Shine Justice (SHJ) investor relations material

Executive summary

• Returned to profitability with NPAT of $6.7 million, reversing a prior year loss of $1.7 million, driven by strong personal injury performance and improved productivity.

• Revenue grew 8% year-over-year to $108.8 million, supported by productivity gains and technology integration.

• Declared a fully franked interim dividend of 1.5 cents per share, payable in April, continuing consistent shareholder returns.

• Significant progress in technology integration and AI initiatives, including the launch of an emerging technology centre.

• Celebrated 50 years of operations, with ongoing international expansion and incorporation of Shine Delaware, LLC.

Financial highlights

• EBITDA increased 77% to $21.1 million, with margin rising to 19% from 11% year-over-year.

• EPS improved to 4.55 cents from negative 1.01 cents year-over-year.

• Gross operating cash flow was negative $6.3 million due to delayed class action receipts, with $17.6 million expected in H2.

• Net debt at $79.9 million as of 31 December 2025, with debt-to-equity ratio below 31% and average cost of debt under 8%.

• Employee expenses rose 1.5%, offset by lower headcount and higher productivity; operating costs remained flat as a percentage of revenue.

Outlook and guidance

• H2 expected to benefit from normalization of class action settlements and continued PI momentum, with minimal risk to collection.

• Technology and automation initiatives forecast to drive margin improvement over the next 24–36 months.

• Majority of future class actions expected to be externally funded, reducing cash flow variability.

• Strategic focus on balancing shareholder returns with growth investments and maintaining capital flexibility.

• Strong class action pipeline with new investigations expected to be filed in H2 FY2026 and into FY2027.