Slides
Page 1
28 August 2026 FY 26 Results
Page 2
This presentation and accompanying information (Presentation) has been prepared for the purpose of providing general background information on PEXA Group Ltd (PEXA or the Group), its subsidiaries and their activities. No offer of securities This Presentation is not a Prospectus, product disclosure statement or offer document under Australian law or the laws of any other jurisdiction. It is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the subscription, purchase or sale of any securities in PEXA or any other entity. The information contained in the Presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in the Presentation constitutes investment, tax, legal or other advice. You must not rely on the Presentation but make your own independent assessment and rely on your own independent taxation, legal, financial or other professional advice. Financial data All financial amounts contained in this Presentation are expressed in Australian dollars (unless otherwise stated). Note: numbers may not sum due to rounding. Certain financial information included in this Presentation is ‘non-IFRS financial information’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by ASIC. PEXA believes this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of PEXA. The non-IFRS financial information does not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial information determined in accordance with Australian Accounting Standards. You are cautioned, therefore, not to place undue reliance any non-IFRS financial information or ratio included in this Presentation, Forward statements No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information and opinions contained in the Presentation. We use words such as ‘will’, ‘may’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify Forward Statements. Forward Statements are based on assumptions and contingencies which are subject to change without notice, may involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of PEXA, and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect on us. No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the Forward Statements. Circumstances may change and the contents of this Presentation may become outdated as a result. Except as required by applicable laws or regulations, PEXA does not undertake any obligation to provide any additional or updated information or revise the Forward Statements or other statements in this Presentation, whether as a result of a change in expectations or assumptions, new information, future events, results or circumstances. Past performance Past performance and historical information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Market and industry data This Presentation contains statistics, data and other information (including forecasts and projections) relating to markets, market sizes, market shares obtained from research, surveys or studies conducted by third parties (Market Data). You should note that Market Data is inherently predictive, is subject to uncertainty and not necessarily reflective of actual market conditions. PEXA cannot assure you as to the accuracy or the reliability of the underlying assumptions used to estimate such Market Data. Forecasts and estimates involve risks and uncertainties and are subject to change based on various factors, including in data collection and the possibility that relevant data has been omitted. Disclaimer The information is supplied in summary form and is therefore not necessarily complete. The material contained in this Presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. To the maximum extent permitted by law, PEXA and each of its affiliates, directors, employees, officers, partners, agents and advisers and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the Presentation. PEXA accepts no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of the Presentation or this document, which may affect any matter referred to in the Presentation. This Presentation should be read in conjunction with PEXA’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au. Important notices and disclaimer 1
Page 3
The PEXA Group acknowledges Aboriginal and Torres Strait Islander people as the traditional custodians of the lands on which we work, live and dream, we pay our respects to elders past and present. We recognise that we have a role to play in creating space and place for Aboriginal and Torres Strait Islander voices in our business and our impact. “Ancient Connections” www.chadbriggs.net
Page 4
3 01 FY26 Overview 02 Financial results 03 Conclusion & outlook 04 Appendix Agenda Russell Cohen CEO & Group Managing Director Russell Cohen CEO & Group Managing Director Liz Warrell Interim CFO
Page 5
