Announcement PDF Annual Report For the Year Ended 30 June 2025 Spacetalk Limited ABN 93 091 351 530 www.spacetalk.co Contents Corporate directory 8 Directors' report 9 Directors' declaration 25 Independent auditor's report to the members of Spacetalk Limited 26 Auditor's independence declaration 31 Consolidated statement of profit or loss and other comprehensive income 32 Consolidated statement of financial position 34 Consolidated statement of changes in equity 35 Consolidated statement of cash flows 36 Notes to the consolidated financial statements 37 Consolidated entity disclosure statement 70 Shareholder information 71 FINANCIAL REPORT SPA 2025 Highlights +25% Growth in Annual Recurring Revenue vs prior corresponding period (pcp) $12,100,000 Annual Recurring Revenue (ARR) 4 FINANCIAL REPORT Spacetalk Mobile paid subscriber growth +44% vs pcp Revenue growth driven by continued growth in Spacetalk Mobile paid subscribers +12% vs pcp Gross profit increased in line with revenue growth +13% vs pcp Decreased cost base as a result of restructuring and improved operational controls -11% vs pcp Improvement in adjusted EBITDA reflects progress towards profitability -57% vs pcp 44,400 Subscribers $19.6m Revenue from continuing operations $9.7m Gross profit from continuing operations $12.5m Operating expenses from continuing operations -$1.9m Adjusted EBITDA from continuing operations 5 Reinventing Spacetalk Letter from the Chair of Spacetalk Limited Dear Shareholders On behalf of the board of directors, I am pleased to present the Company’s Annual Report for the 2025 financial year (‘FY25’) incorporating financial statements as presented on 29th August 2025. FY25 was a defining year for Spacetalk, as we successfully advanced our corporate strategy built around the vision of “Safety at Every Stage of Life”. In doing so, we transitioned from a hardware led to a software-led, hardwareenabled business designed to be scalable, predictable, and cash generative. The transformation was underpinned by strong recurring revenue growth, disciplined cost management, and targeted investment in innovation. Expanding into new markets and significant progress on new products have strengthened our platform for long-term growth. While operational efficiency remains a key focus, our strategy is now focused on driving top-line growth through diversified revenue streams and strategic partnerships. 6 Looking ahead to FY26, we remain focused on driving growth, strengthening our market position, and advancing innovation - to deliver long-term value for our shareholders and capitalise on the many opportunities in the future. I would like to express my gratitude to our CEO and Managing Director, Simon Crowther, and the entire SPA team for their unwavering commitment and hard work throughout this year. I would also like to thank our shareholders for their continued support as we progress on this transformative journey together. GEORG CHMIEL Non-Executive Chair CEO's Report I am pleased to report on the key milestones achieved in 2025 financial year, which represent another stage in our company’s transformation and lay the foundations for sustainable longterm growth. Our focus remained on delivering the corporate strategy outlined to shareholders in May 2023. Guided by the overarching vision of ‘Safety at Every Stage of Life’, we are advancing this vision to transform the company from a kids’ wearable hardware business to a software led business that is profitable, predictable and cash generative. The transition unlocks a significantly larger growth opportunity and the potential to deliver stronger returns for shareholders. Spacetalk is no longer solely a kids’ wearable business - we are accelerating our transformation into a device agnostic SaaS business that has a significantly higher Total Addressable Market (TAM), independent of the sale of a wearable device. In a global landscape marked by evolving macroeconomic conditions and geopolitical tensions, our shift toward a SaaS-led model with recurring revenue streams positions us to maintain resilience and deliver long-term growth. By reducing dependence on hardware sales, we have mitigated macroeconomic risks and exposure to cross border challenges whilst sharpening our focus on sustainable profitability. To capture this market opportunity, we have reset and refocused the business. While resetting the organisation was complex, we have successfully completed this phase, achieving double digit revenue growth, implementing cost control and moving substantially closer to breakeven. Key initiatives included selecting an AI customer service platform and global customer service partner and rebuilding both our central technology systems as well as our product and data technology architecture group. These measures increased cost control while improving efficiency, visibility and