• Revenue decreased 84.6% due to drop in volumes for nbn, Bluecurrent and Intellihub
• EBITDA decreased 57.9% to $5.9 million, with EBITDA conversion strengthening to 26%
• Operating cash flow declined, impacted by lower volumes and redundancy-related outflows

For the period ended 31 December 2025, BSA Group reported revenue excluding other income from lease surrender of $22.8 million, representing a decrease of 84.6% compared to the prior corresponding period. The decrease in revenue is driven by the drop in volumes in relation to nbn, Bluecurrent and Intellihub, as a result of unfavourable outcomes in tender and contract renewals. The decrease in revenue translated to a decrease in Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA), from $14.1 million to $5.9 million (or a 57.9% decrease versus the prior comparative period). EBITDA conversion strengthened from 9.5% to 26%. The lower EBITDA, alongside higher conversion, was primarily due to non-recurring transition-out payments received from nbn and other projects in the first quarter and strong margin management and disciplined cost control partially offset by a drop in volumes as a result of unfavourable outcomes in tendering and contract renewals. For the half year ended 31 December 2025, the Group recorded an operating cash outflow of $4.8 million. After excluding redundancy-related cash outflows of $5.9 million, the operating cash flow was an inflow of $1.1 million, compared to an operating cash inflow of $8.0 million in the prior comparative period (31 December 2024), with the decline primarily driven by lower volumes from nbn, Bluecurrent and Intellihub following unfavourable tender outcomes and contract renewals.

Looking ahead, we are actively pursuing a range of growth opportunities, including organic initiatives and new client engagements within our existing verticals. However, there remains a risk that the Group may be unprofitable in the second half. We remain committed to strengthening the Group and delivering value for our stakeholders and will continue to update the market on relevant developments as appropriate.