Accordant Group FY26 Annual Report

Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143

Tel 09 526 8770
accordant.nz
NZX Release
28 May 2026
Accordant Group halts revenue decline, segment profit grows across white and blue collar
• NPAT loss of $(2.1)m vs $(2.9)m loss in FY25
• Operating Cash Flow improves by $2.3m
• Blue collar revenue growth up in H2 by 18% year-on-year
• Executive Search revenues up 53%
Accordant Group Ltd [NZX:AGL] today announces a $(2.1) million after-tax loss for the year ended 31
March 2026.
Group Chief Executive Jason Cherrington said the Group has entered the new financial year showing
positive momentum as organisations cautiously advance their priorities.
This was evident in the second half of FY26 delivering a 9% year-on-year increase in revenue against
the prior year and after two years of revenue decline.
“We rightly accept that we didn’t deliver a great result in the full FY26 year but are encouraged by our
run rate in the final quarter, and the first six weeks of FY27.”
“Activity indicators such as job ad volumes improved throughout the year and confidence has begun to
rebuild, albeit unevenly.”
“Our continued focus on business efficiency helped drive a recovery back to positive operating cash
flow of $1.6 million.”
The $5.0m proceeds of the recent equity raise were applied to reduce debt levels and interest costs
and supports the Group’s outlook alongside improving trading conditions.
Whilst white collar revenue fell by 5.0% to $87.9 million, growth in executive search revenue enabled a
positive segment profit improvement from the prior year’s loss.
AWF saw growth in logistics, civil and infrastructure-related work, although some construction
segments remain muted. Revenue from blue collar rose by 6.2% across the year to $77.3 million.
“Our targeted sector focus and sustained effort in business development capability drove stronger
momentum as the year developed,” Cherrington said.
Madison and Absolute IT similarly saw activity build from a subdued first half. Both temporary and
permanent recruitment strengthened in the second half as private sector confidence improved.
Cherrington said the outlook was for continued improvement, despite unpredictable business
conditions, although activity across different market segments was likely to remain patchy as
geopolitical economic impacts become better known.

Accordant Group Limited
Level 6, 51 Shortland Street, Auckland
PO Box 105 675, Auckland 1143

Tel 09 526 8770
accordant.nz

While acknowledging recent progress, the company has opted not to provide formal earnings guidance
in the current economic environment. Management is confident the business is operating from a
stronger base and is well positioned to respond as conditions improve.
“This is where the Group’s diversification remains a key strength, allowing us to pursue opportunities
where they occur,” Cherrington said.

ENDS


Jason Cherrington For the Board:
Group CEO Simon Bennett, Chair

For further information contact Jason Cherrington +64 21 781 389.

---

Annual Report 2026

ACHIEVEMENTS 2
CHAIR’S REPORT 4
CEO’S INSIGHTS 6
WHAT DRIVES US 10
OUR BUSINESSES 12
OUR LOCATIONS 13
BOARD OF DIRECTORS 14
FINANCIAL COMMENTARY 17
INDEPENDENT AUDITOR’S REPORT 18
FINANCIAL STATEMENTS 20
NOTES TO THE FINANCIAL STATEMENTS 24
COMPANIES ACT 1993 DISCLOSURES 59
DIRECTORY 70

Across the Group, diversification
has once again proven to be a
key strength. Market conditions
remain inconsistent across sectors
and role types, but our ability to
operate across multiple segments
enables us to adapt and pursue
opportunities where they arise.
Jason Cherrington,
Group CEO
1

Achievements
Candidates placed into
a temporary, contract or
permanent role
6,734
Candidate facing
AI Agents and internal
platforms deployed
3
Temporary and contract
assignments filled across
New Zealand
16,800+
Training outcomes
delivered
1,181
Jason Cherrington,
Group CEO
Organisations have
become more accustomed
to managing disruption,
and there is a growing
recognition that volatility is
an enduring feature of the
operating environment.
2ACCORDANT GROUP ANNUAL REPORT 2026

Organisations
partnered with to deliver
recruitment services
1,192
CRM automations in place,
enabling improvements
in efficiency, precision,
and consistency
180+
Safety engagements with
our temporary employees
35,000+
Recertification of AWF’s
Health & Safety systems
under two prequalification
assessments, +IMPAC
Prequalification and To ̄tika
Gold Member Scheme
AWF recognised in two
SEEK Annual Recruitment
Awards categories, winner of
Innovation in Recruitment and
finalist for Large Recruitment
Agency of the Year
ACCORDANT GROUP ANNUAL REPORT 20263

C h a i r ’s R e p o r t
Simon Bennett, Chair
4ACCORDANT GROUP ANNUAL REPORT 2026

Although this report covers the year ended
31 March 2026, it is important to acknowledge
the significant activity of the past two months,
including the successful completion of our
capital raise. Completion was by no means
certain, and we are thankful for the participation
and top-up support from Simon Hull’s interests
to achieve the minimum target of $5 million.
We did not secure the full level of investment we had hoped for.
For me, as Chair, this has prompted reflection, given that there
were a portion of shareholders who chose not to participate.
We have explicit backing from some shareholders, however we
are well aware we must deliver for all.
In practical terms, that means not only delivering on the
commitments we made to those who invested but also
rebuilding trust with those who did not participate and whose
holdings were diluted. To do that, we must boldly execute on
our growth priorities.
The recruitment sector has grappled with several challenging
years. From managing through the pandemic, to vetting the right
opportunities during the recovery surge, and then navigating
prolonged economic headwinds. Add to that the broader social
changes including the lasting influence of working-from-home
patterns on hiring. The fact that WFH has become part of
everyday language reflects how deeply embedded this shift now
is. Now the surge of AI is upon us, and we expect the impact to
be even more significant.
Against this backdrop, our role is evolving rather than
disappearing. We are well on our journey of using technology
to enhance what we do best. The way we deliver for clients
will change, as will the pace and nature of the recruitment
process. Even so, candidates will continue to value personal
connection, strong relationships, and the care and attention
provided by our people.
Each of our businesses will need to adapt its approach at
pace. We have already been shifting our focus toward more
senior roles and sectors with greater exposure to contingent
workforces. We are also pleased to demonstrate our ability
to build new offerings such as the foothold established in
health, and to have had the resilience to navigate a market in
Wellington characterised by reduced spending.
The future remains promising and presents real opportunity,
and we are focused on delivering more than we set out in
our capital raise proposal to earn the trust and support of
all shareholders. We appreciate the backing of our shareholders
and thank all our people for their hard work across the
business in the past year. In times of trading difficulties as well
as in more buoyant conditions, we can always take pride in the
impact we have in the market and in the care and opportunity
we provide to our candidates and clients.
For the Board,
Simon Bennett, Chair
5ACCORDANT GROUP ANNUAL REPORT 2026

Jason Cherrington, Group Chief Executive
6ACCORDANT GROUP ANNUAL REPORT 2026

CEO’s Insights
FY26 was a year of gradual rebalancing
following an extended period of economic
constraint. While uncertainty persisted
both globally and domestically, as the year
progressed there were increasingly visible signs
that some economic conditions were stabilising.
Confidence towards the end of the financial
year had begun to rebuild, albeit unevenly,

and organisations were progressively shifting
from a defensive posture toward cautiously
advancing their priorities.
ACCORDANT GROUP ANNUAL REPORT 20267

Labour market dynamics across the year reflected this
transitional phase. Unemployment remained elevated relative to
recent years, and hiring intentions were measured, particularly
in the early part of the financial year. Wage growth moderated
following a period of sharp increases, and inflationary risk had
not fully dissipated. Despite these factors, activity indicators
improved through the year, with job advertising volumes showing
resilience and select sectors demonstrating renewed demand.
Construction, infrastructure and civil-related industries have
shown encouraging traction, pointing to a recovery that is
beginning to take hold, even if not yet uniformly experienced.
Against this backdrop, the Group demonstrated grit and
determination to achieve a resilient, yet modest financial result.
Revenue of $165.1 million was largely unchanged from FY25,
following two previous years of decline, reflecting a stabilisation
in trading conditions. Importantly, underlying performance
improved and cash generation strengthened meaningfully during
the year. Net operating cashflow of $1.6 million improved from
the prior year result of negative $648k, driven by disciplined
operational management, the cumulative impact of cost
optimisation initiatives, and a business that has been deliberately
reshaped to operate more efficiently. Our earnings were in line
with market forecasts provided in March 2026.
As debt levels remained elevated throughout FY26, we embarked
upon a capital raise to specifically reduce the same and provide
balance sheet stability outside of normal trading. Achieving the
minimum $5.0 million target in May 2026 allowed the Group to
reduce the interest costs through improved banking terms and
support the business as we continue to focus on the execution
of our strategic priorities and grow earnings beyond our most
recent forecasts.
Net loss after tax reduced to $2.1 million, compared with
$2.9 million in the prior year.
Segment performance reflects the differing pace of recovery
across the market. Blue collar revenue increased by 6.2% to
$77.3 million, and segment profit rose by almost $600k to $2.1m,
both underpinned by improved activity in targeted sectors and
more specifically in the Civil Infrastructure and Logistic sectors.
White collar revenue declined by 5.0% to $87.9 million, reflecting
continued caution in professional hiring markets, particularly
earlier in the financial year. Notably, the white-collar segment
returned to a positive profit contribution following a loss in FY25.
The performance of our individual brands further highlights the
evolving market landscape.
AWF experienced contrasting conditions across the year.
The first half reflected subdued client demand and ongoing
economic softness, while the second half saw a steady
improvement supported by sector-specific demand, increased
sales activity and gains in market share. Growth in logistics
and selected civil and infrastructure-related work contributed
positively, whilst some construction segments remained
constrained. The business begins FY27 with stronger momentum,
reflecting a sustained effort in business development capability
and targeted sector focus.
Madison followed a similar trajectory, with activity building
progressively through the year. Temporary recruitment
strengthened in response to rising workloads across business
support and customer-facing roles, particularly in the latter
half of FY26. Permanent recruitment remained cautious initially
but showed signs of recovery as private sector confidence
improved. The business benefited from its breadth of sector
exposure and well-established client relationships, enabling it to
respond effectively as opportunities re-emerged.
Absolute IT continued to navigate a challenging environment,
particularly in the early stages of the year when organisations
remained focused on cost control and restructuring. Entry level
IT roles have seen an impact from AI tools and better adoption
rates lifting across the sector. Conditions improved modestly
in the second half, with a gradual return of project-based hiring
and increased demand in areas such as government, financial
services and cybersecurity. As a result, the business has seen
material improvement on the prior year, reflecting the benefits
of right-sizing and sustained cost discipline. Encouragingly,
previously delayed transformation roles have started to re-enter
the market, signalling a potential uplift in future demand, and
especially in the contracting space.
JacksonStone & Partners has seen an encouraging shift in
client hiring behaviour coming out of FY26 and heading into
FY27. Organisations are demonstrating greater willingness to
progress recruitment, particularly for senior leadership and
specialist roles. This trend is evident across local government
and infrastructure segments, where previously deferred
initiatives are now translating into action. Contracting activity has
also strengthened, with longer assignment durations indicating
increased confidence and a move toward more execution-
focused workforce planning.
Hobson Leavy delivered an exceptional performance, achieving
its strongest year to date. Demand for executive search services
remained comparatively robust, and the business has continued
to secure a strong share of activity in its segment. This reflects
both its established reputation and the strength of its networks.
Activity indicators improved
through the year, with job
advertising volumes showing
resilience and select sectors
demonstrating renewed demand.
8ACCORDANT GROUP ANNUAL REPORT 2026

While some caution remains at executive and board level, recent
activity suggests a steady level of engagement as organisations
position themselves for the next phase of growth.
Across the Group, diversification has once again proven to be
a key strength. Market conditions remain inconsistent across
sectors and role types, but our ability to operate across multiple
segments enables us to adapt and pursue opportunities where
they arise. This breadth of capability is particularly valuable in an
environment where recovery is not linear.
Looking forward, the outlook is one of gradual improvement,
albeit with ongoing variability. Economic indicators suggest that
recovery is gaining traction, supported by improving sentiment
and stabilising activity levels. Hiring demand is expected to
follow, although it will likely continue to lag broader economic
signals. At the same time, structural factors such as persistent
skill shortages in certain disciplines will continue to shape
demand patterns. Whilst we are not immune to the geopolitical
impact being felt across the globe, the signalling around
becoming more self-sustainable as a nation in energy, security
and financial stability is encouraging.
Technology and changing workforce expectations are also
influencing how organisations approach talent. The increasing
accessibility of AI and automation presents opportunities for
enhancing productivity and reshaping job design, and it is our
belief that the way forward in New Zealand is the emphasis
on augmenting capability rather than necessarily doing away
with certain roles. This evolution is expected to create new
opportunities, particularly for organisations able to align talent
strategies with emerging needs.
Indeed, within our own business we have made steady progress
from automation to AI assistants and agents and are now looking
to agentic AI as an integrated enabler. We look forward to sharing
more on these as we execute on our plans this year both within
our business and alongside our clients.
In this context, resilience remains a defining characteristic
of successful businesses. Organisations have become more
accustomed to managing disruption, and there is a growing
recognition that volatility is an enduring feature of the operating
environment. The Group has embraced this reality, maintaining
focus on controllable factors while building flexibility into how
we operate.
Despite the challenging year, the Group has ground out a
result. The progress achieved in FY26, particularly in improving
profitability and cash generation, provides a solid platform for
further improvement, even if this year proves to be challenging
as well. We remain confident in the direction of the business.
Our strategy continues to prioritise operational discipline,
sector diversification, and maintaining the capability required to
respond as demand strengthens.
We have already been buoyed by a good start to FY27 and as
the year progresses, the focus remains executing on our existing
priorities, strengthening our market position, and capturing
growth opportunities as they emerge. While the pace of recovery
may vary, the underlying trajectory is positive, and the Group is
well positioned to benefit.
The team are committed and energised to outperform in our
market and demonstrate stepped improvement year on year.
Those are our non-negotiable commitments to FY27.
We extend our thanks to our clients for their continued
partnership, to the candidates and contractors who trust us
to represent them, and to our people whose commitment and
resilience have been instrumental over the past year to moving
the dial.
We also acknowledge the ongoing support of our shareholders,
whilst recognising our efforts to surpass expectations in FY27 is
a critical path to regaining trust and future support.
Jason Cherrington, Group Chief Executive
Our strategy continues to
prioritise operational discipline,
sector diversification, and
maintaining the capability
required to respond as
demand strengthens.
ACCORDANT GROUP ANNUAL REPORT 20269

Our VisionOur Belief
We believe
it is people
that drive
our country
forward.
To grow our impact
as New Zealand’s
leading recruitment,
resourcing and people
solutions partner for

the benefit of our
people, customers,
finances and country.
Our People
At the heart of our business is a group
of curious, resilient, capable and engaged
people who are driving us forward.

