Shine Justice Ltd. · ASX:SHJ
Shine Justice — H1 FY2026 Earnings Presentation
35 slides from Shine Justice's earnings presentation, Feb 27, 2026
Slide 1: ASX Announcement: FY26 Half Year Results Presentation
27 February 2026 ASX Announcement Shine Justice Ltd (SHJ) FY26 Half Year Results Presentation Attached is a copy of the FY26 Half Year Results Presentation. Authorised for release by the Board Annette O’Hara Company Secretary aohara@shine.com.au For more information Carloyn Barker AM, Chief Executiv
Slide 2: Improved profitability. Poised for growth.
Improved profitability. Poised for growth. FY26 Half-year Investor Presentation Simon Morrison, Managing Director Carolyn Barker AM, Chief Executive Officer Marc Devine, Chief Financial Officer 27 February 2026
Slide 3: Important Notice
Important Notice This presentation contains certain forward-looking statements with respect and objectives of the management of Shine Justice Ltd. Such forward-looking statements involve both known and unknown risks, uncertainties, assumptions and other important factors which are beyond the control
Slide 4: Contents
Contents 5 FY26 Half-year Highlights 6 FY26 Half-year Financial Summary 7 FY26 Half-year Financial Results 12 Personal Injury Overview 15 Class Action Overview 19 International Mass Torts Strategy 24 Emerging Technology 27 Capital Management 31 Market Position & Outlook 34 Thank You & Questions
Slide 5: What we do and where we do it!
What we do and where we do it! PURPOSE DRI VEN, RESI LI ENT AND DETERMI NED TO SEEK J USTI CE FOR OUR CLIENTS Class Actions Personal Injury • Consumer Shine Lawyers, • Employment Sciaccas (QLD), Stephen Browne (WA) • Environmental & Bradley Bayly (WA) • Financial • Motor vehicle Services • Workplace
Slide 6: FY26 Half-year Highlights
FY26 Half-year Highlights Return to PI Momentum Class Actions Dividends Profitability Pipeline Continuing NPAT of $6.7M compared to Core personal injury business Four in-principle settlement 1.5 cent fully franked interim ($1.7m) loss in H1 FY25. delivered revenue growth with agreements reached in t
Slide 7: FY26 Half-year Financial Summary
FY26 Half-year Financial Summary 1.5c fully Revenue EBITDA NPAT GOCF EPS franked $108.8m $21.1m $6.7m ($6.3m) 4.6 cps interim dividend Revenue Growth Cash Flow Performance Capital Returns • Year-on-year revenue growth of • Gross operating cash flow negative • Fully franked interim dividend approxima
Slide 8: FY26 Half-year Financial Results
FY26 Half-year Financial Results
Slide 9: Profit and Loss Statement
Profit and Loss Statement H1FY26 H1FY25 Variance Revenue growth: Growth in personal injury as a result of increased legal work per fee earner, a $m $m $m reduction in matters with either a full or partial write off and improved billing recovery. Revenue 108.8 100.7 8.1 EBITDA: Minimal increase in em
Slide 10: Statement of Cash Flows
Statement of Cash Flows H1FY26 H1FY25 Receipts from customers: reflecting moderated $m $m settlement inflows in class actions due to the timing of delayed receipts. Personal injury also Cash flows from operating activities experienced some delays with government clearances. Receipts from customers (
Slide 11: Cash Flow timing bridge
Cash Flow timing bridge Delayed receipts: Class action receipts to the value of $17.6 million were forecast to be received prior to 31 December 2025. The delays related to court orders being reserved, administration delays due to the holiday period and extended payment terms outside of agreement. Re
Slide 12: Balance Sheet
Balance Sheet 31 Dec 25 30 Jun 25 Cash At Bank: Delayed receipts for class $m $m actions impacted cash at bank. Personal injury Cash 1.1 18.1 cash was also impacted by delays in government clearances for settlements. Receivables 15.4 7.3 Work in progress 381.2 363.5 Disciplined Growth in Work in Pro
Slide 13: Personal Injury Overview
12 Personal Injury Overview
Slide 14: Personal Injury
Personal Injury Leader in Scale & Reach Client Success Australian 2,100+ cases resolved in Personal Injury National footprint H1 FY26, securing $376m Leading PI law firm with capturing leads in high- in damages. 43 PI offices, 540+ growth suburban and personal injury staff , and regional areas with
Slide 15: Personal Injury
Personal Injury Shine Group Net Revenue (Adjusted) - Personal Injury ($m) 100.0m 90.6m 86.2m 90.0m 82.0m 90.6m 80.0m 9.8m 8.8m 82.0m 70.0m 30.6m 72.0m 75.6m Growth in H2 FY26 Scale-Driven 60.0m 50.0m revenue and Momentum Market 40.0m 46.5m 30.0m EBITDA Advantage 20.0m 10.0m - FY22 H1 FY23 H1 FY24 H1
Slide 16: Class Action Overview
15 Class Action Overview
Slide 17: Class Actions: Embedded Upside
Class Actions: Embedded Upside Robust H1 Timing Major Wins Pipeline Impact H1FY26: $17.1m revenue. Four Actions achieved in ~54 open matters: 27 Several matters to be principle settlement under investigation, finalised in H2, and new agreements in H1 totalling 27 filed actions across matters filed.
