WEB Travel Group (WEB) Investor update summary

Context and response to market reaction

• Recent ASX release about a Spanish subsidiary tax audit led to an unexpected share price drop, but fundamentals remain unchanged.

• Disclosure was proactive due to Spanish media coverage, not due to material business impact.

• Only one Spanish subsidiary, Mundo, is subject to the current audit, which began on 5 February 2026.

• Audit is a normal part of global operations; previous audits have not resulted in material findings.

• Governance and compliance are emphasized, with regular engagement with tax regulators.

Financial guidance and trading update

• FY26 guidance remains unchanged: TTV margin at least 6.5%, expense growth high single digits, EBITDA margin 44%-47%, CapEx in line with FY25.

• FY26 EBITDA guidance of AUD 147m-155m unchanged, representing 22%-29% growth on FY25.

• Group-level FY26 guidance: corporate costs ~AUD 24m, D&A ~AUD 31m, net financing costs now AUD 2m lower at ~AUD 13m, effective tax rate ~17%, cash conversion ~100%.

• Cash expected to be ~AUD 450m; no impact on access to AUD 200m revolving credit facility.

• Net finance costs are being managed down due to improved cost management.

Operational and strategic outlook

• Bookings growth and market share gains continue, with no impact from the audit on trading or operations.

• First and second half performance in line with expectations; no change in full-year guidance.

• Palma office and global operations remain unaffected.

• Recruitment for new CFO ongoing, with full transparency for candidates.

• Ongoing use of experienced global advisors for compliance and process improvement.