Disclosure Devil - Summary

1 1H26 Results. Investor Briefing – 25 November 2025 For personal use only 2 Welcome to our 1H26 Results Briefing presentation. For ease of use, each section title slide is a link back to this page. Contents. 1H26 Group Summary WebBeds Update 1H26 Financial Summary FY26 Outlook For personal use only 3 1H26 Group summary. • Refer to Glossary & abbreviations on slide 23. • Web Travel Group includes WebBeds and Corporate function Market leading TTV growth while maintaining TTV margins – TTV up 22% on pcp; 1H26 TTV margins above guidance (6.5%) & on track to be at least 6.5% for FY26 Revenue up 20% on pcp reflecting above market growth in top 3 regions, particularly Americas EBITDA up 21% on pcp in line with Revenue growth & planned increase in expenses Delivering profitable growth - TTV up 22%, TTV margin 6.5%, EBITDA up 17%. EBITDA $94.0m up 21% on 1H25 ($77.5m) Revenue $204.6m up 20% on 1H25 ($170.4m) TTV $3.2bn up 22% on 1H25 ($2.6bn) Underlying EBITDA $81.7m 1H25 $70.0m 30 Sep 25 Cash $481.1m FY25 $363.6m Underlying NPAT $48.6m 1H25 $52.5m Corporate costs $12.3 million Capex $18.6 million investment in operations & technology to drive scalability & conversion Strong cash generation in 1H26 following $150 million buyback in 2H25 Undrawn Revolving Credit Facility increased to $200 million from $40 million For personal use only 4 A global B2B travel marketplace servicing the travel trade. WebBeds. For personal use only 5 WebBeds - 1H26 Key Metrics. TTV $3.17 billion Revenue $204.6 million EBITDA $94.0 million Bookings 5.07 million Reflecting Revenue growth & planned increase in Operating expenses In line with Bookings growth and channel & geographic mix TTV margins remain stable Organic customer growth in all regions For personal use only 6 Reported (A$) WebBeds 1H26 1H25 Change Bookings ('000s) 5,066 4,299 18% TTV $3,170m $2,590m 22% Revenue $204.6m $170.4m 20% Expenses $110.6m $92.9m 19% EBITDA $94.0m $77.5m 21% Revenue / TTV Margin 6.5% 6.6% 0.1% EBITDA Margin 45.9% 45.5% 0.4% WebBeds - 1H26 Overview. $3.2 Billion TTV, EBITDA reflects Revenue growth and planned increase in Expenses. Bookings up 18% on 1H25 driven by growth in all regions, most notably the Americas. TTV up 22% in line with Bookings growth and channel and geographic mix. Revenue up 20% reflecting margin stablilisation. 1H26 TTV margins above guidance1. FY26 TTV margins remain on track to be at least 6.5%. Expenses up 19% reflecting CPI increases and the re-introduction of bonus scheme in 1H26, as well as planned investment in hotel contracting resources. FY26 expense growth expected to be high single digits at functional currency level. EBITDA up 21%. FY26 EBITDA margins expected to be between 44% and 47%. 1. 1H26 TTV margin was expected to be between 6.2-6.4% (see Web Travel Group ASX release 7 Oct-25) For personal use only 7 Pillars of Growth are delivering. Our continued TTV growth is amplifying the network effect. 01 Growing Our Existing Portfolio. Underlying market growth higher than 1H25 Driving c.5% (1) TTV growth 02 New Customers, Supply & Markets. Customer wins in all markets and increased sales of new direct contracts Driving c.5% TTV growth 03 Conversion. Increased volume from conversion initiatives including enhanced mapping, increased content, and evolving AI pricing Driving c.12% TTV growth 1. Management Estimates For personal use only 8 TTV growth in EUR functional currency. TTV growth (Global and Europe) excludes DMC business which was sold in March 20 1H26 saw significant growth in Americas, MEA impacted by geopolitical situation. Americas Strongest growth driven by continued new client wins and market share gains from existing clients. Europe Market share gains through increased optimisation of product offering to current clients. Pipeline wins in UK, Central and East Europe Asia Pacific Continued strong growth in China and market share wins for APAC to Europe/America business Middle East & Africa Growth coming through from Partnership Campaigns and market expansion, but overall sales impacted by geopolitical situation. Regional review. Our Top 3 regions delivering above market growth. Bookings. 14% on 1H25 10% on 1H25 18% on 1H25 36% on 1H25 6% on 1H25 12% on 1H25 12% on 1H25 TTV – EUR. 14% on 1H25 27% on 1H25 0% on 1H25 Global Americas Europe APAC MEA For personal use only 9 Outperforming the market through focused execution. 1. DMC business sold in March 2025 accounted for c.0.2% of 1H25 margin 2. 