Slide 1: 2025 Full Year Results
Slide 2: Agenda
SALIENT FEATURES FINANCIAL RESULTS MARKET OUTLOOK STRATEGIC REVIEW KEY MESSAGES APPENDICES Eve | ENViRoNs !moolmans””
Slide 3: Salient Features
O) SALIENT FEATURES BUILT 25 a | ENVIRONS ™oolmans’
Slide 4: Results Summary
Results Summary Significant losses on two large projects awarded prior to COVID. Project portfolio post risk mitigants performing well. Revenue A$2.6 billion Operating loss (A$60.4 million) (R31.0 billion) before capital (R693 million) 30 June 2024 | A$3.1 billion (R37.5 billion) 30 June 2024 | A$34
Slide 5: Executive summary
Executive summary CEO’s report for the year ended 30 June 2025 Infrastructure ‒ Australia and Southeast Asia underperformance associated with 2 projects. J108 and Kidston suffered a combined loss of A$98.5 million. ‒ New Zealand continuing consistent operational excellence exceeding performance targ
Slide 6: Specific projects overview
Specific projects overview Kidston Pumped Storage Hydro Operational performance ‒ Progress impacted by a persistent tropical low-pressure system resulting in severe regional flooding. Full demobilisation from the site required. Returned to full operating capacity 10 weeks later. ‒ Productivity sever
Slide 7: Award recognition
Award recognition Three projects shortlisted as finalists for prestigious Australian Construction Achievement Award (ACAA) Winner: New Bridgewater Bridge in Tasmania (top). ‒ Third McConnell Dowell win in the last nine-year period: ‒ Webb Dock (2017) ‒ Chith Export Facility (2019) ‒ Highlights the c
Slide 8: Segment overview – Infrastructure
Segment overview – Infrastructure Portfolio excluding J108 and Kidston operating at improved margin A$m 2025 2024 72% Revenue 1 900.4 2 417.1 of Group Revenue Operating (loss) / earnings (45.7)1 57.4 Australia Operating margin (2.5%)2 2.4% ‒ Non-margin contributing projects awarded pre-COVID progres
Slide 9: Segment overview – Building
Segment overview – Building 100% of projects profitable with 91% of projects above tender margin A$m 2025 2024 19% Revenue 491.1 419.1 of Group Revenue Operating earnings 17.0 8.6 Overall Operating margin 3.5% 2.1% ‒ 21 active projects contributing increased revenue on prior year. ‒ Operating earnin
Slide 10: Segment overview – Mining
Segment overview – Mining Gamsberg performing well. Problematic issues to resolve on Tshipi. A$m 2025 2024 9% Revenue 252.6 268.8 of Group Revenue Operating earnings 0.2 2.0 Gamsberg Operating margin 0.1% 0.7% ‒ Production, profitability and cashflow in line with expectations. ‒ Steadily increasing
Slide 11: Financial Results
coy oe FINANCIAL RESULTS
Slide 12: New Bridgewater Bridge
NEW BRIDGEWATER BRIDGE MCCONNELL DOWELL TASMANIA, AUSTRALIA
Slide 13: New Bridgewater Bridge
NEW BRIDGEWATER BRIDGE
Slide 14: 2025 Salient results
2025 Salient results A$m 2025 2024 Revenue 2 629.9 3 055.3 ‒ Revenue lower than prior period following decreased activities in Infrastructure segment in line with expectations. Change1 (13.9%) ‒ Operating loss before capital items2 (EBIT) significantly lower than prior year due to losses reported on
Slide 15: Financial performance
Financial performance 2025 2024 Change 1 Commentary A$m Continuing Operations Continuing Operations Revenue 2,629.9 3,055.4 (13.9%) Revenue decreased across all segments, except Building segment, by a combined 13.9% to A$2.6 billion. Under performing projects represent a Gross earnings 79.3 175.5 (5
Slide 16: Segmental results
Segmental results Segmental report for the year ended 30 June 2025 Aveng Aveng Corporate Infrastructure Building Mining Total Legacy and eliminations A$m Revenue 1,900.4 491.1 252.6 0.3 (14.4) 2,629.9 Gross earnings 41.8 30.0 13.0 (5.6) - 79.3 Gross margin % 2.2% 6.1% 5.1% (>100%) - 3.0% Operating (