FY26 Highlights Solid execution on strategic objectives while navigating regulatory complexity 4 FY26 performance delivers operating leverage Positioning for growth in the UK Highly uncertain Australian regulatory environment • Robust revenue growth driven by record 2Q26 volumes • Operating leverage from cost efficiency measures • Strong EBITDA margin expansion of 1.7ppt in FY26 • NatWest remortgage implementation delivered ahead of schedule • Regulatory momentum driving lender appetite to improve property transaction processes • Strong conveyancer satisfaction with cash transactions • ARNECC concludes Interoperability Program • Ongoing engagement with IPART regarding pricing review • IPART’s use of an inappropriate methodology and contestable inputs could lead to unintended consequences • Exit of Digital Solutions portfolio broadly complete • Launch of PEXA Clear in 4Q26 • Preparation for NZ pilot launch in Oct 2026 Prioritising core growth opportunities
Page 6
FY26 Group financial snapshot1 1 Page 14 details the reconciliation to statutory results. All financial information is presented in AUD unless otherwise stated. All comparatives are vs prior comparative period “pcp”, unless otherwise stated. Financial results from continuing operations; represent reported results from continuing operations after share of losses in associates adjusted for significant non-recurring items. Non-IFRS measure. 2 Net profit after tax from continuing operations, adjusted for historical acquired amortisation 3 Group EBITDA / Revenue 4 Earnings per share: NPAT continuing operations / weighted average number of ordinary shares 5 FY25 comparatives have been restated to exclude the results of Digital Solutions, now included in ‘discontinued operations’. Group Revenue $406.9m +7% Group EBITDA $151.7m +12% NPATA2 $65.3m +35% Group EBITDA margin3 37.3% +1.7ppt Free cashflow $93.5m +39% EPS4 10.91cps 47.98cps ↑↑ ↑ ↑ ↓ FY25: $135.1mFY25: $379.5m FY25: $48.2m FY25: (37.07cps)FY25: 35.6% FY25: $67.2m ↓ Statutory NPAT $19.2m >100% ↑ FY25: ($65.6m) Net Debt/EBITDA 1.0x (0.8x) ↓ FY25: 1.8x vs FY255 5
Page 7
Australia ($m) FY26 Highlights • Strong revenue growth following record transaction volumes in Dec ‘25 • Cost efficiency programs in Australia drove EBITDA margin expansion • Full national coverage, including NT launch for refinances in August ‘25 with go-live for transfers in NT in mid FY27. Removal of paper title requirement in TAS from 1 Sep ‘26 • Consistently high customer satisfaction for Aus Exchange at 89%, market coverage steady at 90% • $35.1m invested in Australia to strengthen platform security, reliability and resilience, enhance customer experience and support growing transaction volumes • Regulatory changes including conclusion of Interoperability Program by ARNECC and launch of expanded AML/CTF requirements for property transactions • Ongoing engagement with IPART regarding pricing review Australia Strong FY26 performance supported by scale, efficiency and continued platform investment 6 1 Financial results from core operations; represent reported results adjusted for significant non-recurring items. Non-IFRS measure. 2 EBITDA / Revenue 3 Operating cash flow: EBITDA excluding the effect of significant items less capital expenditure Revenue EBITDA1 EBITDA Margin2 Operating cash flow3 ↑ 11.5% ↑ 13.6% ↑ 1.6ppt ↑ 8.4% FY26 FY25 345.6 318.8 FY26 FY25 192.8 172.9 FY26 FY25 157.7 138.8 FY26 FY25 55.8% 54.2%
Page 8
7 IPART commences pricing review and calls for industry submissions PEXA participates in Federal Senate Economics References Committee inquiry into micro- competition opportunities in e- conveyancing PEXA participates in NSW Upper House Select Committee on Competition Reforms in Electronic Conveyancing ARNECC concludes Interoperability Program IPART releases Proposed Methodology paper IPART releases draft Report IPART final report due to NSW Government NSW Government provides IPART final report to ARNECC ARNECC determine any changes to pricing Aug 2025 Sep 2025 Nov 2025 Mar 2026 Jul 2026 Sep 2026 Sep 2026 ~2Q27-3Q27 ARNECC concludes Interoperability Program • ARNECC will not proceed with Interoperability Program at this time • Independent reports commissioned by ARNECC showed that Interoperability would not achieve the intended result and would involve significant cost, complexity and implementation time, with uncertain long-term competition benefits • ARNECC will instead focus on strengthening the existing eConveyancing regulatory framework, including ELNO oversight, resilience, compliance and enforcement IPART proposes a 20% cut to PEXA’s regulated revenue from FY28 • IPART used a Building Block Methodology (BBM), traditionally used for capex-heavy physical assets • IPART appears not to have considered other more appropriate approaches for reviewing eConveyancing pricing • IPART’s inputs into the BBM are highly contestable, notably the WACC in PEXA’s early years. • IPART’s proposed recommendation risks the security and reliability of the Exchange and PEXA’s ability to invest • There are several alternative and more appropriate approaches to calculate PEXA’s Initial Asset Base (IAB) Feb 2026 Regulatory Update: a year of change Conclusion of Interoperability Program precedes IPART draft report on pricing
Page 9
