Infragreen Group Limited · ASX:IFN
Infragreen — FY2026 Earnings Presentation
33 slides from Infragreen's earnings presentation, Aug 26, 2026
Slide 1: Infragreen FY26 Annual Results Presentation (ASX:IFN)
Infragreen FY26 Annual Results Presentation (ASX:IFN) For the year ended 30 June 2026 26 August 2026
Slide 2: Vision
Vision To be the leading force in building and operating sustainable mid-market infrastructure businesses throughout Australia and New Zealand. 2
Slide 3: Invested in building a sustainable future
Invested in building a sustainable future Infragreen’s diversified asset base participates in two growth Infragreen owns, operates and grows sectors being recycling and energy mid-market businesses with significant untapped value in growing sectors Recycling and Waste Clean Energy and Infragreen dri
Slide 4: FY26 Highlights
FY26 Highlights • FY26 underlying revenue 26% higher than FY25 Underlying Revenue1 Underlying EBITDA3 • FY26 underlying EBITDA 29% higher than FY25 $116.8m $23.9m • Positive outlook – record 4th quarter with underlying EBITDA Up 26% on pcp2 Up 29% on pcp of $7.6m • Record dividends from businesses o
Slide 5: Financial overview – Underlying Infragreen share
Financial overview – Underlying Infragreen share Underlying revenue (m)1 Underlying EBITDA (m)1,2 CAGR: CAGR: 32% 28% 117 23.9 93 6 18.6 4.6 67 7 39 14.6 19 4.3 6.9 6 3.6 2.1 11 1.5 47 51 7.3 6.9 36 8.4 14 20 21 7.7 8.2 4.0 (2.9) (2.8) (2.7) FY24 FY25 FY26 FY24 FY25 FY26 Pure Environmental Minemet E
Slide 6: Growth pillars
Growth pillars Strong growth through four key pillars organic EBITDA growth Organic growth 24% in FY26 of the Businesses (pre Infragreen expenses) Portfolio optimisation, prioritising capital Increased exposure to existing businesses allocation to deliver growth and scale across highest-potential bu
Slide 7: Performance of Infragreen's Key Markets
Performance of Infragreen’s Key Markets Key markets FY26 Performance FY26 FY24 FY25 FY26 Outlook Outlook EBITDA1 FY27 FY28+ Stronger second half on higher hazardous waste volumes with growth in Liquid and regulated waste and industrial water revenue in some locations. Significant $8.2m waste treatme
Slide 8: Strategically located, difficult-to-replicate infrastructure
Strategically located, difficult-to-replicate infrastructure Highlights Geographic overview Wide-ranging geographic presence in both Pure Environmental major cities and rural communities Minemet Energybuild Associated regulatory approvals in each Karratha Mackay Merredin Energy region – timely and c
Slide 9: Strong Acquisition Pipeline
Strong Acquisition Pipeline New Bolt-on • Core strength – Infragreen's core strength is platforms acquisitions acquiring profitable businesses and growing them at scale – a model we have executed repeatedly • 57 opportunities reviewed • Pure completed 3 acquisitions • Operating model – providing per
Slide 10: Environmental, Social and Governance – Year in Review
Environmental, Social and Governance – Year in Review Environmental1 Social Governance • Waste Treated • Safety Framework – Developed an • Risk Register – Established business • 145 million litres – drill muds Infragreen safety framework to wide risk register monitored by the assess the effectivenes
Slide 11: Business overview
Business overview Recycling & Waste Recovery Clean Energy & Energy Transition Regulated Waste Processing Metals Recycling Solar Energy Generation Peaking Power and Recovery FY26 Revenue of $84.8m FY26 Revenue of $84.4m FY26 Revenue of $71.0m FY26 Revenue of $12.9m FY26 EBITDA of $33.4m FY26 EBITDA o
Slide 12: Pure Environmental (24.55% ownership)
Pure Environmental (24.55% ownership) Revenue ($m) Pure Environmental is a key player in the resource recovery and management industry, providing a variety of services to meet various waste management requirements. Pure Environmental operates 10 resource recovery 82 85 sites across Western Australia
Slide 13: Minemet Recycling Group (60.00% ownership)
Minemet Recycling Group (60.00% ownership) Revenue ($m) 78 84 Minemet is a vertically integrated metal recycling operator with capabilities across the entire scrap metal 60 value chain. Established in 2004, Minemet Recycling evolved from an international trading company, to CAGR 18.8% owning and ope
Slide 14: Energybuild (54.78% ownership)
Energybuild (54.78% ownership) Revenue ($m) Energybuild specialises in integrated renewable energy solutions for newbuild residential housing 71 and is the #1 installer of new build solar systems in Australia. Energybuild installs on-site renewable CAGR 85.4% power generation, battery storage system
Slide 15: Merredin Energy (49.99% ownership)
Merredin Energy (49.99% ownership) Revenue ($m) Merredin Energy operates an 82 MW diesel fuelled open cycle gas turbine power station in Western Australia, 13 13 serving as a peaking plant to supply electricity during periods of high demand. The station entered service in 2012 12 with a minimum oper
Slide 16: FY26 Underlying EBITDA
FY26 Underlying EBITDA Underlying EBITDA1,2 Difference FY26 FY25 • FY26 underlying EBITDA of $23.9m – within the ($ million) $m % guidance range of $22.5m to $25.0m Pure Environmental 8.2 7.7 0.5 6% • Positive outlook – record fourth quarter with underlying EBITDA of $7.6m Minemet Recycling 6.9 7.3