accountability. Collectively, they form the foundation for future scalability as we now transition into the next phase of our strategy – ramping sales, geographic growth and new hardware and software products. There was strong growth in paid mobile subscribers, highlighting strong uptake of our mobile-first strategy and the benefits of bundling initiatives that drive higher ARPU and deeper customer engagement. We are now well placed to expand into the strategically important seniors’ market. With Australia’s ageing population, demand for senior-focused technology solutions is accelerating, and our refreshed Life mPers device is designed to capture this opportunity in a larger, underserved segment. Given the seniors’ market is not only bigger than the kids’ segment but also offers higher lifetime customer value, we are confident it will become a major driver of future growth. We have also enhanced our marketing capabilities, expanded our eCommerce offering and presence, and established this area as a key driver of future growth. Lastly, we mitigated risk for the business and our shareholders by strengthening our relationship with Pure Asset Management and successfully restructuring our debt. This gives us both flexibility and confidence to repay the debt in full and on schedule. As we move into FY26, we aim to build on the strategic foundations established this year. With our SaaS and subscription models firmly in place, we expect to achieve a sustainable operating position while establishing our presence in the seniors’ market, reinforcing our commitment to delivering long-term, sustainable growth for shareholders. Our growing ecosystem and emphasis on recurring revenue provide a strong platform to accelerate both growth and sustainable operations in FY26. We remain confident these strategies will support our ambition to achieve $20–25 million in recurring revenue by 2026. I would like to thank my team for their hard work and commitment throughout the year, our board for their support, our shareholders and Pure Asset Management for their steadfast and continued support. I am confident we are on the right path and excited for Spacetalk to finally deliver and exceed expectations. Simon Crowther CEO and Managing Director 7 DIRECTORS’ REPORT Corporate Directory Registered Office Level 2 104 Frome Street Adelaide SA 5000 Australia Principal place of business Level 2 104 Frome Street Adelaide SA 5000 Australia Email: support@spacetalk.co Share Registry BoardRoom Pty Ltd Level 8, 210 George Street Sydney NSW 2000, Australia Telephone: 1300 737 760 Overseas Callers: +61 2 9290 9600 Email: enquiries@boardroomlimited.com.au Auditor RSM Australia Partners Stock Exchange listing Spacetalk Limited shares are listed on the Australian Securities Exchange (ASX code: SPA) Website https://spacetalk.co https://investorhub.spacetalk.co 8 DIRECTORS’ REPORT Directors’ Report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group or Company') consisting of Spacetalk Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The following persons were directors of Spacetalk Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: • Georg Chmiel - Chair • Michael Rann • Simon Crowther • Martin Pretty PRINCIPAL ACTIVITIES Spacetalk Limited is a software services and wearables hardware product developer. As a package, our technology platform provides a complete digital communication solution that supports safety and security for families across their life stages and for employees working in remote settings. Our unique proprietary ecosystem, which has continued to evolve over time, is today recognised as a leader in family safety and the connected wearables industry. The Spacetalk technology platform comprises both market-leading hardware and a trusted, client-controlled software platform that provides safety and security to users via the benefits of mobile technology. The multi-functional SaaS Spacetalk App can be customised, giving clients the ability to enable or disable individual features. Parents are empowered to block their kids access to the open internet, social media, and inappropriate adult content while simultaneously blocking calls and messages from unknown senders. The app can also monitor the location of vulnerable family members, including children and seniors, bringing enhanced peace of mind for the entire family. DIVIDENDS There were no dividends paid, recommended or declared during the current or previous financial year. 9 DIRECTORS’ REPORT Information on Directors GEORG CHMIEL Independent Non-Executive Chair MBA (INSEAD), Master equiv. in Computer Science (Technical University of Munich), FAICD, ICDM(F) Georg is a business leader, company director and senior advisor with more than 3 decades of experience in rapidly growing companies and disruptive technologies. Georg has strong knowledge of the capital