IPART Draft Report PEXA has highlighted the need for substantial changes to IPART’s approach 8 Capex is 49–69% of total expenditures for physical infrastructure companies, but only 17% in FY25 for PEXA Exchange, leading to a lower return on assets and recovery of capital invested Several approaches could be used to calculate PEXA Exchange’s Initial Asset Base; all of them suggest that IPART’s draft calculation is much too low PEXA’s profit margins are not unusual for comparable businesses and IPART’s proposal would reduce them dramatically Adjusting the issues identified in IPART's methodology would imply a significant increase in Initial Asset Base (“IAB”) 1 2 3 4 Source: PEXA’s response to IPART’s Draft Report on ELNO Service Fees, Aug 2026
Page 10
Spotlight: PEXA Clear PEXA Clear helps real estate agents and conveyancers meet AML/CTF requirements 91 Information based on data effective 31 July 2026 Product outputs and attributes Pricing: • No subscriptions • Individuals: $40+GST • Simple Business: $65+GST • International: $75+GST 25% 75% Early view1 Customer profile: Portfolio profile: 75% 25% Real Estate Agents Practitioners ~90% ~10% KYC checks KYB checks Identity verification KYC/KYB checks PEP/Sanctions/Adverse Media screening Risk identification and assessment Guided risk mitigation/resolution Reporting and audit trail Secure information sharing Custom designed for Australian property transactions Easy integration into existing workflows
Page 11
International ($m) International Disciplined execution in the UK positions for broader industry adoption 10 Revenue EBITDA EBITDA Margin Operating cash flow FY26 Highlights • Gross margin grew 15% over the year. Revenue growth was impacted by the loss of a low margin search contract; excluding this and FX, revenues grew 12.2%. • Opex growth precedes revenue growth as we invest in operational resources to meet industry adoption. • NatWest remortgage implementation delivered 3 months ahead of schedule • NatWest Sale & Purchase implementation timeline agreed, with completion expected by end 3Q27 • Optima Legal delivers smooth facilitation of initial NatWest remo volumes • Smoove delivered a solid performance despite market uncertainty, supported by a renewed focus on growing active users. • UK government launch roadmap to drive home buying and selling reform ↓ (8.7%) (↓ (10.3%) excl FX) ↑ 0.2% (↓ (0.5%) excl FX) ↓ (4.7ppt) (↓ (3.3ppt) excl FX) ↑ 1.0% (↑ 1.6% excl FX) (↑ 12.2% excl FX & Search1) FY26 FY25 61.3 60.7 FY26 FY25 (41.1) (37.8) FY26 FY25 (67.0%) (62.3%) FY26 FY25 (57.6) (57.7) 1 Excludes the impact of FX and the impact from the cessation of a low margin contract related to search order revenue, which was terminated on 1 April 2025
Page 12
New Zealand eConveyancing Pilot PEXA is exploring expansion into New Zealand through a capital light pilot 11 Purchaser SolicitorPurchaser Bank Secure document validation & e-Signing Single Source of Truth Collaborative Digital Settlement Pilot commencing October 2026 Purchaser Bank Purchaser Solicitor Purchaser Vendor Bank Vendor Solicitor SettlementsPayments Purchaser Bank Purchaser Solicitor Purchaser Broker Real Estate Agent Vendor Bank Vendor Solicitor • Simplification of document review • E-signing prep and execution • Pre-drafted emails • Excludes lodgement or financial settlement Phase 1 Phase 2 Phase 3
Page 13
12 02 Financial results 12 Liz Warrell Interim CFO
Page 14
$m FY26 FY25 vs PCP Australia 345.6 318.8 26.8 8% International 61.3 60.7 0.6 1% Group revenue 406.9 379.5 27.4 7% Australia (44.9) (37.1) (7.8) (21%) International (24.4) (28.5) 4.1 14% Group cost of sales (69.3) (65.6) (3.7) (6%) Australia 300.7 281.7 19.0 7% International 36.9 32.2 4.7 15% Group gross margin 337.6 313.9 23.7 8% Australia (107.7) (108.0) 0.3 - International (78.0) (70.0) (8.0) (11%) Group operating expenses (185.7) (178.0) (7.7) (4%) Share of losses from associates (0.2) (0.8) 0.6 75% Australia 192.8 172.9 19.9 12% International (41.1) (37.8) (3.3) (9%) Group EBITDA 151.7 135.1 16.6 12% Group EBITDA margin 37.3% 35.6% 1.7ppt Group Core NPAT 26.3 9.2 17.1 186% Core1 financial operating results Strong volumes and disciplined cost management drive Core NPAT growth 13 1 Financial results from core operations; represent reported results from continuing operations adjusted for significant non-recurring items, detailed on page 14 of this presentation. Non-IFRS measure. FY26 vs PCP % FY26 FY25 Group revenue ($m) 406.9 379.5 FY26 FY25 Group EBITDA ($m) 100.1 81.1 151.7 135.1 FY26 FY25 Group Operating Expenses ($m) 151.7 135.1 178.0 185.7
Page 15
