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1、Asia Pacific Equity Research29 October 2025J P M O R G A NLife360Monetising safety beyond subscriptions;initiating at OverweightInitiationOverweight360.AX,360 AUPrice(29 Oct 25):A$49.20Price Target(Dec-26):A$58.00AustraliaTechnology,Media&TelecommunicationsBob Chen AC(61-2)9003-Benjamin Jones(61-2)9

2、003-J.P.Morgan Securities Australia LimitedQuarterly Forecasts(FYE Dec)Adj.EPS ($)2024A2025E2026EQ1(0.02)0.180.24Q20.000.260.27Q30.230.170.29Q40.280.220.34FY0.540.841.13Style ExposureJPMe revenue vs.EBITDA marginUS$m3053714755846988150%5%10%15%20%25%30%02004006008001,000FY23AFY24AFY25EFY26EFY27EFY28

3、ERevenue%EBITDA MarginSource:Company data,J.P.Morgan estimates.We initiate coverage of Life360(360)with an Overweight rating and a$58 Dec-26 PT.360 is the leading global family location safety app,protecting almost 90 million users.The company continues to demonstrate strong growth in its core marke

4、ts(US,UK,AU),whilst expanding its footprint into new international markets.360s successful freemium model has driven robust user acquisition,and we believe that the company is poised to accelerate monetisation with advertising and higher penetration of paid circles,supported by the rollout of new pr

5、oducts and features.Leveraging its proprietary first-party location data and growing scale,we expect 360 to sustain 20%revenue growth and achieve 12pts of adjusted EBITDA margin expansion through to 2027.Championing family safety through location monitoring.360 pioneered cross-platform location trac

6、king as one of the first apps available on both Android and iOS.The company has reached impressive scale,with over 14%of the US population using its services and rapid growth in international markets.By placing location sharing at the heart of its offering,360 has built a safety-focused family app t