• $54.017 million impairment expense due to updates to events and circumstances
• Additional $0.639 million R&D tax incentive claim recognised
• $0.386 million reduction in share-based payments expense

FBR Ltd (ASX: FBR) has released its audited Annual Report for the year ended 30 June 2025, including the audited Annual Financial Statements. Several variances have arisen in the completion stages of the audit, with the material changes being: 1) A $54.017 million impairment expense recognised in the Profit or Loss and a corresponding decrease to the relevant items on the Statement of Financial Position, due to updates to events and circumstances subsequent to the lodgement of the Appendix 4E; 2) The recognition of an additional $0.639 million R&D tax incentive claim and reallocation of the receivable amount between the Profit or Loss and Statement of Financial Position, due to a change in estimation subsequent to the lodgement of the Appendix 4E; and 3) A $0.386 million reduction in share-based payments expense on the Profit or Loss statement because of updates for the results of vesting, forfeitures and cancellations that occurred subsequent to the lodgement of the Appendix 4E. The total amount of the Group's assets and liabilities has not been altered except for the changes discussed, and the Statement of Cash Flows has not been required to be updated. There were no other material changes to the reported financial results for the year ended 30 June 2025.