Their determination to do better empowers
us to contribute more additively to the

lives of New Zealanders and the success
of New Zealand.
Our Customers
We will choose and partner with our
clients wisely, adding value through quality,
expertise, efficiency, relationships and
customised solutions.
Our Finances
We will drive strong dividend and earnings
growth through continued performance

and improvement initiatives to create
sustainable shareholder value.
Our Country
Our unique position enables us to provide
proactive solutions to address structural
challenges in the employment market,

making an impact by growing and shaping
our workforce for the current and future
needs of New Zealand.
What Drives Us
10ACCORDANT GROUP ANNUAL REPORT 2026

ENABLING
GROWTH
Strong metro
and regional
representation to
enable productivity
and growth
CONNECTING
PEOPLE
Building networks
and relationships
across New Zealand
DIVERSITY &
INCLUSION
Growing capability
and nurturing a
diverse and inclusive
workforce
INNOVATIVE
SOLUTIONS
Delivering innovation
and insights that
help shape the
employment market
Our Difference
ACCORDANT GROUP ANNUAL REPORT 202611

The Work Collective is an
employment initiative that delivers
social impact through connecting
employers, employment support
organisations and Accordant’s
businesses with candidates who
face barriers to employment,
providing them access to
meaningful work opportunities.
Launched in 2019, The Work
Collective offers organisations
a way to achieve social impact
through their staffing supply chain.
Madison Recruitment was
established in 1998 and has become
the recruitment partner to a wide
variety of organisations across the
private, public, and not-for-profit
sectors. Madison’s services span
entry level and support roles through
to professional and managerial
positions. Each year, hundreds of
permanent positions are filled by
candidates who have been sourced
and matched to meet specific
business requirements and, every
day, hundreds more employees
work on temporary and contract
assignments across the country.
Since 1988, AWF has had a proud
history of supplying entry-level,
semi-skilled and skilled workers
to a range of sectors, spanning
infrastructure, construction,
transport, logistics, manufacturing,
primary industries and many
more. From Kaitaia in the north
to Invercargill in the south,
AWF’s network of 20 branches
provide hundreds of enterprises
throughout New Zealand with
the human capital necessary to
complete major projects, meet
increased demand in goods and
services, and fill the skills gap in
permanent workforces.
Founded in 2006, Hobson Leavy
is a retained executive search firm
operating exclusively in the ‘C Suite’,
successfully leading hundreds of
executive searches and appointing
some of the country’s most senior
leaders at Board, CEO and Executive
level. With an extensive track record
in both the public and private sectors
Hobson Leavy has built a substantial
network of clients and contacts.
They are also a founding member
of Panorama, a global network of
independent executive search firms.
Founded in 2000, Absolute IT
caters to the specific recruitment
needs of the technology and digital
sectors. Absolute IT’s specialist
recruiters provide permanent and
contractor staffing services
New Zealand-wide from their offices
in Auckland, Hamilton, Wellington
and Christchurch. From resourcing
large transformation programmes
in the public sector, to sourcing the
right fit for large corporates and
attracting world class talent for
New Zealand start-ups, Absolute IT
is relied upon for its expertise and
extensive networks.
JacksonStone & Partners is an
executive search and recruitment
consultancy, specialising in
permanent and interim professional
placements. Established in 2011,
JacksonStone works across all
disciplines up to Chief Executive level
and including board appointments,
for organisations in the public,
private and not-for-profit sectors.
JacksonStone offers global search
reach through their membership
of the CFR Global Executive
Search alliance. Their experienced
consultants have the capability
to identify and place talent both
nationally and internationally.
Our Businesses
12ACCORDANT GROUP ANNUAL REPORT 2026

ABSOLUTE IT LOCATION
AWF LOCATION
HOBSON LEAVY LOCATION
JACKSONSTONE LOCATION
MADISON LOCATION
SELECT LOCATION
KEY
Kaitaia
Kerikeri
Whangarei
Auckland
Tauranga
Rotorua
Hawke's Bay
Palmerston North
Petone
Wellington
Christchurch
Invercargill
Dunedin
New Plymouth
Whanganui
Nelson
Blenheim
Hamilton
Our Locations
Our national presence, coupled with our
local knowledge, allows us to deliver more
for both our candidates and clients.
ACCORDANT GROUP ANNUAL REPORT 202613

Simon
Hull
Simon is an experienced business
leader and director. He believes
that our people are central to our
productivity, which a successful
economy is built upon. Simon
has been a director of several
businesses and is on the Board of
Trustees for the Ice Foundation
(a charitable trust which owns
business incubator The Icehouse)
and is also the Managing Director
of Metro Performance Glass
and Subsidiaries. Simon joined
the Board in June 2021 and was
appointed Chair in January 2022.
Simon founded the Allied Work
Force business in 1988. He was
AWF Managing Director for 27
years and is Accordant Group’s
largest shareholder. He has been
instrumental in growing what is
now the Accordant business from
a single office in Penrose to its
current market leading position.
Before founding Allied Work Force,
Simon was involved in farming,
horticulture, and small business
management. He continues to
be involved in marine-focussed
businesses as well as pursuing his
onshore and offshore yacht racing
passion. Simon is a non-executive
(“non-independent”) Director.
Board of Directors
Simon
Bennett
14ACCORDANT GROUP ANNUAL REPORT 2026

Bella joined the Board as a
Non-Executive Director on
1 January 2024. She brings global
experience in oil and gas and
has led national and regional
initiatives in energy and economic
development. Bella is a Fellow
Chartered Accountant and
Chartered Member of the Institute
of Directors. She holds a Masters
in Management Studies with
Distinction from Waikato University.
Bella, who has Iwi affiliations to
Waikato-Maniapoto, is passionate
about empowering communities
through infrastructure, wellbeing,
and workforce development
at a regional level. She holds
Governance roles in Iwi,
Commercial and Crown entities.
Nick joined the Board as an
independent Director in January 2018
after 15 years in Managing Director
roles in New Zealand, Australia, and
Asia/Pacific with Korn Ferry. Nick
brings deep industry expertise in
recruiting, outsourcing, consulting
and talent management. Nick was the
CEO and Director of a start-up SaaS
payments business Wrap It Up, which
was sold in 2017. He is a Trustee on
the Wellington Creative Capital Arts
Trust and was formerly on the Otago
University Business School Board
of Advisors. Nick is a Member of the
Institute of Directors.
Richard joined the human resources
consulting industry in 1987,
and went on to co-found three
successful firms, the most recent
of which was JacksonStone &
Partners where he was Executive
Chair. Richard has held a number
of governance roles. He has been
Chair of UNICEF NZ, President
of the Wellington Chamber of
Commerce, a Council member
of Business NZ and a Director of
Wellington NZ. Presently, he is the
Chair of LifeFlight.
Bella
Takiari-Brame
Nick
Simcock
Richard
Stone
ACCORDANT GROUP ANNUAL REPORT 202615

16ACCORDANT GROUP ANNUAL REPORT 2026

Financial Commentary
REVENUE
Group revenue of $165.1m was inline with the
prior year revenue of $165.2m.
Blue Collar revenue increased by $4.5m (6.2%)
on the prior year.
White Collar revenue declined by $4.6m
(5.0%) compared to the prior year; however,
revenue earned on a retained basis increased
by $2.0m (52.8%).
NET LOSS AFTER TAX
A loss after tax of $2.1m for the year,
represents a $0.8m (26.8%) improvement on
the prior year’s loss of $2.9m.
DIVIDEND
The Directors have resolved not to declare
a final dividend for the year ended 31 March
2026 (2025: nil). The interim dividend payable
in December 2025 was nil (2025: nil).
CASHFLOW
Cash inflow from operating activities was
up $2.3m on the prior year operating cash
outflow due to increased net cash from
operations of $2.1m, decreased bank interest
$0.1m, and lower taxation paid of $0.2m.
BORROWINGS
Total borrowings of $28.7m was down $2.3m
on the prior year $31.0m.
NET BANK DEBT
Net bank debt at $28.5m was up $0.5m
on the prior year $28.0m.
ACCORDANT GROUP ANNUAL REPORT 202617

18ACCORDANT GROUP ANNUAL REPORT 2026
Opinion
We have audited the consolidated financial statements
of Accordant Group Limited and its subsidiaries (the
‘Group’), which comprise the consolidated statement of
financial position as at 31 March 2026, and the statement of
comprehensive income, statement of changes in equity and
statement of cashflows for the year then ended, and notes
to the consolidated financial statements, including material
accounting policy information.
In our opinion, the accompanying consolidated financial
statements, on pages 20 to 58, present fairly, in all material
respects, the consolidated financial position of the Group as
at 31 March 2026, and its consolidated financial performance
and cashflows for the year then ended in accordance with New
Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’)
as issued by the External Reporting Board and IFRS Accounting
Standards (‘IFRS’) as issued by the International Accounting
Standards Board.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (‘ISAs’) and International Standards
on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial
Statements section of our report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) (‘PES 1’) issued by
the New Zealand Auditing and Assurance Standards Board
and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants
(including International Independence Standards) (‘IESBA Code’)
as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities
in accordance with PES 1 and the IESBA Code.
Other than in our capacity as auditor and the sponsorship
arrangement with Hobson Leavy totalling $25,000, we have
no relationship with or interests in the Company or any of
its subsidiaries. These arrangements have not impaired our
independence as auditor of the Company and Group.
Audit materiality
We consider materiality primarily in terms of the magnitude of
misstatement in the financial statements of the Group that in our
judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or
influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during
the audit would in our judgement change or influence the
decisions of such a person (the ‘qualitative’ materiality). We use
materiality both in planning the scope of our audit work and in
evaluating the results of our work.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period.
These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters.
Key audit matterHow our audit addressed the key audit matter
Impairment testing of goodwill and other indefinite life intangible
assets for Madison Recruitment and JacksonStone & Partners
Goodwill of $31.6 million (2025: $31.6 million) and other indefinite life
intangible assets (brand names) of $12.1 million (2025: $12.1 million) are
recognised in the consolidated financial statements at 31 March 2026, as
detailed in notes B4 and B3 respectively.
Goodwill and other indefinite life intangible assets are tested for
impairment annually or whenever there are indicators that these assets
may be impaired.
For the purpose of impairment testing, the goodwill and other indefinite
life intangible assets are allocated to Cash Generating Units (“CGUs”).
The recoverable amount of each CGU is determined through a value in
use calculation, which reflects significant unobservable inputs, including
forecasted financial performance, discount rates and growth rates
(including a terminal growth rate).
The Madison Recruitment and JacksonStone & Partners CGUs are
more sensitive to changes in the financial performance assumptions
and judgements involved in determining their recoverable amounts.
These CGUs include goodwill and indefinite life intangibles of
$14.2million and $6.8m.
The key judgements underpinning their future cashflows include the
Compound Annual Growth Rate (“CAGR”) trajectory, discount and
terminal growth rates.
We have included the impairment considerations of goodwill and
other indefinite life intangibles for Madison Recruitment and
JacksonStone & Partners as a key audit matter because these CGUs
are more sensitive to changes in the performance assumptions.
We have tested the value in use calculations for these cash-generating
units (CGU). Our procedures included, amongst others:
• Testing the value in use calculations for arithmetic accuracy;
• Comparing the forecast performance with the approved 2027
financial year budget;
• Assessing the historical accuracy of the Group’s previous forecasts
by comparing prior period budgets to actual performance;
• Challenging Management’s assumptions used in the forecasted
financial performance, by utilising our knowledge of the Group,
the past performance of the CGUs, and their customers;
• Performing sensitivity analysis on the forecasted financial
performance and CAGR trajectory, discount rates and terminal
growth rates to determine the extent to which any changes in these
inputs would result in an impairment;
• Involving our internal valuation specialists in assessing the discount
and terminal growth rates for reasonableness in comparison to
market data;
• Evaluating the sufficiency of related disclosures with regards to the
requirements of NZ IAS 36 Impairment of Assets.
To the Shareholders of Accordant Group Limited
Independent Auditor’s Report
INDEPENDENT AUDITOR’S REPORT

ACCORDANT GROUP ANNUAL REPORT 202619
Other information
The directors are responsible on behalf of the Group for
the other information. The other information comprises
the information in the Annual Report that accompanies the
consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and consider
whether it is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If so, we are
required to report that fact. We have nothing to report in this
regard.
Directors’ responsibilities for the consolidated
financial statements
The directors are responsible on behalf of the Group for
the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS,
and for such internal control as the directors determine is
necessary to enable the preparation of consolidated financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, the
directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either
intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs and ISAs
(NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the
consolidated financial statements is located on the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/
auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a
body. Our audit has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company’s shareholders as a body, for
our audit work, for this report, or for the opinions we have formed.
Bennie Greyling, Partner
for Deloitte Limited
Auckland, New Zealand
28 May 2026
INDEPENDENT AUDITOR’S REPORT

FINANCIAL STATEMENTS20ACCORDANT GROUP ANNUAL REPORT 2026
20262025
NOTE$'000$'000
Revenue from contracts with customersA1, A2165,125165,237
Investment revenueA34868
Fair value gain on contingent consideration–992
Direct costs(1,709)(1,226)
Employee benefits expenseA1, F1(104,581)(108,207)
Contractor costsA1(46,834)(45,363)
Depreciation and amortisation expenseA1, A4(3,780)(4,645)
Other operating expenses(7,974)(8,132)
Finance costsA4(3,022)(3,021)
Loss before income tax(2,727)(4,297)
Tax benefitA56201,417
Net loss after income tax(2,107)(2,880)
Other comprehensive income for the year––
Total comprehensive income(2,107)(2,880)
Earnings per share
Total basic earnings per share (cents)C3(6.2)(8.5)
Total diluted earnings per share (cents)C3(6.2)(8.5)
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of comprehensive income
For the year ended 31 March 2026

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202621
20262025
Note$'000$'000
Assets
Non-current assets
Property, plant and equipmentB11,0961,447
Right of use assetsB211,9025,671
Intangible assets – goodwillB431,55331,553
Intangible assets – otherB313,12614,012
Total non-current assets57,67752,683
Current assets
Cash and cash equivalentsC51742,978
Trade and other receivablesC619,96817,404
Taxation receivableA5–118
Total current assets20,14220,500
Total assets77,81973,183
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA55381,158
BorrowingsC728,65031,000
Lease liabilitiesB210,2394,216
Total non-current liabilities39,42736,374
Current liabilities
Trade and other payablesC817,25414,594
Contract liabilitiesA2545198
ProvisionsF2231115
Lease liabilitiesB22,4451,956
Total current liabilities20,47516,863
Total liabilities59,90253,237
Net assets17,91719,946
Capital and reserves
Share capitalC130,86830,868
Treasury sharesC2(632)(632)
Group share scheme reserve280487
Retained earnings(12,599)(10,777)
Total equity17,91719,946
For and on behalf of the Board who authorised the issue of the financial statements on 28 May 2026:
SIMON BENNETT, ChairBELLA TAKIARI-BRAME, Chair, Audit & Risk Committee
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of financial position
As at 31 March 2026

FINANCIAL STATEMENTS22ACCORDANT GROUP ANNUAL REPORT 2026
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
NOTE$'000$'000$'000$'000$'000
Balance as at 1 April 202430,868(804)658(8,087)22,635
Loss for the year–––(2,880)(2,880)
Other comprehensive income for the year–––––
Total comprehensive income for the year–––(2,880)(2,880)
Transactions with owners in their
capacity as owners:
Dividends paidC4–––––
Restricted shares lapsedF1––(294)294–
Share based paymentsF1–172123(104)191
Total transactions with owners in
their capacity as owners–172(171)190191
Balance as at 31 March 202530,868(632)487(10,777)19,946
Balance as at 1 April 202530,868(632)487(10,777)19,946
Loss for the year–––(2,107)(2,107)
Other comprehensive income for the year–––––
Total comprehensive income for the year–––(2,107)(2,107)
Transactions with owners in their
capacity as owners:
Dividends paidC4–––––
Restricted shares lapsedF1––(285)285–
Share based paymentsF1––78–78
Total transactions with owners in
their capacity as owners––(207)28578
Balance as at 31 March 202630,868(632)280(12,599)17,917
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of changes in equity
For the year ended 31 March 2026

