Chairman's AGM Address to Shareholders

At Xref Limited's 24 November 2025 Annual General Meeting, Chairman Thomas Stianos highlighted the successful transition to a full subscription-based business model, leading to increased revenue predictability and improved profitability. In the 2024-25 financial year, revenue grew by 7% to $21.3 million, resulting in a gross profit of $19.0 million. Operating costs were reduced by 9%, allowing the company to achieve positive EBITDA and operating cash flow.

Despite one-off costs related to a strategic review and the Seek Limited transaction, EBITDA turned positive at $2.5 million, a significant improvement from the previous year. Xref received a buyout offer from Seek, which was not accepted by some shareholders, prompting the company to focus on its growth plans and secure a $3.6 million investment to strengthen its balance sheet.

The Board welcomed new Directors Jon Newbery and Jake Phillpot, enhancing the company's leadership capabilities. Xref streamlined its operations by consolidating onto a single technology platform, implementing standard contracts, and introducing self-sign-on and auto-renewal features to boost annual recurring revenue. With these developments in place, the Board aims to drive revenue growth while controlling costs effectively.

Investors are encouraged to inquire further about the company's strategic initiatives and financial outlook.