FY26 Reconciliation to Statutory Results Strong core profitability as Digital Solutions exit nears completion 14 Significant items ($7.1m): Expenses net of impairments and gain on sale of assets: ($9.7m) • One-off costs of ($10.0m) largely resulted from right-sizing our Australian business. This program generated >$10m in annualised cash savings for the Group • Gains on sale of assets and equity investments $1.9m, offset by a fair value adjustment to an investment ($1.6m) Tax effect of significant items $2.6m Core income tax expense ($27.3m): • Tax on core operations increased by $3.7m on pcp primarily due to higher Australian taxable profits Discontinued Operations ($35.1m): • Write down of Digital Solutions majority owned businesses ($28.0m), net of a fair value adjustment related to Value Australia, combined with operating losses for the year • The exit from companies within the Digital Solutions portfolio is broadly complete $m Core Significant items Group Revenue 406.9 406.9 Cost of sales (69.3) (69.3) Gross Margin 337.6 337.6 Total Expenses (185.7) (9.7) (195.4) Group EBITDA before associates 151.9 (9.7) 142.2 Share of losses from associates (0.2) (0.2) Group EBITDA 151.7 (9.7) 142.0 Depreciation and amortisation (41.9) (41.9) Historical Acquired Amortisation (55.7) (55.7) Group EBIT 54.1 (9.7) 44.4 Net finance expense (0.5) (0.5) Group NPBT 53.6 (9.7) 43.9 Income tax expense (27.3) 2.6 (24.7) Group NPAT from continuing operations 26.3 (7.1) 19.2 Group (NLAT) from discontinued operations (35.1) Group NPAT/(NLAT) (15.9) Historical Acq Amortisation (tax- effected) 39.0 Group NPATA from continuing operations 65.3 Statutory
Page 16
Revenue bridge ($m) PEXA transactions (‘000) Australia revenue and volume Elevated market activity underpins strong FY26 revenue 15 • In FY26, the transfer market grew 5% on the pcp (vs FY25 growth over pcp of 3%), driven by record volumes in December 2025. • Refinance activity increased 9% on the pcp, accelerating from 2% growth in FY25, with strength moderating in 2H26 following cash rate target increases in the second half. • Other volumes grew 7% off a low base during FY26, compared to a 2% fall in FY25. • Market growth was strong during FY26, particularly in the first half. Volumes began to moderate below pcp growth levels in July 2026, following macroeconomic changes in 4Q26. • PEXA successfully launched Phase 1 (refinances) in Northern Territory in August ’25, with Phase 2 (transfers) to be launched in mid FY27. • In July ‘25, PEXA put through a regulatory approved price increase of 2.4%. 318.8 345.619.1 7.8 FY25 Market and volume growth CPI adjustment Mix & other FY26 (0.1) 260 257 272 255 278 273 485 382 439 445 499 466 1,221 1,207 1,327 1,208 1,418 1,254 1H24 2H24 1H25 2H25 1H26 1,966 1,846 2,038 1,908 2,195 2H26 1,993 Transfer Refinance Other
Page 17
Historical CAGR FY16-FY262 2.4% 16 Volume growth steady over the long term Underlying market1 transaction volumes stable over the long-term Market drivers in Australia Demand • Migration and adult population growth • Interest rates and in turn mortgage rates • State GDP • Unemployment rates • House prices impacts confidence and sentiment • ASX Index growth, confidence and sentiment Supply • Land releases • New dwelling construction Market events, Policy changes • COVID 19 • APRA Interest Only limits on mortgages • Negative gearing and CGT discount • First Home Guarantee/5% deposit scheme 1 Market volume data provided by Oxford Economics Australia, utilising the Land Registry Historical Market Update report 2 Compound annual growth rate of total market transaction volumes from FY16 to FY26 3.7 3.9 3.9 3.6 3.5 4.2 4.7 4.3 4.3 4.4 4.7 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 COVID-19 RBA rate- easing cycle peak Record 1H26 benefitted from lower interest rates, rising house prices & FHB policy support APRA interest-only limits on mortgages
Page 18
Revenue bridge ($m) S&P and Remortgage volumes for Optima and Smoove (‘000) International revenue and volume UK benefits from market growth and a sharper focus on profitability 17 • Sale & Purchase revenue increased $2.0 million in FY26 (excluding FX impact), primarily driven by higher average fees • Remo revenues benefitted from higher market volumes • Search fees fell during the period, due to the cessation of a lower margin contract in late FY25, offset in cost of sales. • International gross margin excl FX expanded by 16% • The UK market recovery slowed in 2H26, impacted by affordability and consumer confidence • Sale & Purchase volumes grew by just 1% in 2H26 vs 2H25, significantly lower than the 15% growth seen in 1H26 vs 1H25 • Remo volumes continued to recover, up 16% in 2H26 vs 2H25, but saw some softening versus the 24% growth seen in 1H26 vs 1H25 2.0 5.1 FY25 Sale & Purchase Remo Search fees FX FY26 60.7 (6.1) (0.4) 61.3 30.5 37.5 35.4 31.5 43.9 36.6 7.9 7.7 9.5 8.9 10.9 9.0 1H24 2H24 1H25 2H25 1H26 2H26 38.4 45.2 44.9 40.4 54.8 45.6 S&P Remo Revenue up 12.2% excl FX and search fees Exit of low margin search fee contract
Page 19
