West HQ Limited_Financial Report_FY25

West HQ Limited ABN 54 000 842 375

GENERAL PURPOSE (SDS) FINANCIAL REPORT For the year ended 31 December 2025

West HQ Limited

CONTENTS Directors’ report....................................................................................................................

1

Auditor’s independence declaration…………………………………………….....................

5

Statement of profit or loss and other comprehensive income………………………………

6

Statement of financial position…………………………………………………………………

7

Statement of changes in equity………………………………………………………………..

8

Statement of cash flows………………………………………………………………………..

9

Notes to the financial statements……………………………………………………………... 10 Consolidated entity disclosure statement……………………………………………………. 27 Directors’ declaration…………………………………………………………………………... 28 Independent auditor’s report…………………………………………………………………... 29

West HQ Limited

DIRECTORS’ REPORT The financial report of West HQ Limited (the "Company/West HQ") is presented for the financial year ended 31 December 2025 and the auditor's report thereon.

Directors The names of the Directors in office during the financial year and until the date of this report are set out below. Directors were in office for the entire period unless otherwise stated.

C.A. Pilao Experience

P.E Hamrol Experience

R. Caramancion Experience

A.J. Davey Experience

S. Grimshaw Experience

A.G.F Hills Experience

J.A. Vorobieff Experience

Retired Director since 2012 Life member of the Club Appointed Chairperson in October 2025 Member of the Club since 1988 and Sub-Branch since 2004 Career in the military as Lt Colonel in Philippine Armed Forces Retired Director since 2006 Life member of the club Appointed Vice-chairperson in October 2025 Member of the Club and Sub-branch since 1980 Previously worked in transport and logistics industry Retired Appointed Director in October 2025 Member of the Club since 2009 and Sub-Branch since 2022 Career in Dentistry with Oral Surgery Specialty in the Philippines Retired Director from 2003 to 2004 and 2008 to present Life member of the Club Member of the Club and Sub-Branch since 1977 Previously worked in the automotive industry Electrician Director since 2024 Member of the Club and Sub-Branch since 1988 Served in Royal Australian Navy Career in Construction and Industrial Maintenance Retired Director from 2002 to 2004 and 2006 to present Life member of the Club Member of the Club and Sub-Branch since 1981 Previously worked in the retail industry Registered Nurse Director since 2024 Member of the Club since 2014 Career in Public Health Care

The names of Directors who resigned during the financial year are set out below: G. McCully (resigned June 2025)

Director from 2018 to 2020 and from 2024 to 2025

D.J. Otte (resigned October 2025)

Director from 2022 to 2025

M.A. Otte (resigned October 2025)

Director from 2022 to 2025

1

West HQ Limited

DIRECTORS’ REPORT Company secretary

Mr. Richard Errington was appointed to the position of Company Secretary on 14 June 2006. Mr. Errington is also the Chief Executive Officer.

Dividends The Company is a not-for-profit organisation and is prevented by its constitution from paying dividends.

Corporate information West HQ Limited is a Company limited by guarantee that is incorporated and domiciled in Australia.

The registered office and principal place of business is 33 Railway Street, Rooty Hill, NSW 2766.

The number of members as at 31 December 2025 was 49,990 (2024: 49,798).

Principal activities The principal activities during the course of the financial year were the operation of a licensed club and management of the Novotel Sydney West HQ, ONE55 Heath and Fitness, Sydney Gymnastic and Aquatic Centre and Sydney Coliseum Theatre.

There were no significant changes in the nature of these activities during the year.

