Earnings release
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ABN 23 629 193 764 | PEXA Group Limited ASX Announcement: PXA 5 November 2025 PEXA 1Q26 update PEXA delivers solid 1Q26 Performance and Reaffirms FY26 Guidance PEXA Group Limited (ASX: PXA) (“PEXA” or “Group”) has today provided an update on the quarter ended 30 September 2025 (1Q26) performance of the Group1. Commenting on the update, Mr Russell Cohen, PEXA Chief Executive Officer and Group Managing Director said: “We delivered a solid trading performance in the first quarter of FY26 across both Australia and the UK. In Australia, property transaction volumes grew 6 %, driven by strong refinancing activity. The UK market is gaining momentum, showing clear signs of growth after a period of subdued activity. PEXA is executing well against our FY26 strategy, and I am pleased to reaffirm our guidance for FY26 . We are investing in the resilience and modernisation of the Australian Exchange platform to deliver improved service and outcomes for Australian customers. In the UK, we remain on track to launch a PEXA- enabled remortgage service with NatWest in the first half of calendar year 2026 . We continue to focus on lender and conveyancer adoption and we are well positioned to capture significant growth opportunities in this market.” Total transaction volumes processed by the PEXA Exchange were 1,055k in 1Q26, an increase of 6% from the prior comparative period (PCP or 1Q25). In the quarter we saw transfer volume grow by 3% on the PCP to 667k. Refinances in the quarter benefi ted from consecutive cash rate cuts by the Reserve Bank of Australia in July & August 2025, increasing 16% versus 1Q25 and resulting in a 2 % increase in refinance mix. Further information on Exchange volumes is set out in Appendix Table 1. Key business updates include: • Total national market penetration was maintained at 90% (90% at 4Q25). 1 All date references in this document are to fiscal periods unless otherwise stated. Exchange national transaction volumes (actual per quarter, #’000) Quarter Transfers Refinances Other Total Refinance mix (%) 1Q25 645 215 138 999 22% 1Q26 667 249 139 1,055 24% Change 3% 16% 1% 6% +2 ppt Exchange For personal use only
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ABN 23 629 193 764 | PEXA Group Limited • We continue to extend our coverage, launching our refinance product in the Northern Territory on schedule, in August 2025. • We remain on track to deliver our AML solution in Australia in response to new Anti -Money Laundering requirements in the property sector which are due to come into force for Conveyancers, Legal Practitioners and Real Estate Agents on 1 July 2026. • We completed our submission to IPART as part of their ongoing pricing review, which is expected to be completed in 2H26. • Our customer satisfaction score for the Exchange increased marginally from 87.5% for 4Q25 to 88.3% for 1Q26. Strength in the UK property market in 1Q2 6 drove growth in Optima Legal and Smoove remortgage completion volumes, up 32% and 22% respectively on the PCP . The Group’s UK remortgage market share increased in the quarter to 26%, up from 22% in 4Q25, but declined marginally versus 1Q25 (1Q25: 27%), mainly due to the loss of a low margin mandate in Smoove. Smoove sale and purchase completions increased by 15% on the PCP, as the UK sale and purchase market continued its recovery. PEXA platform transaction volumes in the quarter were 15% higher than in 1Q25 and 4% lower than in 4Q25. Further information on Optima Legal and Smoove volumes is set out in Appendix Table 2 and Table 3. Further information on UK Remortgage and Sales & Purchase volumes is available in Appendix Table 4. Key business updates include: • Platform and product development Optima Legal and Smoove instruction volumes (actual per quarter, #’000) Optima Smoove Smoove Quarter Remortgages Remortgages Sale and Purchase 1Q25 13.4 9.1 7.6 1Q26 19.0 11.6 8.8 Change 42% 27% 16% Optima Legal and Smoove completion volumes (actual per quarter, #’000) Optima Smoove Smoove Quarter Remortgages Remortgages Sale and Purchase 1Q25 10.4 7.4 4.7 1Q26 13.7 9.0 5.4 Change 32% 22% 15% International For personal use only
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ABN 23 629 193 764 | PEXA Group Limited o PEXA recently published the pricing for its UK platform on its website at https://pexa.co.uk/about/pricing. o Additional investment has been made in the UK business to ensure a strong deployment to NatWest and to create capacity for conveyancer onboarding. o During the quarter, PEXA reached the milestone of processing £200m of property transfers using PEXA since its launch in the UK market in 2022, having reached £100m in January 2025. • Customers and Relationships o NatWest formally committed to an implementation program in July 2025. We remain on track to provide NatWest with a PEXA -enabled remortgage service in the first half of calendar year 2026 (CY26) with a PEXA-enabled Sale & Purchase