Appendix 4E and 2024 Annual Report

• Underlying revenue up 16% to $343.6m
• Underlying EBITDA up 15% to $127.1m
• Underlying NPATA up 11% to $87.0m

PSC Insurance Group Limited has reported a strong performance for the 2024 financial year, with underlying revenue up 16% to $343.6m, underlying EBITDA up 15% to $127.1m, and underlying NPATA up 11% to $87.0m. The group generated record earnings, at the upper end of its guidance, and continued to build and strengthen its capabilities, including investing in and fostering a number of start-up businesses. PSC also finalized its shift to be completely independent in its dealings with insurers by exiting its buying group, and commenced the journey of building or supporting the development of key software infrastructure. Importantly, the group announced in May 2024 that it had entered into a Scheme Implementation Deed for the acquisition of PSC Insurance by The Ardonagh Group, a global insurance broking and services group. The group's key business segments, including Australian broking, the PSC Network, underwriting agencies, Paragon, and Carrolls, all performed well during the year, navigating a mix of market conditions. The UK and international businesses continued to grow strongly, with 18% revenue growth and 21% EBITDA growth. Looking ahead, the group has not declared a dividend for FY2024 due to the current scheme of arrangement process, but the outlook for 2025 is increasingly positive.

Given the current scheme of arrangement process, the Group has not declared a dividend for the FY24 year as an amount equal to any dividend would result in a commensurate reduction in the Scheme consideration payable to shareholders.

The outlook for the 2025 financial year is increasingly positive. If the Scheme of Arrangement with The Ardonagh Group is implemented, it would mark the next phase of PSC's evolution in partnership with a global leading broker.