Annual financial statement
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ASX ANNOUNCEMENT PeopleIN Limited Appendix 4E and Consolidated Financial Statements For the year ended 30 June 2026 ABN: 39 615 173 076 ASX Code: PPE 31 August 2026 Please find attached for release to the market, copies of PeopleIN Limited final: Appendix 4E for the year ended 30 June 2026; and 2026 Annual Report (including the Directors' Report, the Financial Report, the Directors' Declaration and the Audit Report) Additional supporting information supporting Appendix 4E disclosure requirements can be found in the Directors’ report and the consolidated statements for the year ended 30 June 2026. This report is based on the consolidated financial statements for the year ended 30 June 2026 which have been audited by BDO.
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APPENDIX 4E Results for announcement to the market Results in Brief June 2026 $’000 June 2025 $’000 Change $’000 Change % Revenue from continuing activities 788,655 823,810 (35,155) (4.3) EBITDA¹ from continuing operations 6,550 4,172 2,378 57.0 Statutory loss before income tax from continuing operations (11,421) (17,382) 5,961 (34.3) Statutory loss after income tax from continuing operations (9,960) (16,529) 6,569 (39.7) Statutory loss attributable to company owners from continuing operations (9,960) (16,529) 6,569 (39.7) Normalised EBITDA¹ from continuing operations 18,965 18,670 295 1.6 Normalised profit before tax¹ from continuing operations 994 (2,884) 3,877 (134.5) Normalised profit after tax¹ from continuing operations 1,026 (3,059) 4,084 (133.5) Profit (loss) from discontinued operations (13,110) 11,537 (24,647) (213.6) Loss for the period (38,890) (11,863) (27,027) 227.8 ¹EBITDA, Normalised EBITDA, Normalised profit before tax and Normalised profit after tax are unaudited, non-IFRS measures. Refer to table below for reconciliation of statutory to Normalised results. Dividends Since period end the Directors have not recommended the payment of an interim dividend Net tangible assets per security June 2026 Amount per share (Cents) June 2025 Amount per share (Cents) Net tangible assets backing per ordinary share (44.74) (21.12)
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Compliance Statement The report is based on the consolidated financial report which has been audited. Refer to the attached full financial report for all other disclosures in respect of the Appendix 4E. This report is made in accordance with a resolution of the Directors and is signed off on behalf of the Directors. Glen Richards Chair 31 August 2026
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PeopleIN Limited and its controlled entities Financial Report For the year ended 30 June 2026 PEOPLEIN LIMITED ACN 615 173 076
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 2 Corporate Information AUSTRALIAN BUSINESS NUMBER ABN 39 615 173 076 DIRECTORS Glen Richards Vu Tran Elisabeth Mannes Tony Peake Tom Reardon COMPANY SECRETARY Jane Prior REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Level 6, 540 Wickham Street Fortitude Valley QLD 4006 Phone: +61 7 3238 0800 COUNTRY OF INCORPORATION Australia SHARE REGISTRY Link Market Services Limited Level 12, 680 George Street, Sydney NSW 2000 Phone: +61 1300 554 474 SOLICITORS Talbot Sayer Level 27, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 Phone: +61 7 3160 2900 AUDITOR BDO Audit Pty Ltd Level 18, 360 Queen Street Brisbane QLD 4000 Phone: +61 7 3237 5999 Fax: +61 7 3221 9227
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 3 The Directors of PeopleIN Limited present their report together with the financial statements of the consolidated entity, being PeopleIN Limited ('the Company' or ‘PeopleIN’) and its controlled entities ('the Group') for the year ended 30 June 2026. Principal activities The principal activities of the Group during the financial period were the provision of staffing, business services and operational services. Services provided by the Group include workforce management, recruiting, onboarding, contracting, rostering, timesheet management, payroll, and workplace health and safety management. There have been no significant changes in the nature of these activities during the year. Review of operations and financial results Overview The financial year 2026 has been a period of transformat ion and change for PeopleIN. After several years of lower growth, the improved market dynamics particularly in the Queensland region, has seen a pickup in activity and increased demand for labour across each of its Engineering , Trades and Labour, Food and Agriculture and Professional Services divisions. The Group have undertaken significant change and improvement projects across recent years, improving efficiency, integrating AI tools and embedding data analysis across all areas of the business. These projects have improved operations , employee productivity and engagement . Together they have established the tools needed to drive high levels of growth in coming periods. The difficult trading conditions over recent years have seen a significant reduction in revenues and profitability of both larger and smaller peers. This together with ongoing compliance costs and changes to pay day superannuation, have seen the recent failures of both large and small competitors across the industry. PeopleIN is well capitalised, cash generative and sophisticated in its operations to ensure it can not only comply with ongoing regulatory change but gain market share from declining competitors across the industry. The Queensland region, the origins of the Group, and which contributes 50% of ongoing revenue, has started to benefit from the now underway Brisbane 2032 Olympic projects, infrastructure spending and renewed confidence in the region. This recent uptick in activity particularly in Engineering Trades and Labour and Professional Services provides further momentum on growth and increased profitability in coming years. To capitalise on these opportunities and to further generate shareholder returns, the Group took the strategic decision to divest its 79.25% shareholding in Techforce Pty Ltd and its Health and Community division. These divestments allowed the Group to recycle capital to higher growth sectors and disciplines and improve shareholder returns in the medium term. The proceeds from these sales were utilised in the acquisition of Infrawork Holdings (New Zealand) in March 2026. This allowed the Group to expand its operations into a recovering New Zealand market also experiencing a growth in labour demands for infrastructure projects, while generating a unique labour mobility channel accessing quality qualified labour from the Asia, Pacific, New Zealand and Australia. This acquisition will continue to create a leading channel of qualified candidates into upcoming peak demand across both Australia and New Zealand in coming years . The statutory net loss after tax from continuing operations was $9.960 million (2025: $16.530 million). The lower statutory net loss after tax from continuing operations was favourably impacted by improving underlying trading in Engineering Trades and Labour, lower depreciation and amortisation, lower finance costs and lower one-off expenses.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 4 The normalised EBITDA from ongoing operations was $18.965 million (2025: $18.670 million) an increase of 1.6% on the prior year. The Group has seen a stabilisation of economic conditions, together with the business improvement activities and controlled costs have seen steady normalised EBITDA for the year. Trading in Engineering, Trades and Labour has improved, benefiting from increased confidence and activity in the Queensland market, together with the positive contribution from Infrawork , while Professional Services remains steady, improving across the second half with increased permanent placement activity. Food and Agriculture division remains challenging with drought conditions in key markets impacting hours. The Group has seen an uptick in confidence and improved trading conditions throughout 2026 . This is particularly evident in Southeast Queensland , driven by early spending on Brisbane 2032 Olympic games venues and resulting infrastructure spend ing. This activity is expected to continue to increase through 2027 and onwards towards the commencement of the games . There remains strong demand for roles across Queensland in mining, construction and infrastructure, all competing for scarce qualified labour in the region. This is expected to further increase demand and wage rates across our markets. We continue to foresee significant labour and skill shortages required for the delivery of key projects across Olympics venues, infrastructure and defence programs. Access to a strong skilled international workforce remains key to resolving these project delivery challenges . As Australi a’s largest Pacific Area Labour Mobility (PALM) scheme employer, PeopleIN remains committed to this important program in the region, continuing to forge ongoing partnerships with both the Australian Government and Pacific Island nations, providing enduring benefits and skills transfer for both Australia and Pacific Island Communities. The acquisition of Infrawork (New Zealand) provides important infrastructure to access skilled qualified candidates across New Zealand and Asi a for deployment into critical projects in Australia. Likewise, New Zealand continues to demand high-quality skilled candidates to deliver its necessary projects. This further enhances Infrawork’s position as a leading provider of labour. Acquisitions The Group acquired 100% of Infrawork Holdings Limited (Infrawork) for $18.775 million in cash (net of cash acquired) in March 2026. The Group has recognised further contingent consideration of $ 6.067 million. Deferred consideration a mounts payable under the acquisition will be based upon the subsidiary achieving EBITDA targets between NZD $6.0 m illion to $15.0 million. The total amount payable under the deferred consideration cannot exceed NZD $32.0 million. Infrawork delivers international workforce solutions for New Zealand's infrastructure construction sector, focusing on high- demand trades. As the construction industry rebounds and skilled labour remains scarce, this provides a unique opportunity for PeopleIN to acquire Infrawork. The acquisition strengthens PeopleIN’s capacity to supply Pacific workforce solutions to Australian clients —particularly in regional areas and sectors like infrastructure. This enables PeopleIN to source skilled trades to meet Queensland’s growing infrastructure needs in the coming years. Divestments The Group maintains a disciplined approach in its review of its businesses to ensure that returns are maximised for shareholders. During the year, the Board decided to divest two of its businesses, Techforce Pty Ltd and its Health and Community Division , realising $ 37.148 million in proceeds (net of cash disposed). In June 2021, PeopleIN acquired 79.25% of the shares in Techforce Pty Ltd and its subsidiaries, providing labour hire and contract labour to the mining and resources sector in Western Australia. After nearly 5 years of strong growth and operations, the Boa rd decided to divest its interest, realising significant funds to invest in higher growth sectors. The sale of Techforce was completed on 5 December 2025. The Health and Community sector experienced a slowing in activity in recent years, with challenges in State Government budgets and health spending, reductions in private hospital spending and reductions in
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 5 NDIS clients. With rising costs and significant budgetary constraints, demand in the Health and Community sector had slowed, impacting long-term returns. The Board considered several options for the Health and Community business and decided to divest the division to Health Care Australia. The sale of Health and Community was completed on 31 December 2025. The sale allows PeopleIN to simplify its business op erations, including technology and focus on the high-growth areas of Engineering, Trades and Labour, Food and Agriculture and Professional Services . Ongoing Business Engineering, Trades and Labour The Engineering, Trades and Labour division has benefited from improving economic conditions and demand for labour across manufacturing, infrastructure and construction. Growth has been widespread across the division with significant increases in demand ac ross trade roles, particularly in the South- East Queensland region. Demand for roles continues to exceed available capacity, increasing prices. Demand for labour has increased during the second half of the financial year, with increased labour demands in mining together with infrastructure spending across Queensland regions. Access to quality skilled candidates remains difficult resulting in increased billing rates across all markets. Growth has been in seen across all areas of Engineering, Trades and Labour, driven by investments in manufacturing, infrastructure and construction. Activity for the Brisbane 2032 Olympics and related infrastructure works has commenced, although slowly, and is expected to increase signific antly in 2027. The acquisition of Infrawork (New Zealand) in March 2026, has proved to be successful, having integrated into the Engineering Trades and Labour division and performing ahead of internal expectations. Demand for international labour in the New Zealand market continues to improve, with a backlog of key infrastructure projects, critical skill shortages and favourable labour market settings has allowed continued growth. Infrawork allows access to critical labour from Asia into New Zealand as well as the ability to recruit into the Australian market experiencing shortages. Food and Agriculture Our Food and Agriculture division, led by the Regional Workforce Management brand is the largest provider of workers under the Pacific Area Labour Mobility program, predominantly providing labour into the Food and Agriculture sectors in regional communities. The division has seen a reduction in activity from its peak in mid FY25. Difficult economic conditions with tariff changes in Chinese and US export markets , and slower activity particularly in regional areas across meat processing has resulted in limited growth across the sector. Parts of southern Victoria are experiencing significant, long -term rainfall deficiencies and drought conditions , with an outlook to continue through to the late 2026. These drought conditions are also impacting areas across Southern Queensland, Southern and North- Eastern New South Wales and South -East South Australia, placing severe impacts on livestock sizes and meat processing activity . Meat processors have reduced activity and hours worked in recent months, slow ing down new hires of PALM candidates and revenues. In addition, compliance costs continue to increase across the sector. Professional Services The Professional Services division has shown improved results , particularly in the second half of the financial year, benefiting from restructured operations and focusing on key demand areas in financial services, construction and energy. Renewed confidence led by New South Wales and Queensland markets has seen an increase in permanent recruitment across finance, compliance and corporate services roles . There remains a tight labour market for senior executive and senior professional roles , increasing demand for executive recruitment activities and higher market rates. This is particularly evident in the Queensland market, where
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 6 demand for roles has commenced ahead of Brisbane 2032 Olympic activity as business es prepare for anticipated increased activity. Demand for IT roles has increased in the second half of the year. This has seen an increase in both contractor roles and permanent roles. Financial Results The Group recorded ongoing revenue of $ 788.7 million (2025: $823.8 million), a decrease of 4. 3% on the prior year. In assessing Group performance, the Board and management review EBITDA and net profit after tax and amortisation ( NPATA) for the period for the ongoing operations . These measures are adjusted for normalisation adjustments being non- recurring expenses and non- cash expenses including costs associated with acquisitions and contingent consideration, costs of employee options and performance rights and the associated tax deduction of these expenses. The Directors believe that this presentation is useful to investors to understand the Group results and show how the Group wo uld have performed had these types of transactions not occurred. All normalisation adjustments in the calculation of the normalised net profit after tax (NPAT), NPATA and EBITDA are unaudited and non-IFRS measures. The following reconciles ongoing operations statutory loss before tax to EBITDA and normalised EBITDA. Normalisation expenses are included in Other Expenses. Ongoing Operations 30 June 2026 30 June 2025 $000 $000 Statutory Profit/(Loss) Before Tax (11,421) (17,382) Depreciation and amortisation 12,936 15,324 Finance costs 5,035 6,230 EBITDA 6,550 4,172 Normalisation adjustments: Performance rights costs - 10 Transaction/Restructure costs 1,996 750 Historic PALM candidate write-off 1 7,655 - Payroll tax re-assessment 2,242 - Non-recurring IT program costs - 2,286 Fair value movement in contingent consideration - 6,130 Share based payments expense 522 377 Impairment of intangibles - 4,945 Normalised EBITDA 18,965 18,670 1 Adjustment relates to the write-off of PALM candidate receivables acquired as part of FIP acquisition in 2021 and is considered non- recurring The statutory loss before income tax expense of the ongoing operations of the Group for the financial period was $11.421 million (2025: loss of $17.382 million). The loss of the ongoing operations of the Group for the financial period after providing for income tax amounted to $ 9.960 million (2025: loss of $16.530 million). Improved business conditions and increased demand for candidates across Engineering, Trades and Labour roles in Queensland resulted in strong improvements in performance in the division up 42% on the prior year. While performance in Professional Services was 8% lower than the prior year, improved activity and higher permanent placements resulted in 4% increase in EBITDA in the second half.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 7 Costs continue to be tightly controlled across the group with the continuation of the Group efficiency program. Overhead costs were 1.2% higher than FY25, (including the impact of Infrawork) through the use of technology, automation and simplification of IT systems. The Group uses NPATA as a key performance measure, which represents the statutory NPAT adjusted for costs associated with acquisitions, amortisation of software, costs of employee options, fair value measurement in contingent consideration, write-off of historic receivables and performance rights and the associated tax deduction of these expenses and amortisation. Ongoing Operations 30 June 2026 30 June 2025 $000 $000 Statutory Net Profit/(Loss) after Tax (9,960) (16,530) Normalisation adjustments: Performance rights costs - 10 Transaction/Restructure costs 1,996 750 Historic PALM candidate write-off 7,655 - Payroll tax re-assessment 2,242 - Non-recurring IT program costs - 2,286 Fair value movement in contingent consideration - 6,130 Share based payments expense 522 377 Impairment of intangibles - 4,945 Tax effect (1,428) (1,027) Normalised Net Profit after Tax 1,027 (3,059) Amortisation 7,668 9,752 Normalised NPATA 8,695 6,693 Operating cash flow were positive for the year, resulting in positive inflows of $11.194 million (2025: inflow of $34.870 million ). The Group place significant focus on cash collections across all divisions including improving trade terms . The positive collections have been supported by a reduction in trade receivables . Net cash provided by operating activities before interest and taxes were 101.7% of normalised EBITDA across both ongoing and discontinued operations, higher than our target range of 80-90%. Capital expenditure increased, with purchases on property, plant and equipment of $3.476 million (2025: $1.684 million) and purchases of intangible assets of $0. 479 million (2025: $0.525 million). Investments were made in survey equipment for the Vision brand as well as the purchase of accommodation in Southern New South Wales for PALM candidates. The Group also realised significant proceeds from the sale of subsid iaries of Techforce and Health and Community division. This realised $ 37.148 million (net of cash and debt disposed) , of which $ 18.775 million (net of cash acquired) was reinvested into the acquisition of Infrawork on the 1 st March 2026. The Group was able to take the remaining positive flows from operation and sale proceeds and strategically deploy, through repaying debt and reduce leverage across the business and undertaking a share buyback of $5.997 million . Net borrow ings (excluding lease liabilities) have reduced to $29.657 million (202 5: $56.079 million). This reduced net debt to normalised EBITDA (proforma to include Infrawork) to 1. 37x (2025: 1.65x) and ensures that the Group has financ ing capability for future capital management strategies.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 8 Capital Management The Group continues a disciplined approach to capital management with a focus to ensuring it maximises shareholder value over the long -term. The Board has maintained its “dynamic capital management strategy” throughout the year, continuing its share buy-back program across the FY26. This has resulted in the repurchase of 8,783,795 shares during the year for $5.997 million. The Board and management have remained focussed on cash collections and reducing net debt across the Group. This has resulted in a net debt ratio of 1. 37 times normalised EBITDA (2025: 1.65 times). With strong cash collections from the ongoing operations, a lowering of net debt across the year and surplus cash proceeds from the sale of discontinued operations , the Board and management of the Group continue to actively pursue capital management strategies across the Group to ensure that shareholder value is maximised over the long term. Future Prospects and Outlook The Group has weathered difficult economic conditions over recent years and taken a proactive approach to leading the business through lower earnings and setting the foundations for future growth. This activity has been centred on restoring the balance sheet to strength including paying down debt and improving cash flow, upgrading technology for efficiency and future growth and re- establishing a focused sales culture in its key growth markets. This has led the Group to divest lower growth segments and re- invest capital into high growth opportunities. These investments are focussed on capitalising on the growth opportunity and demand for labour that the Brisbane 2032 Olympics and related infrastructure spending in Queensland , together with increased infrastructure investment and labour demand in New Zealand, creating a unique labour mobility pathway across Asia, the Pacific, Australia and New Zealand. This ability to mobilise labour is expected to grow as labour demand peaks in coming years. The simplification of the business and focus to key growth markets, has seen improvements in returns and cash flow. The Group continues to see strong opportunities to grow and provide the critical and in demand labour needs of the economy. Risks PeopleIN’s performance and prospects are not without risks that may impact the business . As a large recruitment and staffing business, material risks are primarily those that most impact the labour market as these would ultimately have the largest effect on the financial prospects of the Group . These include; adverse changes in the employment market, change in the regulatory environment, reliance on its industrial agreements, legislative change in how on- costs or benefits are assessed for its employees and workplace health and safety. Further material business risks include; increase in competition, technology risks, cybersecurity and climate change. The Group has undertaken significant transformation activities in recent years, simplifying the business through its sale of Techforce and Health and Community divisions, embedding technology across data and AI to improve efficiency and financial performance. This has ensured the Group can respond to business and economic changes with speed to preserve future performance. There continues to be a change across the regulatory landscape in particular increased focus by regulators and legislative interpretations . A significant change in these regulations and int erpretations may have an impact to the business operations and financial results. The Group continues to have positive engagement with regulators, government, industry and clients to ensure that these risks are effectively managed. Our record on health and safety has shown that we are a leading organisation in the labour hire market in the management of health and safety risk. The management of this risk is ongoing due to the scale of our employee numbers, diversity of industries we operate in and geographic disbursement of our work sites . Our strong internal health and safety team ensures that this risk is managed on a constant basis .
