Annual report
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APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2026 (PREVIOUS CORRESPONDING PERIOD BEING THE YEAR ENDED 30 JUNE 2025) RESULTS FOR ANNOUNCEMENT TO THE MARKET June June 2026 2025 % $000 $000 change Revenue from continuing operations 129,593 127,312 +2% Profit before impairment, interest, taxes, depreciation and amortisation (EBITDA) from continuing operations 15,511 18,129 (14%) Profit before tax from continuing operations 967 3,807 n/a Profit after tax from continuing operations attributable to shareholders 616 2,897 n/a Loss after tax from continuing and discontinued operations attributable to shareholders (260) (975) n/a Net tangible assets cents per share 10.0 cents 9.7 cents +3% DIVIDENDS A dividend of 0.25 cents per ordinary share fully franked was paid on 26 September 2025 (record date 15 September 2025). No other dividend has been paid or declared during the period. AUDITOR’S REPORT This Appendix 4E is based on the Annual Report for the year ended 30 June 2026 (as attached) which has been audited by Experience Co Limited’s auditors. OTHER INFORMATION The remainder of the information requiring disclosure to comply with the Listing Rule 4.3A is contained in the Annual Report that follows.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES OUR DIRECTORS 1 3 ABN 56 167 320 470 FY26 ANNUAL REPORT TREETOPS ADVENTURE | TASMANIA | AUSTRALIA
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES OUR DIRECTORS 2 FY23 ABOUT US Experience Co Limited (EXP) is one of Australia and New Zealand’s most recognised and respected adventure tourism and leisure businesses. We are all about helping you escape the ordinary, with safety and adventure at the core of what we do. Founded in 1999 as a tandem skydiving operation in Wollongong, Australia, the EXP Group has grown to be a diversified adventure tourism business comprising skydiving, dive and snorkel, and family adventure experiences. Our experiences are primarily located on Australia’s eastern seaboard from the Great Ocean Road in Victoria to Tropical North Queensland’s Cape Tribulation, and a Perth based operation on the western seaboard. Complemented by our world leading tandem skydive drop zones located in Queenstown and Wanaka, New Zealand, our footprint showcases Australasia’s natural beauty through the lens of adventure.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES OUR DIRECTORS 3 Note 3 CONTENTS CHAIRMAN & CEO REPORT 04 OUR DIRECTORS 06 DIRECTORS’ REPORT 08 AUDITOR’S INDEPENDENCE DECLARATION 15 REMUNERATION REPORT 16 FINANCIAL STATEMENTS 23 INDEPENDENT AUDITOR’S REPORT 57 SHAREHOLDER INFORMATION 6 CORPORATE DIRECTORY 6 CALYPSO | PORT DOUGLAS | AUSTRALIA 6 4
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CHAIRMAN & CEO REPORT 4 On behalf of the Experience Co Limited Board and Management, we are pleased to present the Annual Report for the year ended 30 June 2026 (“FY26”). YEAR IN REVIEW FY26 was a year characterised by a more challenging external backdrop than in FY25. Numerous weather events, the escalation of tensions in the Middle East and subdued consumer sentiment in Australia all affected the business at various times throughout the year. As a result of these impacts the Group’s continuing operations reported revenue of $129.6 million, up 2% on FY25 ($127.3 million), Underlying EBITDA of $17.6 million, down 8% on FY25 ($19.0 million), and Underlying EBIT of $6.6 million, down 5% on FY25 ($7.0 million). Performance was mixed across the portfolio. The Adventure Experiences segment reported growth in both sales revenue and volumes, led by Reef U nlimited and Treetops Adventure, whilst the Skydiving segment reported a modest revenue decline as growth in New Zealand was more than offset by a weaker result in Australia. Skydive Australia was affected by the consolidation of the Group’s Victorian drop zone network from May 2026, softer domestic and international demand, adverse weather, and protected industrial action during the key trading periods of Christmas and Lunar New Year. Despite the external headwinds confronting the Group, demand during ke y trading windows remained strong with underling bookings generally showing improvement on PCP particularly for the Skydive business in New Zealand. Our Reef Unlimited business on the Great Barrier Reef also reported consistent bookings growth despite severe weather impacts from the end of December through to January and then again in March and April. During the year management worked to mitigate the impacts of these events as well as the challenges presented by the inflationary operating environment in Australia. As in previous years, there was a continued focus on reducing costs across the Group’s operating structure, with more than $2 million of additional annualised operating costs removed during FY26. This follows approximately $ 2.5 million of cost savings achieved across FY24 and FY25. Additionally, thanks to our existing fuel supply arrangements and utilisation of our own bulk fuel storage facilities, we were able to lessen the impact of both fuel price increases and potential fuel shortages. Finally, the Group continued to focus on generating additional savings by implementing procurement practices designed to take advantage of our position as one of the larger tourism companies in Australia. STRATEGIC REALIGNMENT AND VALUE ENHANCMENT A key finding of the Strategic Review conducted during FY25 was the opportunity to simplify the structure of the Group and during the year Management undertook two initiatives designed to achieve this. Firstly, on 1 May 2026, after several months of negotiations, the Group completed its divestment of Wild Bush Luxury to Intrepid Travel for $5.1 million on a cash/debt-free basis with net proceeds of $3.4 million after normal completion adjustments and transaction costs. Wild Bush Luxury is a great business with sev eral of Australia’s most iconic premium tourism experiences across South Australia, Northern Territory and Tasmania, however it was not a business that had the required scale within the Group. The decision to divest the business reflects the Board and Management’s ongoing focus on the Group’s core, highly scalable adventure tourism assets offering the strongest return on capital potential. The net proceeds of this divestment were used to pay down the Group’s corporate debt. Secondly, at the Group’s 1H26 results announced on 25 February 2026, the Board and Management announced a formal review of the Skydive Australia business unit, reflecting its performance being below expectations and prior years, and a shift in market dynam ics since FY19. This review has since progressed, and during the year the Group announced the consolidation of its Victorian drop zones into the Great Ocean Road drop zone. As part of this, the Group placed the Melbourne drop zone into ‘care and maintenance’ and permanently close its Yar ra Valley drop zone. These initiatives have seen an improvement in the efficiency of Skydive Australia ’s operations in Victoria. Significantly, as announced on 14 July 2026, the Group has signed a non -binding term sheet with Inflite Group Limited in rela tion to a proposed combination of EXP’s Australian and New Zealand Skydive and Aviation businesses with Inflite’s existing Aviation business. There is no certainty that this proposed transaction will proceed and due diligence is continuing. UNLOCKING POTENTIAL As announced in our FY25 Results presentation, the Group continued to invest in strong returning organic and strategy bolt -on M&A opportunities supported by using the Group’s debt facility and cash reserves.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CHAIRMAN & CEO REPORT 5 In May 2026, the Group announ ced Reef Unlimited ha d secured a $4 million grant from the Queensland Government’s Tourism Icons Investment Fund towards the construction of a new 35m multi -hull vessel, Reef Magic IV, which is expected to enter service in December 2027 and increase vessel capacity by approximately 25%. This investment will further strengthen the position of Reef Unlimited as a leading provider of experiences on the Great Barrier Reef. Additionally, the Group continued to benefit from its investment in the Aquarius II vessel for the Reef Unlimited business, which completed its first full year of operations servicing strong demand from the cruise and charter segments on the Great Barrier Reef. Following a highly successful first full year of trading, our Treetops Adventure Canberra site opened its new Networld and Zip line attractions during the year, contributing to strong volume growth at the site. Further Zipline and Networld attractions are being planned or are in construction across other sites within the network at high performing sites such as Central Coast and Western Sydney. Initiatives to lift average spend per customer are underway, including the introduction of the mandatory purchase of gloves from June 2026, with a focus on the food and beverage offering across sites planned for FY27. Finally, on 30 June 2026, the Group also announced the acquisition of West Beach Adventure in Adelaide, South Australia – Treetops Adventure’s first site in that state – for $1.25 million. This Park is located in the busy West Beach to urism precinct of the city and has scope for further expansion and enhancement. During the year the Group also continued its focus on the use of technology to drive organisational improvement. In early 2026, the Group migrated its payroll and HRIS functions to a new system which will facilitate management’s efforts to drive further e fficiencies at a site level via the better use of rostering technology and labour cost control. Adding to this, the Group has also started to trial the implementation of AI -led reservation services, which will also increase our customer service capabilities as well as generate efficiencies with our reservations functions. OUTLOOK The Group’s near -term outlook continues to be influenced by the ongoing impacts of external factors such as the Middle Eastern conflict, consumer sentiment and the performance of domestic and international tourism markets in Australia and New Zealand. The Board and Management’s view on the longer -term earnings outlook of the Group continues to be p ositive, supported by the Group’s diversified portfolio, ongoing growth initiatives and continued cost discipline, however, given the more gradual and inconsistent return of international tourists and the ongoing macro - economic conditions in Australia, the Group believes that the earnings recovery will take longer than originally expected. Consistent with previous company poli cy, EXP is not providing earnings guidance for FY27. ACKNOWLEDGEMENTS Once again, we extend our gratitude to all Experience Co team members for their dedication and hard work during FY26. We also thank our shareholders, customers, and all stakeholders for their ongoing support of EXP. We look forward to building long-term value as Experience Co capitalises on the opportunities ahead. Kerry (Bob) East John O’Sullivan Chair Chief Executive Officer
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES OUR DIRECTORS 6 KERRY (BOB) EAST Independent Non-Executive Director (Chair of Board) Appointed as Non-Executive Director on 30 April 2018 Appointed Chair of the Board on 26 October 2018 Chair – Remuneration & Nomination Committee Member – Audit & Risk Committee BACKGROUND Bob has proven leadership capability and significant industry skill and expertise with more than 25 years’ experience in the tourism and hospitality industries. Prior to joining Experience Co, Bob was CEO of Mantra Group (ASX 200) where he was responsible for the consolidation and strengthening of the Mantra Group brands and the growth of the business into one of the leading accommodation providers and operators in Australasia. Bob was instrumental in and lead the listing of the Mantra Group on the ASX in 2014 and in 2018 the largest hospitality transaction in Australia – the acquisition of the Mantra Group by Accor Hotels. Bob holds Non- Executive Director Chair roles in the Gold Coast Football Club Ltd, Australia Venue Company Pty Ltd and Leisure Accommodation Collective. Bob holds an MBA from University of New England. Listed Company Directorships in last 3 years Cettire Limited (ASX: CTT) Non-Executive Chair - resigned 1 April 2025 Equity Interests (Direct/Indirect) 2,235,657 Ordinary shares 345,821 Service Rights over Ordinary ANTHONY BOUCAUT Founder 1999 Transition to Non-Executive Director 2 September 2019 Prior to transition, CEO of the Group from 1999 to February 2017 & Managing Director of Group to 2019 BACKGROUND Anthony successfully completed Australia's first Adventure tourism IPO in 2015, listing his business, Skydive The Beach and acquired several skydiving businesses across Australia and New Zealand. Anthony has more than 35 years’ experience in the aviation industry and over 30 years’ experience in skydiving. During his final years at university, Anthony formed a skydiving business known as Skydive The Beach, a new business model that brought tandem skydiving to the public in populated areas landing predominantly near or on the beach. Anthony led the business as Chief Executive Officer from inception in 1999 until 2017 with a break for ill health. Anthony holds a Bachelor of Science( BSc), is a qualified Aviation Electronics Engineer (ATC), a former Australian Defence Force member (for 7 years), an approved member of the Australian Parachuting Federation (APF) and an Aviation CEO approved by the Civil Aviation Safety Authority Australia (CASA). Anthony is also owner and director of numerous private companies. Listed Company Directorships in last 3 years None Equity Interests (Direct/Indirect) 175,181,212 Fully Paid Ordinary Shares NEIL CATHIE Independent Non-Executive Director Appointed on 16 October 2019 Chair – Audit & Risk Committee Member – Remuneration & Nomination Committee BACKGROUND Neil was previously Chief Financial Officer, Company Secretary and GM Finance and IT of Australia’s largest and most successful plumbing and bathroom distributor Reece Ltd and Non-Executive director of Millennium Services Group Ltd. Neil is currently Non-Executive Chair of Coventry Group Limited and Non-Executive Director of Bowen & Pomeroy Pty Ltd. Neil is a Fellow of CPA Australia (FCPA) and a graduate member of the Australian Institute of Company Directors (GAICD). Listed Company Directorships in last 3 years Coventry Group Limited (ASX: CYG) Non-Executive Chair Equity Interests (Direct/Indirect) 891,865 Fully Paid Ordinary Shares Equity Interests (Direct/Indirect) 685,891 Ordinary shares
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES OUR DIRECTORS 7 MICHELLE COX Independent Non-Executive Director Appointed on 1 January 2020 Member – Audit & Risk Committee Member – Remuneration & Nomination Committee BACKGROUND Michelle has been in the travel and tourism sector for over 25 years. She has held executive and director roles at Bastion Collective, STA Travel and APT Group of Companies. She also held Non-Executive roles with Tourism Tasmania, Australian Tourism Export Council (NT Chair), Central Australian Tourism Industry Association (Deputy Chair) and the NT Business Women’s Consultative Council Advisory Board. Michelle is currently a Non-Executive Chair of Motherless Daughters Australia. Michelle is also a Graduate Member of the Australian Institute of Company Directors (GAICD). Listed Company Directorships in last 3 years BSA Limited (ASX: BSA) Non-Executive Director until September 2023 Equity Interests (Direct/Indirect) Nil ALEXANDER (ALEX) WHITE Non-Executive Director Appointed on 3 November 2023 BACKGROUND Alex is Managing Director of Richmond Hill Capital which is a long-term substantial shareholder of Experience Co. Alex has over 15 years’ of corporate and investment management experience with previous roles as a Portfolio Manager at Viburnum Funds and Analyst at Cooper Investors. Alex is currently a Non-Executive Director of Coventry Group. Listed Company Directorships in last 3 years Coventry Group (ASX: CYG) HRL Holdings Limited (ASX: HRL) - Non-Executive Director until August 2022 MOQ Digital Limited (ASX: MOQ) – Non-Executive Director until November 2022 Equity Interests (Indirect) 126, 669, 293 Ordinary Shares JOHN O’SULLIVAN Executive Director and Chief Executive Officer Appointed on 29 July 2019 BACKGROUND John has over 25 years' experience in the tourism & travel, sport & entertainment and media industries, having held senior executive roles with Football Federation Australia (Chief Commercial Officer), Events Queensland (Chief Executive Officer), and Fox Sports (Chief Operating Officer). Prior to joining Experience Co, John was Managing Director of Tourism Australia and oversaw a period of record growth of international visitation and expenditure to Australia. John is the Chair of Tourism Tropical North Queensland and Non-Executive Director of Ras Al Khaimah Tourism Development Authority (UAE) a. John holds an Executive MBA and is a Graduate Member of the Australian Institute of Company Directors (GAICD). Listed Company Directorships in last 3 years None Equity Interests (Direct/Indirect) 3,988,676 Ordinary shares 15,000,000 Options over Ordinary Shares 3,000,000 Performance Rights over Ordinary Shares
