Freelancer : Annual Report 2025

About this update from Freelancer Ltd.

FREEL ANCER LIMITED A CN 1 4 1 959 042 2 0 2 5 INNOVATION GOES TO THE MOON(SHOT). NASA doesn't just build rockets. They crowdsource the impossible. A $475 million contract just opened the door - and we walked through it. READ MORE P.27 INDEX PAGE CONTENTS 002 Chairman's Letter 042 Directors' Report 064 Consolidated Statement of Profit or Loss and Other Comprehensive Income 065 Consolidated Statement of Financial Position 066 Consolidated Statement of Changes in Equity 067 Consolidated Statement of Cash Flows 068 Notes to the Financial Statements 110 Directors' Declaration 111 Independent Auditor's Report 116 Additional ASX Information 118 Corporate Directory 001 CHAIRMAN'S LETTER FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREEELSACNRCOEWR.COM 002 CHAIRMAN'S LETTER Dear Shareholders, FY25 was a defining year for Freelancer Limited, one that marked our return to profitability and validated the strategic discipline we committed to over the past two years. I am pleased to report that your Company delivered an all-time record Net Profit After Tax of $2.2 million and an all-time record operating profit of $2.0 million, representing a substantial turnaround from the prior year's loss of $0.8 million. A YEAR OF PROGRESS The Group delivered revenue of $55.3 million for FY25, an increase of 4.1% on the prior year. Gross profit grew 8.5% to $45.3 million, with gross margin expanding to 85.2%, reflecting improved monetisation and a more favourable product mix. We generated operating cash flow of $7.7 million, up 33% on FY24, and ended the year with $22.9 million in cash and no external debt. These results are the product of sustained focus across three areas: marketplace growth and quality, product and platform innovation, and financial discipline. OUR MARKETPLACE Our global marketplace continued to expand, reaching 87.5 million registered users and 25.3 million total jobs posted. More importantly, we saw a meaningful shift toward higher-value work. AVERAGE PROJECT SIZE ROSE 19.4% TO US$413, MARKETPLACE LIQUIDITY STRENGTHENED WITH 54 BIDS PER PROJECT, AND CONTEST ENTRIES PER LISTING SURGED OVER 50%. THESE ARE SIGNS OF A HEALTHY, DEEPENING MARKETPLACE. AI-related projects are now contributing around 5% of total marketplace volume, creating new categories of work while simultaneously making our freelancers more productive. We view this as a powerful validation of our long-held conviction that AI enhances human capability rather than replacing it. On the product front, we launched client-initiated audio and video calling, rolled out a revamped messaging experience, and automated our project review process using AI, driving a roughly 10% improvement in key financial conversion metrics. We also introduced Prototyper, our AI-powered collaborative whiteboard, which lets clients and freelancers move from concept to interactive prototype without writing a line of code. ESCROW.COM Escrow.com delivered another outstanding year, achieving all-time record revenue of $12.3 million, up 18.8% on FY24, and completing its fifth consecutive year of profitability. The domain name segment remained a pillar, with .AI domain sales nearly tripling to $27.1 million. The business is expanding into new verticals including B2B electronics, luxury goods, and automotive, while its e-commerce partnership positions it for significant merchant adoption in the year ahead. LOADSHIFT Loadshift reached an important milestone, delivering its first full year of profitability. Revenue grew 12.4%, GMV increased 7.7%, and the business recorded consecutive all-time record quarters in 3Q25 and 4Q25. With over 800 million kilometres of freight posted and continued investment in platform capabilities including in-app calling and real-time GPS tracking, Loadshift is cementing its position as Australia's largest heavy haulage freight marketplace. ENTERPRISE AND INNOVATION Our Enterprise division expanded its client base and operational footprint, launching a Bengaluru office and Concierge services for premium customers. Our innovation programs continued to deliver, with Freelancer jointly awarded NASA's 10-year, US$475 million NOIS3 contract. The innovation program has now expanded beyond NASA to include the United Nations, and a corporate program will launch in early FY26. ARTIFICIAL INTELLIGENCE AND THE FUTURE OF WORK AI continues to reshape the global economy, and Freelancer sits at the intersection of human talent and machine capability. We are not building AI to replace our workforce, we are equipping our freelancers with AI tools that make them faster, more capable, and more competitive. The surge in demand for AI agent development throughout 2025 proves that this technology is creating entirely new avenues for human employment, and we intend to be the global hub for this work. OUTLOOK We enter FY26 with confidence. The AI transformation benefits Freelancer in many ways: lifting the skill of freelancers, lifting marketplace liquidity (in what is already the most liquid online services marketplace in the world), opening up new categories of work, filling the training and data collection needs of enterprises building AI technology, delivering more value to clients for each dollar spent, and massively ramping the complexity and sophistication of work we can complete through our platform. For Escrow.com in FY26, our sales and high value transaction pipeline has never been stronger. Our support is now 24x7, and we have a slew of integrations with platforms & merchants that are coming into fruition during the year. Escrow is also entering its sixth year of sustained profitability. Similarly, Loadshift is entering a marquee year, having achieved maiden profitability in FY25. Looking forward to FY26 with the fuel crisis in Australia due to the Iran War, we expect shippers to come to our service to cut costs, as well as drivers seeking loads so they don't run empty, and this is certainly what we have seen so far through the entirety of 1Q26. Our group businesses typically thrive in economic adversity: businesses seek to cut costs and find more effective ways through our marketplaces, freelancers and drivers see more work through our platforms, and organisations all around the world need fast, secure payments as new markets are sought and supply chains reorganise in an increasingly uncertain world. All the while we plan to maintain a disciplined approach to cost and capital allocation, with the objective of delivering consistent operating profit of at least $500,000 per month. Last year we made substantial progress there achieving an all-time record $2.2m in NPAT across the group. While the broader economic environment remains uncertain, the long term structural drivers underpinning our businesses remain firmly in place. Volatility, for us, is not a headwind, it is a structural tailwind. The Board is confident that your Company is well positioned to deliver sustainable growth and long term value. On behalf of the Board, I thank our team for their commitment and execution throughout the year. I also thank our users, customers, and partners for their continued trust in our platform. And to our shareholders, thank you for your ongoing support as we continue to build a global leader in marketplace and payments technology. Yours sincerely, Matt Barrie Chief Executive & Chairman Freelancer Limited 26 March 2025 003 FREELANCER.COM ABOUT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FY25 RESULTS OVERVIEW FREELANCER.COM FREELANCER 2.2 Group GMV All-time Record Net Profit After Tax (NPAT) WHO WE ARE WHERE WE STARTED $ 881.5 MILLION $ MILLION Freelancer.com is one of the world's largest freelancing and crowdsourcing marketplaces, connecting businesses with talent across every skill, every industry, and every timezone on earth. We exist because ambition deserves execution. Not excuses. Not gatekeepers. Not "maybe someday." The best person for the job rarely lives next door, and that shouldn't matter. We built the platform to make sure it doesn't. Freelancer.com launched in 2009 with a straightforward conviction: talent is everywhere, but opportunity isn't. Brilliant people with real skill and real ambition were stuck behind borders, zip codes, and systems that didn't care how good they were. Ideas were stalling because the person with the vision couldn't find the right person with the capability. We set out to close that gap. That conviction built one of the largest freelancing Group revenue All-time Record Operating Profit (excl. unrealised FX) 55.3 2.0 $ $ MILLION MILLION Today, Freelancer.com connects over 87 million users across 247 regions, spanning more than 2,700 skill categories. Software development, design, engineering, writing, data science, and far beyond. Every day, businesses of every size come here to find the talent that moves them forward. And every day, skilled professionals come here to find work that's worth doing. OUR PROMISE To the businesses we serve: the right person exists, and you'll find them here. Faster, wider, and with more confidence than anywhere else. platforms on the planet. And while the world has caught up (remote work is no longer radical, global hiring is no longer a novelty) the harder question remains: who actually makes it work at scale, with trust, and with real outcomes? That's the question we show up to answer every day. TO OUR SHAREHOLDERS Freelancer.com matches ambition with talent to make it real, at a scale, reach, and conviction that no other platform on earth can match. New users onboarded MILLION APPROX. 7.32 To the talent on our platform: the opportunity is real. Your skill, your ambition, your future. This is where you build it. New projects added to marketplace 666,000 004 005 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM MARKETPLACE USER ACQUISITION AND RETENTION PERFORMANCE Freelancer is a game-changer for entrepreneurs, small businesses and large organisations. We provide easy access to talented freelancers from around In terms of acquisition, 4Q25 saw a decline in YoY performance driven primarily by a decrease in the SEO channel. This has since been identified as a technical error and rectified, and numbers are rapidly returning to their previous levels. Volume from SEM non-brand is at record levels as of writing this report, while maintaining a relatively stable return on investment. AI-related jobs, while still at an early stage, are beginning to meaningfully contribute to GMV, being now around 5% of total marketplace volume. This new category of work typically involves redesigning operations around AI workflows, accelerating productivity, and structurally reducing costs. This shift is creating a powerful two-sided effect within the marketplace. Alongside a growing breadth of AI-related projects from clients, freelancers are themselves becoming significantly more productive and capable through AI adoption. The resulting uplift in speed, quality, and output reinforces our long-held view that AI represents a structural enhancement to the competitiveness and scalability of our freelance model. the world, who offer a wide range of services at competitive prices. Growth in jobs related to AI over time (GMV in USD) In FY25, Freelancer onboarded 7.32 million new users, while 666,000 new projects were added to the marketplace. Average project size continued its upward momentum to US$413 (up 19.4% on pcp). The sustained expansion in average project size reflects the ongoing shift toward higher-value, more complex work across the platform. Marketplace liquidity remained robust, with average bids per project at 54 (up 8.0% on pcp), and contest entries per listing exploding to 761 (up 50.7% on pcp). 