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202623
20262025
NOTE$'000$'000
Cashflow from operating activities
Receipts from customers162,937168,992
Payments to suppliers, contractors and employees(158,452)(166,632)
Net cash generated from operations4,4852,360
Interest paid on bank overdraft and loans(2,432)(2,497)
Interest paid on lease liabilitiesB2(542)(410)
Income income tax received/(paid)118(101)
Net cash provided by/(used in) operating activitiesC51,629(648)
Cashflow from investing activities
Proceeds from disposal of property, plant and equipment23190
Payment for property, plant and equipmentB1(183)(198)
Net cash provided by/(used in) investing activities48(108)
Cashflow from financing activities
Dividends paid to shareholders of the parentC4––
Net (repayment)/proceeds of borrowingsC7(2,350)4,500
Payment of principal on lease liabilitiesB2(2,131)(2,858)
Net cash provided by/(used in) financing activities(4,481)1,642
Net (decrease)/increase in cash and cash equivalents held during the year(2,804)886
Cash and cash equivalents as at the beginning of the year2,9782,092
Cash and cash equivalents as at the end of the yearC51742,978
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of cashflows
For the year ended 31 March 2026

NOTES TO THE GROUP FINANCIAL STATEMENTS24ACCORDANT GROUP ANNUAL REPORT 2026
IN THIS SECTION
The notes to the financial statements include information
that is considered relevant and material to assist the reader
in understanding changes in Accordant Group Limited
and its controlled entities' (the Group) financial position or
performance. Information is considered relevant and material if:
• the amount is material because of its size and nature;
• it is important for understanding the results of the Group;
• it helps explain changes in the Group’s business; or
• it relates to an aspect of the Group’s operations that is
important to future performance.
Accordant Group Limited is a company limited by shares,
incorporated and domiciled in New Zealand and registered
under the Companies Act 1993 and listed on the NZX. The
address of its registered office and principal place of business
is disclosed in the directory to the Annual Report. The principal
services of the Group are the supply of temporary staff,
contractor resource and recruitment of permanent staff.
BASIS OF PREPARATION
These financial statements are for Accordant Group Limited
(the Company) and its subsidiaries (collectively referred to as
‘the Group’) and have been prepared:
• in accordance with New Zealand Generally Accepted
Accounting Practices in New Zealand (NZ GAAP). For the
purposes of complying with NZ GAAP the Group is a for
profit entity. They comply with New Zealand Equivalents
to IFRS Accounting Standards (NZ IFRS), IFRS Accounting
Standards (IFRS) and other applicable Financial Reporting
Standards as appropriate for profit-orientated entities;
• in accordance with the requirements of the Financial
Market Conduct Act 2013, the Companies Act 1993,
and the NZX listing rules;
• on the basis of historical cost, as modified by revaluations
to fair value for certain classes of assets and liabilities as
described in the accounting policies;
• on a going concern basis, which contemplates continuity
of normal business activities and the realisation of assets
and the settlement of liabilities in the ordinary course of
business; and
• in New Zealand dollars (which is the Group’s functional
and presentation currency), with values rounded to
thousands ($000) unless otherwise stated.
The financial statements were authorised for issue by the
Directors on 28 May 2026.
Adoption of new and revised Standards and Interpretations
New standards and amendments and interpretations to
existing standards that came into effect during the current
accounting period
All mandatory new standards and amendments and
interpretations to existing standards that came into effect
during the current accounting period have been adopted in
the current year.
None of the new standards and amendments to standards and
interpretations to existing standards have had a material impact
on the Group.
New standards and amendments and interpretations to
existing standards that are not yet effective for the current
accounting period
The Group has not early adopted any new standards,
amendments and interpretations that have been issued but are
not yet effective.
There are a number of new standards and amendments to
standards and interpretations that are not yet effective for the
year beginning 1 April 2025.
NZ IFRS 18 Presentation and Disclosure in Financial Statements,
has been issued and is effective for annual reporting
periods beginning on or after 1 January 2027. NZ IFRS 18
will replace NZ IAS 1 Presentation of Financial Statements
and introduces new requirements for the presentation of
the Statement of Comprehensive Income, including defined
subtotals for operating, investing and financing categories,
as well as enhanced disclosures for management-defined
performance measures.
The Group has not yet assessed the impact of NZ IFRS 18 on
adoption. NZ IFRS 18 is expected to be adopted in the 2028
financial year. The Group will assess the impact of NZ IFRS 18 in
advance of the mandatory adoption date.
None of the other new and amendments to standards and
interpretations to existing standards have been early adopted
by the Group in preparing these financial statements or been
identified as having a material effect on the Group’s financial
statements in future.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202625
OTHER ACCOUNTING POLICIES
Accounting policies that are relevant to an understanding of the
financial statements (other than those provided throughout the
notes to the financial statements) are set out below:
Fair value measurement
For financial reporting purposes, Fair Value is the price that
would be received to sell an asset, or paid to transfer a liability,
in an orderly transaction between market participants (under
current market conditions) at the measurement date, regardless
of whether that price is directly observable or estimated using
another valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data is available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs. Inputs to
valuation techniques used to measure fair value are categorised
into three levels according to the extent to which the inputs
are observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Group can
access at the measurement date.
• Level 2 inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset or liability,
either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Goods and services tax (GST)
All revenue and expense transactions and cashflows are
recorded exclusive of GST and other value added taxes.
Assets and liabilities are similarly stated exclusive of GST,
with the exception of receivables and payables, which are
stated with GST included.
Impairment of tangible and intangible assets
excluding goodwill
At the end of each reporting period, the Group reviews the
carrying amounts of its tangible (notes B1 and B2) and intangible
assets (note B3) to determine whether there is any indication
that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment
loss (if any).
The recoverable amount is the higher of an asset’s fair value
less costs to sell and value in use. In assessing value in use, the
estimated cashflows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset for
which the estimates of future cashflows have not been adjusted.
If the recoverable amount of an asset is estimated to be less
than its carrying amount, the carrying amount of the asset
is reduced to its recoverable amount. An impairment loss is
recognised immediately in profit or loss.
Where an impairment loss recognised in prior periods
subsequently reverses, the carrying amount of the asset is
increased to its revised recoverable amount. However, the
carrying amount is not increased above the amount that would
have been determined, net of depreciation or amortisation,
had no impairment loss been recognised. Any reversal of an
impairment loss is recognised immediately in profit or loss.
Financial instruments
Financial assets and financial liabilities are recognised on
the Group’s Statement of Financial Position when the Group
becomes a party to the contractual provisions of the instrument.
All of the financial assets of the Group, which include trade and
other receivables (note C6), are classified as financial assets at
amortised cost.
The Group’s trade and other payables (note C8) arising from
business combinations are classified as financial liabilities at
amortised cost.
Financial liabilities and equity instruments issued by the Group
are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial
liability and an equity instrument. An equity instrument is any
contract that evidences a residual interest in the assets of the
Group after deducting all of its liabilities.
Equity instruments
Ordinary share capital (note C1) is classified as equity when
there is no obligation to transfer cash or other assets.
Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from
the proceeds.
Costs which are not directly attributable to the issue of new
shares are shown as an expense and included in other operating
expenses in the Statement of Comprehensive Income.
KEY JUDGEMENTS AND SOURCES OF
ESTIMATION UNCERTAINTY
In the process of applying the Group’s accounting policies
and the application of accounting standards, Management
are required to make a number of judgements, estimates
and assumptions about the carrying amounts of assets and
liabilities that are not readily available from other sources.
These estimates and associated assumptions are based
on historical experience and various other matters that are
considered to be appropriate under the circumstances.
Actual results may differ from these estimates.
Judgements and sources of estimation uncertainty that are
considered material to understand the performance of the
Group are found in the following notes:
Note – B2
Estimating the lease term used in the calculation of right of
use assets and lease liabilities.
Note – B3
Estimating the remaining useful lives of identifiable customer
relationships and restraint of trade assets and testing the
carrying value of brand assets.
Note – B4
Impairment testing of the carrying value of goodwill and
indefinite life intangible assets.

NOTES TO THE GROUP FINANCIAL STATEMENTS26ACCORDANT GROUP ANNUAL REPORT 2026
This section explains the financial performance of the Group,
providing additional information about individual items in the
Statement of Comprehensive Income, including:
(a) accounting policies, judgements and estimates that are
relevant for understanding items recognised in revenue.
(b) analysis of the Group’s performance for the year by
reference to key areas including: performance by segment,
revenue, expenses and taxation.
A1 SEGMENT PERFORMANCE
The Chief Operating Decision Maker (CODM) is the Group Chief
Executive. The Group has two defined reporting segments:
• Blue Collar Reporting Segment – AWF operates branches
under the brand names AWF (throughout New Zealand)
and Select (Dunedin), which provide contingent labour hire
associated with infrastructure, logistics, manufacturing,
technical and construction. The Work Collective (TWC)
provides opportunities for those who face barriers to
employment.
• White Collar Reporting Segment – The White Collar
segment provides contingent temporary employees,
contractors, permanent placement, and executive search
services.
Within the White Collar Reporting Segment are four (4)
operating segments:
• Madison Recruitment (operating under the brands
Madison Recruitment, and Madison Force)
• Absolute IT
• JacksonStone & Partners
• Hobson Leavy
These operating segments have been aggregated on the basis
that they have similar economic characteristics; the nature of
services offered, the processes and customers are substantially
the same, and strategic decisions are made in conformity over
all four brands.
The corporate office function reported as ‘Central
administration costs and director fees’ includes costs related
to governance, compliance, audit, and Group funding. The
corporate office also provides shared services including
accounting, information technology, human resources, and
marketing expertise, however these are recovered to the
operating segments via a management fee which is included
in the operating segment profit. Revenue derived is incidental
to the Group activities. The corporate office function is
not an operating segment and is not part of one of the
reportable segments.
These segments have been determined on the basis, of the
trading brands that operate under each; that discrete financial
information is available for these segments; and that their
operating results are regularly reviewed by the CODM.
All revenues from external customers, and non current assets
other than financial instruments, deferred tax assets, post
employment benefit assets, and rights arising under insurance
contracts are attributed to the Group’s country of domicile.
A. Financial Performance
IN THIS SECTION

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202627
Segment revenueSegment profit
2026202520262025
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
Blue Collar77,26872,7562,1021,535
White Collar87,85792,4811,072(200)
Total for continuing operations165,125165,2373,1741,335
Other income4868
Central administration costs and director fees(2,927)(2,679)
Finance costs(3,022)(3,021)
Total165,125165,237(2,727)(4,297)
Income tax expense6201,417
Total for the year165,125165,237(2,107)(2,880)
Revenue reported above represents revenue generated from external customers. Inter-segment sales in the year were $35,000
(2025: $41,000) and have been eliminated from the above table. Inter-segment sales were eliminated from the originating segment.
No one customer accounts for more than 10% of the Group’s revenue (2025: No one customer accounts for more than 10% of the
Group’s revenue).
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in this report.
Segment profit represents the profit earned by each segment without allocation of central administration costs and director fees,
other income, finance costs, and income tax expense. This is the same measure reported to the CODM for the purpose of resource
allocation and assessment of segment performance.

NOTES TO THE GROUP FINANCIAL STATEMENTS28ACCORDANT GROUP ANNUAL REPORT 2026
20262025
SEGMENT ASSETS$’000$’000
Continuing operations
Blue Collar24,07622,703
White Collar49,01449,525
Total segment assets73,09072,228
Unallocated assets4,729955
Total assets77,81973,183
For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors the
tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments other than
cash, cash equivalents, centrally held leases, centrally held fixed assets, and tax assets of the Company.
20262025
SEGMENT LIABILITIES$’000$’000
Continuing operations
Blue Collar12,3809,542
White Collar14,12812,438
Total segment liabilities26,50821,980
Unallocated liabilities33,39431,257
Total liabilities59,90253,237
For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors the
liabilities attributable to each segment. All liabilities are allocated to reportable segments, other than bank loans, centrally held
leases, and tax liabilities of the Company.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202629
OTHER SEGMENT INFORMATION
Depreciation and amortisationImpairment
2026202520262025
$’000$’000$’000$’000
Blue Collar1,1371,286––
White Collar2,2153,351––
Unallocated4288––
Total3,7804,645––
Non-current assets Net additions to non-current assets
2026202520262025
$’000$’000$’000$’000
Blue Collar12,58411,6339511,974
White Collar40,66341,037(374)257
Unallocated4,430134,41713
Total57,67752,6834,9942,244
Employee benefitsContractor costs
2026202520262025
$’000$’000$’000$’000
Blue Collar68,57264,486160662
White Collar32,73840,70846,67444,701
Unallocated3,2713,013––
Total104,581108,20746,83445,363

NOTES TO THE GROUP FINANCIAL STATEMENTS30ACCORDANT GROUP ANNUAL REPORT 2026
A2 REVENUE FROM CONTRACTS WITH CUSTOMERS
Accounting policy
Revenue recognition from contracts with customers
Revenue is measured at the fair value of the consideration
received or receivable. Revenue is recognised once value
has been received by the customer, when the performance
obligations have been satisfied and control has transferred.
This is typically on successful placement of a candidate, or
completion of a service. The transaction price is allocated to
performance obligations based on their relative standalone
selling prices.
Revenue earned on temporary placement – over time
Revenue from temporary placements, represents amounts billed
from the supply of semi-skilled and skilled temporary staff,
including the wage cost of these staff and is recognised when
the service has been provided. Performance completed to date
is based on the number of hours worked.
The Group pays rebates to specific customers based on
volume of activity for temporary and permanent placements.
A provision for these rebates is recognised at the end of the
reporting period.
The factors considered by Management on a contract by
contract basis when concluding the Group is acting as principal
rather than agent are as follows:
• Whether the customer has a direct relationship with
the Group;
• Whether the Group has the primary responsibility for
providing the services to the customer, and engages and
contracts directly with the temporary worker or other
recruitment companies; and
• Whether the Group has latitude in establishing the rates
directly or indirectly with all parties.
Revenue earned on permanent placement – point in time
Revenue from permanent placements, represents amounts
billed from the placement of permanent candidates. Revenue
is typically based on a percentage of the candidate’s
remuneration package, this income being recognised at the
date an offer is accepted by a candidate and where a start date
has been determined.
In the event that a candidate fails to remain in the position for
greater than 12 weeks a guarantee is provided to replace the
candidate.
Revenue earned on a retained basis – point in time
Where the Group is engaged on a retainer basis, revenue
recognised is typically based on a percentage of candidate’s
remuneration package, this income being recognised on the
completion of defined stages of work.
The defined stages are: on confirmation of vacancy and after
job briefing; (where applicable), on presentation of longlist; on
presentation of shortlist; and candidate placement.
Revenue earned as other services are provided – point in time
Where the Group is engaged to provide contractors, they are
covered by the Group’s indemnity insurance cover. A fee for this
indemnity insurance cover is recognised when the underlying
performance obligation is satisfied – upon the provision of
cover, charged at hourly rates.
Where the Group is engaged to provide other employee related
services, such as psychometric assessments, advertising and
candidate background checks, revenue is recognised when
the underlying performance obligation is satisfied – upon the
provision of services, charged at agreed rates.
Where the Group is engaged to provide payroll related services
to manage the administration of contractors sourced by its
customers directly, revenue is recognised when the underlying
performance obligation is satisfied – upon the provision of
services, charged at hourly or daily rates.
Significant financing component
Payment is typically due within 7–30 days from the invoicing of
a contract. There is no significant financing component in any of
the Group’s contracts with customers.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202631
20262025
REVENUE FROM CONTRACTS WITH CUSTOMERS$’000$’000
Revenue earned on temporary placements
Blue Collar76,20871,283
White Collar57,68268,097
Total revenue earned on temporary placements133,890139,380
Revenue earned on permanent placements
Blue Collar537806
White Collar5,5106,139
Total revenue earned on permanent placements6,0476,945
Revenue earned on a retained basis
Blue Collar––
White Collar5,7843,785
Total revenue earned on a retained basis5,7843,785
Other service revenue
Blue Collar523667
White Collar18,88114,460
Total other service revenue19,40415,127
Total revenue165,125165,237
KEY JUDGEMENTS AND ESTIMATES – EXPECTATION OF REFUND LIABILITIES AND REBATES TO CUSTOMERS
Placement guarantees
The Group provides a guarantee for permanent placements
who fail to remain in a role for greater than twelve weeks.
Management estimates the expected refund guarantees to
customers based on historical experience of candidates leaving
within the guarantee period. Management updates this estimate
at the end of the reporting period.
Rebates
Rebates are contractually payable to customers and are based
on volume of activity. Management estimates the rebates
payable to customers at the end of the reporting period.