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 8 The directors present their report on the consolidated entity (referred to herein as the Group) consisting of Experience Co Limited (the Company) and its controlled entities for the year ended 30 June 2026. DIRECTORS The following persons were directors of Experience Co Limited during the year and up to the date of this report: Kerry (Bob) East Chair, Independent Non-Executive Director Neil Cathie Independent Non-Executive Director Michelle Cox Independent Non-Executive Director Anthony Boucaut Non-Executive Director Alexander (Alex) White Non-Executive Director John O’Sullivan Chief Executive Officer and Executive Director DIRECTORS’ MEETINGS The number of Board meetings and Board Committee meetings held and the number of meetings attended by each of the Directors of the Company, during the financial year are listed below: Board of Directors Audit & Risk Management Committee Remuneration & Nomination Committee Held Attended Held Attended Held Attended Bob East 12 12 2 2 1 1 Anthony Boucaut 12 12 NA NA NA NA Neil Cathie 12 11 2 2 1 1 Michelle Cox 12 12 2 2 1 1 Alex White 12 11 NA NA NA NA John O’Sullivan 12 12 NA NA NA NA NA = not a member of the relevant Committee Company Secretary Fiona van Wyk was appointed Company Secretary on 6 November 202 1 and held the position until 17 April 2026 . Christopher Fernandes was appointed Company Secretary effective 17 April 2026. REVIEW OF OPERATIONS Principal Activities The principal activities of the Group during the period were the provision of adventure tourism and leisure experiences. These activities include tandem skydiving in Australia and New Zealand , tours to the Great Barrier Reef and Daintree region in Australia, nature-based walking and lodge experiences in Australia and high rope and zipline aerial activities in Australia. In addition, the Group also provide General Aviation maintenance services in Australia and N ew Zealand. Following completion of the divestment of the Wild Bush Luxury business on 1 May 2026, the Group’s nature-based walking and lodge experiences no longer form part of continuing operations.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 9 Group Financial Performance 30 June 30 June % change 2026 2025 $000 $000 Revenue1 from continuing operations 129,593 127,312 +2% Underlying EBITDA1,2 from continuing operations 17,550 19,012 (8%) Loss for the year from continuing and discontinued operations (260) (975) +73% Net (debt) /cash3 (10,726) (10,882) +1% 1 Revenue and Underlying EBITDA presented above is for continuing operations. Refer to Note 2 of the audited financial statements. 2 Underlying EBITDA is a financial measure not prescribed by AAS and represents EBITDA adjusted for acquisition -related transaction costs, restructure costs and other significant items, and net gains and losses on the sale of assets. Refer to Note 2 to the FY26 annual financial report for a reconciliation between statutory and underlying. 3 Refer to note 21 for the calculation of Net (debt) /cash. The Group reported revenue from continuing operations of $129.6 million in FY26, an increase of 2% on FY25 ($127.3 million), while Underlying EBITDA from continuing operations declined 8% to $17.6 million (FY25: $19.0 million). Revenue growth was driven by the Adventure Experiences segment, partially offset by a modest decline for the Skydiving segment. Revenue growth was achieved despite the challenging operating environment, particularly during the second half of the year. The most significant impacts were as a result of adverse weather arising from Tropical Cyclones Koji (January 2026 ) and Narelle (March 2026), as well as subdued consumer sentiment due to cost -of-living pressures in Australia. International tourism continued to grow during FY26, providing a supportive backdrop for the Group’s longer -term demand outlook. In Australia, however, the growth remained uneven across destinations and customer segments and did not translate proportionately into increased volumes across all o f the Group’s experiences. Domestic tourism conditions also remained subdued, reflecting continued pressure on discretionary consumer expenditure and elevated outbound travel. The Skydiving segment reported revenue of $63.8 million in FY26, a decline of 2% on FY25 ($65.0 million), with total tandem passengers across Australia and New Zealand of approximately 117 k (FY25: 119k). Underlying EBITDA was $9.7 million, compared to $10.0 million in FY25. Overall demand across the segment was mixed. The Skydive Aust ralia business unit recorded a 7% decrease in tandem passengers to approximately 72k (FY25: 77k) whilst the New Zealand business unit experienced strong volume growth of 9% to approximately 45k (FY25: 41k). Skydive Australia was impacted by the external events which affected the broader Group as well as Protected Industrial Action taken by members of the Tandem Instructor workforce during peak trading windows of the year. In New Zealand, whilst there was some weather impacts on operations, volumes benefited from the additional landing capacity secured at Wanaka during the prior year as well as NZOne’s positioning as a ‘must do’ experience in Queenstown. The N ew Zealand Dollar (NZD) also depreciated against the A ustralian Dollar (AUD) during the year, with the average conversion rate 5.3% lower than prior year, tempering growth when converted to the Group’s reporting currency (AUD). Adventure Experiences reported revenue from continuing operations growth of 6% to $65.8 million in FY26 (FY25: $62.3 million), with growth delivered by both Reef Unlimited and Treetops Adventure. Underlying EBITDA from continuing operations was $15.4 million, compared to $16.0 million in FY25, reflecting the impact of weather disruption, higher fuel costs and broader wage and cost inflation. Reef Unlimited delivered revenue growth during FY26, supported by targeted rate increases, the full-year contribution of Aquarius II and continued product development. Customer volumes grew 4% to 261k ( FY25: 252k), with performance during the s econd half impacted by adverse weather conditions in Tropical North Queensland and other operational disruptions. Treetops Adventure delivered revenue growth during FY26, with volumes slightly softer by -0.2% to 396k (FY25: 397k). Performance benefited from the new Canberra Networld and Zipline attractions, partially offset by the closure of the Newcastle site in October 2025. The business also continued to focus on increasing average customer spend through pricing, product mix and ancillary revenue initiatives.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 10 Throughout the year, Management maintained its focus on the Group-wide cost-out programme targeting more than $2 million of annualised savings, which was substantially implemented by the end of FY26, with the full earnings benefit expected to be realised in FY27. Notwithstanding this discipline, Underlying EBITDA margins were impacted by the fuel, wage and promotional cost pressures outlined above, most notably within the Skydiving segment. On 1 May 2026, the Group completed the divestment of its Wild Bush Luxury business to Intrepid Travel, announced on 8 December 2025, for cash consideration of $5.1 million on a cash-free, debt-free basis, with net proceeds after transaction costs of approximately $3.4 million applied to reduce corporate debt. Wild Bush Luxury has been treated as a discontinued operation for FY26. The combined impact of the above was a statutory net loss after tax from continuing and discontinued operations of $0.3 million for FY26, an improvement on the FY25 net loss after tax of $ 1.0 million, which included a $3.1 million non -cash impairment of Wild Bush Luxury goodwill. SKYDIVE AUSTRALIA BUSINESS UNIT REVIEW At the Group’s 1H26 results announced on 25 February 2026, the Board and Management announced that they had commenced a formal review of the Skydive Australia business unit, on the basis that its performance was below expectations and prior years. The review noted that market dynamics affecting the business unit had changed materially since FY19, including: an inconsistent retu rn of international visitation across the Group’s drop zone locations; macroeconomic pressures affecting the Australian consumer; shifting customer preferences among both domestic consumers and inbound tourists; labour availability and cost; the industrial relations framework in Australia and general inflationary pressures on operating and maintenance costs. The scope of the review includes consideration of all options for the business unit. With the Group committing to provide a market update ahead of its FY26 results. The Skydive Australia business unit review progressed over 2H26, including the consolidation of the Group’s Victorian operations noted above, and culminated in the non-binding term sheet with Inflite Group Limited announced on 14 July 2026 in relation to a proposed divestment of the Group’s Australian and New Zealand skydive and aviation businesses. Further detail on the Proposed Transaction is set out under Subsequent Events below. BALANCE SHEET The Group reported net assets of $126.5 million at 30 June 2026 (30 June 2025: $127.6 million). The Group reported net debt of $10.7 million at 30 June 2026 (30 June 2025: $10.9 million), comprising gross borrowings (including asset finance leases) at 30 June 2026 of $16. 2 million (30 June 2025: $22.0 million) net of cash and cash equivalents at 30 June 2026 of $5.4 million (30 June 2025: $11.1 million). The decrease in gross borrowings during the year was primarily driven by scheduled repayments of the CBA equipment loan facility, a $2.0 million repayment of the CBA market rate loan facility in connection with CBA’s approval of the Group’s divestment of Wild Bush Luxury and the repayment of the NZ-government Strategic Asset Protection Program (STAPP) loan of NZ$2.0 million upon expiry of its term in April 2026 . The decrease in c ash and cash equivalents during the period was primarily driven by the dividend paid, debt repayments and trading performance. The Group’s financial position continues to benefit from its multi-year secured debt facility with Commonwealth Bank of Australia obtained in December 2023, which provides optionality for growth and working capital to support business operations. As at 30 June 2026, a total of $15.8 million remained undrawn from the Market Rate Loan and Asset Finance facilities which are the key facilities available for growth initiatives.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 11 INVESTMENT Growth Reef Magic IV During the year, the Group’s Reef Magic Cruises business secured a $4 million grant from the Queensland Government’s Tourism Icons Investment Fund towards the construction of a new vessel, Reef Magic IV, to service the Group’s Remoora pontoon off Moore Reef (departing from Cairns). The vessel is being designed and constructed in Brisbane by Aus Ships Group over approximately 18 months, with its l aunch expected in December 2027. On completion, vessel capacity will increase by approximately 25%. The total project cost is estimated at approximately $10.6 million, funded through the Group’s debt facility, the Queensland Government grant, and estimated proceeds from the disposal of the vessel currently servicing the pontoon; the estimated net project cost to the Group, after the grant and disposal proceeds, is approximately $4.7 million. Treetops Adventure New Site Development The Group’s Treetops Adventure Canberra site opened its new Zipline and Networld attractions during the year, contributing to strong participant growth. Management continues to progress the development of additional new sites, with a key focus on major metropolitan areas outside the Group’s existing footprint. On 30 June 2026, the Group announced the completion of its acquisition of West Beach Adventure, an aerial adventure park in Adelaide, South Australia, for $1.25 million, marking Treetops Adventure’s first site in South Australia. The park welcomes more than 20,000 visitors annually and had a pro-forma EBITDA of approximately $0.45 million at acquisition. Skydive Wanaka During the year, Skydive Wanaka continued to benefit from the additional landing capacity secured in the pri or year, together with increased sales and marketing activity, supporting strong volume growth at the site amid the continued growth of Wanaka as a tourism destination and the Group’s exclusive operating licence. OUTLOOK The Group’s near-term outlook continues to be influenced by external factors, including geopolitical developments and their impact on fuel costs and consumer sentiment, the pace and consistency of international tourism recovery across Australia and New Zealand, and prevailing domestic macroeconomic conditions. The Board and Management remain positive regarding the Group’s longer-term earnings outlook, supported by the Group’s portfolio of adventure tourism experiences, ongoing growth initiatives and continued focus on operating efficiency and free cash flow generation. However, changes to the Group’s business structure, together with the more gradual and uneven recovery in international tourism and prevailing macroeconomic conditions, mean that the earnings recovery is expected to take longer than previously anticipated. As set out under Subsequent Events below, on 14 July 2026 the Group announced it had signed a non-binding term sheet with Inflite Group Limited in relation to a proposed combination of the Group’s Australian and New Zealand skydiving and aviation businesses with Inflite’s existing aviation business. There is no certainty that the Proposed Transaction will proceed. Consistent with previous Company policy, EXP is not providing earnings guidance for FY27. KEY BUSINESS RISKS Key business risks of the Group are outlined below. The Group’s diversified portfolio of products, experiences, customer mix and locations is a key risk mitigation strategy of the Group to manage any impacts of these risks on the financial position, performance, assets and operations of the Group. Economic conditions: The performance of the Group is subject to general economic conditions in Australia, New Zealand and key international source markets. Changes in inflation, interest rates, employment, consumer con fidence and discretionary expenditure may affect demand for the Group’s experiences and its operating cost base.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 12 Customer risk: The Group serves both domestic and international customers and is exposed to changes in travel patterns, tourism flows and consumer preferences. Demand is also seasonal, with a significant proportion of earnings generated during key holiday and peak travel periods. Safety: The Group operates adventure tourism experiences, including tandem and sport skydiving, Great Barrier Reef and island tours, rainforest tours, and high ropes and zipline activities across Australia and New Zealand. These activities carry inherent safety risks. The Group maintains systems, procedures and controls designed to manage these risks, with customer and employee safety remaining a key operational priority. Weather: The ability of the EXP Group to provide its recreation, adventure and tourism services is, in many cases, weather dependent. Outdoor recreation, adventure and tourism activities can be adversely affected by poor weather conditions such as strong winds, rainfall, low cloud or a combination of these meteorological events. Although every effort is made to continue business activities, the safety of customers is of paramount importance and cancellation or postponement of activities may affect revenue and profitability. Industrial Relations: The Group is exposed to risks associated with employee and contractor availability, labour costs and industrial relations. During FY26, protected industrial action associated with enterprise agreement negotiations involving Skydive Australia tandem instructors adversely affected operations during key trading periods. The resolution of these negotiations remains a key focus for Management. Global Conflict: Geopolitical conflicts and other international disruptions may affect fuel and other input costs, consumer confidence, international aviation capacity and travel demand from key source markets. The escalation of conflict in the Middle East during FY26 demonstrated the potential for geopolitical events to affect the Group’s operating environment. Government, regulatory and legal risk: The adventure tourism activities that the Group offers are subject to extensive and diverse regulations. As a result, the Group is subject to a range of regulatory controls imposed by governmental and regulatory authorities in Australia and New Zealand. Th e relevant regulatory regimes are complex and are subject to change over time, depending on changes in the laws and the policies of the governmental and regulatory authorities and/or a change in their interpretation. Changes in government, fiscal, monetary, employment, industrial relations, work health and safety, environmental, taxation, regulatory policies and other laws more generally may also affect the business of the Group. ON-MARKET SHARE BUYBACK On 26 May 2025, the Group announced its intention to commence an On -Market Share Buyback of up to 10% of the Company. As at 30 June 2026, 2,790,000 shares had been purchased for a total consideration of $332,000. This process is now complete. DIVIDENDS A fully franked dividend of 0.25 cents per share was paid in September 2025, totalling $1.89 million. No other dividend was paid or declared during the period. SIGNIFICANT CHANGES IN STATE OF AFFAIRS Other than the divestment of the Wild Bush Luxury business unit on 1 May 2026 as set out above, in the opinion of the Directors, there have been no other significant changes in the Group’s state of affairs during the year. SUBSEQUENT EVENTS Proposed Divestment of Skydive Business On 14 July 2026, the Group announced that it had signed a non-binding term sheet with Inflite Group Limited, a privately held New Zealand aviation-tourism business, in relation to a proposed combination of EXP’s Australian and New Zealand skydive and aviation businesses with Inflite’s existing aviation business under a new New Zealand holding company (the “Proposed Transaction”). The term sheet provides both parties with a binding period of exclusivity to conduct due diligence and negotiate binding transaction documentation.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 13 On completion, the combined business is currently estimated to have an enterprise value of approximately $110 million (on a cash-free, debt-free basis). Under the Proposed Transaction, EXP would receive consideration of approximately $65.0 million, compris ing: $41.0 million in upfront cash at completion; a $5.0 million vendor note, with interest capitalised quarterly and repayable after five years; and a 32.5% ordinary equity interest in the combined entity, with an implied value of approximately $19.0 million. Completion of the Proposed Transaction remains subject to a number of conditions, including satisfactory due diligence by both parties, agreement on final transaction structure, relevant financier approvals, binding transaction documentation, and all required shareholder and regulatory approvals. There is no certainty that the Proposed Transaction will proceed. Further details are set out in the Group’s ASX announcement dated 14 July 2026. Other than as set out above, there have been no other significant subsequent events. OPTIONS AND RIGHTS In FY26, a total of 15,000,000 options were granted to John O’Sullivan, Chief Executive Officer, following approval at the prior Annual General Meeting. Details on options and rights are set out in the Remuneration Report for Key Management Personnel (KMP) and Note 20 of the audited financial statements. ENVIRONMENTAL The Group holds valid permits including with the Civil Aviation Safety Authority (CASA), the Civil Aviation Authority New Zealand (CAA), the Australian Parachute Federation (APF) and the New Zealand Parachute Industry Association (NZPIA), Great Barrier Reef Marine Park Authority (GBRMPA) and State and National Parks and maintains high standards of compliance within prescribed guidelines. Compliance with existing environmental regulations and new regulations are monitored annually. The Group continues to support best practice operations with a focus on protection of the Great Barrier Reef and conservation and preservation of the environment in which we operate. The directors are not aware of any material breaches during the period covered by this report. For the financial year ended 30 June 20 26 and as at the date of this report, the Group has not been prosecuted nor incurred any infringement penalty for environmental incidents. CORPORATE GOVERNANCE STATEMENT The Group's corporate governance statement current as at the date of this report can be found on the Company’s website (www.experienceco.com). PROCEEDINGS ON BEHALF OF COMPANY No person has applied for leave of Court to bring proceedings on behalf of the company or 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 any part of those proceedings. The company was not a party to any such proceedings during the year. INSURANCE OF OFFICERS AND AUDITOR The Company insures all past, present and future directors against liabilities for costs and expenses incurred by them in defending legal proceedings arising from their conduct while acting in the capacity as directors of the company, other than conduct involving a willful breach of duty in relation to the Company. These contracts prohibit further disclosure of the nature of the liabilities and the amounts of premiums. 