Operating results West HQ achieved revenue of $128.6 million, a 9% increase from the prior year. The solid revenue result is a testament to the resilience of the Company’s diversified portfolio of businesses. Strong performances were achieved across all business units driven by a 6% increase in foot traffic over the prior year.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA*) was $21.5 million for the 2025 financial year and represents a 15% return on net assets. Management use EBITDA as the key metric of performance as it has a closer relationship to cashflow. The business generated a statutory profit after tax of $3.4 million with the inclusion of interest, tax and depreciation. *EBITDA is a non-IFRS measure. A reconciliation of the statutory profit/(loss) after tax is as follows:

Profit/(loss) after income tax Deduct Finance income Income tax expense/(benefit) Add: Finance cost Writedown of property, plant and equipment Depreciation expense EBITDA

2025 $

2024 $

3,377,455

(2,260,706)

(50,049) 4,607

(39,598) (73,639)

3,761,131 522,650 13,932,936 21,548,730

4,603,434 560 15,053,875 17,283,926

The Company continues to generate strong cashflow. Surplus cash is deployed back into the business through investment initiatives as well as strengthening the balance sheet through reduction in debt. The Company repaid $5.0 million of bank debt during the year. Total borrowings at 31 December 2025 was $66.3 million (2024: $71.3 million). The Company's cash position is strong. Cash at 31 December 2025 was $13.8 million (2024: $13.0 million).

2

DIRECTORS’ REPORT

West HQ Limited

Significant changes in the state of affairs There have been no significant changes in the state of affairs of the Company during the year.

Significant events after the reporting period There were no significant events occurring after the reporting period which may affect either the Company's operations results of those operations or the Company's state of affairs.

Short term objectives The short term objectives are to position the services on offer to be effective in meeting the needs of its members and the community within the context of a competitive marketplace.

Long term objectives The long term objectives are to provide the infrastructure necessary to meet short term objectives and to provide a commercial result that ensures the longevity of its operations.

Environmental regulation and performance The Board believes that there are adequate systems in place for the management of all of its environmental requirements and is not aware of any breach of these environmental requirements as they apply.

Indemnification and insurance of directors and officers During or since the financial year, the Company has paid premiums in respect of a contract insuring all the directors of West HQ Limited against legal costs incurred in defending proceedings for conduct involving: a. a wilful breach of duty; or b. a contravention of section 182 or 183 of the Corporations Act 2001, as permitted by section 199b of the Corporations Act 2001.

The amount of the premium cannot be disclosed due to policy conditions.

Indemnification of auditor To the extent permitted by law, the Company has agreed to indemnify its auditor, Ernst & Young (Australia), as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young (Australia) during or since the financial year.

Member’s Liability The Company is a Company limited by guarantee and without share capital. In accordance with the constitution of the Company member of the Company undertakes to contribute an amount limited to $5 per member in the event of the winding up of the Company during the time he or she is a member or within one year thereafter.

The total amount that members of the Company are liable to contribute if the Company is wound up is $246,345 (2024: 249,950).

3

West HQ Limited

DIRECTORS’ REPORT Directors’ Meetings

The number of meetings of the directors held during the year and attended by the directors were as follows:

C.A. Pilao A.J. Davey S. Grimshaw P.E Hamrol A.G.F Hills J.A. Vorobieff R. Caramancion G. McCully D.J. Otte M.A. Otte

Number of meetings held 12 12 12 12 12 12 12 12 12 12

Number of meetings attended 12 11 12 11 12 12 2* 5* 9* 8*

* appointed or resigned during the year.

Auditor’s independence The lead auditor’s independence declaration is set out on page 5 and forms part of the directors’ report for the financial year ended 31 December 2025.

_______________ C. A. Pilao Chairperson West HQ Limited, 17 March 2026

4

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s independence declaration to the directors of West HQ Limited As lead auditor for the audit of the financial report of West HQ Limited for the financial year ended 31 December 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.

Ernst & Young

Daniel Cunningham Partner 17 March 2026

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

West HQ Limited STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2025

Revenue Raw materials and consumables used Poker machine licences and taxes Personnel expenses Property expenses Entertainment, marketing and promotional costs Operating lease rental expenses Licence fees and subscriptions Professional expenses Members’ amenities Donations Printing expenses Net gain on disposal of property plant and equipment Writedown of property, plant and equipment Depreciation expense Other expenses Finance income Finance costs Profit/(Loss) before income tax Income tax (expense)/benefit Profit/(loss) for the year Other comprehensive income/(loss) Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods (net of tax): Net gain/(loss) on cash flow hedge, net of tax Total comprehensive income/(loss) for the year