markets and technology business expertise with extensive global exposure in Asia, Australia, New Zealand, and Europe. Georg is currently Non-Executive Chair and Co-Founder of Juwai-IQI, ASEAN’s leading prop-tech group. He is also a Non-Executive Chair of Centrepoint Alliance (ASX: CAF), Non-Executive Director of Kinatico (ASX: KYP) and Xamble Ltd (ASX:XGL). Former directorships (last 3 years): First Appointed: Non-Executive Director of Proptech Group (ASX: PTG), BUTN (ASX:BTN) and Executive Chair of iCar Asia (ASX:ICQ) 1 July 2022 Special responsibilities: Member, Audit and Risk Committee Member, Remuneration and Nomination Committee Interests in shares: 1,774,034 shares (directly and indirectly held) Interests in options: Interests in rights: 600,379 Listed options (directly and indirectly held) Nil performance rights HON MIKE RANN, AC CNZM Independent Non-Executive Director Master's degree in Politics (University of Auckland) Mike was Premier of South Australia for almost ten years from 2002 to 2011. While Premier, he also served as Minister for Economic Development, the Arts, Sustainability and Climate Change and Social Inclusion. In late 2012 Mike was appointed as Australian High Commissioner to the United Kingdom and was a Governor of the Commonwealth Secretariat. In 2014 he was appointed as Australia’s Ambassador to Italy, San Marino, Albania and Libya, and Permanent Representative to the UN’s World Food Programme and to the Food and Agricultural Organisation. In the 2016 Australia Day Honours List he was appointed as a Companion of the Order of Australia (AC). Mike was Chair of the Power of Nutrition (UK) between 2017 and 2022 and was also an Independent Director of Health House International (Australia) until 2023. Other current directorships: Former directorships (last 3 years): First Appointed: Interests in shares: 1 July 2022 Chair, Remuneration and Nomination Committee Member, Audit and Risk Committee 87,029 shares (directly and indirectly held) Interests in options: 15,889 options (directly and indirectly held) Interests in rights: 88,245 performance rights Special responsibilities: 10 Mike is currently the UK and Global Chair of the Climate Group. He is Chair of the South Australia Film Corporation, CEO of Rann Strategy Group and Adjunct Professor at the University of Technology Sydney Mike was Chair of the Power of Nutrition (UK) between 2017 and 2022 and was also an Independent Director of Health House International (Australia) until 2023 DIRECTORS’ REPORT SIMON CROWTHER CEO and Managing Director BA (Hons) Business Studies & Media from Leeds University (UK) and Master of Business & Enterprise from the University of Melbourne. Simon Crowther is a serial entrepreneur and CEO with over 20 years of commercial success rooted in the technology sector in the UK, US, Canada and Australia. Simon had his first profitable exit in 2000 which paved the way for increased leadership roles and exits in subsequent years. He is comfortable at transitioning businesses at different operating stages and leading teams from startup, scale up and turnaround across international markets. Simon was CEO with AirMap, Managing Director with Yamaha Motor Ventures & Laboratory Silicon Valley and CEO of Nearmap, which he built from a start up into a leading spatial data business. He devised the core subscription model that delivered exponential growth for shareholders, culminating in a $1B+ acquisition. Other current directorships: Dubber Corp Ltd (ASX:DUB) Former directorships (last 3 years): None Interests in shares: 1,292,334 shares (directly and indirectly held) Interests in options: 103,610 options (directly and indirectly held) Interests in rights: 1,000,000 performance rights MARTIN PRETTY Independent Non-Executive Director Bachelor of Arts (Honours) from The University of Melbourne Graduate Diploma of Applied Finance from FINSIA CFA charter holder Graduate of the Australian Institute of Company Directors. Martin brings over 24 years of experience in the investment and financial services industry and has had deep involvement over that time in investing in and supporting growing Australian technology businesses. Martin currently manages a boutique investment business and was previously an investment manager with Thorney Investment Group and held management roles at ASX-listed companies Hub24, Bell Financial Group and IWL Limited. Martin also previously worked as a finance journalist with The Australian Financial Review. Other current directorships: Non-executive chairman of ASX-listed home security technology company Scout Security (ASX:SCT), and a non-executive director of ASX- listed financial services group Centrepoint alliance (ASX:CAF). Former directorships (last 3 years): None Special responsibilities: Chair, Audit and Risk Committee Member, Remuneration and Nomination Committee Interests in