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 9 While competition is ever present in our industry , we continue to differentiate our offering through strong customer service levels and diversi ty in the sectors we service. The Group has ensured it has a resilient business model through its focus on creating a unique model of accessing quality candidates across Asia, the Pacific, Australia and New Zealand, providing timely resources to satisfy its need. Cybersecurity is an ever- present risk to PeopleIN . The Group continues to operate a comprehensive Cybersecurity Management strateg y. This includes complying with Australian Cyber Security Centre (ACSC) Essential Eight guidance as well as deploying other strategies for managing our baseline security posture that are specifically relevant to our industry. PeopleIN also regularly considers the potential impact of global climate change on its business and the industries it supports. Changing weather conditions can impact the financial operations of the Group as seen with Cyclone Alfred or drought, impacting candidate access and reduction in client hours. PeopleIN ensures it has appropriate financial buffers and reserves to limit the financial impact of any disruption as it may occur . Further, the Group is focussed on improving its environmental impact, including via Timberwolf’s extensive land regeneration activities. In a broader sense, PeopleIN assesses and reports on its key risks regularly, both as an executive team and at the Board level, to ensure appropriate mitigation measures are in place. The reporting depicts the risk, any mitigation measures and actions. The above risks are part of our business operations and therefore relevant controls are in place to ensure that risk is reduced to within the risk appetite of the board. Significant changes in state of affairs Other than the acquisitions and disposals described in the Review of Operations and Notes 16 and 17 to the financial statements, there were no other significant changes in the state of affairs of the Group during the financial year. Environmental legislation The Group’s operations are not regulated by any significant environmental regulations under a law of the Commonwealth or of a state or territory of Australia or New Zealand. Dividends paid or recommended No dividends have been paid during the financial year (2025: Nil) Unissued Shares under option and performance rights Unissued ordinary shares of PeopleIN Limited under option, including performance rights (PR) at the date of this report are: Date granted Vesting date Exercise price of shares Number Tranche 88 (KMP) 30 November 2023 30 November 2026 $0.00 51,020 Tranche 95 – 98 31 August 2024 31 August 2025 $0.00 39,375 Tranche 99 (KMP) 1 October 2024 30 September 2027 $0.00 160,000 Tranche 100 31 August 2025 31 August 2026 $0.00 485,079 Tranche 101 1 October 2025 30 September 2028 $0.00 370,130 Tranche 102 – 103 (KMP) 1 October 2025 30 September 2028 $0.00 432,467 Total performance rights 1,596,022 All unissued shares under options and performance rights are ordinary shares of the Company and are measured at fair value on the date granted.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 10 All options/performance rights expire on the earlier of their expiry date or termination of the employee’s employment. In addition, the ability to exercise the options/performance rights is conditional on a number of items. These conditions are set out in Note 20. Further details about share-based payments to directors and KMP are included in the remuneration report. Performance rights and Options were also granted to staff members who are not KMP and hence are not disclosed in the remuneration report. A total of 759,086 shares were issued as a result of the exercise of performance rights at an exercise price of nil. Refer to Note 20 for details. Events arising since the end of the reporting year No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group , the results of those operations, or the state of affairs of the Group in future financial periods. Proceedings on behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. Indemnities given to, and Insurance premiums paid for, auditor and officers Insurance of officers During the year, the Group paid a premium to insure officers of the Group. The officers of the Group covered by the insurance policy include all Directors. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Group , and any other payments arising from liabilities incurred by the officers in connection with such proceedings, other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else to cause detriment to the Group. Details of the amount of the premium paid in respect of insurance policies are not disclosed as such disclosure is prohibited under the terms of the contract. The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify any current or former officer of the Group against a liability incurred as such by an officer. No indemnification has been provided to the auditor. Non-audit services During the year BDO Audit Pty Ltd (BDO), the Group’s auditor and its related entities, has performed certain other services in addition to the audit and review of the financial statements. The board has considered the non-audit services provided during the year by the auditor and in accordance with written advice provided by resolution of the audit and risk committee, is satisfied that the provision of those non-audit services during the yea r by the auditor is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services were subject to the corporate governance procedures adopted by the Group and have been reviewed by the audit and risk committee to ensure they do not impact the integrity and objectivity of the auditor; and
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 11 • the non- audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a m anagement or decision- making capacity for the Group, acting as an advocate for the Group or jointly sharing risks and rewards. Details of the amounts paid to the auditor of the Group, BDO, and its network firms for audit and non-audit services provided during the year are set out below: 2026 $ Audit and review of financial statements 535,000 Services other than audit and review of financial statements: Taxation compliance services - Corporate services - Total non-audit services - Other assurance services 11,330 Total paid to BDO Audit Pty Ltd and related entities 546,330 Paid to BDO network firms overseas Overseas subsidiary taxation compliance services 33,321 Overseas subsidiary audit compliance services - 33,321 Total paid to BDO and network firms 579,651
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 12 SUSTAINABILITY REPORT BASIS OF PREPARATION The sustainability report for PeopleIN Limited and its subsidiaries (the Group) has been prepared in accordance with AASB S2 Climate related Disclosures, the mandatory Australian Sustainability Reporting Standard (ASRS) that has been issued by the Australian Accounting Standards Board (AASB). As this is the Group’s first year adopting AASB S2, transitional relief has been applied; therefore, comparative information and Scope 3 emissions are not disclosed in this report. The Group is committed to providing transparent and decision- useful financial information. All material information has been disclosed, even where not otherwise required by law. Information has only been omitted where it is assessed to be immaterial or whe re measurement uncertainty is so significant that disclosure would not be useful to users. This report has been prepared for the same consolidated reporting entity and reporting period as the Group’s Consolidated Financial Statements and should be read in conjunction with the Group’s consolidated financial statements prepared in accordance with AASB accounting standards. This report was authorised for issue in accordance with a resolution of the Directors on 31 August 2026. DIRECTORS DECLARATION In the opinion of the Directors of PeopleIN Limited (the Company), I state that the Company has taken reasonable steps to ensure that the substantive provisions of the Climate Report of the Company and its subsidiaries (the Group) for the year ended 30 June 2026, as presented on pages 13 to 24, are in accordance with the Corporations Act 2001, including: a) Complying with Australian Sustainability Reporting Standard AASB S2 Climate -related Disclosures; and b) Containing the climate statement disclosures required by section 296D of the Corporations Act 2001. Made in accordance with a resolution of the Directors of PeopleIN Limited pursuant to section 296A(6) of the Corporations Act 2001. On behalf of the Board Glen Richards Chairman 31 August 2026
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 13 EXECUTIVE SUMMARY This report presents the Group’s inaugural climate- related financial disclosures, outlining its approach to climate governance, strategy, risk management, metrics and targets. The Group has adopted a proportionate, risk -based approach to climate -related governance and disclosure, having regard to the nature of its principal business activities and assessed exposure to climate-related financial risk. MEASUREMENT BOUNDARY The Group has measured emissions via the financial control approach, as the financial control approach assumes accountability for emissions produced directly through assets under its financial control. These boundaries create alignment between environmental reporting and financial reporting. For a full list of entities included in the boundary, reference should be made to the financial statements. MATERIALITY PROCESS Management applied significant judgement to identify the climate -related risks and opportunities that could reasonably be expected to affect the Group’s prospects, as well as the material information related to those risks and opportunities. The materiality process was initially performed by the Group CFO with input from other management in the Group as well as external publications and references. A two-step materiality process was followed: • Step 1: identify climate-related risks and opportunities that could be reasonably expected to affect the group’s prospects over the short, medium and long term. • Step 2: identify material information – determination of the disclosures which are needed in relation to the climate-related risks and opportunities identified. The aim of this process was to identify information about the climate -related risks and opportunities that could reasonably be expected to affect the G roup’s prospects and influence decisions made by primary users of general -purpose financial reports. Management focused specifically on existing and potential investors, lenders, and other creditors in general. OVERVIEW OF THE GROUP AND ITS VALUE CHAIN The Group’s primary business activity is the provision of staffing, business services and operational services. This is primarily made up of provision of labour services, recruitment and provision of operational services. A key function of this role is the facilitation of candidates into client roles , through both labour hire and permanent recruitment . It does this through the use of office facilities and transport to Engineering, Trades and Labour, Food and Agriculture and Professional Services clients. During the financial year, the Group undertook the strategic decision to sell i ts subsidiary Techforce and its Health and Community operating segment, exiting operations in this segment. In addition, the Group completed the purchase of Infrawork Holding (NZ). Information contained in this report includes material activities from these operations for the time of own ership of the Group. Further information of these disposals and acquisitions is available in the financial statements. The Group’s key market is Australia followed by New Zealand.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 14 The Group’s key business activities, geographical locations of those activities and contribution to revenue per activity are summarised in the table below: Business Activity Geographical Location FY26 % of Total Revenue Continuing operations Recruitment and Labour hire Australia 79% New Zealand 2% Surveying services Australia 3% Tree planting Australia 1% Facility management Australia 2% Discontinued operations Recruitment and Labour Hire Australia 13% The assets of the Group primarily relate to financial assets and non- current assets such as goodwill on acquisition of labour hire and recruitment services companies. Assets are not separated into individual client segments but are measured at divisional level, as follows: Value $’000 FY26 % of Total Assets Engineering, Trades and Labour 73,559 27.3% Food and Agriculture 62,876 23.3% Professional Services 38,220 14.2% Corporate Assets 95,115 35.3% VALUE CHAIN The core strategic objective of PeopleIN is to provide and recruit labour for employment in critical industries. It achieves this by finding, identifying and selecting available candidates and deploying staff to client offices, facilities and worksites to conduct work in line with the clients operating procedures and policies. This value chain relies significantly on: • Finding, identifying and selecting available candidates and workers; and • Deploying candidates to available client roles across various industries and locations. As such it is heavily reliant on physical labour in it supply chain , including transportation of labour to worksites, access to worksites and the use of offices to facilitate candidate selection and client matching.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 15 For the Group to provide its services it primarily relies on labour and human resources, that are deployed to client operations and activities. A breakdown of the key industries that it serves is detailed below: Of significance , the Group provides services to the food services , construction and the resource and renewables sector. Each have some level of exposure both short and medium to long term to climate related risk and opportunities . The Group’s analysis has been focussed on these material areas of operations. The Group does rely on some key suppliers, leased property and plant and equipment in the provision of surveying, tree planting and facility management services. Description Geographical Location FY26 % of Total Expenses Key Suppliers Leased office space and accommodation (including embedded air-conditioning) Australia, New Zealand 0.52% Electricity and water for operations Australia, New Zealand 0.02% Plant and equipment supplies, including computing equipment, motor vehicles and equipment Australia, New Zealand 0.20% Transportation Fuel and transportation of operational personnel Australia, New Zealand 0.02% Local and International travel operations and providers, transporting employees and candidates Australia, New Zealand and Pacific Islands 0.06% The analysis of climate related risk and opportunities, together with the potential impact on the business model, value chain and strategy and decision making of the Group are outlined in this report. Ongoing FY26 Revenue by Client Sector 5% Resource & Renewables 4% Government & Education 6% Manufacturing 5% Hospitality & Retail 18% Construction 4% Technology 51% Food Services 2% Professional & Environmental 2% Transport, Logistics & Equipment Hire 3% Other
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 16 JUDGEMENTS AND MEASUREMENT UNCERTAINTIES In the process of preparing this sustainability report, management has exercised judgement in a number of areas, including the process of identifying climate- related risks and opportunities and identifying material information to report. Additionally, the preparation of this report requires the use of estimates for certain amounts which cannot be measured directly. Estimates have been made where the sustainability information, is related to forward-looking information, or involves data limitations. MEASUREMENT UNCERTAINTY The following matters have a high degree of measurement uncertainty: Description GHG-related metrics The group measures its GHG emissions in accordance with the GHG Protocol unless otherwise stated as required by AASB S2. The related disclosed metrics are subject to inherent high uncertainties arising from reliance on activity data and emission factors obtained from third parties. Climate transition risk – change in consumer preferences The measurement of anticipated financial effects due to shifts in consumer preferences is subject to significant measurement uncertainty. There is limited data of the effects of climate related changes on the economy and the group’s strategic responses regarding client and candidate behaviour, there is a wide range of potential outcomes for the anticipated financial effects of this risk over the medium to long term. Climate transition risk – secondary impacts There remains a wide range of possible outcomes and impacts flowing from a change in climate activity. These items can include technological advances, emerging substitutes, investment decisions, government regulation and intervention. Further, the secondary impacts (both qualitative and quantitative) that may result from these changes are difficult to predict and provide some significant degree of measurement uncertainty. GOVERNANCE The Board of Directors has ultimate responsibility for setting and overseeing the Group’s strategy, business plans, annual budgets and risk management approach. As part of this remit, the Board drives continuous improvement across governance and emerging risks and opportunities. Climate-related risks and opportunities are an emerging area of focus for PeopleIN. Integration of climate- related risks and opportunities into our strategic planning remains at an early stage, reflecting the current maturity of our capabilities in risk identification, data and governance. As our understanding of climate- related financial impacts evolves, we will embed these considerations into strategic decision-making. We remain committed to maturing our climate -related risk and opportunity management processes and will continue to evaluate the relevance of these factors in shaping long-term value creation. BOARD SKILLS The Board recognise that Directors are required to hold a diverse range of skills, knowledge, expertise, experience and other attributes to enable the Board to effectively guide management, provide strategic direction and fulfill its obligations and responsibilities. To support this, the Board has adopted a Skills Matrix, which describes an appropriate mix of skills and qualities amongst its members. The Board understands that climate -related knowledge and skills, together with critical thinking on its potential impact on the Group’s business model, i s an important skill for all Board members. To support ongoing capability development, one Director completed targeted climate- related training during FY26 to supplement existing knowledge.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 17 REMUNERATION Executive remuneration is set by the Nomination and Remuneration Committee, aligning remuneration with the Group values and purpose. Remuneration is performance linked, encompassing financial, strategic and operational measures as outlined in the Remunerat ion Report. At present there are no climate-related targets set as part of Executive remuneration. The Board considers this approach appropriate at present, given the nature of the climate-related risks and opportunities and the management objectives of the Group. MANAGEMENT’S ROLE Management’s role in assessing and monitoring climate-related risks and opportunities has been assigned to a newly formed Sustainability Working Group (SWG) established in June 2026. C onsisting of Executive Management covering a wide range of functional specialities including Finance, Risk, Property, Operations, Legal, IT, People and Safety. The SWG is to be chaired by the Managing Director and CEO and intends to meet at least three times per year. To date this group has not yet commenced. The role of the sustainability steering committee is intended to assist the Board with strategic management of the group’s climate-related risks and opportunities – including: • Review of the value chain, business activities and potential sustainability impacts; • Establishing the organisational boundary for climate -related reporting; • The materiality assessment process; • Reporting to the Audit and Risk Committee on emerging climate related risks and opportunities; • Developing sustainability strategy and policies; • Monitoring the day-to-day implementation of the group’s sustainability-related actions and plans in line with the strategy; and • The sustainability report. The SWG shall report to the Board Audit and Risk Committee, twice per year, reporting on any potential financial, candidate availability, client service delivery and reputational effects of climate-related risks and opportunities on the group’s consolidated financial statements that would be considered material . METRICS AND TARGETS The Board considers that climate related risks are a part of the business operations of the Group. Climate risk, both current and emerging, are to be considered formally by the Board at least twice per year as part of its Audit and Risk Committee . In addition, climate risks and opportunities shall form part of the future annual group strategic planning and review process, drawing on the Board and Executive Management knowledge of the Group, industry and other leading ideas both nationally and internationally. At this time, specific climate related risk and opportunity targets have not been established. However, as existing risks evolve or new risks and opportunities emerge, the Board may consider suitable climate related targets in the future. CONTROLS AND PROCEDURES Management’s oversight of climate- related risks and opportunities is underpinned by controls and procedures within the Group Sustainability Policy, which supports the identification of climate- related risks and opportunities and potential mitigations. The Board considers that that all climate related risks and opportunities faced by the Group are appropriately managed . It has reached this conclusion through the active review and questioning of management regarding: • Measurement of financial performance and cash flows in key divisions • Monitoring of KPI’s of business performance including hours worked, billing rates and new sales in clients subject to high levels of climate risk
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 18 • Monitoring and enquiry safety indicators and emerging workplace matters • Engagement with clients, regulators, investors and lenders on emerging reputational risk issues This review is conducted by the Board and the CEO monthly in conjunction with Board meetings. STRATEGY PeopleIN’s business strategy does consider current and emerging climate-related risks and opportunities in a manner proportionate to their materiality to our operations. The Group’s strategic focus continues to be centred on the provision of staffing and operational services to critical industries . The Group has not adopted a climate-related transition plan. The Board will continue to assess its climate- related risk to its financial position, financial performance and cash flows for the current reporting period and the anticipated financial effects that those climate -related risks and opportunities are expected to have over the short, medium and long‑term. CLIMATE-RELATED RISKS AND OPPORTUNITIES In determining the climate -related risks and opportunities as well as the strategies to manage them, the Group uses the following definitions: Transition Risks and Opportunities These arise from the shift to a lower carbon economy and may include policy, legal, technological, reputational and market related risks and opportunities Physical Risks and Opportunities These result from the physical impacts of climate change on the business. Physical risks may be acute, such as increased frequency of weather events, or chronic, such as long -term changes in weather patterns, including more frequent storms, hail events and flooding The climate related risks and opportunities are evaluated over multiple time horizons: These time frames generally align with the Group’s strategic planning horizons and the time that climate related changes are expected to occur across. However, it is acknowledged that certain periods extend beyond those typically considered in strategic decision making or risk assessment. All climate related risks and opportunities are intended to be managed in accordance with the Sustainability Policy described in this report. Based on this assessment, the climate related risks and opportunities outlined below could reasonably be expected to occur over the medium to long term. Accordingly, they have not been included in the Risk Management section of the Directors’ Report. SUMMARY OF IDENTIFIED CLIMATE RELATED RISKS AND OPPORTUNITIES The Group ’s climate risk assessment , identifying and evaluat ing the key climate related risks and opportunities relevant to its operations are presented in the table below . These were identified as those that may be material , either financially or operationally and could reasonably be expected to materially impact the Group’s prospects. The Group has not provided quantitative information about the current or anticipated financial effects of climate-related risks and opportunities aligned identified risks , if those effects are not separately identifiable and the level of measurement uncertainty is too high for quantitative disclosure to be useful. The table below provides an overview of potential impacts of the risks and opportunities on the Group’s business and operations and the strategic response to these impacts. Short Term Medium Term Long Term 1 – 5 Years 5 – 20 Years 20 + Years
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 19 Risks Risk Summary Strategic Response Disruption from extreme weather and climate factors Acute Physical Risk An increase in extreme acute weather events (both frequency and severity) including rainfall, flooding, cyclones, heatwaves and other extreme weather events may disrupt: • Candidate deployment • Client site access • Business continuity • Workforce availability • Property access and operations The Group is a diversified business operating in various locations and business sectors across Australia and New Zealand. Over recent years the Group has developed business continuity plans that have been used in periods of physical disruption without significant impact to financial performance. The Group maintains business operations in various segments and industries providing diversification minimising financial and operational impacts. Potential impact The impact of an extreme acute weather event may have some impact on business activity. The reduction in candidate billed hours through reduced access to client sites and client supply chain disruption may impact on the financial performance, cash flow, workforce availability, client service delivery and business reputation. The impacts are difficult to accurately assess and are dependent on the location, duration and severity of the disruption. The impacts are expected to be event based and short term in nature (less than 1 year) Risk Summary Strategic Response Long-term climate impact on agriculture sector Chronic Physical Risk The long-term shift in weather patterns including changes in season rainfall, heat, change in seasonal average temperatures, may have the impact of increased frequency of drought, crop failure, lower crop and livestock yields, food shortages and impacts on food security. Potential impacts on the Group include: • Lower labour demand • Reduced client activity • Reduced workforce deployment and availability • Increased volatility in regional markets The Board recognises the inherent risk of climate-related matters in the supply of labour to the Food and Agriculture sector. Management actively monitors this impact through monitoring key performance indicators, sales, financial performance and monitoring external agricultural climate indicators such as crop and livestock production. The Food and Agriculture division is an important factor into the economy, providing critical labour into food security. The Board does not intend to reduce its involvement in this vital economic sector in the short term. Over the medium and long-term, it will continue to assess the divisions financial performance and future growth expectations to assess the right strategy for shareholders, candidates and employees.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 20 Potential impact A significant portion of the Group revenue, 51%, is obtained from the Food and Agriculture division and maybe impacted by long-term changes in weather patterns and food production. The quantification of the impact on the financial performance, financial position, cash flows workforce availability and client delivery is difficult to assess given the medium to long-term nature of the emerging impact Risk Summary Strategic Response Financial and operational impacts on clients disrupting services Transition Risk A combination of higher regulation and general transition costs to a lower carbon economy may increase costs of inputs to clients, causing significant financial and operational impact to clients and parts of their value chain. Potential impacts on the Group may include: • Financial failure of some clients • Lower client activity, impacting Group profitability • Transition of clients to new technology The Group has a diversified client base operating in different sectors. Management actively monitors the operational, economic and financial performance of these sectors to determine any emerging risks and impacts. It is expected that over the long-term labour will be transferable to other emerging key industries. Potential Impact The magnitude of the financial effects is subject to significant measurement uncertainty, with the uncertainty increasing over the expected time horizon and the offsetting impacts that may occur. Opportunities Opportunity Summary Strategic Response Growth of investment in renewable energy and renewable infrastructure Transition Opportunity The transition of the economy and active management of climate- related risks may increase investment into renewable infrastructure construction, provide higher remuneration for key project management and construction resources and increased permanent recruitment activity in renewable sectors. Potential impacts for the Group may include increased demand for: • Skilled labour • Construction personnel • Project Services • Technical recruitment services The Group currently has active operations in providing labour and services to the construction, infrastructure and renewable energy sectors. Management will continue to dedicate resources and sales into these areas. The Board and Management will monitor this activity through analysis of financial performance, cash flows and key performance metrics.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 21 Potential Impact The Group will continue to invest acquiring customers in the renewable energy and renewable infrastructure. To date no amounts have been committed for this investment and is expected to be immaterial to the expenditure of the Group. The transition is expected to increase demand for some labour specialisations and activities and thereby is expected to increase financial performance and cash flows. The expected benefit is currently unknown across the short, medium or long term. Opportunity Summary Strategic Response Increase in demand for carbon offset and regeneration services Transition Opportunity The transition of the economy and active management of climate- related risks (physical, financial and reputational) may increase the demand for carbon offset and regeneration services. Potential impacts for the Group may include increased demand for its Timberwolf services such as: • Tree planting • Regeneration services • Carbon offset support The Board and management continue to see the economic value and future growth potential of the Timberwolf division. The Group intend to continue to invest in the brands future growth. The Board and Management will monitor this activity through analysis of financial performance, cash flows and key performance metrics. Potential Impact The Group will continue to invest acquiring customers in Timberwolf. To date no amounts have been committed for this investment and is expected to be immaterial to the expenditure of the Group. The transition is expected to increase demand for its services and therefore increase financial performance, cash flows and reputation. The expected benefit is currently unknown across the short, medium or long term. THE EFFECTS OF CLIMATE-RELATED RISKS AND OPPORTUNITIES ON GROUP STRATEGY AND DECISION MAKING The Board and Management both understand that the changing environment will bring about emerging climate related transition and physical risks and opportunities for the Group. The Group continues to be focussed on its primary business activity of the provision of staffing, business services and operational services. Business opportunity exists in providing support, including specialist labour into construction and infrastructure in the short term . The Board considers these climate related opportunities, together with present non- climate opportunities as a key factor in maintaining the current group strategy of growth in the infrastructure and construction sectors . While the medium and long-term impacts of climate related conditions will take some time to emerge, they are likely to have most impact on the Food and Agriculture division. The Food and Agriculture division is an important factor into the economy, providing critical labour into food security . The Board does not intend to reduce its involvement in this vital economic sector in the short term. Over the long term it will continue to assess the divisions financial performance and growth expectations to assess the right strategy for shareholders, candidates and employees. Management approach to climate -related decision-making is in the early stages . It will further look to embed climate related decision making in the future into key activities such as client selection, procurement of climate impacted items such as travel, fuel and electricity to ensure that consideration is made to mitigate climate related risks.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 22 THE EFFECTS OF CLIMATE-RELATED RISKS AND OPPORTUNITIES ON OUR FINANCIAL POSITION, FINANCIAL PERFORMANCE AND CASH FLOWS The Group is in the early stages of understanding the anticipated financial effects of climate ‑related risks and opportunities on its financial position, financial performance and cash flows for the current reporting period and the anticipated financial effects that those climate-related risks and opportunities are expected to have over the short , medium and long -term. The intention of the SWG is to develop this understanding and capability and report to the Board on these emerging risks and opportunities on a regular basis. The Group has not provided quantitative information about the current or anticipated financial effects of climate-related risks and opportunities in the reporting period, as those effects are not separately identifiable and the level of measurement uncertainty is too high for quantitative disclosure to be useful. The financial statement line items most likely to be affected, if effects were to crystalise, are revenue and employee/operating expenses. The Group has not quantified the effect as the impact is not yet known. . CLIMATE RESILIENCE AND SCENARIO ANALYSIS The Group will establish a framework for future climate‑related scenario analysis and a basis for testing the resilience of its strategy and operations under a range of plausible climate futures. These insights are intended be used to strengthen governance, planning and decision making by: • embedding scenario analysis outcomes in the Enterprise Risk Management Framework, ensuring climate considerations are incorporated into risk assessment, business continuity planning and investment decisions; • identifying physical risk exposures that inform site-selection, lease‑renewal and insurance decisions, as well as engagement with landlords on asset‑level resilience measures; and • consideration of changes to the business operations, including potential investment in new areas or service. This analysis is expected to evaluate identified climate -related risks and opportunities over the short, medium, and long term. To capture the full range of possible climate outcomes, two distinct climate pathways shall be modelled: a 1.5°C scenario (as required) and a 3°C scenario, the latter to test the physical impacts of extreme warming on the Group’s operations. Low emissions scenario (1.5°C): This scenario will assume a global pathway consistent with the Paris Agreement. Significant deployment of zero - and negative- emission technologies enables net -zero CO₂ emissions by 2050. It is further assumed that governments worldwide implement stringent, coherent climate p olicies, bolstered by rapid policy commitments and early investments in renewable energy infrastructure. This scenario primarily evaluates risks and opportunities under accelerated global decarbonisation: transition risks are elevated due to the rapid pace of policy changes and shifts in consumer behaviour, while physical risks (such as extreme weather events) remain present. The 1.5°C scenario is informed by climate pathways including IPCC SSP1-1.9 and the IEA Net Zero 2050. High emissions scenario (3°C) This scenario reflects minimal global action to curb GHG emissions, resulting in limited mitigation efforts and weak policy intervention. It assumes continued heavy reliance on fossil fuels and rising energy demand, leading to significantly higher atmospheric GHG concentrations by 2100. Governments’ responses in this scenario are slow or absent, and climate adaptation measures are largely halted, resulting in a high-warming outcome with a greater frequency and severity of physical events. This pathway focuses on assessing the Group’s resilience to pronounced acute and chronic physical risks: extreme weather events become more frequent and severe, and the potential breaching of global climate tipping points could have significant impacts on operations. In thi s high -emissions future, transition risks are minimal (given the lack of transformative policy or market shifts), but the physical risks are substantial and
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 23 could have severe implications for both local and global economies. The analysis uses the IPCC’s SSP5 - 8.5 scenario (the standard high- emissions reference case) to represent the 3°C pathway, as it currently provides the benchmark for extreme warming conditi ons. Overall, this scenario analysis will provide critical insight into the Group’s risk profile under vastly different climate futures, highlighting where the organisation may face heightened risk or find opportunities, and informing strategic resilience planning accordingly. ANALYSIS OF PHYSICAL RISKS Based upon prior historical outcomes and potential risks, the physical risk analysis shall be focused on two key identified physical risks: 1. Disruption from extreme weather and climate factors (acute physical risk); and 2. Long-term climate impact on agriculture sector (chronic physical risk). The physical risk assessment shall use a targeted approach, focusing on the regions that contribute most to the Group’s financial performance and are most exposed to acute and chronic physical climate risks (based on current and historical data). For each of these key regions, the assessment shall evaluate the likelihood and severity of potential climate -related events under both scenarios, providing an overview of their potential impact across financial performance, cash flows, workforce availability, client service delivery and reputation. ASSESSMENT OF CLIMATE RESILIANCE The Group has used the basis of the sustainability specific risk analysis under the documented scenarios, to assess its climate resilience. The medium to long -term impacts under both the low emissions and high emissions scenarios, on acute weather events and the long-term impact on the agriculture sector remain highly unknown. The long-term impact of a high emissions scenario may have on the agriculture sector may be significant to the economy and to the services that the Group provides , although remains unclear. As the Group’s business model is to facilitate labour into employment, the Group has capability to transition its staff , assets and activities to other sectors. While the impacts are expected to emerge over the medium to long -term, the Board will continue to monitor its impact and possible change to its business model and operations for the emerging risk. It is accepted that some climate related risk is present across the business, its value chain, key suppliers, clients and candidates. Given the uncertainty of measurement and its separately identifiable impacts the ability to outline responses is difficult. The Group will continue to monitor the emergence of this risk and respond appropriately .
