Slide 1: Macmahon FY25 Results
au fF J MACMAHON 19 August 2025
Slide 2: FY25 Financial Highlights
FY25 Financial Highlights Record revenue and earnings Revenue Underlying EBITDA' Underlying EBIT(A)! $2.4bn 2.0% $387.4m 2.x = $171.4M 22 FY26 Secured Revenue of $2.1 bn 16.0% EBITDA margin 7.1% EBIT(A) margin Underlying Operating Cash Flow? Free Cash Flow? Total Dividend $407.4M «5% $140.7m.:. 1.50
Slide 3: Guidance Performance
Guidance Performance Long term track record of achieving guidance Revenue ($m) Underlying EBIT(A) ($m) 42 Guida: Guidance [eNews 3.0)- 0.0 | 2) FY21 FY22 FY23 FY24 FY2S5 FYI7 FYI8 FYI9 FY20, FY21 FY22 FY23 FY24 FY2S5 Guidance fl Guidance 105 140 FYI7 FYI8 CQMACMAHON © 30.une 2025 Full Year Results
Slide 4: Mining Highlights
Mining Highlights Highly experienced and specialised team providing the full suite of surface and underground mining development and production services Surface Mining + Secured $900nm, three year extension at Byerwen + Awarded $500m+ of new work in Indonesia $1 97bn $3 59m - ~$80m! Poboya gold proj
Slide 5: Civil Infrastructure Highlights
Civil Infrastructure Highlights Over 40 years experience delivering integrated construction and engineering solutions Revenue Underlying EBITDA » Acqui ion of Decmil (ASX: DCG) in August 2024 with integration completed successfully and cost synergies realised » Legacy projects all completed with min
Slide 6: Corporate Highlights
Corporate Highlights Positioning the group for improved returns Homeground » Management are focused on the monetisation of the non-core Homeground asset, a 1,392 bed, fully serviced accommodation village located in the Gladstone, QLD » Assessing alternative usage options including the relocation of
Slide 7: Our Surface Mining Projects
Our Surface Mining Projects PROJECT CONTRACT ASSUMED COST CLIENT PROJECT COMMODITY SINCE TERM LOM CURVE ww bs. meme Tropicana, WA Gold 2012 Life of mine 2033 a4 GREATLAND SS Telfer, WA Gold 2016 Life of mine 2028 aa Byerwen, QLD Met Coal 2017 Sep 2028 2040 @2 Batu Hijau, Indonesia Copper / Gold 2017
Slide 8: Our Underground Mining Projects
Our Underground Mining Projects PROJECT CONTRACT ASSUMED CLIENT PROJECT COMMODITY SINCE TERM Es @asse Boston Shaker, WA Gold 2012 May 2027 VAJLT Deflector, WA Gold 2016 Apr 2027 OSs Gwalia, WA Gold 2021 May 2026 2031 OSs Ulysses, WA Gold 2024 May 2026 2029 VAVJLT King of the Hills, WA Gold 2022 Mar
Slide 9: Our Civil Infrastructure Projects
Our Civil Infrastructure Projects CONTRACT % EXPECTED CLIENT PROJECT SCOPE SIZE COMPLETE COMPLETION Marble Bar Road Sections 5 and 2B, WA Construct Only $100m- $200m 0% @4 FY26 Jerriwah Village Expansion, WA Design & Construct $25m- $50m 0% @iFy27 Eva Copper Mine Accommodation, @LD Design & Construc
Slide 10: FY25 Revenue Diversification (%)
FY25 Revenue Diversification (%) Business revenue mix is diversified by service, commodity, region and client Service Offering Commodity Region = AngloGold Ashanti mNewmont/Greatland mSurface Underground mCivil Infrastructure ™ Other scala = Copper/Gold Cusine OSEMITSESH Act Angi American stithium "
Slide 11: People and Safety
People and Safety Continued growth in workforce with focus on safety and development SAFETY * Group TRIFR decreased from 3.64 in FY24 to 2.99 in FY25 * Enhanced our critical risk management and data analytics capabilities including the development of learning resources for Critical Risk Standards TR
Slide 12: Winning at Macmahon
Winning at Macmahon Investing in our people and creating a winning culture Culture Assessed at recruitment. A cross functional, Providing leaders with the company-wide program tools and confidence they Defined during to drive culture, mitigate need to succeed. onboarding psychosocial harm and elimin
Slide 13: Leadership Training – Winning Way, Peak Downs Rehabilitation Works