Operating expense bridge ($m) Group and Australia EBITDA margin (%) • FY26 Australia margins rose 1.6ppt to 55.8% (FY25: 54.2%) • Group margins increased 1.7ppt on the pcp to 37.3% (FY25: 35.6%) • FY26 margin expansion driven by robust revenue growth in Australia and UK, supported by cost efficiency measures in Australia • Transaction volumes are seasonally lower in the second half of the financial year • FY26 cost initiatives led to $19.2 million opex savings in period, with a reduction in Australian headcount of approximately 10% and procurement savings • Australian opex broadly flat on FY25 due to cost efficiency, more than offsetting investments in cyber & resilience and new businesses • UK cost growth primarily reflects investment in resources to support business expansion and the NatWest implementation • Cost of sales in Australia rose due to increased volume and higher regulatory fees (178.0) (185.7)(4.6) (14.1) (5.8) (2.8) FY25 Inflation Scale & development Cyber & resilience Efficiencies Other FX FY26 19.2 0.4 Group cost and margin Significant cost outs and efficiency measures support margin uplift 18 36.8 34.3 39.9 34.4 55.6 52.7 58.0 53.3 1H25 2H25 1H26 2H26 Group Australia
Page 20
Capex and Depreciation & Amortisation ($m)Free cash flow ($m) Free cash flow and capital expenditure Investment in core competencies supported by strong free cash flow 19 Enhancement – Exchange Evolution, enhanced performance and customer experience Integration – Expanded API capability and partner integration Regulatory – State and jurisdictional enablement Other – Resiliency, enablement and PEXA Clear 19.9 16.5 8.8 12.6 6.2 4.7 12.2 6.2 6.9 11.6 54.0 51.6 Enhancement Integration Regulatory Other International Australia 34.1 Australia 35.1 124.1 67.2 Adjusted EBITDA Net working capital Capex Net financing and tax Free cash flow (2.1) (54.0) (0.8) FY25 145.8 93.5 6.8 Adjusted EBITDA Net working capital Capex Net financing and tax Free cash flow (51.6) (7.5) FY26 FCF conversion: 64.1% FCF conversion: 54.1% 55.7 55.7 43.0 41.9 FY25 FY26 98.7 97.6 Depreciation & amortisation Historical acquired amortisation
Page 21
Capital management Debt repayments and prudent capital management further strengthen our balance sheet Times Interest Cover – EBITDA / Gross interest expense Net debt / EBITDA 6.7x 9.6x FY25 FY26 20 Liquidity position ($m) 317.4 225.0 182.6 105.0 Jun-25 Jun-26 500.0 330.0 Debt facility utilisation1 ($m) Undrawn Drawn 1.8x 1.0x FY25 FY26 70.7 63.6 182.6 105.0 Jun-25 Jun-26 253.3 168.6 Undrawn Cash 1 Drawn debt in this presentation is shown at gross principal drawn whereas borrowings in the financial statements are measured at amortised cost and are stated net of unamortised borrowing costs and the gain on modification of the Group's debt facilities in June 2026. Accordingly, drawn debt of $225.0m (FY25: $317.4m) corresponds to a carrying amount of $222.3m (FY25: $315.2m).
Page 22
21 03 Conclusion & outlook 21 Russell Cohen CEO & Group Managing Director
Page 23
WHAT GOOD LOOKS LIKE WHAT WE'LL BE KNOWN FOR Outstandingshareholdervalue Consistentlyexcellent customerexperiences Fulfillingemployeejourneys Sustainable growth, customer trust and operational resilience Trusted AU Exchange Diversified growth and new sources of value creation Disciplined New Business Growth Adoption and customer impact Accelerated UK Adoption Enabled people who build what’s next and inspire others People-powered growth Smarter, faster, AI- enabled ways of working AI-enabled enterprise WHY WE ARE HERE FY27 Strategy Our key priorities will deliver our purpose and create lasting value
Page 24
FY27 Focus Areas Fortifying our core assets and executing on growth objectives 23 Focused on execution Empowered by the latest technologies Aus Exchange UK Disciplined Growth Invest in our people • Advocate on behalf of our customers, employees and shareholders for an appropriate pricing outcome • Maintain security and reliability of Australian Exchange • Deliver for our customers and the broader industry through innovation • Deliver NatWest Sale & Purchase implementation in 3Q27 • Scale the network effect in UK • Harness UK housing market reform momentum to drive industry engagement and innovation • Drive adoption of PEXA Clear • Continue exploration of potential expansion into New Zealand through capital light pilot • Ongoing disciplined exploration of new growth options • Build a stronger team through AI empowerment and targeted development • Forge greater connections between Australia and UK to encourage global collaboration • Create clearer opportunities for career development and progression
Page 25
24 -15% 31.0-32.5% Year on Year AU Transfer change Estimated Group EBITDA margin -10% 33.0-34.5% -5% 34.5-36.0% FY27 EBITDA margin volume sensitivity Absent cost efficiencies, EBITDA margins in FY27 are driven by Australian transfer volumes The above estimates do not constitute guidance for FY27 and assume low single digit growth in Australian refinance and other transactions. The above estimates do not take into account management decisions around cost efficiency measures during the year or the final outcome of the ongoing pricing review of ELNO fees. -20% 29.0-30.5% There is currently a significant amount of uncertainty around the Australian housing market due to macroeconomic factors including recent tax changes, property prices, affordability concerns and migration. We have modelled our estimated annual EBITDA margins across several Australian transaction volume scenarios.