NOTES TO THE GROUP FINANCIAL STATEMENTS32ACCORDANT GROUP ANNUAL REPORT 2026
20262025
REVENUE FROM CONTRACTS WITH CUSTOMERS BY CLIENT INDUSTRY CATEGORY$’000$’000
Blue Collar revenue from contracts with customers
– Construction & civil33,37828,925
– Engineering & technical9,72013,695
– Manufacturing & logistics34,17030,136
Total Blue Collar revenue from contracts with customers77,26872,756
White Collar revenue from contracts with customers
– Administration & other services1,236438
– Arts & recreation services194649
– Construction and trades1,1381,359
– Education and training3,2632,327
– Financial and insurance services7,6539,101
– Government, defence and public safety37,86550,419
– Healthcare and social assistance20,0669,442
– Information technology3,5094,912
– Logistics (transport, postal & warehousing)1,3561,418
– Manufacturing1,5141,061
– Media & telecommunications25735
– Primary (agriculture, forestry, fishing, mining)1,6772,524
– Professional, scientific and technical services3,8153,743
– Property/rental and hiring services455378
– Retail trade & hospitality1,4902,058
– Utilities (electricity, gas, water, waste)2,0782,203
– Wholesale trade291414
Total White Collar revenue from contracts with customers87,85792,481
Total revenue165,125165,237

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202633
20262025
CONTRACT LIABILITIES$’000$’000
Rebate liabilities517170
Guarantee refund liabilities2828
Total contract liabilities545198
Classified as:
Current 545198
Total contract liabilities545198
A3 INVESTMENT REVENUE
Accounting Policy
Interest revenue is presented as investment revenue in the
Statement of Comprehensive Income.
Interest revenue
Interest revenue is accrued on a time basis using the effective
interest method.
20262025
INVESTMENT REVENUE$’000$’000
Interest received4868
Total investment revenue4868
CONTRACT LIABILITIES
Contract guarantees
For both retained revenue arrangements and permanent
placement contracts, the Group's standard terms include a
guarantee that the placed candidate will remain in the role for
a minimum of 12 weeks. If the candidate does not remain in
the role for more than 12 weeks, the Group will endeavour to
replace the candidate with another candidate at no further
cost to the customer. If the Group is unable to replace the
candidate then the customer is entitled to a credit against
the customer’s account.
Upon placement, a refund liability is recognised with a
corresponding adjustment to revenue. This refund liability is
measured using a rate derived utilising the Group’s historical
experience of candidates who have left before 12 weeks.
This historical experience rate is measured using the portfolio
approach permitted by NZ IFRS 15 Revenue from Contracts
with Customers. This estimate is updated regularly at each
reporting period.
Contract rebates
For revenue from temporary and permanent placements, under
the Group’s contract terms with certain customers, a rebate is
payable to customers based on agreed percentages of amounts
billed over a specified period. These agreed percentages can
either be a single fixed rate or incremental based on thresholds.
At the beginning of the specified period, a rebate liability
is recognised with a corresponding adjustment to revenue.
This rebate liability is based on volume of activity and is
contractually payable to customers.

NOTES TO THE GROUP FINANCIAL STATEMENTS34ACCORDANT GROUP ANNUAL REPORT 2026
A4 EXPENSES
20262025
EXPECTED CREDIT LOSSNOTE$’000$’000
Impairment losses recognised6–
Impairment losses recovered(1)(2)
Changes in the expected credit loss provision7(159)
Total expected credit losses12(161)
20262025
DEPRECIATION AND AMORTISATION EXPENSE$’000$’000
Depreciation of property, plant and equipmentB1481670
Depreciation of right of use assetsB22,4132,773
Amortisation of intangible assetsB38861,202
Total depreciation and amortisation expense3,7804,645
20262025
FINANCE COSTS$’000$’000
Financial liabilities measured at amortised cost
Interest on bank overdrafts and loans2,4802,564
2,4802,564
Financial liabilities measured at fair value through profit or loss
Interest on contingent consideration–47
–47
Lease liabilities
Interest on lease liabilities542410
542410
Total finance costs3,0223,021
20262025
AUDITOR’S REMUNERATION TO DELOITTE FOR:$’000$’000
Audit of the financial statements303280
Total auditor’s remuneration to Deloitte303280
The Group’s Audit and Risk Committee monitor the independence of Deloitte Limited and ensure Audit Partner rotation occurs after
5 years.
The Group (via Hobson Leavy) has an awards sponsorship arrangement with Deloitte Limited. The total value of this arrangement
paid to Deloitte is $25,000 (2025: $25,000).
OTHER ITEMS
Political donations
There have been no donations to any political party during the financial year (2025: $Nil).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202635
A5 TAXATION
Accounting policy – current tax
Income tax expense represents the sum of the movement in tax
currently payable or receivable, and deferred tax.
Taxable profit differs from profit before tax reported in the
Statement of Comprehensive Income as it excludes items of
income and expense that are taxable or deductible in other
years and also excludes items that will never be taxable
or deductible.
Current and deferred tax are recognised as an expense or
income in profit or loss, except when they relate to items
recognised in other comprehensive income or directly in equity,
in which case the tax is also recognised in other comprehensive
income or directly in equity, or where they arise from the initial
accounting for a business combination.
In the case of a business combination, the tax effect is taken
into account in calculating goodwill or in determining the excess
of the acquirer’s interest in the net fair value of the acquiree’s
identifiable assets, liabilities and contingent liabilities over the
cost of the business combination.
Income tax expense is assessed on taxable profit for the year.
Current tax liabilities are calculated using tax rates that are
applicable at balance date, being 28% (2025: 28%).
GROUP
20262025
INCOME TAX EXPENSE$’000$’000
Current tax
In respect of current year(52)(1,460)
In respect of prior year46(72)
(6)(1,532)
Deferred tax
In respect of current year(557)77
In respect of prior year(57)38
(614)115
Total tax benefit(620)(1,417)
Reconciliation to loss before income tax
Loss before income tax(2,727)(4,297)
Income tax at 28%(764)(1,203)
Tax effect of income that is not assessable and expenses that are not deductible
in determining taxable profit144(214)
Income tax benefit(620)(1,417)
Effective tax rate for the year22.7%33.0%
GROUP
20262025
CURRENT TAX ASSETS$’000$’000
Current tax assets
Income tax receivable–118
Total current tax assets–118

NOTES TO THE GROUP FINANCIAL STATEMENTS36ACCORDANT GROUP ANNUAL REPORT 2026
Accounting policy – deferred tax
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of
taxable profit, and is accounted for using the balance sheet
liability method. Deferred tax liabilities are recognised in
respect of all taxable temporary differences. Deferred tax
assets are recognised only to the extent that it is probable
that sufficient taxable profits will be available to utilise the
deductible temporary differences. Such assets and liabilities
are not recognised if the temporary difference arises from
goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit, and
at the time of the transaction does not arise in equal taxable and
deductible temporary differences.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, except
where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the assets to be recovered.
Deferred tax is calculated at the tax rates that are expected
to apply in the period when the liability is settled or the
asset realised based on tax rates that have been enacted or
substantively enacted by the end of the reporting period. The
measurement of deferred tax liabilities and assets reflects the
tax consequences that would follow from the manner in which
the Group expects, at the reporting date, to recover or settle the
carrying amounts of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Lease
liabilities
Right of
use assets
Employee
benefits
Other
provisions
Intangible
assets
Losses
carried
forwardTotal
$’000$’000$’000$’000$’000$'000$’000
As at 1 April 20241,903(1,742)1,057538(4,260)–(2,504)
Prior period adjustment––(28)(10)––(38)
Credit/ (Charge)
to profit or loss for
the year(225)201(212)(177)3371,4601,384
As at 31 March 20251,678(1,541)817351(3,923)1,460(1,158)
As at 1 April 20251,678(1,541)817351(3,923)1,460(1,158)
Prior period adjustment––57––(46)11
Credit/ (Charge)
to profit or loss for
the year1,762(1,681)1814724852609
As at 31 March 20263,440(3,222)1,055398(3,675)1,466(538)
GROUP
20262025
IMPUTATION BALANCES$’000$’000
Imputation credits available for subsequent reporting periods at 28%11,80811,925
The above amounts represent the balance of the imputation account as at the end of the reporting period at 28%, adjusted for,
imputation credits that will arise from the payment of the amount of the provision for income tax; and imputation debits that have
arisen from the payment of dividends recognised as a liability at the reporting date. The consolidated amounts include imputation
credits that would be available to the Company if subsidiaries paid dividends. The imputed portions of the final dividends
recommended after reporting date will be imputed out of existing imputation credits or out of imputation credits arising from the
payment of income tax in the next reporting period.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202637
The following rates are used for the depreciation of property, plant and equipment:
• Motor vehicles (diminishing value) 25 to 36%
• Fixtures and equipment (diminishing value) 8 to 70%
• Leasehold improvements (straight line) 4 to 14%
Motor
vehicles
Fixtures and
equipment
Leasehold
improvementsTotal
PROPERTY, PLANT AND EQUIPMENTNOTE$’000$’000$’000$’000
Cost1,8354,9102,2559,000
Less accumulated depreciation(1,224)(4,070)(1,760)(7,054)
Net book value at 1 April 20246118404951,946
Additions–90108198
Disposals – cost(135)(17)(39)(191)
Depreciation expenseA4(181)(301)(188)(670)
Eliminations on disposal – depreciation1111439164
Net book value at 31 March 20254066264151,447
Additions–15330183
Disposal – cost(294)(482)–(776)
Depreciation expenseA4(120)(204)(157)(481)
Eliminations on disposal – depreciation250473–723
Net book value at 31 March 20262425662881,096
Cost1,4064,6542,3548,414
Less accumulated depreciation(1,164)(4,088)(2,066)(7,318)
Net book value at 31 March 20262425662881,096
B. Assets used to generate income
This section shows the assets the Group uses to generate
operating income. In this section of the notes there is
information about:
(a) property, plant and equipment
(b) intangible assets
(c) goodwill
B1 PROPERTY, PLANT AND EQUIPMENT
Accounting policy
Fixtures and equipment, motor vehicles and leasehold
improvements are stated at cost less accumulated depreciation
and any accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets,
over their estimated useful lives using the either the diminishing
value or straight line method.
The gain or loss arising on the disposal or retirement of an
item of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
amount of the asset and is recognised in the Statement of
Comprehensive Income.
IN THIS SECTION

NOTES TO THE GROUP FINANCIAL STATEMENTS38ACCORDANT GROUP ANNUAL REPORT 2026
B2 RIGHT OF USE ASSETS AND LEASE LIABILITIES
Accounting policy
The Group leases various properties (including offices), motor
vehicles and computer equipment. Property lease contracts
are typically made for fixed periods of 3 to 9 years but may
have extension options as described below. Motor vehicle and
computer equipment leases are typically made for fixed periods
of 1 to 5 years without extension options.
Lease terms are negotiated on an individual basis and contain
a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets
may not be used as security for borrowing purposes.
Leases are recognised as a Right of Use (ROU) asset and a lease
liability at the lease commencement date.
The ROU asset is initially measured at cost, and subsequently at
cost less any accumulated depreciation and impairment losses,
and adjusted for certain remeasurements of the lease liability.
Costs included in the measurement of the ROU asset comprise
the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement
date; less any lease incentives received; and
• any initial direct costs incurred by the lessee.
Depreciation is charged so as to write off the cost of assets,
over the lease term using the straight-line method or where
shorter than the useful life of the ROU asset.
The lease liability is initially measured at the present value of
the future lease payments over the lease term that are not paid
at the commencement date, discounted using the interest rate
implicit in the lease or, if that rate cannot be readily determined,
the lessee’s Incremental Borrowing Rate (IBR), being the rate
that the lessee would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an
asset of a similar value to the ROU asset in a similar economic
environment with similar terms and conditions.
Generally, the Group uses the lessee’s IBR as the discount rate.
Lease payments included in the measurement of the lease
liability comprise the following:
• the exercise price under a purchase option that the Group
is reasonably certain to exercise that option; and
• lease payments in an optional renewal period if the Group
is reasonably certain to exercise an extension option.
There are no leases with variable lease payments which depend
on an index or rate as at the commencement date.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an
index or rate, if there is a change in the Group’s estimate of
the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether
it will exercise a purchase, extension or termination option,
or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount
of the ROU asset, or is recorded in profit or loss if the carrying
amount of the ROU asset has been reduced to zero.
The Group has elected not to recognise ROU assets and
lease liabilities for short-term leases that have lease terms
of 12 months or less and leases of low value assets.
The Group recognises the lease payments associated with
these leases within operating expenses on a straight line basis
over their lease terms.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202639
Property
Motor
vehicles
Computer
EquipmentTotal
RIGHT OF USE ASSETSNOTE$’000$’000$’000$’000
Cost15,7233714216,136
Less accumulated depreciation(9,525)(226)(14)(9,765)
Net book value at 1 April 20246,198145286,371
Additions/lease liability remeasurements1,952144–2,096
Disposals – cost(337)(95)–(432)
Depreciation expenseA4(2,633)(131)(9)(2,773)
Eliminations on disposal – depreciation31495–409
Net book value at 31 March 20255,494158195,671
Additions/lease liability remeasurements8,728344–9,072
Disposals – cost(4,622)(208)(42)(4,872)
Depreciation expenseA4(2,306)(104)(3)(2,413)
Eliminations on disposal – depreciation4,214204264,444
Net book value at 31 March 202611,508394–11,902
Cost21,444556–22,000
Less accumulated depreciation(9,936)(162)–(10,098)
Net book value at 31 March 202611,508394–11,902
KEY JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY – ESTIMATE OF THE FUTURE RIGHT OF USE ASSETS
AND LEASE LIABILITIES
Extension and termination options
Extension and termination options are included in a number
of leases across the Group. These terms are used to maximise
operational flexibility in terms of managing contracts.
The majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
Critical judgements in determining the lease term and IBR
In determining the lease term, Management considers all
facts and circumstances that create an economic incentive
to exercise an extension option. Extension options are only
included in the lease term if the lease is reasonably certain to
be extended.
Where Management has assessed it to be reasonable certain
an extension will be exercised, this has been factored into the
lease term in the calculation of the ROU asset and lease liability.
The assessment is reviewed if a significant event or a significant
change in circumstances occurs which affects this assessment
and that is within the control of the lessee.
The following factors are normally the most relevant:
• If there are significant penalties to terminate (or not extend),
the Group is typically reasonably certain to extend (or
not terminate).
• If any leasehold improvements are expected to have a
significant remaining value, the Group is typically reasonably
certain to extend (or not terminate).
• Otherwise, the Group considers other factors including
historical lease durations and the costs and business
disruption required to replace the leased asset.
To determine the IBR, the Group:
• where possible, uses recent third-party financing (currently,
the Group’s sole term facility provider, ASB Bank Limited)
received by the individual lessee as a starting point, adjusted
to reflect changes in financing conditions since third party
financing was received;
• uses a build-up approach that starts with a risk-free interest
rate adjusted for credit risk for leases held by Group
subsidiaries, which do not have recent third party financing;
and
• makes adjustments specific to the lease, e.g. term, location,
and security.

