Announcement PDF Appendix 4D hipages Group Holdings Ltd ABN 67 644 430 839 Reporting period The half-year ended 31 December 2024 Previous reporting period The half-year ended 31 December 2023 Results for announcement to market 31 December 2024 A$’000 Change A$’000 Change % 31 December 2023 A$’000 Revenue Revenue from ordinary activities up 40,596 3,680 10 36,916 Revenue from other activities down 3 (491) (99) 494 up 40,599 3,189 9 37,410 down 73 (3,632) (98) 3,705 $ per share $ per share % $ per share 0.015 0.025 >100 (0.010) Total revenue Net profit for the period attributable to members Net tangible assets Net tangible asset backing per ordinary security1 up Dividends No dividend will be paid for the half-year ended 31 December 2024 1. Net tangible assets represents net assets less right-of-use assets, intangible assets and deferred tax assets. Review of operations A review of the Group’s operations during the half-year ended 31 December 2024 and the results of those operations are included in the 31 December 2024 Directors’ Report. Change in ownership of controlled entities and associates Controlled entities: Other than the incorporation of a wholly owned subsidiary (5 Star Tradies Limited) in New Zealand there have been no changes in ownership of controlled entities during the half-year ended 31 December 2024. Associated Entities: There have been no changes in ownership of associated entities during the half-year ended 31 December 2024. Dividend reinvestment plans There are no dividend reinvestment plans in place. hipages Group Appendix 4D 2024 I Appendix 4D continued Additional Appendix 4D disclosures Additional Appendix 4D disclosures can be found in the attached Interim Financial Report and the Directors’ Report for the half-year ended 31 December 2024. This report should be read in conjunction with the Annual Report for the year ended 30 June 2024. This report is based on the Interim Financial Report for the half-year ended 31 December 2024 which has been reviewed by PwC with the Independent Auditor’s Review Report included in the Interim Financial Report. II hipages Group Appendix 4D 2024 Interim Financial Report hipages Group Holdings Ltd ABN 67 644 430 839 for the half-year ended 31 December 2024 Contents 2 Directors’ Report 8 Auditor’s Independence Declaration 15 1. Basis of preparation 9 Consolidated Interim Financial Statements 16 2. Business performance 19 3. Capital and financing 23 4. Other disclosures 10 Consolidated Statement of 11 Consolidated Statement of 12 Consolidated Statement of 13 Consolidated Statement of 14 Profit or Loss Comprehensive Income Financial Position Changes in Equity Consolidated Statement of Cash Flows ii hipages Group Interim Financial Report 31 December 2024 15 Notes to the Consolidated Interim Financial Statements 25 Directors’ Declaration 26 Independent Auditor’s Report iii Corporate Directory hipages Group Interim Financial Report 31 December 2024 1 Directors’ Report The Directors of hipages Group Holdings Ltd present their report together with the Consolidated Interim Financial Statements of hipages Group Holdings Ltd (referred to hereafter as hipages, the Company or the Group) consisting of hipages Group Holdings Ltd and the entities it controlled at the end of, or during the half-year ended 31 December 2024 and the Independent Auditor’s Report thereon. Directors The names of the Directors of hipages Group Holdings Ltd in office during the half-year ended 31 December 2024 and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Inese Kingsmill Chair and Non-Executive Director Appointed 1 October 2020 (Appointed 25 August 2022 as Chair) Roby Sharon-Zipser CEO and Executive Director Appointed 18 September 2020 Adir Shiffman Non-Executive Director Appointed 7 July 2023 Kate Hill Non-Executive Director Appointed 25 August 2023 Kate Mills Non-Executive Director Appointed 1 December 2022 Nicholas Gray Non-Executive Director Appointed 2 October 2020 Company secretaries Kylie Quinlivan Appointed 28 October 2021 Lucy Thompson Appointed 22 December 2022 Principal activities hipages Group (ASX:HPG) is Australia and New Zealand’s #1 platform to connect homeowners and tradies. Nearly 5 million Australians and New Zealanders have used hipages to change the way they find, hire and manage trusted tradies, providing more work to 35,000 subscribed trade businesses on the Group’s platforms, hipages (Australia) and hipages New Zealand (Builderscrack). hipages Group is headquartered in Sydney, Australia and has offices in Melbourne, Australia and Christchurch, New Zealand. The Group is driven by its purpose to transform the trade industry by creating software solutions that help tradies grow their businesses. There were no significant changes in these activities during the first half of the 2024/2025 financial year (H1 FY25). 