Announcement PDF Xref Limited Appendix 4D Half-year report 1. Company details Name of entity: Xref Limited ABN: 122 404 666 Reporting period: For the half-year ended 31 December 2025 Previous period: For the half-year ended 31 December 2024 2. Results for announcement to the market $ Revenues from ordinary activities down 6.5% to 10,156,539 Loss from ordinary activities after tax attributable to the owners of Xref Limited up 51.5% to (660,059) Loss for the half-year attributable to the owners of Xref Limited up 51.5% to (660,059) Total comprehensive loss for the half-year attributable to the owners of Xref Limited up 36.9% to (750,861) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments Refer to the Operating and financial review section in director's report for the results commentary. 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security (6.78) (9.14) 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. Xref Limited Appendix 4D Half-year report 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. 11. Attachments Details of attachments (if any): The Interim Report of Xref Limited for the financial half-year ended 31 December 2025 is attached. 12. Signed This Appendix 4D has been authorised for release by the Board of Directors and signed on its behalf by: Signed ___________________________ Date: 25 February 2026 Lee-Martin Seymour Managing Director, Sydney Xref Limited Directors' report 31 December 2025 2 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Xref Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025. Directors The following persons were directors of Xref Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Thomas Stianos (Chairman) Lee-Martin Seymour (Managing Director) Nigel Heap Jake Phillpot Jon Newbery Company secretary The Company is pleased to announce the appointment of Ms Kamille Dietrich as Company Secretary, effective 20 February 2026, following Mr Robert Waring’s retirement after more than a decade of dedicated service to the Company. Principal activities Throughout the financial half-year, the Group's core activity remained the development of human resources technology to help organisations reduce staff turnover through better hiring and employee engagement, driven by the Xref pre-employment referencing, background screening, and employee engagement platform. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Operating and financial review The loss for the Group after providing for income tax amounted to $660,059 (31 December 2024: $435,739). Review of operations Strategic Evolution and Platform Growth Xref is pleased to report its interim results for H1 FY26, a period defined by a surge in client acquisition on our new platform and a significant increase in operational efficiency driven by AI integration and platform consolidation. Strategic Transition: From Tool to Enterprise Infrastructure Xref has successfully continued its transition from a credit-based point solution into a SaaS Employer Intelligence Platform. This fundamental shift ensures our "Data Engine" is always on, capturing the full employee lifecycle from hire to retire. For our clients, this provides predictable, compounding value to organisations by transforming fragmented feedback into a verified, longitudinal "truth record." Revenue H1 FY2025 H1 FY2026 % Change New Platform $2.5m $3.9m 56.0% Trust Marketplace $0.0m $0.1m - Engage $2.1m $2.0m (4.8%) Legacy Platform (Referencing) $5.2m $3.4m (34.5%) Legacy ID Platform (RapidID) $1.1m $0.8m (27.3%) Total $10.9m $10.2m (-6.6%) Xref Limited Directors' report 31 December 2025 3 New Platform: Usage and Engagement Growth The shift toward an 'always-on' data engine is evidenced by strong adoption across our new platform's key features: ● Organisations: Customers using the new platform grew 54% to 843 compared to the previous corresponding period. ● Platform adoption: Adoption of Pulse & Exit Surveys grew 165% compared to the previous corresponding period. ● Self-service adoption: The Roles and Permissions self-service platform launched in November 2024 is now 97% adopted by the client base. As a result, active users grew by 148% to over 7,000. ● Feature adoption: AI Summaries launched in May 2025 are now 98% adopted by the user base, ● Client retention: 431 organisations renewed their subscriptions during the half year, an increase of 70% compared to the previous corresponding period and demonstrated strong support for the new platform. ● Trust marketplace: Adoption of background checks requested from the new platform grew 400% from 10 to 50 organisations and check volume increased to 1,781 in the period. The Group is intentionally transitioning away from low-quality, 'seasonal' transactional revenue in favor of multi-year SaaS contracts. While the Group's policy to curtail early renewals deferred $0.6m in the short term, the underlying health of the business is evidenced by the $9.2m New Platform ARR (now 54% of