shares: 1,021,779 shares (directly and indirectly held) Interests in options: 312,252 options (directly and indirectly held) Interests in rights: Nil performance rights COMPANY SECRETARY Hasaka, the founder of Singleton Co Sec, has over 15 years of experience working with listed companies across various industries. He has held in-house roles and has also worked with several corporate service providers. Hasaka is an appointed Company Secretary for several listed entities and is a Fellow of the Governance Institute of Australia. He is also a Chartered Secretary and holds postgraduate qualifications in corporate and securities law. 11 DIRECTORS’ REPORT MEETINGS OF DIRECTORS The number of meetings of the company's Board of Directors ('the Board') and of each Board committee held during the year ended 30 June 2025, and the number of meetings attended by each director were: Full Board Nomination and Remuneration Committee Audit and Risk Committee Attended Held Attended Held Attended Held Georg Chmiel 9 9 3 3 3 3 Michael Rann 9 9 3 3 3 3 Simon Crowther 9 9 - - - - Martin Pretty 9 9 3 3 3 3 Held: represents the number of meetings held during the time the director held office or was a member of the relevant committee. 12 DIRECTORS’ REPORT Operational and Financial Review PRINCIPAL ACTIVITIES Spacetalk Ltd is Australia’s leading provider of connected safety solutions for families, offering an integrated ecosystem of mobile devices, software, and services that deliver peace of mind at every life stage. Our mission is simple yet powerful: to keep families safe, connected, and supported—wherever life takes them. As a package, our technology platform provides a complete digital communication solution that supports safety and security for families across their life stages. Our unique proprietary ecosystem, which has continued to evolve over time, is today recognised as a leader in family safety and the connected wearables industry. The Spacetalk technology platform comprises both market-leading hardware and a trusted, client-controlled software platform that provides safety and security to users via the benefits of mobile technology. The multi-functional SaaS Spacetalk App can be customised, giving clients the ability to enable or disable individual features. Parents are empowered to block their kids access to the open internet, social media, and inappropriate adult content while simultaneously blocking calls and messages from unknown senders. The app can also monitor the location of vulnerable family members, including children and seniors, bringing enhanced peace of mind for the entire family. KEY PERFORMANCE HIGHLIGHTS Income Statement ($'000) FY25 FY24 Total income 20,105 17,913 Annual recurring revenue 12,100 9,700 Revenue from continuing operations 19,609 17,480 12% 31% Gross Profit from continuing operations 9,726 8,615 Gross Margin (%) 50% 49% Operating Expenses from continuing operations (12,459) (13,975) EBITDA from continuing operations1 (1,876) (4,377) Revenue growth % Loss from discontinued operations Loss after income tax attributable to the owners of Spacetalk - (540) (4,544) (6,236) 1. Adjusted EBITDA disclosure is in line with AASB 18, which dictates disclosure of alternative performance metrics. Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortisation (“EBITDA”), further adjusted by adding back or deducting specific items that are considered non-operational, infrequent, or non-cash, such as restructuring costs, impairment charges, or other one-off income/expenses. The measure is reconciled to the nearest statutory measure, with all adjustments explicitly disclosed in the accompanying notes to the financial statements. In our case, adjusted EBITDA excludes fair value of derivatives, share based payments and costs related to debt restructuring. Management believes that this adjusted EBITDA is consistent, transparent and linked to corporate strategy. Adjusted EBITDA reconciliation Loss from continuing operations before income tax FY25 FY24 (4,544) (5,696) Depreciation and amortisation expense 1,442 912 Interest expense 458 577 (Loss) / gain on fair value of derivatives 407 (720) Share based payments 361 358 - 192 (1,876) (4,377) Costs relating to debt restructuring Adjusted EBITDA 13 DIRECTORS’ REPORT FINANCIAL PERFORMANCE The 2025 financial year marks a further step in the strategic transformation of Spacetalk. Total revenue from continuing operations was $19.6m, representing growth of 12% year-on-year (FY24: $17.5m). Growth was led by continued expansion in Spacetalk Mobile, along with steady hardware/device sales. Segment momentum was partially offset by an anticipated decline in standalone app revenue as customers migrate to bundled mobile-and-service offerings. Annual recurring revenue (ARR) increased by 25% vs PCP to $12.1m (FY24: $9.7m), reflecting our focus on building