Note

2025 $

2024 $

4a

128,578,407

117,731,002

(9,822,447) (22,416,501) (40,647,507) (8,972,922) (8,594,593) (84,148) (3,843,940) (4,027,659) (3,742,983) (1,830,611) (597,258) 21,039 (522,650) (13,932,936) (2,470,147) 50,049 (3,761,131) 3,382,062 (4,607) 3,377,455

(9,227,695) (20,489,000) (38,498,942) (8,589,136) (7,796,599) (84,581) (3,595,172) (3,229,857) (3,381,628) (1,548,062) (628,122) (560) (15,053,875) (3,378,282) 39,598 (4,603,434) (2,334,345) 73,639 (2,260,706)

(300,943) 3,076,512

(238,016) (2,498,722)

4b 4c 4d 5

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

6

West HQ Limited STATEMENT OF FINANCIAL POSITION As at 31 December 2025

Note

2025 $

2024 $

6 7 8

13,840,826 1,151,088 1,008,628 823,015 579,900 17,403,457

12,962,079 418,057 830,339 1,049,167 523,656 15,783,298

4,681,964 203,790,407 1,590,840 297,999 386,600 210,747,810

4,847,621 205,806,415 1,681,963 173,631 872,761 213,382,391

228,151,267

229,165,689

13 11 14 15

9,919,691 817,848 5,000,000 2,192,917 3,514,736 21,445,192

10,291,222 815,324 5,000,000 1,915,007 2,495,845 20,517,398

11 14 15

933,493 61,250,000 340,738 62,524,231

951,591 66,250,000 341,368 67,542,959

Total liabilities

83,969,423

88,060,357

Net assets

144,181,844

141,105,332

Members’ funds General funds Reserves Total member funds

143,505,295 676,549 144,181,844

140,127,840 977,492 141,105,332

Assets Current Assets Cash and bank balances Trade and other receivables Inventories Prepayments Financial assets Total current assets Non-current assets Investment properties Property, plant and equipment Right-of-use assets Deferred tax assets Financial assets Total non-current assets

12

9 10 11 5 12

Total Assets Current liabilities Trade and other payables Lease liabilities Borrowings Employee benefit liabilities Contract liabilities Total current liabilities Non-current liabilities Lease liabilities Borrowings Employee benefit liabilities Total non-current liabilities

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

7

West HQ Limited STATEMENT OF CHANGES IN EQUITY As at 31 December 2025

General funds $

Cash flow hedge reserve $

Total members’ funds $

140,127,840

977,492

141,105,332

3,377,455 3,377,455

(300,943) (300,943)

3,377,455 (300,943) 3,076,512

At 31 December 2025

143,505,295

676,549

144,181,844

At 1 January 2024

142,388,546

1,215,508

143,604,054

(2,260,706) (2,260,706)

(238,016) (238,016)

(2,260,706) (238,016) (2,498,722)

140,127,840

977,492

141,105,332

At 1 January 2025 Profit for the year Other comprehensive loss Total comprehensive income for the year

Loss for the year Other comprehensive loss Total comprehensive loss for the year At 31 December 2024

The above statement of changes in equity should be read in conjunction with the accompanying notes.

8

West HQ Limited STATEMENT OF CASH FLOWS For the year ended 31 December 2025

Note

2025 $

2024 $

141,722,108 (119,954,946) 50,049 (3,761,131) 18,056,080

130,481,019 (112,625,015) 39,598 (4,175,575) 13,720,027

21,039 (11,349,608) (11,328,569)

(4,767,160) (38,617) (4,805,777)

Financing activities Repayment of borrowings Payment of principal portion of lease liabilities Net cash flows used in financing activities

(5,000,000) (848,764) (5,848,764)

(5,000,000) (1,200,411) (6,200,411)

Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December

878,747 12,962,079 13,840,826

2,713,839 10,248,240 12,962,079

Operating activities Receipts from customers Payments to suppliers and employees Interest received Interest paid Net cash flows from operating activities Investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Purchase of investment properties Net cash flows used in investing activities

10

6

The above statement of cash flows should be read in conjunction with the accompanying notes.