1H26 TTV margin was expected to be between 6.2-6.4% (see Web Travel Group ASX release 7 Oct-25) TTV growth remains world class with improved margin. We continue to optimise our global offering to deliver significant TTV growth with improved margin. 1H26 delivered significant incremental TTV at a higher margin than 1H25 1 . Optimisation initiatives resulted in 1H26 TTV margins above guidance 2. FY26 TTV margins remain on track to be at least 6.5%. TTV growth reflects our own efforts. Our significant TTV growth since the pandemic is the result of our focus on delivering $10 Billion TTV by FY30 by winning new customers, enhancing supply sources, expanding geographic reach and improving conversions. Our unique global offering provides flexibility to adapt in order to deliver continued growth. External macro-economic events may have some short-term impact but limited longer-term impact. WebBeds TTV Growth Timeline – FY25. TTV margins – 1H25 vs 1H26. 22% higher TTV with improved margin. 6.5% (1) TTV Margin 6.6% TTV Margin -0.2% DMC Sale 0.1% Growth Covid pandemic Mar-20 Launch 2013 DOTW acquisition Nov-18 Jac Travel acquisition Aug-17 For personal use only 10 Customer Mix Expanding customer base to ensure broad distribution of customers Supply Mix Balancing supply sources and optimising margins Geographic Mix Evolving towards equal TTV share from our top 3 regions Scalability Leveraging our highly scalable business model Increased customer diversification across wholesale customers New partnerships with innovative OTAs, particularly in Americas and APAC Strong pipeline of new customer prospects Directly contracted sales as proportion of TTV increased compared to pcp; Third Party sales decreased Increased supply of last-minute accommodation to capture evolving customer preferences Larger scale is increasing relevance to hotel chains Focused growth efforts on Americas, Europe and APAC while MEA impacted by geopolitical situation in 2Q26 TTV margins have improved in Europe Bookings/FTE continues to improve (up 174% since the pandemic) Ongoing A.I. initiatives to drive platform efficiencies and margin optimisation Investment in Contracting staff expected to have meaningful impact to results in FY27 Market remains fragmented creating continued opportunities We continue to build out our unique global offering. For personal use only 11 1H26 Financial Summary. For personal use only 12 WEB Travel Group Statutory Results Underlying Operations Continuing Operations 1H26 1H25 1H26 1H25 Revenue $204.6m $170.4m $204.6m $170.4m Expenses ($110.6m) ($92.9m) ($110.6m) ($92.9m) Corporate overheads ($12.3m) ($7.5m) ($12.3m) ($7.5m) Share Based Payment Expense ($3.6m) ($3.5m) - - Non-operating expenses ($5.5m) ($1.2m) - - EBITDA $72.6m $65.3m $81.7m $70.0m Depreciation & Amortisation exc AA ($15.5m) ($9.8m) ($15.5m) ($9.8m) Acquired Amortisation (AA) ($7.6m) ($7.6m) - - EBIT $49.5m $47.9m $66.2m $60.2m Net Interest & Finance Costs ($7.4m) $0.6m ($7.4m) $0.6m Convertible Note Interest ($6.4m) ($6.0m) - - EBT $35.7m $42.5m $58.8m $60.8m Tax Expense ($8.8m) ($5.0m) ($10.2m) ($8.3m) NPAT from continuing operations $26.9m $37.5m $48.6m $52.5m EPS 7.4 cents 9.6 cents 13.4 cents 13.5 cents Diluted EPS 7.4 cents 8.8 cents 13.3 cents 12.2 cents Effective Tax Rate 24.6% 11.8% 17.3% 13.6% 1H26 1H25 1H26 1H25 NPAT from discontinued operations - $6.6m - - Net gain on demerger - $184.0m - - NPAT from discontinued operations - $190.6m - - NPAT from continuing and discontinued operations $26.9m $228.1m $48.6m $52.5m 1H26 - Financial Summary. Note Non-operating expenses • excluded from Underlying Operations to provide a better understanding of financial performance • 1H26 includes $5m mark-to-market loss on equity linked financial assets (1H25 $1m loss) Underlying Effective Tax Rate • 1H26 higher predominantly due to an unrecognised tax benefit on Corporate Costs (previously offset against WJL profits) • FY26 Effective Tax Rate c. 17% Continuing operations refers to Web Travel Group Limited (WEB) and Discontinued operations refers to Webjet Group Limited (WJL) up to the date of the Demerger (30 September 2024). For personal use only 13 NPAT reflects standalone costs post demerger. 1. Excluding Acquired Amortisation Depreciation & Amortisation. 