Leadership Training – Winning Way Peak Downs Rehabilitation Works 2025 Apprentice Intake Macmahon Wellness Champions 13
Slide 14: FY25
| | MACMAHON FY25 Results
Slide 15: Group Financial Performance
Group Financial Performance Maintaining positive track record of sustainable growth Revenue ($m) Underlying EBIT(A) ($m) 71 1906 2.031 140 300 yas 1,698 w ,- ,- 101 1103 92 710 360 (2) | | (0.5%) 6.7% (WA EBIT(A) Margin FYI7 FYI8 FYI9 FY20 FY21 FY22 FY23 FY24 FY25 FYI7 FYI8 FYI9 FY20 FY21 FY22 FY23
Slide 16: Profit and Loss
Profit and Loss Delivered another year of improved performance $ Millions FY24 FY25 Change Revenue 2,031 2,427 420% Underlying EBITDA’ 352 387 410% EBITDA margin 17.3% 16.0% Underlying EBIT(A)' 140 171 422% EBIT(A) margin 6.9% 7.1% Net finance costs (27) (34) Underlying PBT(A)' 14 138 21% PBT(A) mar
Slide 17: Cash Flow - Net Debt Waterfall
Cash Flow - Net Debt Waterfall Strong cash generation maintained steady net debt after Decmil acquisition (S0) oo) (150) (200) Net Debt at 30 Underlying Interest and Operating Cash Flow = Tax - $407.4m $58.1m (221.2) Underlying EBITDA Working _ Interest and Capex Capital Tax May not add up due to ro
Slide 18: Balance Sheet
Balance Sheet Solid financial position $ Millions FY24 FY25 Cash 195 264 Receivables 428 507 Inventories 105 104 Investment property - 52 Property, plant and equipment 672 680 Intangible assets and goodwill 10 62 Other assets (incl. deferred tax) 4l 91 Total assets 1,451 1,761 Payables 327 470 Borro
Slide 19: Strategy and Outlook
| | MACMAHON Strategy and Outlook
Slide 20: Strategic Journey Towards Lower Capital Intensity Services
Strategic Journey Towards Lower Capital Intensity Services Increased ROACE target to 25% FY17 Revenue Mix FY25 Revenue Mix d sssom) ) (> FY17 Pipeline FY25 Pipeline a $6.1bn Our Strategic Target Revenue Mix | ROACE TARGET >25%! Increased from 20% CQQMACMAHON © 30 June 2025 Full Year Results surface
Slide 21: Work in Hand & Tender Pipeline
Work in Hand & Tender Pipeline Growth in orderbook with good long term visibility $5.4bn Order Book Run Off ($m)! Tender FY26 =WIH = mExtension/Variation* = Churn FY27 FY28+5 I Surface HM Underground [ll Civil Infrastructure 1. As at 30 June 2025. Excludes short term civil and underground churn work
Slide 22: Dividends per share and payout
1.8 150.0% 1.6 1.50 130.0% 1.4 110.0% 1.2 1.05 90.0% 1 70.0% 0.8 0.75 0.65 0.65 0.6 50.0% 0.6 0.5 30.0% 0.4 31.2% 22.8% 21.7% 23.3% 24.0% 10.0% 0.2 18.5% 18.2% 0 -10.0% 1H DPS FY DPS % of EPS 22
Slide 23: FY26 Guidance & Priorities
FY26 Guidance & Priorities Outlook for further growth in FY26 FY26 PRIORITIES FY26 GUIDANCE * No life changing events, reduction in TRIFR * Continuing to drive operational improvements . . . Revenue Underlying EBIT(A) » Remain focused on increasing ROACE, Free Cash Flow generation and reducing Net D
Slide 24: €. MACMAHON _ June
€. MACMAHON _ 30 June 2025 Full Year Results
Slide 25: Appendix
| | MACMAHON Appendix
Slide 26: Cash Flow
Cash Flow $ Millions FY24 FY25 Underlying EBITDA" 351.8 387.4 Movement in receivables (90.5) (14.6) Movement in inventory (8.4) 0.0 Movement in payables and provisions 56.2 38.2 Cash payments for SaaS customisation costs (1.2) (6.8) Other (8.0) (3.6) Net Interest and tax (paid) / received (25.8) (58
Slide 27: Reconciliation of Non-IFRS Financial Information
Reconciliation of Non-|FRS Financial Information $ Millions FY24 FY25 Profit for the year (as reported) 53.2 73.9 Add back: + LTl share based payment expense! 21 7.2 * Corporate development / acquisition costs! 3.2 8.5 + Customer contracts amortisation (A)! 0.4 5.9 * SaaS customization costs! 1.2 68
Slide 28: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer as to forward looking statements This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. These forward looking statements are based on, among other