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PeopleIN Limited and its controlled entities ACN 615 173 076 Sustainability Report For the year ended 30 June 2026 Page | 24 CLIMATE METRICS AND TARGETS The Group’s gross greenhouse gas emissions for the reporting period are as follows: Risk FY26 - tCO2 Scope 1 Fuel 267.7 Scope 2 Electricity (leased offices) 320.3 Total 588.0 Environmental Activity Trees Planted Total 5,777,911 Scope 1 GHG emissions refer to the direct GHG emissions that occur from sources owned or controlled by the Group and primarily stem from use of fuel and transportation activities. Scope 2 GHG emissions refer to indirect GHG emissions from the generation of electricity acquired and consumed by the Group. The Group’s Scope 2 GHG emissions are measured using the location- based method, which reflects the average emissions factors of the electricity grids on which the Group consumes electricity. The Group does not currently measure Scope 3 emissions. METHODOLOGY FOR THE CALCULATION OF GHG EMISSIONS For the calculation of the Scope 1 and 2 emissions, e xternal data is sourced from fuel companies, travel providers and electricity distributors to verify usage or the CO 2 emissions provided in its service. Where actual CO 2 usage is not provided by the supplier, the Group follows the guidelines and methodologies contained in the GHG Protocol: Corporate Standard Reporting Standard (2004) and the Australian Government National Greenhouse Accounts (NGA) Factors. The Group does not apply internal carbon pricing in decision making. OTHER METRICS USED A division of the Group’s business operations provides a service to clients in planting trees and regeneration activities. The Group does not claim offsets for these activities, although remains an integral part of the Group’s climate-related activities and opportunities. CLIMATE RELATED TARGETS The Board has determined that no climate- related targets be set. The Board will continue to review its targets in line with stakeholder engagement. The Group has determined that capital deployment relating to climate- related risks and opportunities, including capital expenditure, financing and investment activity, is not currently material and is not forecast to be material over the assessed planning horizon.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 25 LETTER FROM THE CHAIR OF THE NOMINATION AND REMUNERATION COMMITTEE Dear Fellow Shareholders, On behalf of the Board, I am pleased to present our 2026 Remuneration Report. It outlines the remuneration for PeopleIN Key Management Personnel (KMP) for the financial year ending 30 June 2026 and should be read in conjunction with the information provided on our financial results and the continued execution of our business strategy as detailed in this report. ORGANISATIONAL REVIEW PeopleIN has significantly transformed and improved the Group during FY26, ensuring that the business is well positioned to capitalise on the future growth opportunities in the labour market. The strategic decision to divest Techforce and the Health and Community division, and the acquisition of Infrawork (New Zealand) is a direct outcome of the Board and management’s focus on ensuring the Group maximises shareholder value and resilience for the long -term. BOARD AND EXECUTIVE CHANGES In April 2026, Managing Director and CEO, Ross Thompson resigned from the Board and role of CEO. Ross proved himself to be an exceptional leader, helping to transform the business across all areas of people, technology and strategy. The Board thanks Ross for his leadership and future endeavours. In line with the Boards succession planning, Tom Reardon was appointed Managing Director and CEO in April 2026. Tom was one of the originating founders of the AWX brand and now PeopleIN and is a recognised leader in the workforce management and recruitment industry in Australia and New Zealand. REMUNERATION AND FY26 OUTCOMES The Board is committed to ensuring that there is a very clear link between performance and reward through its Key Management Personnel (KMP) remuneration framework. This framework is designed to drive balanced financial and non -financial performance outcom es, creating both short -term and long -term shareholder value. In reviewing remuneration outcomes, the committee considered the rising cost of living, salary benchmarks for similar scale organisations and the Group ’s financial performance. The key remuneration decisions made during the year are shown below, with full details provided within this report: • Base salaries are reviewed in June of each year and take effect from 1 July. Base salaries for all KMP were increased after considering wage inflation, changes to role scope and in line with other equivalent roles in other organisations. • The Board increased the ‘at risk’ portion of Managing Director and Group CEO, Ross Thompson compensation to 50% of STI and 50% of LTI, in line with other Executive Director roles in the Group. • The Board reviewed the outcome of the FY26 performance of the business against the internal profitability, cash flow targets and agreed non-financial measures. Management have been successful in transforming the Group and improving the financial performance of the business . As a result, the Board approved the payment of STI being paid to KMP for the first time since 2023. • The Board reviewed the performance and outcomes of the outgoing Managing Director, Ross Thompson up until the time of his resignation. The Board considered the Group financial performance, cash flow, strategic objectives achieved and the smooth transfer to the new Managing Director, Tom Reardon. After careful consideration, t he Board approved ‘Good Leaver’ status be applied to Ross. Under STI rules, Ross was eligible for a pro-rata STI payment in consideration of his FY26 performance. • All KMP were granted rights under the 2024 Performance Rights Plan Rules in FY26 to align Executive and shareholder interests. LTI grants are subject to 3-year vesting period and performance conditions aligned to a 10% CAGR in both EPS and TSR over the measurement period.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 26 DIRECTOR FEES The Nomination and Remuneration Committee undert ook an annual review of Non- Executive (NED) fees. No increases have been applied since June 2022. During FY26, the Committee conducted a targeted market benchmarking review in response to shifts in market practice and increasing regulatory and governance requirements. This review identified that fees for Chairs, Committee Chairs and NEDs of comparable companies of similar size and sector were materially higher than those currently paid by the Group. After considering the Group’s financial performance, the time commitment required, and the skills and experience necessary for the role, the Board approved a phased fee increase effective 1 January 2026. On a full ‑year basis, the increase is $58,677. Total Board fees remain within the $500,000 aggregate fee pool previously approved by shareholders. LOOKING AHEAD The Group is entering an exciting period, with labour demands increasing fuelled by construction and infrastructure for Brisbane 2032. This is expected to place increasing demand on our products but also on attracting and retaining the best talent for PeopleIN. The Board are proud of the efforts and contributions of all employees and the leadership of the group. Through a combination of execution of the Groups key strategic objectives, targeted capital deployment and a focus on our people, we are seeing the improvements in financial and operational performance. I would like to acknowledge the contributions of the Board, the Committee members, the Leadership team and all employees for their hard work and dedication across the year. I look forward to seeing many of you at our Annual General Meeting on the 23rd November 2026. Elisabeth Mannes Chair, Nomination and Remuneration Committee
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 27 Remuneration report – audited The remuneration report details the key management personnel remuneration arrangements for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations. KEY MANAGEMENT PERSONNEL Our Remuneration Report provides remuneration information for PeopleIN KMP as set out in the table below: Name Position Term as KMP Non-Executive Directors Glen Richards Non-Executive Director and Chairman Full year Elisabeth Mannes Non-Executive Director Full year Tony Peake Non-Executive Director Full year Vu Tran Non-Executive Director Full year Executive Directors Tom Reardon Executive Director and Divisional Chief Executive Officer (Div CEO) Managing Director and Group Chief Executive Officer (Group CEO) 1 July 2025 to 16 April 2026 Appointed 17 April 2026 Executive KMP Adam Leake Group Chief Financial Officer (Group CFO) Full year Former Executive Directors Ross Thompson Managing Director and Group Chief Executive Officer (Group CEO) Resigned 17 April 2026 REMUNERATION GOVERNANCE The Nomination and Remuneration Committee operates under delegated authority from the PeopleIN Board. It held four meetings during the year. Its responsibilities include: • Reviewing and evaluating market practice and trends in remuneration matters and recommending overall remuneration policy to the Board. • Reviewing and making recommendations to the Board on remuneration for Executives and non- Executive Directors • Reviewing and recommending to the Board the design of all equity based / LTI plans and awards to be made under those plans. • Reviewing and recommending annual targets for short term incentives for executives. The committee seeks external advice as required from specialist remuneration advisors. No external advice was received during the financial year. The Committee however did use publicly available external benchmark reports in determining remuneration outcomes. Further details of the Remuneration Committee’s responsibilities can be found on the INVEST page of PeopleIN’s website under Corporate Governance entitled ‘People Committee Charter’.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 28 OUR REMUNERATION FRAMEWORK PeopleIN Limited has a remuneration policy that ensures executive remuneration is aligned to our values and purpose. Remuneration is designed to reflect individual duties, accountabilities, experience and level of performance; and to be market competitive to attract, retain and motivate our people. The performance of the group is significantly influenced by the quality of our people and the leadership group of our Executive KMP. The remuneration structure is designed to balance fixed pay, STI and LTI to reward capability and experience while providing recognition of high performance and create goal congruence between Directors, executives and shareholders. PeopleIN regularly reviews its overall pay structures to ensure that they support its organisational structure and strategy. PeopleIN is committed to the delivery of fair and equitable reward practices. Fixed Remuneration All KMP receive a base salary (which is based on factors such as, capability, experience and market benchmarking) plus superannuation and other benefits. This is paid in cash throughout the year. KMP receive, at a minimum, the superannuation guarantee contribution required by the government, which was 12.0% during the FY26 period, of the individual’s average weekly ordinary time earnings (AWOTE). Short Term Incentives (STI) STI represents annual incentive payments based upon a balance of individual performance and group financial performance. Payments are in cash and paid as a % of base salary. STI payments are designed to recognise performance in line with or greater than Board approved targets and Key Performance Indicators (KPI’s) set each year by the Board. Feature Approach Performance measure STI outcomes are assessed against internal KPI’s as agreed annually by the Board. KPI’s are agreed with KMP to ensure alignment of strategic priorities and financial performance. KMP shall only be entitled to STI payments when the group achieves 90% of the Group EBITDA target as determined by the Board. After the target is met, performance is assessed on other financial and non- financial KPI’s including operating cash flow, strategic initiatives, growth targets and WHS compliance. Once this universal target is met, each KPI can be achieved independently with a sliding scale applied between a threshold and target (0% to 100%) with a further sliding scale applied between target and a stretch target (100% to 120%). Personal objectives , which represent 30% of the overall target, do not have a stretch target and are capped at 100% This approach enables a KMP to earn up to114% of ‘at risk’ remuneration as a STI, reflecting performance beyond the stretch target set by the Board. Cessation of Employment Unless “Good Leaver” status applied, KMP must be employed and not given notice to resign at the date of payment. Date of payment shall be determined by the Board. In accordance with policy, ‘at risk’ Short Term incentives performance linked compensation is only paid following final approval by the Board.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 29 Long Term Incentives (LTI) All KMP are eligible to receive performance rights subject to the Group’s financial performance and the Board discretion to maximum of defined service agreements. LTI are granted in the form of performance rights and are intended to align the interests of the KMPs with those of the shareholders to generate long term shareholder value. The number of LTI performance right awards to which an Executive KMP is entitled to is an amount calculated using the face value approach, equal to a specified proportion of their base salary, as disclosed, under their Executive Service Agreements. From 1 July 2024 onwards, hurdles are attached to both EPS and TSR CAGR targets over a 3 -year measurement and vesting period. The final amount received by Executives align with the value added to shareholders over the vesting period. Feature Approach Performance measure for grant Granting of performance rights shall be determined by the Board based upon the Group financial performance and Board discretion. Awards to Executive Directors shall be subject to shareholder approval Instrument Each performance right is an entitlement to receive one share. A participant will be allocated a performance right calculated by reference to the amount awarded divided by the VWAP of a share over the preceding twenty days prior to the grant date. Vesting Period of Performance rights Three-year performance period Performance measures and assessment for Vesting Vesting of LTI performance rights is subject to: 50% of rights awards shall vest upon a 10% CAGR of TSR 50% of rights awards shall vest upon a 10% CAGR of EPS Cessation of Employment Where employment ceases and under “Good Leaver” status, the Board shall have discretion to vest part or all performance rights, with or without vesting conditions Change of Control Where a change of control occurs, the vesting conditions attached to any unvested rights cease to apply and if the Board does not exercise its discretion, then the relevant unvested rights automatically lapse on the date the change of control event occurs. Performance rights granted under the arrangement do not carry dividend or voting rights. Each performance right is entitled to be converted into one ordinary share once the interim or final financial report has been disclosed to the public and their values are determined using the Monte Carlo or Black Scholes methodology, depending on whether market conditions are attached to them. In addition, the Board’s remuneration policy prohibits D irectors and KMP from using PeopleIN Limited shares as collateral in any financial transaction, including margin loan arrangements.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 30 OUR EXECUTIVE SERVICE AGREEMENTS The table below sets out the terms and conditions of the employment conditions of Executive KMP: Name Position Notice period Base Salary Max STI % of Base salary Max LTI % of Base salary Executive Director Tom Reardon Group CEO 6 months’ notice $570,000 50% 50% Executive KMP Adam Leake Group CFO 3 months’ notice $410,000 30% 30% Former Executive Director Ross Thompson Group CEO 6 months’ notice $460,000 50% 50% Executive Directors are also entitled to Directors Fees up to $50,000 per annum. The employment terms and conditions of all executives are formalised in contracts of employment. These are continuing contracts, which may be terminated without cause by the employer giving the employee a matched notice period with payments in lieu of notice. On the 17 April 2026, Tom Reardon was appointed Managing Director and Group CEO following the resignation of Ross Thompson. As such Tom Reardon contract as Divisional CEO was in place, including entitlement to STI and LTI, until date of appointment as Managing Director and Group CEO. RELATIONSHIP BETWEEN REMUNERATION POLICY AND COMPANY PERFORMANCE The remuneration policy has been tailored to increase goal congruence between shareholders, directors and executives. To achieve this aim, share based payments are issued to KMP to encourage the alignment of personal and shareholder interests. The Company believes this policy has been effective in increasing shareholder wealth since listing in 2017. The below table shows the gross revenue, profits and dividends for the last five years, the share prices at the end of the respective financial periods and basic and normalised EPS. Normalised EPS is a non- IFRS (and unaudited) measure which has been calculated based on normalised net profit after taxation and before amortisation (NPATA) over weighted average shares for the period. This represents the statutory NPAT adjusted for costs associated with acquisitions, amortisation of software, costs of employee options, fair value measurement in contingent consideration, write- off of historic receivables, intangibles and performance rights and the associated tax deduction of these expenses and amortisation. Normalised EPS is based upon returns for the ongoing operations of the Group to ensure comparability between periods . The Directors believe that this is a useful measure for investors to understand the Group results and show the Groups’ base underlying earnings. Following from this, one of the key performance conditions chosen for KMP LTIs is EPS CAGR based on normalised NPATA. Total Shareholder Return (TSR) is another measure used by the Board in assessing the increase in value to shareholders. TSR is calculated as the percentage increase in shareholder value including dividends received and increase in share price during the period. The business has faced significant eco nomic headwinds and a challenging regulatory environment since its peak trading period from FY22 to FY24. The Group has responded to these challenges through improving the cost base of the Group, deploying new technology to drive efficiency and innovation together with an emphasis on data driven decisions across sales and operations. Management have focussed on ensuring a stabilised business, improving the Group financial position and ensuring that it can benefit from improved economic conditions. It has achieved this by improving performance in its core Engineering, Trades and Labour division, disposing of low growth assets and
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 31 divisions, recycling capital into higher growth markets and improving core fundamentals across Normalised NPATA and Normalised EPS so that it can return to growth in shareholder returns. The Board is of the opinion that historic results and the way that management has dealt with the more recent challenges are, in part, due to and supported by the previously described remuneration policy and is satisfied that this policy will continue to effectively incentivise management to grow shareholder wealth moving forward. The Board continually assesses the effectiveness of the mix of incentives under the remuneration framework and adjusts as required to ensure that incentives are effectively aligned with the performance of the Group. 30 June 2022 30 June 2023 30 June 2024 30 June 2025 30 June 2026 Group Results (Ongoing Operations) Revenue ($’000) 343,399 783,734 798,621 823,810 788.655 Net profit/(loss) after tax ($’000) 4,209 5,018 8,738 (16,530) (9,961) Normalised NPATA 1 17,478 22,617 8,857 6,693 8,695 Basic EPS (cents) 4.43 4.98 8.45 (15.64) (9.37) Normalised NPATA per share1 (cents) 18.40 22.45 8.30 6.33 8.18 Capital Management Dividends paid ($’000) 11,857 13,615 10,317 - - Share price at year-end ($) 2.89 2.35 0.81 0.74 0.69 Total Shareholder Return (TSR) % (34.3%) (14.0%) (61.3%) (9.3%) (6.1%) 1 This is an unaudited non-IFRS measure. FY26 PERFORMANCE AND REMUNERATION OUTCOMES The performance across the Group during FY26 reflects the underlying economic conditions and decisions made to deliver a stronger long-term business. In aligning performance to long-term goals, the Board have set KPI’s for each executive. The results of the STI and the LTI granted reflects the overall performance of the business in each strategic performance objectives. EXECUTIVE FIXED PAY OUTCOMES Notwithstanding higher cost of living pressures, the Board have balanced these together with the performance of the group and market conditions to determine the fixed pay outcomes of executives. Name Position Fixed Salary (incl Director Fees) Date of last change Executive Directors Tom Reardon MD and CEO $620,000 April 2026 Executive KMP Adam Leake Group CFO $410,000 July 2025 Former Executive Directors Ross Thompson MD and CEO $510,000 July 2025 Executive fixed pay was reviewed during the year by the Remuneration and Nominations Committee and then approved by the Board. This review considered wage inflation, changes to role scope following restructures and external benchmarks with other equivalent roles in comparable organisation.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 32 In July 2025, Tom Reardon in his role as Divisional CEO, fixed pay was increased to $470,000 including Directors fees. This contract remained in place until his appointment as Managing Director and CEO on 17 April 2026 at which a new contract and associated remuneration arrangements were established . FY26 STI GRANT OUTCOMES The following table outlines performance against the Board agreed scorecard for Executive KMP in FY26: Key Performance Indicator Executive Weighting Target Below target Above Target FY26 Outcome Normalised Group EBITDA Group CEO Group CFO Div CEO 35% 35% 10% Achieve Budget < 90% of budget >110% of budget At target Group Operating Cash Flow Group CEO Group CFO Div CEO 35% 35% 10% Achieve Budget < 90% of budget >110% of budget Above target Divisional EBITDA Div CEO 25% Achieve Budget < 90% of budget >110% of budget Above target Divisional Operating Cash Flow Div CEO 25% Achieve Budget < 90% of budget >110% of budget Above target Board defined individual objectives Group CEO Group CFO Div CEO 30% 30% 30% Achieve target As defined by the Board At target Remuneration outcomes for FY26 directly reflect the financial performance of the business and achievement of objectives that support long-term objectives and compliance activities. The table below shows the STI outcomes for each KMP as approved by the Board, based upon recommendations by the Remuneration Committee. Executive KMP Total STI Award $ At target STI Opportunity $ STI Maximum % Awarded % Forfeited % Tom Reardon $251,436 $229,231 114% 109% - Adam Leake $129,142 $123,000 114% 105% - Ross Thompson $197,165 $187,788 114% 105% - In July 2025, the Remuneration Committee approved the payment of a one-off discretionary bonus to Tom Reardon of $50,000, paid in cash, in recognition of his expanded role in FY25 and FY26 across Engineering Trades and Labour and across the Food and Agriculture division.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 33 FY26 LTI GRANTS Subject to shareholder approvals and as determined by the Board, KMP are awarded LTI performance rights subject to the Groups financial performance and the individual KMP performance. Grants are made to the maximum of contracted service agreements with the KMP. The following grants were made during the year. Executive KMP Total LTI Granted $ LTI Performance Rights Granted # Share Price at Grant $ Awarded % Forfeited % Tom Reardon $210,000 100% - 272,727 0.80 Adam Leake $123,000 100% - 159,740 0.80 Ross Thompson $232,500 100% - 301,948 0.80 While the award of LTI performance rights reflects the performance of the Executive KMP during the period, they may not reflect what the KMP may actually receive or became entitled to during the year due to the vesting conditions that are attached. The amount that will ultimately vest from each award will not be determined until the end of the 3-year vesting period. LEGACY LTI PLANS VESTING DURING THE PERIOD During the year the following performance rights vested to KMP from legacy LTI plans. Grant Date No of Rights Vesting % Vested % Forfeited Ross Thompson Tranche 69 31/10/2022 50,000 - 100% Tranche 85 31/08/2023 100,000 - 100% Tranche 103 01/10/2025 301,948 - 100% Tom Reardon Tranche 89 30/11/2023 172,414 100% - Vesting of performance rights are subject to performance conditions, including continuous employment, which must be achieved. Performance rights for Ross Thompson were forfeited on resignation from the Group. NON-EXECUTIVE DIRECTORS FEES Non-executive Directors are remunerated by way of cash fees. The level of Directors fees reflects their time commitment and responsibilities in accordance with market standards. Non- executive Directors do not receive any performance- based remuneration or equity -based remuneration and are not entitled to any termination payments on ceasing to be a Director. The Nomination and Remuneration Committee undertook an annual review of Non- Executive (NED) fees. No increases have been applied since June 2022. During FY26, the Committee conducted a targeted market benchmarking review in response to shifts in market pra ctice and increasing regulatory and governance requirements. This review identified that fees for Chairs, Committee Chairs and NEDs of comparable companies of similar size and sector were materially higher than those currently paid by the Group. After considering the Group’s financial performance, the time commitment required, and the skills and experience necessary for the role, the Board approved a phased fee increase effective 1 January 2026.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 34 On a full ‑year basis, the increase is $58,677. Total Board fees remain within the $500,000 maximum aggregate fee pool previously approved by shareholders. Details of the fees associated for the non-executive Director roles are shown in the following table: Board and Committee Annual Fees Jul 25 to Dec 25 $ Annual Fees Jan 26 to Jun 26 $ Chair 167,000 180,000 Board Member 80,000 90,000 Chair - Audit and Risk Committee 10,000 18,000 Chair - Nomination and Remuneration Committee 10,000 18,000 All non- executive Directors are members of the Audit and Risk and Nomination and Remuneration Committees.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 35 Remuneration Expense Details for the Year Ended 30 June 2026 The table below sets out the remuneration of PeopleIN Directors and Executive KMP relating to the period. All amounts have been calculated in accordance with Australian Accounting Standards and may reflect amounts awarded for performance in previous periods, amounts awarded but not yet paid and amounts expensed for LTI performance rights that may not vest in the future to Executive KMP. Short-term Benefits Post- employment Benefits Long-term benefits Equity-settled Share-based Payments Termination Benefits Total Portion of remuneration performance related Salary, Fees and Leave Bonuses Non- monetary Other/Leave Provisions Super- annuation LSL Performance Rights $ $ $ $ $ $ $ $ $ % Directors Glen Richards 2026 173,661 - - - - - - - 173,661 - 2025 167,000 - - - - - - - 167,000 - Vu Tran 2026 85,000 - - - - - - - 85,000 - 2025 90,000 - - - - - - - 90,000 - Elisabeth Mannes 2026 99,000 - - - - - - - 99,000 - 2025 89,167 - - - - - - - 89,167 - Tony Peake 2026 99,000 - - - - - - - 99,000 - 2025 80,000 - - - - - - - 80,000 - Executive Directors Tom Reardon 2026 484,153 301,436 29,030 19,184 30,960 55,145 123,406 - 1,043,314 40.7 2025 450,002 - 29,030 (25,416) 30,077 5,613 199,726 - 689,032 29.0 Executive KMP Adam Leake 2026 409,231 129,142 - 8,150 30,000 18,771 64,199 - 659,493 29.3 2025 414,299 - - 4,496 31,701 1,690 33,044 - 485,230 6.8 Former Executive Directors Ross Thompson 2026 463,013 197,165 - (23,197) 30,000 (11,169) - - 655,812 30.0 2025 495,275 - - (7,424) 31,923 5,258 248,823 - 773,855 32.2 Total KMP 2026 1,813,058 627,743 29,030 4,137 90,960 62,747 187,605 - 2,815,280 28.9 2025 1,785,743 - 29,030 (28,344) 93,701 12,561 481,593 - 2,374,284 20.3