9

West HQ Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

1.

Corporate information The financial statements of West HQ Limited (the "Company/West HQ") for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 17 March 2026.

The Company is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the Company, each member of the Company undertakes to contribute an amount limited to $5 per member in the event of the winding up of the Company during the time that he or she is a member or within one year thereafter.

The nature of the operations and principal activities of the Company are described in the directors' report. Information on other related party relationships of the Company is provided in Note 17.

2.

Accounting policies

a.

Basis of preparation These general-purpose financial statements have been prepared in compliance with the requirements of the Corporations Act 2001 and Australian Accounting Standards - Simplified Disclosures. The Company is a not-for-profit entity.

The financial statements have been prepared on a historical cost basis.

The financial statements are presented in Australian dollars ($).

b.

Going concern The financial report has prepared on a going concern basis, which contemplates continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business.

As at 31 December 2025, West HQ had a net current liability position of $4,041,735 (2024: $4,734,100) and made a profit of $3,377,455 (2024: loss of $2,260,706). Cashflow forecasts indicate that the business will be able to meet all of the covenant and repayment terms for a period of at least twelve months from the date of this report and accordingly, the financial report has been prepared on a going concern basis.

The financial report does not include any adjustments relating to the recoverability and classification of assets or amounts and classification of liabilities that might be necessary should the entity not continue as a going concern.

c.

Changes in accounting policy, disclosures, standards and interpretations New and amended standards and interpretations The new and amended Australian Accounting Standards and Interpretations that apply for the first time in 2025 do not materially impact the financial statements of the Company.

Accounting Standards and Interpretations issued but not yet effective Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Company for the annual reporting year ended 31 December 2024. The Company intends to adopt the new or amended standards or interpretations when they become effective.

10

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

d.

Current versus non-current classification The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when: • • • •

It is expected to be realised or intended to be sold or consumed in the normal operating cycle It is held primarily for the purpose of trading It is expected to be realised within twelve months after the reporting period, or It is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelvemonths after the reporting period.

All other assets are classified as non-current. e.

Cash and bank balances Cash in the statement of financial position comprises cash at bank and on hand.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash as defined above.

f.

Trade and other receivables A receivable represents the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest rate (EIR) method.

Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the EIR method, less an allowance for expected credit losses (ECLs).

For trade and other receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

g.

Inventories Inventories are valued at the lower of cost and net realisable value.

The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

h. Derivative financial instruments and hedge accounting Initial recognition and subsequent measurement The Company uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

For the purpose of hedge accounting, hedges are classified as cash flow hedges.

11

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

h. Derivative financial instruments and hedge accounting (continued) Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss and other comprehensive income. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.

The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period.

This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes firm commitment for which fair value hedge accounting is applied.

For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.

If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above. i.

Prepayments Prepayments are recognised in the event that payment has been made in advance of obtaining right of access to receipt of services and measured at nominal amounts. These are derecognised and charged to statement of profit or loss and other comprehensive income either with the passage of time or through use or consumption.

j.

Investment properties Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of investment property.

The Company's investment property estimated useful lives for the current and comparative years are both 40 years.

k.

Property, plant and equipment Plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

Such cost includes the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: in the Club land and buildings Club plant and equipment Hotel buildings Hotel plant and equipment

25 to 40 years 3 to 13 years 25 to 40 years 5 to 7 years

12

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

g.

Property, plant and equipment (continued) An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other comprehensive income when the asset is derecognised.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

h.

Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use asset representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement dateless any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Gym equipment Other property, plant and equipment

1 to 4 years 3 to 4 years

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

13

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

h.

Leases (continued) (iii) Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Company as a lessor Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

i.

Impairment of non-financial assets Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are clubbed at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or clubs of assets (cash-generating units). Non-financial assets that suffered an impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.

j.