total Group ARR). This strategic shift ensures the Group's revenue base is more predictable, provides compounding value, and is insulated from the volatility of traditional recruitment cycles. Platform ARR 31st Dec 2025 Change % New Platform $9.2m 27% Engage Platform $3.6m (4%) API Only Clients $1.7m (52%) Legacy Platform $2.0m (40%) Financial and operational highlights While headline revenue reduced by 6.2% as a result of continued pressure on legacy platforms, the underlying growth of our modern SaaS infrastructure is accelerating. ● Revenue performance: Total revenue for the period reached $10.2m, with the new platform delivering 58% year-on- year growth to reach $4.2m. ● EBITDA: EBITDA for H1 FY26 was $1.3m. ● Annual Recurring Revenue (ARR): New platform ARR grew 27% to $9.2m compared to the previous corresponding period, now representing 54% of overall ARR. Total ARR (including legacy) was $16.5m, reflecting a reduction from previously reported levels due to platform consolidation, client budget constraints, and market consolidation. ● Client acquisition: New client acquisitions more than doubled, with a 121% increase over the previous year. 124 new clients joined the new platform with an average annual subscription value of $6.3k. ● Operating efficiency: Total operating expenses were reduced by 14% to $9.9m (H1 FY25 vs H1 FY26). This was driven by a 13.0% decrease in Wages and Salaries as the company "right sized" through AI and self-service tools. Our AI Agent successfully resolved 7,000 support cases, reducing manual handling by 25%. Additionally, implementation of AI tools in our development process led to 57% of all code deployed during the half being AI-generated. ● Revenue Per Employee (RPE): Increased by 50% to reach $0.26m per head following a restructure during H2FY25 and is now signalled at $0.33m following a restructure in February 2026. ● Marketing momentum: Lead generation grew 252% year-on-year to 2,000, helping to secure 124 new clients while the forward-looking pipeline grew 430% to $3.4m. Policy change and cash flow Customer cash receipts decreased 16.9% to $9.7m. This was influenced by a strategic policy restricting early renewals for clients exceeding subscription caps and prioritising extensions to compound long-term subscription value. This policy deferred $0.6m in renewal revenue in exchange for $0.2m in extensions, a strategy designed to yield significantly larger renewals in future periods. Deferred revenue is expected to fall going forward as clients reach their original subscription end dates. Operating results and EBITDA The loss for the Group after providing for income tax amounted to $0.7m (31 December 2024: $0.4m). Earnings before interest, taxation, depreciation and amortisation ('EBITDA') represents the Group's underlying and recurring earnings. The table below provides a reconciliation between net loss after tax and EBITDA*: Xref Limited Directors' report 31 December 2025 4 The table below provides a reconciliation between net profit/(loss) after tax and EBITDA. EBITDA 31 Dec 2025 31 Dec 2024 Change $ $ % Net loss after tax (660,059) (435,739) (51.5%) Add: Net interest income and expense 611,600 720,020 (15.1%) Add: Net depreciation, amortisation and impairment expenses 1,406,763 1,366,757 2.9% Add: Income tax benefit (26,218) (26,218) - EBITDA 1,332,086 1,624,820 (18.0%) Less: One off R&D grant income (140,786) (1,505,980) (90.6%) Adjusted EBITDA 1,191,300 118,840 902.4% * Earnings before interest, taxation, depreciation and amortisation ('EBITDA') is a financial measure which is not prescribed by Australian Accounting Standards and represents the Group's underlying and recurring earnings from its operations. It is determined by adjusting the statutory net profit/(loss) after tax for items that are non-cash or non-operating in nature. The directors consider EBITDA to represent the core earnings of the Group Future outlook The Group's operational resilience is evidenced by a positive EBITDA, proving that the Group is fundamentally profitable. Furthermore, the Group has strengthened its balance sheet by reducing debt through principal repayments during the financial half-year. The Group's goal moving forward is clear: migrate its final legacy clients to the new platform, drive deeper adoption of its expanded product suite, and accelerate client acquisition. Matters subsequent to the end of the financial half-year No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial half-year. Environmental regulation In relation to environmental compliance, the following disclosure standard will soon become effective. AASB S2 ‘Climate-related Disclosures’ sets out specific climate related disclosures. It applies to entities required to prepare and lodge a financial report with ASIC under Chapter 2M and is effective for different entities based on certain criteria. This mandatory sustainability reporting may be applicable for the company for the first time for the year ending 30 June 2028. 