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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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT 14 NON-AUDIT SERVICES The Board of Directors, in accordance with advice from the Audit and Risk Committee, is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the ser vices disclosed below did not compromise the external auditor’s independence for the following reasons: • The nature of the non-audit services provided does not materially affect the integrity and objectivity of the auditor; and • The nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. Details of the amounts paid to the auditor of the Company, RSM and its related practices, for audit and non-audit services provided during the year, are set out in Note 9 to the audited financial statements. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration made in accordance with Section 307C of the Corporations Act 2001 forms part of this directors’ report. ROUNDING OF AMOUNTS The Company is an entity to which ASIC Corporations (Rounding in Financial/Director's Reports) Instrument 2016/191 issued by ASIC relating to rounding off applies and in accordance with that instrument amounts in the Financial Statements and Directors' Reports have been rounded to the nearest thousand dollars unless otherwise stated. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. Signed in accordance with a resolution of directors. ________________________ ________________________ John O’Sullivan Kerry (Bob) East Chief Executive Officer Chair Dated: 26 August 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 Australia T +61 (02) 8226 4500 F +61 (02) 8226 4501 rsm.com.au AUDITO R’S INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Experience Co Limited and controlled entities 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. RSM AUSTRALIA PARTNERS Gary Sherwood Partner Sydney, NSW Dated: 26 August 2026 15
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16 EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT INTRODUCTION, REMUNERATION POLICY AND GOVERNANCE The Directors of EXP are pleased to present the Remuneration Report for the Group’s Key Management Personnel (KMP) for the financial year ended 30 June 2026 which aims to provide shareholders with an understanding of EXP’s remuneration strategies and outcomes for the period. This report is presented in accordance with the requirements of the Corporations Act 2001 and its regulations. Information has been audited as required by Section 308(3C) of the Corporations Act 2001. The report outlines the remuneration components for KMP designed to retain, motivate, and attract high performing Senior Executives who are committed to achieving the Group's strategic goals and whose interests are aligned with growth in shareholder value. To achieve this the Group sets market competitive remuneration to reward achievement of goals aligned to the performance of the Group and shareholder value creation. Details of the remuneration components are outlined on pages 18 and 19. The Board has an established Remuneration and Nomination Committee ( Remco). The members of the Remco comprise three Independent Non-Executive Directors – Bob East (Chair), Neil Cathie and Michelle Cox. The Remco is tasked with overseeing the Group’s remuneration framework for Senior Executives to ensure they align with the Company’s strategic goals, values and culture for the long-term sustainable growth of the business. The Remco reviews Senior Executive remuneration packages including STI and LTI annually with reference to relevant comparable industry information, the Group’s financial and strategic performance targets and the performance of the individual. The Group’s remuneration approach is designed to ensure the Group’s remuneration structures: • Are aligned to the business needs, values and objectives • Are fair and competitive • Motivate, attract and retain Senior Executives • Promote long-term sustainable growth in the business and shareholder value STIs are tied to short-term performance and goals with financial and non-financial targets aligned to the strategic objectives of the Group. Additional information including FY26 Executive KMP STI outcomes are provided on page 18. The EXP Employee Incentive Plan (EEIP) is designed with flexibility to award Senior Executives equity incentives in the form of performance rights, service rights or options. The EEIP aligns the interests of Senior Executives with the sustained performance and growth of the business. Participation in the EEIP is at the Board’s discretion. At the 2025 Annual General Meeting, EXP received over 99.93% of ‘in favour’ votes on its remuneration report for the 2025 financial year.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 17 KEY MANAGEMENT PERSONNEL (KMP) The KMP for the Group for FY26, are those persons who have the authority and responsibility for planning, directing and controlling the activities of the Group (directly or indirectly) and includes Non-Executive Directors, Executive Directors and the Chief Financial Officer (CFO) of the Group. Directors Other KMPs Non-Executive Directors CFO Bob East, Chair of the Board Gavin Yates Neil Cathie Michelle Cox Anthony Boucaut Alex White Executive Director and CEO John O’Sullivan NON-EXECUTIVE DIRECTOR REMUNERATION Policy and approach to setting Non-Executive Director Fees The Board's policy is to remunerate Non-Executive Directors (NEDs) based on market-related fees for time, commitment and responsibilities as NEDs of the Company and to ensure the Group attracts and retains skilled, experienced and committed individuals to serve on the Board. Non-Executive Directors receive a director’s fee and fees (inclusive of Superannuation), for chairing or participating on Board Committees. Non-Executive Directors do not participate in performance-based remuneration. Board composition The Company aims to ensure the Board comprises individuals with the necessary skills and experience to meet the current and future requirements of the business. Bob East (Chair of the Board and Remuneration and Nomination Committee), Neil Cathie (Chair of the Audit & Risk Committee), Anthony Boucaut, Michelle Cox and Alex White, served as Non-Executive Directors for the financial year and up to the reporting date. No changes to the composition of the Non-Executive Directors were made during the year. NON-EXECUTIVE DIRECTOR REMUNERATION FY26 Fee Structure Annual Remuneration1 Role 2026 2025 Chairman 204,838 203,924 Non-Executive Directors2 87,059 86,669 Chair of Committee 15,369 15,299 Member of Committee 5,121 5,098 1 Inclusive of statutory superannuation 2 Anthony Boucaut is remunerated $140,000 per annum for Non-Executive Director duties and $30,000 for aviation services, exclusive of superannuation. The maximum annual aggregate of the Directors’ fee pool is $750,000 approved by shareholders at the Annual General Meeting of the company on 27 November 2015. Any change to this aggregate annual amount is required to be approved by Shareholders. All Non-Executive Directors enter into a service agreement with the Company in the form of a letter of appointment.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 18 EXECUTIVE KMP AND SENIOR EXECUTIVE REMUNERATION Remuneration for Executive KMPs and Senior Executives comprises three elements: Fixed Remuneration Composition Fixed remuneration comprises salary, superannuation and other fixed elements of remuneration such as vehicle allowances Fixed remuneration is delivered in cash, superannuation and other relevant benefits. Determination Fixed remuneration is determined based on market comparisons for similar roles taking into account experience, responsibility of the role and capability to deliver the Group’s operational and financial performance objectives. Purpose Attract and retain Senior Executives with appropriate skills capability and experience to meet the requirements of the role and the objectives of the Group. STI Structure Composition STIs may be settled in cash or shares or any combination thereof, subject to Board discretion. Purpose Motivate and reward for achieving agreed annual objectives (Key Performance Indicators (KPIs)) aligned with the Group’s financial and operational objectives. Participation Executive KMP and Senior Executives. Opportunity Maximum STI opportunity as a percentage of fixed remuneration. For FY26: • Up to 100% for the CEO and CFO; and • Up to 70% for other Senior Executives. Performance Period Performance is measured from 1 July to 30 June of each year. Performance Measures STI is awarded annually based on the Group achieving agreed performance targets aligned with the Group’s strategic objectives including financial and non-financial metrics. Refer page 20 for information relating to FY26 STI outcomes. Assessment and award of any STI is based on the audited financial results for the respective financial year and remains at the discretion of the EXP Board.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 19 LTI Structure (granted at Board Discretion) Composition LTI is awarded, at the discretion of the Board, in the form of Options and/or Performance Rights with vesting performance measures determined by the Board at the time of grant. Each Option or Performance Right entitles the participant, on vesting, to one EXP share. Vesting may be satisfied by the allotment of new shares or by purchasing existing shares on market. Options or Performance Rights that do not vest at the end of the performance period lapse. Purpose Drives long-term growth objectives of the business. Aligns the interests of Senior Executives with the interests of Shareholders. Participation Executive KMP and Senior Executives. Opportunity Executive KMP In FY22, Performance Rights were granted as a lump sum. In FY26, Options were issued subject to performance conditions CFO and other Senior Executives LTI opportunity is up to 25% of fixed remuneration. Performance Measures Executive KMP CEO Vesting performance measures are determined by the Board at time of grant. CEO In November 2022, a total of 9,000,000 Performance Rights, subject to performance conditions aligned with share price targets and continuous service were granted to Executive KMP. Refer page 21 for details on Executive KMP Performance Rights. In November 2025, a total of 15,000,000 Options, subject to performance conditions aligned with share price targets and continuous service were granted to the CEO. Refer page 21 for details on Executive KMP Options and Performance Rights. CFO and Senior Executives Vesting performance measures are determined by the Board at time of grant. The LTI Plan for CFO and Senior Executives has been paused indefinitely following a review of the STI Plan. No long-term Performance Rights were granted in FY26. Delivery Vesting is conditional upon participants being continuously employed with EXP or an EXP Group Company until vesting date. Forfeiture Any rights or interest in the Performance Rights or shares may be forfeited if the Board determines that a participant: ✓ Has committed an act of fraud; or ✓ Is found to have acted in a manner that the Board considers to be gross misconduct. During the year, the Nomination and Remuneration Committee considered the current structure of the Group’s LTI Plan to ensure it was fit for purpose in relation to the current priorities of the business. In November 2025, a total of 15,000,000 Options, subject to performance conditions aligned with share price targets and continuous service were approved and granted to the CEO, John O’Sullivan. The Directors determined that the grant of the Options is a more appropriate long-term incentive for the CEO of the Company and aligns with the interests of shareholders, ensuring John O’Sullivan’s overall remuneration package remains competitive, is aligned with market remuneration for comparable roles in the industry and appropriately incentivises John O’Sullivan to deliver long-term shareholder value. The grant of the 15,000,000 Options to CEO, John O’Sullivan, was approved at the 2025 Annual General Meeting.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 20 Executive KMP Employment Conditions Term of Agreement Notice Period Termination Entitlements John O’Sullivan (CEO) No definite term 6 months 6 months Gavin Yates (CFO) No definite term 3 months 3 months Refer to page 21 for the number of granted, vested and lapsed Performance Rights and Options and shares issued to Executive KMP. KMP DETAILS OF COMPENSATION The following table sets out the components of the current year and comparative year remuneration for each member of KMP of the Group. Short-term Post- employment Other long term Year Cash Salary, leave paid and fees Cash bonus3 Share based payment expense1 Total Short Term Super- annuation Long- service & annual leave accrual2 Share based payment expense1 Total Proportion performance related Group KMP Non-Executive Directors Bob East 2026 187,858 - - 187,858 22,543 - - 210,401 - 2025 187,858 - - 187,858 21,604 - - 209,462 - Anthony Boucaut 2026 170,000 - - 170,000 20,400 - - 190,400 - 2025 170,000 - - 170,000 19,550 - - 189,550 - Neil Cathie 2026 95,882 - - 95,882 11,506 - - 107,388 - 2025 95,882 - - 95,882 11,026 - - 106,908 - Michelle Cox 2026 86,750 - - 86,750 10,410 - - 97,160 - 2025 86,750 - - 86,750 9,976 - - 96,726 - Alex White 2026 86,280 - - 86,280 - - - 86,280 - 2025 86,280 - - 86,280 - - - 86,280 - Non-Executive Directors 2026 626,770 - - 626,770 64,859 - - 691,629 - 2025 626,770 - - 626,770 62,156 - - 688,926 - Executive KMP John O’Sullivan 2026 556,349 50,000 - 606,349 30,000 31,307 385,354 1,053,009 41% 2025 540,750 150,000 - 690,750 34,716 15,613 (210,772) 530,307 (11%) Gavin Yates 2026 308,654 30,000 - 338,654 30,000 1,756 9,665 380,075 10% 2025 300,000 80,000 - 380,000 40,193 19,673 4,278 444,144 19% Executive KMP 2026 865,002 80,000 - 945,002 60,000 33,063 395,019 1,433,085 33% 2025 840,750 230,000 - 1,070,750 74,909 35,286 (206,494) 974,451 2% Total 2026 1,491,772 80,000 - 1,571,772 124,859 33,063 395,019 2,124,713 N/A 2025 1,467,520 230,000 - 1,697,520 137,065 35,286 (206,494) 1,663,377 N/A 1 Share based payment expenses are based on the accounting expense recognised in the audited financial statements for the respective period 2 Based on the net movement in the KMP’s provision for annual leave and long service leave for the respective period 3 2026 reflects the payment of cash bonuses for FY26 as approved by the Board. These are recognised on an accruals basis which is consistent with 2025. The cash bonus paid in FY26 is as reflected in 2025 on an accrual’s basis
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 21 KMP EQUITY INTERESTS Movement in ordinary shareholdings The movement during the reporting period in the number of ordinary shares in the Company held directly, indirectly or beneficially, by each KMP, including their related parties, is as follows: Held at Other purchases Disposals Held at 30 June 2025 30 June 2026 Bob East 2,235,657 - - 2,235,657 Anthony Boucaut 175,181,212 - - 175,181,212 John O’Sullivan 3,988,676 - - 3,988,676 Neil Cathie 891,865 - - 891,865 Michelle Cox Nil - - Nil Alex White 126,669,293 - - 126,669,293 Gavin Yates Nil - - Nil Options and Performance Rights Held at 30 June 2025 Granted1 Vested and Exercised2 Lapsed/ Expired 3 Held at 30 June 2026 Exercise Price $ Expiry Date4 Options John O’Sullivan Nil 15,000,0001 - - 15,000,000 $0.14- $0.16 30 June 2030 Performance Rights LTI Performance Rights John O’Sullivan 5,500,000 - - 2,500,0003 3,000,000 Nil Gavin Yates 250,000 - - - 250,000 Nil 1 Options were granted to John O’Sullivan in FY26. 2 No Options or Performance Rights were vested or exercised in FY26. 3 Lapse of Performance Rights in FY26 due to the performance conditions not being met. 4 The expiry dates for the Performance Rights vary from 30 September 2026 to 30 June 2028.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES REMUNERATION REPORT 22 BUSINESS PERFORMANCE EXP aligns Senior Executive remuneration to objectives aimed at business needs, goals, values, achieving objectives and creation of shareholder value. Incentives for Senior Executives are largely based on achieving internal Group financial and non-financial metrics. The table below shows the Group’s financial performance over the last five years as required by the Corporations Act. 2026 2025 2024 2023 2022 Revenue ($'000)1 129,593 127,312 127,040 108,596 55,818 EBITDA ($'000)2 15,511 18,129 15,230 9,969 (5,286) Underlying EBITDA ($'000)3 17,550 19,012 14,384 11,311 (2,370) Net loss for the year ($'000) (260) (975) (71) (542) (13,583) Market capitalisation ($'000) 56,600 94,509 128,768 177,473 165,500 Dividends paid ($'000) 1,890 - - - - Earnings per share (cents) (0.03) (0.13) (0.01) (0.07) (1.94) Share price at financial year end ($) 0.075 0.125 0.170 0.235 0.220 Dividends paid (cents per share) 0.25 - - - - 1 Revenue presented above for the financial years ended 30 June 2026 and 2025 is for continuing operations. 2 EBITDA presented above for the financial years ended 30 June 2026 and 2025 is for continuing operations and includes the application of AASB 16 Leases. 3 Underlying EBITDA presented above for the financial years ended 30 June 2026 and 2025 is for continuing operations and includes the application of AASB 16 Leases. TRANSACTIONS WITH RELATED PARTIES Apart from those transactions disclosed in this Remuneration Report relating to equity and compensation, other transactions with related parties are set out in further detail in Note 26 to the audited financial statements.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES FINANCIAL REPORT 23 FINANCIAL STATEMENTS For the year ended 30 June 2026 EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES SKYDIVE WANAKA | OTAGO REGION | NEW ZEALAND