Slide 18: Class Actions Revenue: Historical Context
Class Actions Revenue: Historical Context Shine Group Net Revenue (Adjusted) - Class Actions ($m) 70.0m 58.4m 60.0m 50.0m 7.7m Revenue stable H2 FY26 Scale-Driven 40.0m 30.6m 33.4m 31.1m with future Momentum Market 30.0m 5.9m 5.0m 20.0m 8.8m 9.8m 17.7m 17.9m upside Advantage 10.0m 20.1m 18.7m 16.3m
Slide 19: Class Actions Portfolio Composition
Class Actions Portfolio Composition ● Filed Actions (27) ● Financial Services: 7 matters ● First Nations: 2 matters ● Shareholder: 5 matters ● Consumer: 4 matters ● Employment & Medical: 6 matters Under Investigation (27) ● Consumer: 9 matters ● Medical/Health: 6 matters ● First Nations: 6 matters ●
Slide 20: International Mass Torts Strategy
19 International Mass Torts Strategy Unlocking Global Growth Opportunities Through Strategic APAC Expansion
Slide 21: Shine Hub-and-Spoke Strategy
Shine Hub-and-Spoke Strategy THAILAND USA Johnson & Johnson Talc Class Action Hub • Preparation phase for filing • Strategic co-ordination with Thailand partner firm AUSTRALIA 3 Class Actions Filed (Protective Proceedings) • Johnson & Johnson Talc • PPI (Proton Pump Inhibitors) • 3M Combat Arms Earp
Slide 22: Funding Strategies for International Mass Torts
Funding Strategies for International Mass Torts Portfolio Funding Strategy Funding Secured for large Discussions well progressed for funding framework that supports multiple class actions as part of the broader scale mass tort class action international strategy. in Australia Secured historic intern
Slide 23: Shine Lawyers US LLC - Arizona
Shine Lawyers US LLC - Arizona ABS Licence Secured Regulatory Compliance Pipeline Development Alternative Business Structure (ABS) Licenced operator status for US Personal injury cases expanding licence, successfully obtained in market presence established demonstrating market traction Arizona, perm
Slide 24: International: Strategic Expansion
International: Strategic Expansion Target Practice Areas US Market 1 Shine Lawyers US, LLC established. Product Liability Environmental Defective or Exposure to pollutants dangerous products or toxins Partner Model 2 Controlled expansion through partnerships with established US law firms, avoiding o
Slide 25: Emerging Technology
24 Emerging Technology
Slide 26: Technology & Innovation: Scaling Efficiency
Technology & Innovation: Scaling Efficiency Emerging Technology AI Applications Data at the centre Established Centre to pilot • External and AI for case internal resources triage • Artificial intelligence is being • Investment in constructing a engaged to support the introduction explored to suppor
Slide 27: Technology ROI Pathway
Technology ROI Pathway Transitioning from investment to margin expansion FY25: Foundation 1 2 FY26: Proof of Concept Artificial intelligence document review scaling. Real-time Emerging Tech Centre launched. Salesforce CRM fully KPI dashboards for practice leaders. Early efficiency deployed. AI pilot
Slide 28: Capital Management
27 Capital Management
Slide 29: Capital Management: Disciplined Approach
Capital Management: Disciplined Approach Shareholder Returns 1 Fully franked dividends: H1 FY26 1.5c. Share buy-backs: 379,866 shares cancelled in the half-year, new 10% authorisation. Growth Investment 2 Technology Centre: AI and CRM scaling. International expansion: US market foundation. PI bolt-o
Slide 30: Capital Management: Value for Shareholders
Capital Management: Value for Shareholders Dividend Update • Declaration of a fully franked 1.5c interim dividend. • Consistent interim dividend for four years. • The Company continues to pay tax, thereby increasing its franking credit balance. Share buy-back • Activated and managed against other ca
Slide 31: Operating Cost Management
Operating Cost Management Employee Overhead Cost-revenue H2 FY26 expenses control ratio discipline Operating costs remained H1 FY26: $62.6m (PCP: Continued focus on cost H1 FY26: $35.7m (PCP: flat as a percentage of $61.7). Focus on optimisation while $35.4m). Increase in revenue despite productivit
Slide 32: Market Position & Outlook
Market Position&® =——Ssti<i<‘C<CS*# Outlook
Slide 33: Market Position & Competitive Advantage
Market Position & Competitive Advantage Market National Scale Client Impact Innovation Dual Engine Leadership Edge Leading firm in Group - 46 >$11+ billion Technology PI + Class fragmented PI offices, 850+ recovered for investment Actions sector. staff. Geographic >130,000+ creating efficiency diver
Slide 34: FY26 Outlook
FY26 Outlook Building on H1 foundation for strong finish 5 4 3 2 Step 5 - Capital Discipline 1 Step 4 - Technology Balance shareholder Scale returns with growth Step 3 - CA Pipeline AI and automation investment. Portfolio Execution funding for Class Step 2 - PI moving from pilot to Multiple settleme
Slide 35: Thank you and Questions
34 Thank you and Questions