Ann: FY24 Results Presentation, page-34

This can be calculated easily:

Total Revenue is 978.3, EBITDA 32.5M

For H1, Total Revenue is 460.5M EBITDA 26.1M
So For Q1/Q2, Average Revenue is 230.25M, Average EBITDA is 13.05M
For Q3, Total Revenue is 256.7M, EBITDA 6M

So for Q4, Total Revenue is 261.1, EBITDA 0.4M

So, if it is softening economic conditions, this mean the Q4 revenue should be down, because you would expect less people will buy stuff on their website, so the EBITDA will be lower, that makes sense, the fact is their revenue actually remain the same level as Q3 but all the profit is gone, which means they still sell the same amount of stuff like Q3, even more, but they stop making any money from it.

So I think the truth could be, of course I could be completely wrong, their business model is broken now and they can't make any money after the AFR report.