Annual Report to shareholders

• Revenue down 7% to $195.1 million
• Net loss of $21.9 million, a 296% increase
• Underlying EBITDA down 59% to $18.4 million
• Breached banking covenants, but complied with revised covenants

Close the Loop Ltd reported a 7% increase in revenue to $195.1 million for the 2025 financial year. However, the company's profit after tax attributable to members increased by 296% to a loss of $21.9 million. This was due to soft trading in the resource recovery division and the closure of a discontinued operation. Profits from continuing operations decreased due to the impact of impairment of intangible assets and a number of one-off costs totalling approximately $7.6 million. The underlying EBITDA for the year ended 30 June 2025 was $18.4 million, which is 59% lower than the previous corresponding period. The reduction of the net profit after tax and adding back the impact of the business combination amortisation (NPATA) and one-off costs is 70%, with NPATA being $7,849,000. During the year, the company breached its banking covenants but complied with the amended banking covenants at 30 June 2025. The covenant waiver and revised bank covenants were formally agreed with the bank after 30 June 2025. The company continues to have the ongoing support of its bankers, with the debt facilities expiring in 2029.