Appendix 4D and Half Yearly Report

• Group revenue totalled $99.5 million in 1H FY25, up 50.6% from the previous comparative period
• Underlying EBITDA from operations was $4.0 million, down 38.2% on the PCP total of $6.5 million
• NPAT was $4.7 million, up 15.6% on the PCP total of $4.1 million

TPC Consolidated Limited (ASX:TPC) implemented a successful growth strategy in Financial Year 2024 (FY24) where the customer meter base increased by more than 300% compared to the previous comparative period (PCP). In 1H FY25, this strategy focused on balancing this growth with strategic cash flow management. By slowing down sales growth and adjusting to a more conservative retail pricing strategy, TPC achieved a record half financial year revenue figure of almost $100.0 million and ensured a stronger cash position. However, margins remained constrained which impacted Underlying EBITDA. This was the result of a 1 in 70-year wind drought during the winter 2024 until the end of August, which drove up the electricity spot price across NSW and Victoria, as well as multiple heatwaves in November that further increased spot prices. Gas prices also increased during the period. Despite these challenges, TPC's retail electricity and gas services provider CovaU maintained a robust balance sheet, with cash and bank deposits totalling $22.3 million at the end of 1H FY25. TPC also declared a fully franked FY25 interim dividend of 20.0 cents per share, reflecting the Board's confidence in the long-term outlook for the Company's core business. Looking ahead to 2H FY25, CovaU's wholesale costs are expected to be substantially higher than 1H FY25, due to the remaining lower cost hedges gradually running off as well as higher spot price expectations during the coming winter months. TPC continues to seek out opportunities to improve efficiencies across the whole of CovaU business to address these power pricing-related challenges.

TPC's retail electricity and gas services provider CovaU experienced a volatile operating environment over its first half of 2025 reporting period. Looking forward to 2H FY25, CovaU's wholesale costs are substantially higher than 1H FY25, due to the remaining lower cost hedges gradually running off as well as higher spot price expectations during the coming winter months.

Despite the challenges still present in the retail energy sector, TPC's strong financial position means it is well-placed to meet current volatility in energy markets and provide value-oriented investors consistent returns over the longer term. Strategically, CovaU intends to resume the successful sales growth achieved in FY24 to further increase its customer base and revenue in 2H FY25.