Announcement PDF FY25 Financial Results 22 August 2025 ROBY SHARON-ZIPSER I CEO & Co-Founder JACO JONKER I CFOO hipages Group is ANZ’s #1 platform to connect homeowners and tradies, building better lives for everyone. Our Vision To be the most trusted partner in the trade industry. Agenda 1. FY25 results overview 2. Financial & operational update 3. Strategy update 4. FY26 outlook FY25 Results Overview R O B Y S H A R O N - Z I P S ER CEO & Co-Founder hi pages Gr oup | 5 hipages Group at a glance (ASX: HPG) Strategic evolution from marketplace to SaaS platform ANZ’s #1 platform to connect homeowners and tradies Purpose: Tradie Marketplace Transform the tradie industry, Building better lives for everyone FY25 key strategic milestones Successful platform migration in AUS + Job Management + Future Services FY25 performance Revenue EBITDA2 FCF3 +10% +20% +162% NZ shift to full subscription model ARPU1 growth in AUS and NZ reflecting our enhanced value proposition $83.1m $75.8m FY24 1 ARPU: Annual revenue per user 2 EBITDA: Earnings before interest, tax, depreciation and amortisation before significant items 3 FCF: Free Cash Flow = Operating cash flow less lease repayment, less payments for intangible assets and property, plant & equipment (PPE) FY25 hi pages Gr oup | 6 A year of significant strategic delivery Strategic milestones & growth delivery Operating leverage driving step-change in Free Cash Flow generation • Successful Single Tradie Platform 1 migration • NZ business model change • Migration to new price plans2 +12% +9% Recurring Revenue ARPU $83.1m +$7.3m $75.8m vs. pcp 47% FCF: $5.6m +162% on pcp3 Cash Flow through rate $5.6m $2.1m +$3.5m vs. pcp $26.9m cash balance Including funds on deposit 1 Product combining lead services and job management features into a single app - released in April 2024 2 All new tradies join on new price plans; existing tradies on the old price tiers progressively moved onto the new subscription pricing as their contract come up for renewal in CY25 3 PCP: Prior corresponding period hi pages Gr oup | 7 FY25 Performance JACO JONKER CFO & COO hi pages Gr oup | 8 FY25 Group Financial Highlights Revenue Profitability Key drivers Cash See glossary on p.41 for definitions All variances on this page refer to the pcp. $7.4m $80.8m $83.1m MRR Recurring revenue Total revenue Up 14% Up 12% Up 10% 89% $19.6m $2.4m Gross profit margin EBITDA1 NPAT1 FY24: 89% EBITDA Margin 24% (up 2ppt) FY24: $0.1m 36.6k $2,267 2.8m Subscription tradies ARPU Tradie-Homeowner Connections Stable Up 9% Stable at record levels Australia +1% to 33.3k Australia +8% to $2,381 $22.5m $5.6m Operating Cash Flow Free Cash Flow Up 17% Up 162% $26.9m Closing cash and funds on deposit FY24: $21.3m 1. EBITDA and NPAT before significant items. FY24 Statutory NPAT of $3.6m includes a one-off profit on disposal of equity interest in an associate [+$3.1m] and a reversal of deferred consideration relating to the acquisition of a subsidiary (Builderscrack) [+$369k]. hi pages Gr oup | 9 Delivering sustainable growth MRR excl. GST Total Revenue EBITDA Free Cash Flow Step change in FCF hi pages Gr oup | 10 Double-digit MRR growth continues hipages Group MRR (excl. GST) 7.4 MRR growth driven by: • Record new business yields underpinned by migration to higher STP price plans 6.4 5.7 • Existing customers ascending to higher price points due to: 5.2 4.8 - Job leads pricing based on supply/demand dynamics driving ascensions to higher price tiers 27% 10% 13% 14% 9% - Strong marketplace activity, with high supply and demand driving near-record connections • Business model change to full subscription for hipages New Zealand FY21 FY22 FY23 MRR excl. GST ($m) FY24 Growth vs. pcp (%) FY25 • Further opportunity ahead from migrating 19% of Australian customers on legacy pricing and continued pricing optimisation hi pages Gr oup | 11 Record EBITDA margin driven by emerging operating leverage Group operating expenses 1 as % of total revenue Sales Short-term cost cutting during COVID pandemic 80% 9% 4% 32% 83% 82% 10% 12% 4% 34% 5% 27% 78% 12% 6% 25% 76% 13% 7% 25% 35% 35% 37% 35% 32% FY21 FY22 FY23 FY24 FY25 Marketing Technology Cost (P&L) Sales Operations and Administration • Sales employment costs +12% driven by filling vacancies and new