- controlling interests Total equity Consolidated $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2024 137,448 27,301 (130,779) (1,334) 32,636 Loss after income tax expense for the year - - (31,569) (6,164) (37,733) Other comprehensive income for the year, net of tax - 1,331 - - 1,331 Total comprehensive income/(loss) for the year - 1,331 (31,569) (6,164) (36,402) Transactions with owners in their capacity as owners: Share-based payments (note 20) - 843 - - 843 Convertible note issues accounted for as equity-settled share-based payments (note 20) - 38,428 - - 38,428 Issue of equity to non-controlling interest for prepaid media assets (note 21) - - - 7,020 7,020 Recognition of share purchase liabilities for repurchase of equity-settled share- based payments (note 20 and note 21) - (33,428) - (7,020) (40,448) Balance at 30 June 2025 137,448 34,475 (162,348) (7,498) 2,077
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Airtasker Limited Consolidated statement of changes in equity For the year ended 30 June 2026 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 52 Issued capital Reserves Accumulated losses Non- controlling interests Total deficiency in equity Consolidated $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2025 137,448 34,475 (162,348) (7,498) 2,077 Profit/(loss) after income tax benefit for the year - - 1,218 (8,184) (6,966) Other comprehensive loss for the year, net of tax - (1,113) - - (1,113) Total comprehensive (loss)/income for the year - (1,113) 1,218 (8,184) (8,079) Transactions with owners in their capacity as owners: Share-based payments (note 20) - 1,493 - - 1,493 Convertible note issues accounted for as equity-settled share-based payments (note 20) - 17,758 - - 17,758 Recognition of share purchase liabilities for repurchase of equity-settled share- based payments (note 20 and note 21) - (12,758) - - (12,758) Settlement of convertible notes and coupon originally accounted for as equity- settled share-based payments - (11,000) 180 - (10,820) Issue of ordinary shares (net of transaction costs) 9,496 - - - 9,496 Balance at 30 June 2026 146,944 28,855 (160,950) (15,682) (833)
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Airtasker Limited Consolidated statement of cash flows For the year ended 30 June 2026 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 53 Cash flows (used in)/from operating activities Receipts from customers (inclusive of applicable taxes) 64,076 58,453 Payments to suppliers and employees (inclusive of applicable taxes) (67,013) (54,608) (2,937) 3,845 - - Interest received 677 626 Interest paid (69) (110) Net cash (used in)/from operating activities 29 (2,329) 4,361 Cash flows used in investing activities Payments for term deposits - (55) Payments for intangibles 12 (2,158) (2,140) Payments for property, plant and equipment (135) (90) Proceeds from maturing term deposits and bonds 275 - Proceeds from disposal of businesses - 31 Proceeds from facilities licences - 99 Proceeds from disposal of property, plant and equipment 4 5 Net cash used in investing activities (2,014) (2,150) Cash flows used in financing activities Proceeds from issue of shares 10,015 - Share issue transaction costs (519) - Settlement of convertible notes and coupon (10,820) - Payment of lease liabilities 29 (572) (1,029) Net cash used in financing activities (1,896) (1,029) Net (decrease)/increase in cash and cash equivalents (6,239) 1,182 Cash and cash equivalents at the beginning of the financial year 18,471 17,228 Effects of exchange rate changes on cash and cash equivalents (184) 61 Cash and cash equivalents at the end of the financial year 9 12,048 18,471
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 54 Note 1. General information 55 Note 2. Material accounting policies 56 Note 3. Critical accounting judgements, estimates and assumptions 66 Note 4. Operating segments 67 Note 5. Revenue 69 Note 6. Change in fair value of financial instruments 70 Note 7. Expenses 71 Note 8. Income tax 72 Note 9. Cash and cash equivalents 73 Note 10. Prepaid media and other assets 73 Note 11. Right-of-use assets 75 Note 12. Intangible assets 76 Note 13. Trade and other payables 78 Note 14. Contract liabilities 79 Note 15. Unclaimed customer credits 79 Note 16. Lease liabilities 80 Note 17. Share purchase liabilities 80 Note 18. Financial risk management objectives and policies 82 Note 19. Issued capital 84 Note 20. Reserves 86 Note 21. Non-controlling interests 87 Note 22. Dividends 88 Note 23. Remuneration of auditors 88 Note 24. Contingent liabilities 88 Note 25. Commitments 88 Note 26. Key management personnel disclosures 89 Note 27. Related party transactions 89 Note 28. Interests in subsidiaries 90 Note 29. Cash flow information 90 Note 30. Earnings per share 91 Note 31. Share-based payments 92 Note 32. Parent entity information 94 Note 33. Events after the reporting period 95
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 55 Note 1. General information The financial statements represent the consolidated entity ('Airtasker' or the 'Group') consisting of Airtasker Limited (the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2026. Airtasker Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business Level 6 Level 6 24-28 Campbell Street 24-28 Campbell Street Haymarket NSW 2000 Haymarket NSW 2000 A description of the nature of the Group's operations and its principal activities is 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 26 August 2026. The directors have the power to amend and reissue the financial statements. New or amended Accounting Standards and Interpretations adopted The Group 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. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2026, including: Standard/amendment Effective for annual reporting periods beginning on or after Impact AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments 1 January 2026 This Standard amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to address feedback from the post-implementation review of the classification and measurement requirements. The amendments introduce additional disclosure requirements for financial instruments with contractual terms that could change the amount of contractual cash flows based on the occurrence or non-occurrence of a contingent event, and clarify the classification of financial assets in certain circumstances. The Group is currently assessing the impact of this Standard on its financial statements. AASB 18 Presentation and Disclosure in Financial Statements 1 January 2027 This Standard will not change the recognition and measurement of items in the financial statements, but will affect presentation and disclosure in the financial statements, including introducing new categories and subtotals in the statement of profit or loss, requiring the disclosure of management defined performance measures, and changing the grouping of information in the financial statements. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards ('AAS') and Interpretations issued by the AASB and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 1. General information (continued) 56 The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. Historical cost convention The financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets and liabilities at fair value through profit or loss and for derivative financial instruments. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are material to the financial statements, are disclosed in note 3. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary information about the parent entity is disclosed in note 32. Going concern The Directors have prepared the consolidated financial statements on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. For the year ended 30 June 2026, the consolidated statement of profit or loss and other comprehensive income reflects a loss after income tax of $7.0 million (30 June 2025: $37.7 million loss) and the consolidated statement of cash flows reflects cash outflows from operating activities of $2.3 million (30 June 2025: $4.4 million inflow) and negative net cash flows of $6.2 million (excluding the effects of exchange rate changes) (30 June 2025: $1.2 million inflow). As at 30 June 2026, the statement of financial position reflects net current assets of $12.9 million (30 June 2025: $29.7 million) and net liabilities of $0.8 million (30 June 2025: net assets of $2.1 million) while cash and cash equivalents were $12.0 million (30 June 2025: $18.5 million). The net liabilities arises from the recognition of the non-current share purchase liabilities associated with the settlement of the unsecured convertible notes issued by Group subsidiaries. The convertible notes mature at various dates between 31 October 2027 and 30 November 2028 with the associated share purchase liabilities due for settlement between 30 June 2028 and 31 August 2031. To assist in determining the Group's ability to continue as a going concern, the Directors have prepared a 12-month cash flow forecast for the period from the date of signing the financial statements for the year ended 30 June 2026. The cash flow forecast indicates that the Group expects to generate positive net cash flows over the forecast period. As such the Directors have concluded that it is appropriate to adopt, and have adopted, the going concern basis in preparing the consolidated financial statements for the year ended 30 June 2026. Note 2. Material accounting policies Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at 30 June 2026 and the results of all subsidiaries for the year then ended. Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 57 Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance. Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non- controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Operating segments Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Foreign currency translation The financial statements are presented in Australian dollars, which is the Company's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into the entity's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed. Revenue recognition The Group recognises revenue as follows. Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 58 Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts and refunds, or any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as unclaimed customer credits and contract liabilities. Fee revenue Fee revenue is made up of connection, service and cancellation fees on the Airtasker marketplaces. The connection fee is calculated as a fixed percentage of the task value (subject to a floor and a cap) of the contract formed between the Group, customer and tasker for use of the marketplace and payable by the customer. The service fee is charged to the tasker and is a variable percentage of the task value of the contract formed between the Group, customer and tasker for use of the marketplace calculated at task completion based on the tasker's earnings in the 30 days prior to task completion. The cancellation fee is calculated on the same basis as the connection fee and is payable by either the customer or tasker. The Group has one integrated performance obligation in relation to fee revenue which is considered satisfied when its overall end-to-end service offering to the customer is delivered upon task completion or task cancellation. The service offering available to the Group's customers is: ● the initial connection between the customer and tasker at task assignment when a contract is formed between the Group, customer and tasker for use of the marketplace and the transaction price is determined; ● the facilitation of secure payments between the customer and tasker by the escrow of the transaction price upon task assignment and the disbursement to the tasker on task completion; ● the provision of credits to the customer's account or refunds to the customer upon task cancellation; and ● the provision of other services on the marketplace such as customer support, insurance and mechanisms for messaging and feedback. From the customer’s perspective, the Group’s promised services are only transferred to the customer on task completion or task cancellation and it is at this point in time in which the performance obligation is satisfied and the connection, service or cancellation fee revenues are recognised. Cancellation fee revenue, calculated on the same basis as the connection fee, is recognised upon task cancellation along with the provision of credits to the customer's account or refund to the customer. Unclaimed customer credit breakage revenue A customer credit is created and added to a customer's account on the Airtasker marketplace under two circumstances: (i) when an assigned task has been assigned for 30 days and is inactive for 7 days beyond the task due date and is neither marked completed nor cancelled ('incomplete task credit'); and (ii) when an assigned task is cancelled prior to task completion ('cancellation credit'). The Group's terms and conditions enable the expiry of customer credits that are not redeemed and not refunded within a specified period. The Group recognises breakage revenue from unclaimed customer credits in each case as follows: Unclaimed incomplete task credits: The Group is entitled to the balance of all incomplete task credits upon their expiry, which occurs 18 months after their initial grant. The expected revenue to be recognised is equivalent to the forecast unclaimed incomplete task credit balances after 18 months and is recognised over time, over the 18 months prior to expiry, in proportion to the historical average pattern of incomplete task credit redemptions or refunds by customers. The Group will not recognise any estimated revenue amount until it is highly probable that a significant revenue reversal will not occur. If the Group cannot determine that it is highly probable that the credit will remain unclaimed, it will not recognise any amounts as revenue until the likelihood of customer redemption or refund becomes remote.