Appendix 4E and Annual Report

• Strong financial performance in FY2025 with $287m revenue and $31.7m EBITDA pre-restructure costs
• Significant revenue loss due to unsuccessful tender and contract renewals, leading to 80% workforce reduction
• Immediate focus on cost control and exploring options to optimise stakeholder outcomes

BSA Ltd delivered a strong financial performance in FY2025, with revenue of $287m and EBITDA pre-restructure costs of $31.7m. However, the company faced significant headwinds after being unsuccessful in securing the new NBN Co Field Services contract and experiencing reduced volumes across its smart metering contracts. This has resulted in a fundamental reshaping of BSA's operating model, including a reduction in staff numbers from approximately 150 to 35. The Board and Executive Leadership Team remain focused on optimising the company's continuing operations, committing to right-sizing the cost base, maintaining financial discipline, and identifying future growth opportunities. BSA has no external debt and is working to minimise its extended-term commitments. The company is also continuing its focus on workplace health, safety and the environment, as well as community engagement and diversity. While the outlook remains challenging, BSA is working with its advisors to evaluate all possible options to assess and improve the company's viability and optimise stakeholder outcomes.

The upheaval brought about by the loss of the nbn Unify Services contract and smart metering revenue has made forecasting difficult. BSA currently expects that it will be able to continue as a going concern, but its trading operations will be unprofitable in the near term and may remain unprofitable for the foreseeable future. The company is working with its professional advisors to evaluate all possible options to assess and improve the company's viability and optimise stakeholder outcomes.