Emeco Holdings Limited · ASX:EHL
Emeco — H1 2026 Earnings Presentation
35 slides from Emeco's earnings presentation, Feb 19, 2026
Slide 1: Emeco Holdings Limited 1H26 Results
Emeco Holdings Limited 1H26 Results 19 February 2026 EMECOGROUP.COM
Slide 2: Important Notices and Disclaimers
IMPORTANT NOTICES AND DISCLAIMERS Reliance on third party information The information and views expressed in this Presentation were prepared by Emeco Holdings Ltd (the Company) and may contain information that has been derived from publicly available sources that have not been independently verified
Slide 3: Agenda and Presenters
AGENDA BUSINESS HIGHLIGHTS 4-7 OPERATIONAL OVERVIEW 8 - 11 FINANCIAL RESULTS 12 - 17 STRATEGY 18 - 23 SUSTAINABILITY 24 - 25 2H26 OUTLOOK 26 - 27 ADDITIONAL INFORMATION 28 - 30 RECONCILIATIONS STATUTORY TO NON-IFRS DISCLOSURE 31 - 34 PRESENTERS Ian Testrow Theresa Mlikota Managing Director & CEO Chi
Slide 4: Business Highlights
BUSINESS HIGHLIGHTS 44 EMECOGROUP.COM
Slide 5: 1H26 Key Highlights
1H26 KEY HIGHLIGHTS Strategic priorities refocused on growth Emeco continues to deliver strong financial performance, earnings continue to grow, while cash generation has improved for six consecutive half-year periods Balance sheet and key financial metrics in great shape and refinancing success
Slide 6: 1H26 Financial Highlights
1H26 FINANCIAL HIGHLIGHTS Continued earnings growth and strong cash generation, ROC up 230 bps to 18% Operating NPAT1 Revenue2 +21% +9% Emeco delivered another solid half of earnings growth: 1H26 $46M 1H26 $421M Strong revenue growth v pcp, up 9% to $421M (1H25: $387M) 1H25 $38M 1H25 $387M Robus
Slide 7: Performance History – Half on Half
PERFORMANCE HISTORY – HALF ON HALF Higher contribution from capital light maintenance services supports rising ROC and cash flow Revenue ($M) 1 Operating EBITDA ($M) 2 Operating EBIT ($M) 2 Operating NPAT ($M) 2 421 46 46 383 387 398 155 155 77 77 38 348 68 33 35 61 65 146 143 137 1H24 2H24 1H25 2H2
Slide 8: Operational Overview
OPERATIONAL OVERVIEW 8 EMECOGROUP.COM 8
Slide 9: Safety
SAFETY Safety remains our key priority Disciplined focus on continuous safety improvement across the Group Total Recordable Injury Frequency Rate has improved to 2.5 FY26 HSET focus areas: Ongoing uplift in critical risk and control assurance Continued enhancement of workshop safety contro
Slide 10: Rental Highlights
RENTAL HIGHLIGHTS Rental remains the driving force behind Emeco’s earnings and cash flow growth, with robust production outlook Revenue1 Operating EBITDA2 Operating EBIT2 +14% +6% +9% 1H26 $342M 1H26 $168M 1H26 $94M 1H25 $300M 1H25 $159M 1H25 $86M Australia’s largest provider of mining rental equipm
Slide 11: Force Highlights
FORCE HIGHLIGHTS Our Force workshop and field service capabilities are our competitive advantage – delivering cost-efficient maintenance and rebuilt equipment for our customers and our rental business Gross Revenue1 Gross Operating EBITDA1,2 Gross Operating EBIT1,2 -1% +2% +4% 1H26 $141M 1H26 $18.3M
Slide 12: Financial Results
FINANCIAL RESULTS 12 EMECOGROUP.COM
Slide 13: Operating Profit and Loss
OPERATING PROFIT AND LOSS Earnings growth with resilient margins and improving returns $M Unless otherwise stated 1H25 2H25 FY25 1H26 Highlights External revenue 387.3 398.1 785.4 420.8 Revenue and earnings growth driven by an increase in maintenance service offering Operating EBITDA1 145.8 155.3
Slide 14: Cash Flow
CASH FLOW Strong growth in cash flow, up 37% on pcp, driven by a 110% cash conversion1. Cash tax nil through utilisation of carried- forward tax losses ($74M at 31 December 2025) 1H26 Cash Flow ($M) 11.3 155.5 ( 13.0 ) 67.1 ( 86.7 ) ( 13.7 ) 44.8 ( 8.6 ) Operating Working Finance Sustaining Operatin
Slide 15: Balance Sheet & Capital Management
BALANCE SHEET & CAPITAL MANAGEMENT Strong balance sheet provides flexibility for growth 30 June 31 December Overview $M 2025 2025 Balance Sheet Plant & equipment 803.9 805.4 Strong cash generation continues to drive deleveraging of the Right-of-use asset 79.6 79.8 business Intangibles 8.2 8.1 Ne
Slide 16: Debt Maturity Profile and Liquidity
DEBT MATURITY PROFILE AND LIQUIDITY Recent refinancing strengthens liquidity and extends debt tenor 30 June 31 December $M 2025 2025 AMTN AUD Notes1 EBITDA 250.0 250.0 Term facilities - RCF1 95.0 - (excludes bank guarantee facilities) Leasing facilities 69.0 65.9 Total committed facilities 414.0 315
Slide 17: Targeting 20% ROC and Improved Cash Generation
TARGETING 20% ROC AND IMPROVED CASH GENERATION Good progress on our journey to deliver ROC target Return on Capital1 drivers % 20% Op. Free Cash Flow $M (before growth capex)2 18% 17% 140 15% 120 111 87 FY26/FY27 67 FY24 FY25 1H26 Growth in Equipment Target ROC FY24 FY25 Projected Projected ROC ROC