Page 26
Metric FY27 Guidance Group Revenue $385m to $415m Group EBITDA margin1 31.5% - 33.5% Group Core NPAT1 continuing operations $5m to $20m Group Capex ($45m) to ($55m) International operating cash flow ($55m) to ($65m) 25 Core Financial Operating Guidance FY27 Guidance reflects macro environment and disciplined growth objectives 1 Financial results from core operations; represent reported results adjusted for significant non-recurring items. Non-IFRS measure The guidance above reflects current expectations and information available as at the date of this release, however it is not a guarantee or prediction of future performance. It is subject to risks and uncertainties, many of which are beyond the Group’s control, including from prevailing macroeconomic conditions, recent changes to the taxation of property, and evolving regulatory settings affecting the Group’s markets. Actual results may differ materially from the guidance provided. The Group will update the market of any material changes in accordance with its continuous disclosure obligations.
Page 27
Appendices Financials disclosed in this section are on an as reported basis
Page 28
27 $m Core Significant Items Group Revenue 379.5 379.5 Cost of sales (65.6) (65.6) Gross Margin 313.9 313.9 Total Expenses (178.0) (62.9) (240.9) EBITDA before associates 135.9 (62.9) 73.0 Share of losses from associates (0.8) (0.8) Group EBITDA 135.1 (62.9) 72.2 Depreciation and amortisation (43.0) (43.0) Historical Acquired Amortisation (55.7) (55.7) EBIT 36.4 (62.9) (26.5) Net finance expense (3.6) (3.6) NPBT 32.8 (62.9) (30.1) Income tax expense (23.6) (11.9) (35.5) NPAT from continuing operations 9.2 (74.8) (65.6) (NLAT) from discontinued operations (10.5) NPAT/(NLAT) (76.1) Historical Acq Amortisation (tax-effected) 39.0 NPATA from continuing operations 48.2 Statutory FY25 Reconciliation to Statutory Results Group comparative financials
Page 29
Australia financial performance Australia Detailed financial information 28 $m FY26 FY25 vs PCP vs PCP % Revenue 345.6 318.8 26.8 8% Cost of Sales (44.9) (37.1) (7.8) (21%) Gross margin 300.7 281.7 19.0 7% Operating expenses (107.7) (108.0) 0.3 - EBITDA before associates 193.0 173.7 19.3 11% Share of (losses) in associates (0.2) (0.8) 0.6 75% EBITDA 192.8 172.9 19.9 12% Significant items (7.3) (51.5) 44.2 86% Reported EBITDA 185.5 121.4 64.1 53% Depreciation and amortisation (81.1) (84.8) 3.7 4% Net interest expense (3.3) (6.2) 2.9 47% Net profit before tax 101.1 30.4 70.7 233% Capex - resource costs (21.2) (22.9) 1.7 7% Capex - other (13.9) (11.2) (2.7) (24%) Capex (35.1) (34.1) (1.0) (3%) Operating cash flow 157.7 138.8 18.9 14% EBITDA margin (%) 55.8% 54.2% 1.6ppt Capex to revenue ratio (%) 10.2% 10.7% (0.5ppt)
Page 30
Australia Volume and market data summary 29 Australia volume and market1 data: FY26 vs FY25 $m FY26 FY25 vs PCP vs PCP % Transfer 264.6 245.1 19.5 8% Refinance 54.2 48.5 5.7 12% Other 19.0 17.7 1.3 7% Non-ELN fee revenue 2.7 2.5 0.2 8% Other revenue 5.1 5.0 0.1 2% Australia revenue ($m) 345.6 318.8 26.8 8% Transfer 2,920 2,771 149 5% Refinance 990 908 82 9% Other 756 707 49 7% Market transactions volumes ('000) 4,666 4,386 280 6% Transfer 92% 91% 1ppt Refinance 97% 97% - Other 73% 75% (2ppt) Market penetration (%) 90% 90% - Transfer 2,673 2,535 138 5% Refinance 964 884 80 9% Other 551 527 24 5% PEXA transactions ('000) 4,188 3,946 242 6% Transfer 99.0 96.7 2.3 2% Refinance 56.2 54.9 1.3 2% Other 34.4 33.6 0.8 2% Average price ($) 80.6 78.9 1.7 2% 1 Market volume data provided by Oxford Economics Australia, utilising the Land Registry Historical Market Update report
Page 31
FY24 30 50,000 100,000 150,000 200,000 250,000 300,000 1.0% 2.0% 3.0% 4.0% 5.0% Transfers 20,000 40,000 60,000 80,000 100,000 1.0% 2.0% 3.0% 4.0% 5.0% Refinance 1.42m 6.9% 1.33m 8.7% 1.22m 4.2% 1.17m 15.7% 1.39m 33.0% 0.50m 13.6% 0.44m 9.6% 0.49m 1.2% 0.48m 7.1% 0.45m 44.8% RBA Cash Rate Volume growth is vs prior comparative period FY22 1H22 2H22 FY23 1H23 2H23 FY24 1H24 2H24 FY25 1H25 2H25 FY26 FY22 FY23 FY25 FY26 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 2H26 2H26 1.28m 8.3% 0.41m 8.9% 1.08m 15.0% 1.21m 11.4% 1.21m - 0.49m 21.1% 0.38m 22.8% 0.44m 16.5% 1.25m 3.8% 0.47m 4.7% Australia PEXA’s Australian Exchange: transfer and refinance transaction volumes 1H26 1H26