Slide 17: Financial position
Financial position Statement of financial position as at 2025 2024 Change A$m Non-current assets 385.4 445.4 (60.0) Current assets 653.6 817.3 (163.7) Total assets 1,038.9 1,262.7 (223.8) Foreign currency translation reserve (950.7) (951.5) 0.8 Retained earnings 593.8 686.3 (92.5) Other 553.4 547.2
Slide 18: Financial position
Financial position Movements in Property, plant & equipment and Right-of-use Assets (A$m) 53.4 294.2 10.0 272.7 (63.2) (9.8) ‒ Additions represent investment in replacement mining equipment in (10.9) Mining segment and replacement PPE & ROU equipment in Infrastructure segment. ‒ Effective annualised
Slide 19: Financial position
Financial position Movements in working capital (100.9) (3.5) (8.5) 123.6 (202.0) (183.9) (28.8) Balance Inventories Trade & other Contract Contract Trade & Balance 30 June receivables assets liabilities other 30 June 2024 payables 2025 ‒ Minimal net movement in inventories and trade & other receiva
Slide 20: Liquidity
Liquidity Movement in cash (A$m) 6.7 8.1 49.2 98.5 (9.0) (9.5) 267.3 (28.1) 227.7 (27.9) (46.2) (0.2) (2.0) Cash balance Cash from Working capital Net finance Taxation Proceeds from Proceeds from Capital Net repayment Net payment of New external Other Cash balance 30 June 2024 operations change char
Slide 21: Market Outlook
OS MARKET OUTLOOK paeCONN EL moolmans””
Slide 22: Punt Road Oval Redevelopment
PUNT ROAD OVAL REDEVELOPMENT BUILT ENVIRONS VICTORIA, AUSTRALIA ae ry a tn Ms ii) ML
Slide 23: Market outlook
Market outlook Segment strategies aligned with market trends Infrastructure Building Mining ‒ Australia – Ongoing re-prioritisation of public ‒ Australia - Markets remain strong with ‒ Mining environment continues to be impacted sector investment away from major transport, and government spend in he
Slide 24: Strategic Review
O4 STRATEGIC REVIEW
Slide 25: The Queen Elizabeth Hospital Stage 3 Redevelopment
& . 9 1 pals THE QUEEN ELIZABETH HOSPITAL STAGE 3 REDEVELOPMENT BUILT ENVIRONS SOUTH AUSTRALIA
Slide 26: Strategy update
Strategy update Enhancing stakeholder value and maximising value to shareholders Intention ‒ Improved operational performance and the creation of two separate entities. Moolmans ‒ Continue excellent delivery and operational performance on Gamsberg. ‒ Resolve problematic issues (work environment and
Slide 27: Key Messages
O's KEY MESSAGES SENWECONETROTTON? — CREATUECSTIVETION
Slide 28: Key messages
Key messages Focus areas Infrastructure ‒ Complete the J108 and Kidston projects in accordance with current plan and finalise commercial matters with the respective clients. ‒ Continue to improve performance on the remainder portfolio of projects and secure new work. Building ‒ Maintain positive tra
Slide 29: Appendices
OO APPENDICES
Slide 30: Appendices | Comprehensive earnings
Appendices | Comprehensive earnings 2025 2024 Change1 Continuing operations Revenue 30 987 37 450 (17.2%) Gross earnings 951 2 151 (52.5%) Gross margin % 3.0% 5.7% (2.7%) EBITDA 50 1 281 (>100%) Depreciation & amortisation (744) (857) (13.2%) Operating (loss) / earnings before capital items (693) 42
Slide 31: Appendices | Financial position
Appendices | Financial position Statement of financial position as at 2025 2024 Change Rm Non-current assets 4 499 5 427 (928) Current assets 7 615 9 954 (2 269) Total assets 12 114 15 381 (3 267) Share capital 4 818 4 801 17 Accumulated losses (4 055) (2 989) (1 066) Other 1 531 1 627 (96) Total eq
Slide 32: Questions & Thank You
QUESTION Sey & THANK YOU f
Slide 33: Disclaimer
Disclaimer Aveng Limited or Aveng Group does not make any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, opinions, estimates or other information contained in this document (any of which may change without notice). To the