ADNEO LIMITED ANNUAL

Operating and Financial Review

Operating and Financial review The year ended 30 June 2026 saw a significant turnaround in AdNeo’s operating structure and commercial performance following the completion of the acquisition of the Learnt Group (including Learnt Global Pty Ltd, Catapult SmallprintPty Ltd and Vasto Software Pty Ltd) in August 2025 and Aspire Learning Resources in September 2025. This expanded AdNeo’s product offering into the vocational education and learning industry. For the period, AdNeo reported an EBITDA of -$70,021, an improvement of +96% compared to the prior year (2025: -$1,926,257). The Group reported Total Operating Revenue of $9,558,573 up 97% on PCP (2025: $4,857,445) off the back of the acquisition of the Learnt Group. On a comparative entity basis, existing group member revenue (AdNeo, Art of Mentoring, Oliver Grace) contributed $4,925,514 in operating revenue, up 1.4% on PCP (2025: $4,857,445). Joining entities contributed $4,633,059 during the year post acquisition. Other income for the period included R&D tax incentive claims for AdNeo and the pre-joining period of the Learnt Group for $1,583,394. In addition, Art of Mentoring undertook a restructure of its historical debt which generated a positive one-off adjustment of $1,103,655. Total Revenue for the group was $12,367,132 (2025: $4,893,569), up 153%. Total expenses during the period were $16,337,073, up 61% on PCP (2025: $10,143,791). Of the total expenses, $1,250,000 (7.7%) were due to the acquisition of the Learnt Group, one-off capital raise costs and associated the acquisition of the Learnt Group and the restructure of debt. These one-off expenses include a non-cash one-off cost of $1,197,407 associated with the issue of options to company directors and advisors, which were expensed during the period. The majority of the options were issued fully vested and therefore expensed in full on issue. Following the completion of the Learnt Group acquisition on 15th Aug 2025, and the execution of post-merger integration activities, management delivered annualised cost savings of $2.5 million (as announced to the market on 8 October 2025) and subsequently identified a further $1.5 million in cost savings executed in the December quarter. The total cost synergies achieved during the period amounted to $4.0m, while revenues were increased with the announcement of new material contract wins post mergerpost-merger w