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 36 PERFORMANCE RIGHTS GRANTED AS REMUNERATION Equity based remuneration to executive KMP during the financial year are outlined below: Grant Type Grant Date Share Price at Grant $ Balance at start of year (No) Granted during the year (No) Vested (No) Forfeited (No) Balance at end of the year (No) Tom Reardon Tranche 89 30/11/2023 $1.26 172,414 - 172,414 - - Tranche 103 01/10/2025 $0.80 - 272,727 - - 272,727 Ross Thompson Tranche 69 31/10/2022 $3.28 50,000 - - 50,000 - Tranche 85 31/08/2023 $2.05 100,000 - - 100,000 - Tranche 103 01/10/2025 $0.80 - 301,948 - 301,948 - Adam Leake Tranche 88 30/11/2023 $1.26 51,020 - - - 51,020 Tranche 99 01/10/2024 $0.85 160,000 - - - 160,000 Tranche 102 01/10/2025 $0.80 - 159,740 - - 159,740 Total 533,434 734,415 172,414 451,948 643,487 Performance rights for Ross Thompson were forfeited on resignation from the Group. Performance rights granted that are outstanding at year end may or may not vest based upon the individual conditions of each tranche. Key terms and conditions of each tranche are detailed below: Tranche 88 Tranche 89 Tranche 99 Tranche 102 Tranche 103 Grant Date 30/11/2023 30/11/2023 01/10/2024 01/10/2025 01/10/2025 Vesting end Date 30/11/2026 30/11/2025 01/10/2027 01/10/2028 01/10/2028 Share price at Grant $1.26 $1.26 $0.85 $0.80 $0.80 Option Life 3 years 2 years 3 years 3 years 3 years Fair value at grant date $0.81 $2.32 $0.59 $0.58 $0.58 Exercise Price $0.00 $0.00 $0.00 $0.00 $0.00 Vesting Hurdle 50 % if TSR >10% 50% if EPS >10% None 50 % if TSR >10% 50% if EPS >10% 50 % if TSR >10% 50% if EPS >10% 50 % if TSR >10% 50% if EPS >10% TSR is defined as Total Shareholder Return Compound Annual Growth Rate over the vesting period. EPS is defined as the Normalised Earnings Per Share Compound Annual Growth Rate over the vesting period. The Board has discretion to exclude one-off items and impact of amortisation of acquired intangibles from Earnings calculations. For Performance Rights to vest the KMP must be an employee at the time of vesting.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Remuneration Report For the year ended 30 June 2026 Page | 37 KMP Shareholdings The number of ordinary shares in PeopleIN Limited held by each KMP of the Group during the financial year is as follows: Balance at Beginning of Year Granted as Remuneration during the Year Issued on Exercise of Rights during the Year On market purchases Balance at End of Year Non-Executive Directors Glen Richards 2,318,647 - - - 2,318,647 Vu Tran 120,000 - - - 120,000 Elisabeth Mannes 15,000 - - 13,500 28,500 Tony Peake 100,000 - - 50,000 150,000 Executive Directors Tom Reardon 5,111,156 - 172,414 175,000 5,458,570 Executive KMP Adam Leake 9,335 - - - 9,335 Former Executive Directors Ross Thompson 200,000 - - - 200,000 8,074,138 - 172,414 238,500 8,485,052 Ross Thompson ceased to be KMP on 17 April 2026. The closing balance represents securities held immediately prior to cessation as KMP. Movements after that date are not included. OTHER EQUITY RELATED KMP TRANSACTIONS There have been no other transactions involving equity instruments apart from those described in the tables above relating to options, rights and shareholdings. OTHER TRANSACTIONS WITH KMP AND/OR THEIR RELATED PARTIES A number of key management personnel (KMP), or their related parties, hold Director positions in other entities. From time to time these entities may transact with the Group. The terms and conditions of the transactions with KMP and their related parties are no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to non- key management personnel related entities on an arm’s length basis. From time to time, Directors of the Group, or their related entities, may purchase services from the Group. These purchases are on the same terms and conditions as those entered into by other Group employees or customers and are trivial or domestic in nature. There were no transactions with KMP, Directors and their related parties during the year. END OF AUDITED REMUNERATION REPORT.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 38 Directors’ information The following persons were Directors of PeopleIN Limited during the financial year and up to the date of this report, unless otherwise stated . The skills and experience of the Directors are set out below. This breadth of business, financial, customer and people experience gives the Board the range of skills, knowledge and experience essential to govern the business: Dr Glen Richards Appointed 18 October 2017 Non-Executive Director and Chairman (Independent) Qualifications: B.V.Sc.(Hons), M.Sc., F.A.I.C.D. Interests in Shares: 2,318,647 Glen has over 30 years’ experience across the retail and professional services sectors, with a profound operational track record in scaling fast -growing companies within healthcare, allied health, and food technology. He was the founding Managing Director of Greencross Limited, successfully scaling the business into a leading multi- national veterinary services organization, and co -founded Mammoth Pet Holdings Pty Ltd prior to its merger with Greencross in 2014. An experienced director and corporate advisor, Glen is currently Chairman and Non-Executive Director of Healthia, Naturo Ltd, Stacked Farms Ltd, and Arbor Permanent Owners Pty Ltd, and a Non- Executive Director of Adventure Holdings Australia Pty Ltd. He also actively serves as a shareholder, advisor, and mentor to several innovative technology companies. Directorships of other listed companies in the last 3 years: Healthia Limited – (May 2018 – Dec 2023 ); subsequent to delisting, he continues to serve as Chairman. Dr Vu Tran Appointed 1 July 2022 Non-Executive Director (Independent) Member of the Audit and Risk Committee, Member of the Nominations and Remuneration Committee Qualifications: Bachelor of Medicine/Bachelor of Surgery (MBBS), Fellowship with the Royal Australian College of General Practitioners Interests in Shares: 120,000 Vu was appointed a Non -Executive Director of PeopleIN on 1 July 2022 bringing a wealth of highly complementary experience and entrepreneurial leadership. Vu is the co-founder of Go1 – a venture capital backed e-learning company. With approximately 5 million users worldwide, Go1 is a single online learning solution for organisations and individuals using the world’s most comprehensive online library of learning resources developed by leading learning providers. Vu is a practising GP having worked as a doctor for over 10 years and a member of the Metro South Hospital Board in Queensland. Directorships of other listed companies in the last 3 years: None.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 39 Tom Reardon Appointed 9 January 2017 Managing Director and Group Chief Executive Officer Qualifications: B Bus Interests in Shares: 5,458,570 Interests in Performance Rights and options: 272,727 Tom is an Executive Director of PeopleIN and is Divisional Leader of the Industrial and Specialist Services Division. Tom commenced with AWX in 2003, became a D irector in 2006 and proceeded to significantly grow the business into a leading labour hire and workforce management Group in Australia. He is recognised throughout Australia as a leader in the workforce management sector. Tom has been responsible for major growth and also launched other workforce brands including Mobilise, Tribe, The Recruitment Company and Timberwolf, which have grown to be successful labour hire brands of PeopleIN. Directorships of other listed companies in the last 3 years: None Elisabeth Mannes Appointed 27 November 2023 Non-Executive Director (Independent) Chair of the Nominations and Remuneration Committee, Member of the Audit and Risk Committee Qualifications: BSc (Hons) in Mechanical Engineering and an MBA. Chartered Engineer (CEng) and a Fellow of the UK Institution of Mechanical Engineers (FIMechE). She is also a graduate of the Australian Institute of Company Directors(GAICD) and has attended INSEAD’s Advanced Management Program me. Interests in Shares: 28,500 Elisabeth was appointed a Non- Executive Director of PeopleIN on 27 November 2023. She brings over three decades of international industry experience to PeopleIN , from a career spanning FMCG and Industrial companies in both Australasia and Europe. Lis' career trajectory is marked by significant achievements in business strategy, customer and operational excellence, and risk management. As a previous Executive General Manager of CHEP Australia Limited, part of Brambles Limited, and through her senior executive roles at Pact Group Holdings and George Weston Foods, Lis has demonstrated her ability to navigate complex and evolving customer landscapes , skills that are integral to PeopleIN’s continued success. Directorships of other listed companies in the last 3 years: Quickstep Holdings Limited (ASX: QHL) (from August 2019 to May 2025) Ross Thompson Appointed 28 November 2024, Resigned 17 April 2026 Chief Executive Officer and Managing Director Qualifications: Bachelor of Science from Cranfield University, UK. Commissioned British Army Officer. Ross has led in a wide range of multi -national professional services, sporting and military environments, and built sustainable and profitable operations in Australia, Asia , Africa and the Middle East. Ross commenced with PeopleIN as Chief Executive Officer in October 2021 and was appointed as Managing Director on 28 November 2024 before his resignation on 17 April 2026. Ross previously held executive roles at RPS, Cardno and Abu Dhabi Motorsports Management. In addition to his role at PeopleIN , Ross serves as a Non- Executive Director of Football Queensland, reflecting his commitment to community and leadership beyond the boardroom. Prior to this, he served as a Non- Executive Director of Queensland Rugby Union. Directorships of other listed companies in the last 3 years: None
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 40 Tony Peake OAM Appointed 7 June 2024 Non-Executive Director (Independent) Chair of the Audit and Risk Committee (appointed 22 August 2025) , Member of the Nominations and Remuneration Committee Qualifications: B Bus (Distinction) from RMIT University, Fellow of Chartered Accountants (FCA) and Fellow and Graduate of the Australian Institute of Company Directors (FAICD). Interests in Shares: 150,000 Tony brings over 30 years of Board level experience across various sectors including retail, consumer, education, and government, complementing the PeopleIN board with strong and specialised strategic expertise. Tony’s career includes significant achievements in strategic, commercial, and financial roles. As the Chief Operating Officer of PwC Australia, Tony led the Finance, Technology, Real Estate, Busines s Services, and Procurement functions. His tenure at PwC also included leading audits and financial due diligence for major corporations such as Kmart, Target, Te sco and Nike. Tony’s strategic leadership and governance skills have also been demonstrated through his non- executive directorships including Domino’s Pizza Enterprises, SIS Australia Holdings, Bakers Delight, Greater Western Water, The Australian Ballet, Swimming Australia , Brencorp Properties, Scanlon Capital and as Chair of the Museum of Australian Photography. Directorships of other listed companies in the last 3 years: Domino’s Pizza Enterprises Limited (ASX: DMP) (from May 2021) Company Secretary Jane Prior Appointed 6 April 2021 Company Secretary Qualifications: BA/LLB Jane holds a Bachelor of Laws and Bachelor of Arts from the University of Queensland and is admitted as a solicitor of the Supreme Courts of Queensland and New South Wales. Jane has worked in law firms in Brisbane and London, in house and has been a company secretary of listed and private companies for fifteen years.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Directors’ Report For the year ended 30 June 2026 Page | 41 Directors’ meetings The number of directors’ meetings (including meetings of committees of directors) held during the year and the number of meetings attended by each Director was as follows: Board Meetings Audit and Risk Committee Nomination and Remuneration Committee Held+ Attended Held+ Attended Held+ Attended Glen Richards 12 12 4 4 4 4 Vu Tran 12 11 4 3 4 4 Elisabeth Mannes 12 12 4 4 4 4 Tony Peake 12 12 4 4 4 4 Ross Thompson 10 10 - - - - Tom Reardon 12 12 - - - - + Held and eligible to attend. Auditor’s Independence Declaration A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on page 41 and forms part of this Directors’ Report. Rounding of Amounts The company is of a kind referred to ASIC Legislative Instrument 20 26/183, relating to the ‘rounding off’ of amounts in the directors’ report and financial report. Amounts in the directors’ report and financial report have been rounded off to the nearest thousand dollars in accordance with the instrument. Signed in accordance with the resolution of the Board of Directors. Glen Richards Chairman Dated this 31 st day of August 2026
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Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au Level 18, 360 Queen Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. DECLARATION OF INDEPENDENCE BY N I BATTERS TO THE DIRECTORS OF PEOPLEIN LIMITED As lead auditor for the audit of the financial report of PeopleIN Limited and for the review of the specified sustainability disclosures in the sustainability report for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit and review; and 2. No contraventions of any applicable code of professional conduct in relation to the audit and review. N I Batters Director BDO Audit Pty Ltd Brisbane, 31 August 2026
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 43 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $000 $000 Revenue from contracts with customers 2 788,655 823,810 Other income 3 1,318 905 Employee benefits expense 4 (742,575) (780,265) Occupancy expenses 4 (5,425) (4,337) Depreciation and amortisation expense 4 (12,936) (15,324) Impairment expense 4 (7,655) (4,945) Other expenses 4 (27,820) (31,025) Finance costs 4 (5,035) (6,230) Share of profit of equity-accounted investees, net of tax 52 29 (11,421) (17,382) Income tax benefit (expense) 22 1,461 852 Profit/(loss) from continuing operations (9,960) (16,530) Profit/(loss) from discontinued operations, net of tax 17 (28,930) 4,667 (38,890) (11,863) Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations, net of tax (264) 185 (264) 185 Total comprehensive income for the period (39,154) (11,677) Profit/(loss) for the period is attributable to: Owners of PeopleIN Limited (39,290) (12,765) Non-controlling interests 400 902 (38,890) (11,863) Total comprehensive income for the period is attributable to: Owners of PeopleIN Limited (39,554) (12,579) Non-controlling interests 400 902 (39,154) (11,677) Earnings/(loss) per share from continuing operations attributable to the shareholders of PeopleIN Limited Basic and diluted earnings/(loss) per share (cents per share) 10 (9.37) (15.63) Earnings/(loss) per share attributable to the shareholders of PeopleIN Limited Basic and diluted earnings/(loss) per share (cents per share) 10 (36.96) (12.08) The above Consolidated Statement of Profit or Loss and other Comprehensive Income should be read in conjunction with the accompanying notes.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 44 Consolidated Statement of Financial Position As at 30 June 2026 Note 30 June 2026 30 June 2025 $000 $000 Current assets Cash and cash equivalents 11 35,742 32,830 Trade and other receivables 5 70,208 116,882 Other current assets 5,495 684 Total current assets 111,445 150,396 Non-current assets Trade and other receivables 5 20 46 Financial assets at fair value 14 586 - Property, plant and equipment 7 21,767 24,571 Intangible assets 8 135,952 173,566 Total non-current assets 158,325 198,183 Total assets 269,770 348,579 Current liabilities Trade and other payables 6 46,177 52,171 Contingent consideration 18 5,945 849 Financial liabilities 12 12,546 17,329 Current tax liabilities 22 3,382 1,308 Employee benefits 19 23,646 24,510 Total current liabilities 91,696 96,167 Non-current liabilities Contingent consideration 18 1,399 428 Financial liabilities 12 71,197 94,825 Deferred tax liabilities 22 1,543 4,154 Employee benefits 19 1,298 1,502 Total non-current liabilities 75,437 100,909 Total liabilities 167,133 197,076 Net assets 102,637 151,503 Equity Share capital 9 106,581 112,578 Retained earnings/(Accumulated Losses) (19,542) 19,748 Reserves 15,598 15,262 102,637 147,588 Non-controlling interests - 3,915 Total equity 102,637 151,503 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 45 Consolidated Statement of Cash Flows For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $000 $000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers (GST Inclusive) 1,011,207 1,226,547 Payments to suppliers and employees (GST Inclusive) (989,966) (1,187,890) Interest received 593 384 Finance costs paid (4,719) (6,414) Income taxes paid/(received) (5,921) 2,243 Net cash provided by operating activities 11 11,194 34,870 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 534 66 Purchase of property, plant and equipment (3,476) (1,684) Purchase of intangible assets 8 (479) (525) Payment of contingent consideration for business acquisitions 15 - (3,697) Repayments from related party loans 38 87 Acquisition of subsidiary (net of cash acquired) 16 (18,775) - Proceeds from disposal of subsidiaries (net of cash) 17 37,148 - Dividends received from investments equity accounted 40 - Net cash provided by/(used) in by investing activities 15,030 (5,753) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 9,000 5,333 Repayments of borrowings (20,937) (32,783) Repayments of lease liabilities 11 (4,800) (5,874) Dividends paid (398) (444) Share buy back (5,997) - Net cash provided used in financing activities (23,132) (33,768) Net change in cash and cash equivalents held 3,092 (4,651) Effects of foreign exchange on cash (180) 192 Cash and cash equivalents at beginning of financial period 32,830 37,289 Cash and cash equivalents at end of financial period 11 35,742 32,830 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 46 Consolidated Statement of Changes in Equity For the year ended 30 June 2026 Share capital Retained earnings (accumulated losses) Share option reserve Foreign currency reserve Other reserves Total Non- controlling interests Total Equity $000 $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2024 109,362 32,513 14,566 134 - 156,575 3,457 160,032 Profit/(loss) for the period - (12,765) - - - (12,765) 902 (11,863) Other comprehensive income for the period - - - 185 - 185 - 185 Total comprehensive loss for the period - (12,765) - 185 - (12,579) 902 (11,677) Transactions with owners, in their capacity as owners Dividends paid - - - - - - (444) (444) Contingent consideration equity settled 3,216 - - - - 3,216 - 3,216 Employee share-based payment options - - 377 - - 377 - 377 3,216 - 377 - - 3,593 (444) 3,149 Balance at 30 June 2025 112,578 19,748 14,943 319 - 147,588 3,915 151,503 Profit/(loss) for the period - (39,290) - - - (39,290) 400 (38,890) Other comprehensive income for the period - - - (264) - (264) - (264) Total comprehensive loss for the period - (39,290) - (264) - (39,554) 400 (39,154) Transactions with owners, in their capacity as owners Dividends paid - - - - - - (398) (398) Share buy back (5,997) - - - - (5,997) - (5,997) NCI on loss of control of subsidiary - - - - - - (3,917) (3,917) Employee share-based payment options - - 600 - - 600 - 600 (5,997) - 600 - - (5,397) (4,315) (9,712) Balance at 30 June 2026 106,581 (19,542) 15,543 55 - 102,637 - 102,637
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 47 Contents of the notes to the consolidated financial statements Contents Basis of Preparation 48 Note 1: Segment Information 48 Note 2: Revenue 53 Note 3: Other Income 53 Note 4: Expenses 53 Note 5: Trade and other receivables 54 Note 6: Trade and other payables 54 Note 7: Property, plant and equipment 55 Note 8: Intangible assets 57 Note 9: Equity 61 Note 10: Earnings per share 62 Cash and Risk Management 63 Note 11: Cash and cash equivalents. 63 Note 12: Borrowings 64 Note 13: Dividends 65 Note 14: Financial Risk Management 66 Note 15: Fair value measurement 69 Other Information 71 Note 16: Acquisitions 71 Note 17: Discontinued operations 72 Note 18: Contingent Consideration 74 Note 19: Employee benefits 74 Note 20: Share-based payments 75 Note 21: Leases 78 Note 22: Income taxes 78 Note 23: Related party transactions 82 Note 24: Auditor’s Remuneration 83 Note 25: Events arising since the end of the reporting period 83 Group Structure 84 Note 26: Interests in other entities 84 Note 27: Parent entity information 85 Note 28: Deed of cross guarantee 86 Note 29: Summary of Material Accounting Policies 88 Note 30: Standards issued by not yet effective 97 Consolidated entity disclosure statement 98
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 48 Basis of Preparation The consolidated financial statements of PeopleIN Limited and its subsidiaries (collectively, the Group) for the year ended 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 31 August 2026. PeopleIN Limited (the Company or the parent) is a limited company incorporated and domiciled in Australia and whose shares are publicly traded. The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. The consolidated financial statements comply with International Financial Reporting Standards adopted by the International Accounting Standards Board. The consolidated financial statements have been prepared on a historical cost basis, except for contingent consideration and derivative financial instruments that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The financial report is presented in Australian dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated under the option available to the company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 20 26/183. The Company is an entity to which this legislative instrument applies. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. Key judgements and estimates In the process of applying the Group ’s accounting policies, management has made a number of judgements and applied estimates of future events. Judgements and estimates which are material to the financial report are found in the following notes: Note 8: Intangible assets Page 57 Note 16: Acquisitions Page 71 Note 18: Contingent consideration Page 74 Note 20: Share based payments Page 75 Note 1: Segment Information For management purposes, the Group is organised into business units based on its key industry expertise and has three reportable segments, as follows: • Engineering, Trades and Labour, which provides staffing and services to industrial, manufacturing and other specialist trade services; • Food and Agriculture, providing staffing and recruitment to meat processing and agricultural sector; and • Professional services, supplying staffing and recruitment in qualified professional activities across finance, operations, legal and information technology. Following the disposal of the Health and Community division, the Group separated the Food and Agriculture division from the Engineering, Trades and Labour segment due to its size of the segment and the distinct customers and operations. The comparative segment information has been restated to be in line with current year presentation of segments.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 49 Note 1: Segment Information (cont.) 30 June 2026 $’000 Engineering Trades and Labour Food and Agriculture Professional Services Eliminations Unallocated Continuing operations Discontinued operations Consolidated Revenue Revenue with external customers 309,377 382,004 97,553 (279) 788,655 124,074 912,729 Inter-segment revenue 317 (809) (429) 921 - - - Total Revenue 309,694 381,195 97,124 642 788,655 124,074 912,729 Income/(expenses) Employee benefits expense (286,129) (361,797) (87,300) (7,350) (742,575) (115,679) (858,255) Occupancy expenses (955) (4,078) (151) (241) (5,425) (109) (5,534) Other expenses (16,584) 809 (1,693) (10,061) (27,529) 3,601 (23,929) Share of profit of equity accounted investments, net of tax 52 - - - 52 - 52 Depreciation and amortisation (2,252) (225) (1,017) (9,443) (12,936) (632) (13,568) Finance costs (66) 187 (119) (5,037) (5,035) (431) (5,466) Other material items - Transaction/restructure costs (41) (105) (6) (1,844) (1,996) (160) (2,155) - Share based payments expense - - - (522) (522) - (522) - Historic PALM candidate write-off (426) (7,229) - - (7,655) - (7,655) - Payroll tax reassessment - (2,242) - - (2,242) - (2,242) Segment profit/(loss) before tax 3,294 6,515 6,838 (33,855) (17,209) 10,663 (6,545) Intra Segment expenses 6,483 (12) 646 (1,330) 5,787 (5,787) - Loss on disposal discontinued ops - - - - - (29,964) (29,964) Profit / (Loss) before Tax 9,777 6,503 7,484 (35,185) (11,421) (25,088) (36,509) Income tax (expense)/benefit 1,461 (3,842) (2,381) Statutory Profit/(loss) after tax (38,890) Total Assets 73,559 62,876 38,220 95,115 269,770 - 269,770 Total Liabilities 29,237 33,864 7,677 96,355 167,133 - 167,133 Capital Expenditure 894 1,654 - 423 2,970 21 2,991
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 50 Note 1: Segment Information (cont.) 30 June 2025 $’000 Engineering Trades and Labour Food and Agriculture Professional Services Eliminations Unallocated Continuing operations Discontinued operations Consolidated Revenue Revenue with external customers 278,096 439,071 106,744 (101) 823,810 274,198 1,098,008 Inter-segment revenue - 275 81 (464) (108) 108 - Total Revenue 278,096 439,346 106,825 (565) 823,702 274,306 1,098,008 Income/(expenses) Employee benefits expense (261,924) (413,660) (95,740) (8,941) (780,265) (254,394) (1,034,660) Occupancy expenses (556) (3,470) (156) (155) (4,337) (300) (4,637) Other expenses (8,456) 3,641 3,374 (24,004) (25,445) 870 (24,575) Share of profit of equity accounted investments, net of tax 29 - - - 29 - 29 Depreciation and amortisation (2,315) (425) (1,224) (11,360) (15,324) (1,825) (17,149) Finance costs (207) 54 (164) (5,912) (6,230) (1,064) (7,293) Other material items - Impairment expense – brand names - - (514) - (514) (806) (1,320) - Impairment expense – goodwill - - (4,431) (4,431) (4,181) (8,612) - Project Unite expenses - - - (2,286) (2,286) (474) (2,761) - Transaction/restructure costs (163) (117) (392) (78) (750) (596) (1,346) - Share based payments expense - - - (387) (387) - (387) - Fair value consideration - (6,130) - - (6,130) - (6,130) Segment profit/(loss) before tax 4,504 19,238 7,577 (53,688) (22,368) 11,537 (10,832) Intra-segment expenses - (6,129) (4,945) 16,061 4,987 (4,987) - Profit/(loss) before tax 4,504 13,109 2,632 (37,627) (17,381) 6,550 (10,832) Income tax (expense)/benefit 852 (1,883) (1,031) Statutory Profit/(loss) after tax (11,863) Total Assets 23,325 58,039 32,447 186,146 299,958 48,621 348,579 Total Liabilities 18,266 35,542 8,615 103,839 166,262 30,814 197,076 Capital Expenditure 1,218 8 4 595 1,824 318 2,142
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 51 Note 1: Segment Information (cont.) The Group’s CEO, who is regarded as the chief operating decision maker, and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is eva luated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. The Group’s financing (including finance costs, finance income and other income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transfer prices between operating segments are on an arm’s -length basis in a manner similar to transactions with third parties. Adjustments and eliminations Finance costs, finance income, other income, and fair value gains and losses on financial assets and contingent consideration are not allocated to individual segments as the underlying instruments are managed on a group basis. Costs associated with head office, Group support and Group IT are not allocated to individual segments as they are managed collectively for the Group . Current taxes, deferred taxes and certain financial assets and liabilities are allocated to the respective segment where they can be exclusively used by that segment in that jurisdiction. Wher e they cannot be separated or set off arrangements exist between segments current taxes, deferred taxes and certain financial assets and liabilities have not been allocated to segments as they are managed on a group basis. Capital expenditure consists of additions of property, plant and equipment, intangible assets including assets from the acquisition of subsidiaries. Inter-segment revenues are eliminated on consolidation Geographical Information The Engineering, Trades and Labour segment is managed on a worldwide basis, but operates offices and activities in Australia and New Zealand. The geographic information analyses the Group’s revenue and non- current assets by the company’s country of domicile and other countries. In presenting the geographic information, segment revenue has been based on the geographic location of customers and segment assets were based on the geographic location of the assets. Revenue by geography 30 June 2026 30 June 2025 $000 $000 Australia 769,165 823,810 New Zealand 19,490 - 788,655 823,810 Non-current assets by geography 30 June 2026 30 June 2025 $000 $000 Australia 120,083 198,183 New Zealand 38,242 - 158,325 198,183
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 52 Major Customer Revenue from one customer amounted to $95,195,804 (2025: $115,471,308) in the Food and Agriculture segment. Reconciliation of assets 30 June 2026 30 June 2025 $000 $000 Segment assets 174,655 113,811 Corporate support division unallocated: Cash and cash equivalents 5,046 2,383 Other receivables 1,135 67 Other assets 2,648 1,970 Property, plant and equipment 9,804 12,010 Intangible assets 134,957 171,982 Eliminated financial assets (58,475) (2,266) Continuing Operations - Total assets 269,770 299,958 Discontinued Operations - 48,621 Total Assets 269,770 348,579 Reconciliation of liabilities 30 June 2026 30 June 2025 $000 $000 Segment liabilities 70,778 62,424 Corporate support division unallocated: Trade and other payables 2,881 2,674 Contingent consideration 5,945 849 Current tax liabilities 3,162 2,302 Employee benefits 821 700 Financial liabilities 78,149 90,013 Deferred tax liabilities 5,397 7,302 Continuing Operations - Total liabilities 167,133 166,262 Discontinued Operations - 30,814 Total Liabilities 167,133 197,076 .