Trade and other payables Trade and other payables are recognised initially at fair value and subsequently carried at amortised cost and due to their short-term nature they are not discounted. They represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.

k.

Borrowings All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs.

After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Fees paid on the establishment of loan facilities that are yield related are included as part of the carrying amount of the loans and borrowings.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for a least 12 months after the reporting date.

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use or sale) are capitalised as part of the cost of that asset. All other borrowing costs are expensed in the year they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Company does not currently hold qualifying assets but, if it did, the borrowing costs directly associated with this asset would be capitalised (including any other associated costs directly attributable to the borrowing and temporary investment income earned on the borrowing).

14

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

l.

Employee benefit liabilities Wages, salaries and sick leave Liabilities for wages and salaries, including non-monetary benefits, which are expected to be settled within 12 months of the reporting date are recognised in respect of employees' services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.

Long service leave and annual leave The Company does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date. The Company recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.

m.

Revenue from contracts with customers Revenue is recognised in accordance with AASB 15 Revenue from contracts with customers. Revenue that is recognised over a period of time is recognised when the Company satisfies a performance obligation by transferring a promised good or service to a customer. Revenue is measured at the fair value of the consideration received or receivable.

Revenue from the sale of goods, services and gaming are recognised at the point of sale, which is where the customer has taken delivery of the goods, received the service and the risks and rewards are transferred to the customer. Amount disclosed as revenue are net of sales returns and trade discounts.

Interest revenue is recognised on an accrual basis using the EIR method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the EIR, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Other revenue is recognised when it is received or when the right to receive payment is established. All revenue is stated net of the amount of goods and services tax (GST).

n.

Rental revenue Rental income from investment property is recognised in profit or loss on a straight-line basis over the term of the lease.

o.

Contract liabilities A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognised as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer).

p.

Finance costs Interest expense is recorded using the EIR method. The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial liability. Interest expense is included in finance cost in the statement of profit or loss and other comprehensive income.

15

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

q.

Finance income Interest income is recorded using the EIR method. The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. Interest income is included in finance income in the statement of profit or loss and other comprehensive income.

r.

Taxes i. Current income tax The Income Tax Assessment Act 1997(Amended) provides that under the concept of mutuality, the Company is only liable for income tax on income derived from non-members and from outside entities. Current tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period's taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. ii. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except when the deferred income tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to setoff current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

16

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

2.

Accounting policies (continued)

r.

Taxes (continued) iii. Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except: • When the GST incurred on a sale or purchase of assets or services is not payable to or recoverable from the taxation authority, in which case the GST is recognised as part of the revenue or the expense item or as a part of the cost of acquisition of the asset, as applicable • When receivables and payables are stated with the amount of GST included The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows.

3.

Significant accounting judgements, estimates and assumptions The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Taxes Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

Leases - Estimating the incremental borrowing rate The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

17

West HQ Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

4.

Revenue and expenses

a.

Disaggregated revenue information

b.

2025 $

2024 $

Type of goods or service Sale of goods Rendering of services Total revenue from contracts with customers

20,525,525 108,052,882 128,578,407

19,851,034 97,879,968 117,731,002

Geographical markets Australia Total revenue from contracts with customers

128,578,407 128,578,407

117,731,002 117,731,002

Timing of revenue recognition Transferred at a point in time Transferred over time Total revenue from contracts with customers

118,784,799 9,793,608 128,578,407

108,824,083 8,906,919 117,731,002

2025 $

2024 $

165,656 12,842,967 924,313 13,932,936

165,013 13,413,442 1,475,420 15,053,875

2025 $

2024 $

50,049

39,598

2025 $

2024 $

3,392,623 70,675 297,833 3,761,131

4,108,878 66,673 427,883 4,603,434

Depreciation expense

Investment properties Property, plant and equipment Right-of-use asset

c.

Finance income

Interest income

d.

Finance costs Note

Interest expense Interest expense in lease liabilities Bank charges

18

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

5.

