Annual report
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28 August 2026 ASX Announcement Shine Justice Ltd (SHJ) 2026 Annual Report Attached for immediate release to the market is Shine Justice Ltd’s 2026 Annual Report. Authorised for release by the Board Annette O’Hara Company Secretary | General Counsel aohara@shine.com.au Shine Justice For more information Carolyn Barker AM, Group Chief Executive Officer +61 07 3006 6027 Marc Devine, Chief Financial Officer +61 07 3837 8449
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50 Years of Shine SERVING THE COMMUNITY SINCE 1976 Shine Justice Ltd | ABN 93 162 817 905 2026 Annual Report
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CONTENTS ACKNOWLEDGEMENT OF COUNTRY Shine Justice acknowledges the Traditional Custodians of Country throughout Australia and their connections to land, sea and community. We pay our respects to Aboriginal and Torres Strait Islander peoples and cultures, and to Elders past and present. 4 Chairman’s Letter 6 Group Chief Executive Officer Year in Review 8 Directors’ Report 20 Remuneration Report 32 Auditor’s Independence Declaration 34 Environmental, Social and Governance Performance 36 Financial Report 119 Directors’ Declaration 120 Independent Auditor’s Report 126 Shareholder Information 129 Glossary 131 Corporate Directory Shine Justice Ltd 2026 Annual Report 2
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Shine a light on injustice and make the world a better place, one client at a time. OUR PURPOSE OUR PATH FORGED OUR VALUES Dare to be different We are not your typical law firm, we follow our own path. We believe the impossible can be achieved. We challenge the status quo in our pursuit of justice for our clients. Always stand up for the little guy We stand up for the underdog, giving a voice to those who would otherwise be unheard. We are tenacious and never, ever give up. We pride ourselves on not shying away from the tough cases. Ahead of the pack We look to the future for tomorrow’s opportunities. We pioneer new ways. We are leaders rather than followers. helping the community pursue justice listed on the ASX and co-location across Australia, New Zealand, Thailand and the United States 50 years 13 years 51 offices 896 team members in damages for our clients in FY26$1 billion+ 3 2026 Annual Report Shine Justice Ltd
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Chairman’s Letter Dear Shareholders FY26 was a landmark year for Shine, as we celebrated our 50th anniversary. In 1976 Shine started as a humble law firm in the regional Queensland city of Toowoomba. Over the next 5 decades it grew its national footprint around Australia and in New Zealand, now with almost 900 team members spread over 51 locations in Australia, New Zealand, Thailand and the USA. Throughout 2026 we deployed a range of strategic actions to further grow our personal injury and domestic class action segments, in parallel to advancing our international growth objectives. Leadership Changes In April 2026 Simon Morrison transitioned from the role of Managing Director which he held for more than 15 years to Executive Director to allow him to focus on expanding the international mass torts practice. Carolyn Barker AM, who was appointed Group Chief Executive Officer in February 2025, continues in that role and is now responsible for providing overall leadership and direction for the Group, working closely with the Board and the management team to execute the Group’s strategies and business objectives domestically and abroad. FY26 Financial Results Group revenue for FY26 was $209.2 million compared with $204.4 million in FY25 – an increase of 2.3%. Included in our FY26 revenue result was an increased constraint amount of $11.2 million recognised on a legacy class action. But for this constraint increase the FY26 revenue would have been $220.4 million, a healthy increase of 7.8% on the previous year. In addition to the revenue constraint, $1.8 million of disbursements related to the legacy matter were also written down, bringing the total impact to FY26 EBITDA 1 to $13.0 million for the year. In FY26, EBITDA was $31.7 million, adjusted to $44.7 million when taking into account the items noted above. On an adjusted basis FY26 EBITDA is 13.7% higher than FY25 (EBITDA $39.3 million). Net profit after tax in FY26 was $6.7 million ($15.8 million on an adjusted basis) compared with $0.1 million in FY25 ($9.7 million on an adjusted basis) - a significant improvement. Cash Contribution 2 was not impacted by the write downs and for FY26 was $29.4 million, compared with $30.6 million in FY25. After considering the results, the Board declared a fully franked final dividend of 2.5 cents per share, payable in October 2026. This follows the interim dividend of 1.5 cents per share paid in April 2026 and brings total dividends for FY26 to 4.0 cents per share fully franked. The Board remains focused on disciplined capital management, balancing dividend distributions and balance sheet strengthening to support our growth objectives. Accordingly, no shares have been purchased to date under our buy-back program which was renewed in September 2025. Our Core Businesses FY26 was a year of meaningful achievement across our core personal injury and class action practices. In personal injury, we continued to strengthen our market position through disciplined portfolio management, focused investment in core practice areas and our unwavering commitment to client outcomes. Our class action team achieved significant successful resolution of several major cases during the year and continued to develop a strong pipeline of new opportunities. These achievements reflect the expertise of our people and our ability to execute complex litigation at scale, providing a solid foundation for future growth. International Expansion During the year, we progressed our international growth agenda, working in the United States to identify mass tort cases that are being litigated or resolved there and are suitable for collective redress in Australia, New Zealand and Asia. The Group has developed an international network of leading U.S. plaintiff firms and global litigation funders. During the year we secured an international funding facility up to $A40 million to fund the litigation of a large-scale mass tort class action in Australia. This strategy will broaden Shine’s geographic reach and deliver profitable growth. Our leading position within the Australian market will serve as a springboard for our international mass tort growth. Several mass tort investigations are well progressed as we continue in our commitment to address systemic failures of corporations and governments and hold them to account for the benefit of affected individuals. 1 EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation. 2 Cash Contribution is operating cash flow excluding financing, interest and income tax. Shine Justice Ltd 2026 Annual Report 4
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Graham Bradley AO Chairman 28 August 2026 FY27 Outlook We are excited about the opportunities to grow our international business and are confident that we are well placed to further develop those opportunities while continuing to grow our core businesses. Shine is supported by a committed and highly capable team, aligned to a strategy focused on sustainable earnings growth and strong performance across both established and emerging markets. Shine is determined to seek more justice for more people who have been wronged or who are underrepresented. The Board believes the Group is entering FY27 with a clear strategy, a strong pipeline of opportunities and an increasing focus on sustainable financial performance. We have confidence in the underlying strength of the business. The Board expects to deliver improved EBITDA and operating cash flow in FY27 across our personal injury, class action and emerging international mass tort practice. Closing Remarks On behalf of the Board, I thank our management and all Shine team members for their professionalism and commitment throughout the year and for the vital role they continue to play in delivering justice for our clients. Our ability to strengthen the business while remaining firmly focused on delivering outcomes for our clients is a powerful reflection of our peoples’ determination and compassion. As always I acknowledge the contribution of my fellow directors to Shine’s governance and their support for the management team, our people and our clients. I would like to say a special thank you to David Bayes who having served as a director since early 2020 will not seek re-election at this year’s AGM in October. 2026 Annual Report Shine Justice Ltd 5 Chairman’s Letter
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Group Chief Executive Officer Year in Review Like all organisations in Australia and around the world, we find ourselves in the midst of discontinuous change and technological upheaval the likes of which have not been seen before. Shine is excited by the opportunities that this change brings and in my role as Group Chief Executive Officer I also adopt the dual responsibility of Chief Change Officer. That’s why the work undertaken in Financial Year 26 was so important on refocusing the business to be ready for the change at the enterprise and sector level that we know is coming. We strengthened our operational performance, improved financial resilience, invested in exposing our people to emerging technologies and laid important foundations for what we believe the future of legal services might look like. Our operational performance improved across a number of key measures during FY26. We delivered stronger case resolutions, increased fees billed and higher average new file fees while maintaining focus on disciplined execution. We also maintained cash generation and invested in strategic initiatives that will support growth in our traditional Personal Injury (PI) segment, our Domestic Class Action (CA) segment and our international mass torts (IMT) business. Outstanding Results for Our Clients During FY26 in our Personal Injury business, more than 4,000 cases were resolved, securing damages in excess of $800 million. These outcomes reflect the scale of our reach and make a real difference in the lives of our clients and their families. Personal Injury remains a significant driver of Shine’s performance. In FY26, the business delivered growth in new Personal Injury files and an increase in average new file fees, resulting in a 9% increase in new file fees compared with FY25. Our Class Action practice delivered significant outcomes during the period, securing settlements in a range of actions on behalf of consumers, investors, superannuation members and workers. Highlights included settlements in the Colonial First State, QSuper, EML Payments, AMP and CommInsure class actions, together with a settlement in the KFC Rest Breaks class action and a resolution in the Hino Motors New Zealand proceeding. Following the approval of the Stolen Wages WA and NT class actions settlements last year, the majority of First Nations group members have received their payments in these important social justice class actions. We also continued to progress our class actions against the WA and NSW governments in relation to alleged discrimination in the removal of First Nations children from their families. Continuing this important work on behalf of our First Nations communities is a priority for Shine. In parallel, the Class Action practice continued to build momentum through the filing of new class actions, including proceedings against AMP Superannuation and others and the commencement of South Australia Sunday Penalty Rate proceedings. At the same time, Shine maintained a focus on a strong pipeline of investigations in pharmaceuticals, product liability and employment-related claims. International Growth Strategy FY26 was the year in which the Group’s international mass torts strategy was accelerated. Simon Morrison, previously the Managing Director and prior to that the CEO, spent considerable time in the USA cementing important relationships with partner law firms, funders, large corporations and the mass torts sector. The USA is Shine’s mass torts "hub" from which large complex cases are worked up and shared with "spoke" operations in Australia, New Zealand and most recently Thailand. The international mass torts business is designed to provide Shine Justice with access to a broader pool of opportunities by combining global intelligence, local legal expertise and disciplined case selection. During the year we invested in the infrastructure, partnerships and governance frameworks to support this strategy. We are encouraged by progress to date and believe the international mass torts framework has the potential to become an important driver of future growth for the Group. We see significant opportunities to leverage our class action expertise, expand access to justice across global jurisdictions and create long term value for clients and shareholders alike. 50 Years of Shine In calendar year 2026, Shine leveraged its important five decade milestone into a range of activities that connected with stakeholder groups including the wider business community, the legal community and our people community. Despite having 46 locations around Australia, there are still many areas that are under served. It is in that context that Shine’s regional outreach program is perhaps one of the most significant activities, launched in this important celebratory year. The objective of these outreach tours, to become an integral ongoing program and important connection point to communities and clients in regional, rural and remote areas who need our help. Shine Justice Ltd 2026 Annual Report 6
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Emerging Technology One of the most important developments during FY26 was the work undertaken to position Shine for the future. Artificial Intelligence and emerging technologies are transforming industries around the world and the legal profession is no exception. During the year, we stood up Shine’s Emerging Technology Centre, a flexible cluster of data scientists, IT experts and “bright young things” from throughout the organisation. This cluster is governed by an emerging technology steering committee and now a comprehensive framework to guide the responsible adoption of AI across the business is in place. We believe the future belongs to organisations that combine technology with human expertise. While technology may change how legal services are delivered, it will be very difficult to replace the judgment, empathy, advocacy and trust in our lawyers and fee earners that sit at the heart of our profession. Our ambition is to use technology to enhance the experience of clients and employees, improve efficiency and strengthen our ability to deliver justice at scale. FY26 marked an important step in that journey. Our Team At Shine, our people remain our most important asset. During the year we continued to focus on building a workplace where talented people can grow, develop and contribute to meaningful work. Pleasingly, employee turnover during the year reduced below the legal industry average and our staff returner rate increased, demonstrating the enduring appeal of Shine's culture and purpose. Looking Ahead As we look ahead, we remain focused on creating long term value for shareholders by investing in our people, strengthening client experience, embracing innovation and emerging technology as well as maintaining financial discipline. We enter FY27 with clear strategic priorities and confidence in our ability to execute. While the environment in which we operate continues to evolve, the opportunities in front of us are significant. As we begin the next decade in Shine’s journey, I am optimistic about what lies ahead. We have a strong foundation, a clear purpose and a talented team committed to making a difference. On behalf of the Leadership Team, thank you to our Board members for their guidance, our employees for their dedication, our clients for their trust and our shareholders for their ongoing confidence in Shine. Carolyn Barker AM Group Chief Executive Officer 28 August 2026 2026 Annual Report Shine Justice Ltd 7 Group Chief Executive Officer Year in Review
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Directors’ Report Your directors present their report on the consolidated entity (referred to hereafter as the “Group”) consisting of Shine Justice Ltd (the “Company” or “Shine”) and the entities it controlled at the end of, or during, the year ended 30 June 2026. Shine Justice Ltd 2026 Annual Report 8
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FY26 in Review FY26 FY25 Total Revenue $209.2m $204.4m Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 1 $31.7m $29.7m Net Profit Before Tax (NPBT) $10.2m $4.5m Net Profit After Tax (NPAT) $6.7m $0.1m Cash Contribution 2 $29.4m $30.6m Final Dividend (cents per Share) 2.50 3.50 Interim Dividend (cents per Share) 1.50 1.50 Total Dividend (cents per Share) 4.00 5.00 Earnings Per Share (EPS - cents) 5.74 0.33 1 EBITDA is not an IFRS calculation. 2 Cash Contribution is not an IFRS calculation. Directors The following persons were directors of Shine Justice Ltd during the whole of the financial year and up to the date of this report. The skills, experience and expertise of each director is provided on pages 10 and 11. Director Position Graham Bradley AO Chairman and Non-executive Director Teresa Dyson Non-executive Director David Bayes Non-executive Director Rod Douglas Non-executive Director Simon Morrison Managing Director to 14 April 2026, Executive Director from 15 April 2026 Meetings of Board and Board Committees The number of meetings of the company’s Board of Directors and of each board subcommittee held during the year ended 30 June 2026 and the numbers of meetings attended by each director were: Director Board Audit & Risk Management Committee Nomination & Remuneration Committee Held Attended Held Attended Held Attended Graham Bradley AO 10 10 8 8 3 3 Teresa Dyson 10 10 8 8 3 3 David Bayes 10 10 8 8 3 3 Rod Douglas 10 10 8 8 (invitee) 3 3 (invitee) Simon Morrison 10 8 8 6 (invitee) 3 3 (invitee) Principal Activities During the financial year, the Group provided plaintiff legal services in Australia, New Zealand and Arizona, USA, across two core segments: personal injury and class action (including international mass torts). There were no significant changes in the nature of activities of the Group during the year. 2026 Annual Report Shine Justice Ltd 9 Directors’ Report
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Graham Bradley AO BA, LLB (Hons 1), LL.M (Harvard), FAICD Graham is an experienced company director and chairman. He is currently chairman of Virgin Australia International Holdings Pty Ltd, Infrastructure NSW, Waveconn Group Holdings Management Pty Limited and Symphony Infrastructure Partners Pty Limited. Graham’s previous roles include managing director of Perpetual Limited, national managing partner and chief executive officer of Blake Dawson (now Ashurst Perkins Coie), a senior role at McKinsey & Company, chairman of Stockland Corporation Limited, United Malt Group Limited, HSBC Australia Limited, EnergyAustralia Holdings Ltd and Volt Corporation Limited, director of The Hong Kong & Shanghai Banking Corporation Limited and Tennis Australia, president of the Business Council of Australia and deputy president of the Takeovers Panel. Other Australian listed company directorships held in the last three years: United Malt Group Limited (March 2020 – November 2023) David Bayes FAICD (Life) David is a director and former chairman of Plarre Foods Pty Ltd (trading as Ferguson Plarre Bakehouses) and a director of Barker Trailers Pty Ltd. He has previously held a variety of board and executive positions, including director of Sigma Healthcare Limited, chief executive officer of Choice Hotels Australasia, chief operating officer of Mortgage Choice Limited, chief executive officer and director of Bakers Delight, director of Chiquita Brands South Pacific Ltd and North Western Healthcare Network and vice president and director of McDonald’s Australia. David is a former director of the Australian Institute of Company Directors (AICD) and past president of the Victoria Council of the AICD. David has over 40 years’ experience in multi-outlet retail business. Other Australian listed company directorships held in the last three years: None other than Shine. Teresa Dyson BA, LLB (Hons), CPA, MTax, MAppFin, FAICD Teresa is an experienced company director, whose career has spanned both the public and private sectors. Teresa is an admitted lawyer and has previously been a partner at a global law firm and professional services firm. Teresa is currently chair of Southern Cross Media Group Limited (following its acquisition of Seven West Media Limited of which Teresa was a director), chair of Humm Group Limited, deputy chair and chair of the audit & risk committee of Invest Gold Coast and director of Australian Athletics. Teresa is also a member of the Takeovers Panel. Teresa is a former director of Genex Power Limited, Brighter Super, Energy Queensland, UN Women National Committee Australia Ltd, Opera Queensland, National Housing Finance and Investment Corporation and Gold Coast Hospital and Health Board, a former chair of each of the Board of Taxation and the Business Law Section of the Law Council of Australia and a former member of the Foreign Investment Review Board. Other Australian listed company directorships held in the last three years: Seven West Media Limited (November 2017 – January 2026), Southern Cross Media Group Limited (January 2026 – present), Genex Power Limited (May 2018 – July 2024), Entyr Limited (February 2023 – May 2024) and Humm Group Limited (April 2026 - present) Board of Directors Shine Justice Ltd 2026 Annual Report 10 Directors’ Report
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Simon Morrison LLB Rod Douglas MBA, FAICD Rod Douglas is an experienced company director, independent chair and governance adviser with more than 30 years’ experience working with founders, family businesses and owner-led enterprises. He has built a reputation for guiding organisations through periods of growth, strategic transformation, succession and organisational renewal, with a focus on creating sustainable long-term value through effective governance. Rod has served on boards across a broad range of industries, including legal services, professional services, financial services, property, agriculture, retail, franchising and marketing. He currently chairs and advises a number of private and listed organisations, bringing expertise in board effectiveness, strategy, culture, leadership succession, organisational performance and capital readiness. Rod holds a Master of Business Administration from Bond University, is a Foundation Fellow of the Australian Institute of Company Directors and a Vincent Fairfax Fellow in Ethical Leadership. Other Australian listed company directorships held in the last three years: None other than Shine. In April 2026, Simon transitioned from Managing Director to Executive Director to focus on advancing the Group’s international growth agenda, including its international mass torts (IMT) program. Simon has long held an interest in international mass torts and righting wrong throughout the world when injustice has been evident. His leadership of Shine’s international business reflects his passion to stand up for the little guy, leading an experienced team of lawyers to right wrongs for clients internationally. Simon has represented Australia on the Board of Governors of the American Association for Justice, the peak body for plaintiff lawyers in the US and is a member of The Melvin M. Belli Society, an invitation only global organisation of trial lawyers. Simon is a former National President of the Australian Lawyers’ Alliance. He is also an acknowledged leader in workers’ compensation cases and is a Queensland Law Society Accredited Specialist in personal injury law. Simon served as a non-executive director of Brisbane Festival from 2016 to 2025. Other Australian listed company directorships held in the last three years: None other than Shine. 2026 Annual Report Shine Justice Ltd 11 Directors’ Report
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Leadership Team Marc joined the Group in September 2024 as Chief Financial Officer, with responsibility for the Group’s financial direction and governance. He was appointed joint Company Secretary in December 2024. An accomplished senior finance executive, Marc has more than two decades of experience across financial and executive management and commercial finance. Prior to his current role at Shine, Marc served as Chief Financial Officer and Company Secretary of ASX-listed Alliance Aviation Services Limited. Prior to this, Marc held senior finance roles at Mater Health Services and Metro North Hospital and Health Service in Queensland. Marc brings a strategic mindset and a proven track record in driving financial transformation, operational efficiency and stakeholder engagement across complex organisations. Marc is also passionate about mentoring emerging finance professionals and fostering high- performing teams that align financial strategy with long-term organisational goals. Marc is a fellow of CPA Australia and a Graduate of the Australian Institute of Company Directors. Carolyn joined Shine Lawyers as a non-executive director in 2009 pre- listing. In 2013 she served as one of the original 3 non-executive directors on the Shine Justice board, stepping down in 2020. Carolyn has had an extensive executive career for over three decades working primarily in the private sector and more recently private equity owned businesses. In parallel she has had deep experience as a non-executive director and chair across a range of boards. Past chair positions include Queensland Symphony Orchestra and City of Brisbane Transport Advisory Board, while current positions include Australian based MiGroup and Australian Performing Arts Conservatory. Carolyn’s executive leadership and governance experience has given her access to industry sectors including private tertiary education, public transport, media, apprenticeship and training, the arts and professional services. In 2023 Carolyn returned to Shine in an executive management capacity and was appointed Group CEO in early 2025. Her leadership focus includes organisational restructure, transforming cultures and commercial agility. Carolyn is currently responsible for the leadership and strategic direction of the Shine Justice Group in Australia and internationally. Carolyn was awarded a Member of the Order of Australia in 2005 for her contributions to business and management. She received the QUT Outstanding Alumni Award for the Faculty of Business in 2002. She is a life fellow of the Australian Institute of Management. Carolyn has trained as a nationally accredited mediator. Lisa is one of Australia’s leading plaintiff lawyers, bringing more than 20 years of experience in complex litigation, advocacy and legal leadership. As Chief Legal Officer of Shine, she is responsible for the firm’s legal strategy and the oversight of legal practice across both the Personal Injury and Class Action businesses, ensuring the highest standards of legal excellence, governance and client outcomes. Lisa is an advocacy specialist and a highly regarded expert in abuse law. She has led and been involved in many high profile cases, as well as supporting and providing evidence to the Royal Commission into Institutional Responses to Child Sexual Abuse and the Royal Commission into Defence and Veteran Suicides. Lisa is often sought to provide expert commentary in national media and legal publications. Lisa has been a member of the Australian Lawyers Alliance and the American Association for Justice for more than a decade. She has presented at a national and international level on a range of topics and has been an active participant at numerous national and international conferences relating to the practice of litigation in both personal injuries and class actions. Beyond her role at Shine, Lisa serves as a Director of Health Voyage, a not-for-profit multidisciplinary health services provider. She is also a graduate of INSEAD’s executive education program, Leading for Results, further strengthening her capability as a strategic and transformative leader. Lisa Flynn LLB (Hons 1), B Com (Hons 1) Marc Devine BBus (Acc), FCPA, GAICD Carolyn Barker AM BBus, MBA, FAIM (Life) Chief Legal Officer Chief Financial Officer and Company Secretary Group Chief Executive Officer Shine Justice Ltd 2026 Annual Report 12 Directors’ Report
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Earlier this month Annette celebrated 10 years with the Shine Group. She was appointed General Counsel and Company Secretary in February 2017. Previously, Annette had extensive experience as a senior corporate lawyer at national law firm Corrs Chambers Westgarth, advising a wide range of listed and unlisted companies in relation to regulatory, governance and general commercial matters. Annette was named Company Secretary of the Year in the 2022 Australian Law Awards and in the 2022 Women in Law Awards. In her current role, Annette plays a pivotal part in shaping the Group’s legal and governance frameworks, ensuring compliance with evolving regulatory landscapes and supporting strategic decision-making at the executive level. She provides legal advice across the Group, performs company secretarial functions for all entities in the Group and is responsible for the Company’s communications with the ASX and the market. Jodie brings more than 30 years' experience in the legal industry as a practising lawyer, leader and innovator. A pioneer in plaintiff law, she spearheaded the early use of predictive data to make the client journey more seamless and certain — laying the groundwork for Shine's emerging technology and AI capability today. She has held senior national roles, including Chief Executive Officer at the time of Shine Justice's listing on the ASX, and was appointed Chief Operating Officer in 2019, leading the innovation and business services teams. Following Shine Victoria's 20 year milestone as a major law firm in the jurisdiction during FY25, Jodie has taken charge as head of legal in the state to grow its personal injuries practice. An Accredited Specialist in personal injury law, Jodie led one of Queensland's final civil jury trials, securing a record outcome for survivors of sexual abuse and helping drive change in child protection policy. A member of the Australian Lawyers Alliance and the American Association for Justice for over two decades, she maintains a keen interest in legal technology, innovation and the internationalisation of plaintiff law. Outside work, she competes in marathon and fitness races. Jodie Willey LLB (Hons) Chief Operating Officer seconded to Head of Victoria General Counsel and Company Secretary Annette O’Hara BA, LLB (Hons 1), FGIA, GradDipACGRM, FCG, Chartered Secretary 2026 Annual Report Shine Justice Ltd 13 Directors’ Report