2 hipages Group Interim Financial Report 31 December 2024 Review of operations Key Financial and Operating Metrics1 31 December 2024 $’000 31 December 2023 $’000 Change % 40,596 36,916 10% 3 494 (99%) Total revenue 40,599 37,410 9% Statutory EBITDA2 8,683 8,720 (0%) – (369) 100% EBITDA before significant items 8,683 8,351 4% EBITDA margin 21% 22% (1 ppt) 73 3,705 (98%) Non-recurring gain on disposal of equity-accounted investment, net of tax – (3,079) 100% Write back of deferred consideration related to historical acquisition of New Zealand subsidiary (Builderscrack) – (369) 100% 73 257 (72%) Net cash inflows from operating activities 9,400 9,039 4% Free cash flow 1,215 (63) >100% Summary of Group performance Revenue Revenue from ordinary activities Revenue from other activities Add back items which are one off in nature: Write back of deferred consideration related to historical acquisition of New Zealand subsidiary (Builderscrack) Statutory net profit after tax Add back items which are one off in nature: Net profit after tax, excluding items one off in nature 3 1. hipages Financial Report complies with Australian Accounting Standards and International Financial Reporting Standards. The statutory results have been adjusted for one-off items on the basis that management believes this reflects a more meaningful measure of the Group’s underlying performance. The underlying (non-IFRS) EBITDA before significant items is unaudited but is derived from the financial statements reviewed by PwC for the half-year by removing the impact of certain one-off items. 2. EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation. 3. Free cash flow refers to operating cash flow less lease repayments, less payments for intangible assets and property, plant and equipment. Cash flows related to M&A activities and bank guarantee payments or releases are not considered part of free cash flow calculations. hipages Group Interim Financial Report 31 December 2024 3 Directors’ Report continued Review of operations continued 31 December 2024 31 December 2023 $'000 $'000 Change % Cash 21,202 17,918 18% Cash and funds on deposit 22,472 19,068 18% 31 December 2024 31 December 2023 Change % 6.84 5.98 14% 34.92 35.41 (1%) 2,267 2,075 9% Key Operational Metrics MRR ($m)4 Subscription tradies (000’s) 5 ARPU ($)6 H1 FY25 Performance Overview The six months to 31 December 2024 (H1 FY25), was a period of strong delivery for the hipages Group. Marketplace activity is near record levels, with connection volume increasing as both tradie supply and homeowner demand remaining in balance. Double-digit MRR growth was driven by increased ARPU, showing the pricing power of the Group’s enhanced platform offering. The Group’s efficient operating model and disciplined approach to investing for growth and capability delivered a second consecutive half year of positive free cash flow. • Continued growth in recurring revenue: Revenue from ordinary activities was $40.596 million for the six months ended 31 December 2024, up 10% pcp7 (H1 FY24: $36.916 million). Total recurring revenue grew by 11% pcp to $39.182 million, with record H1 tradie connections, ongoing platform enhancements and the Group’s subscription model driving MRR growth of 14% to $6.8 million (H1 FY24: $6.0 million). This included the impact of the non-renewal of a NSW Department of Education contract that removed $0.660 million of annual recurring revenue. • Subscription tradie count: Tradie subscribers were 34,920 (H1 FY24: 35,414) at period end, with 1% growth in Australia to 32,297 (H1 FY24: 31,800) more than offset by New Zealand, where a transition to a full subscription model at higher price points from a hybrid model (partly commission based) had the expected impact of reducing the number of overall tradies by (27%) to 2,623 (H1 FY24: 3,600), while significantly increasing the ARPU of the rebased subscription tradies. • Continued ARPU growth: ARPU grew by 9% pcp to $2,267 (H1 FY24: $2,075) driven by new subscription pricing packages and ascensions. hipages Australia ARPU was up 8% pcp to $2,374 (H1 FY24: $2,195) and hipages New Zealand ARPU increased 18% pcp to $1,149 (H1 FY24: $971), reflecting both the benefit of the transition to a full subscription model and the significant upside opportunity ahead. • Robust EBITDA margin: EBITDA before significant items was up 4% pcp to $8.683 million (H1 FY24: $8.351 million). The EBITDA margin of 21% (H1 FY24: 22%) reflected new planned tradie related brand marketing to compliment the typically more homeowner focused campaigns over H1. The half also reflected investment in new creative assets that were developed to support above the line brand marketing initiatives over FY25 and beyond, with overall marketing investment expected to reduce in H2. • Free cash flow generation: Positive free cash flow of $1.215 million resulted in total cash and funds on deposit increasing to $22.472 million. The Group reported a statutory net profit of $73,300 (H1 FY24: $3.705 million), with the prior year having benefited from a nonrecurring gain on disposal of PropTech Labs $3.079 million and the reversal of a deferred consideration liability for Builderscrack $0.369 million. 