1 $15.5m $5.7m higher than 1H25 • 1H25 reflects pro-forma allocation consistent with the demerger booklet • 1H26 reflects standalone costs coupled with FY25 capital expenditure unwind FY26 D&A c$31m Net Interest & Finance Costs. $7.4m $8m higher than 1H25 • Higher RCF facility • 1H26 interest income materially lower due to $143m cash allocated to WJL as part of demerger and $150m buyback • Option Premium costs grow in line with TTV FY26 Net interest and Finance costs c$15m • 1H25 reflects pro-forma allocation consistent with the demerger booklet • 1H26 reflects standalone costs coupled with CPI-aligned salary increases, re-introduction of bonus scheme and standalone headcount FY26 corporate overheads c$24m Corporate overheads. $12.3m $4.8m higher than 1H25 For personal use only 14 A$m Sep-25 Mar-25 Cash & cash equivalents 481.1 363.6 Trade receivables 364.7 277.9 Other assets 92.4 115.7 Non-current assets 766.0 767.9 Total Assets 1,704.2 1,525.1 Trade payables 656.8 517.2 Other payables 89.1 61.8 Other current liabilities 82.1 101.9 Borrowings 243.0 236.5 Non-current liabilities excl Borrowings 29.9 32.6 Total Liabilities 1,100.9 950.0 Total Equity 603.3 575.1 Net cash 238.1 127.1 Current ratio (1) 1.1 1.1 ROE (2) 11.4% 11.3% ROIC (3) 21.7% 17.1% 1. Sep 25 Current Ratio excludes Borrowings which represent A$250 million convertible notes due April 2026. Including Borrowings = 0.9 2. Return on Equity (ROE) = Underlying NPAT Average Equity 3. Return on Invested Capital (ROIC) = Underlying NPAT (before Finance and Interest costs) Average (Net debt + Equity) Cash and Cash Equivalents • $150m share buyback completed 2H25 Trade Receivables and Other Assets • Trade Receivables higher due to TTV growth. Debtor days consistent with Mar 25 at circa 20 days • Other Assets primarily equity linked financial assets, prepayments & non-trade debtors Trade and Other Payables • Trade Payables increase in line with TTV growth coupled with creditor days stabilising in FY26 • Other Payables primarily customer overrides & expense accruals Other Current and Non-Current Liabilities • Primarily tax provision, deferred revenue, employee entitlements & lease liabilities Borrowings • Increase due to notional interest on the Convertible Note • Re-classified from Non-Current to Current – due Apr 26 • Total available liquidity Sep 25 $699m, including $200m undrawn RCF & undrawn $18m overdraft facility Capital Efficiency • ROIC grew 4.6% to 21.7% with higher operating profit & a lower average equity balance 1H26 - Balance Sheet. For personal use only 15 A$m Statutory Pro forma Statutory 1H26 1H25 1H25 Statutory EBITDA 72.6 65.3 81.5 Change in working capital and non-cash items 60.2 21.1 11.5 Income tax paid (5.5) (4.1) (4.2) Net finance costs paid (6.8) (4.3) (3.6) Net Cash from Operating Activities 120.5 78.0 85.2 Capital Expenditure (18.6) (25.2) (31.8) Purchase of financial assets - (19.0) (19.0) Disposals 3.9 - - Net Cash from Investing Activities (14.7) (44.2) (50.8) New Equity - 8.0 8.0 Demerger cash reduction/intra company - (43.0) (143.4) Payment of Demerger related transaction costs - (7.3) (7.3) Lease principal repayments (2.1) (1.5) (2.0) Net Cash from Financing Activities (2.1) (43.8) (144.7) FX movement on cash balances 13.8 (9.8) (9.8) Net increase / (decrease) in cash 117.5 (19.8) (120.1) Cash from Operations • Earnings key driver of cash generation • Continued discipline on collections whilst payable days normalise • Negative working capital expected in 2H26 consistent with past years Investing • CAPEX – continued investment in operational & technology improvements to support growth • 1H25 includes purchase of $19m of equity linked financial assets Financing / Dividends • No interim dividend has been declared for 1H26 Cash Conversion • Conversion for 1H26: 166%, up 27% on pcp (1H25: 139%) due to TTV growth • Conversion expected to be c.100% for FY26 Capital Management • FY25 initiatives addressed 88% of the potential dilution of the Convertible Note • RCF increased from $40m to $200m in 1H26 • Together with cash from operations, ample liquidity to support any redemption 1H26 - Cash Flow. For personal use only 16 FY26 CAPEX. • FY26 capex expected to be in line with FY25 1 • FY25 phasing impacted by 1H25 accelerated investment in new POS solution • Continue to invest in operational and technology improvements to support FY30 $10 billion TTV target FY27 CAPEX. • Going forward expected to grow with inflation Investment in technology providing foundations for growth. 1. Based on EUR functional currency. 2H26 forecast assumes AUD-EUR exchange rate of 0.57. 1H26 - CAPEX Summary. For personal use only 17 FY26 Outlook. For personal use only 18 Reconfirming financial outlook statements. 