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 24 Notes Year ended 30 June 2026 $000 Year ended 30 June 2025 $000 Continuing Operations Revenue 2 129,593 127,312 Cost of sales (78,041) (75,241) Gross profit 51,552 52,071 Other income 5 3,159 2,568 Employee expenses (18,629) (17,936) Depreciation and amortisation expenses (10,910) (12,036) Impairment of property, plant and equipment and other assets 15 (1,565) - Reversal of prior Impairment of property, plant and equipment 15 145 - Marketing and advertising expenses (3,620) (3,138) Repairs and maintenance expenses (2,431) (2,529) Operating expenses (13,316) (11,797) Acquisition-related costs and other significant expenses (net) 6 (1,728) (1,100) Gain/(loss) on disposal of assets 524 (10) Profit before finance costs and taxes 3,181 6,093 Net finance costs 7 (2,214) (2,286) Profit before income tax from continuing operations 967 3,807 Income tax expense 8 (351) (910) Profit for the year from continuing operations 616 2,897 Loss after tax from discontinued operations 3 (876) (3,872) Loss for the year from continuing and discontinued operations (260) (975) Items that will be reclassified subsequently to profit or loss when specific conditions are met: Revaluation of property, plant and equipment, net of tax 22 1,151 - Exchange differences on translating foreign operations, net of income tax (311) (197) Other comprehensive income/(loss) for the year 840 (197) Total comprehensive gain/(loss) for the year 580 (1,172) Earnings per share Basic earnings per share (cents) 10 (0.03) (0.13) Diluted earnings per share (cents) 10 (0.03) (0.13) The accompanying notes form part of these financial statements.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION 25 The accompanying notes form part of these financial statements. As at As at 30 June 2026 30 June 2025 Notes $000 $000 Assets Current assets Cash and cash equivalents 11 5,441 11,082 Trade and other receivables 12 3,686 3,082 Inventories 5,307 5,227 Other assets 13 1,728 1,938 Total current assets 16,162 21,329 Non-current assets Property, plant and equipment 15 93,460 96,265 Asset under construction 1,377 2,324 Right-of-use assets 14 11,507 14,558 Deferred tax assets 8 14,005 13,525 Intangible assets 16 42,364 42,889 Total non-current assets 162,713 169,561 Total assets 178,875 190,890 Liabilities Current liabilities Trade and other payables 17 9,193 9,757 Borrowings 18 2,147 4,184 Lease liabilities 14 2,979 2,846 Employee benefits 3,784 3,808 Current tax liability 8 784 113 Deferred consideration 4 124 - Contract liabilities 19 8,435 10,748 Total current liabilities 27,446 31,456 Non-current liabilities Borrowings 18 13,346 17,500 Lease liabilities 14 10,553 13,507 Employee benefits 353 379 Deferred tax liabilities 8 688 405 Total non-current liabilities 24,940 31,791 Total liabilities 52,386 63,247 Net assets 126,489 127,643 Equity Issued capital 21 232,360 232,540 Accumulated losses (109,362) (107,279) Reserves 22 3,491 2,382 Total equity 126,489 127,643
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 26 The accompanying notes form part of these financial statements. Note Issued Capital Accumulated Losses Asset Revaluation Reserve Common Control Reserve Share Option Reserve Foreign Currency Translation Reserve Total Equity $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2024 232,693 (106,304) 5,367 (4,171) 1,613 (256) 128,942 Total comprehensive income/(loss) for the year Loss for the year - (975) - - - - (975) Transfer from revaluation reserve for disposed asset - - - - - - - Other comprehensive (loss) for the year - - - - - (197) (197) Total comprehensive (loss) for the year - (975) - - - (197) (1,172) Transactions with owners, in their capacity as owners, and other transfers Share buy-back (153) - - - - - (153) Options issued/(expired) during the year (net) 20 - - - - 26 - 26 Total transactions with owners and other transfers (153) - - - 26 - (127) Balance at 30 June 2025 232,540 (107,279) 5,367 (4,171) 1,639 (453) 127,643 Balance at 1 July 2025 232,540 (107,279) 5,367 (4,171) 1,639 (453) 127,643 Total comprehensive income/(loss) for the year Loss for the year - (260) - - - - (260) Asset revaluation 15 - - 1,625 - - - 1,625 Other comprehensive (loss) for the year - - (474) - - (311) (785) Total comprehensive income/(loss) for the year - (260) 1,151 - - (311) 580 Transactions with owners, in their capacity as owners, and other transfers Dividend paid - (1,890) - - - - (1,890) Transfer of Reval reserve to retained earnings 67 67 Share buy-back 21 (180) - - - - - (180) Options issued/(expired) during the year (net) 20 - - - - 269 - 269 Total transactions with owners and other transfers (180) (1,823) - - 269 - (1,734) Balance at 30 June 2026 232,360 (109,362) 6,518 (4,171) 1,908 (764) 126,489
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CASH FLOW 27 The accompanying notes form part of these financial statements. Year ended 30 June 2026 Year ended 30 June 2025 Note $000 $000 Operating activities Receipts from customers (GST inclusive) 149,940 151,315 Interest received 7 70 160 Payments to suppliers and employees (GST inclusive) (135,872) (131,630) Finance costs (2,151) (2,332) Income tax paid (109) - Net cash provided by operating activities 25 11,878 17,513 Investing activities Sale of property, plant and equipment 1,107 485 Proceeds from sales of subsidiary 3 3,427 - Payments for assets under construction (170) (378) Purchase of property, plant and equipment (8,934) (13,965) Payments for purchase of businesses 4 (1,083) (1,075) Net cash used in investing activities (5,653) (14,933) Financing activities Share buy-back 21 (180) (153) Proceeds from borrowings 1,806 7,727 Repayment of borrowings (7,934) (4,423) Repayment of principal component of lease liabilities (3,390) (2,997) Dividends paid by parent entity 21 (1,890) - Net cash provided by/(used in) financing activities (11,588) 154 Net increase/(decrease) in cash held (5,363) 2,734 Cash and cash equivalents at beginning of the period 11,082 8,244 Effect of exchange rates on cash holdings in foreign currencies (278) 104 Cash and cash equivalents at end of the period 11 5,441 11,082
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 28 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES The financial report of Experience Co Limited (the Company) and its controlled entities (collectively, the Group) for the financial year ended 30 June 2026 was authorised for issue in accordance with the resolution of the directors. Experience Co Limited is listed on the Australian Securities Exchange, incorporated and domiciled in Australia and its shares are publicly traded. The registered office is located at Level 5, 89 York Street, Sydney, New South Wales, Australia. BASIS OF PREPARATION This financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001, Australian Accounting Standards (AAS) and Interpretations of the Australian Accounting Standards Board (AASB). The consolidated financial report complies with the International Financial Reporting Standards (IFRS) and interpretations adopted by the International Accounting Standards Board. All amounts are presented in Australian dollars, unless otherwise noted. The financial report is prepared on a historical cost basis except for the revaluation of financial assets and liabilities and a class of property plant and equipment which are stated at fair value. The company is of a kind referred to in Corporations Instruments 2016/191 issued by ASIC, 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. 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 30. The accounting policies adopted in the preparation of the financial report are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2025, except for the adoption of new standards effective as of 1 July 2025. Certain comparative information has been reclassified to conform with the presentation of the current year. The Group has not adopted any other standard, interpretation or amendment that has been issued but is not yet effective. NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS New AAS and Interpretations not yet mandatory, or early adopted AAS that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the reporting period ended 30 June 2026. The Group does not expect that new or amended AAS and Interpretations would have a material impact. CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING (CONCEPTUAL FRAMEWORK) The consolidated entity has adopted the revised Conceptual Framework from 1 July 2020. The Conceptual Framework contains new definition and recognition criteria as well as new guidance on measurement that affects several Accounting Standards, but it has not had a material impact on the consolidated entity's financial statements. GOING CONCERN In preparing the financial report, the Directors have made an assessment of the ability of the Group to continue as a going concern, which includes consideration of ongoing compliance with financial debt covenants, the continuity of business operations, realisation of assets and settlement of liabilities in the ordinary course of business and at the amounts stated in the Financial Report. The Directors have a reasonable expectation that the Group will have adequate resources to continue to meet its obligations as they fall due. For these reasons, the Directors continue to adopt the going concern basis in preparing the Financial Report. BASIS OF CONSOLIDATION CONTROLLED ENTITIES Controlled entities are entities controlled by the Company. Control exists when the Company 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 over the entity. NON-CONTROLLING INTERESTS (NCI) NCI are initially measured at their proportionate share of the acquiree’s identifiable net assets as at acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. BUSINESS COMBINATIONS Business combinations are accounted for applying the acquisition method as at acquisition date, unless it is a combination involving entities or businesses under common control. When measuring consideration, any asset or liability arising from a contingent consideration arrangement is included. Subsequent to initial recognition, contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration that is an asset or liability is remeasured at each reporting period to fair value, recognising any change in fair value in profit or loss.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 29 Transaction costs, other than those associated with the issue of a financial instrument, are recognised as expenses as incurred. Goodwill at acquisition date is measured based on the excess of the sum of: • the fair value of consideration transferred; • any non-controlling interest determined under either the full goodwill or proportionate interest method; and • the fair value of any previously held equity interest over the acquisition date fair value of identifiable net assets acquired. INTERCOMPANY TRANSACTIONS Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity 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 consolidated entity. LOSS OF CONTROL In the event the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the previously controlled subsidiary is measured at fair value as at the date control ceased. FOREIGN CURRENCY TRANSACTIONS AND BALANCES Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Foreign currency differences arising on translation are recognised in profit or loss. FOREIGN OPERATIONS The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition are translated to Australian dollars at exchange rates at the reporting date. The revenue and expenses of foreign operations are translated to Australian dollars at rates approximating the foreign exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits available on demand with banks and other short-term highly liquid investments with original maturities of 30 days or less. TRADE AND OTHER RECEIVABLES Trade receivables and other receivables are initially recognised at fair value and subsequently measured at amortised cost less any allowance for expected credit losses. The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. INVENTORIES Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a weighted or specific item basis. An impairment allowance is made for obsolete, damaged and slow-moving inventories. PROPERTY, PLANT AND EQUIPMENT Each class of property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss, except for aircraft. Aircraft assets are measured under the revaluation model and accounted for at their fair value, being the amount for which the asset could be exchanged between knowledgeable willing parties in an arm’s length transaction, based on periodic valuations by external independent valuers or director valuations, less subsequent depreciation. SUBSEQUENT EXPENDITURE Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Maintenance costs are expensed as incurred.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 30 DEPRECIATION Each asset, except for aircraft engine assets, is depreciated on a straight-line basis over the estimated useful life from the date of acquisition, or for internally constructed assets from the time the asset is completed and available for use. Aircraft engines are depreciated based on operating hours over the estimated useful life being time before overhaul, which is determined by manufacturer specifications and regulatory requirements. The depreciation rate and residual value estimates for each asset class are: ASSET CLASS DEPRECIATION RATE Effective Life RESIDUAL VALUE (%) Plant & equipment 3.33%-50% 2-30 0% Leasehold improvements 2.50% 40 0% Motor vehicles 10% 10 0% Aircraft frames 5% 20 Specific to aircraft Aircraft engines Operating hours N/A Specific to aircraft Office equipment 25% 4 0% Vessels & pontoons 3% - 20% 1-33 Specific to vessel INTANGIBLE ASSETS GOODWILL Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. Subsequent to acquisition, goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. COMPUTER SOFTWARE Computer software comprises licence costs and direct costs incurred in developing and/or preparing for the operation of that software. Computer software is measured at cost less accumulated amortisation and impairment losses. OTHER INTANGIBLE ASSETS Trademarks, customer relationships and leases and licences acquired in a business combination are recognised at fair value as at acquisition date. Trademarks have an indefinite useful life and are measured at cost less accumulated impairment losses. Customer relationships, leases and licences have a finite useful life and are measured at cost less accumulated amortisation and any accumulated impairment losses. AMORTISATION Except for goodwill and trademarks, intangible assets are amortised on a straight-line basis over their estimated useful life. The estimated useful life for customer relationships is 10 to 20 years, leases and licences 4 to 20 years and software 3 to 5 years. FINANCIAL INSTRUMENTS The accounting policies for the Group’s financial instruments are explained in Note 23. IMPAIRMENT OF ASSETS FINANCIAL Financial assets are tested for impairment at each financial year end. NON-FINANCIAL Goodwill and intangible assets that have an indefinite useful life are tested for impairment annually or as otherwise required under AASB 136. Other assets are tested for impairment whenever events or circumstances arise that indicate that the carrying amount of the asset may be impaired. An impairment loss is recognised where the carrying amount of the asset exceeds the recoverable amount. The recoverable amount of an asset is defined as the higher of the fair value less costs of disposal and value in use. TRADE AND OTHER PAYABLES Trade and other payables represent the liabilities for goods and services received by the entity that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 31 EMPLOYEE BENEFITS A provision is made for the Group’s liability for employee benefits arising from the services rendered by employees to balance date. These benefits include wages and salaries, annual leave and long service leave. Sick leave is non-vesting and no provision for sick leave has been recognised. Liabilities for wages and salaries, including non-monetary benefits, annual and long service leave that are expected to be settled wholly within 12 months after the end of the period are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the statement of financial position. The Group also has liabilities for long service leave that are not expected to be settled wholly within 12 months after the end of the period. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, applying a company probability factor based on the probability the employee will become entitled to long service leave. SHARED BASED PAYMENTS/EQUITY SETTLED COMPENSATION The Group operates a share-based employee incentive program. Share-based payments to employees are measured at the fair value of the instruments issued and amortised over the vesting periods. PROVISIONS Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event for which it is probable an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. CONTRACT LIABILITIES Contract liabilities represent the Group’s obligation to transfer goods or services to a Group customer and are recognised when a customer exchanges consideration or when the Group recognises a receivable to reflect its unconditional right to consideration in advance of the Group transferring goods or services to the customer. LEASES A right-of-use asset is recognised at the commencement date 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. 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. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. REVENUE RECOGNITION 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 based on separate performance obligations; and • recognises revenue when or as each performance obligation is satisfied and, in the case of unused vouchers or tickets, an assessment of probability that the performance obligation will need to be satisfied. SALE OF GOODS Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is generally at the time of delivery. FINANCE INCOME AND FINANCE COSTS Finance income comprises interest income on loan advances and funds invested. Finance income is recognised as it accrues in the profit or loss statement, using the effective interest method. Finance costs comprise interest expense on borrowings and leases. Borrowing costs that are not directly attributable to an acquisition, construction or production of a qualifying asset are recognised in the profit or loss statement using the effective interest method. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either finance income or finance costs.