sustainable, highquality recurring revenue streams across the business. The business continues to prioritise mobile revenue due to its superior unit economics relative to app-only revenue. Mobile subscribers receive app access bundled with their mobile plan, which boosts recurring revenue and improves profitability per customer through higher adoption, retention, and lifetime value. Recurring revenue recognised in FY25 of $11.2m (FY24: $9.2m), represented 57% of total revenue, up from 53% in FY24. Segment Performance ($’000) FY25 FY24 Revenue Gross Profit Revenue Gross Profit Spacetalk Mobile 6,957 3,633 4,523 1,984 Apps 2,411 1,687 2,882 2,216 Schools 1,866 1,759 1,830 1,761 Recurring 11,234 7,079 9,235 5,961 Devices 8,313 2,587 8,186 2,595 Seniors 62 60 59 59 19,609 9,726 17,480 8,615 Total segment revenues GROSS PROFIT & MARGINS Gross profit improved to $9.7m (FY24: $8.6m), with group gross margin improving slightly to 50% (FY24: 49%). OPERATING EXPENSES Operating expenses decreased to $12.5m (FY24: $13.9m), a direct result of restructuring and improved operational controls. The net loss after tax for FY25 was reduced to $4.5m (FY24: $6.2m), reflecting progress toward profitability while still funding growth and investment in technology and distribution. CASHFLOWS FROM CONTINUING OPERATIONS ($’000) Summary Cash Flow Statement ($’000) FY25 FY24 Cash receipts from customers 19,210 17,420 (21,295) (19,889) (596) (369) Cash payments to suppliers and employees Interest paid Income taxes paid - (32) Net cash used in operating activities (2,681) (2,870) Purchase of intangible assets (1,630) (1,400) Cash used in investing activities (1,658) (1,433) Cashflow before financing activities (4,339) (4,303) Cashflow from financing activities 3,714 3,046 Net decrease (increase) in cash and cash equivalents (625) (1,257) Cash and cash equivalents at year end 1,149 1,770 14 DIRECTORS’ REPORT CASH FLOW DRIVEN BY IMPROVED REVENUE & OPERATIONAL EFFICIENCY Cash Receipts from Customers Total Cashflow before Financing Activities 6,000 5,964 5,000 4,000 In $ 000"s 3,000 5,276 4,889 3,082 2,000 1,000 0 (1,000) (886) (1,499) (1,156) (799) (2,000) (3,000) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Growth in customer receipts - $5.3m in 4Q25 vs PCP (4Q24: $3.9m) - enabled increased operational and revenue expansion, driven by: • Recurring Revenue: FY25 ARR increased to $12.1m (FY24: $9.7m), supporting future cash flows and highlighting the positive impact of our subscription-based strategy. • Inventory Management: FY25 inventory days of 102 (FY24: 129 days) reflected improved management of inventory, freeing up cash. • Cost efficiencies: Operating costs were reduced to $12.5m (FY24: $13.9m) resulting in $1.4m in cost savings. This was achieved through focused business process improvements and efficiency initiatives. GROWTH STRATEGY Spacetalk’s growth strategy for FY26 and beyond, as outlined, aligns directly with the company's operational and financial data provided in its FY25 statements and reports. Here is a detailed check and assessment of the key strategic priorities against the actual business positioning, plans and financial moves: • International Expansion: Focused on expanding into North America and Europe using digital/e-commerce channels and selected local partners. • Recurring Subscription Revenue: Continued prioritisation of high-margin recurring revenues (Mobile Virtual Network Operator (MVNO) and app subscriptions), with the launch of App 2.0 to enhance retention and Average Revenue Per User (ARPU). • Integrated Ecosystem: Hardware, mobile, and Spacetalk App integrated for stronger retention and migration toward broader family solutions, building lifetime value. • Product and Technology Investment: Continued investment in new products (e.g., Adventurer 3) and platform innovation, with a focus on App enhancement and unlocking cross-sell/up-sell. • Capital Efficiency: Emphasis on cost optimisation and margin improvement through continuous improvement initiatives. • Balance Sheet Strength: Secured new equity and refinanced principal debt facility to strengthen the foundation and fund flexible, risk-managed growth. 