4. MRR: Monthly Recurring Revenue at 31 December 2024 (exclusive of GST) is $6.84 million (H1 FY24: $5.98 million). In the H1 FY24 ASX 4D, MRR was reported as $6.6 million which was inclusive of GST. MRR is now reported as exclusive of GST. 5. Subscription tradies refers to tradies committed to a subscription product with hipages Australia or hipages New Zealand. 6. ARPU: Average Annual Revenue Per User (Tradie ARPU) is the annual operating revenue (total revenue from ordinary activities) divided by the average of the opening and closing number of total tradies for the period. hipages' Group ARPU of $2,267 is a blended result of hipages’ ARPU of $2,374 and hipages New Zealand ARPU of $1,149. 7. pcp: previous corresponding period. 4 hipages Group Interim Financial Report 31 December 2024 H1 FY25 Operational Highlights The Group continued to progress its strategic evolution from an online marketplace to a single tradie platform, reaching a significant milestone after migrating more than 32,000 tradie customers onto the single tradie platform during the half. This migration to a single tradie platform is expected to increase tradie retention and tradie engagement, with the early signs positive. Following completion of the platform migration in the first half of the year, all tradies will be moved onto new subscription packages through the end of the 2025 calendar year as their contracts renew, providing a platform for further ARPU growth. Additional feature rollouts and functionality are planned for the second half of the 2025 financial year. The transition to a full subscription model for hipages New Zealand (Builderscrack) during the half year sets the business up for continued ARPU growth and margin expansion. Net Cash The Group reported strong positive statutory operating cash flows of $9.400 million (31 December 2023: $9.039 million). Cash outflows from investing activities was $7.410 million (31 December 2023, net cash inflow of: $1.897 million). The Group generated positive free cash flow of $1.215 million over the half (31 December 2023: ($0.063 million)), marking a significant improvement over the previous corresponding period. At 31 December 2024 cash and funds on deposit was $22.472 million (30 June 2024: $21.266 million) and no debt. FY25 Outlook After delivering 10% ordinary operating revenue growth alongside two significant tech migrations in H1, the Group has updated its FY25 revenue target to $83–$84 million for the full year. The Group’s confidence in achieving this target is underpinned by the key technology and subscription migrations being complete and initiatives in place to drive increased engagement and retention in H2. Expectations remain for EBITDA margin expansion of 1–2 percentage points from FY24 to 23%–24%, with increased confidence in the outlook for free cash flow resulting in a range of $5–$6 million, reflecting the power and flexibility of the Group’s operating model. Material business risks Risk categories Key business risks and impact Mitigation and monitoring strategies Marketplace performance Failure to attract new tradies • Continue to invest in technology to evolve the hipages platform and consolidate online market leading position in the tradie segment. • Look to enhance offering by adding new adjacent services in the tradie ecosystem. • Continue to evolve to a SaaS model through a single tradie platform including hipages tradiecore job management solution and associated expansion services. • Look to enhance the offering by adding new functionality and adjacent services in the tradie ecosystem. If hipages is unable to attract new tradies to the platform at the pricing level hipages currently expects, this may adversely impact hipages’ financial performance and growth. Tradie retention on the platform If significant numbers of tradies are not retained, this may adversely impact hipages’ operations and financial performance. hipages Group Interim Financial Report 31 December 2024 5 Directors’ Report continued