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Operating and Financial Review Key Management Changes Simon Morrison transitioned from the role of Managing Director to the role of Executive Director to allow him to continue to advance class action and international mass tort opportunities, including through relationships with lawyers and funders in the United States and internationally. Carolyn Barker AM continued as Group Chief Executive Officer, providing leadership and direction and working closely with the Board and Leadership Team to develop and execute the Group’s strategic objectives. Overview Shine has traditionally focused on five key strategic pillars. They are: • prioritise our client • engage our people • grow Shine • strengthen Shine • innovate Shine. The Board has recently added a sixth pillar to the strategy and that is to “internationalise Shine”. This pillar has been added to recognise the steps Shine has taken over the last few years in establishing a USA presence and the importance of this presence to the future of the Group. With alignment to these strategies being at the forefront of the Group's day to day activities, the Group continued to deliver high quality plaintiff legal services to its personal injury (including superannuation and disability insurance) and class action clients during the year. The Group delivered a materially stronger profit result in FY26 with group revenue rising by 2.3% to $209.2 million and EBITDA increasing by 7% to $31.7 million, lifting net profit after tax to $6.7 million (FY25: $0.1 million). The Group's FY26 results were impacted by an unexpected interlocutory judgment on a legacy class action. The outcome of this judgment resulted in an increase in the constraint on revenue of $11.2 million and disbursement write downs of $1.8 million, with the total impact to FY26 EBITDA of $13.0 million. But for this judgment, FY26 EBITDA would have been $44.7 million. Basic earnings per share grew to 5.74 cents (FY25: 0.33 cents). The improvement was driven by broad-based revenue growth in the Personal Injury practice, continued cost discipline, noting increased investment in emerging technology, and the absence of the $9.6 million non-cash fair-value loss on deferred consideration that weighed on the prior year. Summary Income Statement 2026 2025 $’000 $’000 Variance Total Revenue 209,167 204,417 2.3% Total Other Income 245 1,464 -83.3% Total Operating Expenses (177,671) (176,229) 0.8% EBITDA 31,741 29,652 7.0% Interest (7,906) (9,195) 14.0% Depreciation (13,640) (15,996) 14.7% Profit before tax 10,195 4,461 128.5% Income tax expense (3,477) (4,369) 20.4% Net Profit After Tax 6,718 92 7,202.2% Earnings per share (cents) 5.74 0.33 1,639.4% Shine Justice Ltd 2026 Annual Report 14 Directors’ Report
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Segment Summary Segment (A$m) Revenue and Income EBITDA Seg. assets EBITDA Δ Personal Injury 180.9 36.6 483.2 +18.4% Class Action 28.2 (4.8) 90.1 n.m. Other / corporate 0.3 (0.1) 1.8 n.m. Group 209.4 31.7 575.1 7.0% Group EBITDA reconciles to profit after tax per the financial statements Note 1. Change shown for EBITDA only. Operating Segments - Personal Injury Personal injury remained the foundation of the Group’s operations. During the year, the Group recovered in excess of $800 million in damages for more than 4,000 clients across its varied personal injury work types. At the same time the Group opened over 5,900 new client files. During the year the Group maintained a disciplined focus on case execution, file resolution, recovery rates and continued to review unrecoverable work in progress and provisioning where recovery risk or low quantum outcomes required active management. This focus led to improved financial results in the personal injury segment for the year. Personal injury recorded revenue and income of $180.9 million which was 8.8% higher than the prior year with EBITDA of $36.6 million which was 18.4% higher than the previous year. EBITDA margin improved by 1.6 percentage points. The practice spans motor accidents, workers’ compensation, public liability, medical law, abuse law and dust diseases, and is predominantly no-win-no-fee variable revenue of $168.3 million, with fixed-fee work of $11.3 million and time and materials of $1.3 million. Operating Segments – Class Action The Group's class action segment continues to be an area of growth with a focus during the year on settling a number of historical class actions, identifying and progressing new actions across financial services, pharmaceutical products, social justice and other mass harm claims and continuing to source funding structures to support the segment's strategic growth initiatives. During the year, an unexpected interlocutory judgment on a legacy class action resulted in the segment recording an increase in constraint on revenue of $11.2 million and disbursement write downs of $1.8 million, a total impact of $13.0 million. As a result of the above, class action segment revenue and income decreased by $9.9 million to $28.2 million and the segment made an EBITDA loss for the year of $4.8 million for the year. Absent of this outcome the EBITDA would have been $8.2 million. The class action team delivered a number of significant outcomes in the year, securing settlements on behalf of consumers, investors, superannuation members and workers. Highlights included the Colonial First State, QSuper, EML Payments, AMP and CommInsure class actions, the KFC Rest Breaks class action, and a resolution in the Hino Motors New Zealand proceeding, the Group's first class action settlement in New Zealand. A few of these resolutions remain subject to court approval and were reached without admission of liability. The Group also built momentum through new filings including proceedings against AMP Super and the commencement of the South Australia Sunday penalty rate proceedings while advancing a strong pipeline of investigations in pharmaceuticals, product liability and employment-related claims. The segment includes class actions, international mass torts, commercial disputes (in wind-down) and family law. Class actions continue to improve access to justice for groups who may otherwise face barriers to pursuing claims individually. Capital Management and Balance Sheet The Board is committed to delivering sustained long term value to shareholders through continuing to improve both the operational and financial performance of the Group. The Group will continue to manage capital effectively whilst continuing to invest in emerging technology, invest in its people and pursue growth opportunities both organically and opportunistically. During the year the Group generated operating cash flows of $19 million which was stable when compared to the previous year. Cash and cash equivalents decreased during the year to $12.5 million from $18.1 million in the previous year, mainly as a result of the investment in work in progress, particularly in the class action segment as potential actions continue to be investigated and spend on emerging technology and information technology platforms. Net debt increased by $5.3 million to $86.3 million during the year as the final portion of externally funded disbursements were moved from the disbursement funding facility into the Group bank debt facility, thus providing an interest saving in future years. The Group had headroom of $41.4 million as at reporting date. The Group complied with all banking covenants during the financial year. The Group distributed $8.5 million of cash as dividends during the financial year and has declared a fully franked FY26 final dividend of 2.5 cents per share, payable in October. Franking credits of $6.1 million continue to be available. 2026 Annual Report Shine Justice Ltd 15 Directors’ Report
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The Company completed the initial on-market share buy-back in September 2025 and announced that a new buy-back would commence in early October 2025 and be completed within 12 months. Under the buy-back which ended in September 2025, 3,871,416 shares were bought back for $2,759,775 and cancelled. No shares have been bought back under the current share buy-back. Total assets were largely unchanged at $575.1 million and net assets reduced by 0.6% to $259.7 million. Contract assets - work in progress grew by 0.9% to $366.6 million. This increase in work in progress translates to future fee billings once the cases settle. Future Developments and Prospects The Group intends to continue to grow its business by concentrating on the activities and strategies outlined below. Damages-based Plaintiff Litigation The Group will continue to grow its damages-based plaintiff litigation business in personal injury and class action. In FY27, it intends to pursue organic growth, operational efficiency and disciplined case selection, while continuing to assess acquisition opportunities that are strategically aligned and financially compelling. Tort Reform Although tort reform initiatives pose risks, the Group has considerable experience adapting its operating model to regulatory change, and reform may also present opportunities - particularly where smaller practices lack the systems, funding or scale required to respond. The Group will continue to monitor legislative and policy developments in the jurisdictions in which it operates. International Opportunities The Group continued to develop its international strategy during FY26, including through Shine Lawyers US, LLC in Arizona, United States. Arizona remains an important jurisdiction because its Supreme Court may license law firms owned by entities, rather than only by lawyers, to practise through an Alternative Business Structure licence. The Group is building relationships expected to support referrals of class actions that may be conducted in Australia and international mass tort opportunities in which Shine may partner, subject to careful consideration of prospects, funding, regulatory requirements and risk. Opportunities under assessment include pharmaceutical, product liability and other mass harm claims. Risk Management The Group’s business is subject to risk factors, both specific to its activities and of a general nature. The risks below do not represent all risks associated with the Group, but represent, in the Directors’ opinion, the material business risks most relevant to the Group’s future financial performance. Conflict of Duties Through its legal services subsidiaries, the Group owes a paramount duty to the court and duties to its clients, which prevail over its duty to shareholders. There may be instances where the Group and its lawyers, in fulfilling those duties, act other than in shareholders’ immediate interests. To mitigate this, the Group maintains case management systems and processes designed to identify potential conflicts so they can be avoided or appropriately managed. The Board believes that honouring these duties is also in the long term best interests of Shine and its shareholders. Regulatory Environment The Group operates in a regulated environment and could be adversely affected by changes in State, Territory and Commonwealth legislation, guidelines and regulations affecting the areas of law in which it practises. To mitigate this, the Group monitors legal and regulatory developments, and senior legal practitioners engage with policymakers and participate in stakeholder consultation when relevant reform is being considered. WIP Recoverability Because the Group operates largely on a speculative fee basis in areas of law where the ultimate recovery of fees is regulated, failure to recover work in progress (WIP) is a key risk. Given the inherent uncertainty in determining recoverability, the Group applies measures to improve case selection, file progression, billing, recovery and provisioning discipline. This exposure is greater for class actions, where single case WIP can be higher; the Group mitigates it through appropriate case selection, active management and the use of litigation funding where appropriate. Growth and Integration Risk The Group may be unable to manage future growth — which may include new locations, practice areas or international opportunities — as successfully as planned, given integration challenges, market conditions, regulatory developments and execution risk. To mitigate this, the Group continually refines its growth criteria, assessing strategic and cultural alignment, financial return, regulatory considerations and integration risk before approving expansion opportunities. International Expansion The Group’s international mass torts strategy and reliance on overseas legal firms, funders and other partners expose it to additional regulatory, legal, operational, cultural and commercial risks. Differences in legal systems, regulatory requirements, funding arrangements, data protection obligations and business practices may affect the success of international initiatives. To mitigate these risks, the Group undertakes careful due diligence, maintains governance and compliance processes, works with experienced local advisers and partners, and applies disciplined approval and oversight. Shine Justice Ltd 2026 Annual Report 16 Directors’ Report
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Our People The Group depends on the talent, expertise and experience of its people, and its growth relies on attracting, retaining and developing professional fee-earning staff and leaders. The loss of key people, particularly to competitors could adversely affect the Group and may be difficult to remedy quickly or at comparable expense. The Group plans for succession in key roles and focuses on recruiting and retaining high calibre employees aligned to its values, supported by a values based culture in which individuals and teams are recognised, rewarded and inspired to deliver outcomes for clients. Brand and Reputational Risk The Group’s success depends on its reputation and brands, which could be damaged by the actions of its employees including breaches of relevant regulations or negligence in providing legal advice in turn diminishing future profitability and growth. To mitigate this, the Group maintains case management processes designed to identify brand and reputational risk, particularly at initial case selection, and disciplined public relations and stakeholder communication processes to reduce the risk that its views or actions are misrepresented. Digital Disruption, Cybersecurity and Emerging Technology The Group monitors threats and opportunities arising from digital technology, including artificial intelligence and emerging legal technology, and monitors cybersecurity threats given the potential consequences of a breach, including unauthorised access to or disclosure of personal information. It periodically engages cybersecurity experts for independent assessments of its exposures and protective measures, and continues to invest in systems, processes and governance intended to support resilience, client confidentiality and responsible use of technology. The Group is progressively adopting artificial intelligence and other emerging technologies to improve operational efficiency, support client service and enhance business processes. These technologies present risks including inaccurate or unreliable outputs, inappropriate use of confidential or personal information, cybersecurity vulnerabilities, regulatory non-compliance, intellectual property issues and unintended impacts on client service or legal work which the Group seeks to mitigate through governance frameworks, policies, approval processes, training, oversight by its Emerging Technology Governance Committee and ongoing monitoring. Economic, Environmental and Social Sustainability Risks The material economic risks associated with the Group’s business are discussed above. The Directors do not believe the Group has any material exposure to environmental risk but recognise that environmental sustainability is an important component of responsible and ethical management and have adopted an Environmental Sustainability Policy. Other than the risks discussed under ‘Brand and Reputational Risk’ above, the Directors do not believe the Group has any material exposure to social sustainability risk. The Group will continue to monitor sustainability-related risks and expectations as part of its broader governance and risk management framework and will comply with mandatory reporting obligations that will apply to it in the future. Remuneration Report The remuneration report, set out on pages 21 to 31, forms part of the Directors’ Report. Rights and Options There are currently 3,368,070 FY24 Performance Rights, 3,382,091 FY25 Performance Rights, 4,849,319 FY26 Performance Rights, 223,267 FY26 NED rights and 192,741 FY27 NED Rights on issue. There are no options on issue. Significant Changes in State of Affairs In the opinion of the Directors, there were no significant changes in the state of affairs of the Group that occurred during the Financial Year. Matters Subsequent to the End of the Financial Year The Directors are not aware of any events or developments which are not set out in this Annual Report that have, or would have, a significant effect on the Group’s state of affairs or its expected results in future years. Environmental Regulation The Group’s operations are not subject to any significant environmental regulation under the laws of the Commonwealth or States of Australia and the other jurisdictions it has operations in. Officers’ Indemnities and Insurance The Constitution provides that the Company must indemnify any person who is, or has been, a Director or executive officer of the Group, and may indemnify other current or former officers and auditors, against liabilities incurred whilst acting as such officers to the extent permitted by law. The Company has entered into a Deed of Access, Indemnity and Insurance with each Director and Company Secretary. The Company has paid a premium for insurance for the Directors and officers of the Group against liabilities for costs and expenses incurred by them in defending legal proceedings arising from their conduct while acting in the capacity of Directors and officers of the Group, other than conduct involving a wilful breach of duty in relation to the Group. 2026 Annual Report Shine Justice Ltd 17 Directors’ Report
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Indemnifying Auditors To the extent permitted by law, the Group has agreed to indemnify its auditors, PwC, and its former auditors against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify the Group’s auditors or former auditors during or since the end of the Financial Year. No Leave to Bring Proceedings on Behalf of the Company No person has applied to court for leave to bring proceedings on behalf of the Company or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. Dividends The Board’s dividend policy has been structured in order to maintain investor, creditor and market confidence and to sustain future development of the Group’s business. The Group manages capital with a view to ensuring that the goals of continuing as a going concern and the provision of acceptable shareholder returns are met. The amount of dividends declared by the Board at any time will be influenced by underlying financial performance and cash flow, balance sheet, debt and treasury risk management, working capital needs and competing internal and external investment opportunities necessary for growth. The Company’s aim is to pay between 30% and 50% of NPAT as dividends each financial year. To the extent the Company has franking credits, it intends to distribute them to shareholders in the form of franked dividends. The declaration of dividends is at the sole discretion of the Board and no guarantee can be given about the amount of any dividends declared or the level of franking or imputation. In respect of the Financial Year, an interim dividend of 1.5 cents per Share (fully franked) was declared on 27 February 2026 and paid on 24 April 2026. A final dividend of 2.5 cents per Share (fully franked) was declared on 28 August 2026 and is expected to be paid on 14 October 2026. In respect of FY25, as detailed in the Directors’ Report for that financial year, a final dividend of 3.5 cents per Share (fully franked) was declared on 28 August 2025 and paid on 15 October 2025. Non-Audit Services During the Financial Year, the Company’s auditor, PwC, performed other services in addition to its audit responsibilities. The engagement to perform non-audit services was approved on the basis that it was more cost-effective than engaging a firm without knowledge of the Group. The Board, in accordance with advice from the Audit & Risk Management Committee, was satisfied that the provision of non-audit services by PwC (or by another person or firm on their behalf) during the Financial Year is compatible with the general standard of independence for auditors imposed by the Corporations Act because the nature of the services provided does not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. The Non-audit services performed were tax advisory and expert advice in relation to certain client matters. Details of the amounts paid or payable to PwC for audit vs non-audit services provided during the Financial Year are set out below. Services FY26 FY25 Auditing or reviewing financial reports $559,980 $586,500 Non-audit services $112,200 $21,930 Total $672,180 $608,430 Auditor’s Independence Declaration No officer of the Company is a former partner or director of PwC and a copy of the Auditor’s Independence Declaration as required under the Corporations Act is set out following, and forms part of this Directors' Report. Rounding of Amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 and in accordance with that instrument, amounts in the Directors’ Report and the financial statements are rounded to the nearest thousand dollars, unless otherwise indicated. This Directors’ Report is signed in accordance with a resolution of Directors made pursuant to section 298(2) of the Corporations Act. Graham Bradley AO Brisbane 28 August 2026 On behalf of the Directors Shine Justice Ltd 2026 Annual Report 18 Directors’ Report
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19 2026 Annual Report Shine Justice Ltd
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Remuneration Report The Directors present the Shine Justice Group FY26 Remuneration Report, outlining key aspects of remuneration policy, framework and outcomes for the year ended 30 June 2026. 1. Overview 21 2. Key Management Personnel in FY26 21 3. Executive Remuneration FY26 23 4. Group 5 Year Financial Performance 25 5. Remuneration Expense for Executive KMP 26 6. Long Term Incentive Plan Overview 27 7. Non-executive Director Arrangements 28 8. Shareholdings 29 9. Executive Contractual Arrangements 30 10. Nomination and Remuneration Committee 30 11. Transactions with Key Management Personnel 31 12. Other 31 CONTENTS Shine Justice Ltd 2026 Annual Report20
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1. Overview Shine’s remuneration policies for Executives and Non-executive Directors remained largely unchanged in FY26. During the year, the following notable items occurred: • Short-term incentives for Executives were not awarded, reflecting the Board’s assessment of achievement of the EBITDA gateway and against relevant corporate and individual targets; • Vesting under the FY23 long-term incentive plan was at 5% reflecting a nominal achievement of the Strategic Objectives, with TSR and EPS targets not met; • An annual incentive was added to the Executive Director – IMT’s remuneration for the first time, with targets focused on development of Shine’s International Mass Tort practice and funding; • In April 2026, Carolyn Barker AM assumed the enhanced role of Group Chief Executive Officer and her base pay was increased from $440,000 to $475,000 reflecting her increased responsibilities and her STI opportunity was increased from 30% of base pay to 50%, with other benefits remaining unchanged; • Fees paid to Non-executive Directors in FY26 increased by 2.4%, in line with inflation. Shine Justice Ltd received a 97.80% “for” vote on its remuneration report for the FY25 financial year. The Company did not receive any specific feedback from shareholders at the AGM or throughout the year on its remuneration practices. Shine’s remuneration policies are expected to remain largely unchanged for FY27 except that executive STI awards will be based on a forward looking combination of corporate scorecard targets and individual performance targets. 2. Key Management Personnel in FY26 Key Management Personnel (KMP) have authority and accountability for planning, directing and executing on the strategy of the Group. The FY26 KMP are: Non-executive and Executive Directors Name Position Committee Memberships Graham Bradley AO Independent Chairman and Non-executive Director Chair of the Nomination and Remuneration Committee and member of the Audit and Risk Management Committee Teresa Dyson Independent Non-executive Director Chair of the Audit and Risk Management Committee and member of the Nomination and Remuneration Committee David Bayes Independent Non-executive Director Member of both the Audit and Risk Management Committee and of the Nomination and Remuneration Committee Rod Douglas Non-executive Director None Simon Morrison 1 Executive Director – International Mass Torts None 1 Simon Morrison stepped down as Managing Director effective 14 April 2026 and moved into the role of Executive Director - International Mass Torts from 15 April 2026 Executive KMP Name Position Carolyn Barker AM Group Chief Executive Officer (GCEO) Marc Devine Chief Financial Officer (CFO) and Company Secretary Lisa Flynn Chief Legal Officer (CLO) Jodie Willey Chief Operating Officer (COO) (seconded to Head of Victoria) 2026 Annual Report Shine Justice Ltd 21 Remuneration Report
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2.1 FY26 Remuneration Framework Refer section 10 for the role the Nomination and Remuneration Committee plays in setting remuneration. 2.1.1 Fixed Remuneration Executives may receive their fixed remuneration (FR) in cash as base salary and other cash benefits such as accommodation allowances and car allowances or non-monetary benefits such as motor vehicle and/or car parking benefits. Superannuation is included in FR. FR is reviewed annually or on promotion. It is benchmarked against market data for comparable roles in companies in a similar industry and with similar market capitalisation. The Board’s Nomination and Remuneration Committee aims to position executives at or near the median, with flexibility to take into account capability, experience, value to the organisation and performance of the individual. 2.1.2 Variable Remuneration Variable remuneration is contingent on the achievement of specified Group-wide and/or individual performance metrics before any award is granted. Variable remuneration may be via short term incentives or long term incentives. 2.1.2.1 Short Term Incentives This section describes the short term incentives available to the Executive Director and Executives. • Purpose: Reward for in-year performance without encouraging undue risk-taking. • Quantum: Between 20% and 50% of base salary. • Mechanics: Conditional upon satisfaction of several performance measures with a “gateway measure” of target EBITDA being achieved before an entitlement may arise. • Strategy alignment: Performance measures are both financial and operational in nature and focus on short term targets being achieved. The Board may exercise its right to offer discretionary payments to members of the executive leadership team. 2.1.2.2 Long Term Incentives This section describes the long term incentives available to Executives. • Purpose: Align Executive rewards with a focus on increasing shareholder value in the longer term. • Quantum: Between 20% and 30% of base salary. • Mechanics: Conditional upon satisfaction of 3 year earnings per share and total shareholder return targets. • Strategy alignment: Delivers a focus on accretive growth over a number of years to achieve reward. The graph below outlines the relative proportions of fixed remuneration, short term incentive and long term incentive (if all incentives were fully achieved) for each Executive in FY26: Simon Morrison 68% 32% Carolyn Barker AM 72% 18% 10% Marc Devine 69% 19% 12% Jodie Willey 68% 14% 18% Lisa Flynn 64% 18% 18% Fixed remuneration STI (Variable) LTI (Variable) Shine Justice Ltd 2026 Annual Report 22 Remuneration Report
