WOTSO (WOT) investor relations material

Executive summary

• Network expanded to 35 coworking locations across Australia and New Zealand, with four new sites opened and a pipeline to exceed 40 by June 2026.

• Revenue grew to $24.6m for the half-year ended 31 December 2025, driven by Flexspace expansion, member growth, and improved earnings from developing locations.

• Underlying EBITDA rose 6% to $5.4m, supported by growth in developing locations and cost reductions in mature locations.

• Flexspace sales increased 7% year-over-year to $16.9m, and ancillary sales surged 31% to $2.8m.

• Interim/final distribution increased to 1.35 cps, reflecting confidence in the operating platform.

Financial highlights

• Total revenue increased 3% year-over-year to $24.6m, with Flexspace sales up 7% to $16.9m and ancillary revenue up 31%.

• Underlying EBITDA increased 6% to $5.4m; administrative and overhead costs reduced by 7%.

• Cost of sales rose 6% to $15.6m, mainly due to new startup locations and higher rent expenses.

• Statutory net loss before tax of $3.5m, mainly due to depreciation and revaluation from expansion.

• Ancillary revenue grew to $59 per desk, now 16.4% of total flex space sales.

Outlook and guidance

• Network expected to grow beyond 40 locations by June 2026, with continued disciplined expansion and focus on suburban and regional opportunities.

• Capital from Yandina sale to be reinvested in Flexspace expansion and new property assets.

• Overhead expected to remain flat as network approaches 50 locations, supporting margin expansion.

• Focus on dual-engine strategy: Flexspace growth and selective property ownership.

• Temporary revenue gap anticipated until reinvestment of sale proceeds.