Airtasker Limited ABN 53 149 850 457 Overview 3 Letter from the Chair 4 Letter from the CEO 5 2025 at a glance 6 Board of Directors 8 Directors’ report 10 Letter from the Chair of the Nomination and Remuneration Committee 26 Remuneration report (audited) 28 Auditor’s independence declaration 48 Financial report 49 Consolidated statement of profit or loss and other comprehensive income 50 Consolidated statement of financial position 51 Consolidated statement of changes in equity 52 Consolidated statement of cash flows 53 Notes to the consolidated financial statements 54 Consolidated entity disclosure statement 97 Directors’ declaration 98 Independent auditor’s report 99 Shareholder information 104 Corporate directory 106 The world’s most trusted marketplace to buy and sell local services. We connect people who need work done, with people who want to work. OUR VISION To empower people to realise the full value of their skills. Creating jobs isn’t a by-product of the work that we do: it’s our core purpose. OUR MISSION Contents 2 3 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT 5 Letter from the Chair Letter from the CEO Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to provide this formal overview of Airtasker Limited’s operating and financial performance and governance for the year ended 30 June 2025 (‘FY25’). These results confirm the Company’s strategic direction, which centres on reinvesting home market free cash flow into far larger and higher growth offshore markets, with speed but not haste. Operational highlights Across all markets, Airtasker’s customers posted over 2.3 million tasks during FY25 - a 15.3% increase on the year ending 30 June 2024 (‘FY24’) which pushed gross marketplace volume (‘GMV’) to over $200 million for the first time. Reflecting the focus on new marketplaces, the UK and US markets accounted for almost 15% of total posted tasks, up from 11% in FY24. Airtasker signed up more than 1.1 million new users – both customers and Taskers – during FY25. Once again, the new markets were well represented, with 40% of signups coming from the UK and US. These helped increase total sign-ups by 12% vs FY24. Our Taskers earned almost $160 million during FY25, providing them with handy – mostly secondary - income while applying existing and new skills. Even more encouraging, ‘Airtasker’ is showing signs of becoming a verb. ‘Just Airtasker it’, ‘have you Airtaskered it?’ and recent Australian mainstream media headlines support this statement. Our new media campaigns promoting Airtasker as the platform where customers can ‘Get anything done’ are showing signs of success. Financial results Tim will expand on the financial results in his letter. Ahead of that, we acknowledge the cognitive dissonance of having secured the second consecutive year of positive free cash flow over $1 million - and FY25 positive operating cash flow of $4.4 million - against a $33.65 million Group EBITDA loss. The yawning difference is due to the statutory accounting treatment of our non-cash media assets including their usage during the period and the share purchase liability remeasurement and foreign currency translation at the end of the period. The business viewpoint is that these media assets provide a steady source of expansion marketing support which is unavailable if all funded by cash. The built-in optionality on repayment versus conversion of the non-Australian media deals reduces company and balance sheet risk. Outlook and commitment to shareholders For the year ending 30 June 2026 (‘FY26’), the Board is focused on continuing to improve the global product offering; overseeing the transition from accelerated investment to profitability within our UK business; prudently corralling our US business towards that same phase; and ensuring the team maintains disciplined expenditure control across all segments. Finally, I thank my fellow Directors for their collegiate and experienced counsel over the year. I also thank the management team, led by Tim, for their energetic and focused execution. We are committed to strong governance, strategic capital allocation, and delivering sustainable, long-term value creation for all shareholders. I thank all shareholders for your support over the year. Yours faithfully, Cass O’Connor CHAIR Dear Shareholders, What a year it’s been for Airtasker! Whilst our mission - to empower people to realise the full value of their skills - remains unchanged, FY25 was a year of significant progress for Airtasker as we delivered on our strategic priorities: optimising our Australian marketplace to expand its cash flow generation, while taking a lean approach to global expansion. This year we delivered incredible results: • Record GMV: GMV was a record $208.7 million - with the UK and the US reaching $21.0 million and $7.5 million GMV annualised run rate respectively. • Revenue growth re-acceleration: Airtasker marketplaces revenue re-accelerated