Page 32
Aug-25 Sep-25 Jul-26Oct-25 (20.0%) Nov-25 (15.0%) Dec-25 (10.0%) Jan-26 (5.0%) Feb-26 5.0% Mar-26 10.0% Apr-26 Jun-26May-26 20.0% Jul-25 15.0% % change vs PCP PEXA volumes (volume # in ‘000s) 31 FY26 Transfers: 2,673k | vs FY25 +138k / +5.4% FY27 Australian Exchange volumes Strong FY26 growth moderated through the final quarter, indicating a softer start to FY27 FY26 Refinance: 964k | vs FY25 +80k / +9% Transfers Refinance Other FY26 Other: 551k | vs FY25 +24k / +4.5%
Page 33
International financial performance International Detailed financial information 32 $m FY26 FY25 vs PCP vs PCP % vs PCP ex FX vs PCP ex FX % Revenue 61.3 60.7 0.6 1% 1.0 2% Cost of sales (24.4) (28.5) 4.1 14% 4.0 14% Gross margin 36.9 32.2 4.7 15% 5.0 16% Operating expenses (78.0) (70.0) (8.0) (11%) (8.9) (13%) EBITDA (41.1) (37.8) (3.3) (9%) (3.9) (10%) Significant items (2.4) (11.4) 9.0 79% 9.0 79% Reported EBITDA (43.5) (49.2) 5.7 12% 5.1 10% Depreciation and amortisation (16.5) (13.9) (2.6) (19%) (2.6) (19%) Net interest expense 2.8 2.6 0.2 8% 0.2 8% Net profit before tax (57.2) (60.5) 3.3 5% 2.7 4% Capex - resource costs (5.7) (7.8) 2.1 27% 2.0 26% Capex - other (10.8) (12.1) 1.3 11% 1.6 13% Capex (16.5) (19.9) 3.4 17% 3.6 18% Operating cash flow (57.6) (57.7) 0.1 - (0.3) (1%) International EBITDA margin (%) (67.0%) (62.3%) (4.7ppt) (3.3ppt) Capex to revenue ratio (%) 26.9% 32.8% (5.9ppt) (5.3ppt) Average FX rate 1.9794 1.9988
Page 34
1 Predominantly relates to other Smoove revenue, which includes attachments (search and ID verification), Amity Law, Smoove Complete and Legal Eye 2 Market data up to 3QFY26 based on actuals. 4QFY26 data based on provisional estimates. Source: Remo sourced from UK Finance, and S&P sourced from HM Revenue & Customs – Residential property transactions completed in the UK International volume and market data: FY26 vs FY25 International Volume and market data summary 33 $m FY26 FY25 vs PCP vs PCP % PCP var. ex FX PCP var. ex FX % Smoove S&P Revenues 14.8 12.9 1.9 15% 2.0 16% Smoove Remo Revenues 10.5 8.7 1.8 21% 1.9 22% Optima Remo Revenues 15.6 12.5 3.1 25% 3.2 26% Other International revenues1 20.4 26.6 (6.2) (23%) (6.1) (23%) International Revenue 61.3 60.7 0.6 1% 1.0 2% UK Market Volume ('000) S&P Completions2 1,191 1,189 2 0% Remo Completions2 357 282 75 27% UK Market Penetration % S&P Completions 1.7% 1.5% 0.2ppt Remo Completions 22.5% 23.7% (1.2ppt) PEXA International Volume Smoove S&P Completions 19,923 18,337 1,586 9% Smoove Remo Completions 28,619 25,703 2,916 11% Optima Remo Completions 51,832 41,201 10,631 26% Average price per Completion Smoove S&P Completions $740 $702 $38 6% $44 6% Smoove Remo Completions $366 $339 $27 8% $30 9% Optima Remo Completions $302 $305 ($3) (1%) $0 -
Page 35
2,000 4,000 6,000 8,000 10,000 12,000 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Remortgage 500 1,000 1,500 2,000 2,500 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Sale & Purchase FY24 34 10.9k 15.0% 9.5k 19.5% 7.9k 24.9% 45.2k 27.1% 35.5k 17.0% 30.5k 45.6% BoE Bank Rate Volume growth is vs prior comparative period FY23 FY24 FY25 FY26 FY23 FY25 FY26 1H23 2H23 1H24 2H24 1H25 2H25 2H26 7.6k 16.7% 37.4k 2.8% 6.6k 26.1% 32.3k 13.0% 38.5k 22.6% 8.9k 15.9% 1 Includes PEXA UK, Smoove, & Optima Legal 9.0k 1.8% 39.1k 21.2% 1H26 1H23 2H23 1H24 2H24 1H25 2H25 2H261H26 International PEXA’s UK Platform1: Sale & Purchases and Remortgage transaction volumes
Page 36
Glossary
Page 37
Terma Type Definition Adjusted EBITDA Financial – non-IFRS EBITDA adjusted to exclude non-recurring or non-operational items AML Business Anti-Money Laundering API Business Application programming interface ARNECC Business Australian Registrars’ National Electronic Conveyancing Council AUD Financial – non-IFRS Australian Dollars ($) BoE Business Bank of England Capital expenditure (Capex) Financial – non-IFRS Expenditures recorded during the period as an addition to an intangible asset in accordance with AASB 138, Intangible Assets, or as an addition to a physical asset in accordance with AASB 116, Property, Plant and Equipment Core operations Financial – non-IFRS Reported results from continuing operations adjusted for