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 53 Note 2: Revenue 30 June 2026 30 June 2025 Revenue from contracts with customers $000 $000 Recognised/measured at a point in time Contract hire revenue 724,973 764,869 Planting revenue 6,441 5,274 Managed services revenue 22,707 23,170 Recruitment revenue 16,701 15,396 Consultancy and other sales revenue 3,329 3,289 774,151 811,998 Recognised over time Project managed services revenue 14,504 11,812 Total revenue from contracts with customers 788,655 823,810 Note 3: Other Income 30 June 2026 30 June 2025 $000 $000 Rental income 289 - Government subsidies 436 674 Interest revenue – third parties 593 231 1,318 905 Note 4: Expenses 30 June 2026 30 June 2025 $000 $000 Employee benefits expense include: Defined contribution superannuation expense 62,275 63,806 Share-based payments expense 522 376 Depreciation and amortisation expense: Depreciation expense - plant and equipment 5,268 5,572 Amortisation expense - intangibles 7,668 9,752 Other expenses include: Impairment expense - receivables (198) 187 Loss on fair value of contingent consideration - 6,130 Net loss on disposal of property, plant and equipment 144 26 Impairment expense include: Historic PALM candidate write-off 7,655 - Impairment expense – brand names - 514 Impairment expense – goodwill - 4,431 Occupancy expenses include: Expenses relating to leases of low-value assets 41 59 Expenses relating to short-term property leases 3,762 2,649 Finance costs include: Interest on lease liabilities 655 716 Interest on borrowing facilities Bank Charges 4,109 271 5,225 289
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 54 Note 5: Trade and other receivables 30 June 2026 30 June 2025 $000 $000 Current Trade receivables 49,697 89,488 Allowance for impairment of receivables (628) (1,281) 49,069 88,207 Contract assets 17,678 19,585 PALM candidate receivables 2,024 8,743 Other debtors 1,437 347 70,208 116,882 Non-Current Other receivables 20 46 20 46 Movement in provision for impairment 2026 2025 $000 $000 Opening balance (1,281) (1,530) Impact due to sale of subsidiary 345 - Impact due to acquisition of subsidiary (45) - Increase/(Decrease) in provision 348 (84) Amounts written off 5 333 Closing balance (628) (1,281) Note 6: Trade and other payables 30 June 2026 30 June 2025 $000 $000 Current Trade payables 33,323 36,734 Accrued expenses 5,666 6,634 GST payable 7,167 8,682 Other payables 21 121 46,177 52,171
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 55 Note 7: Property, plant and equipment 30 June 2026 30 June 2025 $000 $000 Property improvements At cost 2,094 2,328 Accumulated depreciation (1,275) (1,237) 819 1,091 Vehicles At cost 3,552 3,411 Accumulated depreciation (2,242) (2,115) 1,310 1,296 Plant and equipment At cost 5,509 4,790 Accumulated depreciation (3,424) (2,759) 2,085 2,031 Land and Buildings At cost 1,597 - Accumulated depreciation (34) - 1,563 - Office furniture and equipment At cost 4,439 4,504 Accumulated depreciation (3,110) (3,362) 1,329 1,142 Right-of-use asset - equipment Gross value 847 977 Accumulated depreciation (419) (346) 428 631 Right-of-use asset – property Gross value 27,669 32,252 Accumulated depreciation (13,436) (13,872) 14,233 18,380 Total property, plant and equipment 21,767 24,571
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 56 Note 7: Property, plant and equipment (cont.) Movements in carrying amounts 2026 Property improvement Vehicles Plant and equipment Office equipment Land and Buildings Right of use asset - equipment Right of use asset - property Total $000 $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2025 1,091 1,296 2,031 1,142 - 631 18,380 24,571 Lease modifications - - - - - - 10 10 Foreign exchange movements - - - - - - (54) (54) Additions through business combinations 252 335 - 246 - - 692 1,525 Disposals through sale of subsidiaries (229) (7) (37) (102) - - (4,104) (4,479) Additions 54 67 1,223 535 1,597 - 5,061 8,537 Disposals (97) (60) (429) (41) - - (1,826) (2,453) Depreciation expense (252) (321) (703) (451) (34) (203) (3,926) (5,890) Balance at 30 June 2026 819 1,310 2,085 1,329 1,563 428 14,233 21,767 2025 Property improvement Vehicles Plant and equipment Office equipment Land and Buildings Right of use asset - equipment Right of use asset - property Total $000 $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2024 1,406 1,366 1,893 1,437 - 857 19,935 26,894 Lease modifications - - - - - - 780 780 Foreign exchange movements - - - - - - 9 9 Additions 15 310 903 456 - - 2,430 4,114 Disposals (60) (8) (1) (89) - - - (158) Depreciation expense (270) (372) (764) (662) - (226) (4,774) (7,068) Balance at 30 June 2025 1,091 1,296 2,031 1,142 - 631 18,380 24,571
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 57 Note 8: Intangible assets 30 June 2026 30 June 2025 $000 $000 Goodwill – at cost less impairment 108,159 140,787 Brand names – at cost less impairment 15,086 20,547 Customer relationships Cost 47,223 45,737 Accumulated amortisation (35,696) (36,362) 11,527 9,375 Candidate database Cost 6,129 5,789 Accumulated depreciation (5,818) (5,760) 311 29 Website Cost 131 212 Accumulated amortisation (82) (102) 49 110 Software Cost 6,966 11,540 Accumulated amortisation (6,150) (8,839) 816 2,701 Patents and trademarks Cost 18 18 Accumulated amortisation (14) (1) 4 17 Total intangible assets 135,952 173,566
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 58 Note 8: Intangible assets (cont.) Movements in carrying amount. 2026 Goodwill Brand names Customer relationships Candidate database Website Software Patents and trademarks Total $000 $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2025 140,787 20,547 9,375 29 110 2,701 17 173,566 Additions through business combinations 19,985 - 8,660 340 16 - - 29,001 Disposals through sale of subsidiary (52,613) (5,462) (553) - (13) (724) (12) (59,377) Additions - - - - - 479 - 479 Disposals - - - - (64) - - (64) Amortisation expense - - (5,955) (57) - (1,640) (1) (7,653) Balance at 30 June 2026 108,159 15,085 11,527 312 49 816 4 135,952 2025 Goodwill Brand names Customer relationships Candidate database Website Software Patents and trademarks Total $000 $000 $000 $000 $000 $000 $000 $000 Balance at 1 July 2024 149,399 21,866 15,615 779 78 5,962 32 193,731 Additions - - - - 62 463 - 525 Disposals - - - - - (670) (9) (679) Impairment losses (8,612) (1,319) - - - - - (9,931) Amortisation expense - - (6,240) (750) (30) (3,054) (6) (10,080) Balance at 30 June 2025 140,787 20,547 9,375 29 110 2,701 17 173,566
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 59 Note 8: Intangible assets (cont.) Impairment tests for goodwill and brand names For impairment testing, goodwill acquired through business combinations and brand names with indefinite useful lives are allocated to the four -operating CGU’s of Engineering Trades and Labour, New Zealand Construction and Infrastructure, Food and Agriculture and Professional Services. Carrying amount of goodwill and brand names allocated to each CGU: Engineering Trades and Labour New Zealand Construction and Infrastructure Food and Agriculture Professional Services Total 2026 Goodwill ($000) 12,638 19,985 28,391 47,145 108,159 Brand names ($000) 1,351 - 10,942 2,792 15,086 2025 Goodwill ($000) 22,435 - 28,391 47,145 97,971 Brand names ($000) 5,489 - 10,942 2,792 19,223 The Group performed its annual impairment test in June 202 6. The Group considers the relationship between its market capitalisation and its book value, amongst other factors, when reviewing for indicators of impairment. At 30 June 2026 , the market capitalisation of the Group was below the book value of its equity, indicating a potential impairment of goodwill and impairment of the assets of the CGU . Impairment losses The Group has used the Value in Use approach to determining the recoverable amount of assets of the CGU . No impairments have been identified for the financial year. Carrying Value of CGU 30 June 2026 $000 Engineering Trades and Labour New Zealand Construction and Infrastructure Food and Agriculture Professional Services Total Recoverable amount 39,843 34,613 38,521 55,280 168,257 Carrying value of CGU 33,565 19,973 20,534 52,996 127,068 Excess over carrying value 6,278 14,640 17,987 2,284 41,189 Engineering Trades and Labour The recoverable amount of the Engineering Trades and Labour CGU has been determined based upon a value in use calculation using cash flow projections from the current year financial budgets approved by senior management covering a five-year period, after considering expectations on future outcomes , considering past experience, revenue growth, gross margins, inflation and the discount rate. New Zealand Construction and Infrastructure The New Zealand Construction and Infrastructure CGU was established following the acquisition of Infrawork and its subsidiaries in March 2026. The CGU operates primarily in New Zealand and forms part of the Engineering, Trades and Labour segment. The recoverable amount has been determined based upon the current year budgeted EBITDA, expectations on future outcomes, revenue growth, gross margins and the discount rate, over a projected five- year period.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 60 Food and Agriculture During the financial year, the Food and Agriculture segment was separated from the Engineering Trades and Labour segment and established as a separate CGU. This decision was taken as the performance of the CGU is separately assessed and monitored by the Group CEO and Board. The recoverable amount has been determined based upon the current year budgeted EBITDA, expectations on future outcomes, revenue growth, gross margins and the discount rate, over a projected five- year period. Professional Services The Group reviewed the trading of the Professional Services CGU for the year and its expected cash flows . The Group has assessed the recoverable amount based upon the divisions current year budgeted EBITDA , after considering expectations on future outcomes , considering past experience, revenue growth, gross margins , inflation and the discount rate, over a projected five-year period. Key assumptions and judgements The key variables used in determining the recoverable amount are: 2026 Engineering Trades and Labour New Zealand Construction and Infrastructure Food and Agriculture Professional Services Long Term Growth Rate % 2.5% 2.5% 2.5% 2.5% EBITDA Margin % 4.4% 9.8% 3.8% 9.2% Pre-tax discount rate % 15.9% 15.0% 15.1% 15.5% 2025 Long Term Growth Rate % 3.0% - 3.0% 3.0% EBITDA Margin % 4.2% - 6.7% 8.8% Pre-tax discount rate % 13.2% - 14.4% 13.0% The calculation of value in use for all four CGU’s is most sensitive to the following assumptions: • Long Term Growth Rate • EBITDA Margin • Discount Rate Sensitivities The table below outlines the changes in variable that may cause an impairment in the CGU: 2026 Change in assumption required Engineering Trades and Labour New Zealand Construction and Infrastructure Food and Agriculture Professional Services Long Term Growth Rate % (0.7%) (3.3%) (1.5%) (0.2%) EBITDA Margin % (0.5%) (2.2%) (0.6%) (0.3%) Pre-tax discount rate % 2.4% 9.5% 11.5% 0.6% Long Term Growth Rate Rates are based upon historical long term growth averages, indust ry research and long -term rates of inflation . Management recognises that changes in the regulatory environment, economic conditions of the businesses it
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 61 services and changes in economic growth and infrastructure could impact on growth rate assumptions both positively and negatively EBITDA Margin EBITDA margins are based on average values achieved in the last two years and those budgeted . These rates have increased over the prior year for anticipated efficiency improvements since completion of Project Unite. Further, EBITDA margins are influenced by the mix of revenue, particularly high margin permanent recruitment revenue in Professional Services. Discount Rate Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets for those that have not been incorporated in cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group, its operating segments , and is derived from its weighted average cost of capital (WACC) considering both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest -bearing borrowings the Group is obliged to service. Segment -specific risk is incorporated by app lying individual beta factors , evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows to reflect a pre-tax discount rate. Note 9: Equity Share Capital 30 June 2026 30 June 2025 $000 $000 100,665,857 (2025: 108,690,566) fully paid ordinary shares 106,581 112,578 Ordinary shares participate in dividends and the proceeds on winding up of PeopleIN Limited in proportion to the number of shares held. At shareholders meetings, each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value and PeopleIN Limited does not have a limited amount of authorised capital. Movements in ordinary shares 2026 2025 2026 2025 Number Number $000 $000 At the beginning of the period 108,690,566 104,463,349 112,578 109,362 Shares bought back (8,783,795) - (5,997) - Issue of shares on vesting of options and performance rights 759,086 818,327 - - Contingent consideration equity settled - 3,408,890 - 3,216 At reporting date 100,665,857 108,690,566 106,581 112,578 Capital management The capital of the Group is managed to provide capital growth to shareholders and ensure the Group can fund its operations and continue as a going concern. The Group’s capital comprises equity as shown in the Consolidated Statement of Financial Position. There are no externally imposed capital requirements. Management manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in response to changes in these risks and the market. These responses include the management of share issues and debt. There have been no changes in the strategy adopted by management to control the capital of the Group during the reporting period.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 62 Note 10: Earnings per share 30 June 2026 30 June 2025 $000 $000 Profit/(loss) attributable to the shareholders of PeopleIN Limited Continuing operations (9,960) (16,530) Discontinued operations (29,330) 3,765 Profit/(loss) attributable to the shareholders of PeopleIN Limited (39,290) (12,765) 2026 2025 Weighted average number of ordinary shares used in the calculation of basic profit per share 106,288,384 105,706,792 Adjustments for calculation of diluted earnings per share: Options and performance rights - - Weighted average number of ordinary shares used in the calculation of diluted profit per share 106,288,384 105,706,792 The average market value of the Company’s shares for the purpose of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Information concerning the classification of securities Options and performance rights Options and performance rights granted under the PeopleIN Limited Employee Option Plan are potential ordinary shares. They are included in diluted earnings per share where performance conditions (TSR and EPS growth) are met at the reporting date and the impact is dilutive. They are excluded from basic earnings p er share. Further details are disclosed in Note 20.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 63 Cash and Risk Management Note 11: Cash and cash equivalents. 30 June 2026 30 June 2025 $000 $000 Cash at bank 35,742 32,830 35,742 32,830 Cash at bank bear floating interest rates between 0.01% and 2.25% (2025: 0.01% and 3.50%). Cash flow information 2026 2025 $000 $000 (a) Reconciliation of cash flow from operations with profit/(loss) after income tax Profit/(loss) after income tax (38,890) (11,862) Non-cash flows in profit/(loss): Depreciation and amortisation 13,568 17,149 Impairment expense - receivables (5) 84 Net loss on disposal of subsidiaries 29,957 - Net loss on disposal of property, plant and equipment 144 169 Net loss on disposal of intangibles - 601 Impairment expenses - Historic PALM candidate write-off 7,655 - Impairment expenses - intangibles - 9,931 Non-cash interest on lease liabilities 747 879 Fair value adjustment on contingent consideration - 6,130 Share of loss of equity-accounted investees, net of tax (52) (29) Share based payments expense 600 377 Changes in assets and liabilities, net of effects from business acquisitions and disposals: Change in trade and other receivables 7,631 11,456 Change in other assets (8,119) (2,314) Change in trade and other payables 5,475 818 Change in income taxes payable 920 4,343 Change in deferred taxes payable (4,459) (1,068) Change in employee benefits (3,978) (1,794) Net cash provided by operating activities 11,194 34,870 (b) Non-cash financing and investing activities Options and shares issued to employees under the employee options plan and employee share scheme for no cash consideration – see note 20. (c) Payment of contingent consideration for business acquisitions 2026 2025 $000 $000 Cash paid for subsidiaries acquired in prior years Vision Surveys QLD Pty Ltd - (697) Food Industry People Pty Ltd - (3,000) Total cash paid for subsidiaries acquired in prior years - (3,697)
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 64 (d) Cash and Non-Cash Movements in Liabilities arising from Financing Activities The following table reconciles the cash and non-cash movements in liabilities arising from financing activities. Non-cash changes 2025 Net cash flows New leases Other 2026 $000 $000 $000 $000 $000 Borrowings Credit cards 150 (22) - - 128 Working capital facility 50,759 (750) - (11,853) 38,156 Commercial bills 38,000 (11,000) - - 27,000 Asset Finance 281 (165) - - 116 Lease liabilities 22,964 (4,800) 5,310 (5,131) 18,343 112,154 (16,737) 5,310 (16,984) 83,743 Non-cash changes 2024 Net cash flows New leases Other 2025 $000 $000 $000 $000 $000 Borrowings Credit cards 18 132 - - 150 Working capital facility 66,186 (15,427) - - 50,759 Commercial bills 50,000 (12,000) - - 38,000 Asset Finance 437 (156) - - 281 Lease liabilities 24,733 (5,874) 2,430 1,675 22,964 141,374 (33,325) 2,430 1,675 112,154 Note 12: Borrowings Interest Rate Maturity 30 June 2026 30 June 2025 $000 $000 Current Credit cards n/a ongoing 128 150 Asset Finance 6.20% 2027 116 165 Commercial bills 5.20% 2028 8,000 12,000 Lease liabilities 3.62% 2026-2031 4,302 5,014 Total current borrowings 12,546 17,329 Non-current Commercial bills 5.20% 2028 19,000 26,000 Asset Finance - 2027 - 116 Working capital facility 5.06% 2028 38,156 50,759 Lease liabilities 3.62% 2026-2031 14,041 17,950 Total non-current borrowings 71,197 94,825 Total borrowings 83,743 112,154
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 65 Facilities 2026 Available facility Facility used Remaining Facility $000 $000 $000 Credit cards 600 128 472 Asset finance 1,200 116 1,084 Working capital facility 60,000 38,156 21,844 Commercial bills 38,000 27,000 11,000 99,800 65,400 34,400 2025 Available facility $000 Facility used $000 Remaining Facility $000 Credit cards 1,000 150 850 Asset finance 1,200 281 919 Working capital facility 97,000 50,759 46,241 Commercial bills 38,000 38,000 - 137,200 89,190 48,010 Security Lenders of the Working Capital, Commercial Bill and Credit Card Facility hold first registered general security over all assets and undertaking of the Group. Covenants The following covenants are in place for loan facilities: • Bank Interest costs/ Normalised EBITDA for the last 12 months (Interest Cover Ratio) – not less than 3.0 times; • Bank Financial Debt/Normalised EBITDA for last 12 months (Net Debt Ratio) – not greater than 3.0 times Covenants are tested quarterly and were not breached during the reporting period. As all requirements of the lending agreement have been satisfied, loans have classified as non -current at 30 June 2026 because the Group has an existing right to defer settlement of the loan for at least 12 months after the reporting period. Note 13: Dividends Dividends No dividends have been declared or paid during the year (2025: Nil) 2026 2025 $000 $000 Franked dividends Franking credits available for subsequent reporting periods based on a tax rate of 30% 32,079 34,868 The above amounts are calculated from the balance of the franking account as at the end of the reporting period, adjusted for franking credits and debits that will arise from the settlement of liabilities or receivables for income tax and dividends after the end of the year. The consolidated amounts include franking credits that would be available to the parent entity if distributable profits of subsidiaries were paid as dividends.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 66 Note 14: Financial Risk Management (a) General objectives, policies and processes In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements The Group’s financial instruments consist mainly of deposits with banks, trade and other receivables, trade and other payables and borrowings. The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group’s finance function. The Group’s risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the results of the Group where such impac ts may be material. The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility. Further details regarding these policies are set out below. (b) Credit risk Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the Group incurring a financial loss. This usually occurs when debtors fail to settle their obligations owing to the Group. The Group’s objective is to minimise the risk of loss from credit risk exposure. The Group’s maximum exposure to credit risk at the end of the reporting period, without taking into account the value of any collateral or other security, in the event other parties fail to perform their obligations under financial instruments in relation to each class of recognised financial asset at reporting date, is as follows: 30 June 2026 30 June 2025 $000 $000 Cash and cash equivalents 35,742 32,830 Trade and other receivables 70,208 116,882 105,950 149,712 Credit risk is reviewed regularly by the Board through the monthly board reporting. It is the Board’s policy that all financial instruments and deposits of financial assets of the Group shall be limited to regulated Financial Institutions with a Standard and Poor’s (or equivalent) credit rating of A or above. In respect of trade and other receivables, the Group is not exposed to any significant credit risk exposure to any single counterparty or any Group of counterparties having similar characteristics. Trade receivables consist of a large number of customers in various industries and geographical areas. Based on historical information about customer default rates , management consider the credit quality of trade receivables that are past due but not impaired to be good. The carrying amount of receivables whose terms have been renegotiated, that would otherwise be past due or impaired is nil. The Group’s trade receivables and contract assets are subject to the expected credit loss model. The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over the period since the business listed through to 30 June 2026 and the corresponding historical credit loss experienced within this period. The historical loss rates are adjusted to reflect current and forward -looking information on macroeconomic factors affecting the ability of the customers to settle the receivabl es and other