15 DIRECTORS’ REPORT EVENTS AFTER THE REPORTING DATE Capital Raise After 30 June 2025 balance date, Spacetalk successfully undertook a significant equity raising to facilitate its growth strategy. On 11 July 2025, the Company secured $3m in capital to fund expansion and new products from Thorney Investment Group (Thorney). The $3m investment by Thorney was in exchange for new unsecured notes that will accrue interest at a rate of 10% per annum, which shall be payable through the issue of shares on a quarterly basis, subject to the receipt of prior shareholder approval. The Converting Notes are otherwise subject to mandatory conversion into shares on 31 July 2026, subject to shareholder approval. Borrowing Facility Extension On 11 July 2025, Pure Asset Management (Pure) agreed to subscribe for 1,000,000 Converting Notes on conversion of $1m in secured debt currently owing by the Company, which will take immediate effect upon the issue of Converting Notes to Pure. Post conversion, the debt facility balance would be $3.6m. Further, Pure committed to the following additional arrangements in respect of its existing secured loan facility: • a suspension of all capital repayments for the remainder of the 2025 calendar year; and • an extension of the maturity date of the remaining loan facility by three months to 30 June 2027. SUMMARY OF KEY BUSINESS RISKS The Group operates in a highly competitive and rapidly changing sector, which provides both opportunities and challenges. While some of these challenges and risks may be out of the Group’s control, we have made, and continue to make investments in our risk management and control frameworks to ensure we can respond to and mitigate the impact of these risks as they arise, whether they result from regulatory changes, shifts in the competitive environment, or other circumstances over which the Group has no control. MATERIAL RISK AREAS WHAT WE ARE DOING TO MANAGE THE RISK Capital and funding • Regular communications and close relationship with debt funder. Challenges in securing sufficient debt and equity funding could impact our ability to effectively execute our strategy. • Close management of cash flow. Strategic • Regular discussions of strategy and strategic initiatives with the Board. Staying responsive to shifts in the competitive landscape is essential. Ensuring our strategic actions are wellaligned with these changes will help maintain our market position. • Periodic measurement of results against targets. Technology • Clear definition of technology roadmap. Underinvesting in developing and maintaining systems which support innovation and growth. • Understanding changing customer needs and responding with the necessary technology improvements. People • Remuneration and benefits structure to retain and attract top talent. Attracting and retaining staff who align with our culture and can drive innovation and customer-focused solutions. • Clear and consistent on our culture and values. Macroeconomic • Analyse and monitor economic and retail conditions, at a minimum, to identify shifts and take steps to manage potential impacts. Staying attuned to broader economic and retail trends is important to ensure our strategy remains relevant and effective. • Actively engaging with shareholders and the broader equity market. • Strengthen capability with experts who possess a good command of the environment. Environment and climate: • Review processes and practices to reduce impact on the environment. Proactively understanding and addressing environmental risks and impacts will be vital to our long-term sustainability. • Develop reporting on our environmental footprint. 16 DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) REMUNERATION STRUCTURE This remuneration report, which forms part of the Director's report, details the nature and amount of remuneration for each Director and other Key Management Personnel of Spacetalk Limited. The information provided in the remuneration report includes remuneration disclosures that are audited as required by section 308(3C) of the Corporations Act 2001. In accordance with best practice corporate governance, the structure of non-executive Director and executive compensation is separate and distinct. For the purposes of this report, Key Management Personnel of the group are defined as those persons having authority and responsibility for planning, directing, and controlling the major activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the parent company. The board seeks to set aggregate compensation at a level that provides the Company with the ability to attract and retain Directors of the highest calibre, whilst incurring a cost that is acceptable to shareholders. In respect of the remuneration numeration report, last voted upon by shareholders at the 2024 Annual General Meeting (AGM), less than 25% of the votes were cast against this resolution. The Constitution and the ASX listing rules specify that the aggregate compensation of non-executive Directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between the Directors as agreed. Key management personnel included in this report include: Non-executive and executive directors: • Georg Chmiel • Michael Rann • Simon Crowther • Martin Pretty Other key management personnel: • Craig Boshier – Chief Operating Officer • Gerhard Beukes – Chief Financial Officer (until 13 April 2025) • Innocent Ndoda – Chief Financial Officer (appointed 14 April 2025) Principles used to determine the nature and amount of remuneration REMUNERATION POLICY The bo