Slide 18: Strategy
STRATEGY 18 18 EMECOGROUP.COM
Slide 19: Emeco's Strategic Pillars
EMECO’S STRATEGIC PILLARS Emeco’s strategic pillars ensure a sustainable and resilient business and the creation of long-term value for shareholders OBJECTIVE 1 EBIT EBITDA Be Australia’s lowest Deliver strong 01 cost, highest quality, technology-driven mining equipment 02 Grow a balanced and divers
Slide 20: Our Scale and Competitive Advantage
OUR SCALE AND COMPETITIVE ADVANTAGE Our mid-life rebuild model and onsite service capability, combined with our asset management and condition monitoring technologies are our competitive advantage. Delivered through our national footprint of workshops and field service units, Emeco provides industry
Slide 21: Strategic Priorities
STRATEGIC PRIORITIES Build on and grow our core. Diversify through capability-led expansion Key Enablers Deep customer relationships Strengthen and optimise the core Large-scale fleet Grow fully maintained rental projects, including customer fleets Expand low-capital earnings - maintenance servi
Slide 22: Maintenance Services Growth 1H26
MAINTENANCE SERVICES GROWTH 1H26 Low-capital workshop & maintenance services earnings have doubled over the last 12 months. Workshop and maintenance services now represent 50% of gross revenue1 and ~35% of gross operating EBIT and have been a key driver of stronger ROC and cash flow due to their low
Slide 23: Technology-Enabled Asset Management
TECHNOLOGY-ENABLED ASSET MANAGEMENT Our Asset Management, Reliability, and Field Service teams are applying AI and machine learning to drive better equipment reliability, lower cost and longer asset life for our customers Condition Monitoring & Predictive Maintenance | ACTIVE AI/ML-enhanced oil sa
Slide 24: Sustainability
SUSTAINABILITY 24 24 EMECOGROUP.COM
Slide 25: Environmental, Social & Governance
ENVIRONMENTAL, SOCIAL & GOVERNANCE Our focus continues to ensure that our business model drives creative solutions for our customers, in a safe and thriving environment for our employees, whilst supporting the communities in which we operate and delivering sustainable returns for our shareholders
Slide 26: 2H26 Outlook
2H26 OUTLOOK 2626 EMECOGROUP.COM
Slide 27: 2H26 Outlook
2H26 OUTLOOK 2H26 will focus on: Continued strong safety record Ongoing improvement of financial metrics – ROC, cash flow Increasing existing fleet utilisation and optimising fleet configuration Growth in our fully maintained rental projects Expansion of our maintenance services offering
Slide 28: Appendix: Additional Information
APPENDIX: ADDITIONAL INFORMATION 28 28 EMECOGROUP.COM
Slide 29: Emeco Investment Highlights
EMECO INVESTMENT HIGHLIGHTS 1 2 3 Australia’s largest mining Focused on delivering strong Scale and asset management equipment rental provider with returns and free cash flow expertise provide cost and national footprint generation quality advantage 4 5 6 Diversified by customer, project Strong bala
Slide 30: Revenue Analysis
REVENUE ANALYSIS Revenue by commodity Revenue by geography Revenue by type Revenue by customer – Top 10 1H26 1H26 1H26 1H26 WA Gold Customer 1 10% 3% Rental Surface Customer 2 4% Met Coal 13% 19% Customer 3 32% QLD Iron Ore 24% Customer 4 30% 17% 4% Customer 5 Thermal Coal Rental Underground 52% Cus
Slide 31: Reconciliations Statutory to Non-IFRS Disclosure
RECONCILIATIONS STATUTORY TO NON-IFRS DISCLOSURE 3131 EMECOGROUP.COM
Slide 32: Reconciliations – Statutory to Non-IFRS Disclosure
RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE 1H25 1H26 Statutory to operating reconciliation Statutory to operating reconciliation $M NPAT Revenue EBIT EBITDA OBJECTIVE $M 1 EBIT EBITDA NPAT EBIT EBITDA Statutory 33.6 61.5 139.3 Statutory 38.7 65.8 144.9 Tangible asset impairment 0.3 0.3 - Tan
Slide 33: Reconciliations – Statutory to Non-IFRS Disclosure
RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE Cash flow reconciliation Net debt and leverage reconciliations $M 1H25 1H26 30 June 31 December $M OBJECTIVE 1 2025 2025 Operating EBITDA Revenue 145.8 155.5 EBIT EBITDA Revenue AMTN AUD secured notes 250.0 250.0 Working capital (9.7) 11.3 Revolving
Slide 34: Reconciliation: Maintenance Earnings
RECONCILIATION: MAINTENANCE EARNINGS Revenue FY22 FY23 FY24 1H25 2H25 FY25 1H26 Force - External [A] 90.6 156.5 166.2 87.1 82.9 170.0 78.5 Force - Internal [B] 83.1 90.2 116.2 55.5 48.0 103.5 62.1 Force Gross Revenue 173.7 246.7 282.4 142.6 130.9 273.5 140.5 Elimination - 83.1 - 90.2 - 116.2 - 55.5
Slide 35: Thank You
Thank You Investor enquiries: Theresa Mlikota Chief Financial Officer Investor.relations@emecogroup.com emecogroup.com EMECOGROUP.COM 35