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3. Executive Remuneration FY26 3.1 Structure and Performance of the FY26 STI Plan The STI metrics align with the Company’s strategic priorities of market competitiveness, operational excellence, shareholder value and fostering talented and engaged people. Where applicable, the STI is payable as cash in September 2026. FY26 Outcome: as the “gateway” EBITDA was not achieved in FY26, the Board did not award any short-term incentives. Board discretion has not been exercised in the determination of short term incentives. General Company Performance Operational Performance People Reflects improvements in both revenue cost control and cash management Reflects improvements which will support Shine’s growth strategy Supports culture and values. Reducing staff turnover will reduce costs and hence improve EBITDA Group Chief Executive Officer Awarded $nil (Maximum: $154,055) 1. Performance against budget 2. Rate of cash conversion 3. Improve fee earner ratio 1. Exceed fees billed budget 2. Improved recovery rate 3. Exceed new file openings budget Staff turnover Weighting 40% 10% 10% 10% 10% 10% 10% Outcome NAC NAC NAC NAC NAC NAC NAC Chief Financial Officer Awarded $nil (Maximum: $132,096) 1. Performance against budget 2. Rate of cash conversion 3. Improve fee earner ratio 1. Exceed fees billed budget 2. Improved recovery rate 3. Revenue growth Weighting 45% 10% 10% 10% 10% 15% Outcome NAC NAC NAC NAC NAC NAC Chief Operating Officer Awarded: $nil (Maximum: $100,000) 1. Performance against budget (Vic) 2. Rate of cash conversion (Vic) 1. Exceed fees billed budget (Vic) 2. Improved recovery rate (Vic) 3. Exceed new file openings budget (Vic) 4. Improve file velocity (Vic) 5. Improve success rate (Vic) Victorian staff turnover Weighting 15% 15% 10% 10% 10% 10% 10% 20% Outcome A NAC NAC NAC NAC NAC NAC A Chief Legal Officer Awarded: $nil (Maximum: $138,125) 1. Performance against budget 2. Rate of cash conversion 1. Exceed fees billed budget 2. Filing and settlement of agreed number of class actions 3. Improved recovery rate 4. Exceed new file openings budget 5. Embed quality processes Department staff turnover Weighting 20% 10% 10% 10% 10% 10% 10% 20% Outcome NAC NAC NAC NAC NAC NAC NAC A Executive Director - IMT Awarded: $nil (Maximum: $275,000) 1. Performance against budget 2. Rate of cash conversion 1. Establish portfolio litigation funding for class actions 2. Secure funding for IMT claims 3. File IMT sourced class actions 4. Settle IMT sourced class actions 5. Corporate objectives 6. Improved funding and velocity of class actions Weighting 25% 20% 10% 10% 5% 10% 10% 10% Outcome NAC NAC NAC NAC NAC NAC NAC NAC A – Achieved, NAC – Not Achieved 2026 Annual Report Shine Justice Ltd 23 Remuneration Report
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3.2 Structure of the FY26 LTI Plan 3.2.1 Total Shareholder Return (TSR) (50% weighting) Cumulative annual TSR will be assessed over 3 years to the end of FY2028, with a baseline share price of $0.7079. This is designed to focus executives on delivering long-term shareholder returns. No shares vest if less than 15% TSR is achieved, pro-rata 50% to 100% on a straight-line basis if 15% to 17% TSR is achieved and the entire allocation vests if 17% TSR or above is achieved. 3.2.2 Earnings Per Share (EPS) (50% weighting) EPS growth will be assessed over 3 years to the end of FY28. Vesting will occur based on the Company’s average annual growth, with a baseline EPS of $0.12. This is designed to focus executives on delivering long-term earnings growth. No shares vest if less than 8% EPS is achieved, pro-rata 50% to 100% on a straight-line basis if 8% to 10% EPS is achieved and the entire allocation vests if 10% EPS or above is achieved. 3.3 Performance Based Remuneration Granted and Forfeited During the Year The table below shows for each executive KMP the outcome for STI and LTI in dollar terms during the year: Total STI bonus (cash) LTI Performance Rights Total opportunity Awarded Forfeited FY26 Value of rights at grant date FY23 Value of rights vested at vest date $ $ % $ $ Carolyn Barker AM 154,055 - 100 88,710 NA Simon Morrison 275,000 - 100 NA NA Marc Devine 132,096 - 100 88,710 NA Jodie Willey 100,000 - 100 133,095 3,396 Lisa Flynn 138,125 - 100 139,139 3,396 This table shows how many Performance Rights were granted, vested and forfeited during the year: Name Year granted Balance at start of year Granted during year Vested & exercised 1 Forfeited Balance at end of year (unvested) Maximum remaining value yet to vest 2 Number Number Number % Number % Number $ Carolyn Barker AM FY26 - 126,729 - - - - 126,729 58,992 FY25 82,632 - - - - - 82,632 28,839 Marc Devine FY26 - 126,729 - - - - 126,729 58,992 FY25 85,483 - - - - - 85,483 29,834 Jodie Willey FY26 - 190,135 - - - - 190,135 88,508 FY25 160,493 - - - - - 160,493 56,012 FY24 200,394 - - - - - 200,394 99,195 FY23 102,898 - (5,145) 5 (97,753) 95 - - Lisa Flynn FY26 - 198,770 - - - - 198,770 92,527 FY25 160,493 - - - - - 160,493 56,012 FY24 200,394 - - - - - 200,394 99,195 FY23 102,898 - (5,145) 5 (97,753) 95 - - 1 The vesting date was 31 August 2025 with a vesting price of $0.66. No payment from the rights holder was required upon vesting. 2 The maximum value of the Performance Rights yet to vest has been determined as the amount of the grant date fair value of the rights that is yet to be expensed. The minimum value of Performance Rights yet to vest is nil, as the rights will be forfeited if the vesting conditions are not met. Shine Justice Ltd 2026 Annual Report 24 Remuneration Report
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4. Group 5 Year Financial Performance The table below shows measures of the Group’s financial performance over the last five years as required by the Corporations Act. For Executives, EPS and TSR are the primary drivers of the LTI vesting result, while EBITDA and Cash Contribution are the primary drivers of the STI result. The earnings and profitability metrics in the table have been changed from adjusted numbers reported in the previous year's Remuneration Report, to statutory numbers to clarify comparability of results. FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 Net Profit after Tax attributable to owners of Shine Justice Ltd ($’000) 9,598 572 6,037 3,315 31,143 Basic earnings per share (cents) 5.74 0.33 3.51 1.92 18.0 EBITDA ($’000) 1 31,741 29,652 34,671 29,613 63,429 Cash Contribution ($’000) 2 29,401 30,640 51,795 (3,905) 30,713 Dividend payments and declared relating to the Financial Year ($’000) 6,776 8,523 9,528 2,599 10,396 Dividend payout ratio (%) 3 71% 1,490% 158% 78% 33% Share price end of period $0.60 $0.70 $0.71 $0.69 $1.08 Total Shareholder Return (8.8%) 6.5% 4.8% (32.9%) 7.7% 1 Earnings before interest, tax, depreciation and amortisation (EBITDA) is not an IFRS calculation. 2 Cash Contribution (formerly Gross Operating Cash Flow) is not an IFRS calculation. 3 The dividend payout ratio is calculated as dividends relating to the financial year including an estimate of payout for declared dividends divided by Net Profit after tax attributable to owners of Shine Justice Ltd for the year. 2026 Annual Report Shine Justice Ltd 25 Remuneration Report
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5. Remuneration Expense for Executive KMP The following table shows details of the remuneration expense recognised for the Group’s Non-Executive Directors and Executive Key Management Personnel for the current and previous financial year measured in accordance with the requirements of the accounting standards. Short Term Employee Benefits Post Employment Share Based Payments Salary and Fees STI1 Other 2 Superannuation Rights Granted 3 Termination Benefits Other Long Term Benefits 4 Total Executive Director Simon Morrison 5 2026 549,285 - 44,790 30,000 - - 35,262 659,337 2025 488,708 - 46,383 29,932 - - 5,592 570,615 Other Executive KMP Carolyn Barker AM 2026 447,389 - 138,341 30,000 20,660 - 8,677 645,067 2025 150,215 - 49,057 10,526 2,095 - 24,804 236,697 Ravin Raj 6 2026 - - - - - - - - 2025 113,575 - 4,232 8,488 1,394 94,440 - 222,129 Marc Devine 7 2026 442,628 - 11,077 30,000 20,732 - 13,649 518,086 2025 322,816 - 7,741 22,449 2,167 - 13,779 368,952 Jodie Willey 2026 440,417 - 11,077 30,000 47,407 - (5,361) 523,540 2025 430,095 - 11,941 29,932 27,560 - (7,109) 492,419 Lisa Flynn 2026 449,784 - - 30,000 48,671 - (5,277) 523,178 2025 430,095 - 26,313 29,932 27,560 - 18,971 532,871 Total Executive KMP 2026 2,329,503 - 205,285 150,000 137,470 - 46,950 2,869,208 2025 1,935,504 - 145,667 131,259 60,776 94,440 56,037 2,423,683 Total NED Remuneration 2026 534,644 - - 64,157 156,286 - - 755,087 2025 502,835 - - 57,826 161,324 - - 721,985 Total KMP expense 2026 2,864,147 - 205,285 214,157 293,756 - 46,950 3,624,295 2025 2,438,339 - 145,667 189,085 222,100 94,440 56,037 3,145,668 1 No STI was payable in FY2026 or FY2025 as the gateway EBITDA hurdle was not met. 2 ‘Other’ comprises ad hoc payments treated as remuneration, such as accommodation, car parking, car allowance, and other benefits. This includes FBT. 3 Performance Rights granted under the current FY23-FY26 Long Term Incentive Plan and the Non-Executive Director Equity Plan rights for FY25-FY26, are expensed or credited over the performance period, which includes the year to which the rights relate. Credits can occur when estimates of achieving performance hurdles are lowered to an extent that offsets any positive value from rights granted that would otherwise be expected. 4 Other long-term benefits as per Corporations Regulation 2M.3.03(1) Item 16.8. The amounts disclosed in this column represent both leave accrued and taken in the year for annual leave and long- service leave. Note the amount may be negative where total leave taken exceeds leave accrued in a financial year. 5 Simon Morrison was the MD until 14 April 2026 and then Executive Director – International Mass Torts since 15 April 2026. 6 Ravin Raj resigned as Chief Financial Officer on 27 September 2024. 7 Marc Devine commenced as Chief Financial Officer on 23 September 2024. Shine Justice Ltd 2026 Annual Report 26 Remuneration Report
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6. Long Term Incentive Plan Overview Executive KMP (other than Simon Morrison due to his substantial shareholding in the Company) participate in the Group’s Long Term Incentive Plan (LTIP) in the form of annual grants of Performance Rights. Refer to section 2.1.2.2 for the overview. 6.1 Vesting Performance Rights are granted under the LTIP for no consideration and carry no dividend or voting rights. When vested, each right converts into one Share. The vesting price on which the number of rights granted is based is the weighted average price at which the Company’s shares are traded on the ASX on 15 days before plus 15 days after the release of the Shine Justice Annual Report in the financial year to which they relate. 6.2 Forfeiture The Performance Rights will lapse if performance conditions are not met. Rights will be forfeited on cessation of employment unless the Board determines otherwise or in the case of cessation due to injury, disability or death. 6.3 Terms and conditions of the Share Based Payment Arrangements The terms and conditions of each grant of Performance Rights affecting remuneration in the current or a future reporting period are as follows: Grant Date Vesting date Value per right at grant date Performance achieved % vested 14 December 2022 (FY23 LTIP) 31 August 2025 TSR: $0.33 EPS: $0.85 Strategic Objectives: $0.85 TSR & EPS: nil. SO: partial. 5% for SO 15 December 2023 (FY24 LTIP) 31 August 2026 TSR: $0.24 EPS: $0.58 Strategic Objectives: $0.58 TSR EPS & SO: to be determined To be determined 3 March 2025 (FY25 LTIP) 30 September 2027 TSR: $0.16 EPS: $0.54 TSR & EPS: to be determined To be determined 3 March 2026 (FY26 LTIP) 30 September 2028 TSR: $0.33 EPS: $0.60 TSR & EPS: to be determined To be determined 2026 Annual Report Shine Justice Ltd 27 Remuneration Report
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7. Non-executive Director Arrangements Non-executive Directors receive a Board fee, outlined in the table below. They do not receive performance-based pay or retirement allowances. Superannuation is paid in addition to the fees. There are no additional fees payable for chairing or being a member of a Board committee. Fees are reviewed annually by the Board taking into account comparable roles. The FY26 base fees were reviewed with effect from 1 July 2025. The maximum annual aggregate Directors’ fee pool limit is $950,000 (including superannuation) and was approved by shareholders at the annual general meeting on 19 October 2022. Base fees per annum (excluding superannuation) From 1 July 2025 From 1 July 2026 Chairman $274,176 $285,143 Other Non-executive Directors $131,604 $136,868 All Non-executive Directors enter into a service agreement with the Company in the form of a letter of appointment. The letter summarises the Board policies and terms, including remuneration, relevant to the office of Director. 7.1 Non-executive Director Remuneration Name Year Fees Value of Rights Granted under NED Equity Plan Superannuation Total $ $ $ $ Graham Bradley AO FY26 205,632 79,738 24,676 310,046 FY25 200,813 71,764 23,093 295,670 Teresa Dyson FY26 118,444 15,310 14,213 147,967 FY25 96,390 34,446 11,085 141,921 David Bayes FY26 105,284 30,619 12,634 148,537 FY25 102,816 27,557 11,824 142,197 Rod Douglas FY26 105,284 30,619 12,634 148,537 FY25 102,816 27,557 11,824 142,197 Total Non-executive Director remuneration FY26 534,644 156,286 64,157 755,087 FY25 502,835 161,324 57,826 721,985 7.2 Non-executive Director (NED) Equity Plan In November 2020, the Board adopted the NED Equity Plan, under which the Non-executive Directors may increase their holdings of shares in order to share in the growth of the business and more closely align their interests with those of shareholders. The NED Equity Plan supports the Board’s policy that Directors should be encouraged to accumulate a shareholding equivalent in value to their annual Directors’ fees over a three-year period. The NED Equity Plan provides for Non-executive Directors to sacrifice a percentage of their fees over an agreed period and to be granted rights to acquire a number of shares reflecting the amount to be sacrificed over the period. The participating Directors’ fees are reduced in equal amounts each fortnight during the participation period. NED Rights are granted for no consideration at the beginning of the period during which salary sacrifices are made and vest into shares at the end of that period. For the FY25 Rights granted 1 July 2024, the price on which the number of granted NED Rights was calculated was the volume weighted average closing price of shares on ASX from 3 June 2024 to 21 June 2024, being $0.73. The fair valuation of the rights granted is based on the closing share price of $0.70 at grant date on 1 July 2024. The FY25 NED Rights vested 29 August 2025. For the FY26 Rights granted 1 July 2025, the price on which the number of granted NED Rights was calculated was the volume weighted average closing price of shares on ASX from 2 June 2025 to 20 June 2025, being $0.67. The fair valuation of the rights granted is based on the closing share price of $0.70 at grant date on 1 July 2025. The FY26 NED Rights will vest on or around 30 August 2026. Shine Justice Ltd 2026 Annual Report 28 Remuneration Report
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On vesting of NED Rights, the participating Director is allocated a number of shares purchased on market, equivalent to the number of vested NED Rights held by the Director. Shares allocated or transferred to Non-executive Directors following vesting are subject to a disposal restriction until the earlier of the date of the Non-executive Director’s retirement from the Board or 15 years after allocation or transfer of the shares. While the disposal restriction applies, the Non-executive Directors are not permitted to dispose of the shares held as a result of the vesting of NED Rights. If a participating Director retires from the Board prior to the vesting of NED Rights, pro-rata vesting or a repayment of sacrificed fees may occur and disposal restrictions will cease to apply. NED Rights do not carry any voting or dividend rights. The table below shows a reconciliation of NED Rights that were granted, vested and forfeited to the end of FY26: Name Grant Date Balance at start of year Granted during year Vested & exercised Forfeited Balance at end of year (unvested) Number Number Number % Number % Number Graham Bradley AO Jul 2025 - 113,912 - - - - 113,912 Jul 2024 101,807 - 101,807 100 Nil 0 - Teresa Dyson Jul 2025 - 21,871 - - - - 21,871 Jul 2024 48,867 - 48,867 100 Nil 0 - David Bayes Jul 2025 - 43,742 - - - - 43,742 Jul 2024 39,094 - 39,094 100 Nil 0 - Rod Douglas Jul 2025 - 43,742 - - - - 43,742 Jul 2024 39,094 - 39,094 100 Nil 0 - Total Jul 2025 - 223,267 - - - - 223,267 Jul 2024 228,862 - 228,862 100 Nil 0 - 8. Shareholdings The table below aggregates total share holdings in the Company by Directors and KMP: Name Balance at the start of the year Received on vesting of rights to shares Other change during the year Balance at the end of the year Graham Bradley AO 651,890 101,807 - 753,697 Teresa Dyson 199,261 48,867 - 248,128 David Bayes 139,439 39,094 - 178,533 Rod Douglas 389,674 39,094 - 428,768 Simon Morrison (Individual) 42,339,902 - - 42,339,902 Simon Morrison (Nominees) 1,378,802 - - 1,378,802 Carolyn Barker AM - - - - Marc Devine - - - - Jodie Willey 1,849,128 5,145 - 1,854,273 Lisa Flynn 504,748 5,145 - 509,893 2026 Annual Report Shine Justice Ltd 29 Remuneration Report
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9. Executive Contractual Arrangements Component Executive Director - IMT GCEO, CFO, COO, CLO Fixed remuneration $624,790 Range between $481,397 and $615,632 Contract duration Ongoing contract as below Ongoing contract Notice of termination by the individual/Company (without cause) 6 months 3 to 6 months Termination of employment (with cause) No notice No notice The Executive Director - IMT has two employment agreements as his employment time is split between Australia and the United States of America. This is to improve access to the US market. The total base pay amount across both agreements from 1 July 2025 was AUD550,000 (2025: AUD489,288). The US base pay was USD208,000 per annum. The Australian base pay was the difference between the Australian dollar equivalent of USD208,000 per annum and the total base pay of AUD550,000. All other entitlements, benefits, terms and conditions remain unchanged. 10. Nomination and Remuneration Committee The Nomination and Remuneration Committee is made up of independent Non-executive Directors. The Committee reviews and recommends remuneration policy and structure annually to ensure it remains aligned to business needs and applies general remuneration principles. In particular, the Committee aims to ensure that remuneration practices are: • competitive and reasonable, enabling the Company to attract and retain key talent • aligned to the Company’s strategic and business objectives and the creation of shareholder value • transparent and easily understood, and • in the interests of shareholders. The Nomination and Remuneration Committee is responsible for assessing performance against KPIs and recommending the STI and LTI to be paid to executive KMP. To assist in this assessment, the Committee receives detailed reports on performance from management which are based on independently verifiable data such as financial measures and data from independent surveys. The Committee may recommend to the Board to withhold STI payments or LTI vesting in the event of unacceptable conduct. Some or all of individual performance rights may be cancelled on the basis they constitute an inappropriate benefit to the KMP due to any unacceptable conduct, including fraud or dishonesty or acting in a manner which brings the Shine Group into disrepute. Shine Justice Ltd 2026 Annual Report 30 Remuneration Report
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11. Transactions with Key Management Personnel Details of transactions made with Directors of Shine Justice and other KMP of the Group, including their close family members and entities related to them, are set out below. Transactions are at arms length. 11.1 Loans Given to KMP Related Entities Loans outstanding at the end of the current and prior year include loans to a New Zealand company affiliated with Shine, of which Simon Morrison is a director and shareholder. This entity is consolidated into the group from 7 November 2024: Balance at the start of the year Interest paid and payable for the year Balance at the end of the year Highest indebtedness during the year $ $ $ $ Shine Lawyers NZ Limited 8,782,517 662,826 10,321,256 10,321,256 Interest was payable on this loan at Shine Justice’s Australian working capital facility loan rate plus 2%. Loans outstanding at the end of the current year include loans to a Thailand company affiliated with Shine, which was incorporated during the financial year, of which Simon Morrison is a director and shareholder: Balance at the start of the year Interest paid and payable for the year Balance at the end of the year Highest indebtedness during the year $ $ $ $ Shine Lawyers (Thailand) Co. Ltd. 3,790 9,000 262,696 262,696 No write-downs or allowances for doubtful receivables have been recognised in relation to any loans made to key management personnel. The interest rate on loans during the year was 10.2%. 11.2 Other Transactions with KMP The following transactions occurred with a New Zealand company affiliated with Shine, of which Simon Morrison is a director and shareholder. This entity is consolidated into the group from 7 November 2024: FY26 FY25 $ $ Sales and purchases of goods and services Sale of goods, rent and services to entity controlled by KMP 1,115,958 1,416,147 Purchases of premises rent from entity controlled by KMP (1,259,177) (842,927) Interest received from related parties 662,826 561,523 The Group acquired the following goods and services from entities that are controlled by Simon Morrison: • Leases over and fit outs of commercial properties occupied by parts of the Group. The lease agreements are based on normal commercial terms and conditions. 12. Other There were no remuneration consultants engaged during the financial year in relation to KMP or Directors. 2026 Annual Report Shine Justice Ltd 31 Remuneration Report
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Auditor’s Independence Declaration PricewaterhouseCoopers, ABN 52 780 433 757 480 Queen Street, BRISBANE QLD 4000, GPO Box 150, BRISBANE QLD 4001 T: +61 7 3257 5000, F: +61 7 3257 5999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration As lead auditor of Shine Justice Ltd's financial report for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit of the financial report; and b) no contraventions of any applicable code of professional conduct in relation to the audit of the financial report. Kim Challenor Brisbane Partner 28 August 2026 PricewaterhouseCoopers Shine Justice Ltd 2026 Annual Report 32 Auditor’s Independence Declaration
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2026 Annual Report Shine Justice Ltd 33
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Environmental, Social and Governance Performance Environmental Shine Justice recognises its responsibility to minimise the environmental impact of its operations and to embed sustainable practices across the business. This commitment is formalised through our Environmental Sustainability Policy, adopted in 2020, which continues to guide our approach. Throughout the year, we progressed a range of initiatives across the following focus areas. Embedding sustainability in decision-making Environmental and sustainability considerations form a regular part of our evaluation of potential acquisitions and new premises, ensuring these factors are weighed in significant operational and property decisions. Energy Efficiency We continued to reduce energy use across our offices by selecting appliances with high Energy Star ratings and enabling automatic ‘Energy- Saver’ mode on laptops, monitors and printers when left idle. Lighting efficiency was further improved through the installation of LED panels in place of fluorescent tubes, and the use of sensor lighting that automatically switches off in unoccupied offices. Reducing Paper Consumption and Sustainable Procurement We continued to reduce paper use by defaulting printers to double-sided printing and increasing our reliance on electronic communications and records. This is reflected in strong shareholder engagement, with a majority of shareholders electing to receive communications electronically. Where paper is required, we use carbon neutral and recycled copy paper, and we have expanded our range of ‘Earth Saver’ stationery products, which utilise recycled materials and minimise environmental impact. Waste Reduction, Reuse and Recycling We divert waste from landfill through the recycling of e-waste (electrical and electronic devices no longer required) and, where possible, the donation of surplus furniture to schools and educational organisations — supporting both environmental and community outcomes. Sustainable Travel and Commuting We encourage lower-emission ways of working by holding meetings online rather than travelling where appropriate, and through flexible work arrangements that reduce team members’ commutes. Our city offices also provide end-of-trip facilities to encourage staff to walk or cycle to work. Social Diversity, Equity and Inclusion Shine values the importance of diversity within the workplace and fostering an environment allowing people to be their authentic selves. Our Diversity, Equity and Inclusion (DEI) Plans continue to guide initiatives that support an inclusive culture and promote equitable opportunities for all team members. Throughout the year, we recognised and celebrated a number of key days including International Women’s Day, Pride Month and International Day of People with Disability. We continue work on gender pay parity and equal employment opportunity, ensuring the frameworks are well established to ensure decisions are merit based, influenced by performance, contribution and experience. Reconciliation At Shine, we remain committed to advancing Reconciliation and are finalising our third Reconciliation Action Plan with Reconciliation Australia, a second Innovate RAP that reflects more than five years of focus and a deliberate decision to stay at the Innovate level to further embed our commitments. As a class action and personal injury firm, we take seriously our responsibility to advance access to justice for Aboriginal and Torres Strait Islander peoples across Australia and have deliberately included First Nations populations in this RAP to be part of the solution to Right Wrong. Governance The Board recognises the positive relationship between the creation and delivery of long term shareholder value and corporate governance. Shine’s corporate governance framework fosters the values of integrity, respect, trust and openness among and between the Directors, management, employees. Clients, suppliers and shareholders. Shine’s Corporate Governance Statement is available on the Website at www.shinejustice.com.au/ investors/?page=corporate- governance. Shine Justice Ltd 2026 Annual Report 34 Environmental, Social and Governance Performance
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2026 Annual Report Shine Justice Ltd 35
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Financial Report Consolidated Statement of Profit or Loss 38 Consolidated Statement of Comprehensive Income 39 Consolidated Balance Sheet 40 Consolidated Statement of Cash Flows 42 Consolidated Statement of Changes in Equity 43 Notes to the Financial Statements 44 Consolidated Entity Disclosure Statement 118 CONTENTS Shine Justice Ltd 2026 Annual Report 36
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Financial Statements These financial statements are consolidated financial statements for the Group consisting of Shine Justice Ltd and its subsidiaries. A list of subsidiaries is included in note 13. The financial statements are presented in Australian currency. Shine Justice Ltd is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Shine Justice Ltd Level 13, 160 Ann St Brisbane QLD 4000 The financial statements were authorised for issue by the Directors on 28 August 2026. The Directors have the power to amend and reissue the financial statements. All press releases, financial reports and other information are available at our Investor Centre on our website: www.shinejustice.com.au . 2026 Annual Report Shine Justice Ltd 37 Financial Report
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Consolidated Statement of Profit or Loss 2026 2025 Notes $’000 $’000 Revenue and Income Revenue 209,167 204,417 Other income 3A 245 1,464 Total Revenue and Income 1A 209,412 205,881 Expenses Employee benefits expense (126,245) (121,591) Marketing expense (11,541) (10,807) Information technology expense (12,381) (9,409) Depreciation and amortisation expense (13,640) (15,996) Finance costs 3C (7,906) (9,195) Fair value losses on unbilled disbursements 5I (10,246) (8,655) Fair value losses on deferred consideration 5E - (9,642) Other expenses 3B (17,258) (16,125) Total Expenses (199,217) (201,420) Profit before income tax for the year 10,195 4,461 Income tax expense 4A (3,477) (4,369) Profit for the year 6,718 92 Profit/(loss) is attributable to: Owners of Shine Justice Ltd 9,598 572 Non-controlling interests (2,880) (480) Profit for the year from continuing operations 6,718 92 Cents Cents Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the Company: Basic earnings per share 5.74 0.33 Diluted earnings per share 5.66 0.33 The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes. Shine Justice Ltd 2026 Annual Report 38 Financial Report
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Consolidated Statement of Comprehensive Income 2026 2025 Notes $’000 $’000 Profit for the year 6,718 92 Other comprehensive income Items that may be reclassified to profit and loss Exchange differences on translation of foreign operations (153) 21 Other comprehensive (loss)/gain for the year, net of tax (153) 21 Total comprehensive income for the year 6,565 113 Total comprehensive income for the period is attributable to: Owners of Shine Justice Ltd 9,303 604 Non-controlling interests (2,738) (491) 6,565 113 Total comprehensive income for the period attributable to owners of Shine Justice Ltd arise from: Continuing operations 9,303 604 9,303 604 The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 2026 Annual Report Shine Justice Ltd 39 Financial Report
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Consolidated Balance Sheet 2026 2025 Notes $’000 $’000 Assets Current Assets Cash and cash equivalents 5C 12,506 18,056 Trade and other receivables 5A 10,189 5,771 Contract assets – work in progress 2A 185,160 163,186 Unbilled disbursements 5D 58,786 53,887 Other financial assets at amortised cost 5B 254 4 Financial assets at fair value through profit and loss 5E 678 953 Other current assets 6F 5,483 6,557 Total Current Assets 273,056 248,414 Non-Current Assets Trade and other receivables 5A 770 1,545 Contract assets – work in progress 2A 181,460 200,355 Unbilled disbursements 5D 43,775 46,939 Investment in unlisted entity - 100 Plant and equipment 6A 7,425 7,995 Right of use assets 6B 19,723 21,327 Intangibles 6C 43,723 46,387 Financial assets at fair value through profit and loss 5E 114 517 Other non-current assets 6F 5,091 1,937 Total Non-Current Assets 302,081 327,102 Total Assets 575,137 575,516 Shine Justice Ltd 2026 Annual Report 40 Financial Report