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 59 Unclaimed cancellation credits: The Group is entitled to the balance of all cancellation credits upon their expiry, which occurs 18 months after their initial grant. The expected revenue to be recognised is equivalent to the forecast unclaimed cancellation credit balances after 18 months and is recognised over time, over the 18 months prior to expiry, in proportion to the historical average pattern of cancellation credits redemption or refund by customers. The Group will not recognise any estimated revenue amount until it is highly probable that a significant revenue reversal will not occur. If the Group cannot determine that it is highly probable that the credit will remain unclaimed, it will not recognise any amounts as revenue until the likelihood of customer redemptions or refunds becomes remote. Membership subscription revenue Membership subscription revenue is generated from annual non-refundable subscription-based plans that provide customers with access to the marketplace without incurring connection or cancellation fees on tasks as well as the ability access other premium features and membership benefits. The Group has one performance obligation in relation to membership subscription revenue which is to provide connection fee and cancellation fee free access to use the marketplace during the subscription period. The subscription price is calculated based on the contract formed between the Group and the customer upon the purchase of the membership subscription, adjusted for the variable amounts such as discounts and refunds, and allocated wholly to the contract purchased. Revenue is recognised on a straight-line basis over the life of the membership subscription, as the customer simultaneously receives and consumes the benefits provided by the access to the marketplace. Listings subscription revenue Listings subscription revenue is generated from providing featured listings for businesses on the Oneflare marketplace. The Group has one performance obligation in relation to listings subscription revenue which is to provide a featured listing for the business on the marketplace over the life of the listings subscription contract term. The transaction price is calculated based on the contract formed between the Group and the business upon the purchase of the listings subscription contract, adjusted for the variable amounts such as discounts and refunds, and allocated wholly to the contract purchased. Revenue is recognised over the life of the listings subscription contract as the business simultaneously receives and consumes the benefits of featured listings on the marketplace. Quoting credits revenue Quoting credits revenue is generated from pay-as-you-go and prepaid packs of quoting credits purchased on the Oneflare marketplace by businesses. Quoting credits are used on the marketplace by businesses and otherwise expire within a specified time period. The Group has one performance obligation in relation to quoting credits revenue which is considered satisfied when quoting credits are used by the business to contact customers and submit a quote on a job request on the marketplace. The transaction price allocated to each quoting credit is calculated based on the contract formed between the Group and the business upon the purchase of the quoting credits and revenue is recognised at a point in time when quoting credits are used by the business. Unused quoting credits breakage revenue The Group's terms and conditions enable the expiry of quoting credits that remain unused within a specified period as dictated by the terms and conditions. The Group recognises breakage revenue from unused quoting credits. The Group expects to be entitled to breakage revenue from the unused quoting credits expiring from the businesses' accounts when the likelihood of business customer redemptions becomes remote. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other income Other income is recognised when it is received or when the right to receive payment is established.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 60 Cost of sales Cost of sales consists of the direct costs incurred in the provision of services to customers. The Group incurs payment processing and insurance costs as part of satisfying its performance obligations to customers. Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted for the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets is reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Australia along with 130 other countries has endorsed proposed international corporate tax reforms to address the challenges arising from the digitalisation of the economy. The reforms consist of two ‘pillars’ that were developed by the OECD Inclusive Framework on Base Erosion and Profit Shifting ('BEPS'). Pillar Two operates to ensure a minimum rate of taxation of 15% and applies to entities with global revenues of at least EUR 750 million. The Group has applied the exception from the recognition of deferred taxes arising from the Pillar Two reforms in financial statements finalised after the amendments were made. For subsidiaries in jurisdictions where Pillar Two legislation has been substantively enacted, any material exposure will be disclosed in the notes to the financial statements unless the information is not known or reasonably estimable. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 61 A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Prepaid media and other assets Prepaid media and other assets represent payments made in advance for goods or services to be received in future periods. These include amounts paid for media advertising services, brand sponsorship and software services. Prepaid media and other assets are initially recognised as assets as the fair value of cash or other consideration transferred. They are classified as current or non-current depending on the period over which the benefits are expected to be realised. Where the benefit will be consumed within the next twelve months, the amounts are classified as current. They are subsequently expensed in the statement of profit or loss on a straight-line basis, or another systematic basis, over the period of the benefit. Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives are classified as current or non-current depending on the expected period of realisation. Right-of-use assets A right-of-use asset is recognised at the commencement date or date of acquisition of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. When a right-of-use asset is recognised as part of a business combination, it is recorded as if the acquired lease were a new lease at the acquisition date, with the value recorded being the present value of remaining lease payments. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 62 Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Patents and trademarks Costs associated with patents and trademarks are capitalised as an asset and are amortised where there is a limited useful life. Where there is an indefinite useful life, patents and trademarks are tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired and are carried at cost less accumulated impairment losses. Management considers that the useful life of patents and trademarks is indefinite because there is no foreseeable limit to the cash flows these assets can generate. Platform development Research costs are expensed in the period in which they are incurred. Development costs are capitalised when: it is probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or sell the asset; the Group has sufficient resources and intent to complete the development; and the project costs can be measured reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit, being their finite useful life of one to five years. Once a project is available for use, amortisation commences, and no further capitalised costs are allocated to the project. The capitalised platform development costs are shown net of research and development tax offset credits. Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of (a) an asset's fair value less costs of disposal and (b) value-in-use. The value-in- use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature, they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within their repayment terms of 14-60 days. Unclaimed customer credits Unclaimed customer credits represent both incomplete task credits and cancellation credits for the Airtasker marketplace. Refer to 'Revenue recognition - Unclaimed customer credit breakage revenue' policy above.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 63 Contract liabilities Contract liabilities on the Airtasker marketplace are recognised upon task assignment when a customer pays consideration and represent the Group's performance obligation in relation to connection and service fee revenue. From the customer's perspective, the Group's promised distinct services are only transferred to the customer on task completion or task cancellation and it is only at this point in time that the performance obligation is satisfied and connection, service or cancellation fee revenue is recognised upon the unwinding of the contract liabilities. Contract liabilities on the Oneflare marketplace are recognised upon the receipt of advance payments from business customers and represent the Group’s performance obligation in relation to listings subscription revenue or quoting credits revenue. In relation to listings subscription revenue, from the business customer’s perspective, the Group’s promised distinct services are transferred over time to business customers as they simultaneously receive and consume the benefits of featured listings on the marketplace. In relation to quoting credits revenue, from the business customer’s perspective, the Group’s promised distinct services are only transferred to the business customer upon quoting credits usage by business customers. Lease liabilities A lease liability is recognised at the commencement date or date of acquisition of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. When a lease is recognised as part of a business combination, it is recorded as if it were a new lease at the acquisition date, with the value recorded being the present value of remaining lease payments. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. Employee benefits Short-term employee benefits Liabilities for wages, salaries and short-term incentives, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long-service leave not expected to be settled within 12 months of the reporting date is measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Share-based payments Equity-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, options over shares or rights over shares, that are provided to employees in exchange for the rendering of services.