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 immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ ___________________________ Lee-Martin Seymour Thomas Stianos Managing Director Chairman 25 February 2026 Sydney Crowe Sydney ABN 97 895 683 573 Level 24, 1 O’Connell Street Sydney NSW 2000 Main +61 (02) 9262 2155 Fax +61 (02) 9262 2190 www.crowe.com/au Some of the Crowe personnel involved in preparing this document may be members of a professional scheme approved under Professional Standards Legislation such that their occupational liability is limited under that Legislation. To the extent that applies, the following disclaimer applies to them. If you have any questions about the applicability of Professional Standards Legislation Crowe’s personnel involved in preparing this document, please speak to your Crowe adviser. Liability limited by a scheme approved under Professional Standards Legislation. The title ‘Partner’ conveys that the person is a senior member within their respective division, and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. All other professional services offered by Findex Group Limited are conducted by a privately owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Sydney, an affiliate of Findex (Aust) Pty Ltd. © 2026 Findex (Aust) Pty Ltd 5 Auditor’s Independence Declaration Under Section 307c of the Corporations Act 2001 to the Members of Xref Limited As lead engagement partner, I declare that, to the best of my knowledge and belief, during the review of the financial report for the financial half-year ended 31 December 2025 there have been: (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and (ii) no contraventions of any applicable code of professional conduct in relation to the review. Yours sincerely, Crowe Sydney Barbara Richmond Partner 25 February 2026 Sydney Xref Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2025 Consolidated Note 31 Dec 2025 31 Dec 2024 $ $ The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Revenue 4 10,156,539 10,862,777 Cost of sales (1,105,480) (1,204,789) Gross margin 9,051,059 9,657,988 Interest revenue 46,588 47,242 Loss on fair value adjustments to contingent consideration - (116,279) Expenses Overheads and administrative expenses (2,264,774) (2,981,655) Depreciation, amortisation and impairment expenses (1,406,763) (1,366,757) Employee benefits expense (5,525,789) (6,441,214) Share-based payments (69,196) - Finance costs 5 (658,188) (767,262) Total expenses (9,924,710) (11,556,888) Operating loss (827,063) (1,967,937) Other income 4 140,786 1,505,980 Loss before income tax benefit (686,277) (461,957) Income tax benefit 26,218 26,218 Loss after income tax benefit for the half-year attributable to the owners of Xref Limited (660,059) (435,739) Other comprehensive loss Items that may be reclassified subsequently to profit or loss Foreign currency translation (90,802) (112,774) Other comprehensive loss for the half-year, net of tax (90,802) (112,774) Total comprehensive loss for the half-year attributable to the owners of Xref Limited (750,861) (548,513) Cents Cents Basic earnings per share 6 (0.300) (0.230) Diluted earnings per share 6 (0.300) (0.226) Xref Limited Statement of financial position As at 31 December 2025 Consolidated Note 31 Dec 2025 30 Jun 2025 $ $ The above statement of financial position should be read in conjunction with the accompanying notes 7 Assets Current assets Cash and cash equivalents 2,756,038 5,287,493 Trade and other receivables 1,480,816 1,989,736 Contract assets 7 623,109 776,517 Prepayments 454,454 580,453 Total current assets 5,314,417 8,634,199 Non-current assets Contract assets 7 29,042 35,041 Property, plant and equipment 56,002 75,847 Right-of-use assets - 15,391 Intangible assets 8 9,861,633 10,262,765 Other assets 146,659 137,603 Total non-current assets 10,093,336 10,526,647 Total assets 15,407,753 19,160,846 Liabilities Current liabilities Trade and other payables 1,722,903 2,010,074 Contract liabilities 9 9,102,351 10,916,140 Borrowings 10 1,889,115 2,495,568 Lease liabilities - 15,070 Employee benefits 1,213,978 1,013,189 Deferred grants 281,399 280,909 Total current liabilities 14,209,746 16,730,950 Non-current liabilities Contract liabilities 9 409,230 520,239 Borrowings 10 5,010,269 5,322,231 Deferred tax liability 265,043 291,261 Employee benefits 299,892 259,385 Deferred grants 282,810 424,352 Total non-current liabilities 6,267,244 6,817,468 Total liabilities 20,476,990 23,548,418 Net liabilities (5,069,237) (4,387,572) Equity Issued capital 11 59,277,240 59,261,865 Reserves 12 (21,429,814) (21,084,262) Accumulated losses (42,916,663) (42,565,175) Total deficiency in equity (5,069,237) (4,387,572) Xref Limited Statement of changes in equity For the half-year ended 31 December 2025 The above statement of changes in equity should be read in conjunction with the accompanying notes 8 Issued