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Consolidated Balance Sheet (continued) 2026 2025 Notes $’000 $’000 Liabilities Current Liabilities Trade and other payables 5F 15,633 14,147 Disbursement creditors 5F 70,461 71,432 Borrowings 5H 28,729 26,607 Lease liabilities 6B 8,236 8,155 Other current financial liabilities 5F 309 289 Current tax liabilities 6E 2,738 336 Employee benefit obligations 6G 9,329 9,134 Provisions 6H 502 367 Other current liabilities 9G 1,320 - Total Current Liabilities 137,257 130,467 Non-Current Liabilities Borrowings 5H 45,000 45,000 Lease liabilities 6B 16,856 19,272 Deferred tax liability 6D 112,875 115,248 Employee benefits obligations 6G 1,560 1,579 Provisions 6H 1,627 1,785 Other non-current liabilities 9G 223 870 Total Non-Current Liabilities 178,141 183,754 Total Liabilities 315,398 314,221 Net Assets 259,739 261,295 Equity Share capital 7A 50,437 50,699 Other equity 7B (1,378) (1,274) Reserves 7C 1,547 1,049 Retained earnings 7D 212,301 211,172 Capital and reserves attributable to the owners of Shine Justice Ltd 262,907 261,646 Non-controlling interests 13B (3,168) (351) Total Equity 259,739 261,295 The above consolidated balance sheet should be read in conjunction with the accompanying notes. 2026 Annual Report Shine Justice Ltd 41 Financial Report
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2026 2025 Notes $’000 $’000 Cash flow from operating activities Receipts from customers (inclusive of GST) 220,722 217,491 Payments to suppliers (inclusive of GST) (181,476) (174,402) Disbursements recovered 80,760 70,026 Disbursements paid (87,045) (80,196) Interest received 130 809 Interest paid (10,603) (8,032) Income taxes paid (3,449) (6,207) Net cash inflow from operating activities 8A 19,039 19,489 Cash flows from investing activities Payments for plant and equipment 6A (2,712) (1,554) Cash acquired on consolidation of business - 37 Proceeds from the sale of files 195 1,678 (Loans to)/repayments from related parties (250) 201 Costs associated with disposal of subsidiaries - (38) Deferred consideration from sale of subsidiaries 552 414 Acquisition of non-controlling interest (44) - Payment for intangible assets 6C (733) (785) Net cash outflow from investing activities (2,992) (47) Cash flows from financing activities Payments for treasury shares 7B (185) (276) Payments for share buyback (261) (2,524) Proceeds from borrowings 8C 5,832 24,643 Repayment of borrowings 8C (5,713) (12,281) Dividends paid to company’s shareholders 12B (8,469) (9,510) Dividends paid to non-controlling interests in subsidiaries (30) (30) Asset finance facility repayments 8C (546) (502) Principal elements of lease payments 8C (8,633) (9,215) Proceeds from disbursement funding 8C 28,350 27,647 Repayments of disbursement funding 8C (31,910) (48,769) Net cash outflow from financing activities (21,565) (30,817) Net decrease in cash and cash equivalents (5,518) (11,375) Cash and cash equivalents at the beginning of the year 18,056 29,427 Effects of currency translation on cash and cash equivalents (32) 4 Cash and cash equivalents 5C 12,506 18,056 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. Consolidated Statement of Cash Flows Shine Justice Ltd 2026 Annual Report 42 Financial Report
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Consolidated Statement of Changes in Equity Share capital Other equity Retained earnings Foreign exchange reserves Equity share reserve Non-controlling interest Non-controlling interest reserve Total Equity Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Balance as at 1 July 2024 53,223 (1,138) 220,110 (484) 818 170 (71) 272,628 Profit/(loss) for the year - - 572 - - (480) - 92 Other comprehensive income/(loss) 7C - - - 32 - (11) - 21 Total comprehensive income for the year - - 572 32 - (491) - 113 Transactions with owners in their capacity as owners: Dividends paid 12B - - (9,510) - - (30) - (9,540) Acquisition of treasury shares 7B - (276) - - - - - (276) Cancellation of shares from share buy back 7B (2,524) - - - - - - (2,524) Issue of shares to employees 7B - 140 - - (140) - - - Share schemes – value of services 18B - - - - 894 - - 894 (2,524) (136) (9,510) - 754 (30) - (11,446) Balance as at 30 June 2025 50,699 (1,274) 211,172 (452) 1,572 (351) (71) 261,295 Balance as at 1 July 2025 50,699 (1,274) 211,172 (452) 1,572 (351) (71) 261,295 Profit/(loss) for the year - - 9,598 - - (2,880) - 6,718 Other comprehensive income/(loss) 7C - - - (295) - 142 - (153) Total comprehensive income/(loss) for the year - - 9,598 (295) - (2,738) - 6,565 Transactions with owners in their capacity as owners: Dividends paid 12B - - (8,469) - - (30) - (8,499) Acquisition of treasury shares 7B - (185) - - - - - (185) Cancellation of shares from share buy back 7B (262) - - - - - - (262) Issue of shares to employees 7B - 81 - - (81) - - - Share schemes – value of services 18B - - - - 869 - - 869 (262) (104) (8,469) - 788 (30) - (8,077) Non-controlling interest acquired - - - - - (49) 5 (44) Balance as at 30 June 2026 50,437 (1,378) 212,301 (747) 2,360 (3,168) (66) 259,739 Consolidated Statement of Changes in Equity;The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 2026 Annual Report Shine Justice Ltd 43 Financial Report
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Notes to the Financial Statements 1. Financial Overview 45 2. Contracts with Customers 48 3. Other Income and Expense Items 51 4. Income Tax 53 5. Financial Assets and Liabilities 55 6. Non-financial Assets and Liabilities 66 7. Equity 78 8. Cash flow information 81 9. Insurance and Reinsurance Contracts 83 10. Critical Estimates, Judgements and Errors 85 11. Financial Risk Management 86 12. Capital Management 92 13. Interests in Other Entities 93 14. Contingent Liabilities and Contingent Assets 97 15. Commitments 98 16. Events Occurring After the Reporting Period 99 17. Related Party Transactions 100 18. Share-Based Payments 102 19. Remuneration of Auditors 107 20. Earnings Per Share 108 21. Deed of Cross Guarantee 110 22. Parent Entity Financial Information 113 23. Summary of Other Material Accounting Policies 115 CONTENTS Shine Justice Ltd 2026 Annual Report 44 Financial Report
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Operating segments have been reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker. The Group’s chief operating decision maker was the Managing Director until 15 April 2026 and the Group Chief Executive Officer from that date onwards. It has been identified that the Group continues with two reportable segments being Personal Injury and Class Action. Personal Injury remains the core business in damages-based plaintiff litigation, whilst Class Action is a growing practice consisting primarily of class actions, international mass torts, commercial disputes (in wind down) and family law. The Other heading is for non-segment activities including corporate head office and Group services. The chief operating decision maker primarily uses the following measures to assess the financial performance of the operating segments: • Earnings before interest, tax, depreciation and amortisation (EBITDA), and • Cash Contribution (formerly known as gross operating cash flow). Certain comparative figures have been reclassified to conform with the current year's presentation and disclosure requirements. These reclassifications have had no effect on the previously reported results or financial position. EBITDA EBITDA is not an IFRS measure. Finance costs are not allocated to segments, as this type of activity is driven by the Group finance function. Interest income is included in the calculation of EBITDA. EBITDA reconciles to operating profit after income tax as follows: 2026 2025 $’000 $’000 Profit after income tax 6,718 92 Finance costs 7,906 9,195 Depreciation and amortisation 13,640 15,996 Income tax expense 3,477 4,369 EBITDA 31,741 29,652 Cash Contribution Cash Contribution is not an IFRS measure and excludes those costs which are managed by the Group finance function. Cash Contribution reconciles to net cash flows from operating activities as follows: 2026 2025 $’000 $’000 Net cash inflow from operating activities 19,039 19,489 Net cash flows for disbursement funding (3,560) (2,279) Finance costs paid 10,603 8,032 Income taxes paid 3,449 6,207 Interest received (130) (809) Cash Contribution 29,401 30,640 1. Financial Overview 1A. Group and Segment Information 2026 Annual Report Shine Justice Ltd 45 Financial Report
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1. Financial Overview (continued) 1A. Group and Segment Information (continued) Segment Revenue and EBITDA The chief operating decision maker primarily uses the following segment measures to assess the financial performance of the operating segments: Year ended 30 June 2026 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Legal services: No-win-no-fee variable 168,329 20,543 - 188,872 No-win-no-fee fixed 11,345 - - 11,345 Time and materials 1,269 3,332 - 4,601 Insurance - 4,349 - 4,349 Interest income - - 155 155 Other revenue - - 90 90 Revenue and other income 180,943 28,224 245 209,412 EBITDA 36,636 (4,775) (120) 31,741 Year ended 30 June 2025 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Legal services: No-win-no-fee variable 156,913 28,612 - 185,525 No-win-no-fee fixed 9,394 - - 9,394 Time and materials - 5,458 - 5,458 Insurance - 4,040 - 4,040 Interest income - - 938 938 Service management fee - - 510 510 Other revenue - - 16 16 Revenue and other income 166,307 38,110 1,464 205,881 EBITDA 30,932 7,733 (9,013)1 29,652 1 Includes fair value loss on deferred consideration of $9,642,000. Refer Note 5E. Revenue from external customers comes from the provision of legal services and insurance services (refer note 9). The Group does not derive any revenue from any single external customer which is greater than 10% of total revenue. Segment Expenses The table below outlines segment expenses as allocated to the Personal Injury and Class Action segments. Year ended 30 June 2026 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Employee benefits 71,381 18,348 36,516 126,245 Other expenses 19,612 7,136 24,678 51,426 Inter-segment recharges 53,314 7,515 (60,829) - Total expenses 144,307 32,999 365 177,671 Year ended 30 June 2025 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Employee benefits 69,096 19,082 33,413 121,591 Other expenses 18,173 4,025 22,798 44,996 Inter-segment recharges 48,106 7,270 (55,376) - Total expenses 135,375 30,377 835 166,587 Shine Justice Ltd 2026 Annual Report 46 Financial Report
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Segment Assets and Liabilities Segment assets and liabilities are measured in the same way as in the financial statements. These assets and liabilities are allocated based on the operations of the segment. The Group’s borrowings and derivative financial instruments are not considered to be segment liabilities but are managed by the Group finance function. As at 30 June 2026 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Segment assets 483,194 90,141 1,802 575,137 Segment liabilities 99,082 44,252 1,565 144,899 Unallocated: Deferred Tax Liabilities - - 112,875 112,875 Borrowings - - 54,886 54,886 Current Tax Liability - - 2,738 2,738 As at 30 June 2025 Personal injury Class action Other Total $’000 $’000 $’000 $’000 Segment assets 463,358 109,824 2,334 575,516 Segment liabilities 99,841 44,941 1,091 145,873 Unallocated: Deferred Tax Liabilities - - 115,248 115,248 Borrowings - - 52,764 52,764 Current Tax Liability - - 336 336 The total of non-current assets other than financial instruments, broken down by location of the assets, is shown below. 2026 2025 $’000 $’000 Australia 249,637 270,322 New Zealand 7,376 7,679 Total non-current assets other than financial instruments as per the balance sheet 257,013 278,001 1. Financial Overview (continued) 1A. Group and Segment Information (continued) 2026 Annual Report Shine Justice Ltd 47 Financial Report
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The amount of the Group’s revenue from external customers broken down by location of the customers is shown below. 2026 2025 $’000 $’000 Australia 207,211 202,954 New Zealand 1,956 1,463 Revenue from external customers 209,167 204,417 The Group has recognised the following assets and liabilities related to contracts with customers: 2026 2025 $’000 $’000 Current contract assets relating to work in progress 185,160 163,186 Non-current contract assets relating to work in progress 181,460 200,355 Total contract assets 366,620 363,541 There are no liabilities relating to contracts with customers. Revenue Streams (i) Legal services: No-win-no-fee Variable This revenue stream is based on contingent fee arrangements, whereby fees are earned only if there is a successful outcome of a matter. Revenue is recognised on either: a. time recorded and materials basis net of any constraint of variable consideration, or b. a combination of milestone scale, time and materials basis net of any constraint of variable consideration Certain larger matters including some class actions are undertaken on a partially or fully funded basis. The Group has some arrangements with third party funders to provide a portion of the fees receivable over time as services are performed. In such arrangements, the funded portion of fees is billed and recognised as revenue regularly over time and is not contingent on the successful outcome of the matter. The remaining portion of fees is variable consideration which is conditional on the successful resolution of the litigation. The variable consideration is included in revenue as services are performed only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. (ii) Legal Services: No-win-no-fee Fixed This revenue stream operates based on contingent fee arrangements, whereby fees are earned only if there is a successful outcome of a matter. Revenue is recognised on a time recorded and materials basis net of any constraint of variable consideration. (iii) Legal Services: Time and Materials The Group earns revenue of this type through a few disciplines within its Class Action segment. Fee arrangements include fixed fee arrangements and unconditional fee for service arrangements (time and materials). Revenue is recognised over time in the accounting period when services are rendered. For unconditional time and materials contracts, revenue is recognised in line with the amount of fees that the Group is entitled to invoice for services performed to date based on contracted rates. The Group has taken advantage of the practical expedient as set out in AASB 15 Revenue from Contract with Customers as the Group has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date (as matters are billed for a fixed amount for each hour of service provided) and as such the Group has recognised revenue in the amount to which the Group has a right to invoice less any constraint on variable consideration. (iv) Insurance Contracts Refer Note 9 for further information. 2. Contracts with Customers 2A. Revenue from Contracts with Customers Shine Justice Ltd 2026 Annual Report 48 Financial Report
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Significant Accounting Judgement Estimating Variable Consideration Under AASB 15 Revenue from Contracts with Customers, where consideration in respect of a contract is variable, revenue can only be recognised to the extent that it is highly probable that the cumulative amount of revenue recognised in respect of a contract will not be subject to a significant reversal when the uncertainty associated with the variable consideration is subsequently resolved (this is referred to as the ‘constraint’ requirement). Work in progress has been recognised net of a constraint of $129,535,000 (30 June 2025: $105,083,000). Performance Obligations Performance obligations within contracts outline the specific goods and services that are to be delivered to the customer over the life of the contract. For legal services, contracts with clients generally comprise a single distinct performance obligation, being the provision of services in pursuit of the successful settlement of a client’s claim, and the transaction price is allocated to this single performance obligation. Some contracts contain multiple deliverables – for example in respect of a statutory claim and a common law claim, or initial pre-issue work and litigation work. In such circumstances, these multiple deliverables are considered to represent a single distinct performance obligation, given there is a significant level of integration performed by the Group in delivering these services. Transaction Price – Variable The Group provides various services based on contingent fee arrangements. The uncertainty around the fees ultimately receivable under these types of contracts is generally only fully resolved when a matter is concluded. Where the Group has sufficient historical experience in similar contracts in order to be able to estimate the expected outcome of a group of existing contracts reliably, revenue is estimated using the “expected value” method. Revenue is recognised only to the extent that it is highly probable that the cumulative amount of revenue recognised in respect of a contract at the end of a reporting period will not be subject to significant reversal when a matter is concluded. To determine the probability of success of a case using the expected value method, a level of judgement is required to be applied based on past experience and historical performance of similar matters. The estimated amount of variable consideration is based on the expected fee for the nature of the legal service provided with reference to historical fee levels and relative rates of successful and unsuccessful outcomes. Accounting Policy Work in progress (WIP) represents revenue recognised (costs incurred and profit recognised) on client cases that are in progress and have not yet been invoiced at the end of the reporting date. WIP is recorded at its recoverable amount. The Group recognises WIP where it is highly probable that the WIP will be recovered on completion of the matter. In assessing the probability of a significant reversal of revenue and hence WIP, Shine reviews the historical recovery rates of closed cases across similar matter types and stages of completion. The calculated closed file recovery rate includes both matters that were billed and those that were closed with no fee. Cases that have been identified as unlikely to be successful but not yet closed are not considered to be highly probable and no WIP or revenue is recognised for these matters. Work in progress and revenue recognition on some larger cases, such as class actions and major claims, consider the specific aspects of each case or class action, including any third-party funding arrangements that may be applicable to the action. Where there is a risk of a significant reversal of revenue in a future period the revenue and associated work in progress in relation to those matters are not recognised in the current reporting period. The Group also assesses on a forward- looking basis the expected credit loss associated with its WIP balances. The impairment methodology applied depends on whether there has been a significant increase in credit risk. 2. Contracts with Customers (continued) 2A. Revenue from Contracts with Customers (continued) 2026 Annual Report Shine Justice Ltd 49 Financial Report
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Where historical averages are not predictive of the probability of outcomes for a given contract, or where the Group has limited historical experience with similar contracts, the expected amount of variable consideration is estimated based on an assessment of revenue being highly probable and constrained using a most likely amount approach on a contract-by-contract basis. In such circumstances, a level of judgement is required to determine the likelihood of success of a given matter, as well as the estimated amount of fees that will be recovered in respect of the matter. Revenue is fully constrained during the investigation phase of larger matters and only recognised once revenue recognition criteria are met. This may occur in a period where performance obligations have been partially completed in a preceding period. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Measuring Progress of Completion Revenue is recognised when control of a service is transferred to the customer. The Group recognises revenue in matters ‘over time’ (as opposed to at a ‘point in time’) as the client receives and consumes the benefits of the contract as the Group provides the promised goods and services. A stage of completion approach is used to measure progress towards completion of the performance obligation. The stage of completion is determined using either: • Time recorded productivity adjusted for potential billing write-offs and unsuccessful matters, • Milestone recognition driven by activities representing matter progression, adjusted for potential billing write-offs and unsuccessful matters, or • Judgement based estimates of percentage of completion. The percentage of completion is determined by comparing the work performed to date against the expected fee to be billed at the conclusion of the matter, considering the approximate amount of time incurred and any potential uplifts/downsides that may be present upon completion. Disbursements Disbursements (costs from third parties in relation to matters) are arranged on behalf of the client by the Group. The Group cannot influence the services or goods provided by disbursement suppliers, therefore no profit margin is recognised on the activities when clients are on-charged the cost incurred by the Group. The Group acts as an agent for disbursements and no revenue is recognised. The disbursements recoverable at the end of the matter are treated as a separate financial asset measured at fair value through the profit or loss. Conversion of Work in Progress to Receivable The conversion of work in progress to a receivable in relation to services is recognised when a bill has been raised, as this is the point in time that the consideration becomes unconditional because only the passage of time is required before the payment is due. For no-win-no-fee matters, the billing process commences once the matter is successfully resolved. For non-contingent revenue contracts, billing occurs over the life of the contract in line with contractual terms. No Significant Financing Component Generally, the Group provides services to customers over multiple accounting periods. The Group has determined that no significant financing component exists in respect of its revenue streams. The reasoning for this decision is as follows: • For contingent matters, a substantial amount of the consideration promised by the customer is variable subject to the occurrence or non-occurrence of a future event that is not substantially within the control of the customer or the Group, and • With respect to fee for service and fixed fee arrangements, a substantial amount of the consideration promised by the customer is variable subject to the occurrence or non-occurrence of a future event that is not substantially within the control of the customer or the Group. Current and Non-Current Contract Assets Relating to Work in Progress In determining whether to classify work in progress as either current or non-current, the Group primarily refers to the average fees billed from work in progress in prior periods, along with estimated billing months for major matters such as class actions. This is used in conjunction with other qualitative factors (such as case success rates and whether settlement proceeds are currently held on trust), to determine if fees would become due and receivable within the next 12 months. 2. Contracts with Customers (continued) 2A. Revenue from Contracts with Customers (continued) Shine Justice Ltd 2026 Annual Report 50 Financial Report
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2026 2025 $’000 $’000 Services management fee - 510 Interest income 155 938 Other 90 16 Total other income 245 1,464 Services Management Fee Interest Income Services management fee are the sales of goods, rent, and services to Shine Lawyers NZ Limited, an affiliated entity of the Group until 6 November 2024. Subsequently, this entity is consolidated into the Group. Refer to note 17 for further detail. Interest Income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit impaired. For credit impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). This amount excludes amounts of interest recovered on unbilled disbursements. Refer also note 3C. 3B. Breakdown of Other Expenses by Nature 2026 2025 $’000 $’000 Professional fees 4,834 5,519 Premises 1 4,258 3,978 People and culture, training and recruitment 2,845 2,733 Motor vehicle and travel 1,288 1,394 Printing, postage and stationery 799 728 Net impairment losses on financial assets 936 692 Reinsurance service expense 1,083 870 Net foreign exchange losses 1,055 211 Sundry 160 - Total other expenses 17,258 16,125 1 Premises excludes amounts accounted for under AASB 16 Leases. See note 6B for detail. 3. Other Income and Expense Items 3A. Other Income 2026 Annual Report Shine Justice Ltd 51 Financial Report
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2026 2025 $’000 $’000 Non-disbursement funding related interest Interest and finance charges paid/payable for lease liabilities 1,446 1,507 Interest on debt facilities 5,422 4,750 Other 96 264 Total non-disbursement finance costs 6,964 6,521 Disbursement funding related interest Disbursement funding interest – deferred payment agreement not recovered 942 2,674 Disbursement funding interest – funding agreements with recovery rights 7,586 7,288 Disbursement funding interest income – unbilled disbursements (7,586) (7,288) Total disbursement finance costs 942 2,674 Total finance costs 7,906 9,195 3. Other Income and Expense Items (continued) 3C. Finance Costs Shine Justice Ltd 2026 Annual Report 52 Financial Report
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2026 2025 $’000 $’000 Current tax Current tax on profits for the year 5,850 5,796 Total current tax expense 5,850 5,796 Deferred income tax (Increase)/Decrease in deferred tax assets (1,080) 201 Decrease/(Increase) in deferred tax liabilities (1,293) (1,628) Total deferred tax expense/(credit) (2,373) (1,427) Income tax expense 3,477 4,369 Income tax expense is attributable to: Profit from continuing operations 3,477 4,369 Loss from discontinued operations - - Income tax expense 3,477 4,369 Numerical reconciliation of income tax expense to prima facie tax payable income tax expense. 2026 2025 $’000 $’000 Profit from continuing operations before income tax expense 10,195 4,461 Tax at the Australian tax rate of 30% (2025: 30%) 3,059 1,338 Tax effect of amounts which are not deductible/(taxable) in the calculation of taxable income: Interest on deferred consideration - (39) Fair value adjustments to deferred consideration - 2,817 Difference in tax rates 76 - Non-allowable items 322 96 Adjustments for current tax of prior periods (1,308) 17 Unrecognised temporary differences - tax losses 1,328 140 Income tax expense 3,477 4,369 4B. Tax Losses 2026 2025 $’000 $’000 New Zealand Tax losses for which a deferred tax asset has been recognised 1,757 1,757 Tax benefit @ 28% 492 492 Tax losses in relation to certain New Zealand entities that have not been recognised as a deferred tax asset were $112,000 (2025: nil). The Group has also not recognised tax losses as a deferred tax asset for a company in New Zealand that cannot be grouped or offset with the above of $8,755,000 (2025: $5,075,000). 4. Income Tax 4A. Income Tax 2026 Annual Report Shine Justice Ltd 53 Financial Report
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Accounting Policy Current Income Tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred Income Tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. 4. Income Tax (continued) 4B. Tax Losses (continued) Shine Justice Ltd 2026 Annual Report 54 Financial Report
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Financial assets 2026 2025 Notes $’000 $’000 Assets at amortised cost Cash and cash equivalents 5C 12,506 18,056 Trade and other receivables 5A 10,959 7,316 Other financial assets 5B 254 4 Total assets at amortised cost 23,719 25,376 Assets at fair value through profit or loss Unbilled disbursements 5D 102,561 100,826 Financial assets at fair value through profit or loss (FVPL) 5E 792 1,470 Total assets at fair value through profit or loss 103,353 102,296 Total financial assets 127,072 127,672 Financial liabilities 2026 2025 Notes $’000 $’000 Liabilities at amortised cost Trade and other payables 5F 15,633 14,147 Disbursement creditors 5F 70,461 71,432 Borrowings 5H 73,729 71,607 Lease liabilities 6B 25,092 27,427 Other current financial liabilities 5F 309 289 Total liabilities at amortised cost 185,224 184,902 The Group’s exposure to various risks associated with the financial instruments is summarised in note 11. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. 5. Financial Assets and Liabilities 2026 Annual Report Shine Justice Ltd 55 Financial Report
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Accounting Policy Classification The Group classifies its financial assets in the following measurement categories: • those measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss), and • those measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and Derecognition Purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value (plus, in the case of a financial asset not at fair value through profit or loss (FVPL)), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Impairment The Group assesses on a forward-looking basis the expected credit loss associated with its trade receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group applies the simplified approach permitted by AASB 9 Financial Instruments , which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 11B for further details. 5. Financial Assets and Liabilities (continued) Shine Justice Ltd 2026 Annual Report 56 Financial Report