NOTES TO THE GROUP FINANCIAL STATEMENTS40ACCORDANT GROUP ANNUAL REPORT 2026
20262025
LEASE LIABILITIES$’000$’000
Property12,2875,993
Motor vehicle397158
Computer equipment–21
Total lease liabilities12,6846,172
Classified as:
Current2,4451,956
Non-current10,2394,216
Total lease liabilities12,6846,172
Maturity analysis – contractual undiscounted cashflows:
Less than 1 year2,3942,257
Later than 1 year and not later than 5 years inclusive8,4634,007
More than 5 years4,3761,384
Total undiscounted lease liabilities 31 March15,2337,648
Amounts recognised in Statement of Comprehensive Income:
Interest on lease liabilities(542) (410)
Expenses relating to short term leases(184)(595)
Total amounts recognised in the Statement of Comprehensive Income(726)(1,005)
Cash outflows recognised in the Statement of Cashflows:
Recognised within cashflows from operating activities
Interest elements of lease payments(542)(410)
Total recognised within cashflows from operating activities(542)(410)
Recognised within cashflows from financing activities
Principal elements of lease payments(2,131)(2,858)
Total recognised within cashflows from financing activities(2,131)(2,858)
Total recognised within the Statement of Cashflows(2,673)(3,268)

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202641
B3 INTANGIBLE ASSETS
Accounting policy
Intangible assets acquired in a business combination are
identified and recognised separately from goodwill where they
satisfy the definition of an intangible asset and their fair values
can be measured reliably. The cost of such intangible assets
is their fair value at the acquisition date.
Intangible assets acquired separately with finite useful lives are
carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line
basis over their estimated useful lives (4–6 years). The estimated
useful life and amortisation method are reviewed at the end
of each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis.
Intangible assets acquired separately with indefinite useful lives
are not amortised and are reviewed for impairment on an annual
basis and whenever there is an indication that the asset may be
impaired as per NZ IAS 36 Impairment of Assets (refer also B4).
Other intangible assets (excluding goodwill) represent the value
of client relationships, brand names and restraints of trade
acquired through business combinations (where the economic
value can reliably be assessed).
Customer
Relationships
Brand
Name
Restraint
of TradeTotal
NOTE$’000$’000$’000$’000
Cost16,82312,0815,29534,199
Less accumulated amortisation(15,521)–(3,464)(18,985)
Net book value at 1 April 20241,30212,0811,83115,214
Amortisation expenseA4(556)–(646)(1,202)
Net book value at 31 March 202574612,0811,18514,012
Amortisation expenseA4(240)–(646)(886)
Net book value at 31 March 202650612,08153913,126
Cost16,82312,0815,29534,199
Less accumulated amortisation(16,317)–(4,756)(21,073)
Net book value at 31 March 202650612,08153913,126
KEY JUDGEMENTS AND ESTIMATES – ESTIMATING THE
REMAINING USEFUL LIVES OF IDENTIFIABLE CUSTOMER
RELATIONSHIPS AND RESTRAINT OF TRADE ASSETS AND
TESTING THE CARRYING VALUE OF BRAND ASSETS.
Brand assets are indefinite life non-financial assets. Determining
whether brand assets are impaired requires an estimation of the
value in use of the Cash Generating Unit (CGU) to which brand
relates to. The impairment testing of brand is undertaken in
conjunction with the impairment testing of goodwill related to
the CGU (refer to note B4 for further information).
The impairment assessment of customer relationships and
restraint of trade assets requires a judgement and estimation of
the expected remaining useful life of these assets.
The amortisation expense has been included in the line item
'Depreciation and amortisation expense' in the Statement of
Comprehensive Income.
Brand names of:
• $7.465 million identified and recognised from the Madison
Recruitment acquisition are allocated to the Madison
Recruitment CGU.
• $1.980 million identified and recognised from the Absolute IT
acquisition are allocated to the Absolute IT CGU.
• $1.029 million identified and recognised from the
JacksonStone & Partners acquisition are allocated to the
JacksonStone & Partners CGU.
• $1.607 million identified and recognised from the Hobson
Leavy acquisition are allocated to the Hobson Leavy CGU.

NOTES TO THE GROUP FINANCIAL STATEMENTS42ACCORDANT GROUP ANNUAL REPORT 2026
B4 GOODWILL
Accounting policy
Goodwill arising on the acquisition of a subsidiary is recognised
as an asset at the date that control is acquired (the acquisition
date). Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer’s
previously held equity interest (if any) in the acquiree over the
fair value of the identified net assets recognised.
Goodwill is not amortised, but is reviewed for impairment at
least annually. For the purpose of impairment testing, goodwill is
allocated to each of the Group’s CGUs expected to benefit from
the synergies of the combination.
CGUs to which goodwill and indefinite life intangible assets
have been allocated are tested for impairment annually, or
more frequently when there is an indication that the unit may be
impaired. The recoverable amount is the higher of fair value less
cost to sell and the value in use. If the recoverable amount of the
CGU is less than the carrying amount of the unit, the impairment
loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of
the unit pro-rata on the basis of the carrying amount of each
asset in the unit. Any impairment loss on goodwill is recognised
immediately in the Statement of Comprehensive Income and is
not subsequently reversed.
20262025
GOODWILL$’000$’000
As at 1 April31,55331,553
As at 31 March31,55331,553
Allocation to CGUs:
• AWF6,7126,712
• Madison Recruitment6,7236,723
• Absolute IT7,8367,836
• JacksonStone & Partners5,7975,797
• Hobson Leavy4,4854,485
Total goodwill31,55331,553

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202643
Annual test for impairment
The Group tests goodwill and other indefinite life intangible
assets annually for impairment or more frequently if there are
indications that goodwill might be impaired.
When there is an impairment, i.e., the recoverable amount of the
CGU is less than the carrying amount of the unit, the impairment
loss is allocated first to reduce the carrying value amount of any
goodwill allocated to the CGU and thereafter, prorated against
the carrying value of other assets (including intangible assets
and net assets).
The recoverable amount of each CGU is determined from Value
In Use (VIU) calculations which use a discounted cash flow
analysis. The key assumptions for the VIU calculations are those
regarding the discount rates, growth rates and forecast financial
performance.
The VIU calculation uses post tax cash flow projections over
a 5-year period based on the budgeted financial year to 2027
and thereafter financial forecasts prepared by Management and
approved by the Board. Cashflows beyond the 5-year period are
extrapolated using a terminal growth rate.
KEY JUDGEMENTS AND SOURCES OF ESTIMATION
UNCERTAINTY – IMPAIRMENT TESTING OF THE
CARRYING VALUE OF GOODWILL AND INDEFINITE LIFE
INTANGIBLE ASSETS
Determining whether goodwill is impaired requires an
estimation of the VIU of the group of CGUs to which goodwill
has been allocated. To calculate the VIU, Management is
required to estimate the future cashflows expected to arise
from the relevant CGUs and apply an appropriate discount rate
to calculate their present value.
Management engaged an independent adviser to determine
the Weighted Average Cost of Capital (WACC) to discount
future cashflows and terminal growth rate. The independent
adviser used a capital asset pricing model methodology to
determine the WACC, which takes into consideration a risk-free
rate based on New Zealand Government Bonds, a market risk
premium and an equity beta based on a selection of comparable
recruitment companies.
Key Inputs into VIU testing are the following:
• Cashflows: post tax based on Management prepared 5-year
business models for each CGU. Cashflow projections are
based upon expected business performance which is driven
primarily by profit before tax
• Discount rate: The WACC is defined by the independent
adviser at Segment level, being Blue Collar and White Collar
and then applied to CGUs
• Terminal growth rate (TV): determined by an independent
adviser and assessed at 2.5%
The table below summarises the VIU inputs:
CGUWACCTerminal Value
Revenue CAGR*
FY28–31
AWF12.00%2.50%5.00%
Madison Recruitment11.50%2.50%10.00%
Absolute IT11.50%2.50%14.10%
JacksonStone & Partners11.50%2.50%18.01%
Hobson Leavy11.50%2.50%4.81%
The reviews concluded that there was no impairment of
Goodwill identified for any CGUs (2025: there was no
impairment of Goodwill identified for any CGUs).
Sensitivities
For each CGU sensitivities were calculated for the following:
• A 1% uplift in the WACC rate
• A reduction in the TV to 2%
• A reduction of 1% to Revenue CAGR
No CGUs were sensitive to a reasonable possible change in the
assumptions that would cause an impairment.
*Cumulative Average Growth rate

NOTES TO THE GROUP FINANCIAL STATEMENTS44ACCORDANT GROUP ANNUAL REPORT 2026
This section explains the Group’s reserves and working
capital. In this section there is information about:
(a) equity and dividends
(b) net debt
(c) receivables and payables
C. Managing funding
IN THIS SECTION
C1 SHARE CAPITAL
2026202520262025
ORDINARY SHARE CAPITALNo of SharesNo of Shares$’000$’000
As at 1 April34,325,54234,325,54230,86830,868
As at 31 March34,325,54234,325,54230,86830,868
The share capital reflected in the table above represents the ordinary share capital of Accordant Group Limited. All ordinary shares
carry rights to dividends and distribution on wind-up.
C2 TREASURY SHARES
2026202520262025
TREASURY SHARESNo of SharesNo of Shares$’000$’000
As at 1 April406,809517,289632804
Disposal of treasury shares as
share based payments–(110,480)–(172)
As at 31 March406,809406,809632632
Treasury shares were acquired to provide flexibility under the equity-settled share based incentive scheme.
C3 EARNINGS PER SHARE
20262025
EARNINGS PER SHARE$’000$’000
Comprehensive income for the year net of tax ($’000)(2,107)(2,880)
Number of ordinary shares as at 31 March34,325,54234,325,542
Weighted average number of shares for basic earnings per share33,918,73333,918,733
Total basic earnings per share (cents per share)(6.2)(8.5)
Weighted average number of shares for diluted earnings per share33,918,73333,918,733
Total diluted earnings per share (cents per share)(6.2)(8.5)
The restricted shares detailed in Note F1 could also potentially dilute earnings per share in the future, but currently are anti-dilutive
(2025: were anti-dilutive).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202645
C4 DIVIDENDS
Accounting policy
Dividend distributions to the Group’s shareholders are
recognised as a liability in the Group’s financial statements in
the period in which the dividends are approved.
Dividends
Prior year final dividend
On 30 May 2025 the Directors resolved not to declare a final
dividend for the year ended 31 March 2025.
Current year interim dividend
On 10 November 2025 the Directors resolved not to declare an
interim dividend for the period ended 30 September 2025.
Subsequent event
On 28 May 2026 the Directors resolved not to declare a final
dividend for the year ended 31 March 2026.
C5 CASH AND CASH EQUIVALENTS
Accounting policy
Cash and cash equivalents
Cash and cash equivalents comprise of cash held by the Group
and short-term bank deposits with an original maturity of
less than three months. The carrying amount of these assets
approximates their fair value.
For the purpose of the Statement of Cashflows, cash and
cash equivalents include cash on hand and in banks and
investments in money market instruments, net of outstanding
bank overdrafts.
Statement of Cashflows
The following terms are used in the Group’s Statement
of Cashflows:
• Operating activities are the principal revenue producing
activities of the Group and other activities that are not
investing or financing activities;
• Investing activities are the acquisition and disposal of long
term assets and other investments not included in cash
equivalents; and
• Financing activities are activities that result in changes in
the size and composition of the contributed equity and
borrowings of the entity.
Interest paid and interest received may be classified as
operating cashflows because they enter into the determination
of profit or loss. Cash payments for the interest portion of a
financial liability or lease liability, have been classified as part of
operating activities and cash payments for the principal portion
for financial liability or lease liability, have been classified as part
of financing activities. Interest received on cash at bank have
been classified as part of operating activities.

NOTES TO THE GROUP FINANCIAL STATEMENTS46ACCORDANT GROUP ANNUAL REPORT 2026
20262025
CASH AND CASH EQUIVALENTS$’000$’000
Cash at bank1742,978
Total cash and cash equivalents1742,978
RECONCILIATION OF NET PROFIT AFTER TAX TO CASHFLOWS
FROM OPERATING ACTIVITIES
20262025
$’000$’000
Net loss after income tax(2,107)(2,880)
Adjustments for operating activities non-cash items:
Depreciation and amortisation3,7804,645
Gain on disposal of property, plant and equipment and intangible assets(178)(59)
Movement in expected credit loss provision7(161)
Movement in deferred tax(620)(1,346)
Equity-settled share-based payments78191
Interest on contingent consideration to the vendor of Hobson Leavy–48
Fair value movement on contingent consideration to the vendor of Hobson Leavy–(992)
Total non-cash items3,0672,326
Movements in working capital excluding movements relating to purchase of subsidiaries:
(Increase)/decrease in trade and other receivables, and contract assets(2,569)3,755
(Decrease)/increase in trade and other payables, and contract liabilities3,120(3,677)
(Decrease)/increase in taxation payable118(172)
Total movement in working capital669(94)
Cashflow from operating activities1,629(648)

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202647
C6 TRADE AND OTHER RECEIVABLES
Accounting policy
Trade and other receivables are measured on initial recognition
at fair value and subsequently at amortised cost using the
effective interest method.
Appropriate allowances for expected irrecoverable amounts
are recognised in profit and loss which are measured using
the simplified approach permitted by NZ IFRS 9 Financial
Instruments, which requires lifetime expected losses for trade
and other receivables to be recognised from initial recognition
of the receivable.
There are no trade and other receivables with a significant
financing component.
The Group determines the expected credit losses
by calculating:
• a probability weighted amount that is determined by
evaluating a range of possible outcomes;
• time value of money;
• reasonable and supportable information that is available at
the reporting date about past events, current conditions and
forecasts of future economic conditions.
When reassessing expected credit losses the Group also
considers any change in the credit risk and quality of the
receivable from the date credit was initially granted up to the
end of the reporting period, referring to past default experience
of the counterparty and an analysis of the counterparty’s
current financial position.
The Group determines the expected credit losses for all trade
receivables and other receivables (including those that are past
due and neither past due) by using a provision matrix, estimated
based on historical credit loss experience based on shared
credit risk characteristics and the days past due status of the
debtors. The expected loss rates are based on the payment
profiles of sales over a period of 12 months. The historical loss
rates are adjusted to reflect current conditions and estimates of
future economic conditions affecting the ability of the debtors
to repay the receivables.
An allowance of $48,000 (2025: $41,000) has been made for
expected credit losses arising from trade and other receivables.
Before accepting a new customer, the Group conducts
reference checks using external sources. Customer checks and
approval of credit limits are performed independently of the
sales function, and are reviewed on an ongoing basis.
The credit period on sale of services is between 7 and 30
days, unless otherwise agreed. No interest is charged on trade
receivables for the first 30 days from the date of invoice.
Thereafter, interest can be charged at 1.5 per cent per month on
the outstanding balance.
Included in trade receivables are debtors with a carrying value
of $2.1 million (2025: $1.3 million) which are overdue at the
reporting date. Included in other receivables are debtors with
a carrying value of $Nil (2025: $Nil) which are overdue at the
reporting date. The Group does not hold any collateral over
these balances.
The Group writes off a receivable when there is information
indicating that there is no realistic prospect of recovery,
e.g. when the debtor has been placed under receivership or
liquidation, or has entered into bankruptcy proceedings. NZ
IFRS 9 includes a rebuttal presumption that a loss event has
occurred if debtors are aged greater than 90 days. Impairment
losses on trade and other receivables are presented as 'Direct
costs' in the Statement of Comprehensive Income. Any revisions
to this amount are credited to the same line item.
20262025
TRADE AND OTHER RECEIVABLES$’000$’000
Trade receivables18,08316,257
Provision for expected credit loss(48)(41)
Total trade receivables18,03516,216
Other receivables1,9331,188
Total other receivables1,9331,188
Total trade and other receivables19,96817,404