capital Reserves Accumulated losses Total deficiency in equity Consolidated $ $ $ $ Balance at 1 July 2024 55,405,847 (20,642,626) (40,611,830) (5,848,609) Loss after income tax benefit for the half-year - - (435,739) (435,739) Other comprehensive loss for the half-year, net of tax - (112,774) - (112,774) Total comprehensive loss for the half-year - (112,774) (435,739) (548,513) Balance at 31 December 2024 55,405,847 (20,755,400) (41,047,569) (6,397,122) Issued capital Reserves Accumulated losses Total deficiency in equity Consolidated $ $ $ $ Balance at 1 July 2025 59,261,865 (21,084,262) (42,565,175) (4,387,572) Loss after income tax benefit for the half-year - - (660,059) (660,059) Other comprehensive loss for the half-year, net of tax - (90,802) - (90,802) Total comprehensive loss for the half-year - (90,802) (660,059) (750,861) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 11) 15,375 (15,375) - - Share-based payments (note 12) - 69,196 - 69,196 Transfer expired share warrants to retained earnings (note 12) - (308,571) 308,571 - Balance at 31 December 2025 59,277,240 (21,429,814) (42,916,663) (5,069,237) Xref Limited Statement of cash flows For the half-year ended 31 December 2025 Consolidated Note 31 Dec 2025 31 Dec 2024 $ $ The above statement of cash flows should be read in conjunction with the accompanying notes 9 Cash flows from operating activities Receipts from customers (inclusive of GST) 9,756,049 11,774,640 Payments to suppliers and employees (inclusive of GST) (9,798,235) (11,346,661) Interest received 46,588 47,211 Net cash from operating activities 4,402 475,190 Cash flows from investing activities Purchase of property, plant and equipment - (20,448) Payments for intangible assets 8 (964,029) (994,936) Proceeds from disposal of property, plant and equipment 19,845 - Net cash used in investing activities (944,184) (1,015,384) Cash flows from financing activities Repayment of borrowings (918,415) - Repayment of lease liabilities (15,070) (44,309) Interest on loans (658,188) (678,401) Net cash used in financing activities (1,591,673) (722,710) Net decrease in cash and cash equivalents (2,531,455) (1,262,904) Cash and cash equivalents at the beginning of the financial half-year 5,287,493 4,593,835 Cash and cash equivalents at the end of the financial half-year 2,756,038 3,330,931 Xref Limited Notes to the financial statements 31 December 2025 10 Note 1. General information The financial statements cover Xref Limited as a Group consisting of Xref Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Xref Limited's functional and presentation currency. Xref was incorporated on 28 January 2003 in New Zealand and from 21 September 2017 was domiciled in Australia. Xref Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 20 135 King street Sydney NSW Australia 2000 A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 25 February 2026. Note 2. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group during the financial half-year ended 31 December 2025 and are not expected to have a significant impact for the full financial year ending 30 June 2026. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going concern As disclosed in the financial statements for the financial half-year ended 31 December 2025, the Group recognised a loss of $660,059 (31 December 2024: $435,739). There is also a deficiency of net current assets of $8,895,329 (30 June 2025: $8,096,751) and a deficiency of net assets of $5,069,237 (30 June 2025: $4,387,572). However, this deficiency includes the value of contract liabilities of $9,511,581 (30 June 2025: $11,436,379). Under the standard terms and conditions of the contracts of the Group, clients are not entitled to refunds of amounts paid for prepaid credits after a 4-week cooling off period has passed and for SaaS contracts for both the Xref Platform and for Xref Engage there is no provision allowing clients to cancel their subscription and receive a refund of amounts paid. As at the date of these financial statements, no such refunds relating to prepaid credits have eventuated and historically the incidence of refunds within the 4-week cooling off period is insignificant. The Board has therefore made an assessment that the assumption of going concern is appropriate and has accordingly prepared these financial statements which assumes that the company will be able to meet its commitments, realise its assets and discharge its liabilities in its ordinary course of business. Xref Limited Notes to the financial statements 31 December 2025 Note 2. Material accounting policy information (continued) 11 Considerations that support this assertion are: ● Positive cash from operations of $4,402. ● All debt covenants being met with no incidences of defaults in its history of servicing debt. ● Conservative cash flow forecasts under stringent growth assumptions and scenarios, and the effect of some significant cost reductions during FY26, is