to 18.3% (FY24: 9.8%) reaching $45.0 million, whilst Group Revenue hit a record $52.6 million. • Proven cash generation: Our Australian business generated $15.2 million (FY24: $12.8 million) in cash flow after covering all global head office expenses and at a Group level, we generated $1.2 million positive free cash flow for a second year running. During the year, we extended our lean approach to scaling in the US and UK and limited our investment to the cash generated by our Australian business and then turbocharged this with performance-based media partnerships to grow UK and US revenue by 111% and 422%, respectively. On an accounting level, our statutory net loss after tax of $31.6 million in FY25 represented primarily a non-cash statutory accounting outcome arising from the treatment of our media partnerships which require the estimation and provision for the potential future liability of buying back equity in Airtasker US and UK. Unintuitively, this means that the higher we forecast the future value of equity in Airtasker US and UK, the greater our statutory net losses! Building on the foundations we established in FY25, our goals for FY26 are to: 1. Invest in our core platform - to improve sales funnel efficiency, address platform leakage and drive purchase frequency. We’ll also explore the strategic repositioning of Oneflare. 2. Deliver profitable growth - to optimise our proven media partnership model to deliver revenue growth whilst increasing cash generation in our core Australian business. 3. Scale the US and UK - to refine our city-level marketplace playbook and leverage our global brand, turbocharged via performance-based partnerships with world class media owners. Looking back on what was a foundational year, I want to extend a genuine thanks to the incredible Airtasker team, our community of Taskers and customers as well as our amazing network of media partners and the kickass Visa Cash App Racing Bulls Formula One Team. Looking forward to FY26, we have never been more motivated and inspired to bring Airtasker to the world - to enable our customers to ‘Get anything done’, and ultimately to create local human jobs and empower people to realise the full value of their skills. Let’s do this! Tim Fung CO-FOUNDER AND CHIEF EXECUTIVE OFFICER Letter from the CEO 4 5 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT 7 2025 at a glance +18.3% 0 20 40 60 FY25 FY24 FY23 FY22 FY21 FY20 AUD millions Oneflare Airtasker 0 20 40 60 FY25 FY24 FY23 FY22 FY21 FY20 AUD millions Oneflare Airtasker AUD millions AUD millions GMV (LHS) Revenue (RHS) 0 50 100 150 200 250 FY25 FY24 FY23 FY22 FY21 FY20 15 20 25 30 35 40 45 AUD millions AUD millions GMV (LHS) Revenue (RHS) 0 50 100 150 200 250 FY25 FY24 FY23 FY22 FY21 FY20 15 20 25 30 35 40 45 Up 12.8% on pcp $52.6m Group Revenue Growth in Airtasker Marketplaces Revenue +111.1% +1.2m Hit $720 million in the pockets of Australian Taskers 0 2 4 6 8 FY25 FY24 FY23 FY22 FY21 FY20 GBP millions GBP thousands GMV (LHS) Revenue (RHS) 0 375 750 1125 1500 0 2 4 6 8 FY25 FY24 FY23 FY22 FY21 FY20 GBP millions GBP thousands GMV (LHS) Revenue (RHS) 0 375 750 1125 1500 -20 -10 0 10 20 30 FY25 FY24 FY23 FY22 FY21 FY20 AUD millions UK Revenue pcp Positive Free Cash Flow To $45.0 million And $21m in GMV annualised run rate 6 7 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT Catherine (Cass) O’Connor INDEPENDENT NON-EXECUTIVE CHAIRPERSON Cass joined Airtasker as the Independent Non-Executive Chair on 1 July 2023. Cass is currently the Chair of a number of successful venture-backed technology companies including brand influencer marketplace Tribe. Cass has 35 years’ of executive, non-executive and advisory experience, spanning various industries including media production and distribution, technology, premium consumer goods, real estate and the arts. Her background is in finance, including as a senior equities research analyst with Deutsche Bank, and investment banking and private equity investing with a number of companies including Turnbull & Partners, Goldman Sachs LLC and Carnegie, Wylie & Co. Cass was previously the Chair of ASX-listed NextEd Group Limited (ASX:NXD) and the Chair of Prime Media Group. Cass has also held senior executive roles at some of Australia’s most successful pioneering technology success stories, including initial General Manager of OzEmail and Executive Director of Ecorp, which launched eBay in Australia. Timothy (Tim) Fung MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Tim is co-founder, Managing Director (‘MD’) and Chief Executive Officer (‘CEO’) of Airtasker. He has been the CEO of Airtasker since its incorporation in 2011 and was appointed a Director on 15 March 2011. Tim is currently also a co-founder and director of Tank Stream Labs Pty Ltd, a Sydney-based technology co-working space. Prior to joining Airtasker, Tim was a founding team member at mobile telco start-up Amaysim and