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 67 recoveries available. Based on this assessment, the Group has adjusted expected credit loss rates in line with expectations, noting that no significant macroeconomic factors were identified that would materially impact the recoverability of receivables. On that basis, the loss allowance at 30 June 2026 was determined as follows for trade receivables: Expected loss rate Gross Carrying Amount Loss allowance 30 June 2026 % $000 $000 Not past due - 41,752 - Not more than 6 months past due 7% 7,672 517 More than 6 months but not more than 1 year past due 45% 249 111 More than 1 year past due - - 49,673 628 30 June 2025 Not past due - 86,761 - Not more than 6 months past due 41% 738 301 More than 6 months but not more than 1 year past due 43% 604 261 More than 1 year past due 52% 1,385 719 89,488 1,281 No provision for loss allowance has been raised on the contract assets as this is generally converted to trade receivables within 1-2 weeks of recognition. Standard customer terms range between 7 to 120 days. (c) Liquidity risk Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet financial obligations as they fall due. The object of managing liquidity risk is to ensure, as far as possible, that the Group will always have sufficient liquidity to meets its liabilities when they fall due, under both normal and stressed conditions. Liquidity risk is reviewed regularly by the Board. The Group manages liquidity risk by monitoring forecast cash flows and liquidity ratios such as working capital. The Group’s working capital, being current assets less current liabilities is $ 19.749 million at 30 June 202 6 (2025: $54.229 million). Maturity analysis – Financial liabilities Consolidated Carrying Amount Contractual Cash flows within 1 year 1 – 5 years 5 years + 2026 $000 $000 $000 $000 $000 Trade and other payables 46,177 46,177 46,177 - - Credit cards 127 127 127 - - Contingent consideration 7,344 7,344 5,945 1,399 - Working capital facility 38,156 38,156 - 38,156 - Asset finance 116 116 116 - - Commercial bills 27,000 27,000 8,000 19,000 - Lease liabilities 18,343 19,002 4,052 10,879 4,070 2025 Trade and other payables 52,171 52,171 52,171 - - Credit cards 150 150 150 - - Contingent consideration 1,277 1,277 849 428 - Working capital facility 50,759 55,462 2,570 52,892 - Asset finance 281 298 179 119 - Commercial bills 38,000 41,350 13,725 27,625 - Lease liabilities 22,964 25,277 5,049 13,386 6,841
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 68 (d) Currency risk The Australian dollar (AUD) is the functional currency of the Group. Currency exposures arise from transactions and balances denominated in currencies other than AUD. The Group primarily has foreign currency exposure through its subsidiary, Infrawork Limited (New Zealand) , functional currency NZD The financial results of this entity is translated into AUD for consolidation. Given their relative size within the Group, the resulting currency exposure is not material. (e) Market risk Market risk arises from the use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). The Group purchases foreign exchange options as a hedge against adverse foreign exchange movements in the NZD in comparison to the AUD. As the Group is a buyer of options its maximum loss is strictly limited to the premium paid upfront. The fair value of the options purchased is $585,598. The Group does not have any material exposure to market risk other than as set out below. (f) Interest rate risk Interest rate risk arises principally from cash and cash equivalents and borrowings. The objective of interest rate risk management is to manage and control interest rate risk exposures within acceptable parameters to ensure that significant changes to interest rates do not expose the Group to material impacts to earnings and covenant levels. Management monitors current interest rates monthly and uses other financial instruments including hedging of risk should it be deemed necessary, as approved by the Board, to effectively manage interest rate risk exposures. Interest rate risk is managed with a mixture of fixed and floating rate investments. For further details on interest rate risk refer to the tables below: Consolidated Floating interest rate Fixed interest rate Non-interest bearing Total carrying amount Weighted average effective interest rate 2026 $000 $000 $000 $000 % Financial assets Cash and cash equivalents 35,742 - - 35,742 1.85% Trade and other receivables - - 70,228 70,228 - Financial assets at market value - - 586 586 - Total financial assets 35,742 - 70,814 106,556 Financial liabilities Trade and other payables - - 46,177 46,177 - Credit cards 128 - - 128 - Contingent consideration - - 7,344 7,344 - Working capital facility 38,156 - - 38,156 6.37% Asset finance - 116 - 116 6.20% Commercial bills 27,000 - - 27,000 3.53% Lease liabilities - 18,343 - 18,343 3.62% Total financial liabilities 65,284 18,459 53,521 137,264
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 69 Consolidated Floating interest rate Fixed interest rate Non-interest bearing Total carrying amount Weighted average effective interest rate 2025 $000 $000 $000 $000 % Financial assets Cash and cash equivalents 32,830 - - 32,830 0.57% Trade and other receivables - - 116,928 116,928 n/a Total financial assets 32,830 - 116,928 149,758 Financial liabilities Trade and other payables - - 52,171 52,171 n/a Credit cards 150 - - 150 - Contingent consideration - - 1,277 1,277 n/a Working capital facility 50,759 - - 50,759 6.13% Asset finance - 281 - 281 6.47% Commercial bills 38,000 - - 38,000 5.60% Lease liabilities - 22,964 - 22,964 3.69% Total financial liabilities 88,909 23,245 53,448 165,602 The Group has performed a sensitivity analysis relating to its exposure to interest rate risk. This sensitivity demonstrates the effect on the current year results and equity which could result from a change in these risks. A 1% change in the interest rate would impact the profit or loss by $295,410 (2025: $559,290). (g) Foreign Exchange Risk Foreign exchange risk (FX risk) arises principally from cash and cash equivalents and future payments for deferred consideration. The objective of FX risk management is to manage and control FX risk exposures within acceptable parameters while optimising the return. The Group has cash and cash equivalents in NZD and SGD. Due to the small amount of exposure the impact is not considered material. The foreign exchange risk on future def erred consideration payments are managed through purchased foreign exchange options. These options create a maximum in AUD for deferred consideration, while limiting the maximum possible loss to the premium paid . Foreign exchange options are considered an effective hedge against adverse movements in the NZD compared to the AUD. Note 15: Fair value measurement The fair value of financial assets and liabilities is estimated for recognition, measurement, and disclosure purposes. The Group applies the fair value hierarchy, categorising inputs as follows: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: observable inputs other than quoted prices Level 3: unobservable inputs The carrying amounts of most financial assets and liabilities approximate fair value due to their short -term nature or, for longer-term borrowings, the use of floating interest rates.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 70 Financial assets and liabilities at fair value through the profit and loss 2026 $000 $000 $000 Level 1 Level 2 Level 3 Financial Assets FX options used for hedging - 586 - Financial Liabilities Contingent consideration - - 7,344 Financial assets and liabilities at fair value through the profit and loss 2025 Level 1 Level 2 Level 3 Financial Assets FX options used for hedging - - - Financial Liabilities Contingent consideration - - 1,277 There were no transfers between the levels of fair value hierarchy during the year ended 30 June 202 6. Derivatives are only used for economic hedging purposes and not as speculative investments. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. FX options are valued in accordance with the Level 2 hierarchy as they are based upon observable inputs including strike price, current spot rate, time to maturity, interest rates and volatility. Amounts recognised as Contingent Consideration are valued in accordance with the Level 3 hierarchy as they contain a mix of contracted amounts payable to vendors of previous acquisitions withheld under warranty or payments subject to achieving predetermined earnings targets . The fair value of Contingent Consideration is reassessed annually based upon projected earnings. Amounts payable greater than 12 months from reporting date have been discounted at the risk adjusted discount rate of 6.00% (2025: 5.44%). Changes to the discount rate are not considered material to the valuation of Contingent Consideration. Reconciliation of Level 3 fair value movements Contingent Consideration $000 Opening balance at 1 July 2024 2,060 Payments (3,697) Non-cash settlement (3,216) Recognised in profit or loss 6,130 Closing balance at 30 June 2025 1,277 Contingent consideration on acquisition of subsidiary 6,067 Closing balance at 30 June 2026 7,344 Contingent consideration of $6.067 million has been recognised on the acquisition of Infrawork Holdings. Amounts payable under the acquisition are based upon the subsidiary achieving earnings targets between NZD $6.0 million to $15.0 million. The total amount payable under the deferred consideration cannot exceed NZD $32.0 million.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 71 Other Information Note 16: Acquisitions On 1 March 2026, the Group acquired 100% of the voting shares of Infrawork Holding Limited and its subsidiaries (Infrawork), a non- listed company based in New Zealand , specialising in provi sion of international staffing and services to industrial, manufacturing and other specialist trade services. The acquisition increases the Group access to international markets and candidates that can be offered to clients in the Engineering, Trades and Labour segment. For the four months ended 30 June 2026 , Infrawork contributed revenue of $ 19.490 million and profit after tax of $1.545 million. If the acquisition had occurred on 1 July 2025 , management estimates that consolidated revenue would have been $54.193 million and profit after tax of $2.664 million. Consideration transferred The following table summarises the acquisition date fair value of each major class of consideration transferred: $000 Cash transferred 19,422 Less: cash acquired (647) Acquisition of subsidiary (net of cash received) 18,775 Contingent consideration 6,067 Total consideration transferred 24,842 The Group has agreed to pay the selling shareholders additional consideration annually over the next three years, contingent on the Infrawork Holding Limited EBITDA exceeds increasing targets greater than NZD$6.0 million. The Group has included $6. 067 million as contingent consideration, which represents its fair value at the date of acquisition. Acquisition related costs The Group incurred acquisition-related costs of $0.563 million on legal fees and due diligence costs. These costs have been included in ‘other expenses’. Assets acquired and liabilities assumed The fair values of the identifiable assets and liabilities of Infrawork Holdings Limited as at the date of acquisition were: Fair value recognised on acquisition $000 Trade receivables (net of credit loss) 3,686 Other current assets 1,028 Property, plant and equipment 1,525 Intangibles – website 16 Intangibles – candidate database 340 Intangibles – customer relationships 8,660 Trade payables (1,449) Employee benefits (2,909) Deferred tax liabilities (1,848) Lease liabilities (692) Other current liabilities (3,501) Total identifiable net assets at fair value 4,857
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 72 Goodwill Goodwill arising from the acquisition has been recognised as follows: $000 Consideration transferred 24,842 Fair value of identifiable net assets 4,857 Goodwill 19,985 The goodwill is attributable mainly to the skills and technical talent of Infrawork’s work force and the synergies and cross selling activities expected to be achieved from integrating Infrawork into the Group’s existing business. None of the goodwill recognised is expected to be deductible for tax purposes. Key assumptions and judgements The valuation techniques used for measuring the fair value of material assets acquired were as follows: Assets acquired Valuation technique Property, plant and equipment Market comparison technique and cost technique: The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence. Intangible Assets – customer relationships Multi period Excess Earnings Methodology (MEEM ): The MEEM considers the extended period over which monetary benefits from the intangible asset will be derived. The excess earnings method examines the economic returns contributed by the intangible asset and then isolates the excess return that is attributable to the intangible asset being valued after satisfying the required returns for all tangible and intangible assets. Note 17: Discontinued operations On the 5th December 2025, the Group completed the disposal of its 79.25 % ownership of the Techforce business, for proceeds of $23.5 million. The Techforce business formed part of the Engineering, Trades and Labour segment. On the 31st December 2025, the Group divested its Health and Community division for proceeds of $20.236 million. The transactions resulted in the Group relinquishing control of these operations. As a result, the Techforce and Health and Community operations have been classified as discontinued operations for the period. The results of these businesses, together with the gain or loss on disposal, have been presented separately from continuing operations in accordance with AASB 5. The disposals form part of the Group’s strategy to streamline operations and focus on its core activities.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 73 Results of discontinued operations 30 June 2026 30 June 2025 $000 $000 Revenue 124,165 274,403 Expenses (119,290) (267,853) Profit (loss) before tax from discontinued operations 4,875 6,550 Income tax expense (3,848) (1,883) Profit (loss) of discontinued operations attributable to parent 1,027 4,667 Gain (loss) on sale of the discontinued operation (net of tax) (29,957) - Profit (loss) after tax for the period from discontinued operations (28,930) 4,667 Profit (loss) after tax attributable to: Owners of PeopleIN Limited (29,330) 3,765 Non-controlling interests 400 902 (28,930) 4,667 Cashflows from (used in) discontinued operations Net cash provided by operating activities 1,962 12,148 Net cash used in investing activities (124) (355) Net cash from financing activities (2,677) (6,840) Net cash flows for the period (839) 4,953 Basic and diluted earnings/(loss) per share (cents per share) (27.59) 3.56 Techforce Health and Community Total $000 $000 $000 Effect of disposal on the financial position of the Group Cash and cash equivalents 2,574 3,014 5,588 Trade and other receivables 27,385 9,722 37,107 Other current assets 2,569 740 3,309 Property, plant and equipment 1,830 2,649 4,479 Intangible assets 15,402 43,976 59,378 Trade and other payables (10,455) (6,028) (16,483) Financial liabilities (14,395) (2,527) (16,922) Non-controlling interest (3,917) - (3,917) Tax liabilities 542 (844) (302) Net assets and liabilities 21,535 50,702 72,237 Proceeds from disposal of subsidiaries (net of cash) Cash 22,500 20,236 42,736 Less: cash acquired (2,574) (3,015) (5,588) 19,926 17,221 37,148 Consideration received or receivable Cash 22,500 20,236 42,736 Deferred consideration 1,000 - 1,000 Total disposal consideration 23,500 20,236 43,736 Carrying amount of net assets disposed (21,535) (50,702) (72,237) Loss on disposal of discontinued operations 1,965 (30,466) (28,501) Tax on Disposal of Discontinued operations (1,456) - (1,456) Loss on disposal of discontinued operations (net of tax) 509 (30,466) (29,957)
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 74 Note 18: Contingent Consideration 30 June 2026 30 June 2025 $000 $000 Current Contingent consideration 5,945 849 5,945 849 Non-current Contingent consideration 1,399 428 1,399 428 Total contingent consideration 7,344 1,277 Contingent consideration relates to amounts payable under the purchase contracts should certain conditions be met. Amounts owing are expected to be paid in increments through to 2029. Key assumptions and judgements Contingent consideration has been calculated using the Discounted Cash Flow valuation technique. This approach considers the present value of the expected future payments, adjusted for probability , discounted using a risk - adjusted discount rate. This methodology contains significant unobservable inputs including expected future EBITDA earnings of the Infrawork business. The estimated fair value would increase/(decrease) if: • The expected EBITDA earnings were higher/(lower); or • The risk-adjusted discount rate was lower/(higher). Note 19: Employee benefits 30 June 2026 30 June 2025 $000 $000 Current Annual leave 22,215 22,525 Long service leave 1,431 1,985 23,646 24,510 Non-current Long service leave 1,298 1,502 1,298 1,502
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 75 Note 20: Share-based payments The following share-based payment arrangements existed at 30 June 2026. Shares During the year ended 30 June 202 6, 759,086 (2025: 818,327) shares were issued to directors and employees via the People Infrastructure employee share trust as a result of performance rights achieving their conditions and being eligible for exercising nil shares (202 5: nil) were issued as a result of them exercising their options at $ 4.37. The weighted average shares price at the exercise date was $ 0.77 (2025: $0.99). Options and Performance Rights The following summarised the options and performance rights granted under the plan. 30 June 2026 Performance Rights Options Weighted average exercise price No. No. $ Outstanding at beginning of the period 1,176,293 343,170 0.99 Exercised (759,086) - - Forfeited (710,159) - - Granted 1,888,974 - - Outstanding at year-end 1,596,022 343,170 0.77 Exercisable at year-end 57,951 343,170 30 June 2025 No. No. $ Outstanding at beginning of the period 1,517,768 343,170 0.81 Exercised (818,327) - - Forfeited (146,523) - - Granted 623,375 - - Outstanding at year-end 1,176,293 343,170 0.99 Exercisable at year-end 65,094 343,170 No options or performance rights expired during the periods covered by the above tables. Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the period as a part of employee benefit expenses were as follows: 2026 2025 $000 $000 Options and performance rights issued under employee share plan 600 377 These amounts have been recognised in equity in the Consolidated Statement of Financial Position as follows: 2026 2025 $000 $000 Share based payment reserve 15,543 14,943
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 76 Note 20: Share-based payments (cont.) Options and Performance Rights (cont.) Unissued ordinary shares of PeopleIN Limited under option/performance rights (PR) at the end of the reporting period are: Date granted Vesting date Exercise price of shares Number Number Tranche 30-Jun-26 30-Jun-25 Tranche 4 11-Jun-21 11-Jul-26 $4.37 343,170 343,170 Total Options 343,170 343,170 Tranche 24 11-Jun-21 31-Aug-26 $0.00 - 114,390 Tranche 46 1-Mar-22 1-Mar-25 $0.00 12,691 12,691 Tranche 69 – KMP 31-Oct-22 25-Oct-25 $0.00 - 50,000 Tranche 78 - 84 31-Aug-23 31-Aug-24 $0.00 45,260 45,260 Tranche 85 -KMP 31-Aug-23 31-Aug-26 $0.00 - 100,000 Tranche 88 –KMP 30-Nov-23 30-Nov-26 $0.00 51,020 51,020 Tranche 89 – KMP 30-Nov-23 30-Nov-25 $0.00 - 172,414 Tranche 94 30-Apr-24 30-Apr-25 $0.00 - 7,143 Tranche 95-98 31-Aug-24 $0.00 39,375 463,375 Tranche 99 - KMP 1-Oct-24 30-Sep-27 $0.00 160,000 160,000 Tranche 100 31-Aug-25 31-Aug-26 $0.00 485,079 - Tranche 101 1-Oct-25 30-Sep-28 $0.00 370,130 - Tranche 102-103 – KMP 1-Oct-25 30-Sep-28 $0.00 432,467 - Total performance rights 1,596,022 1,176,293 Total under options and performance rights 1,939,192 1,519,463 Performance rights that have vested, but have not yet been exercised , have been deferred by the holder , as approved by the Board. Holders of performance rights may elect to defer vesting, with Board approval, for a period of up to 15 years. The weighted average remaining contractual life of options and performance rights outstanding at the end of the reporting period is 0.1 year for options and 1.2 years for performance rights (2025: 1.0 years for options and 0.7 years for performance rights).