solution to follow. o PEXA marked the official launch of UK digital property exchange platform with a series of regional roadshows for conveyancers across six key cities . Following these roadshows, conveyancers have registered their interest to investigate using PEXA in applicable cases. o In early October, PEXA and leading UK conveyancing firm Muve announced a new strategic collaboration which will see Muve use the PEXA platform for some of their client completions and explore the benefits of the technology for the broader legal industry. PEXA continues to work towards obtaining further Lender commitments to the Sale & Purchase product in addition to existing Refinancing capabilities. Digital Solutions maintained stable progress in 1Q26. • Subscriptions revenue grew by 15% relative to PCP, supported by sustained customer retention. Subscriptions revenue accounted for 87% of 1Q26 revenue (1Q25: 87% of revenue). • Project and consulting revenue grew by 19% relative to PCP, underpinned by ongoing demand for specialised consulting services. • Transaction related revenue declined by (100%) over PCP, reflecting PEXA’s decision to exit the Land Insight business. The strategic review of the Digital Solutions business remains ongoing, with a focus on assessing opportunities to optimise growth and shareholder value. Digital Solutions For personal use only
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ABN 23 629 193 764 | PEXA Group Limited While Australian property market volumes have softened slightly in the early part of the second quarter, PEXA reaffirms its FY26 guidance provided during the FY25 results, as shown in the table below: Metric FY26 Guidance Group Revenue $405m-$430m Group EBITDA Margin2 32% - 35% Group NPAT2 $5m-$15m Group Capex ($60m-$65m) International operating cash flow ($59m-$63m) This release was authorised by the CEO and Group Managing Director of PEXA Group Limited. - Ends - Investors Lisa Newns-Smith M: +61 405 670 981 E: investors@pexa.com.au Media James Aanensen M: +61 410 518 590 E: corporateaffairs@pexa.com.au About PEXA PEXA (Property Exchange Australia) is a world-leading, digital property exchange and data insights business, listed on the Australian Stock Exchange. Since 2013, PEXA has facilitated more than 25 million property settlements, and today, 90% of all property transfer settlements in Australia are processed on the PEXA platform. In 2022 PEXA launched its refinancing capability in the UK. 2 Financial results from core operations, which excludes significant non-recurring items. FY26 Guidance For personal use only
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ABN 23 629 193 764 | PEXA Group Limited APPENDIX Table 1: Exchange national transaction volumes (actual per quarter, #’000) Table 2: Optima Legal and Smoove instruction volumes3 (actual per quarter, #’000) 3 Instructions occur when Optima or a conveyancer introduced by Smoove agree to provide conveyancing services for a remortgage, sale or purchase transaction. A completion occurs when these transactions are concluded. For transaction related work both Optima and Smoove recognise revenue on completion. Attachment revenue for Smoove is recognised when the attachment service is delivered, which usually precedes completion for the associated transaction. Not all instructions convert into a completion, and the timeframe for conversion of a given instruction into a completion can vary. Quarter Transfers Refinances Other Total Refinance mix (%) 3Q23 492 230 119 841 27% 4Q23 592 265 131 987 27% 1Q24 567 271 130 969 28% 2Q24 654 215 129 998 22% 3Q24 537 179 120 837 21% 4Q24 670 202 136 1,009 20% 1Q25 645 215 138 999 22% 2Q25 681 224 134 1,039 22% 3Q25 549 202 120 871 23% 4Q25 659 243 135 1,037 23% 1Q26 667 249 139 1,055 24% Optima Smoove Smoove Quarter Remortgages Remortgages Sale and Purchase 3Q23 11.1 11.0 6.2 4Q23 9.0 12.8 7.3 1Q24 11.3 7.9 6.5 2Q24 12.7 7.6 5.9 3Q24 18.9 11.4 7.9 4Q24 14.3 10.0 8.5 1Q25 13.4 9.1 7.6 2Q25 14.6 8.5 7.0 3Q25 15.2 9.9 8.1 4Q25 18.6 12.0 9.2 1Q26 19.0 11.6 8.8 For personal use only
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ABN 23 629 193 764 | PEXA Group Limited Table 3: Optima Legal and Smoove completion volumes (actual per quarter, #’000) Table 4: Remortgage and S&P market volumes (actual per quarter, #’000) 4 Source: UK Finance: Table RL5 5 Source: UK Government Statistics – residential monthly property transactions in the UK with value £40k+ 6 1Q26 S&P market data is provisional Optima Smoove Smoove Quarter Remortgages Remortgages Sale and Purchase 3Q23 13.7 9.4 3.5 4Q23 7.4 8.0 3.1 1Q24 7.7 8.9 4.0 2Q24 7.4 6.5 3.9 3Q24 10.9 6.6 3.7 4Q24 11.9 8.1 4.0 1Q25 10.4 7.4 4.7 2Q25 10.9 6.8 4.8 3Q25 9.9 6.2 5.2 4Q25 10.0 6.3 3.7 1Q26 13.7 9.0 5.4 Market Market Quarter Remortgages4 S&P5 3Q23 92.2 246.2 4Q23 74.9 236.8 1Q24 79.6 273.1 2Q24 64.6 263.4 3Q24 73.1 227.4 4Q24 77.2 261.7 1Q25 65.1 297.2 2Q25 69.9 316.1 3Q25 73.9 339.6 4Q25 72.8 235.2 1Q26 88.1 307.46 For personal use only