roles to support NZ growth Marketing • Marketing investment stable as % of revenue with disciplined spend in H2 following planned additional creative and brand spend in H1 Operations and Administration • Prudent cost management and operating leverage delivered record 24% EBITDA margin Refer to Appendix for detailed P&L 1 Operating expenses after capitalisation of Technology Development spend. Before capitalisation, total Technology Development spend was 24% of Revenue in FY25 (25% in pcp) hi pages Gr oup | 12 Technology spend reducing as % of revenue Group technology development spend (in $m)1 Total technology spend as a % of Revenue Technology spend continues to reduce as % of revenue • Continued development of tradie platform alongside marketplace optimisation • FY25 tech investment focused on developing and implementing the single tradie platform 72% capitalised • Disciplined capitalisation approach with detailed activity-based tracking (development vs. maintenance), amortised over 3 years • Expect total tech spend to continue to gradually reduce as % of revenue over medium- to longterm as we deliver our roadmap 28% expensed 1 Technology and software development spend based on profit and loss reporting (accrual based), not reflecting actual timing of cash flows hi pages Gr oup | 13 Australian Operations Exceptional marketplace experience for homeowners and tradies Connection1 volume remains strong (after record pcp) as we focus on growing connection value hipages Australia tradie-homeowner connections Job connection rate remains at record levels, reflecting exceptional marketplace experience hipages Australia % of total jobs connected 85% 85% FY24 FY25 81% 74% FY21 73% FY22 FY23 % of total jobs connected with a tradie 2 • In value, connections increased 16% vs. pcp reflecting the business’ focus on yield optimisation during the period 1 Connections occur when a tradie claims a job, triggering usage of their lead credits included in their subscription 2 Connection rate defined as # jobs with at least 1 tradie-homeowner connection as a % of total # jobs posted on hipages (Australia) • High connection rate supported by continued improvements to our job/tradie matching engine hi pages Gr oup | 15 ARPU growth reflects enhanced value proposition hipages Australia ARPU ($) Key drivers: • New customers joining STP at higher yields +12% CAGR $2,381 $2,199 $1,985 • Continued optimisation of job lead prices, coupled with AI driven matching engine driving increased credit usage, ascensions and lead pack purchases1 $1,789 $1,536 FY21 FY22 • Migration of existing customers to new plans (to complete by October 2025) FY23 FY24 FY25 1 ‘Lead Packs’ are a transactional product offering tradies extra credit on a one-off basis, as an alternative to ascending to a higher price point (subscription product with 12 months commitment) hi pages Gr oup | 16 Solid platform for subscriber growth with STP migration complete hipages Australia subscription tradie number (‘000) Key drivers: +1% 33.1 33.3 32.3 31.2 31.3 FY21 FY22 FY23 • Successfully executed platform migration while delivering continued volume and price growth • Opportunity to accelerate subscription growth (Refer slide 26) FY24 FY25 Subscription tradies ('000) hi pages Gr oup | 17 Retention stable and ARPU growth maintained through STP migration hipages Australia MRR retention rate1 and ARPU • MRR retention remained stable through STP migration (>33k tradies) hipages Australia $2,199 $2,381 ARPU $1,985 • Increased retention from early STP user cohorts • Focus remains on driving adoption of job management features to enhance retention • Continued ARPU growth driven by: • Subscription price increases (new packages) $976 56% Pre-subscription model 2 (FY19) 59% 58% 58% FY23 FY24 FY25 1 Last 12-months MRR Retention rate (in $) for hipages Australia 2 hipages FY19 customer base: 40% transactional/60% subscription Retention rate1 • Lead price increases and AI matching engine enhancements hi pages Gr oup | 18 Significant opportunity from increased STP engagement Further ARPU growth to be driven by migration of tradies to new pricing plans % of hipages AUS total tradie base (at Jun '25) Further yield benefit expected until price plans migration is completed by Oct 25 1 MAU: Monthly Active User defined as a subscription tradie account who used at least 1 job management feature during the month Increased engagement expected to drive higher retention over time Number of Monthly Active Users1 (000's) of job management features 13% of total tradie base Early MAU cohorts continue to exhibit higher retention rate hi pages Gr oup | 19 hipages is the #1 destination for homeowners to connect with tradies and for tradies to grow their businesses HOMEOWNER • Continuation of strong partnership with The Block (Channel 9) More value and stronger integration versus previous years with a total reach of 13.6m 1 • 68% brand awareness2 among homeowners • # 1 place to connect with tradies1 – for homeowners • Increased repeat jobs by 8% YoY TRADIE • Multi-channel Tradie campaigns across radio, on-demand streaming platforms, YouTube and TV • 68% brand awareness2 among tradies • #1 place to grow your business3 – for tradies • Launched Tradie Education and grew enrolments to over 2,000 in the first 12 months 1 VOZ (Virtual Australia) measurement of de-duplicated reach nationwide; covering metro, regional and BVOD 2 Thrive Insights Research Jun 25 Brand Tracker (homeowners 30—65yo metro and regional) 3 Publicis Sapient competitive landscape analysis May 25 hi pages Gr oup | 20 Delivering a better homeowner experience New AI assistant to help homeowners post jobs more effectively and find answers to complete their projects New app designs with improved homepage UI, UX, branding and alignment with consumer website Focus on driving app downloads to boost homeowner engagement with marketing creative targeted towards app benefits FY26 focus: • Marketplace experience: new team to improve homeowner web & app experience • Trust & quality for homeowners: enhanced tradie verification, profile trust badges and self-service FAQs hi pages Gr oup | 21 New Zealand Operations NZ ARPU growth driven by transition to full subscription model hipages New Zealand (Builderscrack) tradie mix $1,190 ARPU (in A$) • FY25 revenue up 23% driven by higher yields from new subscription model $964 $883 $794 • Subscription model provides enhanced value for tradies and higher retention 1 • FY25 ARPU exit run rate of $1,536 817 Transactional tradies Successful business model evolution with 100% of NZ tradies now on a full subscription model 1,486 2,249 2,827 3,359 1,925 Subscription tradies 1,026 FY22 FY23 FY24 FY25 1 ARPU for the month of June 2025, i.e. after the 100% completion to the subscription model; ARPU shown in the graph is for FY25, which had a mix of transactional and subscription tradie in the first half. hi pages Gr oup | 23 Strategic evolution R O B Y S H A R O N - Z I P S ER CEO & Co-Founder hi pages Gr oup | 24 Well positioned to capture larger proportion of TAM Multi-product platform more appealing to a broader tradie base Tradie businesses playing in the ‘Total Residential’ segment Total Addressable Market (Trade Businesses) Tradie businesses playing in the ‘Homeowner’ vertical and using marketing services 11% 301k Serviceable Available Market 19% hipages market penetration 175k hipages AUS 33k hi pages Gr oup Sources: Publicis Sapient ‘Australian Tradesperson Market Sizing’ June 2024; ABS; mgmt. estimates | 25 Opportunity to deepen engagement with ~50k paying tradies Paying Tradies1 serviced over each FY Opportunity to elevate user experience and engagement: ('000s) 43 FY21 45 FY22 46 FY23 48 FY24 49 • Enhanced platform experience designed to make hipages indispensable to tradies • Expansion of value-added services (e.g. Toolbox, education, financial solutions) • Flexible subscription tiers to meet a wider range of tradie needs • Targeted in-app features and campaigns to strengthen ongoing engagement FY25 hi pages Gr oup 1 Tradies who were on a subscription product at some stage during the FY. In FY25, hipages had 33.3k tradie customers at the end of June out of a total of 48.8k tradies serviced over the period. | 26 Unrivalled customer value underpins confidence in strategy hipages ROI materially higher than peers1 Translating to lowest take rate of GMV1,2 $32.22 3.10% 3.81% 5.22% 11.17% 11.21% 26.23% $26.24 $19.15 $8.95 $8.92 $3.81 hipages Search 1 Marketplace 2 Social 1 Social 2 Social 3 hipages Search 1 Marketplace 2 Social 1 Social 2 Social 3 • hipages delivers strongest return on investment for tradespeople at $32 for every $1 spent on the platform • Reinforcing hipages as the most effective channel for lead generation among digital lead generation channels • Opportunity to surface value to customers more effectively through STP analytics and itemised billing 1 Source: Publicis Sapient Competitive Landscape Analysis report, May 2025. 