WOTSO (WOT) investor relations material

Executive summary

• Network expanded from 19 to 35 locations across Australia and New Zealand, with 4 more in the pipeline and desk inventory up 10% to 8,036 desks, focusing on scalable growth and operational efficiency.

• Operating platform supports up to 50 locations with stable overhead, enabling incremental growth to flow to earnings.

• Dual-engine model: operating platform drives utilization and growth, property portfolio captures yield as locations mature.

• Underlying EBITDA rose 6% to $5.4m, driven by Flexspace expansion, developing locations, and cost reductions in mature sites.

• 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 sales up 31% to $2.8m.

• Underlying EBITDA increased 6% to $5.4m; overhead and admin costs decreased 7% to $3.9m.

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

• Ancillary revenue grew 22% to $59 per desk, now 16.4% of total Flexspace sales.

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

Outlook and guidance

• Continued disciplined expansion, with focus on suburban and regional opportunities and network expected to exceed 40 locations by June 2026.

• Expectation that new locations will ramp up, mature sites will provide recurring and ancillary income.

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

• Capital from Yandina sale to be redeployed opportunistically into new assets and Flexspace expansion.

• Focus on converting scale and operational maturity into sustained long-term earnings growth.