NOTES TO THE GROUP FINANCIAL STATEMENTS48ACCORDANT GROUP ANNUAL REPORT 2026
20262025
PROVISION FOR IMPAIRMENT $’000$’000
PROVISION FOR EXPECTED CREDIT LOSS FOR TRADE RECEIVABLES
As at 1 April41200
Impairment losses reversed7(159)
Impairment losses recognised––
As at 31 March4841
EXPECTED LOSS RATES FOR TRADE RECEIVABLESCurrent
1–30
days
30–60
days
60–90
days
90+
daysTotal
2026
Expected loss rate (%)0.0%0.0%0.0%0.0%33.3%0.3%
Gross trade receivables ($’000)15,9341,6113167814418,083
Provision for impairment of trade receivables ($’000)––––(48)(48)
Net trade receivables15,9341,611316789618,035
2025
Expected loss rate (%)0.0%0.0%3.7%85.7%86.1%0.3%
Gross trade receivables ($’000)14,9231,18210973616,257
Provision for impairment of trade receivables ($’000)––(4)(6)(31)(41)
Net trade receivables14,9231,1821051516,216
EXPECTED LOSS FOR OTHER RECEIVABLES
Management has reviewed and assessed other receivables and
the provision for impairment $Nil (2025: $Nil) represents the
best estimate of the expected credit losses based on historical
credit loss experience adjusted to reflect current conditions and
estimates of future economic conditions. The expected loss
rate (%) is calculated on a GST inclusive basis.
Other information about customers
The Group has no customers making up more than 10% of the
year ended 31 March 2026 Group revenue (2025: none).
The concentration of credit risk is limited due to the size of the
customer base.
KEY JUDGEMENTS AND ESTIMATES – EXPECTED CREDIT
LOSSES FROM TRADE AND OTHER RECEIVABLES
Management has reviewed and assessed debtors on a
customer basis and the provision for impairment represents the
best estimate of the expected credit losses based on historical
credit loss experience adjusted to reflect current conditions and
estimates of future economic conditions.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202649
C7 BORROWINGS
20262025
BORROWINGS
$’000$’000
Bank loans28,65031,000
Total borrowings28,65031,000
Classified as:
Non-current28,65031,000
Total borrowings28,65031,000
Summary of borrowing arrangements
During the year the Group extended their banking facilities
through to 30 April 2027.
The total Facility Limit is $37.0m (2025: $35.0m), consisting
of a $18.0m Revolving Credit Facility, a $17.0m Trade Finance
Facility, and a $2.0m Trade Finance Facility specific to Madison
Recruitment.
Facility usage at 31 March 2026 was: Revolving Credit $18.0m
(2025: $18.0m) and Trade Finance $10.65m (2025: $13.0m).
Cash at bank at 31 March 2026 was $0.174m (2025: $2.978m).
The loan facilities are secured by first ranking General Security
Deeds with cross guarantees and indemnities executed by all
Group entities (refer note E1). The banking facilities requires the
Group to operate within defined financial covenants. The Group
has complied with all covenant requirements during the year.
The revolving loan is drawn in tranches which are financed for
durations of 90 days. The trade finance loan is drawn in tranches
of up to 30 days, repayable at the Group’s election with interest
calculated for the duration utilised.
The weighted average cost of interest including bank margin
and line fee (excluding bank facility fee) was 5.30%
(2025: 6.91%). Refer to note A4 for interest expense recognised
during the year.
Covenants
As at 31 March 2026, the Group classified its secured
borrowings of $28.65 million (31 March 2025: $31.0 million) as
non-current liabilities. These borrowings are subject to financial
covenants under the Group’s financing arrangements with ASB
Bank Limited.
The covenants required the Group to achieve a minimum
amount of EBITDA*, tested quarterly. The Group has remained
compliant with the covenants that applied during the year.
*EBITDA is a non-GAAP measure that represents Earnings
Before Interest, Tax, Depreciation and Amortisation.

NOTES TO THE GROUP FINANCIAL STATEMENTS50ACCORDANT GROUP ANNUAL REPORT 2026
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for which cashflows were, or future cashflows will be, classified in the
Group’s Statement of Cashflows as cashflows from financing activities:
Opening
balance
Financing
cashflows
Non-cash
changes
Closing
balance
NOTE$’000$’000$’000$’000
For the year ended 31 March 2026
Borrowings
Bank loans – ASB Bank Limited
(i)
31,000(2,350)–28,650
Other financial liabilities, from financing activities
Lease liabilities
(ii)
B26,172(2,131)8,64312,684
Total37,172(4,481)8,64341,334
For the year ended 31 March 2025
Borrowings
Bank loans – ASB Bank Limited
(i)
26,5004,500–31,000
Lease liabilities
(ii)
B26,969(2,858)2,0616,172
Hobson Leavy contingent considerationG1944–(944)–
Total34,4131,6421,11737,172
(i) The cashflows make up the net amount of proceeds from borrowings, repayments of borrowings and repayment of other financial liabilities in the
Statement of Cashflows.
(ii) Non-cash changes comprise new leases entered into during the year of $3,202,000 (2025: 336,000) and remeasurement of existing leases during
the year of $5,441,000 (2025: $1,725,000).
C8 TRADE AND OTHER PAYABLES
Accounting policy
Trade and other payables are initially measured at fair value, and subsequently measured at amortised cost, using the effective
interest rate method.
Income, expenses, assets and liabilities are recognised net of GST, except:
• where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition
of an asset or as part of an item of expense; or
• for receivables and payables which are recognised inclusive of GST where invoiced.
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
20262025
TRADE AND OTHER PAYABLES$’000$’000
Trade payables4,2873,656
GST payable2,1122,036
Payroll tax payable (PAYE)2,2101,945
Other payables and accruals8,6456,957
Total trade and other payables17,25414,594

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202651
This section explains the financial risks the Group faces,
how these risks affect the Group’s financial position and
performance and how the Group manages these risks.
D1 FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks comprising:
– credit risk
– liquidity risk
– interest rate risk
– capital risk
D. Financial instruments used to manage risk
IN THIS SECTION
Credit risk
Credit risk is the risk that one party to a financial instrument will
cause a financial loss to the other party by failing to discharge
an obligation.
The Group’s principal financial assets are cash and cash
equivalents, and trade and other receivables.
The credit risk on cash and cash equivalents is limited because
the counterparty is a bank with a high credit-rating assigned by
international credit-rating agencies. The maximum credit risk on
other balances is limited to their carrying values without taking
into account any collateral held.
The Group’s credit risk is primarily attributable to its trade and
other receivables. The amounts presented in the Statement
of Financial Position are net of allowances for doubtful
receivables.
The Group has no significant concentration of credit risk as its
exposure is spread over a large number of customers.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in
meeting obligations associated with financial liabilities.
The Group manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities
by continuously monitoring forecast and actual cashflows
and matching the maturity profiles of financial assets and
financial liabilities.
Interest rate risk
Interest rate risk is the risk that the fair value or future cashflows
of a financial instrument will fluctuate as a result of changes in
market interest rates.
The Group’s exposure to interest rate risk arises mainly from its
interest earning cash deposits and its interest payable on bank
borrowings. The Group is exposed to interest rate risk to the
extent that it borrows for a fixed term at floating rates, which are
fixed for the term of the loan. The Group’s policy is to obtain the
most favourable term and interest rate available.
Capital risk
The Group manages its capital to ensure that the entities in
the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation
of the debt and equity balance. The Group’s overall strategy
remains unchanged from the prior year.
The capital structure of the Group consists of debt, which
includes the borrowings disclosed in note C7, cash and cash
equivalents disclosed in note C5 and equity attributable to
equity holders of the Group, comprising issued share capital as
disclosed in note C1 and retained earnings.
The Directors and Management review the capital structure
on a periodic basis. As part of this review the Directors
and Management consider the cost of capital and the risks
associated with each class of capital. The Directors and
Management will balance the overall capital structure through
payment of dividends, new share issues, and share buy backs as
well as the issue of new debt or the redemption of existing debt.
On 30 March 2026 the Group announced it would undertake
a renounceable Rights Offer to raise up to $6.7m for the
primary purpose of debt reduction. Refer to note F6 for
more information.
Fair value of financial instruments
The carrying amounts of financial instruments at balance date
approximate the fair value at that date.

NOTES TO THE GROUP FINANCIAL STATEMENTS52ACCORDANT GROUP ANNUAL REPORT 2026
Liquidity and interest rate risk management
The following table details the Group’s remaining contractual maturity for its financial assets and liabilities. The table has been
drawn up based on the undiscounted cashflows of financial assets and liabilities based on the earliest date on which the Group
can be required to receive or pay. The table includes interest, bank facility fees and principal cashflows. To the extent that interest
cashflows are at floating rates, the undiscounted cashflows are derived from interest rates at balance date.
Weighted average
effective interest rate
Less than
1 month
1–3
months
3–12
months
1–5
years
5+
yearsTotal
%$’000$’000$’000$’000$’000$’000
2026
Financial assets
Non-interest bearing-%20,014––––20,014
Floating interest1.25%174––––174
Financial liabilities
Non-interest bearing-%(5,010) (263)(517)––(5,790)
Floating interest5.41%(297)(684)(3,513)(37,113)(4,376)(45,983)
14,881(947)(4,030)(37,113)(4,376)(31,585)
2025
Financial assets
Non-interest bearing-%17,404––––17,404
Floating interest2.75%2,978––––2,978
Financial liabilities
Non-interest bearing-%(4,606)(875)(1,890)(4,007)(1,384)(12,762)
Floating interest6.13%(219)(438)(1,973)(31,219)–(33,849)
15,557(1,313)(3,863)(35,226)(1,384)(26,229)
The analysis includes all financial assets and liabilities. In relation to the financial liabilities, this excludes tax related balances and
employee benefits, as these are not financial instruments.
Sensitivity analysis
The sensitivity analysis has been based on the exposure to interest rates for borrowings and cash and cash equivalents at
balance date.
A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and
represents Management’s assessment of the reasonably possible change in interest rates.
20262025
INTEREST RATE +/– 50 bps$’000$’000
Impact on profit and equity132155

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202653
This section provides information to help readers understand
the Group’s structure and how it affects the financial position
and performance of the Group.
E1 SUBSIDIARIES
Accounting policy
Basis of consolidation
The Group financial statements comprise the financial
statements of the Company and its subsidiaries. Control is
achieved when the Group:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one
or more of the three elements of control listed above.
E. Group structure
IN THIS SECTION
SUBSIDIARIES
Place of
incorporation
and operation
Proportion of
ownership interest
held
Proportion
of voting
power held
Principal
activity
AWF LimitedNew Zealand100%100%Labour hire
Madison Recruitment LimitedNew Zealand100%100%Recruitment
Absolute IT LimitedNew Zealand100%100%
Recruitment and
Payroll Services
Probity NZ LimitedNew Zealand100%100%Dormant
Accordant Group Services LimitedNew Zealand100%100%Group Services
JacksonStone & Partners LimitedNew Zealand100%100%Recruitment
JacksonStone Consulting LimitedNew Zealand100%100%Dormant
The Work Collective LimitedNew Zealand100%100%Social Enterprise
Hobson Leavy LimitedNew Zealand100%100%Executive Search
The results of subsidiaries acquired or disposed of during
the year are included in profit or loss from the effective date
of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the
financial statements of subsidiaries to bring the accounting
policies used into line with those used by other members of
the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
Subsidiaries are entities controlled, directly or indirectly by
Accordant Group Limited, and are listed below.

NOTES TO THE GROUP FINANCIAL STATEMENTS54ACCORDANT GROUP ANNUAL REPORT 2026
F. Other
IN THIS SECTION
This section includes the remaining information relating to the
Group’s financial statements that is required to comply with
financial reporting standards.
F1 EMPLOYEE BENEFITS AND SHARE BASED PAYMENTS
Accounting policy
Provision is made for benefits accruing to employees in respect
of wages and salaries, annual leave, long service leave, and sick
leave when it is probable that settlement will be required and
they are capable of being measured reliably.
Provisions made in respect of employee benefits expected
to be settled within 12 months are measured at their nominal
values using the remuneration rate expected to apply at the time
of settlement.
Provisions made in respect of employee benefits which are not
expected to be settled within 12 months are measured as the
present value of the estimated future cash outflows to be made
by the Group in respect of services provided by employees up
to reporting date.
The Group pays contributions to KiwiSaver. The Group has no
further payment obligations once the contributions have been
paid. The contributions are recognised as an employee benefit
expense when they are due.
20262025
EMPLOYEE BENEFITS
$’000$’000
Employee benefits102,210105,726
Employer contribution to KiwiSaver2,2932,358
Equity settled share based payments78123
Total employee benefits expense104,581108,207
20262025
COMPENSATION OF KEY MANAGEMENT PERSONNEL (Excludes Directors)$’000$’000
Salaries and short-term benefits2,4242,560
Employer contribution to KiwiSaver7377
Equity settled share based payments–94
Total key management personnel compensation2,4972,731
The remuneration of Directors and key management personnel is determined by the Remuneration and Nomination Committee
having regard to the performance of individuals and market trends. Directors fees expensed during the year ended 31 March 2026
were $440,000 (2025: $454,000).
Gross dividends paid to key management personnel who hold restricted shares during the year ended 31 March 2026 was $Nil
(2025: $Nil).