2 Gross marketplace value hi pages Gr oup | 27 Reminder of our strategic pillars Tradie Platform Marketplace Lead generation services for Tradies Homeowner Platform Job Management SaaS features for Tradies to manage their business All things property: researching work, hiring tradies, and managing home services AI tradie enablement Scan the QR code to watch our product vision video hi pages Gr oup | 28 Job Management - roadmap Product Development: FY24 FY25 New platform launched in Q4 New features released Single tradie platform available: merged 2 services into 1 product H1 FY26 H2 FY26 Platform enhancement Desktop version Estimate function enhancement Customer management function enhancement Tap to Pay capability Quote function enhancement AI integration into core features Multi-user capability Scheduling function enhancement New services Estimate function Customer migration: New price plans applied to all joining tradies Existing customer migration to new app and pricing hi pages Gr oup | 29 Launching 'hipages toolbox' Screen Recording 2025-05-06 at 5.28.16 pm.mov 'hipages toolbox' In-app services marketplace where hipages tradies can access trusted services from third parties all in one place Categories: Insurance Impact: Financing Materials Business tools Other • Extends our value proposition beyond job leads and management • Drives tradie engagement and retention hi pages Gr oup | 30 Tech investment increasingly weighted to STP in FY26 hipages Group – Tech investment mix (in $m) FY26 key areas of focus Adding and enhancing features & services Tradie platform evolution Drive adoption & engagement Expand self-serve capabilities App merge Enhancing the marketplace value proposition (one-off investment) Marketplace optimisation Sales funnel optimisation AI assistant for Sales & Service Subscription price increase AI-backed matching engine optimisation hi pages Gr oup | 31 FY26 outlook R O B Y S H A R O N - Z I P S ER CEO & Co-Founder hi pages Gr oup | 32 FY26 targets1: continued strong growth in revenue, profitability and cash • Total revenue growth 10% - 12% • EBITDA margin2 24% - 26% • Free Cash Flow $8m - $10m 1 Assuming no material deterioration in macroeconomic conditions impacting the Group's key markets under the existing strategy 2 EBITDA margin before significant items hi pages Gr oup | 33 Long-term potential profitability at scale HPG’s fixed cost profile amplifies operating leverage and unlocks significant profitability as the business scales Revenue Management Cash EBIT 1 Variable Costs 100% 3% 20% (New Business acquisition, and other variable sales costs) Fixed Costs 77% (R&D, Capex, lease, other overheads ) 7% Margin accretion over time 30% 20% 73% 100% Targeting 40-50% cash conversion2 on incremental Revenue Mgmt Cash EBIT1 long-term target 20% 50% FY24 1 Includes capitalised and non-capitalised technology spend, and leases 2 47% in FY25. See page 7. 100% FY25 Long-term (illustrative) hi pages Gr oup | 34 Questions & answers hi pages Gr oup | 35 Appendices Financial summary FY25 Financial summary ● Recurring revenue 97% of total revenue (FY24: 95%) ● 89% gross margin3 (FY24: 89%) ● EBITDA margin4 expansion to 24% (FY24: 22%) 1 Operating revenue refers to total revenue from ordinary activities. 2 Reclassifications have been made to comparative balances to conform with current year presentation. 3 Gross Margin is calculated as gross profit (revenue less cost of sales, which include homeowner and tradie SEM spend, as well as merchant fees) divided by total revenue. 