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2026 2025 Notes $’000 $’000 Current Trade receivables from contracts with customers 11B 9,712 6,017 Loss allowance 11B (731) (895) 8,981 5,122 Other receivables 1,208 649 Total trade and other receivables – current 10,189 5,771 Non-current Trade receivables from contracts with customers 11B 1,810 2,157 Loss allowance 11B (1,040) (612) Total trade and other receivables – non-current 770 1,545 Total trade and other receivables 10,959 7,316 Fair values of trade receivables Due to the short-term nature of current receivables, carrying amount is the same as fair value. Impairment and risk exposure Information about the impairment of trade receivables and the Group’s exposure to credit risk and foreign currency risk can be found in note 11. 5A. Trade and Other Receivables 5. Financial Assets and Liabilities (continued) Accounting Policy Trade receivables are amounts due from customers for services performed in the ordinary course of business. Trade receivables expected to be collected within 12 months of the end of the reporting period are classified as current. All other trade receivables are classified as non-current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method less loss allowance. 2026 Annual Report Shine Justice Ltd 57 Financial Report
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5. Financial Assets and Liabilities (continued) Financial assets at amortised cost include the following debt investments: 2026 2025 Notes $’000 $’000 Current Loans to related parties 17 254 4 Total other financial assets at amortised cost - current 254 4 Total other financial assets at amortised cost 254 4 5B. Other Financial Assets at Amortised Cost Accounting Policy The Group classifies its financial assets at amortised cost only if both of the following criteria are met: • the asset is held within a business model whose objective is to collect the contractual cash flows, and • The contractual terms give rise to cash flows that are solely payments of principal and interest. 5C. Cash and Cash Equivalents 2026 2025 Notes $’000 $’000 Cash at bank and on hand 12,506 18,056 Total cash and cash equivalents 8B 12,506 18,056 Restricted Cash There is no restricted cash held by the Group (2025: $nil). Accounting Policy For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less and that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. Cash and cash equivalents do not include any restricted funds such as monies held in trust accounts. Shine Justice Ltd 2026 Annual Report 58 Financial Report
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2026 2025 Notes $’000 $’000 Current 58,786 53,887 Non-current 43,775 46,939 Total unbilled disbursements 5I 102,561 100,826 The fair value of interest recoverable is included within this balance due to the contractual arrangements Shine holds with their clients to recover these costs in funding the client matters. As at 30 June 2026, this amount was $11,504,000 (2025: $10,754,000) with the remaining balance primarily representing barrister fees, expert report costs and medical fees. 5. Financial Assets and Liabilities (continued) 5D. Unbilled Disbursements Accounting Policy Disbursements represent costs incurred on behalf of clients during a matter that are recovered from clients on case resolution. The Group utilises a Deferred Payment Agreement, credit facilities and an Exclusive Service Provider Deed (as described in Note 5G) to facilitate funding some of its disbursements. Relevant client costs agreements give the Group the right to recover fees, interest and charges incurred on these facilities. Unbilled disbursements represent the contractual right to receive cash on settlement of a case. As the recovery of this cash flow is contingent on the success of a case, this financial asset is measured at fair value through profit and loss given these contractual cash flows are not solely principal plus interest. Where, through funding arrangements, the right to recover the cash flows on successful resolution of the case is transferred to the funders (as described in note 5G), consideration is given as to whether the asset should be derecognised. Where the Group provides a guarantee to the Funder in the event of an unsuccessful outcome, or should there be insufficient proceeds on settlement of the case, the Group retains substantially all of the risks and rewards. This asset continues to be recognised, and a liability is recorded representing the cash advanced by the Funders. The fair value of the asset is determined through the accumulation of reimbursable costs and interest (for those client contracts where the Group is entitled to recover those costs) adjusted by a fair value measurement reflecting the Group’s estimate of the recoverability of those costs on settlement of the cases The Group determines the classification between current and non-current by evaluating the expected timing of settlements and billings of each case, considering historical trends and average length of time that cases are open. Interest with respect to these arrangements is outlined in Note 3C. A fair value adjustment is made to unbilled disbursements and associated interest based on the Group’s history of amounts not recovered over previous years where there is demonstrated evidence that informs the consideration of the fair value of the asset. A specific assessment is made on a case-by-case basis on the recoverability of disbursements on major no win no fee cases such as class actions. 2026 Annual Report Shine Justice Ltd 59 Financial Report
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Fair Values of Unbilled Disbursements It has been assessed whether the unbilled disbursements held ‘at risk’ could impact the analysis that Shine is the agent rather than principal in respect of the disbursements under AASB 15 Revenue from Contracts with Customers . In assessing the indicators whether the Group might be considered a principal under AASB 15 Revenue from Contracts with Customers, it is noted that the Group: • is not responsible for fulfilling the promise of providing the good or service (e.g., Shine is not responsible for providing a medical report) • does not have inventory risk in respect of the underlying good or service (e.g., in respect of a medical report), and • does not have price discretion in respect of the disbursements (as this sits with the disbursement provider e.g., the doctor). None of these indicators are impacted by the fact that the disbursements receivable is at risk, and therefore it has been assessed as appropriate that Group continues to be considered an agent in respect of disbursements. See note 5I for more detail relating to the recognition of fair value measurements. 5E. Financial Assets at Fair Value Through Profit or Loss Classification of Financial Assets at Fair Value through Profit or Loss Financial assets mandatorily measured at FVPL include the following: 2026 2025 Notes $’000 $’000 Current Deferred consideration 678 953 Total financial assets at FVPL - current 678 953 Non-current Deferred consideration 114 517 Total financial assets at FVPL - non-current 114 517 Total financial assets at FVPL 792 1,470 Amounts recognised in profit or loss The following losses have been recognised in profit or loss: 2026 2025 Notes $’000 $’000 Fair value loss on deferred consideration shown in profit from continuing operations - 9,642 During the previous financial year, the Group recognised a non-operating fair value adjustment of deferred consideration of $9,389,000 in relation to an earlier sale of a subsidiary. Risk Exposure and Fair Value Measurements Information about the Group’s exposure to credit risk is provided in note 11B. For information about the methods and assumptions used in determining fair value see note 5I. 5. Financial Assets and Liabilities (continued) 5D. Unbilled Disbursements (continued) Shine Justice Ltd 2026 Annual Report 60 Financial Report
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2026 2025 Notes $’000 $’000 Current Trade payables Trade payables 5,236 5,424 Sundry payables and accrued expenses 2,681 2,446 Staff related payables 7,716 6,277 Total trade payables - current 15,633 14,147 Disbursement creditors Disbursement funding creditors 5G 54,388 59,495 Other disbursement creditors 16,073 11,937 Total disbursement creditors - current 70,461 71,432 Other financial liabilities - current 309 289 Total trade and other payables 86,403 85,868 Other Disbursement Creditors These are disbursements payable by Shine which are not funded by an external disbursement funder. These include speculative matters and barristers’ fees which are payable on the settlement of a case. 5. Financial Assets and Liabilities (continued) 5F. Trade and Other Payables Accounting Policy Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period or there is no unconditional right to defer settlement of the liability for at least 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. 2026 Annual Report Shine Justice Ltd 61 Financial Report
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Principal Facility Principal Principal Accrued Total 30 June 2026 Limit Available Utilisation Interest Balance $’000 $’000 $’000 $’000 $’000 Deferred Payment Agreement 12,000 5,311 6,689 3,660 10,349 Credit contracts and Exclusive Service Provider Deed n/a Uncapped 2 35,932 8,107 44,039 Total disbursement funding 5,311 42,621 11,767 54,388 Principal Facility Principal Principal Accrued Total 30 June 2025 Limit Available Utilisation Interest Balance $’000 $’000 $’000 $’000 $’000 Deferred Payment Agreement 20,0001 6,586 13,414 7,005 20,419 Credit contracts and Exclusive Service Provider Deed n/a Uncapped 2 32,187 6,889 39,076 Total disbursement funding 6,586 45,601 13,894 59,495 1 Restated to reflect the terms of the revised agreement. 2 See commentary further in this note. Deferred Payment Agreement Shine Lawyers Pty Ltd has a Deferred Payment Agreement with a third party to fund disbursements incurred on behalf of Shine’s clients. The disbursement funder reimburses Shine for disbursements incurred in respect of individual client matters and the disbursement funder is subsequently repaid out of settlement proceeds on completion of the matter. Should there be insufficient proceeds on settlement of a case or a case be unsuccessful the Group has the primary responsibility to repay the disbursement funder. Collateral has been provided to secure the performance of Shine’s obligations. During the financial year, the Group re-financed $3,656,000 (2025: $18,843,000) owing under the Deferred Payment Agreement through Borrowings (refer Note 5H) and the related facility limit was cancelled. This re-financing has been excluded from the calculation of Cash Contribution. Exclusive Service Provider Deed Shine Justice Ltd and Shine Lawyers Pty Ltd have an Exclusive Service Provider Deed with a third party that establishes a disbursement funding facility. Disbursement loans are provided directly to clients of the Group by the funder for the sole purpose of funding disbursements. The funding agreement is between the client and the funder. Should there be insufficient proceeds on settlement of a case or case be unsuccessful the Group has guaranteed to repay the disbursement funder on behalf of the client. 5. Financial Assets and Liabilities (continued) 5G. Disbursement Funding Accounting Policy The amount of disbursements funded under these facilities is recognised within disbursement funding creditors (see note 5F) and an offsetting amount is recognised in unbilled disbursements (debtors), where there is a contractual right for the Group to do so. A fair value adjustment is recognised against unbilled disbursements to reflect the value of unrecoverable disbursements and funding fees which were not expected to be recovered from clients. Shine Justice Ltd 2026 Annual Report 62 Financial Report
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The Group’s borrowing facilities are set out below. The facilities that have an annual review may be drawn down upon at any time. As part of the annual review process these facilities, other than the market rate facility, may be terminated by the bank without notice. Facilities Expiry / review Facility Limit Available Utilisation period 30 June 2026 30 June 2026 30 June 2026 $’000 $’000 $’000 Market rate facility March 2028 80,000 12,215 67,785 Group limit facility Annual review 22,500 22,500 - Group equipment finance facility Annual review 10,000 4,738 5,262 Subtotal borrowings 112,500 39,453 73,047 Bank guarantee facility 1 Annual review 6,179 1,299 4,880 Business card facility 2 Annual review 1,000 639 361 Total facility availability and utilisation 119,679 41,391 78,288 1 The Bank guarantee is categorised as a contingent liability, per AASB 137 Provisions, Contingent Liabilities and Contingent Assets. 2 The Business card facility utilisation is captured within Trade and Other Payables. The tables below show the split between fixed and variable interest rates on the Group’s facilities and the split between current and non-current debt: 2026 2025 Notes $’000 $’000 Variable rate – bank loans Expiring within one year 23,841 21,992 Expiring beyond one year 45,000 45,000 Total variable rate – bank loans 8B 68,841 66,992 Fixed rate – bank loans Expiring within one year 4,888 4,615 Total fixed rate – bank loans 4,888 4,615 Total borrowings 8C & 11A 73,729 71,607 Current 8B 28,729 26,607 Non-current 8B 45,000 45,000 Total borrowings 73,729 71,607 Financial Covenants Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: • The WIP Gearing Ratio does not exceed 30% • The Total Gearing Ratio does not exceed 40% of the value of Net WIP & Unbilled disbursement assets, and • The Debt to Group 12 Month EBITDA Ratio (adjusted for up to $10m in non-recurring abnormal and/or outside of the ordinary of business amounts) does not exceed 2.50:1.00. The Group complied with the above covenants during and at the end of the reporting period. Fair Value For most of the borrowings, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. 5. Financial Assets and Liabilities (continued) 5H. Borrowings 2026 Annual Report Shine Justice Ltd 63 Financial Report
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Risk Exposures Details of the Group’s exposure to risks arising from current and non-current borrowings are set out in note 11. Accounting Policy Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. 5I. Recognised Fair Value Measurements Fair Value Hierarchy Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Recurring fair value measurements at 30 June 2026 Financial assets Financial assets at FVPL Deferred consideration - - 792 792 Unbilled disbursements - - 102,561 102,561 Total financial assets - - 103,353 103,353 Recurring fair value measurements at 30 June 2025 Financial assets Financial assets at FVPL Deferred consideration - - 1,470 1,470 Unbilled disbursements - - 100,826 100,826 Total financial assets - - 102,296 102,296 The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at 30 June 2026. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets is the current bid price. These instruments are included in level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. 5. Financial Assets and Liabilities (continued) 5H. Borrowings (continued) Shine Justice Ltd 2026 Annual Report 64 Financial Report
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Valuation Techniques Used to Determine Fair Values Specific valuation techniques used to value financial instruments include: • The use of quoted market prices or dealer quotes for similar instruments, and • For other financial instruments – discounted cash flow analysis. All the resulting fair value estimates are included in level 3. Fair Value Measurements Using Significant Unobservable Inputs The following table presents the changes in level 3 items for the periods ended 30 June 2026 and 30 June 2025: Unbilled disbursements Deferred consideration Total Movements $’000 $’000 $’000 Balance at 1 July 2024 95,412 13,076 108,488 Additions and settlements 14,069 (2,094) 11,975 Losses recognised in profit or loss (8,655) (9,642) (18,297) Discontinued operations - 130 130 Balance at 30 June 2025 & 1 July 2025 100,826 1,470 102,296 Additions and settlements 11,981 (827) 11,154 (Losses)/gains recognised in profit or loss (10,246) - (10,246) Interest on discounted proceeds receivable - 149 149 Balance at 30 June 2026 102,561 792 103,353 Transfers between levels and changes in valuation techniques There were no transfers between the levels of the fair value hierarchy in the twelve months to 30 June 2026. Fair Value Measurements Using Significant Unobservable Inputs The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements (see above for the valuation techniques adopted). Fair value at 30 June 2026 Unobservable inputs Relationship of unobservable inputs to fair valueDescription $’000 Unbilled disbursements 102,561 Internal historical recovery rates Qualitative individual matters If the recovery rate was 1% higher or (lower), the fair value would increase/(decrease) by $1,117,000 / ($1,117,000) Deferred consideration 792 Internal historical recovery rates Qualitative individual matters If the recovery rate was 1% higher or (lower), the fair value would increase/(decrease) by $4,000 / ($10,000) Internal historical collection periods Qualitative individual matters If the collection period was 3 months shorter or (longer) the fair value would increase/(decrease) by $14,000/ ($13,000) Risk-adjusted discount rate If the discount rate was 100bps (higher)/ lower, the fair value would (decrease)/ increase by ($4,000) / $3,000 5. Financial Assets and Liabilities (continued) 5I. Recognised Fair Value Measurements (continued) 2026 Annual Report Shine Justice Ltd 65 Financial Report
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Fixtures and fittings Office furniture and equipment Computer equipment Total Non-current $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Year ended 30 June 2025 Cost or fair value 15,129 2,147 6,493 23,769 Accumulated depreciation (8,912) (1,784) (5,078) (15,774) Net book amount 6,217 363 1,415 7,995 Opening net book amount 7,671 291 2,040 10,002 Exchange differences 3 - - 3 Additions 302 173 1,079 1,554 Reclassifications (2) - 2 - Depreciation charge (1,757) (101) (1,706) (3,564) Closing net book amount 6,217 363 1,415 7,995 Year ended 30 June 2026 Cost or fair value 16,711 2,161 7,363 26,235 Accumulated depreciation (10,853) (1,826) (6,131) (18,810) Net book amount 5,858 335 1,232 7,425 Opening net book amount 6,217 363 1,415 7,995 Exchange differences (26) - - (26) Additions 1,774 56 882 2,712 Reclassifications 3 (2) (1) - Depreciation charge (2,110) (82) (1,064) (3,256) Closing net book amount 5,858 335 1,232 7,425 Depreciation Methods and Useful Lives Depreciation is calculated using the straight-line method to allocate the cost or revalued amounts of the assets, net of their residual values, over their estimated useful lives. The depreciation rates are as follows: • Fixtures and fittings 5-33.33% • Office furniture and equipment 5-40% • Computer equipment 12.5-50% 6. Non-financial Assets and Liabilities 6A. Plant and Equipment Shine Justice Ltd 2026 Annual Report 66 Financial Report
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6B. Leases Amounts Recognised in the Balance Sheet The balance sheet shows the following amounts relating to leases: 2026 2025 Notes $’000 $’000 Right-of-use-assets Premises 19,261 21,207 Equipment 462 120 Total right-of-use-assets 19,723 21,327 Lease liabilities Current 8,236 8,155 Non-current 16,856 19,272 Total lease liabilities 8C 25,092 27,427 Additions to the right-of-use assets during the 2026 financial year were $2,255,000 (2025: $1,846,000). Accounting Policy The Group’s accounting policy for plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. 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. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 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. 6. Non-financial Assets and Liabilities (continued) 6A. Plant and Equipment (continued) 2026 Annual Report Shine Justice Ltd 67 Financial Report
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Amounts Recognised in the Statement of Profit or Loss The balance sheet shows the following amounts relating to leases: 2026 2025 Notes $’000 $’000 Depreciation charge of right-of-use-assets Premises (7,611) (7,334) Equipment (163) (910) Total depreciation charge of right-of-use-assets (7,774) (8,244) Interest expense (included in finance cost) 3C (1,446) (1,507) Expense relating to short-term leases (included in other expenses) 3B (154) (237) Expense relating to leases of low-value assets that are not shown above as short-term leases (included in other expenses) 3B (5) (4) The total cash outflow for the principal payments of leases in 2026 was $8,633,000 (2025: $9,215,000). Leasing Activities and Accounting The Group leases various office premises and equipment. Rental contracts are typically made for fixed periods of 12 months to 5 years but may be longer and/or have extension options. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interest in the leased assets that are held by the lessor with the exception for equipment finance leases that are governed by financial covenants under the Group’s borrowing arrangements as presented in note 5H. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments, less any lease incentives receivable • variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date • amounts expected to be payable by the Group under residual value guarantees • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: • where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received • uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing, and • makes adjustments specific to the lease, e.g. term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability, until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. 6. Non-financial Assets and Liabilities (continued) 6B. Leases (continued) Shine Justice Ltd 2026 Annual Report 68 Financial Report
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Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability • any lease payments made at or before the commencement date less any lease incentives received • any initial direct costs, and • restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles, and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and Termination Options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Critical Judgements in Determining the Lease Term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of office premises and equipment, the following factors are normally the most relevant: • If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate), • If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate), and • Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. Most extension options in offices and equipment leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. During the current financial year, there was no financial effect of revising termination options to the lease liability (2025: Nil) or the right of use asset (2025: Nil). There was no exercising of extensions during the year that were not already taken up in the lease liability. Residual Value Guarantees To optimise lease costs during the contract period, the Group sometimes provides residual value guarantees in relation to equipment leases. Estimating the Amount Payable Under Residual Value Guarantees The Group initially estimates and recognises amounts expected to be payable under residual value guarantees as part of the lease liability. Typically the expected residual value at lease commencement is equal to or higher than the guaranteed amount, so the Group does not expect to pay anything under the guarantees. At the end of each reporting period, the expected residual values are reviewed to reflect actual residual values achieved on comparable assets and expectations about future prices. 6. Non-financial Assets and Liabilities (continued) 6B. Leases (continued) 2026 Annual Report Shine Justice Ltd 69 Financial Report
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Goodwill IT development and software Transformation project costs Total $’000 $’000 $’000 $’000 Year ended 30 June 2025 Cost 38,724 14,073 11,718 64,515 Accumulated amortisation - (6,513) (11,615) (18,128) Net book amount 38,724 7,560 103 46,387 Opening net book amount 32,258 9,733 1,334 43,325 Exchange differences 160 - - 160 Additions – internally developed - 363 - 363 Additions – separately acquired 6,306 422 - 6,728 Amortisation charge - (2,958) (1,231) (4,189) Closing net book amount 38,724 7,560 103 46,387 Year ended 30 June 2026 Cost 37,937 14,807 11,718 64,462 Accumulated amortisation - (9,021) (11,718) (20,739) Net book amount 37,937 5,786 - 43,723 Opening net book amount 38,724 7,560 103 46,387 Exchange differences (787) - - (787) Additions – internally developed - 605 - 605 Additions – separately acquired - 128 - 128 Amortisation charge - (2,507) (103) (2,610) Closing net book amount 37,937 5,786 - 43,723 Amortisation Methods and Useful Lives The Group amortises intangible assets with a limited useful life using the straight-line method over the following periods: • Transformation Project costs 8 years • IT development and software 3-5 years See note 23C for the Group’s policy regarding impairments. 6. Non-financial Assets and Liabilities (continued) 6C. Intangible Assets Shine Justice Ltd 2026 Annual Report 70 Financial Report
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Impairment Tests for Goodwill Goodwill is monitored by management at the level of the two operating segments identified in note 1(a). A summary of the goodwill allocation by segment is presented below: 2026 2025 $’000 $’000 Goodwill carrying amount Personal Injury 24,133 24,133 Class Action 13,804 14,591 Total goodwill carrying amount 37,937 38,724 Significant Estimate: Key Assumptions Used for Value-in-use Calculations The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the cash- generating units (CGUs) was determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on the Board approved financial budget for the following financial year. Cash flows are extrapolated using the estimated growth rates stated below. These growth rates are based on the strategic focus on (a) Personal Injury and (b) Class Actions within the Class Action segment, to result in the future forecasts projected. Accounting Policy Software Costs associated with maintaining software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: • it is technically feasible to complete the software so that it will be available for use • management intends to complete the software and use or sell it • there is an ability to use or sell the software • it can be demonstrated how the software will generate probable future economic benefits • adequate technical, financial and other resources to complete the development and to use or sell the software is available, and • the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software include employee costs and a portion of relevant overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Transformation Project Costs This is amortised on a straight-line basis to the extent that it will deliver future economic benefits and these benefits can be measured reliably. 6. Non-financial Assets and Liabilities (continued) 6C. Intangible Assets (continued) 2026 Annual Report Shine Justice Ltd 71 Financial Report
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The following table sets out the key assumptions for those CGUs that have significant goodwill allocated to them: Personal Injury Class Action 2026 Fees Billed (compound annual growth rate %) 6.8 15.6 Operating costs (compound annual growth rates %) 3.0 to 7.0 3.0 to 5.0 Long-term growth rate (%) 3.0 3.0 Pre-tax discount rate (%) 13.3 14.8 2025 Fees Billed (compound annual growth rate %) 7.7 16.5 Operating costs (compound annual growth rates %) 3.0 to 7.0 3.0 to 5.0 Long-term growth rate (%) 3.0 3.0 Pre-tax discount rate (%) 13.2 13.9 Key Assumptions Management has determined the values assigned to each of the above key assumptions as follows: Assumption Approach used to determine values Fees Billed Average annual growth rate over the five-year forecast period is based on past performance, next financial year budget and management’s expectations of future changes in the market. Case settlement timeframes are based on a combination of historical performance in each respective segment and specific case-by-case analysis. The Group also assumes that over time, productivity growth and billings growth converge. Personal Injury Segment In relation to the PI CGU, the long-term compound average annual growth rates are considered as a starting point. The next financial year budget prepared by management incorporates a focus on improvements and targeted growth and as a result is above trend. In successive years, some historic work in progress matters are assumed to be successfully resolved resulting in higher fees billed, before normalising in year five to long term historical averages. Class Action Segment In relation to the Class Action CGU, the approach reflects expected fees billed in each of the five years from both litigation funding and from successful resolution of matters. The recoverable amount of the CGU also reflects management's estimates of improved recoverability of the fees billed. It is anticipated future growth will primarily be driven from the Class Action business with a number of cases expected to commence over the coming financial years as well as feeders commencing from the USA, New Zealand and other international mass torts destinations. Operating costs Variable costs of the CGUs are primarily labour, which tend to scale in line with legal work undertaken. Fixed costs of the CGUs, which do not vary significantly with revenue volumes or prices. Management forecasts these costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost-saving measures. The amounts disclosed above are the average operating costs range for the five-year forecast period. Long-term growth rate This is the weighted average growth rate used to extrapolate cash flows beyond the five year forecast period. Pre-tax discount rates Reflect specific risks relating to the relevant segments and the jurisdictions in which they operate. Significant Estimate: Impairment Charge Based on the impairment testing performed, the results of the impairment testing of each CGU concluded that no impairment charge against goodwill is to be recognised at 30 June 2026. 6. Non-financial Assets and Liabilities (continued) 6C. Intangible Assets (continued) Shine Justice Ltd 2026 Annual Report 72 Financial Report