Risk categories Key business risks and impact Mitigation and monitoring strategies Material reduction in jobs • Invest in brand and marketing activities like creative advertising and SEO8 to drive consumer jobs on the hipages platform. • Tactically reallocate performance marketing spend to drive more job volumes when required. • Invest in brand, product and technology on both the tradie and homeowner sides of our marketplace. • Continued investment in technology to enhance the platform for long‑term growth. • Teams experiment with and incorporate new technology such as AI to optimize existing processes and value to tradies and homeowners. • The Company’s security program applies a risk-based approach to tackle current and emerging cyber security threats and vulnerabilities. • Regular assessment of cybersecurity controls, monitoring of third-party providers, targeted internal and external penetration testing and externally facilitated tabletop exercises. • The subscription model provides recurring revenue which helps smooth volatility. • Countercyclicality of model means softer homeowner demand may balance the marketplace and increase the importance of the platform for tradies to source jobs. • Reminding tradies that hipages provides a high ROI channel for tradies to find work in a lower demand environment, making it more attractive. If hipages has a material reduction in the number of jobs posted by consumers on the platform, including as a result of macroeconomic conditions, then the hipages marketplace may become imbalanced affecting tradies’ experience. Whilst indirect, this may have an adverse impact on hipages' financial performance and growth. Growth and profitability dependent on active community If either tradies do not renew their subscriptions to the platform, and/or homeowners do not post jobs in the quantities that have previously posted, the activity of the marketplace will decline and may adversely impact the Company’s financial performance. Technology and data Technology If hipages technology experiences downtime or system failures for a prolonged period, the Company may not be able to provide its services, and this may have an adverse impact to revenue. Further, if hipages does not develop innovative technology, it may lose market share to its competitors. Cybersecurity and data protection Whilst hipages has systems in place to secure its data, cyberattacks could compromise or breach these safeguards. Macroeconomic deterioration Significant deterioration in macroeconomic conditions A significant deterioration in macroeconomic conditions may cause softer homeowner demand as well as cause tradies to reduce marketing spend, resulting in hipages attracting fewer new tradies, higher tradie churn and less jobs. 8. SEO: Search Engine Optimisation. 6 hipages Group Interim Financial Report 31 December 2024 Dividends No dividend has been proposed or paid during the current half-year or previous half-year. Subsequent events No other matter or circumstance has arisen since 31 December 2024 that has significantly affected the Group’s operations, results or state of affairs. Rounding of amounts The company is an entity to which the ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 applies. Amounts have been rounded off in accordance with the instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 8. This report is made in accordance with a resolution of Directors. Inese Kingsmill Chair Roby Sharon-Zipser CEO and Executive Director Sydney 20 February 2025 hipages Group Interim Financial Report 31 December 2024 7 Auditor’s Independence Declaration Auditor’s Independence Declaration As lead auditor for the review of hipages Group Holdings Ltd for the half-year ended 31 December 2024, I declare that to the best of my knowledge and belief, there have been: (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of hipages Group Holdings Ltd and the entities it controlled during the period. Louise Harknett Partner PricewaterhouseCoopers Sydney 20 February 2025 PricewaterhouseCoopers, ABN 52 780 433 757 One International Towers Sydney, Watermans Quay, BARANGAROO, GPO BOX 2650, SYDNEY NSW 2001 T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au Level 11, 1PSQ, 169 Macquarie Street, PARRAMATTA NSW 2150, PO Box 1155 PARRAMATTA NSW 2124 T: +61 2 9659 2476, F: +61 2 8266 9999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. 