prior to that spent several years at Macquarie Bank and talent representation agency Chic Management. Ellen (Ellie) Comerford INDEPENDENT NON-EXECUTIVE DIRECTOR Ellie joined Airtasker as an Independent Non-Executive Director on 1 February 2021. Ellie has over 35 years of experience in financial services businesses in Australia and internationally across a range of regulated sectors, including insurance, banking and finance, and associated products and services. Ellie was the Chief Executive Officer and Managing Director of the former Genworth Mortgage Insurance Australia Limited (now Helia Group Ltd) (ASX:HLI) between 2010 and 2016, leading the company to an IPO in 2014. Prior executive positions in the previous circa 20 years were held with First American Financial Corporation (NYSE: FAF – Fortune 500) and Citigroup Australia. Ellie is a Non-Executive Director of Webjet Group Limited (ASX:WJL) where she Chairs the Audit and Risk Committee and is a member of the Remuneration and Nomination Committee. She is also a Non-Executive Director of a number of privately held companies in Australia and the Netherlands. Ellie is a member of Chief Executive Women. Peter (Pete) Hammond NON-EXECUTIVE DIRECTOR Pete joined Airtasker as a Non-Executive Director on 8 November 2013. Pete is a co-founder and director of Exto Partners, a Sydney-based venture capital firm formed in 2003. With over twenty years’ experience as a founder, investor and director of technology companies, Pete is experienced in building high growth companies. Pete is a qualified Chartered Accountant and prior to founding Exto Partners spent 10 years with KPMG in Australia and the US. As a senior executive with KPMG Consulting in New York, he focused on advising capital markets clients on risk management, product pricing, business process re-engineering and large-scale merger integration. Xiaofan (Fred) Bai NON-EXECUTIVE DIRECTOR Fred joined Airtasker as a Non-Executive Director on 24 April 2015. Fred is a co-founder and the managing partner of Morning Crest Capital, a venture capital firm. Fred is also founder and Chief Executive Officer of Fanyu Investment, an equity investment management company. Fred was a co-founder and director of NASDAQ listed company Reven Housing REIT. Mahendra Tharmarajah COMPANY SECRETARY AND CHIEF FINANCIAL OFFICER Mahendra joined the Company as Chief Financial Officer (‘CFO’) in October 2022 and was appointed Company Secretary in June 2023. A qualified Chartered Accountant, Mahendra has over 25 years’ experience in leading finance functions, across both listed and unlisted environments. Having commenced his career in the accounting profession, Mahendra has spent the last twenty years in commerce including 6 years at high growth e-commerce marketplace Viator. Most recently Mahendra was CFO at listed labour hire and recruitment business Ignite Ltd (ASX: IGN) for 6 years. Mahendra’s experience includes strategic as well as operational finance expertise including systems implementation, mergers and acquisitions and international expansion. Board of Directors 9 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT 8 Directors’ report The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as ‘Airtasker’ or the ‘Group’) consisting of Airtasker Limited (referred to hereafter as the ‘Company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the financial year ended 30 June 2025 (‘FY25’). Directors The following persons were directors of Airtasker during the whole of the financial year and up to the date of this report, unless otherwise stated: Catherine (Cass) O’Connor Independent Non-Executive Chair Ellen (Ellie) Comerford Independent Non-Executive Director Peter (Pete) Hammond Non-Executive Director Xiaofan (Fred) Bai Non-Executive Director Timothy (Tim) Fung Managing Director and Chief Executive Officer Company Secretary Mahendra Tharmarajah Principal activity The principal activity of the Group is the provision of technology-enabled online marketplaces for local services, connecting people and businesses who need work done with people and businesses who want to work. 1 Gross profit is calculated based on ‘Revenue’ (as disclosed in the Consolidated statement of profit or loss and other comprehensive income) less ‘Cost of sales’ (refer to note 8 of the Notes to the consolidated financial statements). 2 Earnings before net interest income and taxation. 3 Earnings before net interest income, taxation, depreciation and amortisation. 4 Represents the net increase in ‘cash and cash equivalents’ in the consolidated statement of cash flows. 5 Monetisation rate represents Airtasker marketplaces revenue in a given financial period, expressed as a percentage of Airtasker marketplaces gross marketplace volume. 6 Airtasker marketplaces revenue (excluding the Oneflare marketplace). Refer to note 5. 