persuasive enough to form a view that the Group will be able to meet all its operational commitments whilst at the same time meeting debt service obligations and covenant requirements. ● An operational restructuring process as part of its continued focus on technology‑driven optimisation led to redundancies, resulting in headcount reductions of 15 roles, potentially releasing $2.2m in free cash flows back into the business over the 12 months commencing March 2026. In connection with this restructuring, the Group also reached an agreement with Element SaaS, the provider of debt capital, to amend the existing lending arrangements, easing minimum cash covenants allowing more flexibility in managing our working capital and easing cash pressure on debt servicing obligations. ● The business ended the financial half-year with a healthy cash balance of $2,756,038 (30 June 2025: $5,287,493). The business continues to have the ability to quickly make cost structure changes should desired revenue performance be below forecast expectations to ensure that it operates within its available cash resources and forecasts. Given the directors' expectations against the background of the above, the financial statements have been prepared on a going concern basis which envisages that the business will continue to operate as normal and therefore realise its assets and extinguish its liabilities in the normal course of business. Note 3. Operating segments Identification of reportable operating segments The Board of Directors and the Chief Executive Officer are the Chief Operating Decision Makers (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. The Group is organised into three operating segments based on products and services sold: Xref Platform, Trust Marketplace and Xref Engage. The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. Products and services The principal products and services of each of these operating segments are as follows: Xref Platform Enterprise Platform – Pre-employment reference surveys, pulse & exit surveys; Recruiter Platform – Pre-employment reference surveys only Trust Marketplace ID verification, Qualification checks, Background checks Xref Engage Engagement surveys Intersegment transactions Intersegment transactions where needed are made at market rates. Pre-employment screening, identification, qualification and background checks are complementary in nature and intersegment transactions arise due to customer needs and are eliminated on consolidation. Intersegment receivables, payables and loans Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation. Xref Limited Notes to the financial statements 31 December 2025 Note 3. Operating segments (continued) 12 Operating segment information Consolidated 31 December 2025 Xref Platform Trust Marketplace Xref Engage Total $ $ $ $ Revenue Revenue from external customers 7,227,830 924,255 2,004,454 10,156,539 Intersegment sales - - - - Total sales revenue 7,227,830 924,255 2,004,454 10,156,539 Other revenue (R&D grant income) 140,786 - - 140,786 Total segment revenue 7,368,616 924,255 2,004,454 10,297,325 Intersegment eliminations - - - - Interest revenue 46,588 - - 46,588 Total revenue 7,415,204 924,255 2,004,454 10,343,913 EBITDA (76,430) 205,130 1,203,386 1,332,086 Depreciation, amortisation and impairment expenses (1,166,851) (208,737) (31,175) (1,406,763) Interest revenue 46,588 - - 46,588 Finance costs (658,188) - - (658,188) Loss before income tax benefit (1,854,881) (3,607) 1,172,211 (686,277) Income tax benefit - - 26,218 26,218 Loss after income tax benefit (1,854,881) (3,607) 1,198,429 (660,059) Assets Segment assets 10,325,478 1,597,057 534,784 12,457,319 Unallocated assets: Goodwill - 1,333,986 1,616,448 2,950,434 Total assets 15,407,753 Liabilities Segment liabilities (18,620,785) (134,127) (1,722,078) (20,476,990) Total liabilities (20,476,990) Consolidated 31 December 2024 Xref Platform Trust Marketplace Xref Engage Total $ $ $ $ Revenue Revenue from external customers 7,652,305 1,129,869 2,080,603 10,862,777 Intersegment sales 212 - - 212 Total sales revenue 7,652,517 1,129,869 2,080,603 10,862,989 Other revenue (R&D grant income) 1,505,980 - - 1,505,980 Total segment revenue 9,158,497 1,129,869 2,080,603 12,368,969 Intersegment eliminations - (212) - (212) Interest revenue 47,242 - - 47,242 Total revenue 9,205,739 1,129,657 2,080,603 12,415,999 EBITDA 341,961 326,839 956,020 1,624,820 Depreciation, amortisation and impairment expenses (1,100,865) (62,349) (203,543) (1,366,757) Interest revenue 47,242 - - 47,242 Finance costs (767,262) - - (767,262) (Loss)/profit before income tax expense (1,478,924) 264,490 752,477 (461,957) Income tax expense - - 26,218 26,218 (Loss)/profit after income tax expense (1,478,924) 264,490 778,695 (435,739) Xref Limited Notes to the financial statements 31 December 2025 Note 3. Operating segments (continued) 13 30 June 2025 Assets Segment assets 13,839,439 563,515 1,807,4