Income tax Income tax expense The major components of the income tax expense/(benefit) are:

Current income tax Deferred tax Origination and reversal of temporary differences Income tax benefit reported in the statement of profit and loss

Deferred tax charged to other comprehensive income

2025 $

2024 $

-

-

4,607 4,607

(73,639) (73,639)

2025 $

2024 $

(128,975)

(102,007)

Reconciliation of income tax benefit and the accounting loss multiplied by Australia’s domestic tax rate for 2025 and 2024: 2025 $

2024 $

Accounting profit/(loss) before income tax

3,382,062

(2,334,345)

At Australia’s statutory income tax rate of 30% (2024: 30%) Member-only income Member-only expenses Effects of mutuality Prior year tax losses not recognised Utilisation of tax losses not previously recognised Other items (net) Income tax expense/(benefit) reported in the statement of profit/(loss)

1,014,619 (49,205) 1,931,419 (2,368,637) (523,589) 4,607

(700,304) (60,734) 1,821,328 (1,540,447) 420,004 (13,486) (73,639)

Deferred tax Deferred tax at 31 December 2025 relates to the following:

Employee benefits Revenue in advance Provisions and accruals AASB16 Leases Financial assets Interest and borrowing costs Net deferred tax assets

1 January 2025 $

Deferred tax benefit recognised in profit or loss $

Deferred tax benefit recognised in OCI $

31 December 2025 $

533,583 225,960 11,672 10,846 (418,925) (189,505) 173,631

3,368 (36,271) 1,240 7,487 19,569 (4,607)

128,975 128,975

536,951 189,689 12,912 18,333 (289,950) (169,936) 297,999

19

West HQ Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

5.

Income tax (continued) Deferred tax at 31 December 2024 relates to the following:

Employee benefits Revenue in advance Provisions and accruals Property, plant and equipment AASB16 Leases Financial assets Interest and borrowing costs Net deferred tax (liabilities)/assets

1 January 2024 $

Deferred tax benefit recognised in profit or loss $

Deferred tax benefit recognised in OCI $

31 December 2024 $

488,566 249,836 5,475 1,673 (26,807) (520,932) (199,826) (2,015)

45,017 (23,876) 6,197 1,673 37,653 10,321 73,639

102,007 102,007

533,583 225,960 11,672 10,846 (418,925) (189,505) 173,631

The Company has carried-forward tax losses that arose in Australia of $20,847,001 (2024: $22,592,299) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose.

6.

Cash and bank balances

Bank balances Cash on hand Cash and bank balances

2025 $

2024 $

7,126,861 6,713,965 13,840,826

7,119,428 5,842,651 12,962,079

For the purpose of the statement of cash flows, cash and cash equivalents comprise the above. Bank balances include restricted cash of $1,708,800 (2024: $1,049,457).

7.

Trade and other receivables

Current Trade receivables Other receivables

8.

2025 $

2024 $

728,893 422,195 1,151,088

309,470 108,587 418,057

2025 $

2024 $

445,025 410,358 96,185 57,060 1,008,628

425,976 285,663 67,699 51,001 830,339

Inventories

Current Bar/warehouse Catering Hotel Fitness centre

20

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

9.

Investment properties Investment properties $ Cost At 1 January 2025 Additions At 31 December 2025

6,615,121 6,615,121

Depreciation At 1 January 2025 Depreciation charge for the year At 31 December 2025

1,767,501 165,656 1,933,157

Net book value At 31 December 2025

4,681,964

At 31 December 2024

4,847,621

21

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

10. Property, plant and equipment

Club land and buildings $

Club plant and equipment $

New Hotel Work in Progress $

Hotel buildings $

Hotel plant and equipment $

Total $

Cost At 1 January 2025 Additions Writeoffs and disposals At 31 December 2025

252,154,180 2,957,189 (135,446) 254,975,923

138,542,924 4,377,602 (177,959) 142,742,567

227,789 3,935,265 4,163,054

35,919,825 72,692 (357,925) 35,634,592

9,311,830 6,860 9,318,690

436,156,548 11,349,608 (671,330) 446,834,826

Depreciation At 1 January 2025 Depreciation charge for the year Writeoffs and disposals At 31 December 2025