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Significant Estimate: Impairment if Changes in Key Assumptions The Directors have considered and assessed reasonably possible changes for other key assumptions and have discussed these instances that could cause the carrying amount of the Personal Injury CGU and the Class Action CGU to exceed its recoverable amount below. Personal Injury CGU Management has continued its strategy for cash conversion, case settlements and controlling costs. This continued strategy is intended to see further reductions in the carrying value of WIP and improvements in the cashflow of the CGU, thereby mitigating the risk of a future impairment. The recoverable amount of this CGU would equal its carrying amount if the key assumptions were to change as follows, with all other assumptions remaining constant: 2026 2025 From To From To Fees Billed (compound annual growth rate %) 6.8 6.4 7.7 6.8 Long-term growth rate (%) 3.0 1.7 3.0 0.3 Pre-tax discount rate (%) 13.3 14.2 13.2 14.9 The recoverable amount exceeds the carrying value of the Personal Injury CGU by $31,086,000 (2025: $69,325,000). Class Action CGU The recoverable amount of this CGU would equal its carrying amount if the key assumptions were to change as follows with all other assumptions remaining constant: 2026 2025 From To From To Fees Billed (compound annual growth rate %) 15.6 13.5 16.5 15.5 Long-term growth rate (%) 3.0 -14.0 3.0 0.2 Pre-tax discount rate (%) 14.9 22.9 13.9 15.8 The recoverable amount exceeds the carrying value of the Class Action CGU by $37,975,000 (2025: $14,799,000). 6. Non-financial Assets and Liabilities (continued) 6C. Intangible Assets (continued) Accounting Policy Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (note 1). 2026 Annual Report Shine Justice Ltd 73 Financial Report
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2026 2025 $’000 $’000 Deferred tax assets 18,156 17,076 Deferred tax liabilities (131,031) (132,324) Deferred tax balances (112,875) (115,248) Offsetting Within Tax Consolidated Group Shine Justice Ltd and its wholly owned Australian subsidiaries have applied the tax consolidation legislation which means that these entities are taxed as a single entity. Consequently, the deferred tax assets and deferred tax liabilities of these entities have been offset in the consolidated financial statements. Deferred Tax Assets 2026 2025 $’000 $’000 The balance comprises temporary differences attributable to: Tax losses 492 492 Provisions 7,509 6,753 Total tax loss and provision temporary differences 8,001 7,245 Other Leases 7,833 8,300 Plant and equipment 1,532 1,017 Employee Long Term Incentive Plan 790 514 Total other temporary differences 10,155 9,831 Total deferred tax assets 18,156 17,076 Significant Estimates New Zealand carry forward tax losses amount to $492,000 (2025: $492,000). The Group has concluded that the deferred tax assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the Group. The losses can be carried forward indefinitely and have no expiry date. See note 4B for more details. Tax losses Provisions Leases Employee LTI Plant and equipment Total Movements $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 July 2024 449 6,673 9,118 20 - 16,260 (Charged)/credited to statement of comprehensive income 43 80 (818) 494 - (201) reclassify from deferred tax liabilities - - - - 1,017 1,017 Balance at 30 June & 1 July 2025 492 6,753 8,300 514 1,017 17,076 (Charged)/credited to statement of comprehensive income - 756 (467) 276 515 1,080 Balance at 30 June 2026 492 7,509 7,833 790 1,532 18,156 6. Non-financial Assets and Liabilities (continued) 6D. Deferred Tax Balances Shine Justice Ltd 2026 Annual Report 74 Financial Report
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Deferred Tax Liabilities 2026 2025 $’000 $’000 The balance comprises temporary differences attributable to: Work in progress and disbursements 125,124 125,408 Intangible assets - 533 Right of use assets 5,907 6,383 Total deferred tax liabilities 131,031 132,324 WIP and disbursements Intangible assets Plant and equipment Right of use assets Total Movements $’000 $’000 $’000 $’000 $’000 Balance at 1 July 2024 123,230 872 1,838 6,995 132,935 (Charged)/credited to statement of comprehensive income 2,178 (339) (2,855) (612) (1,628) reclassify to deferred tax asset - - 1,017 - 1,017 Balance at 30 June & 1 July 2025 125,408 533 - 6,383 132,324 (Charged)/credited to statement of comprehensive income (284) (533) - (476) (1,293) Balance at 30 June 2026 125,124 - - 5,907 131,031 6E. Current Tax Balances 2026 2025 $’000 $’000 Current tax liabilities 2,738 336 6. Non-financial Assets and Liabilities (continued) 6D. Deferred Tax Balances (continued) Accounting Policy See note 4 for more detail on the Group’s income tax accounting policy. 2026 Annual Report Shine Justice Ltd 75 Financial Report
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2026 2025 $’000 $’000 Other current assets Prepayments 4,163 4,202 Insurance asset 9 1,320 2,355 5,483 6,557 Other non-current assets Insurance asset 9 5,091 1,937 5,091 1,937 Prepayments are expected to be realised to the consolidated statement of profit or loss within 12 months of recognition. 6G. Employee Benefit Obligations 2026 2025 Current Non-Current Total Current Non-Current Total $’000 $’000 $’000 $’000 $’000 $’000 Leave obligations 9,329 1,560 10,889 9,134 1,579 10,713 Total employee benefit obligations 9,329 1,560 10,889 9,134 1,579 10,713 6. Non-financial Assets and Liabilities (continued) 6F. Other Assets Accounting Policy Short-Term Obligations Liabilities for wages and salaries, including non-monetary benefits and annual leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Other Long-Term Employee Benefit Obligations The Group also has liabilities for long service leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. The obligations are presented as current liabilities in the balance sheet if the Company does not have an unconditional right to defer settlement for at least 12 months after the reporting period, regardless of when the actual settlement is expected to occur. Shine Justice Ltd 2026 Annual Report 76 Financial Report
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2026 2025 Current Non-Current Total Current Non-Current Total $’000 $’000 $’000 $’000 $’000 $’000 Make good provision 502 1,627 2,129 367 1,785 2,152 502 1,627 2,129 367 1,785 2,152 Information About Individual Provisions and Significant Estimates Make good provision Shine Justice Ltd is required to restore the leased premises of its offices and branches to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the right of use asset and are amortised over the shorter of the term of the lease and the useful life of the assets. Movements in Provisions Makegood provision Movements $’000 Balance at 1 July 2024 2,099 (Charged)/credited to statement of comprehensive income 114 to statement of financial position (61) Balance at 30 June & 1 July 2025 2,152 (Charged)/credited to statement of comprehensive income 61 to statement of financial position (84) Balance at 30 June 2026 2,129 6. Non-financial Assets and Liabilities (continued) 6H. Provisions Accounting Policy Provisions for make good obligations are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where there are several similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. 2026 Annual Report Shine Justice Ltd 77 Financial Report
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2026 2025 2026 2025 Shares Shares $’000 $’000 Ordinary shares Fully paid 169,390,396 169,770,262 50,437 50,699 Total share capital 169,390,396 169,770,262 50,437 50,699 Movements in Ordinary Shares Number of shares Total $’000 Details Balance at 30 June & 1 July 2025 169,770,262 50,699 Cancelled pursuant to share buyback (379,866) (262) Balance at 30 June 2026 169,390,396 50,437 Ordinary Shares Ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote. The Company does not have a limited amount of authorised capital. The ordinary shares have no par value. Dividend Reinvestment Plan The Company does not currently operate a dividend reinvestment plan. Employee Share Scheme Issues Information relating to the Shine Justice Performance Rights Plan, including details of performance rights issued, exercised and lapsed during the financial year and rights outstanding at the end of the reporting period, is set out in note 18. Share Buyback Shine Justice Ltd’s share buyback commenced 16 September 2024 for twelve months and was renewed on 3 October 2025 for another twelve months, unless extended. The share buyback is on market for up to 10% of the Company’s issued share capital. As required by the Corporations Act 2001 (Cth), the Company will cancel any shares bought back. The Company reserves the right to suspend or terminate the share buyback at any time. 7. Equity 7A. Share Capital Accounting Policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company’s equity instruments, for example as the result of a share buyback or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners of Shine Justice Ltd as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of Shine Justice Ltd. Shares held by the Shine Justice Employee Share Trust are disclosed as treasury shares and deducted from contributed equity. Shine Justice Ltd 2026 Annual Report 78 Financial Report
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Treasury Shares Treasury shares are shares in Shine Justice Ltd that are held by the Shine Justice Employee Share Trust for the purpose of allocating shares under the Shine Justice Performance Rights Plan and the Shine Justice Non-Executive Director Equity Plan (see note 18 for further information). Treasury shares are acquired on market for cash. 2026 2025 Number of shares $’000 Number of shares $’000 Details Opening balance 1 July 1,348,310 1,274 1,119,224 1,138 Acquisition of shares under the non-executive director fee sacrifice scheme 192,741 129 223,267 156 Acquisition of shares under the employee share scheme 80,389 56 146,067 120 Allocation of shares to employees under the employee share scheme (86,208) (81) (140,248) (140) Balance at 30 June 1,535,232 1,378 1,348,310 1,274 7C. Other Reserves Notes Foreign currency translation Equity share reserve Non-controlling interest reserve Total other reserves $’000 $’000 $’000 $’000 Balance at 1 July 2024 (484) 818 (71) 263 Currency translation difference 32 - - 32 Other comprehensive income 32 - - 32 Transactions with owners in their capacity as owners: Allocation of shares to employees - (140) - (140) Share schemes – value of services 18B - 894 - 894 Balance at 30 June & 1 July 2025 (452) 1,572 (71) 1,049 Currency translation difference (295) - - (295) Other comprehensive income (295) - - (295) Transactions with owners in their capacity as owners: Allocation of shares to employees - (81) - (81) Share schemes – value of services 18B - 869 - 869 Non-controlling interest acquired - - 5 5 Balance at 30 June 2026 (747) 2,360 (66) 1,547 7B. Other Equity 7. Equity (continued) 2026 Annual Report Shine Justice Ltd 79 Financial Report
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Nature and Purposes of Reserves Equity Share Reserve The equity share reserve is used to recognise: • the grant date fair value of performance rights granted to employees but not yet vested, • the allocation of shares held by the Shine Justice Ltd Employee Share Trust to employees, and • the allocation of shares held by the Shine Justice Ltd Employee Share Trust to non-executive directors. Transactions with Non-controlling Interests This reserve is used to record the differences described in note 13 which may arise as a result of transactions with non- controlling interests that do not result in a loss of control. Foreign Currency Translation Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income as described in note 23B and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. 7D. Retained Earnings Movement in retained earnings were as follows: 2026 2025 $’000 $’000 Balance at 1 July 211,172 220,110 Net profit for the period attributable to owners of Shine Justice Ltd 9,598 572 Dividends 12B (8,469) (9,510) Balance at 30 June 212,301 211,172 7. Equity (continued) 7C. Other Reserves (continued) Shine Justice Ltd 2026 Annual Report 80 Financial Report
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2026 2025 $’000 $’000 Profit for the period 6,718 92 Adjustments for: Depreciation and amortisation (including discontinued operations) 13,640 15,996 Net loss on sale of non-current assets 29 - Interest on make good provision 96 114 Employee share scheme expense 869 894 Costs associated with disposal of subsidiary - 38 Write off unlisted investment 100 - Interest unwind on deferred consideration (149) (129) Fair value adjustment to contingent consideration - 9,644 Changes in operating assets and liabilities (Increase)/Decrease in trade receivables (3,505) 3,537 Decrease in other assets 2,459 3,801 Increase in work in progress (4,115) (9,630) Increase in disbursements (2,144) (5,362) Increase in trade creditors and accruals 4,956 2,864 Increase/(Decrease) in income taxes payable 2,402 (411) Decrease in deferred tax liabilities (2,374) (1,427) Increase/(Decrease) in provisions 57 (532) Net cash inflow from operating activities 19,039 19,489 8B. Net Debt This section sets out an analysis of debt for each of the periods presented: 2026 2025 Notes $’000 $’000 Cash and cash equivalents 5C 12,506 18,056 Borrowings – repayable within one year 5H (28,729) (26,607) Lease liabilities – repayable within one year 6B (8,236) (8,155) Borrowings – repayable after one year 5H (45,000) (45,000) Lease liabilities – repayable after one year 6B (16,856) (19,272) Net debt (86,315) (80,978) Cash and cash equivalents 5C 12,506 18,056 Gross debt – fixed interest rates (29,980) (32,042) Gross debt – variable interest rates 5H (68,841) (66,992) Net debt (86,315) (80,978) 8. Cash flow information 8A. Reconciliation of Profit After Income Tax to Net Cash Inflow from Operating Activities 2026 Annual Report Shine Justice Ltd 81 Financial Report
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Liabilities from financing activities Disbursement funding Borrowings Leases Total Balance at 1 July 2024 (78,711) (55,530) (30,459) (164,700) Cash flows – repayments 48,769 12,783 9,215 70,767 Cash flows – drawings (27,647) (24,643) - (52,290) Interest on disbursement funding arrangements (1,906) - - (1,906) Payments from lenders direct to suppliers - (4,192) - (4,192) Recognised on consolidation of Shine NZ Lawyers Limited - (25) - (25) Acquisitions and modifications – leases - - (6,184) (6,184) Foreign exchange adjustments - - 1 1 Balance at 30 June & 1 July 2025 (59,495) (71,607) (27,427) (158,529) Cash flows – repayments 31,910 6,259 8,633 46,802 Cash flows – drawings (28,350) (5,832) - (34,182) Pending drawdown (580) - - (580) Interest on disbursement funding arrangements 2,127 - - 2,127 Payments from lenders direct to suppliers - (2,549) - (2,549) Acquisitions and modifications – leases - - (6,297) (6,297) Foreign exchange adjustments - - (1) (1) Balance at 30 June 2026 (54,388) (73,729) (25,092) (153,209) 8. Cash flow information (continued) 8C. Reconciliation of Liabilities Arising from Financing Activities to Financing Cash Flows Shine Justice Ltd 2026 Annual Report 82 Financial Report
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Where a client is indemnified by the Group for the potential impact of adverse costs (i.e. where the client is liable for the other party’s legal costs), this additional component is split out from the conditional costs agreement and assessed separately under AASB 17 Insurance Contracts . The Group has determined that this standard is relevant to a very small number of class actions. 9A. Measurement – Insurance Contracts Insurance revenue corresponds to the release of the liability for remaining coverage, depending on the quantity of provided services (i.e. percentage of completion of the matter) and an allocation of insurance acquisition cash flows. The amount of insurance revenue recognised in the reporting period reflects the consideration expected to be received for those services. 9B. Measurement – Re-Insurance Contracts Where the risk of adverse costs has been re-insured to a third party, the re-insurance entries recorded are back-to-back against insurance entries and therefore result in no net impact to the Consolidated Statement of Profit and Loss or Consolidated Balance Sheet. 9C. General Measurement Model The Group applies the General Measurement Model to matters on a per contract basis rather than portfolio basis. The carrying amount of the liability or asset for remaining coverage is measured as the expected cash flows related to future service plus a profit margin known as the contractual service margin (CSM). The expected cash flows are the current estimates of the amounts the Group expects to collect from premiums and pay out for claims, benefits and expenses adjusted to reflect the time value of money and the uncertainty in those amounts. The CSM is recognised in insurance revenue over the coverage period. 9D. Judgements and estimates The Group uses its pre-tax WACC rate as an estimate for non-financial risk required under AASB 17 Insurance Contracts . As described above, significant judgement is required to estimate the percentage of completion of the matter at balance date. Estimates are also required to determine the probabilities of when key milestones will occur, such as the start of potential legal proceedings, trial date commencement and expected resolution date. These variables materially impact revenue recognised or deferred in a period. 9E. Risk A key risk is that the insurance revenue recognised over the life of the matter is collected only where the matter is successfully resolved. Where a matter is not successfully resolved, the liability to pay adverse costs on behalf of the client is crystalised, as well as the receipt of any re-insurance where applicable. This potential liability is assessed for disclosure or recognition under AASB 137 Provisions, Contingent Liabilities and Contingent Assets . This risk is managed by ongoing assessment of recovery prospects with external counsel during the life of the matter, noting this could be over several years. 9F. Maturity profile Balance sheet amounts that arise from AASB 17 Insurance Contracts are classified as current or non-current in alignment with that matter’s categorisation of Contract Assets – Work in Progress. 9. Insurance and Reinsurance Contracts 2026 Annual Report Shine Justice Ltd 83 Financial Report
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The table below outlines the impact of AASB 17 Insurance Contracts on the Balance Sheet of the Group in the current and prior year: 2026 2025 Notes $’000 $’000 Insurance contract asset - current 1,320 2,355 Insurance contract asset - non-current 5,091 1,937 Reinsurance contract liability - current (1,320) - Reinsurance contract liability - non-current (223) (870) The table below outlines the impact of AASB 17 Insurance Contracts on the Profit and Loss statement of the Group in the current and prior year: 2026 2025 Notes $’000 $’000 Insurance service revenue 1A 4,349 4,040 Reinsurance service expense 3B (1,083) (870) 9. Insurance and Reinsurance Contracts (continued) 9G. Impact to Financial Statements Shine Justice Ltd 2026 Annual Report 84 Financial Report
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The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group’s accounting policies. This note provides an overview of the areas that involve a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different. 10A. Significant Estimates and Judgements The areas involving significant estimates or judgements are: • estimated fair value of certain financial assets – note 5I • estimation uncertainties and judgements made in relation to lease accounting – note 6B • estimated recovery of goodwill – note 6C • recoverability of work in progress – note 2 • recoverability of unbilled disbursements – note 5D • insurance and re-insurance contracts – note 9 • impairment of financial assets – note 11B Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances. 10. Critical Estimates, Judgements and Errors 2026 Annual Report Shine Justice Ltd 85 Financial Report
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This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. Current year profit and loss information has been included where relevant to add further context. Risk Exposure arising from Measurement Management Market risk – foreign exchange Future commercial transactions Recognised financial assets and liabilities not denominated in Australian dollars Cash flow forecasting Sensitivity analysis Amount not material Market risk – interest rate Long-term borrowings at variable rates Sensitivity analysis Risk not deemed significant at present Credit risk Cash and cash equivalents, trade receivables and contract assets Ageing analysis Credit ratings Risk not deemed significant at present Liquidity risk Borrowings and other liabilities Rolling cash flow forecasts Availability of committed credit lines and borrowing facilities The Group’s financial risk management is predominantly controlled by the Group Finance department under policies approved by the Board of Directors. Group Finance identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. The Board approves written principles for overall risk management, as well as policies covering specific areas, such as: • foreign exchange risk • interest rate risk • credit risk • use of derivative financial instruments and non-derivative financial instruments, and • investment of excess liquidity. Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate borrowings. 11. Financial Risk Management Shine Justice Ltd 2026 Annual Report 86 Financial Report
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Foreign Exchange Risk Exposure The Group’s exposure to foreign currency risk in relation to financial instruments at the end of the reporting period was as follows: 2026 2026 2025 2025 USD NZD USD NZD $’000 $’000 $’000 $’000 Cash and cash equivalents 22 103 11 255 Trade receivables - 383 - 518 Trade payables - (6) - (193) Lease liabilities (111) (590) - (909) Unbilled Disbursements - 288 - 271 Other 30 420 1 372 The aggregate net foreign exchange gains/(losses) recognised in profit or loss were: 2026 2026 2025 2025 USD NZD USD NZD $’000 $’000 $’000 $’000 Net foreign exchange gain in other gains/(losses) - - - 4 Exchange gains/(losses) on foreign currency borrowing included in finance costs - (1,177) 4 (107) Total net foreign exchange gain/ (loss) recognised in profit before income tax for the period - (1,177) 4 (103) Instruments Used by the Group There was no hedging of foreign exchange risk in the financial year (2025: nil). Sensitivity The sensitivity of profit or loss to changes in the exchange rates arises mainly from NZ dollar-denominated financial instruments and the impact on other components of equity is currently considered immaterial. Cash Flow and Fair Value Interest Rate Risk The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. The Board periodically reviews the Group’s interest rate exposure and may enter into short term interest rate hedge arrangements. During the financial year, the Group’s borrowings at variable rate were mainly denominated in Australian dollars only. The Group’s borrowings and receivables are carried at amortised cost. The borrowings are periodically contractually repriced and to that extent are also exposed to the risk of future changes in market interest rates. 11. Financial Risk Management (continued) 11A. Market Risk 2026 Annual Report Shine Justice Ltd 87 Financial Report
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The exposure of the Group’s borrowings to interest rate changes at the end of the reporting period are as follows: Notes 2026 % of total loans 2025 % of total loans $’000 borrowings $’000 borrowings Variable rate borrowings 5H 68,841 93% 66,992 94% Fixed rate borrowings – repricing or maturity dates Less than 1 year 5H 4,888 7% 4,615 6% 1 – 5 years 5H - - - - Over 5 years - - - - 73,729 100% 71,607 100% An analysis by maturities is provided in note 11C. The percentage of total borrowings shows the proportion of borrowings that are currently at variable rates in relation to the total amount of borrowings. Sensitivity Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents as a result of changes in interest rates. Impact on post-tax profit Impact on other component of equity 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Interest rates – increase by 100 basis points (2025: 100bps) * (474) (458) (474) (458) Interest rates – decrease by 100 basis points (2025: 100bps) * 474 458 474 458 * Holding all other variables constant Collectability Risk One of the Group’s main risks arises from unbilled disbursements where there is a risk of non-recoverability on legal matters that are on a no-win no-fee basis. This risk is mitigated through a number of processes including the case selection process and regular review of likelihood of success during the life of the matter. The exposure of the Group’s unbilled disbursements to provision rate changes at the end of the reporting period are as follows: Impact on post-tax profit Impact on other component of equity 2026 2025 2026 2025 $’000 $’000 $’000 $’000 Provision rates – increase by 1% (2025: 1%) * (1,117) (1,082) (1,117) (1,082) Provision rates – decrease by 1% (2025: 1%) * 1,117 1,082 1,117 1,082 * Holding all other variables constant 11. Financial Risk Management (continued) 11A. Market Risk (continued) Shine Justice Ltd 2026 Annual Report 88 Financial Report
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Credit risk arises from: • cash and cash equivalents • deposits with banks and financial institutions, and • credit exposures to customers, including outstanding receivables. Risk Management Credit risk is managed on a Group basis. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. Security For some trade receivables the Group may obtain security in the form of guarantees, deeds of undertaking or letters of credit which can be called upon if the counterparty is in default under the terms of the agreement. Impairment of Financial Assets The Group uses the expected credit loss model on trade receivables from the provision of legal services. While cash and cash equivalents are also subject to the impairment requirements of AASB 9 Financial Instruments , the identified impairment loss was immaterial. Trade Receivables and Contract Assets The Group applies the AASB 9 Financial Instruments simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the corresponding historical credit losses experienced. 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 receivables. The Group has identified the following to be the most relevant factors in determining expected loss rates: • unemployment rate • inflation, and • Reserve Bank of Australia cash rate On that basis, the loss allowance was determined as follows for trade receivables: Current More than 30 days past due More than 60 days past due More than 90 days past due More than 120 days past due Total 30 June 2026 Expected loss rate (%) 1% 7% 13% 17% 34% Gross carrying amount ($’000) 5,558 604 460 232 4,668 11,522 Loss allowance ($’000) 50 43 59 40 1,579 1,771 30 June 2025 Expected loss rate (%) 0% 0% 0% 4% 53% Gross carrying amount ($’000) 3,643 632 607 503 2,789 8,174 Loss allowance ($’000) - - - 25 1,482 1,507 11. Financial Risk Management (continued) 11B. Credit Risk 2026 Annual Report Shine Justice Ltd 89 Financial Report
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The loss allowance for trade receivables reconciles to the opening loss allowance as follows: 2026 2025 $’000 $’000 Balance at start of financial year 1,507 1,473 Increase in loss allowance recognised in profit or loss during the year 971 742 Receivables written off during the year as uncollectable (707) (708) Balance at end of financial year 1,771 1,507 Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of greater than 90 days past due. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. Other Financial Assets at Amortised Cost Other financial assets at amortised cost include loans to related parties and other receivables. Significant Estimates and Judgements Impairment of Financial Assets The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history and existing market conditions as well as forward-looking estimates at the end of each reporting period. 11. Financial Risk Management (continued) 11B. Credit Risk (continued) Shine Justice Ltd 2026 Annual Report 90 Financial Report
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Liquidity risk is managed through maintaining sufficient cash and holding an adequate amount of committed credit facilities to meet obligations when due. Management monitors rolling forecasts of the Group’s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents (note 5C) based on expected cash flows. Financing Arrangements The Group had access to the following undrawn borrowing facilities at the end of the reporting period: 2026 2025 $’000 $’000 Variable rate Expiring within one year 29,176 29,317 Expiring beyond one year 12,215 14,609 Total undrawn borrowing facilities 41,391 43,926 Made up of: On-call facilities 34,715 37,109 Special purpose financing facilities 6,676 6,817 Total undrawn borrowing facilities 41,391 43,926 The CBA facility other than the Market Rate Loan is subject to annual review. Subject to the ongoing compliance with the terms of the facility, the bank loan facilities may be drawn at any time. Maturities of Financial Liabilities The table below analyses the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Contractual maturities of financial liabilities Within 1 year Between 1 and 5 years Over 5 years Total contractual cash flows Carrying amount $’000 $’000 $’000 $’000 $’000 At 30 June 2026 Non-derivatives Trade and other payables 1 86,094 - - 86,094 86,094 Borrowings 28,729 45,000 - 73,729 73,729 Lease liabilities 11,344 20,599 352 32,295 25,092 Total non-derivatives 126,167 65,599 352 192,118 184,915 At 30 June 2025 Non-derivatives Trade and other payables 1 85,579 - - 85,579 85,579 Borrowings 26,607 45,000 - 71,607 71,607 Lease liabilities 9,431 20,545 341 30,317 27,427 Total non-derivatives 121,617 65,545 341 187,503 184,613 1 Includes disbursement creditors which are classed as all current as these become due and payable as soon as the case ends with no certainty on the timing. 11. Financial Risk Management (continued) 11C. Liquidity Risk 2026 Annual Report Shine Justice Ltd 91 Financial Report