4 EBITDA Margin is calculated as EBITDA before significant items divided by total revenue. hi pages Gr oup | 37 FY25 Cash flow ● Positive operating cash flow up 17% to $22.5m as the business benefits from margin expansion and strong business momentum ● Positive net cash flow of $5.5m in FY25 bolstering total cash & funds on deposit to $26.9m ● Free cash flow Cash flow from operations Less capex – PPE $’000 $22,509 ($597) Less capex – Intangibles ($14,386) Less lease payments ($1,907) Free cash flow $5,619 hi pages Gr oup | 38 FY25 Statutory balance sheet hi pages Gr oup | 39 Profit reconciliation hi pages Gr oup | 40 Glossary and definitions Annual revenue per user (ARPU) The annual operating revenue divided by the average of the opening and closing number of total hipages Australia and hipages NZ (Builderscrack) tradies for the period. For FY25, hipages Group ARPU of $2,267 is the blended result of hipages' ARPU of $2,381 and Builderscrack's ARPU of $1,190. Gross profit margin Includes total revenue less cost of sales (homeowner and tradie SEM spend and merchant fees). Free cash flow (FCF) Operating cash flow less lease repayment, less payments for intangible assets and PPE. Cash flows related to M&A and bank gua rantee release are not considered part of free cash flow calculations. Monthly recurring revenue (MRR) Monthly recurring revenue refers to the committed monthly subscription revenue from tradies (excluding GST) at the end of the period (i.e. June 2025 for FY25). It is calculated as the number of tradie accounts multiplied by their monthly subscription price excluding GST. Paid connections Paid connections occur when a tradie claims a lead on a job posted on the hipages platform, resulting in lead credit usage. Every job posted is connected with up to 3 tradies. Subscription tradies Refers to customer tradies in AUS (hipages) and NZ (Builderscrack) committed to a monthly subscription product. Tradie-homeowner connection Jobs posted by homeowners on the hipages marketplace appear as leads to relevant tradies (according to our job-matching algorithm). Up to 3 tradies can successfully claim a lead: this result in a tradie-homeowner connection. Connections are the trigger for lead credit consumption. hi pages Gr oup | 41 Disclaimer Important notice The material in this presentation has been prepared by hipages Group Holdings Limited (ASX: HPG) ABN 67 644 430 839 (“hipages” or the Company") and is general background information about hipages’ activities current as at the date of this presentation. The information is given in summary form and does not purport to be complete in every aspect. In particular you are cautioned not to place undue reliance on any forward looking statements regarding our belief, intent or expectations with respect to hipages’ businesses, market conditions and/or results of operations, as although due care has been used in the preparation of such statements, actual results may vary in a material manner. Information in this presentation or subsequently provided to the recipient of this information, whether orally or in writing, including forecast financial information, should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities in the Company. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. The financial information should be read in conjunction with the basis of preparation set out in the Company’s accounts. Forward-looking statements This presentation may contain forward-looking statements which are statements that may be identified by words such as “may”, “will”, “would”, “could”, “expects”, “intends”, “anticipates”, “targets” and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions and on a number of best estimate assumptions regarding future events and actions that, at the date of this document, are expected to take place. No person who has made any forward-looking statements in this document has any intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this document, other than to the extent required by law. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. This presentation also contains references to certain intentions, expectations, targets and plans of the Company. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. To the maximum extent permitted by law none of hipages, its subsidiaries, or its respective officers, employees, agents or consultants nor any other person accepts any liability, including, without limitation, any liability arising out of negligence, for any loss arising from the use of the information. hi pages Gr oup | 42