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 64 The cost of equity-settled transactions is measured at fair value on grant date. The fair value for grants with market conditions are independently determined using the Monte Carlo Simulation methodology. Key inputs include the share price at grant date, exercise price, the term of the option or right, the volatility of the underlying share price, the expected dividend yield and the risk-free rate for the term of the option or right. These inputs apply also to the comparator set where applicable. The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest based on the expectation of achievement of non- market hurdles and the satisfied portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified and increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employee, as a minimum an expense is recognised as if the modification had not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If an equity-settled award is cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award are treated as if they were a modification. Share purchase liabilities The fair value of the share purchase liabilities has been determined as the present value of the future liabilities based on the purchase terms in the underlying agreements. Fair value is determined through a Monte Carlo Simulation methodology which models a range of possible outcomes in the US and UK businesses. Key inputs and assumptions in the model include forecast revenue and equity values, taking into account historical results, activity trends and performance. Management exercise judgement in determining the appropriate Group discount rate and Group market capitalisation multiple, including where appropriate, relying on the services of an independent expert. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques used to measure fair value are those that are appropriate in the circumstances and which maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 2. Material accounting policies (continued) 65 Equity-settled share-based payments Equity-settled share-based payment transactions including unsecured convertible notes with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The fair value of the equity-settled share- based instruments is determined at the grant date and is not subsequently adjusted for changes in market conditions. Where there is an option of settlement, should the Group elect to settle equity-settled share-based payments in cash, they are reclassified as cash-settled share-based payments. Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Airtasker Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for variable remuneration elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming conversion of all dilutive potential ordinary shares. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. Rounding of amounts The Company is of a kind referred to in Corporations Instrument 2026/183, 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.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 66 Note 3. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements, estimates and assumptions in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on various other factors, including expectations of future events that management believes to be reasonable under the circumstances. Where appropriate management will rely on the opinion of independent experts. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Unclaimed customer credit breakage revenue Breakage revenue from unclaimed incomplete task credits and unclaimed cancellation credits on the Airtasker marketplace are estimated based on the forecast breakage rate of each monthly cohort and the credit redemption patterns of customers. The forecast breakage rates have been calculated using historical data collected from the Airtasker marketplaces. The determination of the forecast breakage rates, at the point-in-time in which unclaimed credits expire from customer accounts and the pattern of rights in which credits are exercised, requires a significant judgement, estimation and assumption. A number of factors have been considered when determining the forecast breakage rate and credit redemption patterns, including the historical average breakage rate and credit redemption patterns, completion rates, cancellation rates, seasonality impact, activity trends and expected increase in repeat customer rates. Platform development costs Platform development costs are capitalised when the Group can reliably determine the recognition criteria are met in order to capitalise those costs. To determine the costs, management rely on automated timesheet data from project tracking software, supplemented with manual timesheets for employees without access to the project tracking software. The portion of eligible employee time allocated to specific capitalisable projects will then be costed, based on the eligible employee's salary and direct oncosts, and capitalised. Capitalisation ceases at the point in time when testing is complete on capitalisable projects and the project is ready for implementation. Once a project is implemented and is in use, amortisation commences, and no further costs are allocated to the project and capitalised. Management exercise judgement in determining which projects are capitalisable and in determining the useful lives of these projects for the purposes of amortisation. Goodwill and other indefinite life intangible assets The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment. The recoverable amounts of cash- generating units have been determined based on a value in use model as described in note 12. Management exercise judgement in determining the cash-generating units and rely on estimations and assumptions in allocating goodwill and other indefinite life intangible assets to the cash-generating units and determining their value in use. Share purchase liabilities The fair value of the share purchase liabilities has been determined as the present value of the future liabilities based on the purchase terms in the underlying agreements. Management rely on estimates and assumptions in determining the forecast revenue of the Group and the forecast revenue of the UK and US businesses, taking account of historical results, activity trends and performance. Management exercise judgement in determining the appropriate Group discount rate and Group market capitalisation multiple, including where appropriate, relying on the services of an independent expert. Share-based payment transactions Where there are share-based payment transactions including unsecured convertible notes, with the choice of whether to settle in cash or by issuing equity instruments, the Group determines the treatment based on whether there is “a present obligation to settle in cash”.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 3. Critical accounting judgements, estimates and assumptions (continued) 67 Management exercise judgement in determining whether the present obligation can be based upon commercial substance, past practice or stated policy. If there is a present obligation to settle in cash, then the share-based payment transaction is accounted for as a 'cash-settled share-based payment'. If no such present obligation exists, the share-based payment transaction is accounted for as an 'equity-settled share-based payment' at the origination of the share-based payment transaction, consistent with past and present practice. Income tax and recognition of deferred tax assets The Group is subject to income taxes in the jurisdictions in which it operates. Management exercise judgement and estimation in recognising and measuring current and deferred tax amounts. For any uncertain tax treatment adopted relating to transactions or events, management recognises and measures tax related amounts having regard to both the probability that such amounts may be challenged by a tax authority and the expected resolution of such uncertainties. In such circumstances, tax balances are determined based on either most-likely amount or expected- value probability based outcomes. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Management exercise judgement in determining future taxable profits based on a consideration of historical financial performance and forecast financial performance with a higher weighting placed on historical financial performance in assessing the probability of taxable profits. Where it is not probable that future taxable profits will be available to utilise, deferred tax liabilities recognised on taxable temporary differences are offset to the point that there is no deferred tax balance. Note 4. Operating segments Identification of reportable operating segments The Group operates within two business segments, being the 'Established Marketplaces Segment' and the 'New Marketplaces Segment'. The operations of both segments relate to online marketplace platforms enabling users to outsource everyday tasks. The segment results are reported to the Board of Directors, who are identified as the CODM. The Group generates revenue in a number of countries including Australia (where the majority of its revenue was generated in the year), the UK and the US. These geographic operations are segmented based on the maturity of the marketplaces. In Australia, there are two relatively mature marketplaces which form the Established Marketplaces Segment. These are the Airtasker Australia marketplace and the Oneflare marketplace. These markets are between 8 and 14 years old and have established user bases and operations. International marketplaces form the New Marketplaces Segment. These include Airtasker marketplaces based in the UK and US, which are between 4 and 8 years old, have less established user bases and operations and may experience accelerated growth in revenue each year. Internal management reporting provided on a regular basis and the allocation of resources by the Group's CODM are based on this segment disaggregation.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 4. Operating segments (continued) 68 Financial summary of operating segments The Group's revenue and results by reportable segment for the year ended 30 June 2026: Established New Expenditure not Marketplaces Segment Marketplaces Segment attributable to a segment Consolidated $'000 $'000 $'000 $'000 Revenue 52,074 5,753 - * 57,827 Cost of sales (2,003) (457) - * (2,460) Gross profit 50,071 5,296 * 55,367 EBITDA attributable to segments 28,673 (46,084) - - (17,412) - - - Global head office expenditure1 - - (664) (664) - - - - Group EBITDA 28,673 (46,084) (664) (18,076) Net interest expense - - (1,918) (1,918) Depreciation and amortisation - - (3,122) (3,122) Loss before income tax benefit 28,673 (46,084) (5,704) (23,116) 1 Includes $14.8 million in remeasurement gains of the share purchase liabilities recognised through profit or loss and $3.7 million in foreign currency translation gains on the share purchase liabilities recognised through profit or loss. The Group's revenue and results by reportable segment for the year ended 30 June 2025: Established New Expenditure not Marketplaces Segment Marketplaces Segment attributable to a segment Consolidated $'000 $'000 $'000 $'000 Revenue 49,151 3,471 - 52,622 Cost of sales (1,932) (293) - (2,225) Gross profit 47,219 3,178 - 50,397 EBITDA attributable to segments 26,913 (36,576) (9,663) Global head office expenditure1 (23,987) (23,987) Group EBITDA (33,650) Net interest expense (927) (927) Depreciation and amortisation (3,156) (3,156) Loss before income tax benefit (37,733) 1 Includes $3.8 million in remeasurement losses of the share purchase liabilities recognised through profit or loss and $1.4 million in foreign currency translation losses on the share purchase liabilities recognised through profit or loss.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 4. Operating segments (continued) 69 Basis for allocation Revenues and expenses that directly relate to a segment are assigned to that segment only, including marketing expenses and employee costs dedicated to a particular segment. Split allocations are required where the benefit of the expense is shared between a combination of the Established Marketplaces Segment, the New Marketplaces Segment and the global head office. Split allocations of expenses are performed on appropriate metrics including: ● Posted tasks, where the expense is directly related to servicing customers who have posted a task; ● Project based work for employees who service multiple segments; ● Actual marketing expenditure directly related to a particular segment; and ● Website traffic for hosting related expenses. Global head office expenditure includes expenses which cannot be directly attributable to the Established Marketplaces Segment or the New Marketplaces Segment, including: ● Operating expenditure relating to the marketplace platforms comprising engineering, product support and maintenance and back-office support functions such as leadership, legal, finance and people operations; ● Innovation investment that is non-capitalisable and associated with the design of, and post-implementation work on, new features designed to enhance the customer experience, increase long term gross marketplace volume and grow long term revenue; and ● $14.8 million in unrealised statutory accounting gains from the remeasurement of the media partner share purchase liabilities recognised through profit or loss and $3.7 million in unrealised statutory accounting gains from the related foreign currency translation recognised through profit or loss (refer to note 17). Major customers During the years ended 30 June 2026 and 30 June 2025 there were no major customers nor major customer groups that represented greater than 10% of the Group's revenue. Note 5. Revenue Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: Consolidated 2026 2025 $'000 $'000 Fee revenue 48,710 42,160 Unclaimed customer credits breakage revenue 3,229 2,873 Quoting credits revenue 5,592 7,212 Listings subscription revenue 212 377 Membership subscription revenue 84 - 57,827 52,622