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The Group’s objectives when managing capital is to: • safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and • maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may: • adjust the amount of dividends paid to shareholders • return capital to shareholders • issue new or buy back shares, or • sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital based on the following net debt to equity ratio: Net debt as per note 8B divided by Total ‘equity’ (as shown in the balance sheet, including non-controlling interests). The net debt to equity ratios at 30 June 2026 and 30 June 2025 were as follows: 2026 2025 Notes $’000 $’000 Net debt 8B 86,315 80,978 Total equity 259,739 261,295 Net debt to equity ratio 33% 31% 12B. Dividends Ordinary Shares 2026 2025 $’000 $’000 Final fully franked dividend for the year ended 30 June 2025 of 3.50 cents (2024: 4.00 cents unfranked) per fully paid share 5,928 6,929 Interim fully franked dividend for the year ended 30 June 2026 of 1.50 cents (2025: 1.50 cents fully franked) per fully paid share 2,541 2,581 Total paid during the year 8,469 9,510 Dividends Not Recognised at the End of the Reporting Period 2026 2025 $’000 $’000 Final fully franked dividend of 2.50 cents has been declared or proposed for the reporting period (2025: 3.50 cents declared or proposed). The aggregate amount of the proposed dividends not recognised as a liability at year end, is: 4,235 5,942 Franking Credits There are franking credits at 30 June 2026 of $6,130,000 (2025: $4,374,000) held by Shine Justice Ltd arising from the payment of income tax. 12. Capital Management 12A. Risk Management Shine Justice Ltd 2026 Annual Report 92 Financial Report
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The Group’s subsidiaries at 30 June 2026 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Name of entity Place of business/ country of incorporation Ownership interest held by the Group Ownership interest held by non-controlling interests Principal activities 2026 2025 2026 2025 % % % % Shine Lawyers Pty Ltd Australia 100 100 - - Legal services My Insurance Claim Pty Ltd Australia 100 100 - - Dormant Shine DIR Pty Ltd Australia 100 100 - - Dormant Shine (U.S.) Pty Ltd Australia 100 100 - - Dormant Shine Lawyers US, LLC United States 100 100 - - Legal services Shine Delaware, LLC United States 100 - - - Legal services SB Law Pty Ltd Australia 100 100 - - Legal services Sciacca’s Lawyers Pty Ltd Australia 100 100 - - Legal services Sciacca’s Family Lawyers Pty Ltd Australia 100 100 - - Dormant Shine NZ Services Pty Ltd Australia 100 100 - - Legal services Bradley Bayly Holdings Pty Ltd Australia 100 100 - - Legal services Claims Consolidated Pty Ltd Australia 100 100 - - Dormant Risk Worldwide New Zealand Limited New Zealand 100 100 - - Dormant Nerve Solutions Group Pty Ltd Australia 100 100 - - Dormant My Insurance Claim Limited New Zealand 100 100 - - Dormant ACA Lawyers Pty Ltd Australia 100 100 - - Legal services Carr & Co Divorce & Family Lawyers Pty Ltd Australia 90 85 10 15 Legal services Claimify Legal Pty Ltd Australia 100 100 - - Legal services Shine Justice Employee Share Trust Australia 100 100 - - Share trust Shine Lawyers NZ Limited 1 New Zealand - - 100 100 Legal services 1 Shine Lawyers NZ Limited is an entity that is consolidated under AASB 10 Consolidated Financial Statements into the Group’s results from 7 November 2024, but where no ownership interest is held by the Group. 13A. Subsidiaries 13. Interests in Other Entities 2026 Annual Report Shine Justice Ltd 93 Financial Report
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Accounting Policy Principles of Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. Changes in Ownership Interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of Shine Justice Ltd. 13. Interests in Other Entities (continued) 13A. Subsidiaries (continued) Shine Justice Ltd 2026 Annual Report 94 Financial Report
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Set out below is summarised financial information for each subsidiary that has non-controlling interests. The amounts disclosed are before inter-company eliminations. Carr & Co Divorce and Family Law Pty Ltd Shine Lawyers New Zealand Limited 2026 2025 2026 2025 Summarised balance sheet $’000 $’000 $’000 $’000 Current assets 1,087 1,372 1,223 1,962 Current liabilities (753) (693) (67) (131) Current net assets 334 679 1,156 1,831 Non-current assets 770 1,033 6,390 6,463 Non-current liabilities (408) (640) (10,784) (8,806) Non-current net assets/(liabilities) 362 393 (4,394) (2,343) Net assets/(liabilities) 696 1,072 (3,238) (512) Accumulated NCI 70 161 (3,238) (512) 2026 2025 2026 2025 Summarised statement of comprehensive income $’000 $’000 $’000 $’000 Revenue 4,493 4,573 1,956 1,463 Profit/(loss) for the period (175) 144 (2,868) (501) Other comprehensive income - - 142 (11) Total comprehensive income (175) 144 (2,726) (512) Profit/(loss) allocated to NCI (12) 21 (2,726) (512) Dividends paid to NCI 30 30 - - 2026 2025 2026 2025 Summarised cash flows $’000 $’000 $’000 $’000 Cash flows from operating activities 292 414 (1,571) (1,774) Cash flows from investing activities (17) (20) - 37 Cash flows from financing activities (452) (432) 1,535 1,789 Net increase/(decrease) in cash and cash equivalents (177) (38) (36) 52 13. Interests in Other Entities (continued) 13B. Non-Controlling Interests (NCI) 2026 Annual Report Shine Justice Ltd 95 Financial Report
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On 29 May 2026 the Group acquired an additional 5% interest in Carr & Co Divorce & Family Lawyers Pty Ltd for $44,000. Immediately prior to the purchase, the carrying amount of the existing 15% non-controlling interest in Carr & Co Divorce & Family Lawyers Pty Ltd was $146,000. The Group recognised a decrease in non-controlling interest of $49,000 and an increase in equity attributable to owners of the parent of $5,000. The effect on the equity attributable to the owners of Shine Justice Ltd during the year is summarised as follows: 2026 2025 $’000 $’000 Carrying amount of non-controlling interests acquired 49 - Consideration paid to non-controlling interests (44) - Deficiency of consideration paid recognised in the transactions with non- controlling interests reserve within equity 5 - There were no transactions with non-controlling interests in 2025. 13. Interests in Other Entities (continued) 13C. Transactions with Non-Controlling Interests Shine Justice Ltd 2026 Annual Report 96 Financial Report
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Bank guarantees are contracts that are measured in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets. The Group’s bank guarantees are as follows: 2026 2025 $’000 $’000 Bank Guarantee Facility Limit 6,179 6,000 Unused 1,299 1,640 14B. Contingent Liabilities The Group has received a small number of individual notifications submitted by former clients against the Group. When each notification is received, the Group assesses the likelihood that the potential notice will proceed to a legal claim. The Group’s estimate of the excess on notifications that may progress to a claim at 30 June 2026 is $180,000 (2025: $140,000). 14. Contingent Liabilities and Contingent Assets 14A. Bank Guarantees 2026 Annual Report Shine Justice Ltd 97 Financial Report
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There was no significant capital committed to at the end of the reporting period but not recognised as liabilities (2025: $nil). 15B. Commitments The Group has contractual obligations for future purchases of services not included in liabilities as follows: 2026 2025 $’000 $’000 Non-cancellable payments Not later than 12 months 3,612 2,986 Between 12 months and 5 years 1,797 2,934 Later than 5 years - 11 Total non-cancellable payments 5,409 5,931 15. Commitments 15A. Capital Commitments Shine Justice Ltd 2026 Annual Report 98 Financial Report
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Refer to note 12B for the final fully franked dividend declared by the Directors, to be paid on 14 October 2026. 16. Events Occurring After the Reporting Period 16A. Dividend Recommendation 2026 Annual Report Shine Justice Ltd 99 Financial Report
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The Group is controlled by the following entity: Place of incorporation Ownership interest Name Type 2026 2025 Shine Justice Ltd Immediate and ultimate parent entity Australia 100% 100% 17B. Subsidiaries Interests in subsidiaries are set out in note 13A. 17C. Key Management Personnel Compensation 2026 2025 $ $ Short-term employee benefits 3,069,432 2,584,006 Post-employment benefits 214,157 189,085 Long-term employment benefits 46,950 56,037 Termination benefits - 94,440 Share-based payments 293,756 222,100 3,624,295 3,145,668 Long-term employment benefits may be negative where annual or long service leave taken is greater than accrued in the financial year. Detailed remuneration disclosures are provided in the Remuneration Report. 17D. Transactions with Related Parties The following transactions occurred with related parties of which Simon Morrison is a director and shareholder. The details on leases are transactions with related parties of which Simon Morrison and Stephen Roche are directors and shareholders: 2026 2025 $ $ Sales and purchases of goods and services Income from rent and services provided to entity controlled by key management personnel 1,115,958 1,416,147 Leases over and fit outs of commercial properties by entities in the Group (1,259,177) (842,927) Interest received from related parties 662,826 561,523 17. Related Party Transactions 17A. Parent Entities Shine Justice Ltd 2026 Annual Report 100 Financial Report
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The following occurred with Shine Lawyers NZ Limited (previously an affiliated company), which became a Shine Group entity on 7 November 2024: 2026 2025 Shine Lawyers NZ Limited $ $ Balance at start of financial year 8,782,517 7,194,586 Loans advanced 1,741,188 2,235,092 Loan repayments (865,275) (1,208,684) Interest charged 662,826 561,523 Balance at end of financial year 10,321,256 8,782,517 The balance at end of financial year is eliminated on consolidation. The following occurred with a related party, Shine Lawyers (Thailand) Co. Ltd which is an affiliated company of which Simon Morrison is a director and shareholder: 2026 2025 Shine Lawyers (Thailand) Co. Ltd. $ $ Balance at start of financial year 3,790 - Loans advanced 249,906 3,790 Interest charged 9,000 - Balance at end of financial year 262,696 3,790 No loss allowance was recognised in relation to loans to related parties during the year, see note 11B for further information. 17F. Liabilities Associated with Right to Use Assets Provided by Related Parties 2026 2025 $ $ Balance at start of financial year 3,541,638 3,423,834 Interest charged 235,438 171,579 Repayments made (1,006,699) (780,756) Additional commitments 1,090,451 726,981 Balance at end of financial year 3,860,828 3,541,638 17G. Terms and Conditions Goods were sold to related parties during the year based on the price lists in force and terms that would be available to third parties. All other transactions were made on normal commercial terms and conditions and at market rates. The loan to Shine Lawyers NZ Limited is repayable later than one year from the reporting date but has historically been re- negotiated to a later date on an as-required basis. The loan attracts interest at the rate equivalent to Shine Justice’s Australian working capital facility loan rate plus 2%. The interest rate on loans during the year was 7.5% (2025: 7.5%). The loan to Shine Lawyers (Thailand) Co. Ltd is repayable on demand and permits aggregated lending of up to AUD500,000. The interest rate on loans during the year was 10.2%. Outstanding balances are unsecured and are repayable in cash. 17H. Consultancy Fees and Others During the year, consultancy fees were paid to Stephen Roche of $264,000 (including GST) (2025: $264,000). During the year, motor expenses were paid to Stephen Roche of $2,838 (including GST) (2025: $5,327). 17. Related Party Transactions (continued) 17E. Loans to Related Parties 2026 Annual Report Shine Justice Ltd 101 Financial Report
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The issue of securities under the Shine Justice Ltd Performance Rights (LTIP) Plan (the Plan) was approved by shareholders at the 2016, 2019 and 2022 annual general meetings. The Plan is designed to amalgamate retention strategies as well as providing long-term incentives for senior managers and create alignment with shareholders. Under the Plan, participants are granted Performance Rights which only vest if certain performance criteria are met. Participation in the Plan is at the Board’s discretion, and no individual has a contractual right to participate in the scheme or to receive any guaranteed benefits. The Plan is administered by the Board. This trust is consolidated in accordance with note 13A. The amount of the current FY26 Performance Rights that will vest depends on Shine Justice Ltd: • Earnings per share (EPS) growth – 50% weighting, achieving EPS growth of an average of 10% per annum during the three- year Performance Period from 1 July 2025 with a baseline EPS of $0.12, with partial vesting (straight line vesting between 50% and 100%) if 8-10% return is achieved, and • Cumulative annual total shareholder return (TSR) – 50% weighting, achieving cumulative annual TSR of an average of 17% during the Performance Period with a baseline share price of $0.7079 and with partial vesting (straight line vesting between 50% and 100%) if 15-17% return is achieved. The Board retains a discretion to adjust the performance measures if warranted by relevant circumstances at the time of vesting. Performance Rights are granted under the LTIP for no consideration and carry no dividend or voting rights. When vested, each right converts into one Share. The vesting price on which the number of rights granted is based is the weighted average price at which the Company’s shares are traded on the ASX on 15 days before plus 15 days after the release of the Shine Justice Annual Report in the financial year to which they relate. Performance Rights are generally forfeited when the employee ceases employment or where relevant performance hurdles are not met. 18. Share-Based Payments 18A. Employee Share Long-Term Incentive Scheme Shine Justice Ltd 2026 Annual Report 102 Financial Report
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Set out below are summaries of rights granted under the Plan: 2026 2025 Number of rights Number of rights EPS TSR Strategic Objectives Total EPS TSR Strategic Objectives Total FY22 issuance Balance at start of year - - - - 791,520 395,760 395,760 1,583,040 Forfeited during the year - - - - (791,520) (395,760) (255,512) (1,442,792) Vested during the year - - - - - - (140,248) (140,248) Balance at 30 June - - - - - - - - FY23 issuance Balance at start of year 876,457 438,229 438,229 1,752,915 1,219,923 609,962 609,962 2,439,847 Forfeited during the year (876,457) (438,229) (352,021) (1,666,707) (343,466) (171,733) (171,733) (686,932) Vested during the year - - (86,208) (86,208) - - - - Balance at 30 June - - - - 876,457 438,229 438,229 1,752,915 FY24 issuance Balance at start of year 1,990,718 995,359 995,359 3,981,436 2,645,141 1,322,570 1,322,570 5,290,281 Forfeited during the year (293,400) (146,700) (146,700) (586,800) (654,423) (327,211) (327,211) (1,308,845) Balance at 30 June 1,697,318 848,659 848,659 3,394,636 1,990,718 995,359 995,359 3,981,436 FY25 issuance Balance at start of year 1,976,174 1,976,174 NA 3,952,348 - - NA - Granted during the year - - NA - 2,012,759 2,012,759 NA 4,025,518 Forfeited during the year (268,570) (268,570) NA (537,140) (36,585) (36,585) NA (73,170) Balance at 30 June 1,707,604 1,707,604 NA 3,415,208 1,976,174 1,976,174 NA 3,952,348 FY26 issuance Granted during the year 2,488,985 2,488,985 NA 4,977,970 - - - - Forfeited during the year (49,747) (49,747) NA (99,494) - - - - Balance at 30 June 2,439,238 2,439,238 NA 4,878,476 - - - - Share rights outstanding at the end of the year have the following expiry of performance period: 18. Share-Based Payments (continued) 18A. Employee Share Long-Term Incentive Scheme (continued) 2026 Annual Report Shine Justice Ltd 103 Financial Report
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Expiry date of performance period Number of rights Number of rights Grant date 2026 2025 14 December 2022 (FY23 LTIP) 30 June 2025 - 1,752,915 15 December 2023 (FY24 LTIP) 30 June 2026 3,394,636 3,981,436 3 March 2025 (FY25 LTIP) 30 June 2027 3,415,208 3,952,348 3 March 2026 (FY26 LTIP) 30 June 2028 4,878,476 - Total 11,688,320 9,686,699 Fair Value of Rights Granted The assessed fair value at grant date of Performance Rights granted during the year ended 30 June 2026 was: • EPS: $0.60 per right (2025: $0.54) • TSR: $0.33 per right (2025: $0.16) EPS The fair value at grant date is independently determined using a Black-Scholes Model (BSM). Under this approach the value is based on the share price at the valuation date with an adjustment for the dividends foregone during the vesting period. TSR The fair value at grant date is independently determined using an adjusted form of the BSM which includes a Monte Carlo simulation model that considers the: • term of the rights • impact of dilution (where material) • share price at grant date • expected price volatility of the underlying share • expected dividend yields • risk-free interest rate for the term of the right, and • correlations and volatilities of the peer group companies. The model inputs for rights granted during the year ended 30 June 2026 included: • rights are granted for no consideration and vest based on Shine Justice Ltd TSR over a three-year period. • grant date: 3 March 2026 (2025: 3 March 2025) • expiry date of performance period: 30 June 2028 (2025: 30 June 2027) • share price at grant date: $0.70 (2025: $0.66) • expected price volatility of the company’s shares: 51.50% (2025: 45.24%) • expected dividend yield: 5.71% (2025: 8.33%) • risk-free interest rate: 4.37% (2025: 3.79%) The expected price volatility is based on the historic volatility (based on the remaining life of the rights), adjusted for any expected changes to future volatility due to publicly available information. 18. Share-Based Payments (continued) 18A. Employee Share Long-Term Incentive Scheme (continued) Shine Justice Ltd 2026 Annual Report 104 Financial Report
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Total expenses arising from share-based payment transactions recognised during the period were as follows: 2026 2025 $’000 $’000 Rights issued under long-term incentive schemes 713 740 Non-Executive Director share scheme 156 161 Total expenses arising from share-based payment transactions 869 901 18. Share-Based Payments (continued) 18B. Expenses Arising from Share-Based Payment Transactions Accounting Policy Share-based compensation benefits are provided to employees via the Shine Justice Performance Rights Plan. Employee Performance Rights The fair value of rights granted under the Shine Justice Performance Rights Plan is recognised as an employee benefits expense with a corresponding change in equity share reserve. The total amount to be initially expensed is determined by reference to the fair value of the Rights granted: • including any market performance conditions (e.g. Shine’s share price) • excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the Company over a specified time period), and • including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time). The total expense is recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the Company revises its estimates of the number of Rights that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The Employee Share Scheme performance rights are administered by the Shine Employee Share Trust, which is consolidated in accordance with the principles in Note 13A. When the performance rights vest, the shares may be issued by the Company or transferred by the Trust. The Company can issue or fund the Trust to acquire shares. The Board also has the discretion to pay cash instead. The proceeds received net of any directly attributable transaction costs are credited directly to equity. Non-Executive Director (NED) Equity Plan In November 2020, the Board adopted the NED Equity Plan, under which the Non-executive Directors may increase their holdings of shares in order to share in the growth of the business and more closely align their interests with those of shareholders. The NED Equity Plan supports the Board’s policy that Directors should be encouraged to accumulate a shareholding equivalent in value to their annual Directors’ fees over a three-year period. The NED Equity Plan provides for Non-executive Directors to sacrifice a percentage of their fees over an agreed period and to be granted rights to acquire a number of shares reflecting the amount to be sacrificed over the period. The participating Directors fees are reduced in equal amounts each fortnight during the participation period. NED Rights are granted for no consideration at the beginning of the period during which salary sacrifices are made and vest into shares at the end of that period. The NED Rights have been classified by the ASX as a separate class – Salary Sacrifice Rights. This class is separate from the class of Performance Rights issued under the Company’s Performance Rights Plan (LTIP). For the FY25 Rights granted 1 July 2024, the price on which the number of granted NED Rights was calculated was the volume weighted average closing price of shares on ASX from 3 June 2024 to 21 June 2024, being $0.73. The fair valuation of the rights granted is based on the closing share price of $0.70 at grant date on 1 July 2024. The FY25 NED Rights vested on 29 August 2025. 2026 Annual Report Shine Justice Ltd 105 Financial Report
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For the FY26 Rights granted 1 July 2025, the price on which the number of granted NED Rights was calculated was the volume weighted average closing price of shares on ASX from 2 June 2025 to 20 June 2025, being $0.67. The fair valuation of the rights granted is based on the closing share price of $0.70 at grant date on 1 July 2025. The FY26 NED Rights will vest on or around 30 August 2026. On vesting of NED Rights, the participating Director will be allocated a number of shares purchased on market, equivalent to the number of vested NED Rights held by the Director. Shares allocated or transferred to Non-executive Directors following vesting will be subject to a disposal restriction until the earlier of the date of the Non-executive Director’s retirement from the Board or 15 years after allocation or transfer of the shares. While the disposal restriction applies, the Non-executive Directors will not be permitted to dispose of their shares. Set out below are summaries of the Rights granted under the Plan: Salary sacrifice rights Number of rights Number of rights 2026 2025 Balance at start of year 228,862 281,755 Granted during the year FY25 issuance - 228,862 FY26 issuance 223,267 - Vested during the year FY24 issuance - (281,755) FY25 issuance (228,862) - Balance at 30 June 223,267 228,862 NED rights outstanding at the end of the year have the following expiry period: Number of rights Number of rights Grant date Vesting date 2026 2025 1 July 2024 (FY25 NED Rights) 29 August 2025 - 228,862 1 July 2025 (FY26 NED Rights) On or around 30 August 2026 223,267 - Total 223,267 228,862 18. Share-Based Payments (continued) 18B. Expenses Arising from Share-Based Payment Transactions (continued) Shine Justice Ltd 2026 Annual Report 106 Financial Report
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During the year, the following fees were paid or payable for services provided by PricewaterhouseCoopers Australia (PwC) as the auditor of the parent entity, Shine Justice Ltd, by PwC’s related network firms and by non-related audit firms. The Non-audit services performed were tax advisory and expert advice in relation to certain client matters: 2026 2025 $ $ 19A. Auditors of the Group – PwC and Related Network Firms Audit and review of financial reports Group 559,980 586,500 Total audit and review of financial reports 559,980 586,500 Non-audit services 112,200 21,930 Total services provided by PwC 672,180 608,430 19B. Other Auditors and their Related Network Firms Audit of trust accounts and work in progress 55,732 53,869 Total services provided by other auditors 55,732 53,869 19. Remuneration of Auditors 2026 Annual Report Shine Justice Ltd 107 Financial Report
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2026 2025 Cents Cents 20A. Basic Earnings Per Share Attributable to the ordinary equity holders of the Company From continuing operations 5.74 0.33 Total basic earnings per share attributable to the ordinary equity holders of the Company 5.74 0.33 20B. Diluted Earnings Per Share Attributable to the ordinary equity holders of the Company From continuing operations 5.66 0.33 Total diluted earnings per share attributable to the ordinary equity holders of the Company 5.66 0.33 20C. Reconciliation of Earnings Used in Calculated Earnings Per Share 2026 2025 $’000 $’000 Basic earnings per share Profit attributable to the ordinary equity holders of the Company used in calculating basic earnings per share From continuing operations 9,598 572 9,598 572 Diluted earnings per share Profit attributable to the ordinary equity holders of the Company used in calculating diluted earnings per share From continuing operations 9,598 572 9,598 572 20D. Weighted Average Number of Shares Used as the Denominator 2026 2025 Number Number Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 167,232,509 171,263,449 Adjustments for calculation of diluted earnings per share: Deferred shares 2,297,691 2,445,136 Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 169,530,200 173,708,585 20. Earnings Per Share Shine Justice Ltd 2026 Annual Report 108 Financial Report
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Deferred Shares Rights to deferred shares granted to executives and employees under the Group’s long-term incentive scheme and NED Rights are included in the calculation of diluted earnings per share assuming all outstanding rights will vest. The rights are not included in the determination of basic earnings per share. Further information about the rights is provided in note 18. 20. Earnings Per Share (continued) 20E. Information Concerning the Classification of securities Accounting Policy Basic Earnings per Share Basic earnings per share is calculated by dividing: • the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares • by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. Diluted Earnings per Share Adjusts the figures used in the determination of basic earnings per share to consider: • the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and • the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. 2026 Annual Report Shine Justice Ltd 109 Financial Report
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Shine Justice Ltd and its subsidiaries listed below are parties to a deed of cross guarantee under which each company guarantees the debts of the others. By entering into the deed, the wholly owned entities have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations (Wholly owned Companies) Instrument 2016/785. The subsidiaries are listed below: • Shine Lawyers Pty Ltd • My Insurance Claim Pty Ltd • Shine DIR Pty Ltd • Shine (U.S.) Pty Ltd • SB Law Pty Ltd • Sciacca’s Lawyers Pty Ltd • Sciacca’s Family Lawyers Pty Ltd • Shine NZ Services Pty Ltd • Bradley Bayly Holdings Pty Ltd • Claims Consolidated Pty Ltd • Nerve Solutions Group Pty Ltd • ACA Lawyers Pty Ltd • Claimify Legal Pty Ltd 21A. Consolidated Statement of Profit or Loss, Statement of 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 Shine Justice Ltd, they also represent the ‘extended closed group’. Set out below is a consolidated statement of profit or loss, a consolidated statement of comprehensive income and a summary of movements in consolidated retained earnings for the year ended 30 June 2026 of the closed group consisting of Shine Justice Ltd and its subsidiaries. 2026 2025 $’000 $’000 Consolidated statement of comprehensive income Profit before income tax 9,493 4,725 Income tax expense (2,708) (4,299) Profit for the year from continuing operations 6,785 426 Loss from discontinued operations - - Profit for the year 6,785 426 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the financial year 215,141 224,225 Profit for the year 6,785 426 Dividends paid (8,469) (9,510) Retained earnings at the end of the financial year 213,457 215,141 21. Deed of Cross Guarantee Shine Justice Ltd 2026 Annual Report 110 Financial Report
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Set out below is a consolidated balance sheet as at 30 June 2026 of the closed group consisting of Shine Justice Ltd and its subsidiaries listed above. 2026 2025 $’000 $’000 Assets Current assets Cash and cash equivalents 12,111 17,557 Trade and receivables 10,446 4,444 Contract assets – work in progress 181,049 158,864 Unbilled disbursements 61,197 56,661 Other financial assets at amortised cost 17,213 15,386 Financial assets at fair value through profit or loss 678 953 Other current assets 4,063 5,791 Total current assets 286,757 259,656 Non-current assets Trade and other receivables 770 1,545 Contract assets – work in progress 178,332 196,962 Unbilled disbursements 46,083 50,331 Financial assets at fair value through profit or loss 5,204 517 Plant and equipment 7,147 7,644 Right-of-use-assets 19,003 20,645 Intangible assets 34,309 36,185 Investments 627 3,816 Other non-current assets - 1,937 Total non-current assets 291,475 319,582 Total assets 578,232 579,238 21. Deed of Cross Guarantee (continued) 21B. Consolidated Balance Sheet 2026 Annual Report Shine Justice Ltd 111 Financial Report
