• Revenue for 2H25 remains in line with 1H25 (~$99m)
• EBITDA for 2H25 expected to be ~50% lower than 1H25
• Underperformance in refurbishment and ITAD operations in North America
• Packaging businesses in Australia and South Africa performing well

Close the Loop Limited ('Close the Loop' or the 'Company') (ASX: CLG), the circular economy industry leader, has today provided a business update for the second half of the 2025 financial year (2H25), covering the year-to-date period ending April 2025. Revenue for 2H25 has remained steady and broadly in line with the first half of the financial year (1H25), at approximately $99 million. However, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for 2H25 is expected to be approximately 50% lower than 1H25. The reduction in earnings is primarily attributed to underperformance in the Company's refurbishment and IT asset disposition (ITAD) operations in North America. The poor performance in the refurbishment business (Close the Loop Renewed Solutions) has been exacerbated by a software virus in April 2025 along with a range of other production challenges. In response to the challenges experienced in the North American refurbishment and ITAD segment, the Company has identified and is expected to appoint a new Chief Executive Officer, with effect from 1 July 2025, for its North American refurbishment and ITAD operations. The Mexicali plant continues to ramp up its production capabilities, with two printer refurbishment lines and a new line focused on computing and gaming accessories now fully operational. The Company's packaging businesses in both Australia and South Africa have performed well and are on track to deliver single-digit earnings growth for the year. Conversely, the cardboard recycling facility in Laverton, Melbourne has been shut down as part of management's ongoing review of non-core and/or unprofitable operations.