8 hipages Group Interim Financial Report 31 December 2024 Consolidated Interim Financial Statements hipages Group Holdings Ltd ABN 67 644 430 839 for the half-year ended 31 December 2024 hipages Group Interim Financial Report 31 December 2024 9 Consolidated Statement of Profit or Loss For the half-year ended 31 December 2024 31 December 2024 $’000 31 December 2023 $’000 40,596 36,916 3 494 40,599 37,410 – 369 Employee benefits expenses (16,209) (15,064) Marketing related expenses (9,409) (7,721) Operations and administration expenses (5,052) (4,689) Impairment of trade receivables (1,247) (1,575) 1 (10) Total expenses excluding interest, tax, depreciation and amortisation (31,916) (29,059) Earnings before interest, tax, depreciation and amortisation (EBITDA) 8,683 8,720 (9,077) (8,266) (Loss)/profit before interest and income tax (394) 454 Finance income 409 217 Finance expenses (139) (161) Net finance income 270 56 Notes Revenue Revenue from ordinary activities Other revenue Total revenue 2.2 Other income Expenses excluding interest, tax, depreciation and amortisation Net other income/(expenses) Depreciation and amortisation 2.3 Share of loss of equity-accounted investment, net of tax 3.4 – (44) Gain on disposal of equity-accounted investment, net of tax 3.4 – 3,079 (Loss)/profit before income tax (124) 3,545 Income tax benefit 197 160 Profit for the period 73 3,705 Profit for the period, attributable to the members of the Group 73 3,705 Cents Cents Basic earnings per share 0.05 2.78 Diluted earnings per share 0.05 2.68 Earnings per share attributable to the ordinary equity holders of the Group: The above Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying notes. 10 hipages Group Interim Financial Report 31 December 2024 Consolidated Statement of Comprehensive Income For the half-year ended 31 December 2024 31 December 2024 $’000 31 December 2023 $’000 73 3,705 Foreign currency translation differences for foreign operations (56) 47 Other comprehensive (loss)/profit net of tax (56) 47 Total comprehensive profit, attributable to owners of hipages Group Holdings Ltd 17 3,752 Profit for the period attributable to members of the Group Other comprehensive income Items that may be reclassified to profit or loss: The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes. hipages Group Interim Financial Report 31 December 2024 11 Consolidated Statement of Financial Position As at 31 December 2024 Notes 31 December 2024 $’000 30 June 2024 $’000 3.1 21,202 20,116 Trade and other receivables 1,438 1,480 Other assets 1,768 1,248 19 – 24,427 22,844 20 – 1,270 1,150 Other investments 371 371 Property, plant and equipment 889 883 8,329 8,162 29,342 30,401 Total non-current assets 40,221 40,967 Total assets 64,648 63,811 Trade and other payables 7,430 7,580 Contract liabilities 3,596 3,545 Provisions 2,191 2,166 Lease liabilities 1,777 1,571 – 45 14,994 14,907 899 791 8,064 8,126 995 1,229 Total non-current liabilities 9,958 10,146 Total liabilities 24,952 25,053 Net assets 39,696 38,758 ASSETS Current assets Cash Current tax asset Total current assets Non-current assets Other assets Funds on deposit 3.1 Right-of-use asset Intangible assets 3.2 LIABILITIES Current liabilities Current tax liability Total current liabilities Non-current liabilities Provisions Lease liabilities Deferred tax liability EQUITY Issued capital 3.3 320,430 320,430 Reserves 3.3 (218,724) (219,589) Accumulated losses 3.3 (62,010) (62,083) 39,696 38,758 Total equity The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. 12 hipages Group Interim Financial Report 31 December 2024 Consolidated Statement of Changes in Equity For the half-year ended 31 December 2024 Attributable to owners of hipages Group Holdings Ltd Contributed equity $’000 Capital reorganisation reserve $’000 Sharebased payments reserve $’000 Translation and other reserves1 $’000 Accumulated losses $’000 Total $’000 Balance at 1 July 2023 319,378 (226,612) 8,589 (1,509) (65,646) 34,200 Profit for the period, attributable to the members of the Group – – – – 3,705 3,705 Notes Transactions with owners in their capacity as owners: Employee share-based payments expense 3.3 – – 770 – – 770 New shares issued to existing shareholders 3.3 47 – (47) – – – Foreign currency translation differences 3.3 – – – 47 – 47 Balance at 31 December 2023 319,425 (226,612) 9,312 (1,462) (61,941) 38,722 Balance at 1 July 2024 320,430 (226,612) 8,995 (1,972) (62,083) 38,758 Profit for the period, attributable to the members of the Group – – – – 73 73 Transactions with owners in their capacity as owners: Employee share-based payments expense 3.3 – – 921 – – 921 Foreign currency translation differences 3.3 – – – (56) – (56) 320,430 (226,612) 9,916 (2,028) (62,010) 39,696 Balance at 31 December 2024 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. 