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 77 Note 20: Share-based payments (cont.) Terms and Conditions of options and performance rights Tranche(s) Type Vesting Period Performance Conditions Employment Condition Tranche 4 Options From grant date to 61 months or cessation Nil Must be employed unless a good leaver Tranche 46 Performance Rights 3 years Nil Must be employed at vesting Tranche 78 – 84 Performance Rights 1 year Nil Must be employed at vesting Tranche 88 Performance Rights 3 years Lot 1 50%: TSR CAGR ≥10% Lot 2 50%: EPS CAGR ≥10% Must be employed at vesting Tranche 95-98 Performance Rights 1 year Nil Must be employed at vesting Tranche 99 - KMP Performance Rights 3 years Lot 1 50%: TSR CAGR ≥10% Lot 2 50%: EPS CAGR ≥10% Must be employed at vesting Tranche 100 Performance Rights 1 year Nil Must be employed at vesting Tranche 101 Performance Rights 3 years Lot 1 50%: TSR CAGR ≥10% Lot 2 50%: EPS CAGR ≥10% Must be employed at vesting Tranche 102-103 - KMP Performance Rights 3 years Lot 1 50%: TSR CAGR ≥10% Lot 2 50%: EPS CAGR ≥10% Must be employed at vesting Fair value of performance rights granted The assessed fair value at granted date of performance rights granted during the year ended 30 June 2026 are disclosed on the following page. The fair value at grant date is independently determined using a Monte Carlo simulation model that takes into account the exercise price, the term of the performance right, the impact of dilution (where material), the share price at grant date and expected price volatility of the underling share, the expected dividend yield, the risk -free interest rate for the term of the option and the correlations and volatilities of the peer group companies. The following principal assumptions were used in the valuation of options and performance rights granted during the year ended 30 June 2026 : Grant date Number of options Vesting period end Share price at grant date Volatility Option life Dividend yield Fair value at grant date Exercise price at grant date Exercisable from Exercisable to Tranche 100 31/08/2025 661,702 31/08/2026 $0.725 n/a 1 year n/a $0.64 $0.00 At end of each vesting period 30 days after the exercise date Tranche 101 01/10/2025 492,857 30/09/2028 $0.795 n/a 3 years n/a $0.58 $0.00 At end of each vesting period 30 days after the exercise date Tranche 102-103 – KMP 01/10/2025 734,415 30/09/2028 $0.795 n/a 3 years n/a $0.58 $0.00 At end of each vesting period 30 days after the exercise date
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 78 Note 21: Leases Short-term and low value asset leases The amount of lease commitments for short -term and low value assets not recognised on statement of financial position: 2026 2025 $000 $000 Low value assets payable: - not later than 12 months - 43 - between 12 months and 5 years - - - 43 Short term property leases payable: - not later than 12 months 20,706 20,202 - between 12 months and 5 years - - 20,706 20,202 Short term property leases have terms of less than 12 months. These relate to temporary accommodation for the FIP Group for visa workers under the Pacific Australia Labour Mobility ( PALM) scheme. Note 22: Income taxes The major components of income tax expense for the periods are: 30 June 2026 30 June 2025 $000 $000 (a) The components of income tax expense comprise: Current tax 6,545 1,308 Deferred tax (3,221) (1,068) Over/(under) provision in respect of prior years 520 791 3,844 1,031 Income tax is attributable to: Continuing operations (1,461) (852) Discontinued operations 5,305 1,883 3,844 1,031
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 79 (b) Reconciliation prima facie income tax on the profit is reconciled to the income tax expense as follows: Prima facie tax expense on loss before income tax at 30% (10,514) (3,520) Tax effect of: - non-deductible entertainment 60 74 - other non-deductible expenses 121 283 - share based payments - (927) - dividend imputation (455) (510) - impairment of intangibles - 2,584 - other non-assessable items (58) (33) - difference in tax rate in other countries (51) 55 - tax losses not recognised 7 73 - fair value of contingent consideration - 1,839 - over/(under) provision in respect of prior years 169 1,113 - transaction/restructure costs 192 - - disposal of discontinued operations 14,373 - Income tax (benefit) / expense attributable to the Group 3,844 1,031 The applicable weighted average effective tax rates are: (11.0%) (8.8%)
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 80 Note 22: Income taxes (cont.) (c) Deferred taxes 2026 Opening Balance $000 Recognised in Profit or loss $000 Recognised on Acquisition $000 Derecognised on Disposal $000 Recognised in Equity $000 Closing Balance $000 Deferred Tax Asset $000 Deferred Tax Liability $000 Provision for doubtful debts 384 (91) - (118) - 175 175 - Provision for long service leave 1,046 146 - (374) - 818 818 - Provision for annual leave 6,783 (492) - (357) - 5,934 5,934 - Accrued expenses 2,624 13 852 (883) - 2,606 2,606 - Blackhole expenses 90 36 - - - 126 126 - Borrowing costs 1 (0) - - - 1 1 - Lease liability 6,890 (560) - (1,326) - 5,004 5,004 - Tax losses not previously recognised 27 20 - - - 47 47 - Accrued income (5,846) 546 - 497 - (4,803) - (4,803) Prepayments (1,486) 156 - 876 - (454) - (454) Equipment leases (242) 142 - - - (100) - (100) Right of use assets (5,515) 507 - 1,231 - (3,777) - (3,777) Share based payments 238 13 - - 15 266 266 - Plant and Equipment (785) 1,042 - (127) - 130 130 - Customer relationships (2,812) 1,787 (2,598) 166 - (3,457) - (3,457) Brand names (6,160) 38 - 1,638 - (4,484) - (4,484) Candidate database 574 (87) (102) - - 385 385 - Equity accounted investments 35 (1) - - - 34 34 - Deferred income - 6 - - - 6 6 - TOTAL (4,154) 3,221 (1,848) 1,223 15 (1,543) 15,532 (17,075)
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 81 Note 22: Income taxes (cont.) 2025 Opening Balance $000 Recognised in Profit or loss $000 Recognised in Equity $000 Closing Balance $000 Deferred Tax Asset $000 Deferred Tax Liability $000 Provision for doubtful debts 459 (75) - 384 384 - Provision for long service leave 941 105 - 1,046 1,046 - Provision for annual leave 7,445 (662) - 6,783 6,783 - Accrued expenses 2,579 45 - 2,624 2,624 - Blackhole expenses 141 (51) - 90 90 - Borrowing costs 7 (6) - 1 1 - Lease liability 7,421 (531) - 6,890 6,890 - Tax losses not previously recognised 25 2 - 27 27 - Accrued income (5,909) 63 - (5,846) - (5,846) Prepayments (1,346) (140) - (1,486) - (1,486) Equipment leases (384) 142 - (242) - (242) Right of use assets (5,981) 466 - (5,515) - (5,515) Share based payments (611) 849 - 238 238 - Plant and Equipment 800 (1,585) - (785) - (785) Customer relationships (4,684) 1,872 - (2,812) - (2,812) Brand names (6,556) 396 - (6,160) - (6,160) Candidate database 420 154 - 574 574 - Workers compensation receivable 44 (9) - 35 35 - Equity accounted investments (33) 33 - - - - TOTAL (5,222) 1,068 - (4,154) 18,692 (22,846) The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Group’s future taxable income against which the deferred tax assets can be utilised.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 82 Note 23: Related party transactions Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Parent entity The parent entity is PeopleIN Limited, which is incorporated in Australia. Subsidiaries and associates Interests in subsidiaries and associates are disclosed in Note 26: Investments in other entities. Key Management Personnel 2026 2025 $ $ Short-term employee benefits (including annual leave accruals) 2,473,968 1,786,429 Long-term employee benefits – long service leave 62,747 12,561 Post-employment benefits – superannuation 90,960 93,701 Share-based payments 187,605 481,593 Termination benefits - - Total key management personnel (KMP) compensation 2,815,280 2,374,284 Detailed remuneration disclosures are provided in the remuneration report on pages 2 5 to 37. The following related party transactions occurred with entities related to the directors: 2026 2025 Shares Purchased – On Market No. No. Directors Glen Richards - 456,511 Vu Tran - 60,000 Elisabeth Mannes 13,500 - Tony Peake 50,000 - Tom Reardon 175,000 300,000 Executives Adam Leake - - Shares Issued – Exercise of Options/Performance Rights Directors Tom Reardon 172,414 32,895 Ross Thompson - 200,000 Options or Performance Rights Issued Directors Tom Reardon 272,727 - Ross Thompson 301,948 - Executives Adam Leake 159,740 160,000 Other Transactions with Key Management Personnel There were no transactions with related parties during the period.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 83 Note 24: Auditor’s Remuneration 2026 2025 $ $ Audit services Amounts paid/payable to BDO for audit or review of the financial statements for the entity or any entity in the Group: - Current year 535,000 522,000 Other assurance services - Long Service Leave Levy Audit 11,330 12,342 Non-audit services Amounts paid/payable to BDO or related entities of BDO for non -audit services performed for the entity or any entity in the Group as follows: - Taxation services - - - Corporate services - - Total BDO Audit Pty Ltd and related entities 546,330 534,342 BDO Network Firms - Overseas subsidiary taxation compliance services 33,321 857 - Overseas subsidiary audit compliance services 34,696 33,321 35,553 579,651 569,895 Note 25: Events arising since the end of the reporting period No other matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 84 Group Structure Note 26: Interests in other entities (a) Material Subsidiaries The group’s principal subsidiaries at 30 June 202 6 are set out below. The subsidiaries listed below 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 Group. The country of incorporation or registration is also their principal place of business. Unless otherwise stated, the principal subsidiaries have 100% ownership of all of their subsidiaries. Name of Subsidiary Country of Incorporation Ownership interest held by the Group Ownership interest held non-controlling interests 2026 2025 2026 2025 AWX Pty Ltd Australia 100% 100% - - Mobilise Group Pty Ltd Australia 100% 100% - - Tribe Workforce Solutions Pty Ltd Australia 100% 100% - - Timberwolf Planting Pty Ltd Australia 100% 100% - - The Recruitment Company Ltd New Zealand 100% 100% - - Infrawork Holding Limited New Zealand 100% - - - Infrawork Limited New Zealand 100% - - - VisaHub Services Limited New Zealand 100% - - - Expect A Star Services Pty Ltd Australia 100% 100% - - Techforce Personnel Pty Ltd Australia - 79.25% - 20.75% Edmen Community Staffing Solutions Pty Ltd Australia - 100% - - NNA Homecare Services Pty Ltd Australia - 100% - - Network Nursing Agency Pty Ltd Australia - 100% - - Victorian Nurse Specialists Pty Ltd Australia - 100% - - Carestaff Nursing Services Pty Ltd Australia - 100% - - First Choice Care Pty Ltd Australia - 100% - - PeopleIN Nursing Pty Ltd Australia - 100% - - Project Partners Corporation Pty Ltd Australia 100% 100% - - Halcyon Knights Pty Ltd Australia 100% 100% - - Halcyon Knights QLD Pty Ltd Australia 100% 100% - - Halycon Knights Commercial Australia 100% 100% - - Halcyon Knights Pte Ltd Singapore 100% 100% - - Illuminate Search and Consulting Pty Ltd Australia 100% 100% - - Vision Surveys (Qld) Australia 100% 100% - - GMT Canberra Pty Ltd Australia 100% 100% - - Perigon Group Pty Ltd Australia 100% 100% - - Revmax Pty Ltd Australia 100% 100% - - Agribusiness Pty Ltd Australia 100% 100% - - Meat Workforce Pty Ltd Australia 100% 100% - - Meat Processors Pty Ltd Australia 100% 100% - - Regional Workforce Management Pty Ltd Australia 100% 100% - - Food Industry People Pty Ltd Australia 100% 100% - - FIP Group Holdings Pty Ltd Australia 100% 100% - -
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 85 Note 27: Parent entity information As at, and throughout, the financial year ended 30 June 202 6 the parent entity of the Group was PeopleIN Limited. The financial information for the parent entity, has been prepared on the same basis as the consolidated financial statements , except for accounting for investments in subsidiaries and any dividends received from subsidiaries. Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the financial statements of the p arent entity. Dividends received from associates are recognised in the parent entity’s profit or loss when its right to receive the dividend is established. 30 June 2026 30 June 2025 $000 $000 Statement of financial position ASSETS Current assets 1,149 2,307 Non-current assets 192,056 147,083 Total assets 193,205 149,390 LIABILITIES Current liabilities 3,221 3,297 Non-current liabilities 683 - Total liabilities 3,904 3,297 EQUITY Issued capital 106,589 112,578 Reserves 15,559 14,944 Retained earnings 67,153 18,571 Total equity 189,301 146,093 2026 $000 2025 $000 Statement of profit or loss and other comprehensive income Other income 48,678 11 Other expenses - (5,162) Share based payments expense (524) (376) Profit before income tax expense 48,154 (5,527) Income tax expense 364 (2,230) Profit for the year 48,518 (7,757) Other comprehensive income - - Total comprehensive income 48,518 (7,757) Guarantees The Parent entity is a party to the Secured Financing Facility entered into with the Group. There are cross guarantees given by PeopleIN Limited and other subsidiaries as described in note 2 8. No deficiencies of assets exist in any of these companies.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 86 Note 28: Deed of cross guarantee PeopleIN Limited and all its wholly owned Australian subsidiaries as listed in note 26, are parties to a deed of cross guarantee under which each Company guarantees the debts of others. The deed was entered into on the 23 June 2017 and the new entities either incorporated or acquired subsequent to that date. During the year, due to the disposal of wholly owned businesses in the Health and Community division , entities left the ‘Closed Group’ through a deed of revocation, as notified to ASIC on 7 th January 2026. Those entities subject to the deed, are wholly owned entities that have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations ( Wholly owned Companies) Instrument 2016/785. (a) Consolidated statement of profit or loss and other comprehensive income and summary of movements in consolidated retained earnings The above companies represent a ‘ Closed Group’ for the purposes of the instrument, and as there are no other parties to the deed of cross guarantee that are controlled by PeopleIN Limited, they also represent the ‘Extended Closed Group’. Set out below is a consolidated statement of profit or loss and other comprehensive income and a summary of movements in consolidated retained earnings for the year ended 30 June 2026 of the Closed Group. 2026 2025 $000 $000 Statement of profit or loss and other comprehensive income Revenue 821,272 943,951 Other income 1,325 1,022 Employee benefits expense (775,597) (891,496) Occupancy expenses (5,355) (4,545) Depreciation and amortisation expense (13,062) (16,308) Other expenses (63,692) (42,995) Finance costs (5,144) (6,186) Share of profit of equity-accounted investees, net of tax 52 29 Profit before income tax expense (40,201) (16,527) Income tax expense 366 772 Profit for the period (39,835) (15,755) Other comprehensive income for the period, net of income tax - - Total comprehensive profit / (loss) for the period (39,835) (15,755) Summary of movements in consolidated retained earnings Retained earnings at the beginning of the financial year 5,795 21,549 Profit for the period (39,835) (15,755) Retained earnings at the end of the financial year (34,040) 5,795
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 87 (b) Consolidated statement of financial position Set out below is a consolidated statement of financial position as at 30 June 2026 of the Closed Group. 30 June 2026 30 June 2025 $000 $000 CURRENT ASSETS Cash and cash equivalents 33,420 28,400 Trade and other receivables 64,885 88,190 Other current assets 4,336 - TOTAL CURRENT ASSETS 102,641 116,590 NON-CURRENT ASSETS Financial assets at market value 586 - Property, plant and equipment 19,310 22,364 Intangible assets 135,936 173,566 TOTAL NON-CURRENT ASSETS 155,832 195,930 TOTAL ASSETS 258,473 312,520 CURRENT LIABILITIES Trade and other payables 42,264 44,873 Contingent consideration 1,277 849 Financial liabilities 12,082 16,556 Current tax liabilities 1,678 2,284 Employee benefits 20,970 23,556 TOTAL CURRENT LIABILITIES 78,271 88,117 NON-CURRENT LIABILITIES Trade and other payables 387 203 Contingent consideration 6,067 428 Financial liabilities 69,946 80,757 Deferred tax liabilities 2,227 4,346 Employee benefits 1,298 1,410 TOTAL NON-CURRENT LIABILITIES 79,925 87,143 TOTAL LIABILITIES 158,196 175,260 NET ASSETS 100,277 137,259 EQUITY Share capital 105,048 112,578 Retained earnings (20,361) 5,795 Reserves 15,590 14,975 100,277 133,345 Non-controlling interest - 3,915 TOTAL EQUITY 100,277 137,259
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 88 Note 29: Summary of Material Accounting Policies (a) Basis of Consolidation Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed, or has the rights, to variable returns from its involvement with the entity and has the ability to affect those returns through i ts power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de- consolidated from the date that control ceases. All intercompany balances and transactions, including unrealised profits arising from intragroup transactions have been eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. The financial statements of subsidiaries are prepared for the same reporting period as the parent, using consistent accounting policies. (b) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non- controlling interest s in the acquiree. Acquisition -related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting d ate with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests). After initial recognition, goodwill is measured at cost less any accumulated impairment los ses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash -generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash- generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. (c) Discontinued operations Discontinued operations are excluded from the results of continuing operations and are prepared as a single amount as profit or loss after tax from discontinued operations in the Consolidated St atement of Profit or Loss and Other Comprehensive Income. Cash flows from discontinued operations are included in the Consolidated Statement of Cash Flows and are disclosed separately in Note 17. The Group includes proceeds from the disposal in the cash flows from discontinued operations. Additional disclosures are provided in Note 17. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 89 (d) Revenue Recognition and measurement The Group is in the business of providing contracted staffing and outsourced human resources services. Services provided by the Group include; recruiting, on- boarding, rostering, timesheet management, payroll, and workplace health and safety management. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. Contract Hire The Group has determined that revenue from the provision of contract hire is to be recognised when the temporary workers are provided to the client and the Group has the right to invoice the client for the workers time. The Group has applied a practical expedient that allows revenue to be recognised when the entity has the right to invoice if the amount invoiced corresponds directly with the performance completed to date. This is the case with contract hire revenue. Other services revenue, including: Planting Similar to contract hire revenue, invoicing of planting revenue reflects the performance completed to date. Once plants have been planted an invoice is issued reflecting that performance obligation. Therefore, the practical expedient has again been applied, and revenue is recognised when the Group has the right to invoice. Managed services As with contract hire, the performance obligations under maintenance contracts are satisfied concurrently with the issuing of the invoice and therefore revenue is recognised at that point in time. Recruitment revenue Performance obligations associated with recruitment revenue are satisfied when an individual is permanently placed with a client. Project managed services The contracts associated with managed services fall into two types of performance obligations, being projects and managed services. With project managed services performance obligations, a continual assessment of the performance obligation is made, and revenue is only recognised at the point when the performance obligation is satisfied. Therefore, there may be a contract asset recognised on the statement of financial position relating to these contracts. Variable consideration and warranties Contracts do not provide for discounts or rebates which give rise to variable consideration. Neither do they contain provision for warranties. Government subsidies Government subsidies are recognised at their fair value where there is reasonable assurance that the subsidy will be received, and the Group will comply with all of the attached conditions. The Group have adopted the gross method of accounting for government subsidies. Therefore, the government subsidies reflected in other revenue is the gross receipts. The expenditure in relation to satisfying the requirements of obtaining these subsidies are included in expenses. Cashflows are reflected in receipts from customers for the monies received from the various government departments and payments to suppliers and employees for the payments to employees.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 90 (e) Expenses Recognition and measurement Post-employment benefits plans The Group provides post-employment benefits through defined contribution plans. Defined contribution plans The Group pays fixed contributions into independent entities in relation to several state plans and insurance for individual employees. The Group has no legal or constructive obligations to pay contributions in addition to its fixed contributions, which a re recognised as an expense in the period that relevant employee services are received. (f) Cash and cash equivalents Recognition and measurement For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank, deposits held at call with financial institutions, other short term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. (g) Income Taxes Recognition and measurement The income tax expense (income) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to profit or loss is the tax payable on taxable income for the current period. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the period as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss or arising from a business combination. Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Their measurement al so reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 91 PeopleIN Limited and its wholly owned Australian subsidiaries have implemented the tax consolidation legislation for the whole of the financial period. PeopleIN Limited is the head entity in the Australian tax consolidated Group. These entities are taxed as a single entity. The stand -alone taxpayer/separate taxpayer within a Group approach has been used to allocate current income tax expense and deferred tax expense to wholly owned subsidiaries that form part of the Australian tax consolidated Group. PeopleIN Limited has assumed all the current tax liabilities and the deferred tax assets arising from unused tax losses for the Australian tax consolidated Group via intercompany receivables and payables because a tax funding arrangement has been in place for the whole financial period. The amounts receivable/payable under tax funding arrangements is due upon notification by the head entity, which is issued soon after the end of each financial year. Interim funding notices may also be issued by the head entity to its wholly owned subsidiaries in order for the head entity to be able to pay tax instalments. These amounts are recognised as current intercompany receivables or payables. (h) GST Revenues, expenses and assets are recognised net of GST except where GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statement of financial position. Cash flows are included in the consolidated statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. (i) Trade and other receivables The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Contract assets At the end of the reporting period a contract asset exists which relates to the services rendered which exceeds payments received. PALM Candidate receivables The Group pays costs of candidates under the PALM scheme. These costs include visa, travel and accommodation costs that are recovered by the Group over a period of up to 12 weeks . Amounts are measured at cost and recoverable in short periods as candidates are currently employed. Impairment The Group record s an allowance for expected credit losses (ECL’s) for all loans and other debt financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For Contract assets and Trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group has established a provision matrix that is based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Refer to Note 14 for details on the expected loss rate percentage and ageing of receivables.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 92 (j) Property, plant and equipment Recognition and measurement Property, plant and equipment are measured on the cost basis less depreciation and impairment losses. The cost of fixed assets constructed within the Group includes the cost of materials, direct labour, borrowing costs and an appropriate portion of fixed a nd variable costs. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation The depreciable amount of all fixed assets is depreciated on either a straight-line or diminishing value basis over their useful lives to the Group commencing from the time the asset is held ready for use. Leased assets and leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the assets. The depreciation rates used for each class of depreciable assets are: Property improvements 5 – 10 years Vehicles 5 – 8 years Plant and equipment 5 – 20 years Office furniture and fittings 3 – 17 years Buildings 30 years Right of use asset - equipment 5 – 8 years Right of use asset - property 1 – 10 years The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in profit or loss. Impairment At the end of each reporting period the Group assesses whether there is any indication that property, plant and equipment assets are impaired. Where impairment indicators exist, recoverable amount is determined, and impairment losses are recognised in prof it or loss where the asset’s carrying value exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where it is not possible to estimate recoverable amount for an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Key judgements Management reviews the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets to the Group. Actual results may vary from time to time as a result of this being an estimate of useful life. As at reporting date, no changes were required to be made to the useful lives as they continue to remain appropriate.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 93 (k) Intangible assets Goodwill Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognised. Goodwill is carried at cost less accumulated impairment losses. Brand names Brand names are measured initially at their cost of acquisition. Brand names are an indefinite useful life intangible asset as there is no expiry date associated with the underlying assets in terms of its generation of future economic benefits to the Group and are therefore tested for impairment annually. The carrying amount of brand names is supported by a value in use calculation of the cash-generating unit to which the asset belongs. Other intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of acquisition. Intangible assets acquired separately are initially recognised at cost. Intangible assets are subsequ ently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from derecognition of an intangible asset is measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangibles are reviewed annually. Changes in expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Customer relationships and candidate database are amortised straight line over their expected future lives. The estimated useful lives of customer relationships and candidate database are 5 years. Computer software has been classified as an intangible asset with a finite life. It is amortised on a straight- line basis over the expected useful life of the software. The life is 2 -5 years. Mobile Application Software has been classified as an intangible asset with a finite life. It is amortised on a straight-line basis over the expected useful life of the software. The life is 4 -7 years. Impairment of assets – with finite lives Customer relationships, candidate database, mobile application software, computer software and website assets all have a finite life. At the end of each reporting period the Group assesses whether there is any indication that individual assets are impaired. Where impairment indicators exist, recoverable amount is determined and impairment losses are recognised in profit or loss where the asset’s carrying value exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. (l) Trade and other payables Recognition and measurement Trade and other payables represent liabilities for goods and services provided to the Group prior to the year end and which are unpaid. These amounts are unsecured and have 7 to 30 -day payment terms. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. No assets of the Group have been pledged as security for the trade and other payables. (m) Financial liabilities Recognition and measurement Borrowings are initially recognised at fair value, net of directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 94 well as through the EIR amortisation process. A borrowing is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing borrowing is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liab ility and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss. (n) Employee benefits Recognition and measurement Short-term employee benefits Provision is made for the Group’s obligation for short -term employee benefits. Short -term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short -term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. Other long-term employee benefits Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at rates determined by reference to market yields at the end of the reporting period on corporate bonds that have maturity dates that approximate the terms of the obligations. Upon the re-measurement of obligations for other long-term employee benefits, the net change i n the obligation is recognised in profit or loss as part of employee benefits expense. The Group’s obligations for long -term employee benefits are presented as non- current provisions in its statement of financial position, except where the Group does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current provisions. Key judgements and estimations – leave entitlements Management judgement is applied in determining the key assumptions use in the calculation of the liability for leave provisions at reporting date. These are future increases in salaries and wages, future on- cost rates, experience of employee departures and period of service and discount rates. (o) Share capital Recognition and measurement Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown as a deduction from the equity proceeds, net of any income tax benefit. The Groups’ own equity instruments that are reacquired are recognised at cost and deducted from equity. No gain or loss is recognised in the Comprehensive Statement of Profit or Loss and Other Comprehensive Income on the purchase of the Group’s own equity instruments. (p) Leases Real estate leases The Group leases land and buildings for its office space. The leases of office space typically run for a period of 2 - 10 years. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 95 Some leases provide for additional rent payments that are based on changes in consumer price index. Some also require the Group to make payments that relate to the property costs (outgoings); these amounts are generally determined annually. Some leases of office buildings contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The Group assesses at lease commencement whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. There has been no significant extensions excluded from the lease liabilities. Equipment leases The Group leases vehicles and equipment, with lease terms of three to five years. In some cases, the Group has options to purchase the assets at the end of the contract term; in other cases, it guarantees the residual value of the leased assets at the end of the contract term. The Group monitors the use of these vehicles and equipment and reassesses the estimated amount payable under the residual value guarantees at the reporting date to remeasure lease liabilities and right - of-use assets. As at 30 June 2026, the Group has nil amount payable under residual guarantees . Recognition and measurement At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of the identified asset, the Group assesses whether: • the contract involves the use of an identified asset – this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; • the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and • the Group has the right to direct the use of the asset. The Group has this right when it has the decision- making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if either: • the Group has the right to operate the asset; or • the Group designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand -alone prices. However, for the leases of land and buildings in which it is a lessee, the Group has elected not to separate non-lease components and account for the lease and non- lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right- of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or befo re the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right -of-use asset is subsequently depreciated using the straight -line method from the commencement date to the earlier of the end of the useful life to the right -of-use or the end of the lease term. The estimated useful lives of right -of-use assets ar e determined on the same basis as those of property and equipment. In addition, the right -of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 96 The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably c ertain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amou nt expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right -of-use asset or is recorded in profit or loss if the carrying amount of the right -of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’ and lease liabilities in ‘financial liabilities’ in the statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognised right -of-use assets and lease liabilities for short -term leases of equipment or property that have a lease term of 12 months or less and leases of low -value assets, including IT equipment. The Group recognises the l ease payments associated with these leases as an expense on a straight-line basis over the lease term. Key judgements and estimations In determining both the right of use asset and the lease liability certain estimates and judgements were made. These included the following: • Where options to extend existed each lease was assessed individually, and the likelihood of extension was applied. If it was considered that the lease would be terminated, then it was treated as such otherwise the option period was taken into account. • There were no residual guarantees contained in any of the lease agreements. • Increments to lease payments were fixed amounts and these fixed payments and increments were taken into account in the measurement of the right of use asset and lease liability. No impairments were identified as each of the right of use assets were allocated to a CGU and these are impairment assessed based on value in use. No impairments to these CGU’s have been identified. The Group determined that the appropriate discount rate to calculate the right of use assets and liabilities was the Group’s current incremental borrowing rate.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Notes to the Financial Statements for the year ended 30 June 2026 Page | 97 (q) Share-based payments Recognition and measurement The Group operates equity -settled share- based remuneration plans for its employees. None of the Group’s plans feature any options for a cash settlement. All goods and services received in exchange for the grant of any share- based payment are measured at their fair values. Where employees are rewarded using share- based payments, the fair values of employees’ services are determined indirectly by reference t o the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non- market vesting conditions (for example profitability and sales growth targets and performance conditions). All share-based remuneration is recognised as an expense in profit or loss with a corresponding credit to share option reserve. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting. Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are allocated to share capital. Key estimates – share-based payments The Group uses estimates to determine the fair value of equity instruments issued to Directors, executives and employees. The estimates include volatility, risk -free rates and consideration of satisfaction of performance criteria for recipients of equity i nstruments. Options were issued as outlined above and the cost of these rights represents the valuation and the accounting impact of prior issuances and determinations remains unchanged. (r) Equity, reserves and dividend payments Share capital represents the fair value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share capital, net of any related income tax benefits. Other components of equity include the following: • foreign currency translation reserve: comprises foreign currency translation differences arising on the translation of financial statements of the Group’s foreign entities into Australian Dollars. • share based payments reserve: items recognised as expenses on valuation of employee share options. Retained earnings include all current and prior period retained profits. Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a General Meeting prior to the reporting date. All transactions with owners of the parent are recorded separately within equity. Note 30: Standards issued by not yet effective New and amended standards and interpretations have been issued, but not yet effective, up to the date of issuance of the Group’s financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. The amendments are not expected to have a material impact on the Group’s financial statements.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 98 Consolidated entity disclosure statement As at 30 June 2026 Entity Name Type of entity Trustee, partner or participant in joint venture Place incorporated/ formed % of share capital Australian resident Foreign jurisdiction residence for tax purposes PeopleIN Limited (the Company) Body corporate - Australia - Yes N/A Australian Healthcare Academy Pty Ltd Body corporate - Australia 100% Yes N/A AWX Hco Two Pty Ltd Body corporate - Australia 100% Yes N/A AWX Labour Pty Ltd Body corporate - Australia 100% Yes N/A AWX Pty Ltd Body corporate - Australia 100% Yes N/A AWX Recruitment Group Pty Ltd Body corporate - Australia 100% Yes N/A AWX Recruitment Services Pty Ltd Body corporate - Australia 100% Yes N/A AWX Staff Pty Ltd Body corporate - Australia 100% Yes N/A AWX Workforce Recruitment Services Pty Ltd Body corporate - Australia 100% Yes N/A AWX Workforce Services Pty Ltd Body corporate - Australia 100% Yes N/A AWX Workforce Staffing Services Pty Ltd Body corporate - Australia 100% Yes N/A E Hco Two Pty Ltd Body corporate - Australia 100% Yes N/A Edmen Community Staffing Solutions NSW Pty Ltd Body corporate - Australia 100% Yes N/A Edmen Community Staffing Solutions Services NSW Pty Ltd Body corporate - Australia 100% Yes N/A Edmen Community Staffing Solutions Services Pty Ltd Body corporate - Australia 100% Yes N/A Edmen Holdings Pty Ltd Body corporate - Australia 100% Yes N/A Edmen HomeCare Pty Ltd Body corporate - Australia 100% Yes N/A Edmen Pty Limited Body corporate - Australia 100% Yes N/A Edmen Workforce Pty Ltd Body corporate - Australia 100% Yes N/A Expect A Star Services Pty Ltd Body corporate - Australia 100% Yes N/A Expect A Star Staffing Services Pty Ltd Body corporate - Australia 100% Yes N/A Extracapital Limited Body corporate - New Zealand 100% No New Zealand Extrastaff Limited Body corporate - New Zealand 100% No New Zealand FIP Group Holdings Pty Ltd Body corporate - Australia 100% Yes N/A First People Group Pty Ltd Body corporate Participant in Joint Venture Australia 100% Yes N/A Food Industry Employees No. 2 Pty Ltd Body corporate - Australia 100% Yes N/A Food Industry Employees Pty Ltd Body corporate - Australia 100% Yes N/A Food Industry People Group Pty Ltd Body corporate - Australia 100% Yes N/A Food Industry People Pty Ltd Body corporate - Australia 100% Yes N/A Food Industry Regional Employees Pty Ltd Body corporate - Australia 100% Yes N/A Food Professionals Australia Pty Ltd Body corporate - Australia 100% Yes N/A Global X Labour Services Pty Ltd Body corporate - Australia 100% Yes N/A Global X Major Projects Pty Ltd Body corporate - Australia 100% Yes N/A GMT Brisbane Pty Ltd Body corporate - Australia 100% Yes N/A GMT Business Services Pty Ltd Body corporate - Australia 100% Yes N/A GMT Canberra Pty Ltd Body corporate - Australia 100% Yes N/A GMT Group Pty Ltd Body corporate - Australia 100% Yes N/A GMT Melbourne Pty Ltd Body corporate - Australia 100% Yes N/A Halcyon Knights Commercial and Contracting Pty Ltd Body corporate - Australia 100% Yes N/A Halcyon Knights Ecareer Pty Ltd Body corporate - Australia 100% Yes N/A Halcyon Knights Pte Ltd Body corporate - Singapore 100% Yes N/A Halcyon Knights Pty Ltd Body corporate - Australia 100% Yes N/A Halcyon Knights Qld Pty Ltd Body corporate - Australia 100% Yes N/A Illuminate Search and Consulting Pty Ltd Body corporate - Australia 100% Yes N/A Infrawork Limited Body corporate - New Zealand 100% No New Zealand Infrawork Holding Limited Body corporate - New Zealand 100% No New Zealand
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 99 Entity Name Type of entity Trustee, partner or participant in joint venture Place incorporated/ formed % of share capital Australian resident Foreign jurisdiction residence for tax purposes Managed Workforce Solutions Pty Ltd Body corporate - Australia 100% Yes N/A Meat People Pty Ltd Body corporate - Australia 100% Yes N/A Meat Processors Pty Ltd Body corporate - Australia 100% Yes N/A Meat Workforce Pty Ltd Body corporate - Australia 100% Yes N/A Mobilise Group Pty Ltd Body Corporate - Australia 100% Yes N/A NNA Hco Two Pty Ltd Body Corporate - Australia 100% Yes N/A NNA Homecare Services Pty Ltd Body corporate - Australia 100% Yes N/A People Infrastructure Admin Pty Ltd Body corporate - Australia 100% Yes N/A People Infrastructure Employee Share Trust Trust - Australia 100% Yes N/A PeopleIN Holdco Pty Ltd Body corporate - Australia 100% Yes N/A Perigon Group Pty Ltd Body corporate - Australia 100% Yes N/A PI GSSS Admin Pty Ltd Body corporate - Australia 100% Yes N/A PI ITG Holdco Pty Ltd Body corporate - Australia 100% Yes N/A PI PS Admin Pty Ltd Body corporate - Australia 100% Yes N/A Project Partners Corporation Pty Ltd Body corporate - Australia 100% Yes N/A Regional Workforce Management Pty Ltd Body corporate - Australia 100% Yes N/A Regional Workforce Management Group Pty Ltd Body corporate - Australia 100% Yes N/A Retail Staff Pty Ltd Body corporate - Australia 100% Yes N/A Revmax Pty Ltd Body corporate - Australia 100% Yes N/A Southern Housing Investments Pty Ltd Body corporate Trustee Australia 100% Yes N/A Southern Housing Investments Trust Trust - Australia 100% Yes N/A The Recruitment Company Body corporate - New Zealand 100% Yes N/A Timberwolf Planting Pty Ltd Body corporate - Australia 100% Yes N/A Tribe Workforce Solutions Pty Ltd Body corporate - Australia 100% Yes N/A UNO Tribe Pty Ltd Body corporate - Australia 100% Yes N/A VisaHub Services Limited Body corporate - New Zealand 100% No New Zealand Vision Surveys (Qld) Pty Ltd Body corporate - Australia 100% Yes N/A Basis of preparation This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001, reflecting the amendments to section 295(3A)( vi) and (vii) which clarify the definition of foreign resident as being an entity that is treated as a resident of a foreign country under the tax laws of that foreign country. These amendments apply for financial years beginning on or after 1 July 2024. The CEDS includes certain information for each entity that was part of the consolidated entity at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements. Determination of tax residency Section 295(3B)(a) of the Corporation Acts 2001 defines Australian resident as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. Section 295 (3A)(a)(vii) requires the determination of t ax residency in a foreign jurisdiction to be based on the law of the foreign jurisdiction relating to foreign income tax. In determining tax residency, the consolidated entity has applied the following interpretations: Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 100 Foreign tax residency Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency in those foreign jurisdictions and ensure compliance with applicable foreign tax legislation. Partnerships and Trusts Section 295(3B)(b) and (c) of the Corporation Acts 2001 has been introduced to clarify that an Australian resident for the purposes of these disclosures includes a partnership with at least one member of which is an Australian resident within the meaning of the Income Tax Assessment Act 1997 and a resident trust estate under the meaning in Division 6 of the Income Tax Assessment Act 1936.
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 101 Directors’ Declaration For the year ended 30 June 2026 In accordance with a resolution of the directors of PeopleIN Limited (the Company), I state that: 1. In the opinion of the directors: (a) the financial statements and notes of the Company and its subsidiaries (collectively the Group) are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; (b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in the Basis of Preparation; (c) the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is true and correct; (d) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and (e) as at the date of this declaration, there are reasonable grounds to believe that the Company and the subsidiaries identified in Note 26 will be able to meet any obligations or liabilities to which they are or may become subject to, by virtue of the Deed of Cross Guarantee between the Company and those subsidiaries. 2. This declaration has been made after receiving the declarations required to be made to the directors by the chief executive officer and chief financial officer in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 202 6. This declaration is made in accordance with a resolution of the Board of Directors. Glen Richards Chairman Dated this 31st day of August 2026
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Level 10, 12 Creek Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. INDEPENDENT AUDITOR'S REPORT To the members of PeopleIN Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of PeopleIN Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, including: (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 ended on that date; and (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of 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 audits of the financial report of public interest entities 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.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. 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. Impairment of goodwill and other intangibles assets Key audit matter How the matter was addressed in our audit Refer to Note 8 – Intangible Assets The carrying amount of goodwill and the intangible assets is supported by value-in-use calculations prepared by management which are based on budgeted future cash flows, key estimates and significant judgements such as the annual growth rates, discount rate and terminal value growth rate. This is a key area of audit focus as the value of the intangible assets is material and the evaluation of the recoverable amount of these assets requires significant judgement in determining the key estimates supporting the expected future cash flows of the CGUs and the utilisation of the relevant assets Our procedures included, amongst others: • Understanding and evaluating the design and implementation of management’s processes and controls; • Assessing management’s determination of the Group’s Cash Generating Units ("CGU's") to which intangible assets are allocated based on our understanding of the nature of the Group’s business and the identifiable groups of cash generating assets; • Comparing the cash flow forecasts used in the value-in-use calculations to Board approved budgets for the 2027 financial year and the Group’s historic actual performance; • Assessing the significant judgements and key estimates used for the impairment assessment, in particular, the annual growth rates, discount rate and terminal value growth rate; • Assessing the allocation of assets and liabilities, including corporate assets and allocation of corporate overheads to CGUs to ensure it is appropriate; • Performing sensitivity analysis by varying significant judgements and key estimates, including the annual growth rates, discount rate and terminal value growth rate, for the CGUs to which goodwill and indefinite useful life intangible assets relate; • In conjunction with our internal specialists, assessed the discount rates against comparable market information for reasonableness; and • Assessing the adequacy of the Group’s disclosures in respect of impairment testing of goodwill and indefinite useful life intangible assets.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. Other information The directors are responsible for the other information. The other information comprises the information contained in Directors’ report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon, which we obtained prior to the date of this auditor’s report, and the annual report, which is expected to be made available to us after that date. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information identified above 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 on the other information that we obtained prior to the date of this auditor’s report, 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. When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the directors and will request that it is corrected. If it is not corrected, we will seek to have the matter appropriately brought to the attentio n of users for whom our report is prepared. Responsibilities of the directors for the Financial Report The directors of the Company are responsible for the preparation of: a) the financial report 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 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 d irectors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. 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 for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our auditor’s report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of PeopleIN Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. BDO Audit Pty Ltd N I Batters Director Brisbane, 31 August 2026
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms . Liability limited by a scheme approved under Professional Standards Legislation. Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au Level 18, 360 Queen Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia INDEPENDENT AUDITORS REVIEW REPORT ON SPECIFED SUSTAINABILITY DISCLOSURES OF PEOPLEIN LIMITED To the Members of PeopleIN Limited Review conclusion We have conducted a review of the following specified Sustainability Disclosures in the Sustainability Report of PeopleIN Limited (the Company) and its controlled entities (collectively the Group) for the year ended 30 June 2026 as required by Australian Standards on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports (ASSA 5010) under the Corporations Act 2001 issued by the Auditing and Assurance Standards Board (AUASB): Sustainability Disclosures Reporting requirement of Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) (including related general disclosures required by Appendix D) Location in Sustainability Report Governance Paragraph 6 Pages 16 - 18 Strategy (risk and opportunities) Subparagraphs 9(a), 10(a) and 10(b) Pages 18 - 23 Scope 1 emissions Subparagraphs 29(a)(i)(1) and 29(a)(ii) to (iv) Page 24 Scope 2 emissions Subparagraphs 29(a)(i)(2) and 29(a)(ii) to (v) Page 24 The requirements of AASB S2 identified in the table above form the criteria relevant to the specified Sustainability Disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the Act). We have not become aware of any matter in the course of our review that makes us believe that the Sustainability Disclosures specified in the table above do not comply with Division 1 of Part 2M.3 of the Corporations Act 2001. Basis for conclusion Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (ASSA 5000) issued by the AUASB. Our review includes obtaining limited assurance about whether the specified Sustainability Disclosures are free from material misstatement. In applying the relevant criteria, we note that subsection 296C (1) of the Act includes a requirement to comply with AASB S2.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms . Liability limited by a scheme approved under Professional Standards Legislation. Our conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA 5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. Consequently, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit been performed. See the ‘Summary of the Work Performed’ section of our report below. Our responsibilities under ASSA 5000 are further described in the Auditor’s Responsibilities section of this report. Our independence and quality management We are independent of the Company in accordance with the applicable ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024) (the Code), together with the ethical requirements in the Act, that are relevant to our review of the specified Sustainability Disclosures and public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with t hese requirements and the Code. We confirm that the independence declaration required by the Act, 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. Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Other information The directors of the Company are responsible for the other information. The other information comprises the Group’s Annual Report, including the Financial Report and Sustainability Report, but does not include the selective sustainability information and our review from thereon. Our conclusion on the specified Sustainability Disclosures does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our review of the specified Sustainability Disclosures, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the specified Sustainability Disclosures, or our knowledge obtained when conducting the review, 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.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms . Liability limited by a scheme approved under Professional Standards Legislation. PeopleIN Limited’s responsibilities for the specified Sustainability Disclosures The directors of the Company are responsible for: • The preparation of the specified Sustainability Disclosures in accordance with the Act; and • Designing, implementing and maintaining such internal control necessary to enable the preparation of the specified Sustainability Disclosures, in accordance with the Act that are free from material misstatement, whether due to fraud or error. Inherent limitations in preparing the specified Sustainability Disclosures The Sustainability Report contains forward -looking information, including climate scenarios, targets, assumptions, climate projections, forecasts and estimates. Such information is inherently uncertain and may not materialise as anticipated. We do not prov ide assurance in respect of this prospective information. Greenhouse gas emissions quantification is subject to significant measurement uncertainty, which arises because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. The comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods to estimate or measure those emissions, due to different, but acceptable, methods applied. Auditor’s responsibilities Our objectives are to plan and perform the review to obtain limited assurance about whether the specified Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue a review report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the specified Sustainability Disclosures As part of a review in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism throughout the engagement. We also: • Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity’s internal control. • Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms . Liability limited by a scheme approved under Professional Standards Legislation. Summary of the work performed A review is a limited assurance engagement and involves performing procedures to obtain evidence about the specified Sustainability Disclosures. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosure level, whether due to fraud or error. In conducting our review, we: • Made enquiries of management and other key personnel involved in preparing the Specified Sustainability Disclosures and obtained an understanding of the preparation process, relevant reporting policies and relevant components of the Group’s system of internal control • Made enquiries regarding the governance processes used to monitor, manage and oversee climate - related risks and opportunities • Identified and assessed risks of material misstatement, whether due to fraud or error, at the disclosure level • Assessed the appropriateness of the reporting boundaries applied in preparing the Specified Sustainability Disclosures • Considered whether the Group’s process for identifying climate-related risks and opportunities had identified the material risks and opportunities relevant to the Specified Sustainability Disclosures • Obtained an understanding of the methods, data and significant assumptions used to develop estimates and forward-looking information relevant to the Specified Sustainability Disclosures • Considered the appropriateness and consistent application of the emission factors used to calculate Scope 1 and Scope 2 greenhouse gas emissions • Performed analytical procedures over selected quantitative disclosures, including considering significant or unexpected fluctuations and relationships • For selected items, compared information reported in the Specified Sustainability Disclosures with underlying records and supporting documentation • Evaluated whether the Specified Sustainability Disclosures were presented in accordance with the applicable requirements of AASB S2, including the related requirements in Appendix D. BDO Audit Pty Ltd N I Batters Director Brisbane, 31 August 2026
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 110 SHAREHOLDER INFORMATION AS AT 21 AUGUST 2026 Shareholder Information required by the Australian Securities Exchange Limited (ASX) Listing Rules and not disclosed elsewhere in the Report is set out below. Distribution of security holders (a) Quoted securities (b) Unquoted securities There were no unquoted securities at the date of this report. There were 1,223 unmarketable parcels held at 21 August 2026. (c) Voting rights Ordinary shares In accordance with the PeopleIN Limited Constitution, and subject to any rights or restrictions attached to any class of shares, at a meeting of members the voting rights attached to ordinary shares are that on a show of hands, every member present, in person or proxy, has one vote and upon a poll, each share shall have one vote. Substantial shareholders The number of securities held by substantial shareholders and their associates (as reported to the ASX) are set out below: Fully paid Ordinary Shares Name Number % MA Financial Group Limited 14,992,633 14.89% Perennial Value Management Limited 10,060,942 9.99% Forager Funds Management Pty Ltd 8,454,337 8.39% Mercer Investments (Australia) Limited 5,703,419 5.66% Tom Reardon 5,458,570 5.42% Category Fully paid Ordinary shares Holders % Shares % 1 - 1,000 1,553 37.87 711,245 0.71% 1,001 - 5,000 1,351 32.94 3,431,105 3.41% 5,001 - 10,000 454 11.07 3,478,017 3.45% 10,001 - 100,000 692 16.87 18,204,031 18.08% 100,001 and over 51 1.24 74,841,459 74.35% Total 4,101 100.00 100,665,857 100.00%
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PeopleIN Limited and its controlled entities ACN 615 173 076 Page | 111 SHAREHOLDER INFORMATION AS AT 21 AUGUST 2026 (CONT.) Twenty largest shareholders of quoted equity securities Fully paid ordinary shares Details of the 20 largest shareholders by registered shareholding are: Name No. of shares % IC 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 30,028,295 29.83 2 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 15,113,355 15.01 3 CITICORP NOMINEES PTY LIMITED 6,889,522 6.84 4 NAMBAWAN INVESTMENTS PTY LTD 2,949,461 2.93 5 WAM INDUSTRIES PTY LTD 2,490,107 2.47 6 BNP PARIBAS NOMINEES PTY LTD 1,644,058 1.63 7 PACIFIC CUSTODIANS PTY LIMITED 1,618,581 1.61 8 ELSEM PTY LTD 1,534,885 1.52 9 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 1,432,164 1.42 10 ELSEM PTY LTD 1,259,219 1.25 11 BNP PARIBAS NOMS (NZ) LTD 1,045,183 1.04 12 MAXIMUM (NQ) PTY LTD 1,037,725 1.03 13 MR PETER LANGFORD 686,048 0.68 14 GF & LH RICHARDS SUPER PTY LTD 603,641 0.60 15 BNP PARIBAS NOMINEES PTY LTD 390,147 0.39 16 ARILD PTY LTD 324,453 0.32 17 C & A ABRAHAMS PTY LTD 304,487 0.30 18 BNP PARIBAS NOMS PTY LTD 291,939 0.29 19 MR DECLAN ANDREW SHERMAN 261,320 0.26 20 MAXIMUM NQ PTY LTD 257,281 0.26 Total 70,161,871 69.70 Balance of register 30,503,986 30.30 Grand total 100,665,857 100.00