Reported Earnings • Aug 29
Full year 2025 earnings released: AU$0.016 loss per share (vs AU$0.019 loss in FY 2024) Full year 2025 results: AU$0.016 loss per share (improved from AU$0.019 loss in FY 2024). Revenue: AU$8.91m (down 68% from FY 2024). Net loss: AU$6.70m (loss narrowed 7.2% from FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$2.6m net loss next year). Market cap is less than US$100m (AU$52.8m market cap, or US$34.4m). Announcement • Jul 22
Rover Group, Inc. entered into a Scheme Implementation Deed to acquire Mad Paws Holdings Limited (ASX:MPA) from Bombora Special Investments Growth Fund managed by Bombora Investment Management Pty Ltd and others for AUD 58.1 million. Rover Group, Inc. entered into a Scheme Implementation Deed to acquire Mad Paws Holdings Limited (ASX:MPA) from Bombora Special Investments Growth Fund managed by Bombora Investment Management Pty Ltd and others for AUD 58.1 million on July 22, 2025. A cash consideration of AUD 56.87 million valued at AUD 0.14 per share will be paid by Rover Group, Inc. As part of consideration, AUD 56.87 million is paid towards common equity and AUD 1.23 million is paid towards options of Mad Paws Holdings Limited. In case of termination of transaction, Rover Group, Inc. will pay a termination fee of AUD 1.23 million and Bombora Special Investments Growth Fund and Bombora Investment Management Pty Ltd will pay a termination fee of AUD 1.23 million.
The transaction is subject to completion of the divestment of Mad Paws’ Pet Chemist business and closure or deregistration of the residual e-commerce businesses operated under the Sash and Waggly brands, as well as Australian Foreign Investment Review Board approval and other customary conditions, including Mad Paws shareholder and Australian court approvals. The deal has been unanimously approved by the board of Mad Paws Holdings Limited.
Highbury Partnership Pty Limited acted as financial advisor for Mad Paws Holdings Limited. Talbot Sayer Lawyers acted as legal advisor for Mad Paws Holdings Limited. Talbot Sayer and Amelia Morgan of Herbert Smith Freehills Kramer acted as legal advisor for Rover Group, Inc. 