93,646,386 6,069,128 99,715,514

100,193,849 5,747,971 (148,680) 105,793,140

-

27,994,246 870,924 28,865,170

8,515,652 154,943 8,670,595

230,350,133 12,842,967 (148,680) 243,044,419

Net book value At 31 December 2025

155,260,409

36,949,427

4,163,054

6,769,422

648,095

203,790,407

At 31 December 2024

158,507,794

38,349,075

227,789

7,925,579

796,178

205,806,415

22

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

10. Property, plant and equipment (continued) Core property The following is the core property: 33 Railway Street, Rooty Hill, NSW 2766, excluding the Sydney Gymnastic and Aquatic Centre; the adjacent carpark; and the Investment property leased to TEEG Australia Pty Ltd (Zone Bowling).

Non-core property The following is the non-core property: The Sydney Gymnastic and Aquatic Centre; the adjacent carpark; the Hotel Land and the Investment property leased to Zone Bowling.

11. Leases Company as a lessee The Company leases property, plant and equipment expiring from 1 to 5 years. Leases generally provide the Company with a right to renewal at which time all terms are negotiated. Lease payments comprise a base amount plus an incremental contingent rental. Contingent rentals are based on movements in the Consumer Price Index of operating criteria.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Right-of use assets $ At 1 January 2025 Additions Depreciation expense At 31 December 2025

1,681,963 833,190 (924,313) 1,590,840

* Refer note 10 for details Set out below are the carrying amounts of lease liabilities during the period:

Current Non-current

2025 $

2024 $

817,848 933,493

815,324 951,591

2025 $

2024 $

887,260 1,009,388 1,896,648

888,565 978,244 1,866,809

Presented below is a maturity analysis of future lease payments:

Less than one year Later than one year and not later than five years

The amount of expense relating to short-term leases and leases of low-value assets recognised in profit or loss during the year ended 31 December 2025 was $nil (2024: $nil).

23

West HQ Limited

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

11. Leases (continued) Company as a lessor The Company leases out its investment property held under operating leases. The Company and TEEG Australia Pty Limited (Zone Bowling) has a lease in place for a term of 10 years with further option to renewal period.

The Company also leases out portions of the Sydney Gymnastic and Aquatic Centre (SGAC) under operating leases.

The Company and the tenants have a lease in place for a term of 10 years with further option to renewal period.

Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows: 2025 $

2024 $

954,421 3,817,684 1,979,591 6,751,696

930,911 3,723,644 1,913,881 6,568,436

2025 $

2024 $

Derivative financial instruments Current Interest rate swaps

579,900

523,656

Non-current Interest rate swaps

386,600

872,761

Total financial assets

966,500

1,396,417

Less than one year Between one year and five years More than five years

12. Financial assets

At 31 December 2025, the Company had an interest rate swap agreement in place with a notional amount of $50,000,000 (2024: $50,000,000) whereby the Company receives interest of BBSY less 1.83% and pays interest of BBSY less 3.00%. The swap is being used to hedge the exposure to changes in the fair value of its loans attributable to movements in interest rates.

The decrease in fair value of the interest rate swap of $429,917 (2024: $340,023) has been recognised in other comprehensive income net of tax.

13. Trade and other payables

Current Trade payables Accrued expenses Total trade and other payables

2025 $

2024 $

3,887,116 6,032,575 9,919,691

4,587,413 5,703,809 10,291,222

24

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

14. Borrowings 2025 $

2024 $

Current Bank loans

5,000,000

5,000,000

Non-current Bank loans Total borrowings

61,250,000 66,250,000

66,250,000 71,250,000

2025 $

2024 $

66,250,000 2,570,000 3,000,000 71,820,000

71,250,000 1,570,000 3,000,000 75,820,000

66,250,000 1,269,148 67,519,148

71,250,000 699,207 71,949,207

1,300,852 3,000,000 4,300,852

870,793 3,000,000 3,870,793

Financing Facilities Facilities available Bank loans Asset finance (included in lease liabilities) Working capital

Facilities utilised at reporting date Bank loans Asset finance (included in lease liabilities)

Facilities not utilised at reporting date Asset finance Working capital

The bank loans are interest bearing and will mature on 31 May 2027.