1M 0.8M 0.6M AVERAGE PROJECT SIZE (USD) 400 350 300 0.4M 0.2M 0 2010 2012 2014 2016 2018 2020 2022 2024 2026 250 AI Development ChatGPT AI (Artificial Intelligence) HW/SW Data Integration 200 ENHANCE MARKETPLACE ENGAGEMENT Continued improvements in user experience and matching capabilities to attract, activate, and retain high-quality freelancers and clients. EXPAND FINANCIAL SERVICE OFFERINGS Broaden and streamline payment methods and financial infrastructure, improving transaction ease, security, and global scalability. 150 Machine Learning (ML) Artificial Intelligence Other 100 50 0 2012 2014 2016 2018 2020 2022 2024 2026 STRATEGIC OUTLOOK FOR FY26 DURING FY25: +19.4 % +8.0 % +50.7 % average project size bids per project entries per contest ACCELERATE AI DRIVEN INNOVATION Expanded integration of advanced AI solutions across products and services, enabling efficiency, automation, and new opportunities for enterprise growth. DRIVE OPERATIONAL EXCELLENCE Improve platform reliability and quality to drive customer satisfaction, market leadership, and consistently generate at least $500k in monthly operating profit. 006 007 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM WHERE AMBITION MEETS EXECUTION Freelancer is changing lives around the world, creating opportunity for entrepreneurs, small businesses and large organizations alike. Our platform connects you with talented professionals globally, delivering exceptional work at competitive rates. We empower entrepeneures around the world to achieve more through: UNMATCHED EXPERTISE UNSTOPPABLE MOMENTUM TOTAL CONFIDENCE Access experts across thousands of skill categories, from web development and design to aerospace engineering and generative AI. Tap into a cloud workforce that operates 24/7 across every time zone, ensuring your projects move forward while you sleep. Hire with complete peace of mind using our secure Milestone Payments system, ensuring you only pay when you are 100% satisfied with the work. EVAN JOHNSON MADE HIS BOARD GAME 'ZOO KING' A REALITY, KICKEDSTARTED WITH THE HELP OF FREELANCERS. 08 TODAY, MATT STARKY (@BRIGHTDOCK) EXEMPLIFIES FREELANCE SUCCESS AS A MILLION-DOLLAR FREELANCER, SHARING HIS EXPERTISE WITH THE COMMUNITY. 09 R EA L FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM MAKE IT DREAMS ARE BEING MADE A REALITY AROUND THE WORLD WITH THE HELP OF FREELANCERS! Freelancer helps small businesses, startups, entrepreneurs, and large organizations turn that spark of an idea into reality. We provide easy access to talented freelancers from all around the world, who offer a wide range of services at competitive prices. Our global cloud workforce covers thousands of distinct skill sets, from graphic design and copywriting to advanced software engineering and data science. Instead of navigating a traditional, time-consuming hiring process, our platform lets you post a project in minutes and start receiving competitive bids almost instantly. With secure payments and a transparent review system, clients can hire with total confidence, knowing they have the right experts bringing their vision to life. 010 011 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM THE INDUSTRY'S MOST TRUSTED... Freelancer in FY25 was, yet again, the platform businesses trust most in the world of work. & AWARD WINNING TALENT PLATFORM At the heart of our continued global growth is an unwavering commitment to user success. Freelancer proudly remains the #1 freelancing platform in the world for customer satisfaction. This industry-leading position is directly driven by our world-class, 24x7 global support team, who work around the clock to ensure seamless, secure, and successful project outcomes for millions of users. Our dedication to operational excellence and user trust is clearly reflected in our independent, third-party feedback, earning us: A 4.4 'Excellent' rating on Trustpilot, backed by 18,431 verified reviews. An outstanding 4.7 out of 5 on SiteJabber/ SmartCustomer across 20,075 customer ratings. The #1 position for customer satisfaction, consistently maintained against all major freelancing platforms worldwide. By prioritizing a frictionless user experience, we reinforce our reputation as the most trusted destination for on-demand global talent. Our technological innovations were again recognised globally in 2025, with Freelancer winning its 13th Webby Award and its 26th Gold Stevie PEOPLE'S VOICE WINNER IN WEBSITES AND MOBILE SITES - EMPLOYMENT CATEGORY The Webby Awards are widely regarded as the "Emmys of the internet" and celebrate excellence in digital innovation. The 2025 edition attracted more than 13,000 entrants, with more than 750,000 people casting votes. Our 13th Webby underscores Freelancer's enduring leadership in the global freelancer and crowdsourcing marketplace. BEST BUSINESS TECHNOLOGY PIVOT AT THE INTERNATIONAL BUSINESS AWARDS Our Gold Stevie award recognizes Freelancer's visionary use of AI to empower global users and execute massive, complex projects for agencies like NASA. Judges praised our 'exceptional global orchestration' and 'unmatched scale,' highlighting our AI pivot as a testament to technical excellence and scalable impact. 013 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 ETTER FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM FROM CONCEPT TO CREATION IN MINUTES Projects remain the cornerstone of the Freelancer experience, connecting businesses with skilled global talent through a highly efficient, user-centric platform. Clients simply post a brief and budget to invite competitive bids. From there, they can confidently select the right professional by reviewing portfolios, verifying past performance, and chatting directly with candidates. By offering flexible hiring models, both fixed-price and hourly; and safeguarded by our secure Milestone Payments system, we deliver exceptional value, transparency, and peace of mind to our clients. 84 % READY-TO-DELIVER SERVICES FROM TOP-TIER TALENT. A new way for clients to find the freelancer they need! With Services , freelancers can create and sell their own custom services directly on the platform; offering clients a clear, streamlined way to discover what they do best. Alongside this, we launched Freemarket , a dynamic marketplace where clients can browse a wide range of services offered by talented freelancers, making it easier than ever for both parties to connect and collaborate. projects receive bids within 60 seconds 54 bids on average per project 014 015 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM IMPROVING COLLABORATION & WORKFLOW REVAMPED MESSAGING EXPERIENCE We rolled out a revamped messaging UI across the platform to further enhance the user experience, By investing in a seamless, enterprise-grade chat experience, we are driving higher daily engagement, boosting user retention, and laying the groundwork for further platform improvements in the year ahead. ON-PLATFORM CALLING We successfully launched client-initiated audio and video calling within the marketplace pre-award. Access to this functionality is initially restricted to our highest-tier supply-side membership and has driven a modest increase in subscriptions to this tier. As a frequently requested capability among clients, we expect the feature to support improved demand-side retention over time. STREAMLINING PROJECT POSTING Additionally, we automated our project review process using AI. Removing the delay associated with human reviews in this critical step of our client experience increased key financial conversion metrics like award and milestone rates by around 10%, whilst preserving decision quality. Our focus in 1Q26 will be continuing to introduce AI into the primary job-posting funnel to more efficiently match talent and counter the impact of AI-enhanced bid spam. Additionally, we will be improving our payments infrastructure (particularly in India). 017 FREELANCER.COM FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER.COM INTRODUCING PROTOTYPER REINVENTING WORK IN THE AI REVOLUTION Artificial intelligence continues to be a transformative force globally in how we work, as enterprises worldwide embraced this groundbreaking technology at scale. With the world's largest online human workforce, Freelancer is uniquely positioned to lead this seismic shift in service delivery. PROTOTYPER SWAPS LENGTHY TEXT BRIEFS FOR VISUAL COLLABORATION, LETTING CLIENTS SHOW RATHER THAN TELL; GIVING INSTANT CLARITY. 18 We recently launched Prototyper , our new AI-powered collaborative whiteboard that enables clients and freelancers to prototype ideas together in real time. Users start with a blank canvas, sketch out concepts using intuitive whiteboard tools: sticky notes, annotations, images, and more; and then with a single click of the "Make It Real" button, AI transforms their wireframes into clickable, interactive prototypes with no coding required. We aim to see improvements in conversion and project outcomes as adoption scales across the platform. While the AI-driven fifth industrial revolution is reshaping the global economy, Freelancer's core focus remains exactly what it has always been: providing real jobs for real people. We view AI not as a replacement for human talent, but as an essential co-pilot that helps our global workforce work smarter, faster, and more creatively. FY25 was a defining year in putting this philosophy into practice. We drove significant strategic advancements by embedding AI deeply into our platform as a tool to support our users. This focus yielded measurable results across marketplace integration, our contests platform, enterprise AI services, and strategic ecosystem partnerships. By equipping our freelancers with cutting-edge AI tools, we are fundamentally elevating their productivity, skill liquidity, and project quality. The Premier Destination for AI Agent Development The massive surge in demand for AI engineering and development throughout 2025 proves that AI is creating entirely new avenues for human employment. In 2026, we are aggressively scaling our support and platform capabilities to cement Freelancer as the global hub for AI agent development. By fostering an ecosystem where AI acts as a tool to amplify human talent rather than a substitute for it, we are actively unlocking unprecedented value and job growth for our global community. OUR FOCUS CONTINUES ON LEVERAGING AI ACROSS OUR PLATFORM DELIVERED MEASURABLE OUTCOMES 019 FREELANCER ENTERPRISE FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER ENTERPRISE THE WORLD'S LARGEST CROWDSOURCING MARKETPLACE Freelancer Enterprise empowers enterprise clients with immediate access to a curated pool of exceptional, on-demand talent drawn from the largest cloud workforce globally. The Enterprise division expanded its client base and operational infrastructure throughout FY25, launching Concierge services for premium customers and establishing a Bengaluru office to drive sales and operations across the region. Engagements spanned technology, business services, financial services, and education verticals across the Americas, Europe, Middle East, Africa, and Asia-Pacific. In FY26, the division will focus on powering large-scale freelancer deployments, drawing on the platform's unmatched geographic reach and breadth of skills. 2026 marks a pivotal year of growth for our Enterprise division. Our strategy is clear: expand our AI offerings, scale our field services, and deepen our government partnerships worldwide. To capitalize on a robust pipeline of top-tier enterprise and public sector opportunities, we've fortified our sales and operations teams. These strategic investments ensure swift deal conversion and unparalleled value for our clients and stakeholders. 020 021 FREELANCER ENTERPRISE FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER ENTERPRISE SCALING GLOBAL IMPACT GOVERNMENT PARTNERSHIPS EMPOWERING GLOBAL TALENT A standout achievement within our Government division over the past year was the successful execution of The Bahrain Freelancer Accelerator in collaboration with Tamkeen. As the program reached its culminating stages, we witnessed firsthand the transformative power of our platform when paired with dedicated public sector investment. Having built portfolios and platform reputation, these individuals are now transitioning into fully independent, self-sustaining freelancers. This successful deployment not only validates our current government strategy but also serves as a highly scalable blueprint for similar international partnerships as we move through 2026. ACCELERATING MAJOR FOUNDATIONAL MODEL DEVELOPMENT Generative AI work continued throughout the year, with current projects including AI response evaluation across English and Japanese, multilingual audio transcription spanning 26 languages, Hebrew image annotation, large-scale image data collection, and voice-over projects for AI training. Field Services secured multiple enterprise clients following a six-city roadshow in India, and live field delivery commenced in Kolkata during 4Q25, supporting a major global technology company. The priority for FY26 is scaling delivery volumes, converting the enterprise pipeline and scaling into North American markets. 175K+ 52 50K+ freelancers mobilized for AI training languages supported total hours worked 022 023 FREELANCER ENTERPRISE FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER ENTERPRISE POWERING ENTERPRISE FIELD SERVICES. ANYWHERE, ANYTIME. Access a global network of millions of freelancers to eliminate coverage gaps, provide surge capability, reduce fixed costs, and ensure service excellence anywhere, anytime. Our operations span 48 cities across five countries, delivering comprehensive technical support services from monitor replacements and laptop repairs to printer installations. With a proven track record of more than 90,000 successfully completed service requests, we continue to expand both our geographical reach and technical capabilities. We also enhanced our enterprise positioning through the launch of an updated Field Services landing page, providing a clearer showcase of our capabilities and improving inbound demand from global technology companies seeking flexible service delivery models. Throughout the year, we continued supporting large technology partners through device repair, replacement programs, and technical deployments, while maintaining the ability to scale operations rapidly during peak demand periods. Looking ahead to FY26, our focus will be on expanding our global sales network, building regional enterprise partnerships, and accelerating client acquisition across North America, Europe, and Asia. This investment will enable us to convert our growing enterprise pipeline and scale service volumes across the Freelancer Global Fleet platform. During FY25, we strengthened our global field service infrastructure with the launch of a Bengaluru office, enabling us to support enterprise demand and operational delivery across India. The team has already secured early enterprise engagements and is advancing a strong pipeline of opportunities. Johor Balaraga MALAYSIA Jakarta Selangor Pahang INDONESIA Tangerang Serang Depok Bogor 024 Woolner Bendigo Hervey Bay Brisbane AUSTRALIA Wodonga Wollongong Auckland Ballarat Geelong Warragul NEW ZEALAND Wellington Delhi Bharuch Vadodara Lucknow Ahmedabad Surat INDIA Jamshedpur Kolkata Bhubaneswar Vizag Mumbai Pune Bangalore Hyderabad Chennai 025 FREELANCER ENTERPRISE FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT FREELANCER ENTERPRISE EMPOWERING ORGANISATIONS WITH GLOBAL INNOVATION FREELANCER WAS JOINTLY AWARDED NASA'S 10-YEAR, US$475M NOIS3 CONTRACT As a prime vendor, NASA invited Freelancer to join NASA Johnson Space Centre's Joint Leadership Team. Programs delivered included genome editor delivery research for NIH, Orion spacecraft software testing, lunar south pole navigation concepts, and the Artemis II zero-gravity indicator - with the winning design to fly on the next crewed lunar mission. The innovation program has now expanded beyond NASA to include the United Nations, launching a challenge focused on underwater explosive ordnance clearance for the UN Development Programme's Crisis Bureau. A corporate program will launch in 1Q26. A Moonshot isn't just an ambitious goal. It's a fundamentally different approach to solving impossible problems. Unleashing the power of global genius, where 80 million minds converge to solve humanity's greatest challenges Freelancer maintained its position as a leader in Innovation Challenges. During FY25 we opened the successful innovation program developed with NASA to new organisations, including the United Nations. Freelancer launched an innovation challenge focused on underwater explosive ordnance to support the United Nations Development Fund's Crisis Bureau. Freelancer's Director of Innovation presented internationally about the innovation program. R&D Today featured Freelancer's innovation work in their People Factor series. Freelancer worked on the following US-government initiatives: National Institutes of Health (NIH) TARGETED Genome Editor Delivery NASA MC/DC Analysis Orion spacecraft software testing NASA Lunar South Pole Navigation National Institutes of Health (NIH) Sharing Index for data sharing in health research NASA sustainable business model development for small businesses Bureau of Reclamation PFAS Water Detection NASA Artemis II Zero-Gravity Indicator (ZGI) Design. >20K 9.3K 141 026 breakthrough solutions created by freelancers participating innovators countries engaged 027 ESCROW FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT ESCROW Powering the world's commerce. Our secure transaction framework ensures buyers can inspect and sellers can deliver assets before capital is exchanged. This commitment to operational integrity has secured over US$8 billion in cumulative transactions, underscoring our model's proven scalability and deep market trust. 028 029 STRATEGIC MOMENTUM LEADS TO SOLID GROWTH ESCROW FREELANCER LIMITED ANNUAL REPORT Strategic momentum leads to solid growth In FY25, we continued to see significant milestones that underscore our commitment to growth, innovation, and customer satisfaction. Escrow.com reported Gross Payment Volume (GPV) of $195.8 million in 4Q25 (up 3.8% pcp). Full-year 2025 GPV came in at $760.4 million (down 8.2% pcp) primarily due to the lapping of a large IPv4 transaction in 2024 and softer volume in automotive and IP addresses. Revenue for full-year 2025 was $12.3 million (up 18.8% pcp). Escrow completed its fifth consecutive year of profitability. Building on the current momentum, we look to continue investing in product features and service levels in 2026 to drive growth. 2025 FREELANCER LIMITED ANNUAL REPORT Service improvement Following our transition to 24/7 customer support, Escrow.com has sharpened its focus on operational efficiency and resolving key customer pain points. In 2026, this momentum continues. We're investing in workflow simplification to improve both staff experience and platform usability, while expanding our global account management team to extend specialized transaction support hours. Together, these initiatives are designed to meet growing transaction volumes with faster, more reliable service. We in the process of migrating the front-end of Escrow.com to the Freelancer technology stack. This will provide a range of modern features and accelerate synergies between the three businesses. It's anticipated that in 2Q26 this will start to go live in production. ESCROW $300m $200m $100m 2000 Q2 2001 Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 $0 18.8 % 3.8 % E-commerce Escrow.com is positioned for strong sustainable growth with its e-commerce partnership in 2026. With the addition of a formalized GTM strategy focused around driving initial adoption through both outbounding and inbounding mechanisms, Escrow. com is aiming to achieve a significant milestone in merchant adoption in 2026. To support this expansion, we are growing our merchant acquisition team with dedicated GTM resources to build the pipeline, activate merchants, and support our partner network to drive growth and business activity with our partners through strong revenue increase during FY25 gross payment volume during FY25 post-activation enablement. 030 031 ESCROW FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT ESCROW Domain names remain a pillar Domain name volume in 4Q25 was US$102.5M (up 11.1% pcp), an increase of 7.3% over 3Q25. Valuations are steadily rising as businesses increasingly see their domain name as a vital core asset for their success. AI continues to be a segment driver for new investment. In 2026 Escrow.com will build on the strong momentum from 2025, and continue to elevate service for partners and collaborate with the industry. Domain names will continue to be a major focus for product initiatives in 2026 as we further our brand promise of being the most trusted and premier platform for conducting domain name transactions. The Escrow.com team presented the Master of Domains Awards on the main stage of NamesCon 2025 - the world's largest conference for domain investing. The Miami presentation provided a significant boost to brand awareness among those working in this pivotal industry. 032 .AI domain sales nearly tripled to $27.1 million across the year, a 189% increase over 2024's $9.4 million ESCROW FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT ESCROW Key partnerships New verticals During FY25 partnerships have increased Escrow.com's visibility and reputation globally. Multiple US-based businesses which have adopted our payment systems have also collaborated on successful earned and social media campaigns. Escrow.com is capturing new market share across high-stakes B2B electronics, luxury, and automotive verticals. With major enterprise deals progressing, we are poised for significant volume and scale in 2026. 034 Escrow.com safeguards funds on every watch purchase A vetted, invitation-only B2B trading platform that connects leading global dealers in luxury watches, fine jewelry, and designer handbags; Escrow.com secures stress free travel We've welcomed aboard Juurnee as a new Escrow partner, and now their customers can use our industry-leading platform to pay with greater confidence. Escrow.com enables trading of oil, gas and mineral rights online In a world first, Escrow.com enabled Energy Domain to complete sales of non-operated mineral rights online, transforming a centuries old business into an online marketplace. Escrow.com continues to see strong interest from digital asset marketplaces seeking trust, fraud protection and seamless cross-border transactions. Noticeable partnerships include Dynadot & Connexly, market leaders in domain and IPv4 transactions respectively. We will continue investing in new vertical expansion in 2026 to both grow and diversify revenue. Escrow.com is actively targeting B2B electronics marketplaces and broker networks, where trust, fraud protection, and seamless cross-border payments are critical. Key broker marketplaces now offering Escrow.com payments through integrated and non-integrated solutions include BrokerBin, the world's largest B2B electronics database; The Broker Site, a second-hand electronics marketplace powering the circular economy; BrokerForum, an Escrow.com ensures the safety of startup acquisitions As soon as a letter of intent or an asset purchase agreement is signed, Escrow.com ensures the acquisition deal proceeds safely and smoothly for both parties. electronic parts marketplace; and TradeLoop, a wholesale marketplace for used electronics. Multiple partners are actively completing integration work, reflecting strong market demand for secure payment solutions. These developments position Escrow.com to become the market leader in secondary B2B electronics transactions. A premier luxury goods marketplace is in the advanced stages of integration and set to launch soon. By entering this high-value segment, Escrow.com strengthens its role in delivering secure, efficient, and trusted transactions for luxury buyers and sellers worldwide. 2025 brought engagements with major enterprise brands, deals that promise significant scale and volume for the business. These enterprise opportunities follow longer timelines, positioning us for continued progress and opportunity in 2026. The automotive sector demonstrated ongoing interest, with active conversations toward integrations and partnerships. 035 LOADSHIFT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT LOADSHIFT Australia's largest heavy haulage network From luxury vehicles to mining equipment, Loadshift delivers comprehensive freight solutions throughout the entire continent. With 17+ years of industry leadership, we've built Australia's most extensive transport network, connecting businesses to 40,000+ carriers nationwide. Our expansive coverage ensures reliable service for virtually every industry, creating measurable cost and time efficiencies for partners from coast to coast. 036 037 LOADSHIFT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT LOADSHIFT Over 800 million kilometers of freight posted 200/180 Pump, moved from Canning Vale WA to Kambalda East WA Loadshift delivered a record performance across FY25, achieving its strongest operational and financial results to date. Revenue and GMV increased year on year, supported by improved marketplace efficiency, stronger conversion, and continued platform innovation. Loadshift is Australia's largest heavy haulage freight marketplace, delivering a single digital platform that connects freight owners directly with a nationwide network of verified carriers. Its intelligent matching engine secures the right capacity at competitive rates for everything from palletised goods to oversized industrial equipment, eliminating broker margins and legacy inefficiencies. The platform provides end to end visibility with real time tracking, integrated communications and seamless transaction management, cutting costs and boosting reliability for shippers while giving carriers a steady flow of quality loads, higher asset utilisation and faster payments across metropolitan, regional and remote routes. Ford ranger, moved from Narrabri NSW to Guildford NSW Forklift, moved from Woleebee QLD to Williamtown NSW 12.4 % increase in revenue 2.6 % increase in load award rate % 7.7 gross marketplace value 7.1 % total jobs awarded % 15.3 record quarterly revenue consecutively in 3Q25 & 4Q25 7.4 % delivered loads 54T Drill Rig, moved from Brockman mine site to Forrestfield 038 039 LOADSHIFT FREELANCER LIMITED ANNUAL REPORT Group 2025 FREELANCER LIMITED ANNUAL REPORT profitability and cash flows The Company reported NPAT of $2.2 million in FY25 versus FY24 of $(0.8) million. NPAT is inclusive of a $1.5 million unrealised foreign exchange (FX) gain, primarily arising from the revaluation of foreign denominated assets and liabilities following a 7.6% appreciation in the AUD/USD during FY25. The Company generated positive cash flow of $0.5 million in FY25, versus $0.8 million in FY24. Operating cash flow was $7.7 million in FY25 versus $5.8 million in FY24 ( 33% on pcp). Financing cash outflows of $6.9 million (FY24: $5.0 million) primarily relate to lease payments for office premises, classified as finance costs under AASB16 Leases. As at 31 December 2025, the Company held $22.9 million in cash and equivalents and remained debt-free, down 11.9% from 30 June 2025. The outflows included $1.73 million relating to the acquisition of additional shares in Loadshift Holdings Pty Ltd, increasing the Group's ownership to 73.4%. This transaction reduced the non-controlling interest and is classified as a financing activity in the consolidated statement of cash flows. Platform innovation and technology leadership Cat 336 Next Gen excavator, moved from Tomago NSW to Bibra Lake WA Loadshift continued to invest in platform capability throughout FY25, delivering product and technology enhancements designed to improve marketplace efficiency and transaction completion rates. A key milestone during the year was the rollout of in-app audio and video calling, which has evolved into a reliable communication tool across iOS, Android and web. By integrating AI driven quality controls and ongoing performance tuning, Loadshift has reduced reliance on external phone systems while improving engagement and execution outcomes across the marketplace. User experience improvements were also delivered progressively through the year, including interface updates that simplify navigation and reduce friction for both carriers and shippers. To support the platform's growing enterprise customer base, Loadshift launched an enhanced enterprise dashboard that provides operations teams with real time visibility into activity and key performance metrics. This tool has strengthened account management for high volume customers and enables earlier identification of operational bottlenecks before they impact service delivery. Loadshift also commenced development of its real time GPS tracking capability, with the initial internal use mapping solution in the final stages of rollout. In parallel, the business introduced an AI powered automated follow up message for jobs that have not received a response within 48 hours, helping to improve responsiveness and conversion. To drive broader adoption of key platform features, Loadshift increased its mobile app install rate from ~40% to ~60% through targeted product improvements, including deep link SMS functionality and improved install prompts across the website. 4 0 0 40 041 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Directors' Report Your Directors submit the financial report of Freelancer Limited (Group or the Company) for the year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows. The names and particulars of the directors of the Company during or since the end of the financial year (Directors) are: Matt Barrie Executive Chairman (appointed 10 February 2010) BE (Hons I) BSc (Hons I) Syd. GDipAppFin MAppFin HonDlitt Macq. MSEE (Stanford) GAICD FIEAust Founder and Executive Chairman of the Company. Serial entrepreneur with extensive experience and knowledge in the technology sector. Previously co-founded and was CEO of Sensory Networks Inc., a vendor of high performance network security processors, which was acquired by Intel Corporation Inc. in 2013. Formerly Adjunct Associate Professor at the Department of Electrical and Information Engineering at the University of Sydney. Co-author of over 20 US patent applications. Qualifications include first class honours degrees in Electrical Engineering and Computer Science from the University of Sydney, Masters in Applied Finance from Macquarie University, Masters in Electrical Engineering from Stanford, California, Graduate of the Stanford Executive Program at the Graduate School of Business, Fellow of the Institute of Engineers Australia and Councillor of the Electrical and Information Engineering Foundation at the University of Sydney. Beneficial interest in 202,486,087 fully paid ordinary shares (representing 44.91% of issued capital). 042 043 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2024 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Darren Williams Non-Executive Director from 1 November 2015. Executive Director until 31 October 2015 (appointed 10 February 2010) BSc (Hons I) PhD (Computer Science) Simon Clausen Non-Executive Director (appointed 10 February 2010) Non-Executive Director of Company. Was the Chief Technology Officer and Executive Director of the Company until 31 October 2015. Extensive experience in computer security, protocols, networking and software. Previously co-founded and was CTO (and subsequently CEO) of Sensory Networks Inc., a vendor of high performance network security pro-cessors, which was acquired by Intel Corporation Inc. in 2013. Previously lectured Computer Science at the University of Sydney. Au-thor of numerous articles, patents and papers relating to security tech-nology, software and networking. Qualifications include first class honours degree in Computer Science and a Ph.D. in Computer Science specialising in computer networking from the University of Sydney. Beneficial and relevant interest in 10,627,165 fully paid ordinary shares (representing 2.36% of issued capital). Member of the Nomination and Remuneration Committee and Audit Commit-tee. Founding investor and Non-Executive Director of the Company. Extensive experience in operating and investing in high growth technology businesses in both Australia and the United States. Previously founded and was CEO of PC Tools which was acquired by Symantec Corporation in Octo-ber 2008. Currently the director of Wyvern Ventures, a specialised technology venture fund that actively maintains investments in a number of companies globally. Beneficial interest in 160,500,000 fully paid ordinary shares (representing 35.59% of issued capital). Member of the Nomination and Remuneration Committee and Audit Commit-tee. 044 045 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2024 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Patrick Grove Non-Executive Director (appointed 5 June 2024) B Comm Syd Craig Scroggie Non-Executive Director (appointed 1 August 2024) AdvCert IT, GradCertMgmt, PGDipMgmt, MBA, GAICD, FAICD Cofounder, Chairman and group CEO of Catcha Group, which has interests in digital businesses. Extensive experience in building and growing successful digital businesses in Southeast Asia and beyond. Since founding Catcha Group in 1999, Patrick has built an extensive track record of founding, building, acquiring, listing, and growing both private and public Southeast Asian digital businesses. Today, he is widely recognised as one of the leading entrepreneurs in the region. Patrick has built a number of successful media and Internet-based businesses in Asia and has been independently recognised with numerous international awards such as a Global Leader of Tomorrow by the World Economic Forum, a New Asian Leader by the World Economic Forum (2003), a Young Entrepreneur of the Year by the Australian Chamber of Commerce, Singapore, a Top Entrepreneur under 40 by Business Week Asia and a Top 50 Global Achiever by Australia Unlimited. Cofounder, Executive Chairman of ASX Listed Frontier Digital Ventures He graduated with a Bachelor of Commerce in Accounting and Finance from the University of Sydney, Australia in 1997. Member of the Nomination and Remuneration Committee. Chief Executive Officer and Managing Director of NEXTDC, Australia's leading Data-Centre-as-a Service provider. Prior to becoming CEO in June 2012, Craig served on the Board of Directors since IPO (2010) as a Non-Executive Director, including as Chairman of the Audit and Risk Management Committee. Mr Scroggie has more than 25 years' experience in the ICT industry, having held senior positions with Symantec, Veritas Software, Computer Associates, EMC Corporation and Fujitsu. Prior to joining NEXTDC, Mr. Scroggie was Symantec's Vice President & Managing Director for the Pacific Region. Serves on the University of Southern Queensland Business School Advisory Board and is Chairman of the La Trobe University Business School Advisory Board and holds the position of Adjunct Professor. Graduate of the University of Southern Queensland and holds an Advanced Certificate in Information Technology, a Graduate Certificate in Management, a Postgraduate Diploma in Management, a Master of Business Administration; and is a Graduate and Fellow of the Australian Institute of Company Directors. In 2013 Craig was awarded the University of Southern Queensland Faculty of Business & Law Alumnus of the Year and in 2015 was inducted into the ARN ICT Industry Awards Hall of Fame. Member of the Audit Committee. 046 047 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Company Secretary Mr Neil Katz held the position of Company Secretary during and at the end of the financial year (appointed 9 March 2012). He has been with the Group since 2009 and is also the Chief Financial Officer. Principal activities The principal activity of the consolidated entity (the Group) during the financial year was the provision of an online outsourcing marketplace and escrow payment services. There were no significant changes in the nature of the principal activities during the financial year. Key Performance Highlights Review of Operations FY25 delivered Gross Marketplace Value (GMV) of $881.5 million (down 7.1% on pcp) and revenue of $55.2 million (up 4.1% on pcp), driven by all-time record revenue in Escrow.com (up 18.8% on pcp) and continued momentum in Freelancer. The Group achieved a significant turnaround in profitability, recording an all-time record Net Profit After Tax of $2.2 million compared to a loss of $(0.8) million in the prior year, while operating profit more than doubled to an all-time record of $2.0 million Freelancer Marketplace Year ended 31 December FY25 $m FY24 $m % Change Financial metrics: Gross Marketplace Volume 1 882 949 -7.1% Revenue 55.3 53.1 +4.1% Gross Profit 45.3 41.8 +8.5% Gross margin (%) 85.2% 81.9% +4.0% Operating Profit 2 2.0 0.8 +163% NPAT 2.2 (0.8) swing +ve Operating Cash Flow 7.7 5.8 +32% Net Cash Flow 0.5 0.8 -34% Operational metrics: Total Jobs Posted 3,4 (millions) 25.3 24.4 +4% Total Registered Users 6 (millions) 87.5 79.6 +10% Notes: 1 Gross Marketplace Volume (GMV) represents the underlying transaction value between third parties which is the basis for Freelancer's revenue, i.e. the value of services performed (Freelancer); goods shipped (Loadshift) or goods / services exchanged (Escrow). GMV is an unaudited metric. Marketplace segment FY24 GMV A$130.5 million (up 1.3% on prior corresponding period), Payments segment GMV A$818.2 million (down 7.9% on prior corresponding period). ² Operating profit adjusted for non-cash unrealized FX losses, non-AASB16 depreciation and share-based payments expenses. ³ User and project/contest data includes all users and projects/contests from acquired marketplaces. Includes Escrow.com unique users. 4 Total Projects and Contests Posted was redefined in January 2016 to Total Jobs Posted (filtered). Jobs Posted (Filtered) is defined as the sum of Total Posted Projects and Total Posted Contests, filtered for spam, advertising, test projects, unawardable or otherwise projects that are deemed bad and unable to be fulfilled. Escrow The Freelancer division continues to strengthen its position, with key metrics reflecting a focus on high-value work, innovation, and customer trust. The marketplace onboarded 7.32 million new users in FY25, while the average project size saw a significant increase of 19.4% to US$413, supported by the meaningful contribution of AI-related jobs, now representing around 5% of total marketplace volume. Strategic product initiatives, including the successful launch of client-initiated audio/video calling and an AI-automated project review process, led to a 10% increase in key financial conversion metrics. Furthermore, the Enterprise division expanded its global reach with a new Bengaluru office and secured high-profile innovation programs, including a 10-year contract with NASA. Escrow.com delivered an all-time record revenue of $12.3 million in FY25, marking an 18.8% increase year-on-year and completing its fifth consecutive year of profitability. While full-year Gross Payment Volume (GPV) saw a slight decrease to $760.4 million, this was primarily attributed to lapping a significant IPv4 transaction in the prior year. The division is strategically positioned for future growth through a formalized e-commerce partnership and a proactive expansion into new verticals, including B2B electronics marketplaces, digital asset platforms, and a premier luxury goods marketplace, with several key broker networks completing integration work. Continued strong performance in the domain name segment, which saw volume increase to US$102.5M in 4Q25, further supports the division's trusted market-leader status. 048 049 DIRECTORS' REPORT Loadshift FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Loadshift achieved its strongest operational and financial results to date, delivering a maiden full-year profit in FY25. The division reported robust growth, with Revenue increasing by 12.4% and GMV by 7.7% on the prior year, supported by consecutive all-time record quarterly revenue in 3Q25 and 4Q25. Operational performance saw strong improvements, with total jobs awarded increasing by 7.1% to 13,124 and job postings rising to 47,241 for the year. Key platform innovation throughout FY25 included the rollout of in-app audio and video calling to reduce reliance on external phone systems and the commencement of real-time GPS tracking development to better support the growing enterprise customer base. Outlook and Strategic Priorities for FY26 In FY26, the Company's strategic focus will remain on strengthening marketplace engagement through continued enhancements to user experience and matching capabilities, with the aim of attracting, activating and retaining high-quality freelancers and clients. The Company also intends to accelerate AI-driven innovation by expanding the integration of advanced AI solutions across its products and services to improve efficiency, automation and enterprise opportunities. In parallel, the Company plans to broaden and streamline its payment methods and financial infrastructure to enhance transaction ease, security and global scalability. Management will also continue to drive operational excellence by reinforcing platform reliability, quality and performance through disciplined internal processes, with the objective of delivering consistent operating profit of at least $0.5 million per month on an ongoing basis. 050 051 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Review of Financial Performance The Company achieved revenue of $55.3 million in FY25 (up 4.1% on FY24), and Gross Marketplace Volume of $881.5 million (down 7.1% on FY24). Freelancer marketplace revenue was $40.9 million (up 0.7% on FY24). Escrow.com revenue was $12.3 million (up 18.8% on FY24). The Company achieved a gross margin of 85.2% in FY25, compared to 81.9% in FY24. The improvement was primarily driven by a lower proportion of lower-margin enterprise engagements within the core marketplace and the sunsetting of legacy affiliate programs in the Escrow division. The Group also realised cost efficiencies across payment gateway arrangements. Cost of sales predominantly comprises transaction costs paid to payment gateways, provisions for credit card chargebacks and fraud, affiliate fees paid to third parties, bank fees relating to escrow transactions, and direct labour costs associated with servicing enterprise customers. The Company maintained a continued focus on cost management across all functions during FY25. Operating costs increased by 5.2% compared to FY24, remaining within the forecast range. Payroll expenses rose 6%, primarily reflecting an 8% increase in average headcount, while marketing expenditure increased 19% due to higher search engine marketing (SEM) investment. Occupancy costs (inclusive of AASB16 depreciation and interest) decreased 7%, driven by improved lease renewal terms and lower interest expense on lease liabilities. The Company reported NPBT of $3.4 million in FY25 (FY24: $(1.3) million), which is inclusive of a $1.5 million foreign exchange (FX) gain (FY24: $(1.8) million loss), primarily driven by the revaluation of foreign denominated assets and liabilities following a 8% appreciation in the AUD/USD during FY25 (9% depreciation for FY24). Excluding these FX gains, the Company still achieved a significant improvement in profitability in FY25 compared to FY24. The Company generated positive cash flow of $0.5 million in FY25 (FY24: $0.8 million). This comprised operating cash inflows of $7.7 million (FY24: $5.8 million), investing cash outflows of $0.3 million (FY24: $0.1 million) and financing cash outflows of $6.9 million (FY24: $5.0 million). The financing cash outflows primarily relate to lease payments for office premises under AASB 16 Leases. They also include $1.73 million paid to acquire additional shares in Loadshift Holdings Pty Ltd, increasing the Group's ownership to 73.4%. This equity transaction reduced the non-controlling interest and is classified as a financing activity in the consolidated statement of cash flows. Risks The risks outlined below represent key risk areas currently identified by the Group. This list is not exhaustive and does not capture every risk that may impact the Group. The occurrence, timing or impact of some of these risks may be partially or entirely beyond the control of the Group, its Directors, or senior management. Furthermore, there is no guarantee that these risks will remain unchanged or that new risks will not arise in the future. Balance Sheet 052 As at 31 December 2025, the Company held cash and equivalents of $22.9 million and remained free of external debt. Net working capital decreased during the year, reflecting a reduction in trade receivables following shorter payment gateway settlement cycles and an increase in contract liabilities (deferred revenue) and tax provisions. Right-of-use assets declined 47%, consistent with lease depreciation and reduced lease liabilities following lease renewals on improved terms, supporting lower occupancy costs. Deferred tax assets of $10.9 million are partially offset by deferred tax liabilities of $2.0 million. During FY25, the Company acquired an additional ownership interest in Loadshift for $2.3 million, reducing non-controlling interests, with the balance recognised directly in retained earnings. Trade and other payables include user obligations (user balances and milestone payments held on balance sheet). These decreased by 1.8% from FY24 Identified Risk Category Risk Overview Mitigation Strategies Regulatory Changes The international payments market operates within a complex regulatory environment. Changes in laws, licensing requirements, AML/CTF standards or regulatory interpretation could increase costs or limit operations. Maintain a regulatory monitoring system, allocate resources for compliance monitoring and updates, and establish proactive engagement with regulators to anticipate and adapt to changes. Regulatory Compliance Non-compliance with laws, such as AML, anti-bribery, or sanctions, could lead to significant penalties, reputational harm, and loss of banking partners or affiliates. Implement robust compliance systems, provide mandatory employee training, and regularly review processes to ensure adherence to legal and regulatory requirements globally. Cybersecurity The Group's IT systems are vulnerable to cyberattacks, which could disrupt operations, harm clients, and result in financial losses, reputational damage, or regulatory penalties. Deploy advanced cybersecurity technology, maintain incident response and business continuity management plans, and conduct regular penetration testing and employee awareness training. Information Technology Disruptions to IT systems from events like cyberattacks, natural disasters, or system failures could cause operational downtime, regulatory breaches, and reputational damage. Maintain disaster recovery protocols, implement business continuity plans, and invest in reliable infrastructure and redundancy systems. Data Security and Privacy Breaches of data security controls could lead to unauthorized access, data loss, regulatory penalties, and reputational harm, especially under GDPR, CCPA, and other privacy regulations. Regularly update data protection controls, enforce privacy policies, provide employee training, and invest in advanced security technology. 053 Identified Risk Category Risk Overview Mitigation Strategies Banking and Payment Partners Loss of key banking or payment gateway relationships could disrupt foreign exchange and payment services, increase costs, and limit operational capabilities, affecting profitability. Diversify banking relationships, maintain active relationship management, and establish contingency plans for alternative service providers. Erroneous Payments Errors in processing transactions could result in financial losses, legal liabilities, or client dissatisfaction if funds are incorrectly transferred or allocated. Implement automated transaction validation controls, establish error correction protocols, and monitor system performance to minimize risks. External Fraud Fraudulent activities, such as identity theft or misuse of services, could cause financial losses and damage client trust. Employ comprehensive fraud detection and prevention controls, including real-time monitoring, anomaly detection systems, and client authentication processes. Foreign Exchange Currency fluctuations can impact transaction volumes, reporting, balance translations and operating costs, with adverse effects on the Group's financial performance. Monitor currency exposure, use hedging instruments where applicable, and manage foreign exchange risks through a robust treasury management framework. Liquidity Insufficient liquidity could prevent the Group from meeting financial or regulatory obligations, particularly during periods of delayed payments or market stress. Conduct regular liquidity forecasting, maintain adequate cash reserves, and establish diversified funding sources across jurisdictions. Competition High competition in our operating markets could pressure profitability by reducing market share or necessitating increased spending on customer acquisition and retention. Differentiate offerings through innovation, maintain competitive pricing strategies, and invest in marketing and technology to enhance customer value propositions. Revenue & Transaction Volume Performance depends on maintaining transaction volumes and take rates. Reduced activity or changes in behaviour may affect profitability. Acquisition and retention initiatives; product enhancement; revenue diversification; performance monitoring. DIRECTORS' REPORT 054 FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Identified Risk Category Risk Overview Mitigation Strategies Marketplace Liquidity & Network Effects The platform relies on sufficient participation from clients and providers. Declines on either side may weaken competitiveness. Trust and safety; improved matching; targeted marketing; loyalty programs. Intellectual Property (IP) The Group faces risks of IP theft, data theft, infringement, or litigation, potentially leading to financial losses, reputational harm, or operational constraints. Actively manage IP registrations, enforce IP rights, and secure licenses for third-party IP. Implement monitoring processes to detect and respond to potential infringements. Reputation & Brand Reputational harm from service disruptions, regulatory breaches, or public scrutiny could weaken customer trust, affect partnerships, and hinder growth. Build strong stakeholder relationships, monitor public perception, and implement crisis management strategies to promptly address reputational issues. Artificial Intelligence The evolving AI landscape presents a risk of reducing demand for some tasks traditionally performed by freelancers, demand for human labor in certain categories may decline, potentially reducing transaction volumes and marketplace fees. Additionally, AI-driven matching and job fulfillment could enable direct employer-freelancer connections, bypassing the platform and leading to disintermediation risks. Use AI tools to enhance efficiency while maintaining a human touch. Invest in upskilling our team to stay ahead of AI trends and ensure they can integrate new technologies. Expanding into niche markets where AI has less impact to diversify our offerings and maintain competitiveness. Enhance user engagement, trust, and exclusivity through AI-driven dispute resolution, and loyalty incentives that encourage continued platform use. Geopolitical and Sanctions Political instability, trade restrictions, or sanctions in key markets could disrupt operations, restrict payment flows, or limit access to clients and freelancers in affected regions. Diversify market presence, monitor geopolitical developments, and develop contingency plans to shift operations or resources to stable regions as needed. Talent and Key Personnel Difficulty retaining skilled employees in a competitive tech market could lead to knowledge loss, reduced innovation, and higher recruitment costs, impacting platform development and service quality. Offer competitive compensation, foster a strong company culture, provide professional development opportunities, and implement retention programs to maintain a skilled workforce. 055 DIRECTORS' REPORT Dividends paid or recommended FREELANCER LIMITED ANNUAL REPORT 2025 Meetings of Directors FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT There have been no dividends paid or provided for the financial year ended 31 December 2025 (2024: nil). The Company has established a Dividend Reinvestment Plan (DRP). The full terms and conditions of the DRP are available on the Company's website, https://www.freelancer.com During the financial year six meetings of Directors were held. Other matters arising during the year were resolved by circular resolutions. The following persons acted as Directors of the Company during the financial year, with attendances to meetings of Directors as follows: Director meetings Audit Committee meetings Nomination and Remuneration meetings Attended Attended Eligible to attend Attended Eligible to attend Eligible to attend Significant changes in state of affairs There have been no significant changes in the state of affairs for the current financial year. R.M. Barrie 6 6 1 1 - - S.A. Clausen 6 6 2 2 2 2 D.N.J. Williams 6 6 2 2 2 2 C. Scroggie 6 6 1 1 - - P. Grove 6 6 - - 2 2 Subsequent Events As at the date of this report, the Directors are not aware of any circumstance that has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations in future financial years, the results of those operations in future financial years, or the Group's state of affairs in future financial years. Future developments In future financial years, the Group expects to further its growth through expansions to other territories organically and by acquisition, and forming strategic alliances and partnerships. Environmental regulations The operations of the Group do not involve any activities that have a marked influence on the environment. As such, the Directors are not aware of any material issues affecting the Group or its compliance with the relevant environment agencies or regulatory authorities. Insurance and indemnification of Directors and Officers During the financial year, the Group paid premiums based on normal commercial terms and conditions to insure all directors, officers and employees of the Group against the costs and expenses in defending claims brought against the individual while performing services for the Group. The premium paid has not been disclosed as it is subject to the confidentiality provisions of the insurance policy. The Company has in place Deeds of Indemnity, Insurance and Access with each of its current Directors and Non-audit services Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor and its related parties amounted to $20,000 (2024: $4,000). The Directors are satisfied that the provision of non-audit services in the form of tax compliance services during the year by the auditor (or another person or firm on the auditors' behalf) is compatible with the general standard of independence for auditors imposed by the Corporations Act. The Directors are of the opinion that the services as disclosed in Note 20 to the financial statements do not compromise the external auditor's independence, based on advice received from the Audit Committee, for the following reasons: all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and none of the services undermine the general principles relating to auditor independence as set out in Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditors own work, acting in a management or decision making capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards. such other officers that the Directors determine are entitled to receive the benefit of an indemnity. Officers of the Company who are former audit partners of the auditor There are no officers of the Company who are former audit partners of Hall Chadwick. Rounding off of amounts The Company is an entity to which ASIC Corporations Instrument 2016/191 applies. Accordingly amounts in the financial report have been rounded off to the nearest thousand dollars, unless otherwise stated. 056 057 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Auditor's independence declaration Remuneration Report The auditor's independence declaration is included on page 63 and forms part of the Directors' Report for the year ended 31 December 2025. Chief Executive Officer/Chief Financial Officer declarations The Chief Executive Officer and the Chief Financial Officer have given the declarations to the Board concerning the Group's Financial Statements and other matters as required under section 295A(2) of the Corporations Act 2001 (Cth). Shares issued under Employee Share Plan (ESP) or Long Term Incentive Plan (LTIP) No ESP shares or LTIP share options have been granted to Directors during the financial year. No ESP shares or LTIP share options have been granted to Directors since the end of the financial year. Proceedings on behalf of Company No proceedings have been brought or intervened in on behalf of the Company, nor have any applications for leave to do so been made in respect of the Company, under section 237 of the Corporations Act 2001 . This audited Remuneration Report for the Group which forms part of the Directors' Report for the financial year ended 31 December 2025, details the nature and amount of remuneration for each Director and the Executives. R.M. Barrie - Executive Chairman S.A. Clausen - Non-Executive Director D.N.J. Williams - Non-Executive Director C Scroggie - Non-Executive Director P Grove Non - Executive Director N.L. Katz - Chief Financial Officer and Company Secretary Remuneration Policy The performance of the Group depends upon the quality of its directors and executives. The Group recognises the need to attract, motivate and retain highly skilled directors and executives. The Board of Directors, through its Nomination and Remuneration Committee, accepts responsibility for determining and reviewing remuneration arrangements for the Directors and Executives. The Nomination and Remuneration Committee assesses the appropriateness of the nature and amount of remuneration of Directors and Executives on a periodic basis by reference to relevant employment market conditions, giving due consideration to the overall profitability and financial resources of the Group, with the objective of ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive team. Non-Executive Director remuneration Fees and payments to Non-Executive Directors reflect the demands which are made of the Directors in fulfilling their responsibilities. The Constitution of the Company provides that the Non-Executive Directors of the Company are entitled to such remuneration, as determined by the Board, which must not exceed in aggregate the maximum amount determined by the Company in general meeting. The most recent determination was at a General Meeting held on 14 May 2025 where the shareholders approved an aggregate remuneration of $500,000. Annual Non-Executive Directors' fees currently agreed to be paid by the Company are $75,000 (2024: $75,000) to S.A. Clausen, D.N.J. Williams P. Grove and C. Scroggie inclusive of superannuation. Executive and Executive Director remuneration Fixed remuneration consists of base remuneration (which is calculated on a total cost basis and includes any fringe benefits tax charges related to employee benefits), as well as employer contributions to superannuation funds. Executive and Executive Director remuneration levels are reviewed annually by the Nomination and Remuneration Committee through a process that considers the overall performance of the Group. The Executive Directors are not paid any director fees in addition to their fixed remuneration as Executives. Performance based remuneration Performance based remuneration is at the discretion of the Nomination and Remuneration Committee. These can take the form of cash bonuses, invitations to participate in the Company's Employee Share Plan (ESP) or invitations to participate in the Company's Long Term Incentive Plan (LTIP). 058 059 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' REPORT Remuneration of Directors and Executives Short-term benefits Post employment Share based benefits payments Total $ Shares $ Other¹ Superannuation $ $ Directors' Base salary fees and fees Year $ $ Remuneration shown below relates to the period in which the Director or Executive was a member of key management personnel. Amounts below have either been paid out or accrued in the period. Ordinary share options in subsidiary (Payments Pty Ltd) Details of ordinary shares options in Payments Pty Ltd held directly, indirectly or beneficially, by KMP, including their related parties, is as follows: Balance at Released Balance at Balance of Balance the start of Granted/ from Forfeited/ the end of unvested of vested 2025 the year issued restrictions cancelled the year ESP shares ESP shares Other KMP 2024 Total 10,000,000 - - - 10,000,000 - 10,000,000 N.L. Katz 10,000,000 - - - 10,000,000 - 10,000,000 S.A. Clausen 2025 75,000 - - - - 75,000 2024 45,833 - - - - 45,833 D.N.J. Williams 2025 67,265 - - 7,904 - 75,168 2024 41,376 - - 4,701 - 46,077 C. Scroggie 2025 67,265 - - 7,904 - 75,168 2024 28,027 - - 3,223 - 31,250 P. Grove 2025 75,000 - - - - 75,000 2024 43,750 - - - - 43,750 R.M. Barrie 2025 - 717,846 27,888 29,966 - 775,700 2024 - 717,846 27,312 30,968 - 776,126 N.L. Katz 2025 - 372,400 26,364 29,966 67,594 496,324 2024 - 372,400 98,842 28,766 77,250 576,500 Total 2025 284,529 1,090,246 54,252 75,739 67,594 1,572,360 2024 158,986 1,090,246 125,396 67,658 77,250 1,519,536 Notes: 1 Includes the fair value of non monetary benefits, plus any applicable fringe benefits tax. 2 During the prior year the Company waived part of a loan relating to the purchase of shares that were originally awarded under the employee share plan with a corresponding loan. The Board assessed the fair value of the loan waiver taking into account the substantial decline in the market value of the shares. The waiver was deemed appropriate and did not confer any additional financial benefit to the KMP. As a result, the fair value of the loan waiver to the KMP was assessed as nil. The remuneration of key management personnel in the years ended 31 December 2025 and 2024 were 100% fixed, and there is no link between remuneration and the market price of the Company's shares. ESP shares Details of ESP shares in the Company held directly, indirectly or beneficially, by KMP, including their related parties, is as follows: Balance at the start of the year Released Granted/ from 2025 issued restrictions Balance at Balance of Balance Forfeited/ the end of unvested of vested cancelled the year ESP shares ESP shares Other KMP N.L. Katz - - - - - - - Total 2024 - - - - - - - Other KMP N.L. Katz 440,539 - - (440,539) - - - Other KMP N.L. Katz 10,000,000 - - - 10,000,000 4,000,000 6,000,000 Total 10,000,000 - - - 10,000,000 4,000,000 6,000,000 Ordinary share capital Details of ordinary shares in the Company held directly, indirectly or beneficially, by KMP, including their related parties, is as follows: 2025 Balance at the start of the year Received as part of remuneration Purchase of shares Sale of shares Balance at the end of the year Directors R.M. Barrie¹ 197,706,061 - 6,059,526 - 203,765,5871 S.A. Clausen 160,500,000 - - - 160,500,000 C. Scroggie - - - - - P. Grove - - - - - D.N.J. Williams² 10,758,165 - - - 10,758,165 Other KMP N.L. Katz³ 595,000 - - - 595,000 Total 369,559,226 - 6,059,526 - 375,618,752 2024 Directors R.M. Barrie¹ 197,054,579 - 651,482 - 197,706,061 S.A. Clausen 160,500,000 - - - 160,500,000 C. Scroggie - - - - - P. Grove - - - - - D.N.J. Williams² 10,758,165 - - - 10,758,165 Other KMP N.L. Katz³ 595,000 - - - 595,000 Total 368,907,744 - 651,482 - 369,559,226 Notes: 1 1,279,500 shares as at 31 December 2025 (2024: 1,279,500) are held directly or indirectly by related parties. 2 131,000 shares as at 31 December 2025 (2024: 131,000) are held directly or indirectly by related parties. 3 40,000 shares as at 31 December 2025 (2024: 40,000) are held directly or indirectly by related parties. Total 440,539 - - (440,539) - - - 060 061 DIRECTORS' REPORT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT DIRECTORS' DECLARATION Loans to directors and key management personnel The following loan balances are outstanding at the reporting date in relation to remuneration arrangements with Executive Directors and KMP in respect of fully paid shares and shares issued under the Employee Share Plan (ESP). As the ESP is considered in substance a share option, the ESP shares issued and corresponding loan receivable are not recognised by the Group in its financial statements. The ESP shares will not be considered issued to participants until the corresponding loan has been repaid, at which time there will be an increase in the issued capital and increase in cash. Further information relating to the ESP is set out in Note 23 of the financial statements. Loans provided in respect of fully paid shares are recognised in the financial statements. Other 2025 2024 KMP $000 $000 N.L. Katz Opening balance 30 324 Non-recourse loan extinguished upon cancellation of ESP shares¹ - (207) Loan repayments - (5) Loan waived² - (82) Closing balance 30 30 1 In the prior financial year, 440,539 ESP shares issued to N.L Katz were cancelled and the corresponding non- recourse loan of $207,000 was extinguished.. 2 In the prior financial year, parts of a loan provided to N.L Katz was waived by the Company. The waived amount was $82,075. This loan was initially provided under the company's employee share plan, with an original balance of $127,400. The loan is unsecured, interest free, repayable within 14 days of termination of employment or 10 years, whichever is earlier, repayable in part or full by employee at any time, and an undertaking from the employee that should they dispose of any Freelancer Limited shares, they will in the first instance use the proceeds from such a sale to repay some or all of the loan obligation. Executive service agreements The employment terms and conditions of Group Executives and KMP are formalised in service agreements. Position Key terms of service agreements Chief Executive Officer Term: unspecified. Base remuneration: Reviewed annually by the Nomination and Remuneration Committee. Bonus entitlements: Determined annually by the Nomination and Remuneration Committee (capped at 50% of the base remuneration). Termination notice period: 6 months notice or alternatively in Freelancer's case, payment in lieu of notice. Restraint of trade period: 12 months. Other Executives Other Executives are employed under individual executive services agreements. These establish, amongst other things: Total compensation; Eligibility to participate in the ESP; Variable notice and termination provisions of up to 6 months, or by the Group without notice in the event of serious misconduct; and Restraint and confidentiality provisions. Other transactions with KMP or their related parties 062 There were no other transactions conducted between the Group and KMP or their related parties, other than those disclosed above relating to equity, compensation and loans, that were conducted other than in accordance with normal employee, customer or supplier relationships on terms no more favourable than those reasonably expected under arm's length dealings with unrelated persons, apart from related party transactions disclosed in Note 25 of the financial statements. This concludes the Remuneration Report. The Directors' Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the directors made pursuant to s298(2) of the Corporations Act 2001 . On behalf of the Directors Matt Barrie Chairman 25 February 2026 SYDNEY · PENRITH · MELBOURNE · BRISBANE · PERTH · DARWIN Liability limited by a scheme approved under Professional Standards Legislation https://www.hallchadwick.com.au 063 CONSOLIDATED STATEMENT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT CONSOLIDATED STATEMENT Consolidated Statement of Profit or Loss and Other Comprehensive Income Note 2025 $000 2024 $000 31 December 2025 Assets Note 2025 $000 2024 $000 Revenue 5 53,214 51,003 Current assets Cash and cash equivalents 8 22,925 23,162 Trade and other receivables 9 1,911 2,340 Current tax assets 7 - 3 Other assets 10 2,014 2,962 Total current assets 26,850 28,467 For the year ended 31 December 2025 Consolidated Statement of Financial Position As at Cost of sales (7,874) (9,214) Gross profit 45,340 41,789 Other income 5 2,047 2,101 Employee expenses 6 (20,829) (19,633) Administrative expenses 6 (11,730) (11,481) Non Current assets Marketing related expenses 6 (6,404) (5,383) Trade and other receivables 9 137 199 Occupancy expenses 6 (1,077) (662) Plant and equipment 11 343 201 Foreign exchange gains / (losses) 6 1,441 (1,932) Intangible assets 12 34,130 34,120 Right of use assets 13 4,862 9,222 Other assets 10 488 456 Deferred tax assets 7 10,871 11,298 Depreciation and amortisation expenses 6 (4,519) (4,661) Share based payments expense 18 (85) (94) Finance costs Profit / (Loss) before income tax 6 (832) 3,352 (1,314) (1,270) Total non-current assets 50,831 55,496 Income tax (expense) / benefit 7 (1,146) 456 Total assets 77,681 83,963 Profit / (Loss) after tax 2,206 (814) Liabilities Exchange differences on translation of foreign operations 18 (664) 489 Current liabilities Total comprehensive income / (loss) for the year 1,542 (325) Trade and other payables 14 36,464 37,135 Lease liabilities 13 4,543 5,487 Profit / (Loss) is attributable to: Current tax liabilities 7 358 - Owners of Freelancer Limited 2,165 (814) Provisions 15 2,404 2,272 Non-controlling interests 41 - Contract liabilities 16 1,614 963 2,206 (814) Total current liabilities 45,383 45,857 Non-current liabilities Total comprehensive income / (loss) for the year is Deferred tax liabilities 7 2,003 2,640 Provisions 15 1,017 1,084 Lease liabilities 13 2,420 6,911 Contract liabilities 16 837 756 Owners of Freelancer Limited 1,501 (325) Non-controlling interests 41 - 1,542 (325) Total non-current liabilities 6,277 11,391 Earnings per share Cents Cents Total liabilities 51,660 57,248 Net assets 26,021 26,715 Basic earnings per share 30 0.49 (0.18) Diluted earnings per share 30 0.49 (0.18) Equity Contributed equity 17 38,918 38,918 The above statement of profit or loss and other comprehensive income should be read in conjunction with the Reserves 18 1,176 1,755 Accumulated losses (17,268) (17,753) Non-controlling interests 3,195 3,795 Total equity 26,021 26,715 accompanying notes. 064 The above statement of financial position should be read in conjunction with the accompanying notes. 065 CONSOLIDATED STATEMENT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT CONSOLIDATED STATEMENT Consolidated Statement of Changes in Equity Attributable to owners of Freelancer Limited Note Contributed Equity $000 Share Based Payments $000 Foreign currency translation reserve $000 (Accumulated losses) $000 Non-controlling interests $000 Total Equity $000 Balance at 1 January 2024 38,918 1,284 11 (17,062) 3,674 26,825 For the year ended 31 December 2025 Profit for the year - - - (814) - (814) Consolidated Statement of Cash Flows Note 2025 $000 2024 $000 For the year ended 31 December 2025 Cash flows from operating activities Receipts from customers 56,104 53,476 Payments to suppliers and employees (46,806) (46,338) Interest received 239 180 Interest paid (832) (1,314) Profit for the year - - - 2,165 41 2,206 Exchange differences on translation of 18 foreign operations - - (664) - - (664) Total comprehensive profit / (loss) for the year - - (664) 2,165 41 1,542 Transactions with owners in their capacity as owners: Balance at 31 December 2025 38,918 1,340 (164) (17,268) 3,195 26,021 Acquisition of NCI - - - (1,680) (641) (2,321) Share based payments - 85 - - - 85 Exchange differences on translation of 19 - - 489 - - 56 Income taxes paid (971) (158) foreign operations Net cash inflow from operating activities 29 7,734 5,846 Total comprehensive loss for the year - - 489 (814) - (325) Cash flows from investing activities Transactions with owners in their capacity as owners: Payments for plant and equipment (285) (92) Share based payments reserve - (123) - 123 - - Payments for intellectual property (10) - no longer required Net cash (outflow) from investing activities (295) (92) Share capital contributed by non- - - - - 121 121 Cash flows from financing activities controlling interests Share based payments - 94 - - - 94 Repayment of lease liabilities (5,386) (4,955) Balance at 31 December 2024 38,918 1,255 500 (17,753) 3,795 26,715 Payments for additional shares in subsidiary Loadshift Holdings Pty Ltd (1,527) - Net cash (outflow) from financing activities (6,913) (4,955) Attributable to owners of Freelancer Limi ted Net increase in cash and cash equivalents 526 799 Contributed Share Foreign currency (Accumulated Non- Total Cash and cash equivalents at beginning of the financial year 23,162 21,153 Note E quity Based Payments translation reserve losses) controlling interests Equity Effects of exchange rate changes on cash and cash equivalents (763) 1,210 $000 $000 $000 $000 $000 $000 Cash and cash equivalents at end of year 8 22,925 23,162 Balance at 1 January 2025 38, 918 1,255 500 (17,753) 3,795 26,715 The above statement of cash flows should be read in conjunction with the accompanying notes. The above statement of changes in equity should be read in conjunction with the accompanying notes. 066 067 NOTES TO THE FINANCIAL STATEMENT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENT Notes to the Financial Statements For the year ended 31 December 2025 Contents of the notes to the consolidated financial statements Reporting entity Freelancer Limited (the Company) is a company domiciled in Australia. The address of the Company's registered office is Level 37, Grosvenor Place, 225 George Street, Sydney, NSW, 2000. The consolidated financial statements of the Company as at and for the year ended 31 December 2025 comprise the Company and its subsidiaries (together referred to as the Group and individually as Group entities). The Group is a for-profit entity and primarily is involved in operating an online marketplace for services and providing escrow payment services. The separate financial statements of the parent entity, Freelancer Limited, have not been presented within this financial report as permitted by the Corporations Act 2001. The consolidated financial statements were authorised for issue by the Board on 25 February 2026. NOTE CONTENTS PAGE NOTE CONTENTS PAGE Basis of preparation 068 Reporting entity 069 Basis of preparation 069 Financial risk management 070 Operating segments 074 Revenue 076 Expenses 078 Income tax 079 Cash and cash equivalents 081 Trade and other receivables 081 Other assets 083 Plant and equipment 083 Intangible assets 085 14. Trade and other payables 088 operating activities 104 15. Provisions 089 30. Earnings per share (EPS) 105 Leases 087 Contract liabilities 090 Contributed equity 090 Equity - reserves 091 Key management personnel disclosures 092 Remuneration of auditors 093 Contingent liabilities 093 Commitments for expenditure 094 Share based payments 094 Related party transactions 101 Parent entity information 101 Business Combinations 102 Interests in controlled entities 103 Events occurring after the reporting date 104 Reconciliation of loss after tax to net cash flow from 31. Other significant accounting policies 106 These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. The Directors believe that there are reasonable grounds that the company is able to pay its debts as and when they fall due. The Group has a significant cash balance at year end and has projected a profitable financial year for the period ending 31 December 2026 based on increased revenue and reduced expenses. Compliance with International Financial Reporting Standards The consolidated financial statements of the Group comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Historical cost convention The consolidated financial statements have been prepared on the historical cost basis unless otherwise stated in the notes. Except for the cash flow information, the financial statements have been prepared on an accrual basis, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Functional and presentation currency These consolidated financial statements are presented in Australian dollars, which is the Company's functional currency. Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 31(g). Material accounting policy Information The principal accounting policies adopted in the presentation of these consolidated financial statements are set out in the relevant notes. The policies have been consistently applied to all the years presented, unless otherwise stated. Rounding of amounts The Company has applied the relief available to it under ASIC Corporations Instrument 2016/191. Accordingly, amounts in the financial statements and Directors' Report have been rounded off to the nearest $1,000. New Accounting Standards The Group has not adopted any new or amended Accounting Standards and Interpretations this year that have had a material impact on the Group or the Company. Materiality These consolidated financial statements have included information that is deemed to be material and relevant to the understanding of the financial statements. Disclosure may be considered material and relevant if the dollar amount is significant due to size or nature, or the information is important to understand the: Group's current year results; impact of significant changes in the Group's business; or aspects of the Group's operations that are important to future performance. 069 NOTES TO THE FINANCIAL STATEMENT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENT Financial risk management Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently there is objective evidence of impairment as a result of one or more events (a "loss event") having occurred, which has an impact on the estimated future cash flows of the financial asset(s). Financial risk management policies The Group's activities expose it to a variety of financial 2025 2024 Note $000 $000 Financial Assets Cash and cash equivalents 8 22,925 23,162 Trade and other receivables 9 2,048 2,539 Total financial assets 24,973 25,701 Financial Liabilities Trade and other payables 14 36,464 37,135 Lease liabilities 13 6,963 12,398 Total financial liabilities 43,427 49,533 risks: market risk (including currency risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and other price risks and ageing analysis for credit risk. The carrying value of the assets and liabilities disclosed in the table above closely approximates or equals their fair value. The carrying amounts of trade receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature. Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is equivalent to the date that the Group commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified "at fair value through profit or loss", in which case transaction costs are expensed to profit or loss immediately. Classification and subsequent measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Risk management is carried out by senior finance executives (Finance) under policies approved by the Board of Directors (Board). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the Group's operating units. The Group holds the following financial instruments: at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between 2025 Currency exposure: AUD USD NZD GBP HKD SGD PHP EUR CAD INR Other that initial amount and the maturity amount calculated Denominated in: AUD USD NZD GBP HKD SGD PHP EUR CAD INR AUD using the effective interest method. 000's 000's 000's 000's 000's 000's 000's 000's 000's 000's 000's The effective interest method is used to allocate Cash 3,848 8,775 76 593 1,160 137 14,786 1,330 415 57,178 156 interest income or interest expense over the relevant Trade receivables 648 353 39 52 168 27 193 209 163 4,190 48 Amortised cost is calculated as the amount at which the financial asset or financial liability is measured period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of an income or expense item in profit or loss. The Group does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of Accounting Standards specifically applicable to financial instruments. measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised. Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Company's intention to hold these investments to maturity. They are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised. Financial liabilities Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised. Impairment At the end of each reporting period, the Group assesses whether there is objective evidence that a financial asset has been impaired. A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, When the terms of financial assets that would otherwise have been past due or impaired have been renegotiated, the Company recognises the impairment for such financial assets by taking into account the original terms as if the terms have not been renegotiated so that the loss events that have occurred are duly considered. Market risk Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currencies. Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. The Group has not entered into forward foreign exchange contracts to protect against exchange rate movements. The Directors are of the view that the cost of hedging the Group's short-term foreign exchange exposure outweighs the risk of adverse currency movements. Other financial assets 1,273 448 - 44 - 10 15,809 - 12 2,547 - Payables (2,791) (1,470) (1) (54) (4) (13) (765) - (40) 2,138 (22) User obligations (3,158) (13,442) (132) (878) (547) (165) (2,088) (2,075) (808) (57,086) (263) Net exposure (180) (5,336) (18) (243) 777 (4) 27,935 (536) (258) 8,967 (81) The Group's exposure to foreign currency exchange risk at the reporting date, expressed in each currency, was as follows: 070 071 NOTES TO THE FINANCIAL STATEMENT FREELANCER LIMITED ANNUAL REPORT 2025 FREELANCER LIMITED ANNUAL REPORT NOTES TO THE FINANCIAL STATEMENT 2024 Currency exposure: AUD USD NZD GBP HKD SGD...

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