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 5. Revenue (continued) 70 Consolidated 2026 2025 $'000 $'000 Timing of revenue recognition Services transferred at a point in time 54,302 49,372 Services transferred over time 296 377 Unclaimed customer credits earned over time 3,229 2,873 - - 57,827 52,622 Split by platform Airtasker 52,023 45,033 Oneflare 5,804 7,589 - - 57,827 52,622 Split by geographic region Australia 52,074 49,151 International 5,753 3,471 - - 57,827 52,622 Refer to note 14 for details of the value of unsatisfied performance obligations against which consideration has been received. Note 6. Change in fair value of financial instruments Consolidated 2026 2025 $'000 $'000 Change in measurement of the share purchase liabilities (note 17) 14,817 (3,781) Net fair value gain on other financial instruments 58 38 14,875 (3,743)
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 71 Note 7. Expenses Consolidated 2026 2025 $'000 $'000 Loss before income tax includes the following specific expenses: * General and administration expense 1 1 Cost of sales 2,460 2,225 Professional fees 1,979 1,655 Insurance fees 624 666 Travel and entertainment 832 882 Impairment of non-current assets 850 - Other 1,574 1,638 1 1 Total general and administration expense 8,319 7,066 - - Net foreign currency translation (gain)/loss through profit or loss (2,939) 1,442 - - 1 1 Defined contribution superannuation expense 1,956 1,745 1 1 Share-based payment expense (note 20) 1,493 843 1 1 Finance costs 1 1 Interest component of share purchase liabilities 2,529 1,465 Lease interest expense 67 102 1 1 Total finance costs 2,596 1,567 1 1 Sales and marketing expense 1 1 Australia - Airtasker marketplace 9,217 10,206 Australia - Oneflare marketplace 1,932 3,156 International - Airtasker marketplaces 42,995 32,917 1 1 Total sales and marketing expense 54,144 46,279 1 1 Depreciation and amortisation 1 1 Depreciation 1 1 Office facilities - Right-of-use assets (note 11) 518 518 Computer equipment 59 79 Other depreciation 8 8 1 1 Total depreciation 585 605 1 1 Amortisation 1 1 Platform development (note 12) 2,482 2,496 Customer list (note 12) 55 55 1 1 Total amortisation 2,537 2,551 1 1 Total depreciation and amortisation 3,122 3,156
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 72 Note 8. Income tax Consolidated Consolidated 2026 2025 $'000 $'000 Current tax benefit 342 - Tax losses brought to account (17,276) - Total - current tax benefit (16,934) - - - Deferred tax expense (59) - Temporary differences brought to account 843 - Total - deferred tax benefit 784 - - - Income tax benefit (16,150) - - - Numerical reconciliation of income tax benefit to accounting result - - Loss before income tax benefit (23,116) (37,733) - - Tax at the statutory rate of 30% - (11,320) - - Tax effect amounts which are not deductible/(taxable) in calculating taxable income: - - Share-based payments 352 268 Change in fair value of financial instruments (4,445) - Other non-deductible expenditure 83 156 - - 1,568 (1,497) - - Temporary differences not recognised - 1,548 Tax losses for the year not brought to account 13,640 9,348 Temporary differences brought to account 843 - Historical tax losses brought to account (17,276) - Impact of tax rates applicable outside Australia (2,412) - - - Income tax benefit 3,136 (1,497) - - Net deferred tax asset / (liability) - - Net deferred tax asset / (liability) comprises temporary differences attributable to: - - Blackhole expenditure 108 (402) Employee entitlement provision 2 60 Right-of-use assets (16) (2) Intangible assets 154 (263) Prepayments 327 456 Property, plant and equipment (52) 64 Other 261 1,584 - - Deferred tax asset recognised/(not recognised) 784 (1,497) - - Deferred tax asset - temporary differences 784 - Deferred tax asset - tax losses 15,366 - Total deferred tax asset 16,150 -
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 8. Income tax (continued) 73 Applicable tax rate The Company has an applicable tax rate of 30% for the 2025-26 income year. The Company has remeasured its deferred tax balances and any potential tax benefits from carry forward tax losses, based on the effective tax rate that will apply in the year when the temporary differences are expected to reverse or benefits from tax losses are expected to be utilised. Tax losses are recognised as deferred tax assets to the extent that there is sufficient probability that future taxable profits will be earned to recover such losses. During the year, the Group performed an assessment of the recoverability of tax losses for the Australian entities. Based on this review, the Group recognised $15.4 million of deferred tax assets relating to tax losses in Australia. Tax losses relating to the UK and US operations are not recognised as there is insufficient probability of their recovery. Note 9. Cash and cash equivalents Consolidated 2026 2025 $'000 $'000 Current assets Cash at bank 11,172 17,160 Stripe clearing account 876 1,311 12,048 18,471 The Group's payment gateway provider is Stripe, whose accounts are underwritten by the various domestic banking partners of each of its legal entities. Included in the Stripe clearing account are funds held on behalf of the Group by the respective Stripe legal entities in 'For Benefit Of' accounts. Note 10. Prepaid media and other assets Consolidated 2026 2025 $'000 $'000 Current assets Prepaid media assets 11,224 21,829 Prepayments 1,764 1,535 Term deposits 313 591 Other assets 616 376 13,917 24,331 Non-current assets Prepaid media assets 1,982 6,107 15,899 30,438
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 10. Prepaid media and other assets (continued) 74 Reconciliation Reconciliation of the prepaid media assets at the beginning and end of the year is set out below: Prepaid media assets Consolidated $'000 Balance at 1 July 2024 8,311 Additions 45,448 Utilisation expensed through profit or loss (27,001) Foreign currency translation gain 1,178 - Balance at 30 June 2025 27,936 Additions (note 20 and note 21) 17,758 Utilisation expensed through profit or loss (31,232) Foreign currency translation gain (1,256) Balance at 30 June 2026 13,206 During the financial year, additions to prepaid media assets included the following media advertising services, valued at the transaction date: ● $5.1 million (£2.5 million) provided by Channel Four Television Corporation and 4 Ventures Limited (collectively, 'Channel 4'). ● $7.7 million (US$5.0 million) provided by iHeartMedia + Entertainment, Inc. ('iHeartMedia'); ● $5.0 million provided by Nine Entertainment Co. Pty Ltd ('Nine Entertainment'); The consideration for the additions to the pre-paid media advertising services from Channel 4, iHeartMedia and Nine Entertainment were unsecured convertible notes of various maturities and coupons issued by Group entities, for values corresponding to the value of the media advertising services. Refer to note 17 and note 20. During the year the Company's subsidiaries purchased future media advertising services from unrelated third-party media partners to be consumed in various tranches over the period of the respective contracts. The consideration paid for the tranches of media advertising services comprised the: ● issue of unsecured convertible notes, which the respective overseas subsidiaries can choose to settle either in cash or in shares of the respective overseas subsidiary at the end of the contract period. These unsecured convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity-settled unsecured convertible notes in subsequent periods. At inception, the Group recognises the unsecured convertible notes as equity-settled share-based payments in other equity reserves (refer to note 20), along with the corresponding prepaid media assets. Included in these media partnerships, the respective overseas subsidiaries are legally obligated to repurchase their shares from the media partners one year after initial issuance. The overseas subsidiaries can choose to settle the share repurchase either via a cash payment or by delivering shares in the Company. The share repurchase obligations are recognised as liabilities (refer to note 17), with a corresponding deduction from other equity reserves alongside non-controlling interest at the present value of the amount expected to be payable at a future date under the terms of each unsecured convertible note (refer to note 20). The prepaid media assets will be reclassified to profit or loss as the media advertising services are consumed over the contract period; or ● issue of unsecured convertible notes which at maturity, at the option of the Company, are repayable in cash or convertible into equity in the Company. At inception these notes are classified as equity-settled share-based payments. The prepaid media assets will be reclassified to profit or loss as the media advertising services are consumed over the contract period.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 75 Note 11. Right-of-use assets Consolidated 2026 2025 $'000 $'000 Non-current assets Office facilities 2,889 2,889 Less: Accumulated depreciation (2,027) (1,509) 862 1,380 The Group leases office facilities under agreements of five years with no option to extend. Reconciliation Reconciliation of the written down values at the beginning and end of the current and previous financial year are set out below: Office facilities Consolidated $'000 Balance at 1 July 2024 1,898 Depreciation expense (518) Balance at 30 June 2025 1,380 Depreciation expense (518) Balance at 30 June 2026 862 For other lease related disclosures refer to the following: ● note 7 for details of depreciation on right-of-use assets; ● note 16 for lease liabilities as at the reporting date; ● note 18 for undiscounted future lease commitments; and ● the consolidated statement of cash flows for repayment of lease liabilities.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 76 Note 12. Intangible assets Consolidated 2026 2025 $'000 $'000 Non-current assets Goodwill - at cost 13,989 14,175 Less: Impairment allocated to Oneflare at its retirement (221) - 13,768 14,175 Patents and trademarks - at cost 107 107 Less: Accumulated amortisation (1) (1) Less: Impairment (50) - 56 106 Platform development - at cost 22,102 19,944 Less: Accumulated amortisation (16,630) (14,148) Less: Impairment (933) (354) 4,539 5,442 Customer list - at cost 607 607 Less: Accumulated amortisation (607) (552) - 55 18,363 19,778 Reconciliation Reconciliation of the written down values at the beginning and end of the current and previous financial year are set out below: Patents and Platform Customer Goodwill trademarks development list Total Consolidated $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2024 14,130 106 5,798 110 20,144 Additions - - 2,140 - 2,140 Foreign exchange differences 45 - - - 45 Amortisation expense - - (2,496) (55) (2,551) Balance at 30 June 2025 14,175 106 5,442 55 19,778 Additions - - 2,158 - 2,158 Foreign exchange differences (186) - - - (186) Impairment (221) (50) (579) - (850) Amortisation expense - - (2,482) (55) (2,537) Balance at 30 June 2026 13,768 56 4,539 - 18,363 Allocation of Goodwill Goodwill from business combinations has been recorded as a result of the acquisition of the Zaarly business on 21 May 2021 and the acquisition of the Oneflare business on 25 May 2022. The goodwill acquired through each acquisition consists predominantly of the market position of the respective business, the expertise of employees and the product features and code which have been or are planned to be integrated with the Airtasker marketplace platform.