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 32 INCOME TAX TAX CONSOLIDATION – AUSTRALIA Experience Co Limited and its Australian wholly-owned subsidiaries have formed an income tax consolidated group under tax consolidation legislation. Each entity within the group recognises its own current and deferred tax assets and liabilities. Such taxes are measured using the ‘stand-alone taxpayer’ approach to allocation. Current tax liabilities/assets and deferred tax assets arising from unused tax losses and tax credits in the subsidiaries are immediately transferred to the head entity. The Group notified the Australian Taxation Office (ATO) that it had formed an income tax consolidated group to apply from 1 July 2014. The tax consolidated group has also entered into a tax funding arrangement whereby each company in the Group contributes to the income tax payable by the Group in proportion to their contribution to the Group’s taxable income. Differences between amounts of net assets and liabilities derecognised and the net amounts recognised pursuant to their funding arrangement are recognised as either a contribution by, or distribution to, the head entity. TAX CONSOLIDATION – NEW ZEALAND Skydive (New Zealand) Limited and its New Zealand wholly-owned subsidiaries have formed an income tax consolidated group under tax consolidation legislation. Each entity within the group recognises its own current and deferred tax assets and liabilities. Such taxes are measured using the ‘stand-alone taxpayer’ approach to allocation. Current tax liabilities/assets and deferred tax assets arising from unused tax losses and tax credits in the subsidiaries are immediately transferred to the head entity. The New Zealand group of companies notified the Inland Revenue Department (IRD) that it had formed an income tax consolidated group to apply from 30 October 2015. The New Zealand tax consolidated group has also entered into a tax funding arrangement whereby each company in the Group contributes to the income tax payable by the Group in proportion to their contribution to the Group’s taxable income. Differences between amounts of net assets and liabilities derecognised and the net amounts recognised pursuant to their funding arrangement are recognised as either a contribution by, or distribution to, the head entity. GOODS AND SERVICES TAX Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the relevant tax authority. 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 relevant tax authority is included with other receivables or 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 relevant tax authority are presented as operating cash flows included in receipts from customers or payments to suppliers. GOVERNMENT GRANTS Government grant income is recognised when the obligations under the relevant agreement have been satisfied. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and on factors it believes to be reasonable under the circumstances, the results of which form the basis of the reported amounts that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The judgements, estimates and assumptions that have a significant effect on the amounts recognised in the financial statements are: • impairment of property, plant and equipment and intangibles – refer to Note 15 and Note 16. • useful life and residual value of property, plant and equipment and finite life intangible assets – refer to Note 15 and Note 16. • fair value for aircraft assets and fair value hierarchy – refer to Note 15 and Note 24. The fair value of aircraft is expected to be determined by an independent valuer at least every three years. During the intervening period, the directors monitor fair value. In the event the fair value is materially different from the most recent independent valuation, the fair value will be updated to reflect this. • current and deferred tax assets – refer to Note 8. • lease arrangements beyond the current lease contract period – for a number of land and buildings leases as well as vessel’s berth leases which are rolling on a month-to-month basis, the Group has made assumptions around the likelihood of re-signing these leases and estimated terms of agreement. • contract liabilities, or deferred income, for unused vouchers and tickets are estimated based on historical results and industry trends.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 33 NOTE 2 OPERATING SEGMENTS IDENTIFICATION OF REPORTABLE OPERATING SEGMENTS The Group has identified the following reportable operational segments based on a combination of factors including products and services, geographical areas and regulatory environment: • Skydiving: comprises tandem skydive and related products in Australia and New Zealand, with ancillary aircraft maintenance activities. • Adventure Experiences: comprises Reef Unlimited which operates tours to the Great Barrier Reef and Daintree region operating out of Cairns and Port Douglas and Treetops Adventure which is Australia’s leading operator of high rope and zipline aerial adventure experiences. • Corporate: comprises the centralised management and business administration services. These operating segments are based on the internal reports that are reviewed and used by the CEO in determining the allocation of resources. The CEO reviews earnings before interest, taxes, depreciation and amortisation (EBITDA) at the segment level. The accounting policies adopted for internal reporting to the CEO are consistent with those adopted in the financial statements.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 34 NOTE 2 OPERATING SEGMENTS (CONTINUED) OPERATING SEGMENT INFORMATION Skydiving Adventure Experiences Corporate Group 30 June 2026 $000 $000 $000 $000 Sales to external customers at a point in time 63,826 65,763 4 129,593 Sales revenue 63,826 65,763 4 129,593 Other income 593 2,541 25 3,159 Total segment revenue and other income 64,419 68,304 29 132,752 EBITDA 10,164 14,692 (9,345) 15,511 Acquisition-related costs and other significant expenses (net) (Note 6) 159 584 985 1,728 Share-based payments - - 269 269 Foreign exchange loss/(gain)-unrealised - - 566 566 Net gain/loss on sale of assets (650) 126 - (524) Underlying EBITDA 9,673 15,402 (7,525) 17,550 EBITDA 10,164 14,692 (9,345) 15,511 Depreciation and amortisation (4,256) (5,981) (673) (10,910) Segment profit/(loss) before finance costs, impairment and taxes 5,908 8,711 (10,018) 4,601 Reversal of prior impairment of property, plant and equipment 145 - - 145 Impairment of property, plant and equipment and other assets (1,565) - - (1,565) Segment profit/(loss) before finance costs and taxes 4,488 8,711 (10,018) 3,181 Total assets as at 30 June 2026 64,650 96,959 17,266 178,875 Total liabilities as at 30 June 2026 (35,388) (15,907) (1,091) (52,386) Skydiving Adventure Experiences Corporate Group 30 June 2025 $000 $000 $000 $000 Sales to external customers at a point in time 65,048 62,261 3 127,312 Sales revenue 65,048 62,261 3 127,312 Other income 299 2,253 16 2,568 Total segment revenue and other income 65,347 64,514 19 129,880 EBITDA 9,721 15,376 (6,968) 18,129 Acquisition-related costs and other significant expenses (net) (Note 6) 261 607 232 1,100 Share-based payments - - 26 26 Foreign exchange loss/(gain)-unrealised - - (253) (253) Net gain/loss on sale of assets (17) 27 - 10 Underlying EBITDA 9,965 16,010 (6,963) 19,012 EBITDA 9,721 15,376 (6,968) 18,129 Depreciation and amortisation (4,982) (6,324) (730) (12,036) Impairment of goodwill - - - - Segment profit/(loss) before finance costs and taxes 4,739 9,052 (7,698) 6,093 Total assets as at 30 June 2025 46,652 101,291 42,947 190,890 Total liabilities as at 30 June 2025 (30,965) (23,354) (8,928) (63,247) Finance costs and finance income are not allocated to individual segments as these are managed on a group basis. Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to individual segments as these are also managed on a group basis. Underlying EBITDA has been presented on an AASB 16 Leases basis, whereby relevant lease expenses are recognised ‘below the line’ in depreciation and amortisation and interest expense.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 35 NOTE 2 OPERATING SEGMENTS (CONTINUED) GEOGRAPHICAL DISCLOSURES Australia New Zealand Total Revenue 30 June 2026 104,136 25,457 129,593 30 June 2025 103,422 23,890 127,312 A reconciliation of profit / (loss) to Underlying EBITDA and Underlying EBIT is as follows: Continuing Operations 30 June 2026 30 June 2025 $000 $000 Profit for the year from continuing operations 616 2,897 Finance costs 2,214 2,286 Depreciation and amortisation 10,910 12,036 Impairment of property, plant & equipment 1,565 - Reversal of impairment of property, plant and equipment (145) Income tax expense/(benefit) 351 910 EBITDA from continuing operations 15,511 18,129 Acquisition-related costs and other significant expenses (see Note 6) 1,728 1,100 Share-based payments expense 269 26 Foreign exchange loss/(gain) - unrealised 566 (253) Net (gain)/loss on sale of assets (524) 10 Underlying EBITDA from continuing operations 17,550 19,012 Less: Depreciation and amortisation (10,910) (12,036) Underlying EBIT from continuing operations 6,640 6,976 NOTE 3 DISCONTINUED OPERATIONS During the period, the Group completed the divestment of its Wild Bush Luxury business unit on 1 May 2026 for cash consideration of $5.1 million on a cash/debt-free basis. Net proceeds after transaction costs, customary completion adjustments and excluding cash retained by the Group in relation to forward bookings was approximately $3.4 million. Discontinued operations are not included in the presentation of operating segments in Note 2. The results of discontinued operations are presented below. 30 June 2026 30 June 2025 $000 $000 Sales Revenue 5,347 7,017 Expenses (6,319) (7,818) Impairment loss recognised on the measurement to fair value less costs of disposal (24) (3,071) Loss on Disposal of Assets (56) - Loss before tax from discontinued operations (1,052) (3,872) Income tax benefit 176 - Loss after tax from discontinued operations (876) (3,872)
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 36 NOTE 4 BUSINESS COMBINATIONS On 30 June 2026, the Group completed its acquisition of West Beach Adventure, one of South Australia’s premier aerial adventure destinations, which features a range of exciting elevated outdoor challenges. West Beach Adventure forms part of the Group’s Treetops Adventure business unit and marks the first time this business unit has entered South Australia. West Beach Adventure is situated within the 135-hectare West Beach Parks tourism precinct and is well positioned as an adventure mega hub adjacent to a major skate and BMX park, as well as accommodation and golf facilities. It welcomes over 20,000 visitors annually. The business was acquired for $1.25 million on cash/debt-free basis, subject to customary completion adjustments, and has a pro-forma EBITDA of approximately $450,000. The acquisition accounting in relation to the acquisition of West Beach Adventure had not been finalised at the date these financial statements were authorised for issue. In accordance with AASB 3 Business Combinations, the Group has recognised provisional amounts for the identifiable assets acquired and liabilities assumed, based on management's best estimates using the information available at the reporting date. The excess of the purchase price over the preliminary fair values of identifiable net assets acquired has been provisionally allocated to goodwill at the reporting date. As permitted under AASB 3 Business Combinations, the Group has a measurement period of up to one year from the acquisition date to finalise the purchase price allocation. The key area subject to ongoing assessment is the valuation of property, plant and equipment acquired. The following table sets out the preliminary fair values of identifiable net assets acquired. Any adjustments arising from finalisation of the purchase price allocation within the measurement period will be recognised retrospectively against goodwill, with comparative information restated as necessary. CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 $000 Assets Current assets Inventories 11 Other assets 7 Liabilities Employee benefits (15) Contract liabilities (98) Net assets/(liabilities) acquired (95) Goodwill 1,272 Acquisition-date fair value of the total consideration transferred 1,177 Representing: Initial cash consideration paid or payable to vendor 1,141 Working capital and other adjustments (88) Deferred consideration 124 Total purchase consideration 1,177 Cash used to acquire business, net of cash acquired per statement of cash flows: Initial cash consideration paid or payable to vendor 1,141 Deferred consideration paid to vendor - Less: working capital and other adjustment (88) Net cash used 1,053 Payment for purchase of business, net of cash acquired per cash flow statement Net cash paid to vendor 1,053 Net cash transaction costs 30 Net cash used for purchase of business 1,083
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 37 NOTE 5 OTHER INCOME 30 June 2026 30 June 2025 $000 $000 Training & education grants 295 79 Diesel fuel rebate 940 1,113 Insurance recoveries 71 346 Environmental projects & other marine subsidies 635 494 Other 1,218 536 Other Income 3,159 2,568 NOTE 6 ACQUISITION-RELATED COSTS AND OTHER SIGNIFICANT EXPENSES 30 June 2026 30 June 2025 $000 $000 Acquisition-related costs (61) (304) Restructuring costs (211) (229) Legal settlement costs - (171) Strategic review costs (95) (232) Human resources system implementation costs (348) - Non-recurring costs relating to abandoned projects (466) (60) Prior period employee expenses (373) - Other (net) (174) (104) Acquisition-related costs and other significant expenses (1,728) (1,100) NOTE 7 NET FINANCE COSTS 30 June 2026 30 June 2025 $000 $000 Interest income 70 160 Amortisation of borrowing costs (168) (161) Interest expense - Bank Loans (1,403) (1,530) Interest expense - Government loan (48) (60) Interest expense - asset finance leases (36) - Interest expense - leases (581) (626) Other (48) (69) Net finance costs (2,214) (2,286) NOTE 8 INCOME TAXES COMPONENTS OF INCOME TAX EXPENSE/(BENEFIT) 30 June 2026 30 June 2025 $000 $000 Current tax 784 113 Deferred tax (279) 770 Under provision/(overprovision) prior year (154) 27 Income tax expense 351 910
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 38 NOTE 8 INCOME TAXES (CONTINUED) RECONCILIATION OF EFFECTIVE TAX RATE 30 June 2026 30 June 2025 $000 $000 Loss before income tax from continuing and discontinued operations (85) (65) Income tax using the Company’s tax rate of 30% (26) (20) Non-allowable items 138 33 Non-deductible impairment 433 921 Abnormal items 13 3 Adjustment to deferred tax balances 4 - Under provision/(overprovision) provision related to prior year (154) (12) Effect of lower tax rate attributable to foreign controlled entities (57) (15) Income tax expense from continuing operations 351 910 RECOGNISED DEFERRED TAX ASSETS AND LIABILITIES Assets Liabilities 30 June 2026 30 June 2025 30 June 2026 30 June 2025 $000 $000 $000 $000 Property, plant & equipment - - (7,957) (7,331) Intangible assets 99 36 - - Lease liability 411 445 - - Provisions 2,499 2,588 - - Capital raising costs 361 373 - - Unutilised tax losses 17,322 16,767 - - Foreign tax credits 130 112 - - Other 452 130 - - Tax assets/(liabilities) 21,274 20,451 (7,957) (7,331) Liabilities offset (7,957) (7,331) - - Deferred tax asset (net) 13,317 13,120 - - Comprised of: Australia (net) 14,005 13,525 New Zealand (net) (688) (405) The Australian tax consolidated group has unutilised carried forward tax losses of $57,739,077 as at 30 June 2026 (30 June 2025: $55,891,272). A deferred tax asset has been recognised in relation to these losses which are expected to be utilised within 5 years. Deferred tax balances recognised in relation to the Australian tax consolidated group represented a deferred tax asset (net) of $14,005,000 as at 30 June 2026 (30 June 2025: $13,525,000). Deferred tax balances recognised in relation to the New Zealand tax consolidated group represented a deferred tax liability (net) of $688,000 as at 30 June 2026 (30 June 2025: $405,000). The net deferred tax asset and liability balance of the Australian and New Zealand tax consolidated groups have been recognised separately in the statement of financial position. TAX EFFECTS RELATING TO EACH COMPONENT OF OTHER COMPREHENSIVE INCOME 2026 2025 Before-tax amount Tax (expense) benefit Net-of-tax amount Before-tax amount Tax (expense) benefit Net-of-tax amount Consolidated Group $000 $000 $000 $000 $000 $000 Revaluation of property, plant and equipment 1,797 (483) 1,314 - - - Exchange differences on translating foreign operations (474) - (474) (200) 3 (197) 1,323 (483) 840 (200) 3 (197)
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 39 NOTE 9 AUDITOR’S REMUNERATION 30 June 2026 30 June 2025 $ $ Audit services – group 208,000 235,300 Audit services - subsidiaries 32,000 35,000 Taxation services 75,600 70,284 315,600 340,584 NOTE 10 EARNINGS PER SHARE 30 June 2026 30 June 2025 $000 $000 Weighted average of shares in year used in basic earnings per share 755,996,524 757,409,961 Weighted average of dilutive options and rights outstanding 3,509,054 3,924,701 Weighted average of ordinary shares in year used in calculating dilutive earnings per share 759,505,578 761,334,662 Continuing and discontinued operations $ $ Loss used in basic and diluted earnings per share (260) (975) Basic loss per share (cents) (0.03) (0.13) Diluted loss per share (cents) (0.03) (0.13) Continuing operations $ $ Earnings used in basic and diluted earnings per share 616 2,897 Basic earnings per share (cents) 0.08 0.38 Diluted earnings per share (cents) 0.08 0.38 Discontinued operations $ $ Loss used in basic and diluted earnings per share (876) (3,872) Basic loss per share (cents) (0.12) (0.51) Diluted loss per share (cents) (0.12) (0.51) NOTE 11 CASH & CASH EQUIVALENTS 30 June 2026 30 June 2025 $000 $000 Cash at bank and on hand 5,399 11,052 Short term cash deposits 42 30 Cash and cash equivalents 5,441 11,082 NOTE 12 TRADE AND OTHER RECEIVABLES 30 June 2026 30 June 2025 $000 $000 Trade receivables 3,575 2,878 Allowance for expected credit loss (147) (147) 3,428 2,731 Other receivables 258 351 Trade and other receivables 3,686 3,082