Slide 17: Underlying net free cash flow of $11.7m (compared to $8.5m in FY25)
Underlying net free cash flow of $11.7m (compared to $8.5m in FY25) 30 June 26 Pure Merredin Minemet Energybuild Infragreen Total • Underlying net free cash flow of $11.7m for ($ million) Environmental Energy FY26 (FY25: $8.5m) Operating cash flow 18.9 9.3 8.0 6.9 (3.1) • FY26 included $6.6m in grow
Slide 18: Underlying net debt (pre AASB 16) of $14.1m
Underlying net debt (pre AASB 16)1 of $14.1m (compared to $19.6m at 30 June 2025) 30 June 26 Pure Merredin Minemet Energybuild Infragreen Total ($ million) Environmental2 Energy Cash 8.2 1.5 4.9 1.2 8.7 Debt3 (31.3) (10.0) (8.3) (21.4) - Underlying net debt to FY26 Net debt (100% basis) (23.1) (8.5)
Slide 19: Shareholder communication and progress milestones
Shareholder communication and progress milestones 2026 Milestones Future Milestones March and April 2026 • Institutional investor outreach program – commenced and ongoing Ongoing • Appoint new investor relations advisor – appointed • New bolt-on acquisitions for the businesses • Appoint new investor
Slide 20: Conclusion and Outlook
Conclusion and Outlook Strong Performance underpinned Strong Investment Fundamentals by • Uncorrelated real assets underpinning a stable income • Strong growth in earnings and cash stream, in a period of domestic and global uncertainty flow • Strong cash flow profile with history of profitability •
Slide 21: Appendix
Appendix Additional Information 21
Slide 22: Pure Environmental (24.55% ownership)
Pure Environmental (24.55% ownership) Positive Sector Tailwinds Outlook • Australian Regulated Waste Volumes – 3% compound average growth rate (CAGR) • Revenue Growth – the outlook for FY27 is positive due to the return generated on from 2010 to 2024 growth capital deployed during FY26 • Pure only s
Slide 23: Minemet Recycling Group (60.00% ownership)
Minemet Recycling Group (60.00% ownership) Positive Sector Tailwinds Outlook • Green Steel / Electric Arc Furnace Projects – 8 Major Green Steel / Green Iron • Sales Volumes – moderate growth expected in FY27 Projects proposed or announced in Australia, increasing domestic ferrous scrap • Export pri
Slide 24: Energybuild (54.78% ownership)
Energybuild (54.78% ownership) Positive Sector Tailwinds Outlook • National Construction Code (NCC) 7 Star Energy Efficiency Rating – embedded • Revenue Growth – Further growth for solar installations in FY27 as new homes meet solar systems into new housing construction, in many cases solar systems
Slide 25: Merredin Energy (49.99% ownership)
Merredin Energy (49.99% ownership) Positive Sector Tailwinds Outlook • Capacity Credit Pricing – • Revenue Outlook – Merredin Energy’s FY27 outlook is underpinned by capacity- • Oct 2027 – 11% catch up price increase to adjust for actual inflation credit revenue; any generation revenue provides addi
Slide 26: Value-add "partnership" approach
Value-add “partnership” approach Strategic insights Scaling operations Risk management Capital solutions • Refine go to market strategy and • Corporate development support • Thorough risk review during • Long-term source of capital implement action plan (e.g. bolt-on M&A) investment due diligence •
Slide 27: 2026 Strategic Review Process
2026 Strategic Review Process Background Process The strategic review has been conducted to ensure Infragreen’s Board conclusions reflect a rigorous and externally- • Infragreen's share price has significantly tested assessment of the alternatives available to Infragreen underperformed in FY26 and d
Slide 28: 2026 Strategic Review - Core Findings
2026 Strategic Review - Core Findings The strategic review reached three main conclusions that inform the Board's recommended path forward IFN’s share price undervalues The strategy has delivered strong Current complexity in assessing the Business revenue and earnings growth investment quality IFN's
Slide 29: Underlying Profit & Loss, and EBITDA
Underlying Profit & Loss, and EBITDA $'000s FY26 FY25 FY24 1. Share of equity accounted profits is Infragreen’s underlying share of the net profit after tax for the Businesses on an underlying basis assuming Share of equity accounted profit 1 5,731 4,062 3,015 current shareholding percentages across
Slide 30: Balance Sheet
Balance Sheet $'000s 30 Jun 2026 30 Jun 2025 1. Fair value of the Pure Environmental convertible notes Assets 2. Investment in the Businesses Cash and cash equivalents 8,705 13,414 3. Nil borrowings at the parent entity Other current assets 224 67 4. Right of use property lease for the Brisbane offi
Slide 31: Underlying Cash Flow for Infragreen Parent Entity
Underlying Cash Flow for Infragreen Parent Entity Underlying cash flow prepared on a consistent basis to the Infragreen IPO A$’000s FY26 FY25 FY24 Prospectus pro forma cash flow. Excludes payments for investments and Cash flows from operating activities the share buy back Dividend received – equity
Slide 32: Important notice and disclaimer
Important notice and disclaimer The information contained in this Presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Infragreen Group Limited (Infragreen or the Company) or any of its directors, officers, employees, agents, representatives and adv
Slide 33: For further information please visit www.infragreen.au
For further information please visit www.infragreen.au