1. Translation and other reserves incorporate foreign exchange movements as well as movements related to fair value assessments related to assets measured at fair value through other comprehensive income. hipages Group Interim Financial Report 31 December 2024 13 Consolidated Statement of Cash Flows For the half-year ended 31 December 2024 31 December 2024 $’000 31 December 2023 $’000 Receipts from customers (inclusive of GST) 43,413 39,965 Payments to suppliers and employees (inclusive of GST) (34,458) (31,168) 8,955 8,797 Interest received 534 135 Income taxes (paid)/refunded (89) 107 9,400 9,039 – 8,400 (185) (72) (7,105) (7,468) (120) 1,037 (7,410) 1,897 Payment of principal portion of lease liabilities (771) (1,405) Payment of interest related to lease liabilities (124) (157) Net cash flows used in financing activities (895) (1,562) Net increase in cash and cash equivalents 1,095 9,374 Cash and cash equivalents at the beginning of the period 20,116 8,540 (9) 4 21,202 17,918 Notes Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Proceeds from disposal of equity interest in associate Payments for property, plant and equipment Payments for intangible assets (Payment)/release of bank guarantee funds related to leased property Net cash flows (used in)/from investing activities Cash flows from financing activities Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of the period 3.1 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 14 hipages Group Interim Financial Report 31 December 2024 Notes to the Consolidated Interim Financial Statements For the half-year ended 31 December 2024 1. Basis of preparation 1.1. Reporting entity These Consolidated Interim Financial Statements are for the Group consisting of hipages Group Holdings Ltd (the ‘Company’ or ‘parent entity’) and its subsidiaries (together referred to as the ‘Group’ or ‘Consolidated Entity’ and individually as ‘Group Entities’) for the half-year ended 31 December 2024 and were authorised for issue in accordance with a resolution of the Directors on 20 February 2025. hipages Group is a for-profit entity and is Australia and New Zealand’s (ANZ’s) #1 platform to connect homeowners and tradies, through its platforms hipages (Australia) and hipages New Zealand (Builderscrack). The registered office is located at 255 Pitt Street, Sydney, Australia. 1.2. Basis of preparation These Consolidated Interim Financial Statements for the half-year period ended 31 December 2024: • have been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001, compliance with AASB 134 ensures compliance with International Financial Reporting Standards IAS 34 Interim Financial Reporting; • have been prepared on a going concern basis; • have been prepared under the historical cost convention except for the revaluation of financial assets and liabilities (including derivative instruments) measured at fair value through other comprehensive income; and • are presented in Australian dollars with amounts rounded off in accordance with ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191 to the nearest thousand dollars, or in certain cases, the nearest dollar. As at 31 December 2024, the Group had net assets of $39.696 million (30 June 2024: $38.758 million). The Consolidated Interim Financial Report does not include all the notes of the type normally included in an annual report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by hipages Group Holdings Ltd during the interim period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Comparative figures: Certain reclassifications have been made to comparative balances to conform with the current year presentation. Changes in accounting policies are set out in Note 1.4, Changes in significant accounting policies. 1.3. Key accounting estimates In preparing these Consolidated Interim Financial Statements, the judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the Consolidated Financial Report as at and for the year ended 30 June 2024. These include: • Revenue lead credits and lead utilisation • Capitalisation of internally generated software • Valuation and carrying amount of intangible assets • Estimation of useful lives of intangible assets Estimates and underlying assumptions are reviewed on an ongoing basis. hipages Group Interim Financial Report 31 December 2024 15 Notes to the Consolidated Financial Statements continued For the half-year ended 31 December 2024 1.4. Changes in significant accounting policies The accounting policies applied in these Consolidated Interim Financial Statements are consistent with those adopted and disclosed in the Group’s Annual Financial Report for the financial year ended 30 June 2024. New accounting standards adopted by the Company A number of amended standards became applicable for the current reporting