Freelancer (FLN) investor relations material

Business portfolio and model

• Freelancer marketplace represents ~70% of revenue, has 90m professionals and clients, and has processed $5bn+ in volume; fees are 3% for clients and 10% for freelancers, plus add-ons, with ~30% gross margin.

• Escrow.com has processed $8.3bn and is running at ~$1bn annual transaction volume; current margin is ~1.35%, with a long-term 1.4%-1.6% target take rate and licenses in 55 jurisdictions.

• Loadshift connects shippers and carriers in Australian heavy haulage; its take rate is 13% before add-ons, and expansion beyond Australia is a strategic opportunity.

• The three marketplaces address labor, payments and freight; Freelancer and Escrow.com volume is predominantly from the U.S. and other jurisdictions outside Australia.

H1 performance and operating trends

• GMV across the three businesses rose 45% YoY in USD and 30% to AUD 574m; Escrow.com grew 55% and Loadshift 10% in USD, while Freelancer declined 12%.

• Revenue declined 12% in AUD and 3% in USD; Escrow.com revenue rose 30% in USD, while higher-margin Freelancer revenue fell 15%; EBITDA was AUD 1.1m, down AUD 2.7m YoY, with operating loss roughly break-even after lease adjustments.

• Freelancer faced scraper-related traffic controls and churn, 2FA-related loss of some returning users, and recurring-payment failures after merchant ID migration; gateway acceptance was ~30% versus ~80% at a high-performing gateway.

• AI-related work rose from 5% of Q1 GMV to 7.4% in Q2 and remained ~7% in the latest quarter; core categories remained stable, with acquisition investment directed to AI-defensive and growing niches.

• Escrow.com volume rose 55% in USD in H1, with softer growth in Q3; wholesale electronics is expected to become its second-largest vertical after domain names.

• Loadshift reached 1bn km of freight posted; GMV was ~AUD 15m, up 10% YoY, and in-app calling is intended to keep more transactions on-platform.

Priorities and outlook

• FY2027 priorities include restoring Freelancer growth through product leadership, better payment acceptance, vertical-focused SEO and acquisition, increased repeat use, and higher transaction value.

• Escrow.com plans to expand vertical-specific offerings; Loadshift is adding monetization services and assessing international expansion, with target jurisdictions identified.

• Employee costs fell 4.4% in H1 and ~20% in Q3; hosting costs declined 5%, while operating costs rose ~2% period-on-period as positive EBITDA remained a focus.

• AI agents now handle Tier 1 support first and support engineering workflows; locally hosted AI tokens are being evaluated to shift token expense toward a fixed cost.

• H1 cash was ~AUD 18m, with ~AUD 30m of user obligations held on-platform; priorities include consistent positive free cash flow and disciplined capital allocation toward higher returns.

• Warrior Forum recorded a non-cash AUD 2.4m impairment as strategic focus narrowed to the three core businesses.