Webjet : FY22 Company Review

2022

Company Review.

www.webjetlimited.com

Contents.

02 Chair's Message

1. Managing Director's Review

1. Operating Review

1. Our Business

1. Reimagining Travel

1. Our Strategies

1. WebBeds

1. Webjet Online Travel Agent

1. GoSee (Online Republic)

1. Our People

1. Sustainability

1. Corporate Directory

1. Glossary

Webjet Limited

ABN 68 002 013 612

Reimagining travel.

Accelerating growth opportunities in all our businesses.

Webjet Limited is a global travel business

that enables travel the world over

through our market leading travel brands

supported by travel technology.

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Chair's Message.

TTV

$m

4,298

1,638

453

2019(1) 2021(2) 2022(3) (Pre-Covid)

Revenue

$m

408.9

138.0

24.4

2019(1) 2021(2) 2022(3) (Pre-Covid)

Expenses

$m

251.1
142.6	153.0

2019(1) 2021(2) 2022(3) (Pre-Covid)

EBITDA

$m

157.8
	(118.2)	(15.0)
2019(1)	2021(2)	2022(3)
(Pre-Covid)

All financial results are for Underlying Operations.

1. 2019 (Pre-Covid) - 12 months ending 31 December 2019.
2. 2021 - 12 months ending 31 March 2021 (comparative unaudited period).
3. 2022 - 12 months ending 31 March 2022.

2 Webjet Limited Company Review 2022

Dear Shareholder

After the pandemic's enormous impact in FY21, Webjet's financial performance started to turn around in FY22. Total Transactional Value (TTV) for the 12 months to 31 March 2022 was $1,638 million, a 262% increase compared to the 12 months to

31 March 2021 and Revenue was $138 million, an increase of 466%. Underlying operations reported an EBITDA loss of $15.0 million reflecting a significant improvement from the $118.2 million EBITDA loss for the 12 months to 31 March 2021. The full year FY22 result, a statutory loss of $85.0 million after tax, hides the enormous amount of heavy lifting our team has done in reinventing Webjet.

Our two largest businesses, WebBeds and Webjet OTA, returned to profitability during the year. Webjet OTA was profitable for the full year despite extended lockdowns in the first half and the Omicron outbreak in the second half. WebBeds returned to profitability in the second half, driven largely by the North American and European markets, with momentum picking up again as the Omicron outbreak subsides. We took the opportunity during the year to reposition Online Republic with a more focused, growth-oriented strategy, rebranding the business as GoSee. We are already seeing clear signs of improved performance.

While the pandemic has wreaked havoc on travel companies around the world, we believe this is the time to be brave, and have focused steadfastly on our strategy to emerge stronger than ever. We raised capital early in the pandemic to give ourselves the best opportunity to reimagine our businesses, coming out the other side with higher market shares, improved customer value propositions and healthy profit margins. As travel markets start to return, we are starting to see this strategy deliver.

During the year, opportunities arose to buy and partner with innovative technology stacks that are adjacent or integral to our core businesses and which offered the ability to produce significant value. Buying these businesses at this time of the cycle feels like a once in a 20-year opportunity - so we acted quickly.

Capital management

While your Company has significant cash reserves, we continue to watch cash, cash flow and debtor risk very closely. We are starting to see strong cash inflows as major travel markets open again, and the Company is now cash flow positive. We paid the deferred FY20 interim dividend during the year however given the uncertain environment, we will determine our future approach to dividends once the recovery pattern is firmly established.

Governance

We acknowledge the significant shareholder interest in all matters ESG and continue to expand our initiatives and reporting in this important area.

We are proud of our diversity - Webjet is a member of the 30% Club and has committed to having 40% female senior managers by 2030. We continue

to expand our Sustainability and Modern Slavery reporting and are working to develop a pathway to carbon neutrality.

We are necessarily balancing our ESG obligations with our primary mission, which is to return

to sustainable profitability after a devastating pandemic. Shareholders can expect to see more ESG initiatives and improved reporting once we are sustainably back in the black, but until then, we are doing what we can within our current resources.

Thanks

I commend our senior management team, the Board and the wider Webjet team for staying the course during an incredibly difficult couple of years. It is a privilege to work with such a talented and committed team.

Finally, on behalf of the Board of Directors I would like to acknowledge our shareholders and thank you for your support. It has been a tough period but we are firmly of the belief that out of adversity comes opportunity. Our best years lie ahead.

Yours sincerely

Roger Sharp

Chair, Webjet Limited

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