7 Airtasker marketplaces platform revenue comprising connection fees charged to customers, service fees charged to Taskers and cancellation fees, excluding breakage revenue. Refer to note 5. 8 Gross marketplace volume represents the total value of all tasks booked through the Airtasker marketplaces including market stimulus transactions before cancellations and is inclusive of price adjustments between customers and Taskers, bonuses paid by customers to Taskers, fees payable by customers and Taskers to Airtasker, and any applicable sales taxes. Financial and operational review The loss for the Group after providing for income tax and non-controlling interest amounted to $31,569,000 (30 June 2024: $2,890,000). Key financial and operational metrics Consolidated Financial metrics 2025 $’000 2024 $’000 Change $’000 Change % Group revenue 52,622 46,643 5,979 12.8% Gross profit1 50,397 44,510 5,887 13.2% Employee benefits expense (22,575) (22,373) (202) (0.9%) Sales and marketing expense (46,279) (14,458) (31,821) (220.1%) Technology expense (5,223) (5,113) (110) (2.2%) General and administration expense (8,508) (5,562) (2,946) (53.0%) Group EBIT2 (36,806) (4,686) (32,120) (685.4%) Group EBITDA3 (33,650) (180) (33,470) (18594.4%) Loss before tax (37,733) (4,426) (33,307) (752.5%) Net loss after tax (37,733) (4,426) (33,307) (752.5%) Net loss after tax attributable to the owners of Airtasker Limited (31,569) (2,890) (28,679) (992.4%) Net cash flow4 1,182 1,181 1 0.1% Cash from operating activities 4,361 3,031 1,330 43.9% Cash and term deposits 19,062 17,765 1,297 7.3% Total assets 70,408 50,573 19,835 39.2% Total liabilities (68,331) (17,937) (50,394) (280.9%) Net assets 2,077 32,636 (30,559) (93.6%) Operational metrics - Airtasker marketplaces 2025 2024 Change Change % Booked tasks 835,647 778,602 57,045 7.3% Average task price ($) 250 245 5 2.0% Monetisation rate5 21.6% 20.0% 1.6% 8.0% Airtasker marketplaces revenue ($’000)6 45,033 38,082 6,951 18.3% Airtasker platform fee revenue ($’000)7 42,160 34,053 8,107 23.8% GMV ($’000)8 208,664 190,620 18,044 9.5% 11 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT 10 Financial review Financial performance In FY25 Group statutory revenue grew 12.8% to $52.6 million, up from $46.6 million in the year to 30 June 2024 (‘FY24’). This increase was primarily driven by the Airtasker marketplaces (excluding the Oneflare marketplace), which saw strong 18.3% organic revenue growth contributing $45.0 million in FY25 (FY24: $38.1 million). New marketplaces also contributed to the result with revenue growing 144.3% in FY25 to $3.5 million (FY24: $1.4 million). The Group’s gross profit mirrored this revenue growth, increasing by 13.2%. The organic revenue growth in the Airtasker marketplaces was driven primarily by the Group’s global marketing strategy focussing on above the line brand marketing supported by public relations, paid performance marketing, brand sponsorship and other marketing activities. The above the line brand marketing investment was financed by leveraging the non-cash media advertising services from a series of media partnerships completed in Australia, the UK and the US in 2023 and 2024, while the public relations, paid performance marketing, brand sponsorship and other marketing activities were financed from Airtasker’s cash resources. 0 20 40 60 FY25 FY24 FY23 FY22 FY21 FY20 AUD millions Group Revenue $52.6m Oneflare Airtasker The FY25 statutory net loss after tax (‘NPAT’) was $37.7 million (FY24: $4.4 million loss) reflecting the sales and marketing investment of $46.3 million and the impact of the unrealised statutory accounting losses arising from the remeasurement of the media partner share purchase liabilities and the associated foreign currency translation of $5.2 million, which were recognised through profit or loss. The net loss after tax attributable to the owners of Airtasker Limited was $31.6 million (FY24: $2.9 million loss), after accounting for the 4 Ventures Limited (‘Channel 4’) and Univision Communications Inc. (‘TelevisaUnivision’) non-controlling interests that arose following the media-for-equity transactions in June 2023 and August 2024, respectively. Employee benefits expense remained largely stable at $22.6 million (FY24: $22.4 million). During the year, as part of the Group’s global expansion strategy in its key markets of Australia, the UK and the US, sales and marketing investment increased 220.1% to $46.3 million (FY24: $14.5 million). The global marketing strategy predominantly involves above the line brand marketing through the use of non-cash media advertising services provided by a range of media partners in Australia, the UK and the US for consideration in the form of equity or unsecured convertible notes issued by the Company and Group subsidiaries. During the year, the marketing investment included $27.0 million in non-cash media advertising services (58.3% of total sales and marketing expense) while the remaining $19.3 million was an investment of Airtasker’s cash