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2026 2025 $’000 $’000 Liabilities Current liabilities Trade and other payables 16,852 7,806 Disbursement creditors 70,461 71,414 Borrowings 28,729 26,607 Lease liabilities 7,744 7,905 Other current financial liabilities 2,738 298 Current tax liabilities - 6,326 Provisions 9,581 9,238 Total current liabilities 136,105 129,594 Non-current liabilities Borrowings 45,000 45,000 Lease liabilities 16,371 18,526 Deferred tax liabilities 112,637 115,706 Provisions 3,059 3,203 Other non-current liabilities 223 870 Total non-current liabilities 177,290 183,305 Total liabilities 313,395 312,899 Net assets 264,837 266,339 Equity Share capital 50,437 50,699 Reserves 943 499 Retained earnings 213,457 215,141 Total equity 264,837 266,339 21. Deed of Cross Guarantee (continued) Shine Justice Ltd 2026 Annual Report 112 Financial Report
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The individual financial statements for the parent entity, Shine Justice Ltd, show the following aggregate amounts: 2026 2025 $’000 $’000 Balance sheet Current assets 98,466 115,100 Total assets 215,244 235,625 Current liabilities 2,817 3,560 Total liabilities 47,369 48,904 Shareholders’ equity Issued capital 129,840 130,102 Reserves 990 301 Retained earnings / (accumulated losses) 37,045 56,318 167,875 186,721 Profit/(loss) for the period (10,803) 77,046 Total comprehensive income/(loss) (10,803) 77,046 22B. Guarantees Entered into by the Parent Entity The parent entity has provided financial guarantees in respect of bank guarantees amounting to $4,751,000 (2025: $4,360,000). The parent entity has also given secured guarantees in respect of: • Bank loans which are secured by a fixed and floating charge over the assets of the Group, and • Lease and hire purchase liabilities secured by the underlying assets. In addition, there are cross guarantees given by Shine Justice Ltd and its subsidiaries as described in note 21. No liability was recognised by the parent entity or the Group in relation to these last two guarantees, as the fair value of the guarantees is immaterial. 22C. Contingent Liabilities of the Parent Entity The parent entity did not have any contingent liabilities as at 30 June 2026 or 30 June 2025. For information about guarantees given by the parent entity, please see above. 22D. Contractual Commitments for the Acquisition of Plant or Equipment The parent entity did not have any contractual commitments for the acquisition of plant or equipment as at 30 June 2026 or 30 June 2025. 22. Parent Entity Financial Information 22A. Summary Financial Information 2026 Annual Report Shine Justice Ltd 113 Financial Report
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The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except as set out below. Investments in Subsidiaries Investments in subsidiaries are accounted for at cost in the financial statements of Shine Justice Ltd. Tax Consolidation Shine Justice Ltd and its wholly owned Australian controlled entities have implemented the tax consolidation legislation. The head entity, Shine Justice Ltd, and the controlled entities in the tax consolidated group account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated group continues to be a stand-alone taxpayer. In addition to its own current and deferred tax amounts, Shine Justice Ltd also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax consolidated group. The entities have also entered into a tax funding agreement under which the wholly owned entities fully compensate Shine Justice Ltd for any current tax payable assumed and are compensated by Shine Justice Ltd for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Shine Justice Ltd under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly owned entities’ financial statements. The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts receivable from or payable to other entities in the Group. Any difference between the amounts assumed and amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) wholly owned tax consolidated entities. Financial Guarantees Where the parent entity has provided financial guarantees in relation to loans and payables of subsidiaries for no compensation, the fair values of these guarantees are accounted for as contributions and recognised as part of the cost of the investment. 22. Parent Entity Financial Information (continued) 22E. Determining the Parent Entity Financial Information Shine Justice Ltd 2026 Annual Report 114 Financial Report
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This note provides a list of the material accounting policies adopted in the preparation of these consolidated financial statements to the extent they have not already been disclosed in the other notes above. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the group consisting of Shine Justice Ltd and its subsidiaries. 23A. Basis of Preparation These general-purpose financial statements have been prepared in accordance with: • Australian Accounting Standards • Interpretations issued by the Australian Accounting Standards Board, and • the Corporations Act 2001. Shine Justice Ltd is a for-profit entity for the purpose of preparing the financial statements. Compliance with IFRS The consolidated financial statements of the Shine Justice Ltd Group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Historical Cost Convention The financial statements have been prepared on a historical cost basis, except for the following: • certain financial assets and liabilities (including derivative instruments) – measured at fair value. New and Amended Standards Adopted by the Group The Group has adopted the following standards and amendments for the first time for its annual reporting period commencing 1 July 2025: • AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability [AASB 1, AASB 121 & AASB 1060] (effective for annual periods beginning on or after 1 January 2025) • AASB 2026-1 Amendments to Australian Accounting Standards – Disclosures about Uncertainties in the Financial Statements [AASB 136 & AASB 137] The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New Standards and Interpretations not yet Adopted Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Group for the annual reporting year ended 30 June 2026. The Group’s assessment of the impact of these new standards and interpretations is set out below. Standards effective for annual periods beginning on or after 1 January 2026 (applicable to the Group from 1 July 2026) AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments [AASB 7 & AASB 9] On 29 July 2024, the AASB issued targeted amendments to AASB 9 and AASB 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: • clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and • update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). These amendments are not expected to have a material impact on the Group in the current or future reporting periods. 23. Summary of Other Material Accounting Policies 2026 Annual Report Shine Justice Ltd 115 Financial Report
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Standards effective for annual periods beginning on or after 1 January 2027 (applicable to the Group from 1 July 2027) AASB 18 Presentation and Disclosure in Financial Statements [Replaces AASB 101] AASB 18 replaces AASB 101 Presentation of Financial Statements and introduces significant changes to the presentation and disclosure of financial performance. Key changes include: • classification of all income and expenses in the statement of profit or loss into five categories: operating, investing, financing, income taxes and discontinued operations; • two new mandatory subtotals: operating profit or loss and profit or loss before financing and income taxes; • a new disclosure note for management-defined performance measures (MPMs), including reconciliation to the most directly comparable subtotal specified in AASB 18; • enhanced requirements for aggregation and disaggregation of information in both primary financial statements and notes, including restrictions on the use of ‘other’ labels; and • amendments to classification of interest and dividends in the statement of cash flows. AASB 18 applies retrospectively, with comparatives restated. The Group is currently assessing the impact of AASB 18 on its financial statements, including the classification of income and expenses in the statement of profit or loss and the identification and disclosure of any management-defined performance measures. The adoption of AASB 18 is expected to result in significant changes to the presentation of the Group’s statement of profit or loss and related note disclosures. 23B. Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollar ($), which is Shine Justice Ltd’s functional and presentation currency. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognised in other comprehensive income. 23. Summary of Other Material Accounting Policies (continued) 23A. Basis of Preparation (continued) Shine Justice Ltd 2026 Annual Report 116 Financial Report
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Group Companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 23C. Impairment of Assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 23D. Rounding of Amounts The Company is of a kind referred to in ASIC Legislative Instrument 2026/183, relating to the ‘rounding off’ of amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. 23E. Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows. 23. Summary of Other Material Accounting Policies (continued) 23B. Foreign Currency Translation (continued) 2026 Annual Report Shine Justice Ltd 117 Financial Report
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Consolidated Entity Disclosure Statement As at 30 June 2026 Name of entity Type of entity Trustee, partner, or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction of foreign residents Shine Justice Ltd Body corporate - n/a Australia Australian n/a Shine Lawyers Pty Ltd Body corporate - 100 Australia Australian n/a My Insurance Claim Pty Ltd Body corporate - 100 Australia Australian & Foreign New Zealand Shine DIR Pty Ltd Body corporate - 100 Australia Australian n/a Shine (U.S.) Pty Ltd Body corporate - 100 Australia Australian n/a Shine Lawyers US, LLC Body corporate - 100 United States Foreign United States Shine Delaware, LLC Body corporate - 100 United States Foreign United States SB Law Pty Ltd Body corporate - 100 Australia Australian n/a Sciacca’s Lawyers Pty Ltd Body corporate - 100 Australia Australian n/a Sciacca’s Family Lawyers Pty Ltd Body corporate - 100 Australia Australian n/a Shine NZ Services Pty Ltd Body corporate - 100 Australia Australian & Foreign New Zealand Bradley Bayly Holdings Pty Ltd Body corporate - 100 Australia Australian n/a Claims Consolidated Pty Ltd Body corporate - 100 Australia Australian n/a Risk Worldwide New Zealand Limited Body corporate - 100 New Zealand Foreign New Zealand Nerve Solutions Group Pty Ltd Body corporate - 100 Australia Australian n/a My Insurance Claim Limited Body corporate - 100 New Zealand Foreign New Zealand ACA Lawyers Pty Ltd Body corporate - 100 Australia Australian n/a Carr & Co Divorce & Family Lawyers Pty Ltd Body corporate - 90 Australia Australian n/a Claimify Legal Pty Ltd Body corporate - 100 Australia Australian n/a Shine Justice Employee Share Trust Trust - n/a n/a1 Australian n/a Shine Lawyers NZ Limited Body corporate - 0 New Zealand Foreign New Zealand 1 n/a is denoted here on the basis there is no residency test for trusts under the Income Tax Assessment Act 1997 (Cth). Shine Justice Ltd 2026 Annual Report 118 Financial Report
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Signed Reports Directors’ Declaration In the Directors’ opinion: (a) the financial statements and notes set out on pages 36 to 117 are in accordance with the Corporations Act 2001, including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the financial year ended on that date, and (b) 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 (c) the consolidated entity disclosure statement on page 118 is true and correct; and (d) at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed group identified in note 21 will be able to meet any liabilities to which they are, or may become, subject by virtue of the deed of cross guarantee described in note 21. Note 23A confirms that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Directors have been given the declarations by the chief executive officer and chief financial officer required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Directors. Simon Morrison Executive Director Brisbane 28 August 2026 2026 Annual Report Shine Justice Ltd 119 Financial Report
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Independent Auditor’s Report PricewaterhouseCoopers, ABN 52 780 433 757 480 Queen Street, BRISBANE QLD 4000, GPO Box 150, BRISBANE QLD 4001 T: +61 7 3257 5000, F: +61 7 3257 5999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Independent auditor’s report To the members of Shine Justice Ltd Report on the audit of the financial report Our opinion In our opinion, the accompanying financial report of Shine Justice Ltd (the Company) and its controlled entities (together the Group) is in accordance with the Corporations Act 2001, including: a) giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and b) complying with Australian Accounting Standards and the Corporations Regulations 2001. What we have audited The financial report comprises: • the consolidated balance sheet as at 30 June 2026; • the consolidated statement of profit or loss for the year then ended; • the consolidated statement of comprehensive income for the year then ended; • the consolidated statement of changes in equity for the year then ended; • the consolidated statement of cash flows for the year then ended; • the notes to the financial statements, including material accounting policy information and other explanatory information; • the consolidated entity disclosure statement as at 30 June 2026; and • the directors’ declaration. Shine Justice Ltd 2026 Annual Report 120
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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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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 & 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. Our audit approach An audit is designed to provide reasonable assurance about whether the financial report is free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial report as a whole, taking into account the geographic and management structure of the Group, its accounting processes and controls and the industry in which it operates. Audit Scope Our audit focused on where the Group made subjective judgements; for example, significant accounting estimates involving assumptions and inherently uncertain future events. In establishing the overall approach to the group audit, we determined the type of work that needed to be performed by us, as the group auditor. 2026 Annual Report Shine Justice Ltd 121 Independent Auditor’s Report
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Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. The key audit 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. Further, any commentary on the outcomes of a particular audit procedure is made in that context. We communicated the key audit matters to the Audit and Risk Management Committee. Key audit matter How our audit addressed the key audit matter Revenue Recognition and Recoverability of Work In Progress (WIP) and Unbilled Disbursements (Refer to Note 2 and 5D) The Group recognises WIP when it is highly probable that the cumulative value of revenue will be recoverable and it is highly unlikely that the related revenue will be subject to significant reversal. Unbilled disbursements represent the contractual right to receive cash on settlement of a case and are measured at fair value through profit and loss. The Group applied judgement based on past experience and historical performance of similar contracts to assess the probability of success and expected billing recovery on successful outcomes. Where historical averages are not predictive of the probability of outcomes or there is limited historical experiences with similar contracts, the Group applied probability on a contract-by-contract basis. Any revisions to estimated outcomes are recognised in the consolidated statement of profit or loss in the period which give rise to the revision. This was a key audit matter due to the judgement involved in determining the probability of contract outcomes. We performed the following procedures, amongst others: • Developed an understanding of the accounting policies, relevant processes and controls in place over revenue recognition, WIP and disbursement cycles. • For a sample of time entries driving revenue recognition, we have agreed hours recorded back to timesheet records and agreed rates applied to approved scale rates. • For a sample of activity-based revenue transactions, we have agreed the activity rate to approved cost agreements and agreed the related activity back to case records. • Agreed a sample of cash settlements to cash received. • Assessed the Group’s probability of success with reference to both historical case outcomes in the current and prior years. • For a selection of matters where historical performance was not considered predictive of probable outcomes, we assessed management's estimates through enquiries of the Group’s leadership and management’s experts and evaluation of relevant supporting evidence, including external evidence. • Assessed the fair value of Unbilled Disbursements with reference to specific cases, the existence of disbursements funding arrangements and the extent of Unbilled Disbursements written off during the current and prior year. • Evaluated whether the disclosures made in notes to the financial statements including those regarding the significant assumptions were consistent with our Shine Justice Ltd 2026 Annual Report 122 Independent Auditor’s Report
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Key audit matter How our audit addressed the key audit matter understanding based on our audit procedures and the requirements of Australian Accounting Standards. Carrying Value of Goodwill (Refer to Note 6C) Goodwill and other non-current assets are significant balances in the Group’s consolidated statement of financial position and the estimation of recoverable amount of each cash generating unit (“CGU”) involves complex and subjective management estimates. The Group has tested the recoverable amount of Personal Injury (PI) and Class Actions (CA) CGUs including Goodwill based on a value in use (VIU) methodology, utilising discounted cash flow models. The cash flow projections are based on a Board approved budget and extrapolated using estimated growth rates. Given the judgements incorporated by the Group in determining the recoverable amount of the PI and CA CGUs this was included as a key audit matter. We have performed the following procedures, amongst others: • Developed an understanding of the accounting policies, relevant processes and controls in place over the impairment assessment and the preparation of the models used to assess the recoverable amount of the Group’s cash generating units. • Assessed whether the determination of CGUs is consistent with our knowledge of the Group’s operations and internal Group reporting through examination of system, processes, reporting lines and personnel responsibility splits. • Considered whether the valuation approach and methodology used by the Group was consistent with the basis required by Australian Accounting Standards and our understanding of the nature of the business. • Assessed the allocation of the Group’s assets and liabilities into the PI and CA CGUs. • Considered the historical reliability of the Group’s cash flow forecasting process by comparing prior year budgets with reported actual results for the respective years. • Assessed the FY27 Board approved budget with reference to historic performance and agreed the FY27 cash flows per the financial models to the budget. • Assessed cash flow growth for the remainder of the discrete forecasting period (FY28-FY31) against external benchmarking data and historic trends. • Together with PwC valuation experts, assessed the valuation methodology of the models and compared the discount rate and long term growth rate assumptions to market observable inputs. • Evaluated whether the disclosures made in the notes to the financial statements were consistent with our understanding based on our audit procedures performed and the requirements of Australian Accounting Standards. 2026 Annual Report Shine Justice Ltd 123 Independent Auditor’s Report
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Other information The directors are responsible for the other information. The other information comprises the information included in the annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon through our opinion on the financial report. We have issued a separate opinion on the remuneration report. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed 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. Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report in accordance with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Shine Justice Ltd 2026 Annual Report 124 Independent Auditor’s Report
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individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the 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 at: https://auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor’s report. Report on the remuneration report Our 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 Shine Justice Ltd 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. PricewaterhouseCoopers Kim Challenor Brisbane Partner 28 August 2026 2026 Annual Report Shine Justice Ltd 125 Independent Auditor’s Report
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Shareholder Information The following information is current as at 22 July 2026. Holding Distribution Category (size of holding) Number of Shareholders Number of Performance Rights Holders Number of NED Rights Holders % of Shares % of Performance Rights % of NED Rights 1 – 1,000 290 0 0 0.06% 0.00% 0.00% 1,001 – 5,000 291 0 0 0.47% 0.00% 0.00% 5,001 – 10,000 134 0 0 0.59% 0.00% 0.00% 10,001 – 100,000 239 93 3 4.25% 39.36% 43.28% 100,001 and over 62 35 1 94.63% 60.64% 56.72% Total 100% 100% 100% Unmarketable Parcels The number of shareholders holding less than a marketable parcel of Shares is 250. Substantial Holders Substantial Holder Relevant Interests of Substantial Holder and Associates Stephen Roche and associates 86,058,606 Simon Morrison and associates 86,058,606 iolite Partners and associates 20,650,000 FIL Limited and associates 17,109,888 *As disclosed in substantial shareholder notices received by the Company. Shine Justice Ltd 2026 Annual Report 126
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Voting Rights Each Share entitles its holder to one vote on a poll. Each member present at a meeting in person or by proxy has one vote on a show of hands. Performance Rights and NED Rights do not confer voting rights. Performance Rights and NED Rights The following Performance Rights and NED Rights are held by the following numbers of holders: FY24 Performance Rights FY25 Performance Rights FY26 Performance Rights FY26 NED Rights FY27 NED Rights Number of Rights 3,379,278 3,401,719 4,878,475 223,267 192,741 Number of holders 75 88 117 4 3 Current On-Market Buy-Back The Company completed an on-market share buy-back in September 2025. Under the buy-back which ended in September 2025, 3,871,416 shares were bought back for $2,759,775.67 and cancelled. The Directors announced that a new buy-back would commence in early October 2025 and be completed within 12 months. No shares have been bought back under the current share buy-back. No Restricted Securities or Voluntary Escrow No securities in the Company are restricted securities or are subject to voluntary escrow. 2026 Annual Report Shine Justice Ltd 127 Shareholder Information
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Top 20 holders of Shares Name Number of Shares Held % of Issued Capital 1 Simon Morrison 42,339,902 25 1 Stephen Roche 42,339,902 25 2 BNP Paribas Nominees Pty Ltd 25,364,471 14.97 3 HSBC Custody Nominees (Australia) Limited 16,197,358 9.56 4 JP Morgan Nominees Australia Pty Limited 5,101,681 3.01 5 NCH Pty Ltd 3,546,076 2.09 6 Citicorp Nominees Pty Limited 2,051,984 1.21 7 Ankla Pty Ltd 1,689,183 1.00 8 Pacific Custodians Pty Limited (SHJ Employee Incentive- Trust) 1,535,232 0.91 9 Jodie Willey 1,512,957 0.89 10 Pacific Custodians Pty Limited (SHJ Employee Incentive Trust) 1,399,780 0.83 11 Lindsay Adams 1,364,948 0.81 12 Binya Park Pty Ltd 1 1,078,802 0.64 12 Stephen Roche and Wendy Roche 1,078,802 0.64 13 CHSL Thompson Pty Ltd 821,107 0.48 14 Irwin Biotech Nominees Pty Ltd 732,772 0.43 15 Skylevi Pty Ltd 572,000 0.34 16 Lara Schliebs 526,479 0.30 17 Grant Zeller 509,259 0.30 18 BNP Paribas Noms Pty Ltd 507,138 0.30 19 BNP Paribas Nominees Pty Ltd 485,981 0.29 20 Neweconomy Com Au Nominees Pty Limited 478,064 0.28 Total Top 20 Holders 151,233,878 89.28 Balance of Register 18,156,518 10.72 Total 169,390,396 100.00 1 Binya Park Pty Ltd is a company controlled by Simon Morrison Shine Justice Ltd 2026 Annual Report 128 Shareholder Information
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AGM Annual general meeting ARMC or Audit & Risk Management Committee The Audit & Risk Management Committee of the Board ASIC Australian Securities & Investments Commission ASX ASX Limited ACN 008 624 691 or the securities exchange operated by it Board The Board of Directors of the Company Bradley Bayly Bradley Bayly Holdings Pty Ltd ACN 123 603 805 or the business conducted by it CA Class Action Carr & Co Carr & Co Divorce & Family Lawyers Pty Ltd ACN 114 924 168 or the business conducted by it GCEO Group Chief Executive Officer CFO Chief Financial Officer Chairman The Chairman of Directors CLO Chief Legal Officer Company/Shine/Shine Justice Shine Justice Ltd ACN 162 817 905 Constitution The constitution of the Company COO Chief Operating Officer Corporations Act Corporations Act 2001 (Cth) DEI Diversity, Equity and Inclusion Director A director of the Company EBITDA Earnings before interest, tax, depreciation and amortisation EPS Earnings per Share FY22 The financial year ended 30 June 2022 FY23 The financial year ended 30 June 2023 FY24 The financial year ended 30 June 2024 FY25 The financial year ended 30 June 2025 FY26/Financial Year The financial year ended 30 June 2026 FY27 The financial year ending 30 June 2027 FY23 Performance Right A Performance Right granted in respect of FY23 FY24 Performance Right A Performance Right granted in respect of FY24 FY25 Performance Right A Performance Right granted in respect of FY25 FY26 Performance Right A Performance Right granted in respect of FY26 FY24 NED Right A NED Right granted in respect of FY24 Glossary 2026 Annual Report Shine Justice Ltd 129
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FY25 NED Right A NED Right granted in respect of FY25 FY26 NED Right A NED Right granted in respect of FY26 FY27 NED Right A NED Right granted in respect of FY27 Group/Shine Justice Group The Company and its Subsidiaries IMT International Mass Torts KMP Key Management Personnel, being those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Director (whether executive or otherwise) Leadership Team A management team, including and supporting the Managing Director (part year), the GCEO, the CFO, the CLO and the COO Listing Rules The listing rules of ASX LTI Long Term Incentive LTIP Performance Rights Plan or Equity Plan NED Equity Plan Non-executive Director Equity Plan, under which Non-executive Directors may elect to sacrifice a portion of their fees in return for NED Rights, each of which on vesting is replaced with one Share acquired on market NED Right An unquoted right issued under the NED Equity Plan Nomination and Remuneration Committee The Nomination and Remuneration Committee of the Board Non-executive Director A Director other than Simon Morrison, Executive Director NPAT Net profit after tax Performance Right/Right An unquoted performance right issued under the LTIP PI Personal Injury PwC PricewaterhouseCoopers RAP Reconciliation Action Plan Sciacca's Lawyers Sciacca’s Lawyers Pty Ltd ACN 126 179 084 or the business conducted by it Share A fully paid ordinary share in the Company Shine Lawyers Shine Lawyers Pty Ltd ACN 134 702 757 or the business conducted by it Stephen Browne Lawyers SB Law Pty Ltd ACN 169 699 183 or the business conducted by it STI Short Term Incentive Subsidiaries The wholly owned subsidiaries of the Company as set out in note 21 to the Financial Statements TSR Total Shareholder Return Website shinejustice.com.au WIP Work in Progress Glossary (continued) Shine Justice Ltd 2026 Annual Report 130 Glossary
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Corporate Directory Directors Graham Bradley AO, Independent Chairman and Non-executive Director Teresa Dyson, Independent Non-executive Director David Bayes, Independent Non-executive Director Rodney Douglas, Non-executive Director Simon Morrison, Executive Director Registered Office Principal Administrative Office Level 13 160 Ann Street Brisbane QLD 4000 Phone: +61 7 3006 6000 ASX Listing ASX Code - SHJ Company Numbers ABN: 93 162 817 905 ACN: 162 817 905 Website shinejustice.com.au Auditors PricewaterhouseCoopers 480 Queen Street Brisbane QLD 4000 Phone: +61 7 3257 5000 Bankers Commonwealth Bank of Australia Level 21 180 Ann Street Brisbane QLD 4000 Share Registry MUFG Corporate Markets (AU) Limited A division of MUFG Pension & Market Services Level 21, 10 Eagle Street Brisbane QLD 4000 support@cm.mpms.mufg.com Phone: +61 1300 554 474 2026 Annual Report Shine Justice Ltd 131
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