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 40 NOTE 13 OTHER ASSETS 30 June 2026 30 June 2025 $000 $000 Prepayments 1,370 1,441 Other current assets 358 497 Other assets 1,728 1,938 NOTE 14 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES AMOUNTS RECOGNISED IN THE PROFIT OR LOSS 30 June 2026 30 June 2025 $000 $000 Depreciation charge on right-of-use assets – continuing operations (2,867) (2,874) Interest expense – continuing operations (581) (626) Expense related to out-of-scope leases – continuing operations (1,431) (980) Amounts recognised in the profit or loss (4,879) (4,480) The weighted average of the lessee’s incremental borrowing rate including the date of initial application of AASB 16 as well as subsequent additions is 4.31% (30 June 2025: 4.23%) on a continuing operations basis. RIGHT-OF-USE ASSETS Land & buildings Marine Leases Office Supplies Total $000 $000 $000 $000 Carrying amount at 30 June 2024 14,754 1,936 315 17,005 Additions: New leases 551 - - 551 Modifications and re-assessments of leases 214 (98) - 116 Less: Depreciation expense – continuing ops. (2,399) (411) (64) (2,874) Less: Depreciation expense – discontinued ops. (240) - - (240) Carrying amount at 30 June 2025 12,880 1,427 251 14,558 Additions: New leases 567 - - 567 Modifications and re-assessments of leases 794 104 12 910 Derecognition of discontinued ops (1,467) (1,467) Less: Depreciation expense – continuing ops. (2,389) (414) (64) (2,867) Less: Depreciation expense – discontinued ops. (194) - - (194) Carrying amount at 30 June 2026 10,191 1,117 199 11,507 LEASE LIABILITIES 30 June 2026 30 June 2025 Current $000 $000 Lease liabilities – right-of-use assets (2,749) (2,759) Lease liabilities - asset finance (230) (87) (2,979) (2,846) Non current Lease liabilities – right-of-use assets (10,109) (13,314) Lease liabilities - asset finance (444) (193) (10,553) (13,507) Total Lease liabilities – right-of-use assets (12,858) (16,073) Lease liabilities - asset finance (674) (280) Lease liabilities (13,532) (16,353) Refer to Note 23 for further information on financial instruments.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 41 NOTE 15 PROPERTY PLANT & EQUIPMENT Land & Buildings Plant & Equipment Leasehold Improv. Aircraft Motor Vehicles Office Equipment Vessels & pontoons Total $000 $000 $000 $000 $000 $000 $000 $000 Cost 1 July 2024 4,206 23,221 7,993 47,922 4,642 2,419 43,937 134,340 Accumulated depreciation (607) (12,708) (2,200) (2,717) (2,802) (2,051) (19,667) (42,752) Carrying amount 1 July 2024 3,599 10,513 5,793 45,205 1,840 368 24,270 91,588 Additions - 1,750 1,583 3,370 267 21 7,287 14,278 Depreciation expense (128) (2,074) (374) (2,777) (218) (141) (3,048) (8,760) Discontinued operations (depreciation) (8) (135) (159) - (84) (5) (36) (427) Disposals - (7) (20) (466) (1) - - (494) Movement in foreign exchange 3 3 25 48 - 1 - 80 Cost 30 June 2025 4,209 24,980 9,578 50,872 4,919 2,441 51,224 148,223 Accumulated depreciation (743) (14,930) (2,730) (5,492) (3,115) (2,197) (22,751) (51,958) Carrying amount 30 June 2025 3,466 10,050 6,848 45,380 1,804 244 28,473 96,265 Land & Buildings Plant & Equipment Leasehold Improv. Aircraft Motor Vehicles Office Equipment Vessels & pontoons Total Cost 1 July 2025 4,209 24,980 9,578 50,872 4,919 2,441 51,224 148,223 Accumulated depreciation (743) (14,930) (2,730) (5,492) (3,115) (2,197) (22,751) (51,958) Carrying amount 1 July 2025 3,466 10,050 6,848 45,380 1,804 244 28,473 96,265 Additions 117 2,505 168 2,477 744 4 3,392 9,407 Depreciation expense (102) (1,838) (238) (2,098) (239) (101) (3,096) (7,712) Discontinued operations (depreciation) (7) (108) (131) - (69) - (39) (354) Revaluations - - - 1,797 - - - 1,797 Impairment - - - (1,565) - - - (1,565) Reversal of prior period impairment - - - 145 - - 145 Disposals (127) (572) (2,067) (237) (322) (11) (384) (3,720) Movement in foreign exchange (27) (17) (195) (538) (19) (4) (3) (803) Cost 30 June 2026 4,150 26,172 6,893 46,087 4,818 2,355 52,690 143,165 Accumulated depreciation 30 June 2026 (830) (16,152) (2,508) (726) (2,919) (2,223) (24,347) (49,705) Carrying amount 30 June 2026 3,320 10,020 4,385 45,361 1,899 132 28,343 93,460 AIRCRAFT VALUATION During the period, the fair value of aircraft was determined by an independent valuer as at 26 March 2026 using a ‘market-based’ approach, resulting in a net increase of $444,402 in the carrying value of aircraft assets. Valuations are determined on an aircraft-by-aircraft basis, taking into consideration the condition of the aircraft, including airframe and engine hours, recent comparable sales and other relevant information available in the public domain. The valuation of aircraft is subject to a degree of judgement and factors such as the nature, condition and location of the aircraft. Accumulated depreciation is reset to nil upon revaluation. The directors have assessed that there have been no material changes in the fair value of aircraft between the date of the independent valuation and 30 June 2026. Aircraft are expected to be independently valued at least every three years.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 42 NOTE 16 INTANGIBLE ASSETS Goodwill Trademarks Computer Software Customer relationships and other Licences & permits Total $000 $000 $000 $000 $000 $000 Cost 1 July 2024 29,364 15,579 3,442 4,090 3,451 55,926 Accumulated amortisation and impairment - - (2,488) (4,090) (3,095) (9,673) Carrying amount 1 July 2024 29,364 15,579 954 - 356 46,253 Additions - - 120 - 120 Amortisation expense - - (384) - (18) (402) Discontinued operations (amortisation) - - (11) - - (11) Impairment of goodwill (3,071) - - - - (3,071) Cost 30 June 2025 26,293 15,579 3,562 4,090 3,451 52,975 Accumulated amortisation and impairment - - (2,883) (4,090) (3,113) (10,086) Carrying amount 30 June 2025 26,293 15,579 679 - 338 42,889 Cost 1 July 2025 26,293 15,579 3,562 4,090 3,451 52,975 Accumulated amortisation and impairment - - (2,883) (4,090) (3,113) (10,086) Carrying amount 1 July 2025 26,293 15,579 679 - 338 42,889 Additions - - 210 - 210 Amortisation expense - - (313) - (18) (331) Discontinued operations (amortisation) - - (7) - - (7) Disposal - - (20) - - (20) Discontinued operations Impairment - (1,646) - - - (1,646) Goodwill (Note 4) 1,272 1,272 Movement in foreign exchange - - (3) - (3) Cost 30 June 2026 27,565 13,933 3,749 - 410 45,657 Accumulated amortisation and impairment - - (3,203) - (90) (3,293) Carrying amount 30 June 2026 27,565 13,933 546 - 320 42,364 IMPAIRMENT DISCLOSURES Intangible assets, other than goodwill and trademarks, have finite useful lives. The current amortisation charges for intangible assets are included under depreciation and amortisation expense per the statement of profit or loss. Goodwill and trademarks have an indefinite useful life. The recoverable amount of each of the Group’s relevant CGUs has been determined based on either fair value less cost of disposal or value-in-use calculations. The future cash flow projections for the Group used in value-in-use calculations are subject to a significant level of uncertainty and are sensitive to the key assumptions in relation to trading and emerging macroeconomic trends. The following approach was used in the value in use calculations for each relevant cash generating unit based on five- year management projections, with sensitivities noted where acquired goodwill and trademarks are recognised at 30 June 2026 for the relevant CGU: • Family Adventure (Treetops Adventure): terminal growth rate of 3.0% and a pre-tax discount rate of 16.8% (30 June 2025: 15.5%). The sensitivities to impair the CGU’s acquired goodwill and trademarks, all other assumptions remaining constant in each case, would be a pre-tax discount rate of 20.1% or a decrease in revenue of 9.5%. The carrying amount as at 30 June 2026 of goodwill and trademarks is $40,635,094. NOTE 17 TRADE AND OTHER PAYABLES 30 June 2026 30 June 2025 $000 $000 Trade payables 2,370 1,904 Sundry payables and accrued expenses 6,823 7,853 Trade and other payables 9,193 9,757
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 43 NOTE 18 BORROWINGS 30 June 2026 30 June 2025 $000 $000 Current Insurance premium funding - 318 Government loan2 - 1,858 Bank loans1 2,307 2,168 Unamortised borrowing costs (160) (160) Total current borrowings 2,147 4,184 Non-current Bank loans1 13,595 17,902 Unamortised borrowing costs (249) (402) Total non-current borrowings 13,346 17,500 Total borrowings 15,493 21,684 Movement $000 $000 Carrying amount at 1 July 21,684 18,209 Drawdown (net of capitalised borrowing costs) (15) 6,000 Repayment (5,810) (2,007) Insurance premium funding drawdowns/(repayments)(net) (319) (703) FX Revaluation (215) 28 Amortisation of borrowing costs 168 157 Carrying amount at 30 June 15,493 21,684 1 In December 2023, the Group entered into a new secured corporate debt facility with Commonwealth Bank of Australia (CBA). The CBA facility limits at 30 June 2026 are: • Equipment loan facility: $8.9 million, drawn to $8.9m at 30 June 2026. Facility expiry is December 2028. Principal and interest payments are payable quarterly. • Market rate loan facility: $20.5 million, drawn to $7.0 million at 30 June 2026. Facility expiry is December 2027. Interest is payable monthly. • Asset finance lease facility: $3.0 million revolving subject to annual review, drawn to $0.67 million at 30 June 2026 as referred to in Note 14. • Other facilities: $5.2 million, comprising working capital (overdraft, credit card) and bank guarantee facilities. Interest rates on the drawn CBA borrowings range from 4.74% to 7.29% per annum at 30 June 2026. The Group has entered into a General Security Agreement with CBA for both the Australia and New Zealand operations. CBA holds a security interest in and over all the secured property of the Group. Additionally, under the equipment loan facility, CBA has a first registered charge over 11 of the Group’s aircraft as security. The CBA facility includes Gross Leverage Ratio and Debt Service Cover Ratio financial covenants. 2 The Group had drawn down on the Strategic Tourism Asset Protection Program (STAPP) loan to the amount of NZ$2.0 million (limit NZ$2.0 million). This loan was interest free until 21 April 2023. Thereafter the interest rate on the STAPP facility was fixed at 3.0% per annum and payable quarterly. The STAPP loan was repayable by April 2026 and was fully repaid.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 44 NOTE 19 CONTRACT LIABILITIES 2025 $000 Contract liabilities at 1 July 2024 10,862 Revenue from continuing operations 127,312 Revenue from discontinued operations 7,017 Total revenue 134,329 Decrease in contract liabilities relating to divestment - Contract liabilities at 30 June 2025 10,748 2026 $000 Contract liabilities at 1 July 2025 10,748 Revenue from continuing operations 129,593 Revenue from discontinued operations 5,347 Total revenue 134,940 Decrease in contract liabilities relating to divestment (1,297) Decrease in contract liabilities from continuing operations (1,016) Contract liabilities at 30 June 2026 8,435 NOTE 20 SHARE BASED PAYMENTS 30 June 2026 30 June 2025 $000 $000 Expenses arising from equity-settled share-based payment transactions 269 26 Share-based payment expense 269 26 OPTIONS Grant date Expiry date Exercise price $ Opening balance Granted Ending balance Share price at grant date $ Expected volatility Risk free rate Fair value at grant date $ 19 Nov 2025 30 Jun 2030 $0.14 (T1) and $0.16 (T2)1 - 15,000,000 15,000,000 $0.140 62.00% 3.59% 1,090,306 1 T1 refers to tranche 1 and T2 refers to tranche 2 as set out in option conditions In November 2025, a total of 15,000,000 Options, subject to performance conditions aligned with share price targets and continuous service were granted to the CEO. The vesting date is 30 Jun 2028 and expiry date 30 Jun 2030. PERFORMANCE RIGHTS Grant date Expiry date Exercise price $ Opening balance Granted Exercised /vested Expired/forf eited/other Ending balance Share price at grant date $ Expected volatility Risk free rate Fair value at grant date $ 21 Dec 2022 30 Sep 2027 - 5,500,000 - - (2,500,000) 3,000,000 $0.225 74.71% 3.28% 2,700,000 21 Dec 2022 30 Nov 2025 - 620,622 - - (620,622) - $0.225 74.71% N/a 325,757 22 Dec 2023 30 Nov 2026 - 936,323 - (163,823) 772,500 $0.185 55.00% 3.70% 329,420
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 45 NOTE 20 SHARE BASED PAYMENTS (CONTINED) The weighted average share price during the financial year was $0.120 (2025: $0.117). The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.9 years (2025: 2.1 years). Vesting conditions other than market conditions are not taken into account when estimating the fair value and any service requirement to be rendered is presumed to be satisfied. The fair value at grant date is based on the market price of the shares reduced by the present value of dividends expected to be paid during the vesting period. NOTE 21 CAPITAL MOVEMENTS IN ORDINARY SHARE CAPITAL 30 June 2026 30 June 2025 30 June 2026 30 June 2025 $000 $000 $000 $000 Opening balance 232,540 232,693 756,069,910 757,457,387 Employee share plan purchases - - Transfer from option reserve - - - - Share buy back (180) (153) (1,402,523) (1,387,477) Closing balance 232,360 232,540 754,667,387 756,069,910 CAPITAL MANAGEMENT The Group aims to meet its strategic objectives and operational needs through the appropriate use of debt and equity, while taking account of the additional financial risks of higher debt levels. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings plus amounts outstanding under asset finance leases less cash and cash equivalents. 30 June 2026 30 June 2025 $000 $000 Borrowings (15,493) (21,684) Amounts outstanding under asset finance (674) (280) Cash and cash equivalents 5,441 11,082 Net (debt)/cash (10,726) (10,882) Equity (126,489) (127,643) Total (137,215) (138,525) Gearing ratio 8.5% 8.5% Underlying EBITDA – continuing operations 17,550 19,012 Net debt to underlying EBITDA (0.6x) (0.6x) DIVIDENDS AND FRANKING ACCOUNT A fully franked dividend of 0.25 cents per share was paid in September 2025 which totaled $1.89 million (30 June 2025: nil). 30% franking credits available to shareholders for subsequent periods were $8,524,000 at 30 June 2026 (30 June 2025: $9,334,000). NOTE 22 RESERVES NATURE AND PURPOSE OF RESERVES • Asset revaluation reserve: records revaluations of non-current assets. Under certain circumstances dividends can be declared from this reserve. • Option reserve: records items recognised as expenses on valuation of employee share options. • Common control reserve: represents the excess purchase consideration over the carrying value of assets and liabilities acquired in the Group reorganisation which occurred on 1 July 2014. • Foreign currency translation reserve: records exchange differences arising on translation of a foreign controlled subsidiary.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 46 NOTE 22 RESERVES (CONTINUED) MOVEMENTS IN RESERVES The movement in each class of reserves during the current and previous year is set out below. 30 June 2026 30 June 2025 $000 $000 Asset revaluation reserve Opening balance 5,367 5,367 Revaluation gain/ on property, plant & equipment net of taxes 1,151 - 6,518 5,367 Share options reserve Opening balance 1,639 1,613 Amount recognised in income statement during period 269 26 1,908 1,639 Common control reserve Opening balance (4,171) (4,171) Amounts acquired during period - - (4,171) (4,171) Foreign currency translation reserve Opening balance (453) (256) Translation differences from foreign operations during period (311) (197) (764) (453) Reserves 3,491 2,382 NOTE 23 FINANCIAL RISK MANAGEMENT The Group has exposure to credit risk, liquidity risk and market risk arising from the use of financial instruments. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group. Credit risk exposures The carrying amount of the Group’s financial assets represents the maximum credit exposure. 30 June 2026 30 June 2025 $000 $000 Cash and cash equivalents 5,441 11,082 Trade and other receivables 3,686 3,082 Financial assets 9,127 14,164 Cash and cash equivalents Cash at bank and short-term deposits are held with Australian and New Zealand banks with acceptable credit ratings. Trade and other receivables Credit risk is managed through regular monitoring of customer accounts and payments. Such monitoring is used in assessing receivables for impairment. The Group has no significant concentration of credit risk with any single counterparty or group of counterparties. Credit risk is principally attributable to local and international travel agents and inbound tour operators, including online and traditional high street travel agents. The Group does not normally require or hold collateral for the purposes of securing receivables.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 47 NOTE 23 FINANCIAL RISK MANAGEMENT (CONTINUED) Impairment of trade receivables The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure expected credit losses trade receivables have been grouped based on shared credit risk characteristics and historical credit loss. The Group has sought to determine risk on characteristics of certain groups and their respective risk categories. Category 1 Category 2 Category 3 Category 4 Category 5 Total $000 $000 $000 $000 $000 $000 30 June 2026 Expected credit loss rate 0% >0% to 25% >25% to 50% >50% to 75% >75% to 100% Gross balance outstanding ($000) 3,428 - - - 147 3,575 Expected credit loss - - - - 147 147 % Gross balance 0% 0% 0% 100 % 4% 30 June 2025 Expected credit loss rate 0% >0% to 25% >25% to 50% >50% to 75% >75% to 100% Gross balance outstanding ($000) 2,731 - - - 147 2,878 Expected credit loss - - - - 147 147 % Gross balance 0% 0% 0% 100 % 5% a) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or reputational risk. The Group maintains a general corporate facility and cash reserves to mitigate this exposure. The following table details the Group’s remaining contractual maturity for its financial instrument liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. Financial maturity analysis Carrying amount Contracted cash flow 6 months or less 6 to 12 months 1 to 2 years More than 2 years $000 $000 $000 $000 $000 $000 30 June 2026 Government loan - - - - - - Bank loans 15,493 15,493 1,130 1,177 2,480 10,706 Insurance premium funding - - `- - - - Trade and other payables 9,193 9,193 9,193 - - - Lease liabilities 13,532 13,532 1,534 1,442 2,207 8,349 Deferred consideration 124 124 124 Financial liabilities 38,342 38,342 11,981 2,619 4,687 19,055 30 June 2025 Government loan 1,858 1,858 - 1,858 - - Bank loans 19,508 19,508 985 1,023 2,328 15,172 Insurance premium funding 318 318 318 - - - Trade and other payables 9,757 9,757 9,757 - - - Lease liabilities 16,353 16,353 1,443 1,403 2,554 10,953 Deferred consideration - - - - - - Financial liabilities 47,794 47,794 12,503 4,284 4,882 26,125