Security Security covering the above facilities compromises a registered mortgage over all the freehold property of the Company situated at 33 Railway Street, Rooty Hill.

15. Employee benefit liabilities

Current Annual leave Long service leave

Non-current Long service leave

2025 $

2024 $

1,776,341 416,576 2,192,917

1,568,646 346,361 1,915,007

340,738

341,368

25

West HQ Limited NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025

16. Commitments Commitments There were no commitments as at the reporting date which would have a material effect on the Company's financial statements as at 31 December 2025 (2024: $nil).

Contingent liabilities The directors are not aware of any contingent liabilities that have arisen in respect of the Company (2024: $nil).

17. Related party disclosures a. Key management personnel remuneration The key management personnel remuneration was $3,135,761 for the year ended 31 December 2025 (2024: $2,944,541). b. Key management personnel transactions and balances with the Company R. J. Errington & Associates (“RJE”) is a company that is owned and operated by Richard Errington who is also the Chief Executive Officer and Company Secretary of West HQ Limited. During the year, West HQ Limited procured goods and services from RJE for the purpose of design, evaluation and development of a new hotel to be owned and operated by West HQ. The total value of goods and services provided by RJE was $1,681,145 (FY24: $nil).

During the year, a close relative of one of the Directors received $26,845 (2024: $nil) for casual employment services provided to West HQ. From time to time, key management personnel of the Company, or their related entities, may purchase goods and services from the Company. These purchases are trivial or domestic in nature.

There were no outstanding balances involving key management personnel’s interests at year-end.

18. Auditor’s remuneration The auditor of West HQ is Ernst & Young (Australia).

Amounts received or due and receivable by Ernst & young (Australia) for: An audit or review of the financial report of the Company Other non-audit services

2025 $

2024 $

146,059 17,000 163,059

140,712 23,900 164,612

19. Events after the reporting period There were no significant events occurring after the reporting period which may affect either the Company's operations or results of those operations or the Company's state of affairs.

26

West HQ Limited CONSOLIDATED ENTIITY DISCLOSURE STATEMENT For the year ended 31 December 2025

Disclosure of subsidiaries and their country of tax residency, as required by the Corporations Act 2001, does not apply to the Company as the Company is not required by accounting standards to prepare consolidated financial statements.

27

West HQ Limited DIRECTORS’ DECLARATION In accordance with a resolution of the directors of West HQ Limited, I state that: In the opinion of the directors: a. The financial statement and notes of the Company for the financial year ended 31 December 2025 are in accordance with the Corporations Act 2001, including: i. Giving a true and fair view of the Company’s financial position as at 31 December 2025 and its performance for the year ended on that date; and ii. Complying with Australian Accounting Standards – Simplified Disclosures and the Corporations Regulations 2001; b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; c. the consolidated entity disclosure on page 27 required by section 293(3A) of the Corporations Act is true and correct.

C.A Pilao Chairperson West HQ Limited, 17 March 2026

28

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent auditor’s report to the members of West HQ Limited Opinion We have audited the financial report of West HQ Limited (the Company), which comprises the statement of financial position as at 31 December 2025, the statement of comprehensive income, statement of changes in equity and 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 Company is in accordance with the Corporations Act 2001, including: a.

Giving a true and fair view of the Company’s financial position as at 31 December 2025 and of its financial performance for the year ended on that date; and

b.

Complying with Australian Accounting Standards – Simplified Disclosures 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 Company 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 Independence 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 is the directors’ report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

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 or 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.

Page 2

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 – Simplified Disclosures 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 Company’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 Company 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. Misstatements 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 for 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 Company’s internal control.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Page 3

►

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 Company’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 opinion. 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 Company 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.

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.

Ernst & Young

Daniel Cunningham Partner Sydney 17 March 2026

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation