Announcement PDF Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 1. Company details Name of entity: ARBN: Reporting period: Previous period: Neuren Pharmaceuticals Limited 111 496 130 For the year ended 31 December 2024 For the year ended 31 December 2023 2. Results for announcement to the market 2024 $'000 2023 $'000 Change $'000 Revenues from ordinary activities 227,846 240,063 (12,217) (5%) Profit from ordinary activities after tax attributable to the owners of Neuren Pharmaceuticals Limited 142,043 157,081 (15,038) (10%) Profit for the year attributable to the owners of Neuren Pharmaceuticals Limited 142,043 157,081 (15,038) (10%) Total comprehensive income for the year attributable to the owners of Neuren Pharmaceuticals Limited 166,241 157,071 9,170 6% 2024 Cents Basic earnings per share Diluted earnings per share 111.17 108.61 Change % 2023 Cents 123.62 120.12 Comments Total comprehensive income for shareholders was A$166.2 million, comprising A$142.0 million profit after tax and A$24.2 million foreign currency translation gain. In accordance with applicable Accounting Standards, effective 1 January 2024 the Company changed its functional currency from Australian dollar to US dollars, however the Group retained Australian dollars as its reporting currency. In a year in which the A$/US$ exchange rate fell from 0.68 at 31 December 2023 to 0.62 at 31 December 2024, the change in functional currency significantly impacted the Financial Statements compared with 2023. Profit before tax for 2024 includes A$7.2 million net foreign currency loss, mainly due to the translation of cash and short-term investments held in Australian dollars to the US dollars functional currency. However, the translation from the US dollars functional currency to the Australian dollars presentation currency resulted in a gain of A$24.2 million, which is included in Total Comprehensive Income and increased shareholders’ equity via the currency translation reserve. The gain in Comprehensive Income is mainly due to the translation to Australian dollars of the cash and short-term investments held in US dollars. Total income of A$227.8 million in 2024 includes A$213.2 earned under the licence agreement with Acadia Pharmaceuticals. This comprised quarterly royalty income of A$56.2 million (2023: A$26.8 million), milestone revenue of A$80.5 million (2023: A$59.4 million) and A$76.5 million as Neuren’s one third share of the net proceeds of the Rare Disease Priority Review Voucher sold by Acadia. The milestone revenue for 2024 was earned on achievement of the first in a series of four thresholds of total annual net sales of DAYBUE™ (trofinetide), due to net sales for the year exceeding US$250 million, whilst the milestone payment for 2023 was for the first commercial sale of DAYBUE. Revenue for 2023 also included an upfront of A$145.7 million under the expanded global licence agreement with Acadia. Other income includes finance income of A$11.0 million (2023: A$5.7 million) and a gain of A$3.6 million on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars (2023: A$2.2 million loss). Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report Research and development costs increased by A$6.2 million, due to higher expenditure relating to the NNZ-2591 Phase 2 clinical trials and the foundational work to prepare for Phase 3 development of NNZ-2591 across multiple indications. Corporate and administrative costs decreased by A$1.2 million, mainly due to bonuses paid in 2023 following the marketing authorisation of DAYBUE by the US Food and Drug Administration. Income tax expense for 2024 was A$40.9 million (2023: A$48.1 million), reduced by the recognition of previously unrecognised New Zealand tax losses. 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 273.52 Previous period Cents 160.89 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends and other shareholder distributions Current period There were no dividends paid, recommended or declared during the current financial period. During the year ended 31 December 2024, Neuren completed on-market buy-backs totalling $10.4 million commencing on 2 December 2024. Neuren purchased 803,052 ordinary shares on issue at the average price of $12.98. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Accounting standards The Financial Statements have been prepared in accordance with and comply with generally accepted accounting practice in New Zealand (GAAP), New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) which comply with International Financial Reporting Standards, the requirements of the Financial Markets Conduct Act 2013, and other applicable Financial Reporting Standards as appropriate for profit-oriented entities that fall into Tier 1 as determined by the New Zealand Accounting Standards Board. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 10. Commentary on the results Trofinetide In April 2023, Neuren’s worldwide partner for trofinetide, Acadia Pharmaceuticals (NASDAQ: ACAD) launched DAYBUE™ (trofinetide) in the United States as the first approved treatment for Rett syndrome. Net sales for the year ended 31 December 2024 were US$348.4 million, up from US$177 million in 2023, delivering royalties of A$56.2 million to Neuren, up from A$26.8 million in 2023. Neuren also earned A$80.5 million in 2024 from the first sales milestone, due for the first calendar year in which net sales exceed US$250 million, as well as A$76.5 million from Neuren’s one third of the net proceeds received by Acadia from the sale of the Rare Pediatric Disease Priority Review Voucher (PRV) in December 2024. Acadia has provided guidance for full-year net sales in 2025 of US$380-405 million. Assuming this guidance is met and an exchange rate of 0.65, Neuren anticipates earning royalties of A$62-67 million. In October 2024, Health Canada approved Acadia’s New Drug Submission for DAYBUE and Acadia anticipates first sales in Q3 2025. Canada net sales will be added to US net sales to give total net sales for calculation of Neuren’s North America royalties and sales milestone payments. In Canada, the prevalence of Rett Syndrome is estimated to be 600 to 900 patients. In January 2025, Acadia submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for trofinetide for the treatment of Rett syndrome in adults and pediatric patients two years of age and older. Acadia anticipates potential approval in Q1 2026. If granted marketing authorization, trofinetide will be the first and only approved therapy for Rett syndrome in the European Union. In the meantime, Acadia anticipates initiating Managed Access Programs in Europe in Q2 2025. For Japan, Acadia has had productive discussions with the regulatory agency (PMDA) and plans to initiate a small clinical study by Q3 2025 to support a marketing application. NNZ-2591 Neuren is developing a second drug NNZ-2591 for multiple serious neurodevelopmental disorders with different genetic origins that emerge in early childhood and have no or limited approved treatment options. Recognising the urgent unmet need, all programs have been granted “orphan drug” designation in the United States. Orphan drug designation provides incentives to encourage development of therapies for rare and serious diseases. In May 2024, Neuren announced positive top-line results from the Phase 2 clinical trial of NNZ-2591 in children with Pitt Hopkins syndrome (PTHS). After treatment for 13 weeks, significant improvement was observed by both clinicians and caregivers in clinically important aspects of PTHS, including communication, social interaction, cognition and motor abilities. Clinician and caregiver global efficacy measures showed a level of improvement considered clinically meaningful. The PTHS Clinical Global Impression of Improvement (CGI-I) mean score was 2.6, with 9 out of 11 children showing improvement assessed by clinicians. The PTHS Caregiver Overall Impression of Change (CIC) mean score was 3.0, with 8 out of 11 children showing improvement assessed by caregivers. NNZ-2591 was well tolerated and demonstrated a good safety profile. Neuren recently announced that the US Food and Drug Administration (FDA) has granted Fast Track designation for NNZ-2591 for the treatment of PTHS. Fast Track is designed to facilitate the development and expedite the review of drugs to treat serious conditions. In August 2024, Neuren announced positive top-line results from the Phase 2 clinical trial of NNZ-2591 in children with Angelman syndrome (AS). NNZ-2591 was safe and well tolerated as an oral liquid dose and improvements were seen in clinically important aspects of AS. Clinician and caregiver global efficacy measures showed a level of improvement from baseline that was statistically significant and considered clinically meaningful. The AS Clinical Global Impression of Improvement (CGI-I) mean score was 3.0, with 11 out of 13 children showing improvement assessed by clinicians. The AS Caregiver Overall Impression of Change (CIC) mean score was 3.2, with 8 out of 12 children showing improvement assessed by caregivers. In the 3-12 years age group all 8 children showed improvement on both measures, with a mean CGI-I score of 2.8 and a mean CIC score of 2.6. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report The positive results of NNZ-2591 in PTHS and AS followed the announcement of positive top-line results from the Phase 2 clinical trial of NNZ-2591 in children with Phelan McDermid syndrome (PMS). A Type C Meeting with the US Food and Drug Administration (FDA) is scheduled in early April 2025, to discuss the primary efficacy endpoints in Neuren’s planned pivotal Phase 3 clinical trial program for PMS. Neuren previously announced the positive outcomes from a Type B End of Phase 2 Meeting, at which alignment with FDA was reached on the other key features of the Phase 3 clinical trial program. A Type C Meeting was considered by FDA as the best forum for completion of the remaining efficacy endpoints discussion. In parallel, Neuren is continuing preparations for the first ever Phase 3 trial in Phelan-McDermid syndrome, planning for mid-2025 commencement. Other potential indications for NNZ-2591 are under evaluation and Neuren has an open IND with the FDA for NNZ-2591 in Prader-Willi syndrome. Financial commentary Total comprehensive income for shareholders was A$166.2 million, comprising A$142.0 million profit after tax and A$24.2 million foreign currency translation gain. In accordance with applicable Accounting Standards, effective 1 January 2024 the Company changed its functional currency from Australian dollar to US dollars, however the Group retained Australian dollars as its reporting currency. In a year in which the A$/US$ exchange rate fell from 0.68 at 31 December 2023 to 0.62 at 31 December 2024, the change in functional currency significantly impacted the Financial Statements compared with 2023. Profit before tax for 2024 includes A$7.2 million net foreign currency loss, mainly due to the translation of cash and short-term investments held in Australian dollars to the US dollars functional currency. However, the translation from the US dollars functional currency to the Australian dollars presentation currency resulted in a gain of A$24.2 million, which is included in Total Comprehensive Income and increased shareholders’ equity via the currency translation reserve. The gain in Comprehensive Income is mainly due to the translation to Australian dollars of the cash and short-term investments held in US dollars. Total income of A$227.8 million in 2024 includes A$213.2 earned under the licence agreement with Acadia Pharmaceuticals. This comprised quarterly royalty income of A$56.2 million (2023: A$26.8 million), milestone revenue of A$80.5 million (2023: A$59.4 million) and A$76.5 million as Neuren’s one third share of the net proceeds of the Rare Disease Priority Review Voucher sold by Acadia. The milestone revenue for 2024 was earned on achievement of the first in a series of four thresholds of total annual net sales of DAYBUE™ (trofinetide), due to net sales for the year exceeding US$250 million, whilst the milestone payment for 2023 was for the first commercial sale of DAYBUE. Revenue for 2023 also included an upfront of A$145.7 million under the expanded global licence agreement with Acadia. Other income includes finance income of A$11.0 million (2023: A$5.7 million) and a gain of A$3.6 million on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars (2023: A$2.2 million loss). Research and development costs increased by A$6.2 million, due to higher expenditure relating to the NNZ-2591 Phase 2 clinical trials and the foundational work to prepare for Phase 3 development of NNZ-2591 across multiple indications. Corporate and administrative costs decreased by A$1.2 million, mainly due to bonuses paid in 2023 following the marketing authorisation of DAYBUE by the US Food and Drug Administration. Income tax expense for 2024 was A$40.9 million (2023: A$48.1 million), reduced by the recognition of previously unrecognised New Zealand tax losses. The basic earnings per share for the year to 31 December 2024 was A$1.112 (2023: A$1.236) based on a weighted average number of shares outstanding of approximately 127.8 million (2023: 127.1 million). Total cash and short-term investments at 31 December 2024 were A$222.2 million (2023: A$228.5 million). Net cash used in operating activities was A$11.3 million compared with net cash generated of A$184.9 million for the year ended 31 December 2023. This is mainly due to the first sales milestone and sale of priority review voucher being earned in Q4 2024 and received in Q1 2025. Neuren made tax payments of A$37.2 million in 2024, which included A$34 million for 2023 tax, compared with nil payments made in 2023. Net cash used in financing activities for 31 December was A$8.8 million, comprising A$10.4 million of payments for the share buy-back, offset by A$1.7 million of proceeds received on conversion of loan funded shares and exercise of options. 11. Auditors review The financial statements have been audited and an unmodified opinion has been issued. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 12. Attachments Details of attachments (if any): The Financial Report of Neuren Pharmaceuticals Limited for the year ended 31 December 2024 is attached. 13. Signed Signed ___________________________ Patrick Davies Non-Executive Chair Melbourne Date: 27 February 2025 Neuren Pharmaceuticals Limited ARBN 111 496 130 Consolidated Financial Report for the Year ended 31 December 2024 Neuren Pharmaceuticals Limited Contents 31 December 2024 Directors' Responsibilities Statement Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Independent auditor's report 1 2 3 4 5 6 7 29 Neuren Pharmaceuticals Limited Directors' Responsibilities Statement 31 December 2024 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Neuren Pharmaceuticals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2024. The directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which give a true and fair view of the financial position of the company as at 31 December 2024 and its financial performance for the year ended on that date. The directors consider that the financial statements of the company have been prepared using appropriate accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting standards have been followed. The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination of the financial position of the company and facilitate compliance of the financial statements with the Financial Reporting Act 2013. The directors have