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 48 NOTE 23 FINANCIAL RISK MANAGEMENT (CONTINUED) b) Market Risk Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Group is also exposed to earnings volatility on floating rate instruments. The financial instruments that primarily expose the Group to interest rate risk are borrowings and cash and cash equivalents. Interest rate risk is managed using a mix of fixed and floating rate debt. At 30 June 2026, approximately 1% (30 June 2025: 9%) of the Group’s debt is fixed. Foreign exchange risk Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument to fluctuate due to movement in foreign exchange rates of currencies other than the AUD functional currency of the Group. With instruments being held by overseas operations, fluctuations in the NZ Dollar may impact on the Group’s financial results. There are currently no hedging arrangements in place to manage foreign currency risk in relation to fluctuations in the NZ Dollar. At 30 June 2026, the Group held forward contracts for the purchase of USD (USD 300,000) to hedge foreign currency risk in relation to future purchases of USD-denominated goods. Sensitivities The Group does not account for any financial assets or liabilities at fair value through the profit or loss, and has no derivatives designated as hedging instruments under the fair value hedge accounting model. As such, a change in interest rates at reporting date would not impact profit or loss. In relation to variable interest rate instruments, principally being bank loans under the secured debt facility with CBA, the impact of a 100 basis point change in interest rates at the reporting date is immaterial. Fair values The fair values of financial assets and financial liabilities approximate their carrying amounts in the statement of financial position. NOTE 24 FAIR VALUE MEASUREMENT FAIR VALUE HIERARCHY The following tables detail the assets and liabilities of the Group, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and • Level 3: Unobservable inputs for the asset or liability. The following tables provide the fair values of the Group’s assets and liabilities measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 49 NOTE 24 FAIR VALUE MEASUREMENT (CONTINUED) Level 1 Level 2 Level 3 Total $000 $000 $000 $000 30 June 2026 Aircraft - - 45,361 45,361 Total assets - - 45,361 45,361 30 June 2025 Aircraft - - 45,380 45,380 Total assets - - 45,380 45,380 AIRCRAFT The fair value of aircraft equipment is expected to be determined every three years based on valuations by an independent valuer, with the last valuation being effective 26 March 2026. Aircraft Total $000 $000 Balance at 1 July 2024 45,205 45,205 Additions 3,370 3,370 Disposals (466) (466) Gains recognized in profit or loss - - Gains recognized in other comprehensive income - - Depreciation (2,777) (2,777) Other 48 48 Balance at 30 June 2025 45,380 45,380 Balance at 1 July 2025 45,380 45,380 Additions 2,477 2,477 Disposals (237) (237) Gains recognized in profit or loss 145 145 Losses recognized in profit or loss (1,565) (1,565) Gains recognized in other comprehensive income 1,797 1,797 Depreciation (2,098) (2,098) Other (538) (538) Balance at 30 June 2026 45,361 45,361 NOTE 25 CASH FLOW INFORMATION 30 June 2026 30 June 2025 $000 $000 Loss after income tax from continuing and discontinued operations (260) (975) Non-cash items in profit or loss Depreciation and amortisation 11,471 12,714 Impairment 1,444 3,071 One-off items – non-cash 798 180 Net (gain)/loss on sale of assets (468) 10 Unrealised foreign currency exchange (gains)/losses 566 (253) 13,551 14,747 Changes in assets and liabilities: (Increase)/Decrease in trade and other receivables (604) 1,313 Decrease in other current assets 154 275 (Increase) in inventories (80) (31) Decrease in trade and other payables (118) 83 Decrease/(Increase) in income taxes payable 243 (765) Decrease in deferred taxes payable (178) 1,576 (Increase)/Decrease in provisions (51) 429 (Increase)/Decrease in contract liabilities (1,039) (114) Cash flows from operating activities 11,878 17,513
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 50 NOTE 26 RELATED PARTY DISCLOSURES RELATED PARTIES The Group’s related parties are as follows: • Entities exercising control over the Group: the ultimate parent entity that exercises control over the Group is Experience Co Limited, which is incorporated in Australia. • Key Management Personnel: persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including directors (executive and non-executive) of that entity. • Other Related Parties: other related parties include entities controlled by the ultimate parent entity and entities over which key management personnel have joint control. KEY MANAGEMENT PERSONNEL REMUNERATION 30 June 2026 30 June 2025 $ $ Short-term employee benefits 1,604,836 1,732,806 Post-employment benefits 124,859 137,065 Share-based payments 395,019 (206,494) Total KMP remuneration 2,124,714 1,663,377 RELATED PARTY TRANSACTIONS AND BALANCES Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. 30 June 2026 30 June 2025 $ $ Property leases and outgoings 281,779 305,084 Asset acquisitions - 1,094,000 Related party transactions 281,779 1,399,084 Property lease transactions During the period, property lease and outgoing costs were incurred in relation to entities controlled by Anthony Boucaut (Director): • Newcastle Drop Zone: IGMAITB Pty Ltd at IGMAITB Discretionary Trust for the property located at Belmont Airport, NSW. • Shellharbour Airport Hangar facilities: Illawarra Hangar Pty Ltd at Illawarra Hangar Unit Trust for properties located at Shellharbour Airport, NSW. NOTE 27 SUBSEQUENT EVENTS On 14 July 2026, the Group announced it had signed a non-binding term sheet with Inflite Group Limited (Inflite), a privately held New Zealand aviation-tourism business, in relation to a proposed divestment of the Group’s Australian and New Zealand skydive and aviation businesses and combination with the existing aviation business of Inflite under a New Zealand holding company (‘MergeCo’). The proposed transaction contemplates the Group will receive consideration of approximately $65.0 million comprising $41.0 million in upfront consideration at completion, a $5.0 million vendor note in favour of the Group, with interest to be capitalised quarterly and the vendor note repaid after five years, and a 32.5% ordinary equity interest in MergeCo with an implied valuation of $19.0 million. There have been no other significant subsequent events since the end of the period.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 51 NOTE 28 CONTINGENT ASSETS AND LIABILITIES As at 30 June 2026, the Group had drawn bank guarantees amounting to $678,922 (30 June 2025: $718,617). During the period, the Group entered into a contract to purchase land on which its Treetops Adventure Belgrave site is located for $1,925,000. A 20% deposit of $385,000 was paid in April 2026 with the remaining balance payable in October 2026. During the period, the Group was successful in obtaining a $4 million grant from the Queensland Government’s Tourism Icons Investment Fund programme for the construction of a new vessel, Reef Magic IV. The vessel, which will be designed and constructed in Brisbane by the Aus Ships Group over approximately 18 months in time for its planned launch in December 2027, will be used to service the Group’s leading pontoon, Remoora, off Moore Reef departing from Cairns. The estimated total cost of the new vessel through to its launch is approximately $10.6 million and will be funded via the Group’s debt facility, Queensland Government grant and proceeds from the disposal of the existing vessel servicing the pontoon following delivery of the vessel. After government grant contribution and estimated proceeds from the disposal of the existing vessel, the net project cost to the Group is estimated to be approximately $4.7 million. The Group has entered into contracts with the shipbuilder and other major component suppliers in relation to the construction of the new vessel. Payments are due by the Group to major suppliers progressively during the construction and commissioning period in line with agreed milestone payment schedules. Similarly, proceeds from the government grant are payable to the Group in line with an agreed milestone payment schedule. There are no other contingent liabilities or assets requiring disclosure as at the date of this report.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 52 NOTE 29 CONTROLLED ENTITIES The subsidiaries listed have share capital consisting solely of ordinary shares which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s principal place of business is also its country of incorporation. Other than banking covenants there are no significant restrictions over the Group’s ability to access or use assets, and settle liabilities, of the Group. PRINCIPAL PLACE OF BUSINESS OWNERSHIP INTEREST NAME OF SUBSIDIARY 2026 2025 Aircraft Maintenance Centre Pty Ltd Australia 100% 100% Australia Skydive Pty Ltd Australia 100% 100% B & B No 2 Pty Ltd Australia 100% 100% Bill & Ben Investments Pty Ltd Australia 100% 100% Skydive Holdings Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Airlie Beach Pty Ltd Australia 100% 100% Skydive the Beach and Beyond BB Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Central Coast Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Great Ocean Road Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Hunter Valley Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Melbourne Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Newcastle Pty Ltd Australia 100% 100% SBB Trading Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Sydney Wollongong Pty Ltd Australia 100% 100% Skydive the Beach and Beyond Yarra Valley Pty Ltd Australia 100% 100% Skydive.com.au Pty Ltd Australia 100% 100% STBAUS Pty Ltd Australia 100% 100% Skydive International Holdings Pty Ltd Australia 100% 100% Skydive Investments Pty Ltd Australia 100% 100% Raging Thunder Pty Ltd Australia 100% 100% Fitzroy Island Ferries Pty Ltd Australia 100% 100% Fitzroy Island Pty Ltd Australia 100% 100% Martheno Pty Ltd Australia 100% 100% ILB Pty Ltd Australia 100% 100% Reef Magic Cruises Pty Ltd Australia 100% 100% Calypso Reef Charters Pty Ltd Australia 100% 100% Fish for Fish Investments Pty Ltd Australia 100% 100% Experience Daintree Pty Ltd Australia 100% 100% J & J Wallace (Holdings) Pty. Ltd Australia 100% 100% J & J Wallace (Projects) Pty Ltd Australia 100% 100% J & J Wallace (Tours) Pty Ltd Australia 100% 100% J & J Wallace (Permits) Pty. Ltd Australia 100% 100% Experience Marine Pty Ltd Australia 100% 100% Experience Co Admin Pty Ltd Australia 100% 100% Experience Co Admin QLD Pty Ltd Australia 100% 100% Skydive Australia Collections Pty Ltd Australia 100% 100% Wild Bush Luxury Experience Pty Ltd Australia 0% 100% Capital Jet Engineering Pty Ltd Australia 100% 100% Skydive Shellharbour Pty Ltd Australia 100% 100% Australian Jump Pilot Academy Pty Ltd Australia 100% 100% There by Air Pty Ltd Australia 100% 100% Canopy Adventure Pty Ltd Australia 100% 100% Canopy Adventure Yanchep Pty Ltd Australia 100% 100% TATPP Pty Ltd and as Trustee for the TATPP Unit Trust Australia 100% 100% Trees Adventure Holdings Pty Ltd Australia 100% 100% Trees Adventure Pty Ltd Australia 100% 100%
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 53 NOTE 29 CONTROLLED ENTITIES (CONTINUED) PRINCIPAL PLACE OF BUSINESS OWNERSHIP INTEREST NAME OF SUBSIDIARY 2026 2025 Trees Canberra Pty Ltd Australia 100% 100% Trees Central Coast Pty Ltd Australia 100% 100% Trees Kuringai Pty Ltd Australia 100% 100% Trees Mosman Pty Ltd Australia 100% 100% Trees Newcastle Pty Ltd Australia 100% 100% Trees Nowra Pty Ltd Australia 100% 100% Trees Pennant Hills Pty Ltd Australia 100% 100% Trees Sunshine Pty Ltd Australia 100% 100% Trees Western Sydney Pty Ltd Australia 100% 100% Trees Yarramundi Pty Ltd Australia 100% 100% Trees Yeodene Pty Ltd Australia 100% 100% Trees West Beach Pty Ltd Australia 100% 0% Treetop Adventure Australia Pty Ltd Australia 100% 100% Treetop Adventures Holdings Pty Ltd Australia 100% 100% Trees Coffs Harbour Pty Ltd Australia 100% 100% Treetops Cape Tribulation Pty Ltd Australia 100% 100% Experience Co NZ Holdings Limited New Zealand 100% 100% Skydive Queenstown Limited New Zealand 100% 100% Ultimate Adventure Group Ltd New Zealand 100% 100% Parachute Adventure Queenstown Limited New Zealand 100% 100% Skydive Wanaka Limited New Zealand 100% 100% Performance Aviation (New Zealand) Limited New Zealand 100% 100% Skydive (New Zealand) Ltd New Zealand 100% 100% NOTE 30 PARENT ENTITY DISCLOSURES The following information has been extracted from the books and records of the parent and has been prepared in accordance with Australian Accounting Standards. 30 June 2026 30 June 2025 $000 $000 Profit/(loss) for the period 8,629 (11,498) Other comprehensive income - - Total comprehensive income for the period after tax 8,629 (11,498) Current assets 1,578 3,602 Non-current assets 188,428 193,465 Total assets 190,006 197,067 Current liabilities (1,201) 9,222 Non-current liabilities 13,538 18,091 Total liabilities 12,337 27,313 Issued capital 231,457 231,637 Retained earnings (55,083) (62,908) Reserves 1,295 1,025 Total Equity 177,669 169,754 Significant accounting policies are consistent with those applied by the Group. The parent acts as guarantor of certain lease and other contractual obligations of a number of its subsidiary entities. The parent has entered in the General Security Agreement in relation to secured corporate debt facility with CBA referenced in Note 18. There are no other contingent assets or liabilities of the parent requiring disclosure as at the date of this report.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 54 CONSOLIDATED ENTITY DISCLOSURE STATEMENT The following information is provided pursuant to section 295(3A) of the Corporations Act 2001. NAME OF SUBSIDIARY TYPE OF ENTITY TRUSTEE / JV PARTNER / JV PARTICIPANT PLACE OF INCORPORATION / FORMATION OWNERSHIP INTEREST AUSTRALIAN OR FOREIGN TAX RESIDENT Aircraft Maintenance Centre Pty Ltd Body Corporate Not applicable Australia 100% Australian Australia Skydive Pty Ltd Body Corporate Not applicable Australia 100% Australian B & B No 2 Pty Ltd Body Corporate Not applicable Australia 100% Australian Bill & Ben Investments Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive Holdings Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Airlie Beach Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond BB Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Central Coast Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Great Ocean Road Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Hunter Valley Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Melbourne Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Newcastle Pty Ltd Body Corporate Not applicable Australia 100% Australian SBB Trading Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Sydney Wollongong Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive the Beach and Beyond Yarra Valley Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive.com.au Pty Ltd Body Corporate Not applicable Australia 100% Australian STBAUS Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive International Holdings Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive Investments Pty Ltd Body Corporate Not applicable Australia 100% Australian Raging Thunder Pty Ltd Body Corporate Not applicable Australia 100% Australian Fitzroy Island Ferries Pty Ltd Body Corporate Not applicable Australia 100% Australian Fitzroy Island Pty Ltd Body Corporate Not applicable Australia 100% Australian Martheno Pty Ltd Body Corporate Not applicable Australia 100% Australian ILB Pty Ltd Body Corporate Not applicable Australia 100% Australian Reef Magic Cruises Pty Ltd Body Corporate Not applicable Australia 100% Australian Calypso Reef Charters Pty Ltd Body Corporate Not applicable Australia 100% Australian Fish for Fish Investments Pty Ltd Body Corporate Not applicable Australia 100% Australian Experience Daintree Pty Ltd Body Corporate Not applicable Australia 100% Australian J & J Wallace (Holdings) Pty. Ltd. Body Corporate Not applicable Australia 100% Australian J & J Wallace (Projects) Pty Ltd Body Corporate Not applicable Australia 100% Australian J & J Wallace (Tours) Pty Ltd Body Corporate Not applicable Australia 100% Australian J & J Wallace (Permits) Pty. Ltd. Body Corporate Not applicable Australia 100% Australian Experience Marine Pty Ltd Body Corporate Not applicable Australia 100% Australian Experience Co Admin Pty Ltd Body Corporate Not applicable Australia 100% Australian Experience Co Admin QLD Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive Australia Collections Pty Ltd Body Corporate Not applicable Australia 100% Australian Wild Bush Luxury Experience Pty Ltd Body Corporate Not applicable Australia 0%(1) Australian Capital Jet Engineering Pty Ltd Body Corporate Not applicable Australia 100% Australian Skydive Shellharbour Pty Ltd Body Corporate Not applicable Australia 100% Australian Australian Jump Pilot Academy Pty Ltd Body Corporate Not applicable Australia 100% Australian There by Air Pty Ltd Body Corporate Not applicable Australia 100% Australian Canopy Adventure Pty Ltd Body Corporate Not applicable Australia 100% Australian Canopy Adventure Yanchep Pty Ltd Body Corporate Not applicable Australia 100% Australian TATPP Pty Ltd Body Corporate Trustee Australia 100% Australian TATPP Unit Trust Trust Not applicable Australia 100% Australian Trees Adventure Holdings Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Adventure Pty Ltd Body Corporate Not applicable Australia 100% Australian
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS 55 CONSOLIDATED ENTITY DISCLOSURE STATEMENT (CONTINUED) NAME OF SUBSIDIARY TYPE OF ENTITY TRUSTEE / JV PARTNER / JV PARTICIPANT PLACE OF INCORPORATION / FORMATION OWNERSHIP INTEREST AUSTRALIAN OR FOREIGN TAX RESIDENT Trees Canberra Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Central Coast Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Coffs Harbour Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Kuringai Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Mosman Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Newcastle Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Nowra Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Pennant Hills Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Sunshine Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Western Sydney Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Yarramundi Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees Yeodene Pty Ltd Body Corporate Not applicable Australia 100% Australian Trees West Beach Pty Ltd Body Corporate Not applicable Australia 100% Australian Treetop Adventure Australia Pty Ltd Body Corporate Not applicable Australia 100% Australian Treetop Adventures Holdings Pty Ltd Body Corporate Not applicable Australia 100% Australian Treetops Cape Tribulation Pty Ltd Body Corporate Not applicable Australia 100% Australian Experience Co NZ Holdings Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Skydive Queenstown Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Ultimate Adventure Group Ltd Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Parachute Adventure Queenstown Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Skydive Wanaka Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Performance Aviation (New Zealand) Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Skydive (New Zealand) Limited Body Corporate Not applicable New Zealand 100% Foreign / New Zealand Note 1: Wild Bush Luxury Experience Pty Ltd ceased being 100% owned by the Group on 1 May 2026.