1. Down from $16 million guidance at AGM (26 August 2025) due to better cost management EUR functional currency FY26 TTV margins of at least 6.5% FY26 Expense growth in high single digits FY26 EBITDA margins expected to be between 44% and 47% FY26 CAPEX to be in line with FY25 AUD FY26 Corporate costs c $24 million FY26 D&A (excluding AA) c $31 million FY26 Net finance costs c $15 million 1 FY26 Underlying effective tax rate c 17% FY26 Cash conversion c 100% Combination of growing USD/EUR headwinds & AUD/EUR tailwinds expected to have limited impact on 2H26 results vs 2H25. For personal use only 19 FY26 trading update & guidance. 1. Metrics shown are for 1 October to 21 November 2025 FY26 EBITDA. $147 to $155m 22-29% increase on FY25 ($120.6m) FY26 EBITDA Guidance. 2H26 TTV YTD 1. 23% Compared to same period last year Growth is a reflection of our efforts, not market drivers. TTV 2H26 year to date. For personal use only 20 We are focused on building out our leading global marketplace… We plan to continue delivering market leading TTV growth rates to deliver $10 billion TTV by FY30 FY27 TTV margins are expected to remain stable at 6.5% Investment in contracting staff is expected to have meaningful impact to results in FY27 WebBeds is a highly scalable business and we expect to deliver c.50% EBITDA margins in FY27 Beyond FY26. Growth is a reflection of our efforts, not market drivers. For personal use only 21 Questions. For personal use only 22 Thank you. All event information can be found on the Calendar page of our Investor Centre website A trading update will be provided at the FY26 results briefing on 28 May 2026. For personal use only 23 1H25 6 months ending 30 September 2024 1H26 6 months ending 30 September 2025 2H26 6 months ending 31 March 2026 FY26 12 months ending 31 March 2026 FY27 12 months ending 31 March 2027 ABV Average Booking Value APAC Asia Pacific DMC Destination Management Company MEA Middle East & Africa OTA Online Travel Agent PCP previous corresponding period PoS Point of Sale RCF Revolving Credit Facility TTV Total Transaction Value TTV margin Revenue/TTV WJL Webjet Group Limited (ASX:WJL) Unless otherwise stated, all financials are in Australian dollars (AUD) and for Underlying Operations, and all comparisons are over the previous corresponding period (pcp). Underlying performance (which are not the statutory results) are non-IFRS measures and not subject to review procedures. They reflect the core financial performance of Web Travel Group, adjusting for the impact of any one-off or non-recurring items, non-cash items such as share based payments. These adjustments are made to give investors a clearer and more consistent view of Web Travel Group's ongoing financial performance. Glossary & abbreviations. For personal use only 24 This presentation contains summary information about Web Travel Group Limited (Web Travel Group) and its activities current as at the date of this presentation (unless otherwise stated). It should be read in conjunction with Web Travel Group’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au under Web Travel Group’s ticker code WEB. This presentation is for information purposes only and is not a prospectus, product disclosure statement, financial product or investment advice or a recommendation to buy or sell Web Travel Group shares or other securities. It has been prepared without considering the investment objectives, financial position or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial position and needs and seek legal and taxation advice appropriate to their jurisdiction. Past performance is no guarantee of future performance. This presentation may contain forward-looking statements including statements about our intent, belief or current expectations regarding Web Travel Group’s business and operations, market conditions and financial performance. Forward-looking statements can generally be identified by words such as ‘plan’, ‘will’, ‘anticipate’, ‘expect’, ‘may’, ‘should’, ‘could’, ‘likely’, ‘intend’, ‘propose’, ‘forecast’, ‘estimate’, ‘target’ and similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Forward-looking statements involve inherent risks, uncertainties and assumptions and other important factors that could cause the actual results, performance or achievements of Web Travel Group to be materially different from future results, performance or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based only on information available to Web Travel Group as at the date of this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness or reliability of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Web Travel Group, its related bodies corporate, and their respective directors, officers, employees, agents and advisers accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence. Important Notices & Disclaimer. For personal use only