• Group operating revenues of $6.7 million, up 2% on pcp
• Marketplace revenue up 31%, offsetting 9% decline in ecommerce
• Positive operating cash flow of $0.8 million, up $1.0 million on pcp
• Entering scheme of arrangement with Rover Group to acquire Mad Paws

Mad Paws Holdings Limited (ASX:MPA) has reported its June 2025 quarterly results, including the Appendix 4C and Activities Report. The company delivered a solid set of results, particularly in light of the significant strategic activity undertaken during the period. Group operating revenues reached $6.7 million, representing a 2% increase versus the prior corresponding period (pcp), or 12% growth when excluding contributions from the divested Sash and Waggly businesses. This growth was underpinned by the continued momentum of the Marketplace segment, which capitalised on the third phase of the above-the-line campaign and benefitted from the timing shift of the Easter holiday. The Group's Cash EBITDA was ($0.1) million, a 73% improvement on the pcp, reflecting strong margin contribution from the Marketplace. Operating cash flow was positive at $0.8 million, representing an improvement of $1.0 million from Q4 FY25. During the quarter, Mad Paws also announced it had entered into a Scheme Implementation Deed with Rover Group, Inc., under which Rover proposed to acquire 100% of the shares in Mad Paws for $0.14 per share in cash, representing a total transaction equity value of approximately $62 million. This transaction is subject to the successful completion of the divestment of the Pet Chemist business and the closure of the Sash and Waggly ecommerce brands.