resources in marketing activities including public relations, paid performance marketing and brand sponsorship. Technology expense was relatively unchanged at $5.2 million (FY24: $5.1 million) reflecting the ongoing investment in both infrastructure and the Airtasker platform on a disciplined basis. General and administration expense of $8.5 million (FY24: $5.6 million) reflected the $1.4 million in unrealised statutory accounting losses arising from the foreign currency translation associated with the media partner share purchase liabilities, recognised through profit and loss, higher legal fees associated with the media partnership transactions, travel and accommodation costs with the scaling of the UK and US operations, higher investor relations related expenses and additional facilities make good expenses. Earnings before net interest and taxation (‘Group EBIT’) and earnings before net interest, taxation, depreciation and amortisation (‘Group EBITDA’) are non-statutory financial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the statutory NPAT under AAS adjusted for specific non-cash and other items. The Directors consider that Group EBIT and Group EBITDA reflect the core earnings of the Group and assist in understanding the financial performance of the Group. Group EBIT and Group EBITDA have been calculated by eliminating the following from statutory NPAT: • Net interest income; and • Depreciation and amortisation expense. Consolidated Reconciliation of statutory NPAT to Group EBITDA 2025 $’000 2024 $’000 Change $’000 Change % Statutory NPAT (37,733) (4,426) (33,307) (752.5%) Less: Net interest expense/(income) 927 (260) 1,187 456.5% Group EBIT (36,806) (4,686) (32,120) (685.4%) Add: Depreciation and amortisation expense (note 8) (3,156) (4,506) 1,350 30.0% Group EBITDA (33,650) (180) (33,470) (18594.4%) For FY25, Group EBIT was a $36.8 million loss (FY24: $4.7 million loss) while Group EBITDA was a $33.7 million loss (FY24: $0.2 million). This result was due to an increase in marketing investment to $46.3 million including $27.0 million in non-cash media advertising services. The results also reflected the $3.8 million in unrealised statutory accounting losses arising from the remeasurement of the media partner share purchase liabilities and $1.4 million in unrealised statutory accounting losses arising from the foreign currency translation related to the media partner share purchase liabilities. In total, $33.0 million of the $33.7 million Group EBITDA loss arose from non-cash statutory accounting expenses and losses. These items include share-based payments expense (refer to note 22), non-cash marketing expense (refer to note 11) and the remeasurement of the media partner share purchase liabilities and the associated foreign currency translation (refer to note 19). Group EBIT was calculated by adjusting the statutory NPAT for net interest income generated from the Group’s cash and term deposits of $19.1 million as at 30 June 2025. The Group EBITDA result reflected the adjustment of Group EBIT for the depreciation and amortisation expense of $3.2 million, which arose primarily from the amortisation of right-of-use assets and capitalised platform development expenditure. The Group completed a number of media partnerships where Group subsidiaries in the UK and the US issued equity and unsecured convertible notes in exchange for media advertising services in the markets in which they operate. The Group subsidiaries may choose to settle the unsecured convertible notes in cash at their maturity dates for principal and coupon or convert them into equity in the issuing Group subsidiary. These unsecured convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity issued in subsequent periods. The forward obligation over own equity is treated as a share purchase liability and can be settled in cash or equity in the Company, at the option of the relevant Group subsidiary. The share purchase obligations are a function of the Group subsidiary valuation, which is based on each Group subsidiary’s trailing twelve months revenue prior to the forward purchase date, multiplied by the Group’s market capitalisation multiple as a function of the Group’s trailing twelve months revenue prior to the forward purchase date. The forecast revenues for the Group subsidiaries and the movement in the Group’s revenue based market capitalisation multiple were the primary drivers of the $3.8 million in unrealised statutory accounting losses arising from the remeasurement of the share purchase liabilities, recognised through profit or loss. In addition, as the share purchase liabilities are denominated in foreign currencies, there was a further $1.4 million in unrealised statutory accounting losses arising from the associated foreign currency translation of the share purchase liabilities, recognised through profit or loss. It is expected that as the Group continues to utilise