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 12. Intangible assets (continued) 77 For the purpose of impairment testing, goodwill has been allocated to cash-generating units ('CGUs'), or groups of CGUs, that are expected to benefit from the synergies of the related business combination. CGUs, or groups of CGUs, to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of a CGU, or group of CGUs, is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset. Consolidated 2026 2025 $'000 $'000 Established Marketplaces 13,271 13,663 New Marketplaces 497 512 13,768 14,175 Impairment testing The Group has considered its goodwill recoverability through a value in use model, noting headroom to support the carrying amount of each group of CGUs. Key assumptions in the value in use calculation include: ● the forecast free cash flows projected over five years, including the 2027 financial year ('FY27') budget; ● the market risk premium and risk beta within the weighted average cost of capital; and ● the terminal growth rate. These assumptions are based on past experience and the Group's forecasted operating and financial performance for groups of CGUs, taking into account current market and economic conditions, risks, uncertainties and opportunities for improvement for each unit. Established Marketplaces The recoverable amount of the Established Marketplaces group of CGUs is determined based on a value in use calculation which relies on cash flow projections over a 5-year period, of which the base year is the FY27 budget. The cash flow projections include assumptions around forecast revenue growth, expected marketplace growth rates, expected cost base growth rates and legislated changes to employee costs. Adjustments are made for expenses which are not expected to be settled in cash. The forecasted revenue growth included in the cash flow projections was as follows: Year Growth % 2027 -1.5%1 2028-2031 12.5% 1 12.5% for Airtasker Australia excluding Oneflare. The post-tax discount rate of 11.02% (30 June 2025: 11.39%) is determined based on the risk free rate (using the 10- year Australian government bond rate), an equity risk premium that reflects current market assessments of the time value of money and a risk beta multiplier that reflects the risks specific to the group of CGUs being tested. The terminal growth rate of 3.00% (30 June 2025: 3.00%) is determined with consideration of long term gross domestic product ('GDP') growth rates, inflation rates and other publicly available data. During the year, the Group migrated Oneflare to Airtasker Australia and as a result, retired the Oneflare platform. As a result of the migration, the Group determined the amount of goodwill relating to Oneflare on a relative fair value basis. This amount of $221k was recognised as an impairment on migration of Oneflare. It was concluded that the value in use exceeded the carrying amount of the remaining goodwill allocated to this group of CGUs.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 12. Intangible assets (continued) 78 New Marketplaces The recoverable amount of the New Marketplaces group of CGUs is determined based on a value in use calculation which relies on cash flow projections over a 5-year period, of which the base year is the FY27 budget. The cash flow projections include assumptions around forecast revenue growth, expected marketplace growth rates and expected cost base growth rates. Adjustments are made for expenses which are not expected to be settled in cash. The forecasted revenue growth included in the cash flow projections was as follows: Year Growth % 2027 57.6% 2028-2031 63.2% - 24.2% The post-tax discount rate of 12.26% (30 June 2025: 12.11%) is determined based on the risk free rate relevant to the markets, an equity risk premium that reflects current market assessments of the time value of money and a risk beta multiplier that reflects the risks specific to the group of CGUs being tested (and which is higher than the Established Marketplaces group of CGUs). The terminal growth rate of 3.00% (30 June 2025: 3.00%) is determined with consideration of long term GDP growth rates, inflation rates and other publicly available data. It was concluded that the value in use exceeded the carrying amount of goodwill allocated to this group of CGUs. Sensitivity Analysis A sensitivity analysis has not been included as no reasonable changes in assumptions would result in an impairment. Note 13. Trade and other payables Consolidated 2026 2025 $'000 $'000 Current liabilities Trade payables 1,802 3,246 Accrued expenses 2,679 1,798 Other payables 1,506 986 5,987 6,030
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 79 Note 14. Contract liabilities Consolidated 2026 2025 $'000 $'000 Current liabilities Contract liabilities 1,983 2,105 Reconciliation Reconciliation of the values at the beginning and end of the current and previous financial year are set out below: Opening balance 2,105 1,591 Payments received in advance 54,476 50,263 Transfer to revenue - services transferred at a point in time (note 5) (54,302) (49,372) Transfer to revenue - services transferred over time (note 5) (296) (377) Closing balance 1,983 2,105 Contract liabilities pertain to the consideration received by the Group from customers in advance of performance obligations being satisfied and are different to the unclaimed customer credits disclosed in note 15. Unsatisfied performance obligations The aggregate transaction price allocated to performance obligations that are unsatisfied at 30 June 2026 was $2.0 million (30 June 2025: $2.1 million). It is expected that these unsatisfied performance obligations will be recognised as revenue upon task completion and services being rendered in future periods as follows: Consolidated 2026 2025 $'000 $'000 Within 12 months 1,983 2,105 Note 15. Unclaimed customer credits Consolidated 2026 2025 $'000 $'000 Unclaimed customer credits 3,569 3,217 Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below: Opening balance 3,217 2,894 Customer credits granted 22,111 20,879 Customer credits redeemed (7,515) (7,340) Customer credits refunded (10,689) (10,053) Transfer to unclaimed customer credits breakage revenue (note 5) (3,229) (2,873) Sales tax on unclaimed customer credits breakage revenue (326) (290) Closing balance 3,569 3,217
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 15. Unclaimed customer credits (continued) 80 Unclaimed customer credits represent amounts that customers have paid and the Group credits to the customers' account when a task on the Airtasker marketplace has either been assigned for 30 days and is inactive for 7 days beyond the task due date or is assigned and cancelled prior to task completion. The Group recognises revenue from unclaimed customer credits when customers redeem credits and/or when the Group expects to be entitled to a breakage amount from unclaimed customer credits. The Group does not immediately recognise the full balance of unclaimed customer credits as revenue, because some customers may redeem credits, while other customers may request a refund. The revenue arising from unclaimed customer credits is recognised over time at the earlier of: ● customer redemption, in conjunction with the expected breakage in proportion to the pattern of rights exercised by the customer; or ● upon the expiration of the customer credits. The Group expects any revenue from unclaimed customer credits to be realised within 18 months of the reporting date. Note 16. Lease liabilities Consolidated 2026 2025 $'000 $'000 Current liabilities Lease liability 624 574 Non-current liabilities Lease liability 434 1,056 1,058 1,630 Note 17. Share purchase liabilities Consolidated 2026 2025 $'000 $'000 Non-current liabilities Share purchase liabilities 50,416 53,633 Reconciliation Reconciliation of the fair value of the share purchase liabilities at the beginning and end of the current and previous financial year are set out below:
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 17. Share purchase liabilities (continued) 81 Share purchase liabilities Consolidated $'000 Balance at 1 July 2024 6,567 Recognition of additional share purchase liabilities 40,448 Change in measurement of the share purchase liabilities (note 6) 3,781 Foreign currency translation loss (note 29) 1,372 Unwinding of interest component (note 29) 1,465 - Balance at 30 June 2025 53,633 Recognition of additional share purchase liabilities (note 20 and note 21) 12,758 Change in measurement of the share purchase liabilities (note 6) (14,817) Foreign currency translation gain (note 29) (3,687) Unwinding of interest component (note 29) 2,529 - Balance at 30 June 2026 50,416 On 7 October 2025, Airtasker UK Limited ('Airtasker UK') issued an unsecured convertible note to Channel 4 and on 17 November 2025, Airtasker USA Inc ('Airtasker USA') issued an unsecured convertible note to iHeartMedia, whereby the respective subsidiaries have rights to settle the convertible notes in cash at their maturity dates for principal and coupon or convert them into equity. These convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity-settled convertible notes in subsequent periods. The forward obligation over own equity is treated as a share purchase liability. At the option of respective subsidiaries, the forward obligations can be settled in cash or equity in the Company. Refer to note 20 for further information on the convertible notes. The initial carrying value of the share purchase liabilities represents the present value of the amount expected to be payable at a future date under the terms of each convertible note agreement. Subsequent changes in the measurement of the financial liabilities will be recognised directly to profit or loss, except for the unwinding of the effect of discounting on the liabilities, which is recognised as a finance cost. Significant unobservable Level 3 inputs include estimates and assumptions in determining the forecast revenue of the Airtasker UK and Airtasker USA businesses, taking into account historical results, activity, trends and performance. Management exercise judgement in determining the appropriate Group discount rate and use the most recent Group market capitalisation multiple. A significant increase in the forecast revenues and Group market capitalisation multiple would result in a significant increase in the value of the share purchase liability. Refer to note 20 and note 21 for further information on the initial settlement of the prepaid media assets through the issue of unsecured convertible notes in the Company or unsecured convertible notes and equity in the Company's overseas subsidiaries. Refer to note 18 for further information on the liquidity risk considerations of financial instruments.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 82 Note 18. Financial risk management objectives and policies Financial risk management The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. Risk management framework The Board recognises that effective management of risk is an integral part of good management and vital to the continued growth and success of the Group. The Board has ultimate responsibility for establishment and oversight of the Group's risk management framework in conjunction and aligned with the business strategy. The Board has established an Audit and Risk Committee, whose responsibilities include further developing and monitoring the Group's risk management framework. The Audit and Risk Committee reports regularly to the Board on these activities. The Group's risk management processes have been established to identify and assess the risks faced by the Group, set appropriate risk limits and controls, and monitor these risks and adherence to agreed limits. Financial risk management is carried out by senior finance executives ('Finance') based on the risk management framework established by the Board. Finance identifies, evaluates and, where appropriate, hedges financial risks within the Group's operations and reports to the Audit and Risk Committee on a quarterly basis. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, equity prices and interest rates will affect the Group's profit or loss or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the returns. Foreign currency risk The Group transacts in currencies other than its reporting currency of the Australian dollar, most notably the US dollar and pounds sterling. The Group's revenue is primarily denominated in Australian dollars, with a small component of revenue denominated in US dollars and pounds sterling. The Group also has expenses denominated in these currencies (principally the US dollar), as it has a number of software vendors that transact in US dollars only. The Group is exposed to the net impact of movements in exchange rates in foreign currencies in which expenses (net of revenues) is denominated, or in which services are provided, and hence is subject to both realised and unrealised gains and losses on foreign currency movements. It is the policy of the Group to hedge its exposure to foreign currency to manage the risk where appropriate. Presently, the Group enters into forward exchange contracts in US dollars and pounds sterling. USD GBP Total AUD Financial instruments denominated in foreign currencies $'000 £'000 $'000 2026 Financial assets - - - - Cash and cash equivalents 69 474 ( 1 ) 543 Trade receivables 58 133 1 191 - - - - Financial liabilities 1 2 - - Trade creditors 51 393 1 444 - - - - 2025 - - - - Financial assets 1 - - - Cash and cash equivalents 1,794 838 - 2,632 Trade receivables 16 68 - 84 - - - - Financial liabilities 1 - - - Trade creditors 607 684 - 1,291
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 18. Financial risk management objectives and policies (continued) 83 The analysis below reflects management’s view of possible movements in relevant foreign currencies against the Australian dollar. The table summarises the range of possible outcomes that would impact the Group’s profit or loss and equity as a result of foreign currency movements. 2026 2025 Impact on post-tax benefit $'000 $'000 USD/AUD exchange rate – increases 10% (2025 – 10%)1 8 120 USD/AUD exchange rate – decreases 10% (2025 – 10%)1 (8) (120) GBP/AUD exchange rate – increases 10% (2025 – 10%)1 21 22 GBP/AUD exchange rate – decreases 10% (2025 – 10%)1 (21) (22) 1 Holding all other variables constant. Interest rate risk The investment return on the Group’s holdings of cash and financial instruments is exposed to interest rate risks. This risk is managed by continuously monitoring forecast cash flows to enable the Group to invest its financial assets in appropriate maturities and thereby earn an appropriate return on these assets. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Due to its business model, whereby cash is collected by the Group prior to the completion of a task, the Group has limited counterparty risk with its customers. The Group's main credit risk exposure is cash and term deposits. To minimise this credit risk the Group only holds cash and term deposits with creditworthy counterparties that are selected based on a credit rating of at least A at inception and periodically monitors the creditworthiness of its counterparties, including their credit ratings. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty meeting its financial obligations that are settled in cash. The Group manages liquidity risk by maintaining adequate reserves and continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Remaining contractual maturities The following tables detail the Group's remaining contractual maturity for its financial liabilities. The tables have been prepared based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and, therefore, these totals may differ from their carrying amount in the consolidated statement of financial position. Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated - 2026 % $'000 $'000 $'000 $'000 $'000 Non-derivatives Non-interest bearing Trade payables - 1,802 - - - 1,802 Other payables - 1,506 - - - 1,506 Interest-bearing - fixed rate Lease liability 4.92% 659 441 - - 1,100 Share purchase liabilities 4.40% - 14,255 28,093 24,298 66,646 - - - - - - Total non-derivatives 3,967 14,696 28,093 24,298 71,054
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 18. Financial risk management objectives and policies (continued) 84 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated - 2025 % $'000 $'000 $'000 $'000 $'000 Non-derivatives Non-interest bearing Trade payables - 3,246 - - - 3,246 Other payables - 986 - - - 986 Interest-bearing - fixed rate Lease liability 4.92% 637 659 441 - 1,737 Share purchase liabilities 4.28% - - 63,056 - 63,056 - - - - - - Total non-derivatives 4,869 659 63,497 - 69,025 Derivatives Forward foreign exchange contracts net settled - 9 - - - 9 - - - - - - Total derivatives 9 - - - 9 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Note 19. Issued capital Consolidated 2026 2025 2026 2025 Shares Shares $'000 $'000 Ordinary shares – fully paid 489,218,005 454,357,882 146,944 137,448
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 19. Issued capital (continued) 85 Movements in ordinary share capital Details Date Shares $'000 Balance 1 July 2024 452,498,074 137,448 - - Issue of shares on exercise of rights 15 July 2024 405,479 - Issue of shares on exercise of rights 16 July 2024 34,840 - Issue of shares on exercise of rights 26 July 2024 2,344 - Issue of shares on exercise of rights 23 August 2024 18,306 - Issue of shares on exercise of rights 30 August 2024 301,300 - Issue of shares on exercise of rights 16 September 2024 35,086 - Issue of shares on exercise of rights 31 October 2024 93,203 - Issue of shares on exercise of rights 29 November 2024 12,712 - Issue of shares on exercise of rights 27 December 2024 36,780 - Issue of shares on exercise of rights 31 December 2024 81,545 - Issue of shares on exercise of rights 17 January 2025 75,032 - Issue of shares on exercise of rights 31 January 2025 85,359 - Issue of shares on exercise of rights 28 February 2025 12,712 - Issue of shares on exercise of rights 14 March 2025 82,130 - Issue of shares on exercise of rights 31 March 2025 345,231 - Issue of shares on exercise of rights 17 April 2025 213,285 - Issue of shares on exercise of rights 27 June 2025 24,464 - Balance 30 June 2025 454,357,882 137,448 - - Issue of shares on exercise of rights 18 July 2025 159,017 - Issue of shares on exercise of rights 31 July 2025 36,981 - Issue of shares on exercise of rights 15 August 2025 91,598 - Issue of shares on exercise of rights 29 August 2025 16,601 - Issue of shares on exercise of rights 24 September 2025 268,493 - Issue of shares on exercise of rights 26 September 2025 16,794 - Issue of shares on exercise of rights 10 October 2025 63,888 - Issue of shares on exercise of rights 24 October 2025 60,681 - Issue of ordinary shares 24 November 2025 31,666,667 8,996 Issue of shares on exercise of rights 28 November 2025 163,839 - Issue of shares on exercise of rights 16 January 2026 169,594 - Issue of shares on exercise of rights 29 January 2026 288,148 - Issue of shares on exercise of rights 13 February 2026 91,300 - Issue of shares on exercise of rights 11 March 2026 26,365 - Issue of shares on exercise of rights 15 June 2026 73,491 - Issue of ordinary shares 16 June 2026 1,666,666 500 Balance 30 June 2026 489,218,005 146,944 Ordinary shares Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should the Company be wound up, in proportions that consider both the number of shares held and the extent to which those shares are paid up. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 19. Issued capital (continued) 86 Capital risk management The Group manages capital with the objectives of ensuring its ability to continue as a going concern and to maintain an optimal capital structure to reduce its cost of capital. These objectives are designed to enable the Group to maximise returns to shareholders. The capital structure of the Group consists of equity of the Group comprising issued capital, reserves (note 20) and accumulated losses. The Group is not subject to any externally imposed capital requirements. The Group reviews its capital structure on a regular basis, and as part of this review, considers the above objectives and the risks associated with each class of capital. Note 20. Reserves Consolidated 2026 2025 $'000 $'000 Foreign currency reserve 348 1,461 Share-based payments reserve 74,693 60,442 Other reserves (46,186) (27,428) 28,855 34,475 Reconciliation Reconciliation of each class of reserves at the beginning and end of the current and previous financial year are set out below: Foreign currency Share-based payments Other reserve reserve reserves Total Consolidated $'000 $'000 $'000 $'000 Balance at 1 July 2024 130 21,171 6,000 27,301 Foreign currency translation 1,331 - - 1,331 Share-based payments expense - 843 - 843 Convertible note issues accounted for as equity-settled share-based payments (note 10) - 38,428 - 38,428 Recognition of share purchase liabilities for purchase of equity-settled share-based payments (note 17) - - (33,428) (33,428) Balance at 30 June 2025 1,461 60,442 (27,428) 34,475 Foreign currency translation (1,113) - - (1,113) Share-based payments expense - 1,493 - 1,493 Convertible note issues accounted for as equity-settled share-based payments (note 10) - 17,758 - 17,758 Recognition of share purchase liabilities for purchase of equity-settled share-based payments (note 17) - - (12,758) (12,758) Settlement of convertible notes and coupon originally accounted for as equity-settled share-based payments - (5,000) (6,000) (11,000) Balance at 30 June 2026 348 74,693 (46,186) 28,855 Foreign currency reserve The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 20. Reserves (continued) 87 Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration. Other reserves Included in other reserves is the fair value of the media advertising services treated as equity-settled share-based payments. Additions to other reserves during the year include the following transactions. On 7 October 2025, Airtasker UK and Channel 4 entered into an agreement for the provision by Channel 4 of £2.5 million ($5.1 million) in media advertising services over two years, and in consideration Airtasker UK issued an unsecured convertible note for a value of £2.5 million ($5.1 million), paying a coupon of 5.0% per annum, with a maturity date of 31 October 2027. At the maturity date, at the option of Airtasker UK, the convertible note and coupon are repayable in cash or convertible into equity in Airtasker UK, at a 10% discount to an agreed valuation or at a 10% discount to the offer price of an equity financing in Airtasker UK (as applicable). On 17 November 2025, Airtasker USA and iHeartMedia entered into an agreement for the provision by iHeartMedia of US$5.0 million ($7.7 million) in media advertising services over three years, and in consideration Airtasker USA issued an unsecured convertible note for a value of US$5.0 million ($7.7 million), paying a coupon of 5.0% per annum, with a maturity date of 30 November 2028. At the maturity date, at the option of Airtasker USA, the convertible note and coupon are repayable in cash or convertible into equity in Airtasker USA, at a 20% discount to an agreed valuation or at a 20% discount to the offer price of an equity financing in Airtasker USA (as applicable). On 25 March 2026, the Company and Nine Entertainment entered into an agreement for the provision by Nine Entertainment of $5.0 million in media advertising services over two years, and in consideration the Company issued an unsecured convertible note for a value of $5.0 million, paying a coupon of 4.9% per annum, with a maturity date of 1 July 2028. At maturity, at the option of the Company, the convertible note and coupon are repayable in cash or convertible into ordinary shares in the Company, at a 10% discount to the Company's 30-trading day VWAP. Note 21. Non-controlling interests Consolidated 2026 2025 $'000 $'000 Issued capital 13,682 13,682 Share purchase liabilities (13,464) (13,464) Accumulated losses (15,900) (7,716) (15,682) (7,498) Reconciliation Reconciliation of each class of non-controlling interests at the beginning and end of the current and previous financial year are set out below:
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 21. Non-controlling interests (continued) 88 Issued capital Share purchase liabilities Accumulated losses Total Consolidated $'000 $'000 $'000 $'000 Balance at 1 July 2024 6,662 (6,444) (1,552) (1,334) Issue of equity to non-controlling interest for prepaid media assets (note 10) 7,020 - - 7,020 Recognition of share purchase liability for repurchase of non-controlling interest (note 17) - (7,020) - (7,020) Loss attributable to non-controlling interests - - (6,164) (6,164) - - - - Balance at 30 June 2025 13,682 (13,464) (7,716) (7,498) Loss attributable to non-controlling interests - - (8,184) (8,184) Balance at 30 June 2026 13,682 (13,464) (15,900) (15,682) Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Note 23. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by Deloitte Touche Tohmatsu, the auditor of the Company: Consolidated 2026 2025 $ $ Audit and review of the financial statements 406,680 406,000 Note 24. Contingent liabilities The Group did not have any contingent liabilities as at 30 June 2026 and 30 June 2025. Note 25. Commitments The Group did not have any commitments as at 30 June 2026 and 30 June 2025.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 89 Note 26. Key management personnel disclosures Compensation The aggregate compensation made to directors and key management personnel of the Group is set out below: Consolidated 2026 2025 $ $ Short-term benefits 1,321,948 1,289,394 Post-employment benefits 81,511 79,389 Long-term benefits 16,984 17,340 Share-based payments1 413,288 408,603 1,833,731 1,794,726 1 LTVR equity remuneration has been re-presented to recognise the LTVR expense over the one-year service period rather than the three-year performance hurdle. In the prior year, the remuneration profile was based on a three-year period. The effect of this re-presentation has been to increase the prior period LTVR equity remuneration by $58,619. The change reflects the timing of the expense under AASB 2 Share-based payment only; there has been no change in the total remuneration. The change has been recognised prospectively in the financial statements in accordance with AASB 108 Accounting policies, change in accounting estimates and errors. Note 27. Related party transactions Parent entity Airtasker Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 28. Key management personnel Disclosures relating to key management personnel are set out in note 26 and the remuneration report included in the Directors' report. Transactions with related parties The following transactions occurred with related parties: Consolidated 2026 2025 $'000 $'000 Payment for goods and services: Payment of sales tax to Channel 4 1,149 1,820 Payment for services from key management personnel 125 744 On 10 September 2025, Tim Fung stepped down from the board of Tank Stream Labs at which time Tank Stream Labs ceased to be a related party of the Group. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. On 7 June 2023, Airtasker UK issued shares equivalent to 20% of its issued capital to Channel 4 in exchange for the provision of media advertising services, resulting in Channel 4 holding a non-controlling interest in the Group. On 30 August 2024, Airtasker USA issued shares equivalent to 17.1% of its issued capital to TelevisaUnivision in exchange for the provision of media advertising services, resulting in TelevisaUnivision also holding a non-controlling interest in the Group. All transactions were made on normal arm's-length commercial terms, conditions and market rates.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 27. Related party transactions (continued) 90 Loans from and to related parties The Group had invoiced receivables contracted in the ordinary course of business between the parent entity and its subsidiaries during the current and previous financial year. These were used to fund the operations of the subsidiaries and eliminated on consolidation. There were no loans within the Group or with other related parties as at 30 June 2026. Note 28. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2: Ownership interest Principal place of business / 2026 2025 Name Country of incorporation % % Airtasker (AU) Pty Ltd Australia 100.00% 100.00% Airtasker ESP Pty Ltd Australia 100.00% 100.00% Airtasker New Zealand Limited New Zealand 100.00% 100.00% Airtasker SGP Pte. Ltd. Singapore 100.00% 100.00% Airtasker UK Limited United Kingdom 80.00% 80.00% Airtasker USA Inc United States of America 82.90% 82.90% Note 29. Cash flow information Reconciliation of loss after income tax to net cash from operating activities Consolidated 2026 2025 $'000 $'000 Loss after income tax benefit for the year (6,966) (37,733) Adjustments for: Depreciation and amortisation (note 7) 3,122 3,156 Prepaid media assets (note 10) 31,232 27,001 Share-based payments (note 20) 1,493 843 Change in fair value of financial instruments through profit or loss (note 6) (14,875) 3,743 Interest component of share purchase liabilities (note 17) 2,529 1,465 Unrealised foreign currency translation (gain)/loss (note 17) (3,687) 1,372 Income tax benefit (note 8) (16,150) - Impairment of goodwill (note 12) 221 - Impairment of intangibles (note 12) 629 - Other (169) (141) Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables (17) 67 (Decrease)/increase in trade and other payables (37) 3,564 (Decrease)/increase in contract liabilities (745) 514 Increase in employee benefits 141 187 Increase in unclaimed customer credits account 950 323 Net cash (used in)/from operating activities (2,329) 4,361 Non-cash transactions During the year, non-cash investing and financing activities disclosed in other notes include: ● Equity-settled share-based payment transactions (note 20). ● Rights issued under the 'Rights Plan' and 'NED Equity Plan' (note 31).
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 29. Cash flow information (continued) 91 Changes in liabilities arising from financing activities Lease Share purchase liabilities liabilities Total Consolidated $'000 $'000 $'000 Balance at 1 July 2024 2,659 (6,567) (3,908) Net cash used in financing activities (1,029) - (1,029) Recognition of share purchase liabilities - (40,448) (40,448) Change in measurement of the share purchase liabilities - (3,781) (3,781) Foreign currency translation loss - (1,372) (1,372) Unwinding of interest component - (1,465) (1,465) Balance at 30 June 2025 1,630 (53,633) (52,003) Net cash used in financing activities (572) - (572) Recognition of share purchase liability - (12,758) (12,758) Change in measurement of the share purchase liabilities - 14,817 14,817 Foreign currency translation loss - 3,687 3,687 Unwinding of interest component - (2,529) (2,529) Balance at 30 June 2026 1,058 (50,416) (49,358) Note 30. Earnings per share Consolidated 2026 2025 $'000 $'000 Loss after income tax (6,966) (37,733) Non-controlling interests 8,184 6,164 Profit/(loss) after income tax attributable to the owners of Airtasker Limited 1,218 (31,569) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 474,312,098 454,166,925 Adjustments for calculation of diluted earnings per share: Options over ordinary shares 342,000 - Rights over ordinary shares 11,577,046 - Weighted average number of ordinary shares used in calculating diluted earnings per share 486,231,144 454,166,925 Cents Cents Basic earnings per share profit/(loss) 0.26 (6.95) Diluted earnings per share profit/(loss) 0.25 (6.95) As at 30 June 2026, nil (30 June 2025: 9,955,009) options and 11,560,667 (30 June 2025: 24,785,281) rights have been excluded from the diluted earnings per share calculation as they are anti-dilutive.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 92 Note 31. Share-based payments Options Employee Option Plan ('EOP') The EOP is a legacy start-up concession employee incentive plan, in which current employees, contractors and directors of the Company may participate. The options issued under the EOP have exercise prices which must be paid by participants to exercise the options. The options are subject to time-based vesting conditions that are set out in the respective option offer letters with vesting predominantly in four tranches of 25% each over four years. The options expire five years after grant date and do not carry dividend or voting rights prior to vesting. The options may be settled in ordinary shares only and the ordinary shares allocated on exercise carry the same dividend and voting rights as other ordinary shares. The Group has not issued options since 11 January 2021 and does not intend to issue any further options under this plan. Set out below are summaries of options granted under the EOP: Number of options Weighted average exercise price Number of options Weighted average exercise price 2026 2026 2025 2025 Outstanding at the beginning of the financial year 9,955,009 $0.484 12,514,205 $0.526 Forfeited (9,613,009) $0.500 (2,559,196) $0.687 Outstanding at the end of the financial year 342,000 $0.048 9,955,009 $0.484 Exercisable (vested and unexercised) at the end of the financial year 342,000 $0.048 9,955,009 $0.484 The weighted average share price at grant date was $0.158 (30 June 2025: $0.463). The weighted average remaining contractual life of options outstanding at the end of the financial year was nil years (30 June 2025: 1.42 years). Rights Rights Plan ('RP') The RP is one of the Company's incentive plans, in which current employees, contractors and executive directors of the Company may participate. Non-executive directors are not eligible to participate in this plan. Rights, when exercised, may be settled in cash or ordinary shares, as determined by the Board at its discretion. Unless otherwise determined by the Board, the rights have nil issue and exercise prices. Rights may be subject to: ● performance-based vesting conditions (which may also include service-based vesting conditions); ● service-based vesting conditions; or ● no vesting conditions. Performance-based vesting conditions are measured over a period of one to three financial years unless otherwise determined by the Board. Performance-based vesting conditions may relate to the performance of the Company or the participant and may be subject to the achievement of minimum hurdles. For the year ended 30 June 2026, the performance-based vesting conditions were market based. Rights with market conditions were issued to senior executives and include the following conditions: ● service-based vesting requiring a minimum one year service condition; and ● performance-based vesting requiring the Company share price compound annual growth rate to meet or exceed the reference index compound annual growth rate over three financial years.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 31. Share-based payments (continued) 93 Service-based (i.e. time-based) vesting conditions are measured over a period of a number of financial years as determined by the Board. The Board has the discretion to determine that any service-based vesting conditions have been fulfilled whether or not a participant remains employed by the Group. Rights do not carry dividend or voting rights prior to vesting. Ordinary shares allocated on exercise carry the same dividend and voting rights as other ordinary shares. NED Equity Plan ('NEP') The NEP is one of the Company's incentive plans in which only current non-executive directors ('NED') may participate. During the financial year ended 30 June 2026 the rights issued under the NEP were in lieu of certain Board fees. Rights, when exercised, are settled as ordinary shares. Unless otherwise determined by the Board, the rights have nil issue and exercise prices. No vesting conditions apply to rights issued under this plan and as such the rights vest immediately. Rights may not be exercised within 90 days of the grant date. However, a specified disposal restriction applies such that rights may never be disposed of while the NED holds office or employment with the Company, or the earlier elapsing of 15 years from the grant date. Rights do not carry dividend or voting rights prior to vesting. Ordinary shares allocated on exercise carry the same dividend and voting rights as other ordinary shares. Set out below are summaries of rights granted under the RP and the NEP: Number of rights Weighted average exercise price Number of rights Weighted average exercise price 2026 2026 2025 2025 Outstanding at the beginning of the financial year 24,785,281 $0.123 22,622,754 $0.134 Granted 7,671,203 $0.065 6,944,086 $0.000 Exercised (1,526,790) $0.390 (1,859,808) $0.000 Forfeited (7,791,981) $0.000 (2,921,751) $0.000 Outstanding at the end of the financial year 23,137,713 $0.022 24,785,281 $0.123 Exercisable (vested and unexercised) at the end of the financial year 11,577,046 $0.043 13,654,299 $0.223 The weighted average remaining contractual life of rights outstanding at the end of the financial year was 13.06 years (30 June 2025: 11.28 years). For performance-based rights granted during the financial year with market conditions, the valuation was performed using the Monte Carlo Simulation methodology. The inputs used to determine the fair value at the grant date are as follows: Grant date Vesting date Share price at grant date Exercise price Expected volatility Dividend yield Risk-free interest rate Fair value at grant date 26 November 2025 30 June 2026 $0.340 $0.000 60% - 3.90% $0.247 10 June 2026 30 June 2026 $0.215 $0.000 60% - 4.50% $0.109
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 31. Share-based payments (continued) 94 The service-based rights granted during the financial year were issued with no exercise price. Given that these rights have no dividend yield and no exercise price, it is standard practice to determine the fair value at the grant date using the underlying share price at grant date. The underlying share price is defined as being the closing share price at grant date. The inputs used to determine the fair value at the grant date are as follows: Grant date Expiry date Share price at grant date 1 July 2025 1 July 2040 $0.26 30 September 2025 30 September 2040 $0.42 31 December 2025 31 December 2040 $0.33 1 January 2026 1 January 2041 $0.33 31 March 2026 31 March 2041 $0.23 26 May 2026 26 May 2031 $0.20 30 June 2026 30 June 2041 $0.21 Refer to note 7 for the share-based payments expense during the financial year. Note 32. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income Parent 2026 2025 $'000 $'000 Profit/(loss) after income tax 8,023 (3,588) Total comprehensive income/(loss) 8,023 (3,588) Statement of financial position Parent 2026 2025 $'000 $'000 Total current assets 23,389 22,878 Total non-current assets 76,174 64,292 Total current liabilities (10,042) (11,366) Total non-current liabilities (20,195) (19,675) - - Net assets 69,326 56,129 Issued capital 146,944 137,448 Reserves 15,291 19,792 Accumulated losses (92,909) (101,111) - - Total equity 69,326 56,129 Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity has not provided guarantees in relation to the debts of its subsidiaries as at 30 June 2026 and 30 June 2025. Contingent liabilities The parent entity has no contingent liabilities as at 30 June 2026 and 30 June 2025.
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Airtasker Limited Notes to the consolidated financial statements 30 June 2026 Note 32. Parent entity information (continued) 95 Capital commitments - Property, plant and equipment The parent entity has no capital commitments for property, plant and equipment as at 30 June 2026 and 30 June 2025. Material accounting policy information The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for investments in subsidiaries which are accounted for at cost, less any impairment, in the parent entity. Note 33. Events after the reporting period On 25 August 2026, subsequent to the end of the financial year, the Company issued a $5.0 million unsecured convertible note to Australian media company oOh!media Operations Pty Ltd with a 3 year maturity and 4.9% coupon as consideration and in exchange for $5.5 million in out-of-home media inventory. At maturity, at the option of the Company, the note and coupon are redeemable in cash or convertible into ordinary shares of the Company at a 10% discount to the 30-trading day VWAP. On 25 August 2026, subsequent to the end of the financial year, the Company issued a $5.5 million unsecured convertible note to Australian media company Nova Entertainment Pty Ltd with a 3 year maturity and 4.9% coupon as consideration and in exchange for $5.5 million in broadcast audio media inventory. At maturity, at the option of the Company, the note and coupon are redeemable in cash or convertible into ordinary shares of the Company at a 10% discount to the 30-trading day VWAP. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
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Airtasker Limited Consolidated entity disclosure statement As at 30 June 2026 96 The consolidated entity disclosure statement has been prepared in accordance with subsection 295(3A)(a) of the Corporations Act 2001. The entities listed in the statement are Airtasker Limited and all the entities it controls in accordance with AASB 10 Consolidated Financial Statements. The following entities are consolidated as part of the Airtasker Limited Group at the end of the financial year: Body corporates Body corporates Tax residency Place formed or % of share Australian tax Foreign Entity name Entity type incorporated capital held resident jurisdiction Airtasker Limited Body corporate Australia 100.00% Yes N/A Airtasker (AU) Pty Ltd Body corporate Australia 100.00% Yes N/A Airtasker ESP Pty Ltd Body corporate Australia 100.00% Yes N/A Airtasker New Zealand Limited Body corporate New Zealand 100.00% No New Zealand Airtasker SGP Pte. Ltd. Body corporate Singapore 100.00% No Singapore Airtasker UK Limited Body corporate United Kingdom 80.00% No United Kingdom Airtasker USA Inc Body corporate United States of America 82.90% No United States of America
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Airtasker Limited Directors' declaration 30 June 2026 97 In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply with IFRS Accounting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements; ● the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 2026 and of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and ● the information disclosed in the attached consolidated entity disclosure statement is true and correct. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ ___________________________ Cass O'Connor Tim Fung Chair Managing Director 26 August 2026
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Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. Deloitte Touche Tohmatsu ABN 74 490 121 060 Quay Quarter Tower 50 Bridge Street Sydney NSW 2000 Australia Phone: +61 2 9322 7000 www.deloitte.com.au Independent Auditor’s Report to the Members of Airtasker Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of Airtasker Limited (the “Company”) and its subsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 30 June 2026, 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 year then ended, and notes to the financial statements, including material accounting policy information and other explanatory information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: • Giving a true and fair view of the Group’s financial position as at 30 June 202 6 and of its financial performance for the year then ended; and • Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of t he Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 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 in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 9 8
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Key Audit Matter How the scope of our audit responded to the Key Audit Matter Revenue recognition As set out in Note 5 to the financial statements, t he Group has reported total revenue of $57.8 million. The Group primarily earns revenue from charging Taskers a service fee , charging Customers a connection fee and cancellation fees which are charged either to Taskers or Customers depending on who initiated the cancellation. Service fees and connection fees are calculated as a percentage of the task value agreed between the Customer and the Tasker. Revenue is not re cognised until the task is complete. The Group also generates revenue from breakage revenue arising from unclaimed customer credits. Breakage revenue is recognised based on management’s internal estimate of the breakage rate calculated through, among other factors, historical usage patterns. Revenue is also characterised by a high volume of relatively low value transactions that are processed through complex information systems and is heavily reliant on the IT systems in which tasks are reported and accounted for. These systems are vital to th e ongoing operations of the business and to the integrity of the financial reporting process and as a result the assessment of IT systems forms a key focus of our external audit. Our procedures included, but were not limited to the following: • Obtaining an understanding of the revenue streams and the appropriateness of the Group’s principles in determining that revenue is recognised in accordance with the criteria in AASB 15 Revenue from Contracts with Customers; • Understanding management’s controls over revenue recognition and measurement; • Involving our Information Technology specialists to test the operating effectiveness of the relevant automated controls over the revenue process; • On a sample basis, testing revenue transactions in the sales ledger, testing that the service has in fact been provided by verifying that the task has been completed and accurately recorded into the general ledger; • Agreeing the total cash received during the year to the revenue recognised and unclaimed customer credits liabilities balance recorded in the general ledger; and • Assessing the appropriateness of the Group’s accounting policies and disclosures in Note 2, Note 3 and Note 5 to the financial statements. 9 9
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Key Audit Matter How the scope of our audit responded to the Key Audit Matter Accounting for media contra transactions As set out in Note 10, Note 17 and Note 20, the Group enters into media deals with various media suppliers which are recognised as share purchase liabilities or share based payments. Accounting for transactions where debt and/or equity is exchanged for services is complex . The selection of an appropriate accounting policy in accordance with AASB 9 Financial instruments and/or AASB 2 Share-based payment involves significant management judgement due to the overlap in scope and the complex nature of agreements. Given the size and complexity of the contracts, and the level of management judgment involved in the fair value valuations, we identified the accounting for the media contracts as a key audit matter. Prepaid media assets, share purchase liabilities and share -based payment reserves are set out in Note 10, Note 17 and Note 20 respectively. Our audit procedures included , but were not limited to the following: • Evaluating the design and implementation of relevant controls within management’s valuation assessment process, including the preparation and review of the share purchase liability models; • Assessing the appropriateness of the methodology used by management in estimating the value of the share purchase liabilities at transaction dates and at the end of the reporting period and the share-based payments at inception; • In conjunction with internal valuation specialist s, assessing and challeng ing the share purchase liability fair value valuations; • Understanding the process that management undertook in forecasting the revenues of Airtasker UK and Airtasker US and performing substantive audit procedures over the key revenue assumptions; and • Assessing the appropriateness of the Group’s accounting policies and disclosures in the financial statements in Note 10, Note 17 and Note 20. Other Information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 100
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Responsibilities of the Directors for the Financial Report The directors are responsible: • For the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group in accordance with Australian Accounting Standards; and • For such internal control as the directors determine is necessary to enable the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. 1 01
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• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Airtasker Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. DELOITTE TOUCHE TOHMATSU Damien Cork Partner Chartered Accountants Sydney, 26 August 2026 1 02