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ DECLARATION 56 In the Directors’ opinion: 1. The financial statements and notes thereto: (a) comply with the Corporations Act 2001, Australian Accounting Standards, Corporations Regulations 2001 and other mandatory professional reporting requirements; (b) comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in Note 1 to the financial statements; and (c) give a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the period ended on that date. 2 The Consolidated Entity Disclosure Statement is true and correct. 3 There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of the directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors. ____________________ ________________________ John O’Sullivan Kerry (Bob) East Chief Executive Officer Chair Dated: 26 August 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 Australia T +61 (02) 8226 4500 F +61 (02) 8226 4501 rsm.com.au INDEPENDENT AU DITOR’S REPORT To the Members of Experience Co Limited REPORT ON T HE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Experience Co 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 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, the consolidated entity disclosure statement and the directors' declaration. In our opinion the accompanying financial report of the Gr oup is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Group's financial position as at 30 June 2026 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standar ds and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australi an Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for t he Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including independence standards) (the Code) that are relevant to 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 of 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. 57
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Key Audit Matter How our audit addressed this matter Recognition of Revenue Refer to Note 2 in the financial statements The recognition of revenue and the associated deferred revenue is signifi cant to the audit and is considered to be a key audit matter due to the nature of the revenue, which is often paid in advance of the services being rendered. The Group is therefore required to recognise such receipts as deferred revenue until such time as the services are rendered under AASB 15. There are potential risks in relation to the following: • Revenues may be deliberately overstated because of management override of internal controls. The management of the Group considers sales as a key performance measure which could create an incentive for sales to be recognised before the services have bee n provided. • In accordance with AASB 15, Experience Co Group is entitled to recognise revenue from variable consideration, being the probabilities applied to gift card sales and advance bookings in respect of management’s assessment of the likelihood that the advance bookings and gift vouchers will result in a tandem jump occurring. Our audit procedures in relation to revenue recognition, deferred revenue and breakage revenue included the following: • Obtained a detailed understanding of each revenue stream and the related systems and processes for quantifying and recording revenue and deferred revenue. • Considered the adequacy of the Group’s revenue recognition policies and assessed their compliance with Australian Accounting Standards. • Tested the operating effectiveness of key controls over bookings and revenue recognition, where applicable. • Selected a sample of entries from the sales ledger accounts and tested the accuracy and occurrence of the recorded revenue. • Obtained the year-end deferred revenue schedule from management and, on a sample basis, te sted its completeness and accuracy by tracing payments received before year end from the relevant cut-off period to supporting evidence of whether the related services had been rendered before year end. • Obtained management’s breakage revenue calculation, assessed the estimates used to determine the redemption rate, and evaluated the reasonableness of management’s judgements and calculations in accordance with AASB 15.Assessed the adequacy of the financia l statement disclosures relating to critical accounting estimates and judgements, and whether those disclosures were consistent with the Group’ s revenue reco gnition practices. 58
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Recoverability of Deferred Tax Assets Refer to Note 8 in the financial statements The Australian tax consolidated group has unutilised carried forward tax losses of $57,739,077 (30 June 2025: $55,891,272). The deferred tax asset that has been raised in relation to these tax losses amounts to $17,322,000 of the gross deferred tax asset balance of $21,274,000 as at 30 June 2026. These losses are expected to be utilised within 5 years based on projections and forecasts compiled by management and approved by the Board. AASB 112 confirms that a DTA shall be recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised. Management has performed an assessment that has been approved by the Board on the recoverability of the deferred tax assets by using the Group´s five- year forecast to satisfy t he probability criteria that future taxable profits will be available against which the balance can be utilised. Based on management’s projections, it is expected that carried forward tax losses will be utilised within five years with the most sensitive assumption being trading volume. Our audit procedures in relation to assessing the reasonableness of the utilisation of the carried forward tax losses included the following: • Evaluated management’s assessment of whether it is probable the Group will generate sufficient future taxable profits to utilise the carried forward tax losses, including reviewing management’s accounting paper supporting the recoverability of the deferred tax asset. • Reviewed and assessed the reasonableness of the FY26 strategy plan prepared during the year, including the key assumptions used by management. • Compared prior period budgets to actual results to assess the historical accuracy of management’s forecasting. • Reviewed disclosures in the financial statements to assess the reasonableness and adequacy of the disclosure. • Assessed whether management’s forecasts included appropriate adjustments for differences between accounting profits and taxable profits. 59
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Revaluation of Aircraft Refer to Note 15 in the financial statements Experience Co Group currently owns aircraft and other operating equipment with a carrying value of $45.361 million as at 30 June 2026. The aircraft in Experience Co is carried using a revaluation model per the Group’s accounting policy and with a revaluation requirement of every 3 years if there are no material changes of the carrying amount during the revaluation period. This follows the accounting standards under AASB 116 – Property, Plant and Equipment. The last valuation was performed by management on 30 June 2023. Following the 3-year rotation requirement, the Group performed a complete revaluation of its Aircraft assets for the year ended 30 June 2026. Our audit procedures in relation to assessing the reasonableness of the revaluation of Aircraft included the following: • Obtained and reviewed the valuation report prepared by management’s expert for the aircraft assets, and evaluated the competence, capabilities and objectivity of management’s expert. • Assessed the nature, scope and adequacy of the work performed by management’s expert, including comparison of key inputs and assumptions to external evidence and historical data where relevant. • Checked that the revaluation accounting for aircraft accurately reflected the work performed by management’s expert. • Assessed whether the revaluation accounting was performed appropriately in accordance with AASB 116 for the year ended 30 June 2026 and reconciled accurately to the financial statements. • Reviewed the related financial statement disclosures to assess whether they were appropriate and consist ent with the aircraft revaluation accounting. 60
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Goodwill and Other Intangible Assets Refer to Note 16 in the financial statements The Group has significant intangible assets carried at $42.4 million, primarily arising from the acquisition of the Treetops business unit during the 2022 financial year. Goodwill and trade names have indefinite useful lives and are therefore not amortised, but are tested annually for impairment in accordance with AASB 136 Impairment of Assets. We determined this area to be a key audit matter due to the size of the intangible assets balance, and because the directors’ assessment of the ‘value in use’ of each Cash Generating Unit (‘CGU’) involves judgements about the future underlying cash flows of the business and the discount rates applied to them. For the year ended 30 June 2026, management performed an impairment assessment over the goodwill balance by: • Determining that the indefinite life intangible assets relate to the Trees CGU and allocating goodwill and other intangible assets across this CGU; • Calculating the value in use for the Trees CG U usin g a discounted cash flow model. The model used cash flows (revenues, exp enses and ca pital expenditure) for the CGU for five years, with a terminal growth rate applied to the fifth year. These cash flows were then discounted to net present value using the discount rate of the CGU; and • Comparing the resulting value in use of the CG U to its respective carrying book value. Management also performed a sensitivity analysis over the value in use calculation, by varying the assumptions used (growth rates and discount rate) to assess the impact on the valuation. Our audit procedures in relation to the valuation of goodwill and other intangible assets included the following: • Assessed the appropriaten ess of manag ement’s allocation of good will across the CG Us. • Evaluating the assumptions and methodologies used by the Company in preparing the value in use calcul ation, particula rly those relating to the sales growth rate, projected future expenditure, and pre-tax discount rate. • Assessed and challenged the ca sh flow proje ctions for each CGU, including evaluating the historical accuracy of manage ment’s es timates and the consistency of the projections with approved business plans. • Assessed the adequacy of the financia l statement di sclosures rela ting to goodwill, in cluding the key assumptions to which th e impairm ent assessment is most sensitive and those with the most significant effect on the recoverable amount. 61
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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 the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly 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. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of: a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. the consolidated entity disclosure statement that is true and correct and is free of 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. A further description of our responsibilities fo r the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.aua sb.gov.au/admin/file/content102/c3/ar1_2020.pdf This description forms part of our auditor's report. 62
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REPORT ON THE REMUNERATION REPORT Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 16 to 23 of the directors' report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Experience Co 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 pr eparation 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. RSM Australia Partners Gary Sherwood Partner Sydney, 26 August 2026 63
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES The following information is current as at 16 July 2026. 1. Shareholding a) Distribution of Shareholders CATEGORY (SIZE OF HOLDING) NUMBER OF HOLDERS NUMBER ORDINARY SHARES % HELD BY CATEGORY 1-1,000 152 46,023 0.010 1,001-5,000 353 990,970 0.130 5,001-10,000 187 1,474,938 0.200 10,001-100,000 353 13,345,087 1.770 100,001 and over 127 738,810,369 97.900 1,172 754,667,387 100.000 b) Shareholdings in less than marketable parcels The number of shareholdings held in less than marketable parcels is 468. c) Substantial shareholders The names of the substantial shareholders listed in the holding company’s register are: SHAREHOLDER NUMBER OF ORDINARY FULLY PAID SHARES HELD % HELD OF ISSUED ORDINARY CAPITAL J P MORGAN NOMINEES AUSTRALIA 227,843,582 30.19% BOUCAUT ENTERPRISES PTY LTD 175,181,212 23.21% HSBC CUSTODY NOMINEES 137,930,522 18.28% d) Voting Rights The voting rights attached to each class of equity security are as follows: Ordinary shares On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. 64
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES 1. Shareholding (continued) e) 20 Largest Shareholders – Ordinary Shares NAME NUMBER OF ORDINARY FULLY PAID SHARES HELD % HELD OF ISSUED ORDINARY CAPITAL J P MORGAN NOMINEES AUSTRALIA 227,843,582 30.19% BOUCAUT ENTERPRISES PTY LTD 175,181,212 23.21% HSBC CUSTODY NOMINEES 137,930,522 18.28% UBS NOMINEES PTY LTD 32,986,438 4.37% CITICORP NOMINEES PTY LIMITED 30,754,986 4.08% THORNEY INTERNATIONAL PTY LTD 21,764,963 2.88% BNP PARIBAS NOMS PTY LTD 15,494,544 2.05% RICHMOND HILL CAPITAL PTY LTD 11,719,471 1.55% MR RODNEY PRYOR & 10,000,000 1.33% OCEAN CAPITAL PTY LIMITED 7,750,000 1.03% MICROEQUITIES ASSET MANAGEMENT 5,890,860 0.78% MAUCLAI PTY LTD 5,810,276 0.77% BNP PARIBAS NOMS (NZ) LTD 4,158,260 0.55% MS ARIANE RADFORD 3,208,330 0.43% CLJOS HOLDINGS PTY LTD 3,100,033 0.41% JC EQUITY PTY LTD 3,100,000 0.41% HONNE INVESTMENTS PTY LIMITED 2,100,000 0.28% TLSL INVESTMENT PTY LTD 1,937,185 0.26% ASH & BEC INITIATIVES PTY LTD 1,937,185 0.26% TELUNAPA PTY LTD 1,500,000 0.20% TOTAL SHARES OF TOP 20 HOLDINGS 704,167,847 93.31% 2. Company Secretary Chris Fernandes 3. The address of the principal office in Australia is: Level 5, 89 York Street Sydney NSW 2000 Telephone 1300 663 634 4. Registers of securities are held at the following addresses: Boardroom Pty Ltd Level 8, 210 George Street Sydney NSW 2000 5. Stock Exchange Listing Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange Limited. 65
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CORPORATE DIRECTORY 6 Directors: Kerry (Bob) East Neil Cathie Michelle Cox Anthony Boucaut Alexander White John O’Sullivan Company Secretary: Chris Fernandes Registered Office: Level 5, 89 York Street Sydney NSW 2000 Principal Place of Business: Level 5, 89 York Street Sydney NSW 2000 Auditors: RSM Australia Partners Level 7, 1 Martin Place Sydney NSW 2000 Share Registry: Boardroom Pty Ltd Level 8, 210 George Street Sydney NSW 2000 Bankers: Commonwealth Bank of Australia Level 8, 11 Harbour Street Sydney NSW 2000 Stock Exchange Listing Code: ASX: EXP Website: www.experienceco.com 6
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EXPERIENCE CO LIMITED AND ITS CONTROLLED ENTITIES CORPORATE DIRECTORY 66 THANK YOU