significant non -recurring items. Non-IFRS measure. Continuing operations Financial – non-IFRS The parts of the business expected to remain ongoing, excluding operations classified as discontinued or held for sale. CTF Business Counter-Terrorism Financing Discontinued operations Financial – non-IFRS Business components that have been classified as held for sale and are presented as discontinued operations. EBIT Financial – non-IFRS Profit / (loss) before net finance charges and tax EBITDA before associates Financial – non-IFRS Profit / (loss) before share of profit/(loss) on associates, net finance charges, depreciation, amortisation and tax EBITDA Financial – non-IFRS Profit / (loss) before net finance charges, depreciation, amortisation and tax EBITDA margin Financial – non-IFRS EBITDA divided by Revenue ELNO Business Electronic Lodgement Network Operator — a provider authorised to operate a digital property settlement network. FCF conversion Financial – non-IFRS Free cash flow divided by Adjusted EBITDA, expressed as a percentage. Free cashflow Financial – non-IFRS EBITDA adjusted for items not having an impact on cash, plus / minus changes in net working capital, minus net finance charge s, minus cash taxes paid FHB Business First Home Buyer FX Financial – non-IFRS Foreign exchange GBP Financial – non-IFRS Great Britain Pounds (Pound Sterling, £) Historical acquired amortisation Financial – non-IFRS Historical acquired intangibles predominantly arose due to the uplift in asset values following the change in ownership of PE XA in January 2019. These intangibles exclude any effects arising from Group acquisitions made subsequent to January 2019. Glossary Term Type Definition 36
Page 38
Term Type Definition Impairment Financial – IFRS A non-cash accounting charge reducing the carrying value of an asset when its recoverable amount falls below its book value. Interoperability Business The ability for multiple electronic lodgement network operators (ELNOs) to transact across each other’s platforms within the property settlement ecosystem. IPART Business Independent Pricing and Regulatory Tribunal KYC/KYB Business Know Your Client/Know Your Business Net debt Financial – non-IFRS Borrowings less cash and cash equivalents (excludes leases) NPAT Financial - IFRS Net profit after tax as recorded in the Statement of Comprehensive income NPATA Financial – non-IFRS Net profit after tax and acquired amortisation, being NPAT adjusted for the tax effected value of historical acquired amortis ation Operating cash flow Financial – non-IFRS EBITDA excluding the effect of significant items, less capital expenditure. Optima Business Optima Legal Other transaction type Business Being in Australia a property transaction passing through PEXA’s Exchange which is neither a transfer nor a refinance Operating expense / opex Financial – non-IFRS Expenditures, not otherwise treated as significant items, recorded during the period as an expense in the Statement of Comprehen sive Income PCP Financial – non-IFRS Prior comparative period, being FY25 PEP Business Politically Exposed Person Ppt Financial – non-IFRS Percentage points RBA Business Reserve Bank of Australia Refi Business Refinance, being in Australia the discharge of a mortgage with one lender, and the taking of a new mortgage with another lend er Remo Business Re-mortgage, being in the UK the discharge of a mortgage with one lender, and the taking of a new mortgage with another lender Sale and Purchase (S&P) Business Being in the UK the transfer of land from a vendor to a purchaser Significant items Finance – non-IFRS An item recorded in the Statement of Comprehensive Income that are non -recurring or notable by reason of its size, nature, or frequency of occurrence Smoove Business Smoove Ltd (previously named Smoove plc) Statutory NPAT Financial - IFRS Net profit after tax as reported under Australian Accounting Standards, including significant items and discontinued operatio ns. Transfer Business Being in Australia, the transfer of the title to land from one entity to another Glossary 37 Term Type Definition
Page 39
Investor Relations Lisa Newns-Smith + 61 405 670 981 investors@pexa.com.au Media James Aanensen + 61 410 518 590 james.aanensen@pexa.com.au