The Group operates an equity settled share based incentive
scheme for senior employees that is settled in ordinary shares.
The fair value of these share based payments is calculated on
the grant date using the Black-Scholes option pricing model.
The fair value is included in employee benefits expense on a
straight line basis over the vesting period, based on the
Group’s estimate of the number of equity instruments that
will eventually vest.
The same amount is credited to shareholders equity. At each
balance date, the Group re-assesses its estimates of the number
of equity instruments expected to vest. The impact of the
revision of original estimates, if any, is recognised in employee
benefits expense immediately, with a corresponding adjustment
to shareholders equity.
The Group is not party to any Golden parachute clauses.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202655
Employee share schemes
The Group operates an equity settled share based incentive
scheme (restricted share scheme) for senior employees. In
accordance with the provisions of the restricted share scheme
approved by shareholders, senior employees may be granted,
at the discretion of the Board, the opportunity to purchase
restricted shares at a price determined by the Board under the
rules of the scheme.
Invited participants purchase the shares by way of an interest
free loan from the Group. Participants may convert their shares
from the vesting date, once they have repaid the loan from the
Group. The shares issued to participants are held as security
for the loan until such time the loan has been repaid. Restricted
shares are entitled to all the rights as ordinary shares, including
dividends and full voting rights, but are not tradable until
they are converted to ordinary shares based on the terms of
the scheme.
No restricted shares were issued during the year ended
31 March 2026 under the terms of the Group share scheme
(2025: Nil).
No restricted shares were exercised during the year (2025: 
No restricted shares were exercised during the year ended
31 March 2025).
631,000 restricted shares expired during the year ended
31 March 2026 (2025: 665,000) and no restricted shares were
forfeited during year ended 31 March 2026 (2025: 115,000).
The corresponding interest free loan provided was also
cancelled. The value of expired restricted shares was
$285,000 (2025: $294,000).
At 31 March 2026, there were 800,000 (2025: 1,431,000)
shares held by employees and corresponding loans to the
value of $1,323,000 (2025: $2,421,900).
The following share based payment arrangements were in existence at balance date:
RESTRICTED SHARE SERIESNumber
Grant
date
Vesting
date
Expiry
date
Issue
price $
Fair value at
grant date of
the option $
M Shares 2023 Grant205,00014/10/20221/10/20251/10/20261.800.50
N Shares 2023 Grant205,00014/10/20221/10/20261/10/20271.800.56
O Shares 2024 Grant195,00013/11/20231/10/20261/10/20271.500.28
P Shares 2024 Grant195,00013/11/20231/10/20281/10/20291.500.35
Total800,000
The rules of the restricted share scheme (which for accounting purposes are treated as share options) allow participants to hand
back to the Group restricted shares issued to them at the grant date (or during the exercise period) should the market price of the
shares be below the exercise price. If the restricted shares are handed back to the Group, the loan from the Group is cancelled.
Due to the nature of the restricted share scheme, the scheme has been treated as a share option scheme under NZ IFRS 2 Share-
based Payments and a value placed on each restricted share in accordance with the standard.
Restricted shares are valued using Black-Scholes pricing model. Where relevant, the expected life used in the model has been
adjusted based on Management’s best estimate for the effects of non-transferability, exercise, and behavioural considerations.
Expected volatility is based on the historical share price volatility over the expected term of the option. The valuation assumes that
senior employees will exercise the options at the end of the allowed one-year loan repayment period.

NOTES TO THE GROUP FINANCIAL STATEMENTS56ACCORDANT GROUP ANNUAL REPORT 2026
RESTRICTED
SHARE SERIES
Term to
vesting (Days)
Expected
life (Years)
Risk free
rate %
Annualised
volatility %
Option
value $
M Shares 2023 Grant1,0833.04.44%37.10%0.50
N Shares 2023 Grant1,4484.04.45%35.80%0.56
O Shares 2024 Grant1,0532.95.03%39.20%0.28
P Shares 2024 Grant1,7844.95.03%35.40%0.35
The weighted average fair value of the restricted shares under the restricted share scheme at balance date was $0.44
(2025: $0.44).
The following table reconciles the outstanding restricted shares granted under the restricted share scheme at the beginning and
end of the reporting period:
20262025
Option
Number
Weighted average
exercise price $
Option
Number
Weighted average
exercise price $
As at 1 April1,431,0001.692,211,0001.73
Granted during the year––––
Expired during the year(631,000)1.74(665,000)1.81
Forfeited during the year––(115,000)1.77
As at 31 March800,0001.651,431,0001.69
The number of restricted share options exercisable at balance date is 205,000 (2025: 631,000).
The restricted shares outstanding at balance had a weighted average contractual life remaining of 634 days (2025: 749 days).
During the year ended 31 March 2026 the share based payments expense recognised by the Group was $78,000 (2025: $123,000).
There were no restricted share options exercised during the year ended 31 March 2026 (2025: Nil).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202657
F2 PROVISIONS
Accounting policy
Provisions are recognised when the Group has a present
obligation as a result of a past event, it is probable that the
Group will be required to settle that obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation
at the end of the reporting period taking into account the
risks and uncertainties surrounding the obligation. Where
a provision is measured using the cashflows estimated to settle
the present obligation, its carrying amount is the present value
of those  cashflows.
20262025
PROVISION FOR WAGES, MEDICAL AND REHABILITATION COSTS$’000$’000
As at 1 April115686
Change in claims provision116(571)
As at 31 March231115
Classified as:
Current231115
Total provisions231115
KEY JUDGEMENTS AND ESTIMATES – REHABILITATION
UNDER THE ACC PARTNERSHIP PROGRAMME
Provisions represent Management’s best estimate of the
Group’s liability for ongoing wages, medical and rehabilitation
costs for open claims in terms of the partnership agreement
with Accident Compensation Corporation (ACC), based on an
independent assessment of past experiences and the nature of
the open claims.
AWF Limited participates in the ACC Partnership Discount Plan.
Under this plan AWF Limited, as the employer, undertakes injury
management with the assistance of its appointed agent and
accepts financial responsibility for employees who incur work-
related injuries for the 12 month cover period and subsequent
12 month claims management period.

NOTES TO THE GROUP FINANCIAL STATEMENTS58ACCORDANT GROUP ANNUAL REPORT 2026
F3 RELATED PARTIES
Controlling entity
The SA Hull Family Trust No.2, which holds 18,194,598 (2025:
18,194,598) shares is the ultimate controlling entity of the Group,
having a 53.01% (2025: 53.01%) holding.
Transactions
During the year the Group did not enter into any related party
transactions who are not members of the Group
Balances
At balance date, the Group does not have any amounts owed
or owing to a related party that is not a member of the Group
(2025: $ Nil).
F4 COMMITMENTS
20262025
CAPITAL EXPENDITURE COMMITMENTS
$’000$’000
Property, plant and equipment–26
Total capital expenditure commitments–26
F5 CONTINGENT ASSETS AND LIABILITIES
ASB Bank Limited has issued five guarantees (2025: seven) on behalf of the Group totalling $529,955 (2025: $921,097) in support of
property leases (four) and a surety bond to the NZX.
The Group has no other contingent assets or liabilities at 31 March 2026 (2025: $Nil).
F6 EVENTS AFTER THE REPORTING DATE
On 13 May 2026, Accordant Group Limited successfully completed its pro rata renounceable Rights Offer, raising gross proceeds of
$5.0m at an offer price of $0.15 per new share. A total of 33,333,334 new shares were issued.
Proceeds from the Rights Offer were primarily applied toward the repayment of borrowings.
Completion of the Rights Offer satisfied the final condition precedent for the renewal of the Group’s ASB banking facilities, which
have now been extended through to 30 April 2028.
The Group’s majority shareholder, Hull Family Trust, subscribed for more than its pro rata entitlement, acquiring 25,970,597 shares.
As a result, its shareholding increased from 53.01% to 65.28% of total shares on issue.
On 28 May 2026, the Directors resolved not to declare a final dividend for the year ended 31 March 2026.
No other subsequent events have occurred since reporting date that would materially impact the Group’s financial statements as at
31 March 2026.

ACCORDANT GROUP ANNUAL REPORT 202659
Companies Act 1993 disclosures
Corporate Governance Information
Accordant’s governance framework is guided by the principles and recommendations described in the NZX Corporate Governance
Code dated April 2023 (Code). Accordant has reported against the Code in its separately published Corporate Governance
Statement which, together with the detailed information on the Company’s Board of Directors and corporate governance policies,
can be viewed on the Corporate Governance section on the Accordant website (www.accordant.nz/corporate-governance).
Variance to NZX Corporate Governance Code
We believe that the Company’s corporate governance practices for the financial year ended 31 March 2026 are materially in line
with the Code. Those areas of variance from the Code are set out in the table below:
NZX Code
principle
NZX Code
recommendation
Key
difference
Status
Board
composition
and performance
2.5: The Board should
set measurable
objectives for achieving
diversity.
The Company has adopted a
Diversity and Inclusion Policy,
a copy of which is available
on the Company’s website.
However, the Board has not
set measurable objectives
under the Policy for achieving
diversity.
Whilst the Board considers authentic
diversity outcomes can be achieved without
measurable objectives, the small size of
the Board is limiting when seeking to label
individual diversity. Although no alternative
governance practices have been adopted
in lieu of recommendation 2.5, the Board
has been particularly mindful of its Policy in
making its most recent appointment to the
Board.
Remuneration5.2: An issuer should
have a remuneration
policy for executives
which outlines the
relative weightings
of remuneration
components and
relevant performance
criteria.
The Company’s remuneration
policy does not specifically
address the exact weightings
of remuneration components
and relevant performance
criteria.
The Company’s Annual Report contains
disclosures with respect to the weightings
and performance criteria as these are
dynamic from year to year. The Board’s
practice, rather than setting specific criteria
and weightings in the Remuneration Policy, is
to set these annually according to the needs
of the business and the specific short and
long term goals that are considered at the
time to be appropriate.
Shareholder
rights and
relations
8.5: The Board should
ensure that the notice
of annual or special
meeting of quoted
equity security holders
is posted on the issuer’s
website as soon as
possible and at least
20 days prior to the
meeting.
If an issuer circulates a
notice of meeting less
than 20 working days
before a meeting of
shareholders, the issuer
should explain why less
than 20 working days’
notice was given for
that meeting when next
reporting against the
NZX Code.
The Company circulated
the notice for the Special
Shareholder meeting to be
held on 16 April 2026, on
30 March 2026. This was 10
working days' notice.
For the purposes of recommendation 8.5 of
the NZX Corporate Governance Code, AGL's
Notice of Meeting, dated 30 March 2026
was circulated less than 20 working days
prior to the special meeting held on 16 April
2026, and such meeting was held online.
The notice period was instead 10 working
days as required by AGL's constitution.
AGL decided that a shorter notice period
was appropriate given the circumstances
of the Rights Offer in relation to which the
special meeting was held. As explained in the
Notice of Meeting, the purpose of the Rights
Offer was to reduce debt. Therefore, AGL
considered it appropriate to move as quickly
as possible to secure subscription funds.
Further, the special meeting was online only
given the low historic turnout to physical
meetings and, given AGL's debt, the need to
keep costs as low as possible.
COMPANIES ACT 1993 DISCLOSURES

Required disclosure under NZX Corporate Governance Code
NZX Code
principle
NZX Code
recommendation
Required Disclosure
Shareholder
rights and
relations
8.3: Quoted equity
security holders should
have the right to vote on
major decisions which
may change the nature
of the issuer in which
they are invested.
If an issuer seeks
security holder approval
for a transaction
requiring approval
under the mandatory
Listing Rules, the
issuer should disclose
whether approval was
obtained, and the voting
outcomes announced
under NZX Listing Rule
3.19.1(a), when next
reporting against the
NZX Code.
By Notice of Meeting issued on 30 March 2026, AGL called a special meeting of
shareholders, to be held on 16 April 2026, to consider two ordinary resolutions
related to its Rights Offer (as described below). The first resolution related to
the approval required under the Takeovers Code for a potential increase in the
control of voting rights by AGL’s majority shareholder, the Hull Family Trust,
as a result of the Rights Offer. The second resolution related to the approval
of related party participation in the shortfall facility under the Rights Offer,
further to NZX Listing Rule 5.2.1. Further background and details concerning the
resolutions were set out in the Notice of Meeting.
For the purposes of recommendation 8.3 of the NZX Corporate Governance
Code, both resolutions were approved by shareholders, and the voting
outcomes are set out below:
Resolution 1
That, the issuance of up to 31,431,983 New Shares to Simon Alexander Hull and
David John Graeme Cox as trustees for the S.A. Hull Family Trust No. 2 (Hull
Family Trust) for $0.15 per New Share pursuant to the Rights Offer, where such
issue will cause the Hull Family Trust, as holders and controllers of more than
20% of AGL's voting rights, to increase such holding and control, as described in
the Notice of Meeting dated 30 March 2026, be approved under Rule 7(d) of the
Takeovers Code.*
For Against Abstain
7,054,394 74,950 8,043
98.95% 1.05%
Resolution 2
That, subject to Ordinary Resolution 1 being passed, the issuance of New
Shares to one or more Related Parties for $0.15 per New Share pursuant to
the Rights Offer, up to the number of Remaining Shortfall Shares required to
reach the Minimum Amount and, if greater, an additional number of Remaining
Shortfall Shares to satisfy the Committed Related Party Subscription, as
described in the Notice of Meeting dated 30 March 2026, be approved for all
purposes, including under NZX Listing Rule 5.2.1.**
For Against Abstain
6,090,325 74,767 8,382
98.79% 1.21%
*Resolution 1 was subject to voting restrictions under Rule 17 of the Takeovers
Code, such that the Hull Family Trust (as defined in the Notice of Meeting) and
its associates were not entitled to vote on it.
** Resolution 2 was subject to voting restrictions as per NZX Listing Rule 6.3.1,
such that any 'Related Party' and any 'Associated Person' (as defined in the
Notice of Meeting and NZX Listing Rules respectively) could not vote in favour
of it.
As at the commencement of the meeting, Accordant had 33,918,733 ordinary
shares on issue, excluding 406,809 treasury stock, and 800,000 restricted
shares on issue.
COMPANIES ACT 1993 DISCLOSURES60ACCORDANT GROUP ANNUAL REPORT 2026

Directors
The following persons were Directors of Accordant Group Limited as at 31 March 2026:
NAME OF DIRECTOR
Nature of directorshipDate appointed
Simon BennettIndependent Chair*21 June 2021
Simon HullNon independent Director4 February 2005
Nicholas SimcockIndependent Director1 January 2018
Richard StoneIndependent Director25 January 2022
Bella Takiari-BrameIndependent Director1 January 2024
*The Company announced on 30 April 2025 that the Board had determined Simon Bennett to be an Independent Director
The Board has assessed the independence of each of the Directors by reference to the definition of the term ‘Disqualifying
Relationship’ in the NZX listing rules and by having regard to the factors described in the NZX Corporate Governance Code that
may impact on director independence. As a consequence of that assessment, the Board has determined that all the Directors are
independent Directors other than Simon Hull.
Simon Hull has been determined by the Board to be a non independent director because he is a substantial shareholder in the
Company and has been a director since incorporation (appointed 4 February 2005).
None of the Directors has been appointed pursuant to listing rule 2.4.
Subsidiary Company Directors
The following were directors of subsidiary companies as at 31 March 2026. Employee directors of subsidiary companies do not
receive directors’ fees, remuneration, or other benefits in their capacity as Directors. The remuneration and other benefits of such
employees, received as employees, are included in the relevant bands for remuneration disclosed elsewhere in this Additional
Information section.
NAME OF SUBSIDIARY COMPANY
Directors
Hobson Leavy LimitedJason Cherrington, Shereen Low
Accordant Group Services LimitedJason Cherrington, Shereen Low
AWF LimitedJason Cherrington, Shereen Low
Madison Recruitment LimitedJason Cherrington, Shereen Low
Absolute IT LimitedJason Cherrington, Shereen Low
JacksonStone & Partners LimitedJason Cherrington, Shereen Low
JacksonStone Consulting LimitedJason Cherrington, Shereen Low
The Work Collective LimitedJason Cherrington, Shereen Low
Probity NZ LimitedJason Cherrington, Shereen Low
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202661

Entries recorded in the Interests Register
In accordance with section 140(2) of the Companies Act 1993 the Company maintains an interests register in which Directors’
interests are recorded. The table below sets out the particulars of general disclosures of interest made by Directors holding office
as at 31 March 2026. The Director will be regarded as interested in all transactions between the Company and the disclosed entity.
DIRECTOR
Name of business and nature of interest
Simon HullTrustee - S.A. Hull Family Trust
Trustee - S.A. Hull Family Trust No. 2
Director - Hull Properties Limited
Director - Nano Imports Limited
Director - Multihull Ventures Limited
Director - Marlborough Developments (2007) Limited
Director - Zhik Pty Limited
Director - The Garage Club Limited
Trustee - Peter Hull Extended Family Trust
Director - Wayby Station Ltd
Director - Cattle Mountain Run Ltd
Simon BennettTrustee - Ice Foundation
Director - Peak Partners Limited
Director - Metro Performance Glass Limited and subsidiaries
Nicholas SimcockTrustee - Wellington Creative Capital Arts Trust
Director - Simcorp Limited
Director - Just Property Management Limited
Director - GW Trustee (2023) Limited
Richard StoneTrustee - Embassy Theatre 2020
Chair - Life Flight New Zealand Limited
Chair - Commerce Building Limited
Director - Bolton Holdings Limited
Director - Central Air Ambulance Rescue Services Limited
Director - Pencarrow Lighthouse Limited
Bella Takiari-BrameTrustee - Tiratu ̄ Iwi Ma ̄ori Partnership Board
Managing Director - Luana Limited
Board Member - Accident Compensation Corporation (ACC)
Director - Braemar Hospital Limited
Director - NZ Healthcare Investments Limited
Deputy Chair - Te Nehenehenui Trust
Chair - The Lines Company
Director & Shareholder - Te Ohu Kai Moana Trustee Limited
Shareholder - Te Putea Whakatupu Trustee Limited
Shareholder - Te Wai Ma ̄ori Trustee Limited
Director - Aotearoa Fisheries Limited trading as Moana New Zealand
Shareholder - Rangita ̄mirotanga Limited
Chair - Ahuahu Group Limited
COMPANIES ACT 1993 DISCLOSURES62ACCORDANT GROUP ANNUAL REPORT 2026

Information used by Directors
During the financial year ended 31 March 2026 there were no notices from Directors of the Company requesting to disclose or use
Company Information received in their capacity as Directors.
Indemnity and insurance
In accordance with section 162 of the Companies Act 1993 and the constitution of the Company, the Company has continued
to indemnify and insure its directors, executives and employees acting on behalf of the Company, against potential liability or
costs incurred in any proceeding, except to the extent prohibited by law. The insurance does not cover liabilities arising from
criminal actions.
Directors’ Shareholding Interests
As at 31 March 2026 the Directors of the Company had the following relevant interests in the Company’s shares:
DIRECTOROrdinary shares
Simon Bennett280,007
Simon Hull18,194,598
Nicholas Simcock10,000
Richard Stone–
Bella Takiari-Brame–
No Directors hold restricted shares under the Company’s equity settled share based incentive scheme.
Directors and Senior Manager share dealings
In accordance with the Companies Act 1993, between 1 April 2025 and 31 March 2026 the Board received the following disclosures
from Directors and Senior Managers of acquisitions and dispositions of shares in the Company, with such particulars having been
duly entered in the Company’s interests register.
Director/Senior ManagerTransactionNumber of securitiesPrice per securityDate
NilNilNilNilNil
Diversity and inclusion
The gender breakdown of Accordant Group Limited’s Board of Directors and Officers as at 31 March 2026 is set out in the
table below:
Directors31 Mar 2026 31 Mar 2025 Officers*31 Mar 202631 Mar 2025
Female1 (20%)1 (20%)Female3 (43%)2 (29%)
Male4 (80%)4 (80%)Male4 (57%)5 (71%)
Gender Diverse–-Gender Diverse--
Total55Total77
* Officers for these purposes means any leader who is concerned with or takes part in the management of the Company and who also reports
to the Board or the CEO.
The Board is satisfied with the initiatives being implemented with respect to the Group’s diversity policy.
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202663

Remuneration of Directors
The Director fee pool is $450,000. The last increase in the Director pool was approved by shareholders at the Annual Shareholders
Meeting held on 26 July 2017. Directors' fees for the year ended 31 March 2026 totaled $450,000.
The Company has arranged a policy of Directors’ and Officers’ liability insurance. This policy covers the Directors and Officers so
that any monetary loss suffered by them, as a result of actions undertaken by them as Directors or Officers, is insured to specific
limits (and subject to legal requirements and/or restrictions).
The Board Charter states that no retirement allowances are payable to Directors and no similar payments or benefits have been paid
or are intended to be paid to any director upon cessation of office.
The table below sets out the total remuneration and the value of other benefits received by each Director during the financial year
ended 31 March 2026.
DirectorAnnual $'000Fees paid in year $'000
Simon Bennett136136
Simon Hull8181
Nick Simcock8181
Richard Stone7171
Bella Takiari-Brame8171
450440
Directors are eligible to participate in the Company’s equity settled share based incentive scheme.
Attendance at Board and Committee meetings during FY26
DirectorBoardAudit & Risk CommitteeRemuneration & NominationsHealth & Safety
Total meetings held9419
Meetings attended:
Simon Bennett9419
Simon Hull91 (Observer)–9
Nick Simcock9319
Richard Stone93 (Observer)19
Bella Takiari-Brame84–8
COMPANIES ACT 1993 DISCLOSURES64ACCORDANT GROUP ANNUAL REPORT 2026

CEO remuneration FY26
Salary
and fees
Taxable
benefits
Subtotal
– fixed
remuneration
Short Term
Incentive
Gross Dividends
on Restricted
Shares
Subtotal
– pay for
performance
Total
remuneration
$512,000$15,375$527,875TBA-TBA$527,875
As at the date of this Annual Report the Board has not yet determined whether the CEO has earned a short term incentive in respect
of the financial year ended 31 March 2026.
CEO remuneration FY25
Salary
and fees
Taxable
benefits
Subtotal
– fixed
remuneration
Short Term
Incentive
Gross Dividends
on Restricted
Shares
Subtotal
– pay for
performance
Total
remuneration
$512,500$17,175$529,67560,000-60,000589,675
Short Term Incentives are determined after year end and are paid in the subsequent financial year.
The following five-year summary aligns the Short Term Incentive to the year in which it relates to.
Five-year summary – CEO remuneration
Financial YearCEOSingle figure fixed remunerationShort term incentive - Percentage
against maximum
2026Jason Cherrington$527,875Yet to be determined
2025Jason Cherrington$589,67546.8%
2024Jason Cherrington$548,17743.8%
2023Jason Cherrington$544,513Nil
2022Jason Cherrington$401,10658.1%
2022Simon Bennett$394,66066.7%
Explanation of the above items
1. Taxable benefits comprise a matching superannuation contribution of 3% of gross taxable earnings.
2. Short Term Incentive includes a matching superannuation contribution of 3%.
3. On 21 June 2021 the Company appointed Jason Cherrington to take over from Simon Bennett as the Chief Executive Officer.
Breakdown of pay for performance FY26
DescriptionPerformance measures
Short Term Incentive - Set at 25% of fixed remuneration if
all performance targets are achieved. The measures used in
determining the quantum of the Short Term Incentive are set
annually.
Targets relate to Company financial performance 60%,
40% of the Short Term Incentive will be allocated to
performance against agreed key performance indicators.
The Short Term Incentive performance for the 2026 financial
year has yet to be determined.
The CEO is eligible for a grant of restricted shares under the
Company’s equity settled share based incentive scheme.
Nil restricted shares were issued to the CEO in the FY26
financial year. Further information about the terms of the
restricted shares, including the performance measures, is set
out in note F1 to the financial statements.
The CEO did not exercise any restricted share options during
the financial year.
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202665

Restricted Share Scheme interests awarded to the CEO:
The table below sets out options to acquire restricted shares issued under the Company’s equity settled share based incentive
scheme to the Company’s CEO Jason Cherrington.
Note F1 to the financial statements contains an explanation of how the equity settled share based incentive scheme operates as
well as further information regarding, in respect of each series of restricted shares issued under that scheme, the term to vesting,
expected life, the risk-free rate (%), annualised volatility and option value. The CEO did not exercise any restricted share options
during FY26.
Date of awardType of Scheme interestNumber
Exercise
price
Vesting date
(May be exercised within
12 months of the vesting date)
14 October 2022Options to acquire restricted M shares125,0001.801 October 2025
14 October 2022Options to acquire restricted N shares125,0001.801 October 2026
13 November 2023Options to acquire restricted O shares125,0001.501 October 2026
13 November 2023Options to acquire restricted P shares125,0001.501 October 2028
COMPANIES ACT 1993 DISCLOSURES66ACCORDANT GROUP ANNUAL REPORT 2026

Employee Remuneration
The table below sets out the number of employees (not being Directors of the Company) who, during the financial year ended
31 March 2026, received remuneration and other benefits in their capacity as employees that exceeded a value of $100,000 per
annum. The remuneration amounts include all monetary amounts and benefits actually paid during the year, including the face value
of any incentives that vested during the year including the gross taxable value of dividends paid on restricted shares.
Number of Employees
Remuneration
20262025
$100,000–$109,9991111
$110,000–$119,9991715
$120,000–$129,999139
$130,000–$139,999712
$140,000–$149,99986
$150,000–$159,99935
$160,000–$169,99962
$170,000–$ 179,99923
$180,000–$189,9993–
$190,000–$ 199,99957
$200,000–$209,99942
$210,000–$219,99921
$220,000–$229,99911
$230,000–$239,9991–
$240,000–$249,99912
$250,000–$259,999–2
$270,000–$279,9991–
$290,000–$299,999–1
$300,000–$309,99912
$310,000–$319,999–1
$320,000–$329,999–1
$360,000–$369,99911
$370,000–$379,9991–
$420,000–$429,999–1
$520,000–$529,9991–
$540,000–$549,9991–
$600,000–$609,999–1
$650,000–$659,9991–
9186
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202667

Equity settled share based incentive scheme
The Company operates an equity settled share based incentive scheme for senior employees that is settled in ordinary shares. A
detailed explanation of the scheme is set out in Note F1 to the financial statements.
Distribution of holders of quoted shares
The table below sets out the spread of the Company’s shareholders as at 31 March 2026.
Size of holdingNumber of
shareholders
PercentageNumber of fully
paid shares
Percentage
1 – 10009816.0%49,5700.1%
1,001 – 5,00021735.5%629,1791.8%
5,001 – 10,00010216.7%790,0642.3%
10,001 – 50,00014724.1%3,177,7339.3%
50,001 – 100,000213.4%1,429,0414.2%
100,001 and Over264.3%28,249,95582.3%
611100.0%34,325,542100.0%
Substantial product holders
According to the Company’s records, and disclosures made pursuant to section 280(1)(b) of the Financial Markets Conduct Act
2013 the persons set out in the table below were substantial product holders as at 31 March 2026. The total number of fully paid
ordinary shares of the Company as at 31 March 2026 was 34,325,542. The total number of treasury shares held by the Company
as at 31 March 2026 was 406,809. The total number of restricted shares of the Company as at 31 March 2026 was 800,000.
Accordingly, for the purposes of section 293(1)(c) of the Financial Markets Conduct Act 2013, the total number of ‘voting products’
of the Company on issue as at 31 March 2026 was 34,718,733.
Number of shares in which relevant interest is held
Name of substantial product holderNumberPercentageDate of notice
Simon Alexander Hull & David John Graeme Cox18,194,59853.01%5/02/2018
Masfen Securities Limited2,404,5927.01%1/06/2021
COMPANIES ACT 1993 DISCLOSURES68ACCORDANT GROUP ANNUAL REPORT 2026

Twenty largest holders of quoted equity securities
The table below sets out the names and holdings of the twenty largest registered shareholders in the Company as at 31 March 2026.
Investor NameTotal Units% Issued Capital
Simon Alexander Hull & David John Graeme Cox18,194,59853.01
Masfen Securities Limited2,404,5927.01
Ma Janssen Limited1,109,2643.23
New Zealand Depository Nominee1,023,9302.98
New Zealand Central Securities Depository Limited986,5612.87
Ian Douglas Family & Ian Graham Douglas & Anna Kristin Douglas487,6341.42
Accordant Group Limited406,8091.19
Peter Abe Hull & Antoinette Ngaire Edmonds372,6961.09
Wynnis Ann Armour & Jocelyn Patricia Dutton354,7031.03
Ross Barry Keenan300,0000.87
Philip John Talacek & Brenda Ann Talacek300,0000.87
Simon James Bennett280,0070.82
Timothy James Webster214,3750.62
Lorraine Rhoda Devaney213,3750.62
Joanna Hickman200,0000.58
Elizabeth Mary Keenan150,0000.44
Jason Brent Wolland146,5820.43
Malcolm John Wade137,0000.4
Derek Arthur Andrews136,4870.4
Jennifer Margaret Cherrington Mowat132,0160.38
Lay Dodd Trustee Services Limited & Patricia Anne Neal129,3800.38
Auditor fees
The amount of fees paid by the Company and its subsidiaries to the Group’s independent auditor, Deloitte Limited, in the last two
financial years is set out in the table below.
Services provided $000’sFinancial year ended 31 March 2026Financial year ended 31 March 2025
Audit of the full year financial statements$303280
Other services$Nil$Nil
Donations
The Company does not donate to political parties. The Company did not make any donations during the financial year.
NZX waivers and exercise of powers
There were no waivers granted by NZX or relied on by the Company in the 12 months preceding 31 March 2026.
NZX has not taken any disciplinary action against the Company during the financial year ended 31 March 2026, and there was no
exercise of powers by NZX under listing rule 9.9.3 (relating to powers to cancel, suspend or censure an issuer) with respect to the
Company during the reporting period.
Credit rating
The Company does not currently hold a credit rating from an accredited rating agency.
COMPANIES ACT 1993 DISCLOSURESACCORDANT GROUP ANNUAL REPORT 202669

Directory
Registered Office
Level 6, 51 Shortland Street
Auckland 1010
Ph: +64 9 526 8770
Mailing address
PO Box 105 675
Auckland 1143
Directors
Simon Bennett (Chairman and Independent Director)
Simon Hull (Non-independent Director)
Nicholas Simcock (Independent Director)
Richard Stone (Independent Director)
Bella Takiari-Brame (Independent Director)
Auditor
Deloitte Limited
Deloitte Centre
L15-20, 1 Queen Street
Private Bag 115033
Auckland 1140
Phone: +64 9 303 0700
Fax: +64 9 309 4947
Solicitors
MinterEllisonRuddWatts
PwC Tower
15 Customs Street West
PO Box 105 249
Auckland 1143
New Zealand
DX CP24061
Phone: +64 9 353 9700
Fax: +64 9 353 9701
Share Registry
MUFG Corporate Markets
PwC Tower
L30, 15 Customs Street West
Auckland 1010
New Zealand
PO Box 91976
Ph: +64 9 375 5998
70ACCORDANT GROUP ANNUAL REPORT 2026DIRECTORY

Registered Office of
Accordant Group Limited
Level 6, 51 Shortland St
PO Box 105 675
Auckland 1143
Ph: 09 526 8770
accordant.nz

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer Accordant Group Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$165,125 -0.07%
Total Revenue $165,173 -0.08%
Net profit/(loss) from
continuing operations
-$2,107 -26.84%
Total net profit/(loss) -$2,107 -26.84%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not applicable. No Final Dividend is proposed.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
-$0.75007578 -$0.70639431
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer Annual Report
Authority for this announcement
Name of person

authorised
to make this announcement
Rod Hyde
Contact person for this
announcement
Rod Hyde
Contact phone number 09 526 8797
Contact email address Rod.hyde@accordant.nz

Date of release through MAP

28/05/2026

Audited financial statements accompany this announcement.