• Group performance: Reported revenue and operating EBITDA growth of 25% and 24% respectively
• PEXA Exchange: Continued solid performance, supported by strong customer satisfaction and market growth
• International: Platform development on schedule, progressing UK lender engagement

PEXA Group Limited ('PEXA' or 'the Group') today announced its results for the half year ended 31 December 2024 (1H25). The Group delivered a solid operating result driven by focused strategic execution and improved outcomes for each of its businesses. Business revenues grew by 25% relative to 1H24, supported by a solid uplift in Exchange revenues, and improved revenues for International and Digital Solutions. Operating expenses were well-controlled, growing only 1% excluding the impact of the Smoove acquisition, benefiting from the impact of prior period productivity initiatives. As a result, operating EBITDA grew by 24% to $73.2 million in the half. The statutory NPAT result of ($32.7) million was $28.1 million adverse to 1H24, driven by the non-cash minority interest impairment and de-recognition of certain deferred tax assets. Free cashflow generation improved by 82% to $27.9 million, supporting further de-leveraging of PEXA's balance sheet. PEXA Exchange continued to perform strongly, with business revenues growing 9% and operating EBITDA margin increasing by 0.9 percentage points to 56.3%. The International business saw revenues grow by 20% and operating expense growth held to 4% on a pro forma basis, supported by improved performance by Optima Legal and Smoove. Digital Solutions saw strong revenue growth driven by demand from existing and new customers, reaching breakeven at the operating EBITDA level. PEXA has announced an on-market share buy-back of up to $50 million, reflecting the Group's proactive capital management strategy.

PEXA reconfirms its previously announced guidance for FY25, which incorporates revised guidance for specified items and income tax.

As we move into the second half, we expect the macro-economic and property market outlook to remain uncertain in both Australia and the UK, as each market digests recent monetary policy changes and ongoing domestic and international developments. However, PEXA remains confident in its ability to execute on its strategic priorities.