the prepaid media assets on its balance sheet in executing its global marketing strategy, Group EBIT and Group EBITDA losses will increase in subsequent years, as the utilisation is recognised as a sales and marketing expense through profit or loss. Changes in the measurement of the share purchase liabilities will be recognised directly to profit or loss, except for the unwinding of the effect of discounting on the liabilities, which will be recognised as a finance cost. Subsequent remeasurement of the share purchase liabilities is subject to movements in the forecast revenues of the relevant Group subsidiary, the Group’s revenue based market capitalisation multiple, foreign currency translation rates and the Group’s cost of capital. 12 13 AIRTASKER Annual Report 2025 FINANCIAL REPORT OVERVIEW DIRECTORS’ REPORT Operational review Overview Airtasker is Australia’s leading online marketplace platform for local services, connecting people who need work done with people who want to work. Airtasker’s mission is to empower people to realise the full value of their skills. The core purpose of the Group is to enable flexible jobs and income opportunities by becoming the world’s most trusted place to buy and sell local services. In Australia, more than 13% of active digital platform workers use task-based digital platforms and more than 61% of those people have chosen to work through the Airtasker marketplaces, placing the Group at the forefront of the flexible working movement.1 Since launching in 2012, Airtasker has served more than 2.0 million unique paying customers worldwide2 and has put more than $720 million into the pockets of Australian Taskers (net of Airtasker’s fees). Macroeconomic conditions in the Group’s key markets were mixed during the year, with conditions in the UK and US having lesser impact due to the early stage of development in those markets. In Australia, the Group’s largest market, macroeconomic conditions and consumer sentiment improved, particularly in the second half of the financial year, assisted by a relaxation in monetary policy with interest rates reducing. The rate of inflation also declined slightly over the financial year while the unemployment rate was relatively steady. Management are optimistic that macroeconomic conditions and consumer sentiment will continue to improve over the course of 2026 leading to increased Australian marketplace demand. During FY25, Airtasker marketplaces revenue grew 18.3% to $45.0 million (FY24: $38.1 million) supported by a 9.5% increase in GMV to $208.7 million (FY24: $190.6 million). This growth was driven by a 7.3% increase in booked tasks to 835,647 (FY24: 778,602) and a 2.0% increase in the average task price to $250 (FY24: $245). Following the funnel optimisation programs implemented in FY24 to improve platform reliability and address task leakage, including the revised cancellation policy and fee structure, cancellation rates continued to decline, down 4.0% in FY25 to 14.9% (FY24: 15.5%), resulting in the monetisation rate improving 8.0% to 21.6% (FY24: 20.0%). Cash flows For the second consecutive year, the Group achieved a positive net cash flow of $1.2 million (FY24: $1.2 million positive). Cash from operating activities for FY25 grew by 43.9% to $4.4 million (FY24: $3.0 million). The positive operating cash flow result was achieved by increasing cash receipts 18.3% to $58.5 million (FY24: $49.4 million) with cash outflows increasing 16.5% to $54.6 million, driven by increased sales and marketing investment. Cash receipts growth was supported by Group revenue growth of 12.8% to $52.6 million and in particular, Airtasker marketplaces revenue growth of 18.3% to $45.0 million. Net cash used in investing activities totalled $2.2 million (FY24: $0.9 million), primarily in capitalised platform development expenditure. Net cash used in financing activities of $1.0 million (FY24: $1.0 million) related to the financing component of office facility lease liability payments. 1 The Local Services Market - Market Report, Frost & Sullivan, July 2024. 2 Comprising the Airtasker marketplaces only (excluding the Oneflare marketplace). Partnerships The Group successfully executed on its global marketing expansion program, completing media partnerships with TelevisaUnivision, iHeartMedia + Entertainment, Inc. (‘iHeartMedia’), Sinclair Television Group, Inc. (‘Sinclair’) and Mercurius Media Capital LP (‘Mercurius’) in the US and a follow-on investment from Channel 4 in the UK during the year. This was in addition to the Australian partnerships with oOh!media Operations Pty Limited (‘oOh!media’) and Australian Radio Network Pty Limited (‘ARN’) in June and July 2024. Refer to note 11, note 19, note 22 and note 23. In September 2024, Airtasker launched its above the line brand marketing campaigns in the Australian and US markets and continued its above the line brand marketing campaign launched in the UK in Octo