Leading the Circular Economy
Chair's Letter
Pact Group Holdings Ltd – Year Ended 30 June 2025
Dear Shareholders,
On behalf of the Board of Directors of Pact Group Holdings Ltd, I am pleased to present our Annual Report for the year ended 30 June 2025.
Pact remains firmly committed to its strategic vision of Leading the Circular Economy by delivering scaled circular solutions through reuse and recycling, packaging and consumer products.
Our ongoing investment in sustainable packaging and recycling infrastructure positions us at the forefront of industry transformation. We continue to make progress on our sustainability targets and supporting our customers to transition to packaging made with recycled content.
Pact remains firmly committed to its strategic vision of Leading the Circular Economy by delivering scaled circular solutions through reuse and recycling, packaging and consumer products.
This year, we strengthened our focus on core growth areas, including through the sale of Viscount Rotational Mouldings in December 2024. These steps, alongside operational improvements, are designed to drive long-term value and reinforce our strategic goals.
Market conditions remained challenging in FY25, with increased levels of macroeconomic uncertainty, such as cost and wage inflation, supply chain disruptions, geopolitical tensions, and delayed regulatory reform for packaging in Australia. Despite these challenges the Group’s revenue and underlying earnings before interest and tax from continuing operations were ahead of the prior period. Net debt increased by $76m. The Board has determined not to pay a final dividend in FY25.
On 16 July 2025, Pact Group Holdings Ltd delisted from the Official List of the Australian Securities Exchange (ASX). The delisting was approved by special resolution of shareholders at an extraordinary general meeting held on 12 June 2025. Although we are delisted, we remain committed to meeting our disclosure and other obligations to our investor community.
Thank you for your continued support and confidence in our vision to Lead the Circular Economy
Raphael Geminder Chair Pact Group Holdings Ltd
Full Year Consolidated Financial Report
For the year ended 30 June 2025
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Auditor’s independence declaration to the directors of Pact Group Holdings Ltd
As lead auditor for the audit of the financial report of Pact Group Holdings Ltd for the financial year ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:
a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
b. No contraventions of any applicable code of professional conduct in relation to the audit ; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Pact Group Holdings Ltd and the entities it controlled during the financial year.
Ernst & Young Wilfred Liew Partner 21 August 2025
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Independent auditor’s report to the members of Pact Group Holdings Ltd
Report
Opinion
on the audit of the financial report
We have audited the financial report of Pact Group Holdings Ltd (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a. G iving a true and fair view of the consolidated financial position of the Group as at 30 June 2025 and of its consolidated financial performance for the year ended on that date; and
b. Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board ’s APES 110 Code of Ethics for Professional Accountants (including Indepen dence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial report and our auditor ’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon , with the exception of the Remuneration Report and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit o r otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and for such internal control as the directors determine is necessary to enable the preparation of:
► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Gro up or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstateme nts can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis fo r our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
► Conclude on the appropriateness of the directors ’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group ’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opi nion. Our conclusions are based on the audit evidence obtained up to the date of our auditor ’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2025
In our opinion, the Remuneration Report of Pact Group Holdings Ltd for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001 .
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
Ernst & Young Wilfred Liew Partner
Melbourne 21 August 2025