responsibility for the maintenance of a system of internal controls designed to provide reasonable assurance as to the integrity and reliability of financial reporting. The directors consider they have taken adequate steps to safeguard the assets of the company and to prevent and detect fraud and other irregularities. On behalf of the directors ___________________________ Patrick Davies Non-Executive Chair ___________________________ Joe Basile Non-Executive Director 27 February 2025 Melbourne 2 Neuren Pharmaceuticals Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 31 December 2024 Year ended Dec 2024 $'000 Year ended Dec 2023 $'000 213,243 231,925 Finance income Gain on financial derivatives measured at fair value through profit and loss Net foreign currency gain Other income Total income 11,014 3,587 2 227,846 5,687 2,434 17 240,063 Expenses Research and development costs Corporate and administrative costs Loss on financial derivatives measured at fair value through profit and loss Net foreign currency loss Total expenses (32,970) (4,701) (7,235) (44,906) (26,751) (5,946) (2,226) (34,923) Profit before income tax expense 182,940 205,140 (40,897) (48,059) 142,043 157,081 Items that may be reclassified subsequently to profit or loss Foreign currency translation 24,198 (10) Other comprehensive income for the year, net of tax 24,198 (10) Total comprehensive income for the year attributable to the owners of Neuren Pharmaceuticals Limited 166,241 157,071 Cents Cents Note Revenue from contracts with customers 6 Income tax expense 8 Profit after income tax expense for the year attributable to the owners of Neuren Pharmaceuticals Limited Other comprehensive income Basic earnings per share Diluted earnings per share 9 9 111.17 108.61 123.62 120.12 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 3 Neuren Pharmaceuticals Limited Consolidated statement of financial position As at 31 December 2024 Note As at 31 Dec As at 31 Dec 2024 2023 $'000 $'000 Assets Current assets Cash and cash equivalents Short term investments Trade and other receivables Contract assets Derivative financial instruments Total current assets 10 11 12 13 15 Non-current assets Plant and equipment Deferred tax asset Total non-current assets 8 Total assets 3,153 219,089 157,967 17,756 1,362 399,327 17,094 211,445 5,817 12,800 247,156 31 10,348 10,379 43 771 814 409,706 247,970 Liabilities Current liabilities Trade and other payables Derivative financial instruments Income tax payable Total current liabilities 14 15 8 2,895 42,866 45,761 3,418 2,226 37,119 42,763 Non-current liabilities Employee benefits Total non-current liabilities 14 41 41 - Total liabilities 45,802 42,763 Net assets 363,904 205,207 165,270 4,695 13,508 180,431 173,127 4,382 (10,690) 38,388 363,904 205,207 Equity Share capital Share option reserve Currency translation reserve Retained earnings 16 Total equity The above consolidated statement of financial position should be read in conjunction with the accompanying notes 4 Neuren Pharmaceuticals Limited Consolidated statement of changes in equity For the year ended 31 December 2024 (Accumulated deficit)/ retained earnings Total equity $'000 $'000 Share option reserve $'000 Currency translation reserve $'000 167,740 3,222 (10,680) (118,693) 41,589 Profit after income tax expense for the year Other comprehensive income for the year, net of tax - - - 157,081 157,081 - - (10) - (10) Total comprehensive income for the year - - (10) 157,081 157,071 (18) 1,104 420 2,533 1,348 - (420) (1,348) 2,928 - - (18) 1,104 2,533 2,928 173,127 4,382 (10,690) 38,388 205,207 Share option reserve $'000 Currency translation reserve $'000 173,127 4,382 (10,690) 38,388 205,207 Profit after income tax expense for the year Other comprehensive income for the year, net of tax - - - 142,043 142,043 - - 24,198 - 24,198 Total comprehensive income for the year - - 24,198 142,043 166,241 Transactions with owners in their capacity as owners: Share issue costs Loan funded shares converted Transfer on conversion of loan funded shares Share options exercised Transfer on exercise of options Share-based payments On-market share buy-back (9) 277 105 1,383 813 (10,426) (105) (813) 1,231 - - - (9) 277 1,383 1,231 (10,426) Balance at 31 December 2024 165,270 4,695 13,508 180,431 363,904 Share capital $'000 Balance at 1 January 2023 Transactions with owners in their capacity as owners: Share issue costs Loan funded shares converted Transfer on conversion of loan funded shares Share options exercised Transfer on exercise of options Share based payments Balance at 31 December 2023 Share capital $'000 Balance at 1 January 2024 Retained earnings $'000 Total equity $'000 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 5 Neuren Pharmaceuticals Limited Consolidated statement of cash flows For the year ended 31 December 2024 Year ended Dec 2024 $'000 Year ended Dec 2023 $'000 51,421 (37,221) (2,517) 11,297 353 (4,145) (30,458) 221,004 (11,840) 882 4,360 272 (5,161) (24,592) (11,270) 184,925 Cash flows from investing activities Purchase of plant and equipment Less cash transferred from/(to) short-term investments (i) (10) 4,144 (40) (211,445) Net cash from/(used in) investing activities 4,134 (211,485) 1,660 (9) (10,426) 3,637 (18) - Net cash (used in)/from financing activities (8,775) 3,619 Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents (15,911) 17,094 1,970 (22,941) 40,180 (145) 3,153 17,094 Note Cash flows from operating activities Receipts from licence agreement Income tax paid Withholding tax paid Receipts from Australian R&D Tax Incentive Interest received GST refunded Payments for employees and directors Payments to other suppliers Net cash (used in)/from operating activities 5 Cash flows from financing activities Proceeds from issue of shares Payment of share issue expenses Payments for share buy-back 16 16 16 Cash and cash equivalents at the end of the financial year 10 (i) Following the receipt of the first commercial sale milestone payment from Acadia, the Company is holding more funds than are required to meet currently forecast short-term cash commitments. As a result, the Company has reclassified cash held in short-term deposits from Cash and Cash Equivalents to Short-term Investments. The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 6 Neuren Pharmaceuticals Limited Notes to the consolidated financial statements 31 December 2024 Note 1. Nature of the business Neuren Pharmaceuticals Limited (“Neuren” or the “Company”), and its subsidiaries (collectively the “Group”) is a publicly listed biopharmaceutical company developing drugs for neurological disorders. The Company is a limited liability company incorporated in New Zealand. The address of its registered office in New Zealand is at the offices of Lowndes Jordan, Level 15 HSBC Tower, 188 Quay Street, Auckland 1141. Neuren operates in Australia and its ordinary shares are listed on the Australian Securities Exchange (ASX code: NEU). These consolidated financial statements were approved for issue by the Board of Directors on 27 February 2025. Note 2. Material accounting policy information These general-purpose consolidated financial statements of the Group are for the year ended 31 December 2024 and have been prepared in accordance with and comply with generally accepted accounting practice in New Zealand (GAAP), New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) issued by the New Zealand Accounting Standards Board which comply with International Financial Reporting Standards, the requirements of the Financial Markets Conduct Act 2013, and other applicable Financial Reporting Standards as appropriate for profit-oriented entities that fall into Tier 1 as determined by the New Zealand External Reporting Board. Basis of preparation Entities Reporting The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Group as at 31 December 2024 and the results of all subsidiaries for the year then ended. Neuren Pharmaceuticals Limited and its subsidiaries, which are designated as profit-oriented entities for financial reporting purposes, together are referred to in these financial statements as the Group. Statutory Base Neuren is registered under the New Zealand Companies Act 1993. Neuren is also registered as a foreign company under the Australian Corporations Act 2001. Historical cost convention These consolidated financial statements have been prepared under the historical cost convention as modified by certain policies below. Amounts are expressed in Australian Dollars and are rounded to the nearest thousand, except for earnings per share. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity'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 3. Going concern basis The directors monitor the Group’s cash position and initiatives to ensure that adequate funding continues to be available for the Group to meet its business objectives. The Group recorded a profit after tax of $142.0 million for the year ending 31 December 2024 and had negative operating cash flows of $11.3 million for the year ended 31 December 2024. The Group had cash of $3.2 million and short-term investments (term deposits) of $219.1 million and $158.0 million of trade and other receivables at 31 December 2024. It is the considered view of the Directors that the Group will have access to adequate resources to meet its ongoing obligations for at least a period of 12 months from the date of signing these financial statements. On this basis, the Directors have assessed it is appropriate to adopt the going concern basis in preparing its consolidated financial statements. The consolidated financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern. 7 Neuren Pharmaceuticals Limited Notes to the consolidated financial statements 31 December 2024 Note 2. Material accounting policy information (continued) Changes in accounting policies There are no material changes in accounting policies for the year ended 31 December 2024. Standards, interpretations and amendments to published standards that are not yet effective At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 31 December 2024. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below. IFRS 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 January 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. Comparatives Where deemed necessary, the comparatives have been reclassified to achieve consistency with the current