Slide 1: FY23 Results Presentation
FY23 RESULTS Presentation CEO Steven Boland Oo ie, O [e) ie) oO lj ie) g 3 a fo} 6) is) = Andrew Crowther - We help build Australia
Slide 2: Disclaimer
DISCLAIMER This presentation is based on unaudited final results and provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors or other persons. The information conta
Slide 3: Momentum Continues
MOMENTUM CONTINUES ‘acroW iS Record financial results New revenue streams from organic growth initiatives continue Record hire contract wins/pipeline ROE 32.7% - more than doubles over 4 years FY24 EBITDA guidance up 29% (midpoint) on pep Acrow Clayton, VIC yard 3
Slide 4: Our Competitive Advantage
OUR COMPETITIVE ADVANTAGE QUALITY OF OUR PEOPLE PRODUCT GEOGRAPHIC : RANGE FOOTPRINT eee
Slide 5: Key FY23 Highlights
Slide 6: Key Operational Achievements FY23
KEY OPERATIONAL ACHIEVEMENTS FY23 facroW 8 RECORD SECURED HIRE ASSET ACQUISITIONS ENTERED JUMPFORM CONTRACTS/PIPELINE MARKET Acaulred premium serens ane panel 10 year exclusive licence with Jackin: Hire contracts secured up 34% YoY assets. Estimated annualised EBITDA y systems (NZ) g Pipeline up 70%
Slide 7: Safety Is Our Priority
SAFETY IS OUR PRIORITY ZERO HARM IMPROVEMENT 25 20 38% 15 IMPROVEMENT | 5 ° TRIFR FY22 TRIFR FY23 TOTAL RECORDABLE INJURIES 18 36% 10 IMPROVEMENT 8 ° a Fyv22 FY23 Lost Time Injury Frequency Rate ° 4 3 LTIFR! Fy22 FY23 LOST TIME INJURIES Fy22 FY23
Slide 8: Overview
( B? | Eee 1 Aa? Re & i = = 4 asia OVERVIEW Steven Boland, MD & CEO | a, | | 7 pe: tamer 8, i i 2 ee if E ei
Slide 9: Key Financial Metrics FY23
KEY FINANCIAL METRICS FY23' CROW | REVENUE EBITDA 200 $168.5 ® S632 $148.3 ‘ 100 Che | 14% 0 47% ie | | ° o* NPAT (Stat.) NPAT 25 $23.5. 40 $305 20 $167 30 én 6 2 si78 Fy22 FY23 FY22 FY23 . Me . SB = 32.7% e 30 0 96 3 —27c 0 23.0% eps 5 a 63% cps 2 63% * 9.7 ppts | i ; | : ; Fv22 Fv23 Fv22 Fv23 Fv22
Slide 10: Return on Equity
RETURN ON EQUITY Efficient deployment of capital 40% 32.7% 30% 20% 10% 0% FY20 FY21 FY22 FY23 10
Slide 11: Acrow Equipment - Hire Wins & Pipeline
ACROW EQUIPMENT - HIRE WINS & PIPELINE (i) HIRE CONTRACTS WON +33.9% 6 $675m 50.41 ay teetin 25 0 FY22 FY23 CURRENT PIPELINE* 150 ro $142.3m. 100 $83.9m 50 CY) FY22 FY23 * Comprises tenders and quotes provided @ Record hire contracts secured FY23 up 33.9% PCP * Formwork > 80% growth * Commercial sca
Slide 12: Secured Hire Contracts
SECURED HIRE CONTRACTS Strong lead indicator for hire revenue ™ Secured contracts won ll Hire revenue 74.5 60.7 56.7 50.4] 50.0 2s 31.0 99.7 30.0 20.0 10.0 | ri FY18 FY19 FY20 FY21 FY22 ~~ FY23 sm s oO oO 9 9 ncn | Key lead indicator for future performance Linear relationship between secured contrac
Slide 13: Engineering
—— ENGINEERING wreAl= oe ne a _ ee arn SINCE — 4938 i yd S | Ve = % BAZ it 5 =} = 4 Matt Caporella, COO 13
Slide 14: Engineering Evolution
ENGINEERING EVOLUTION * 70% Engineers and / 30% drafts people * Ilchartered engineers * FY23 Engineering services revenue of $1.4m * Dedicated site engineers * Focus on simplifying complex problems * Internal testing facility * Engineering ISO Accreditation and Quality Framework * National approach
Slide 15: Product Versatility & Engineering Expertise
PRODUCT VERSATILITY & ENGINEERING facroW EXPERTISE \ D “An exercise in millimetres, this gallery arch mobilisation was intuitive formwork design and travelling system. The on-site are loving it and are excited to be working on it.” Henry Walker, CYP D&V JV METROL TUNNEL, VIC We continue to deliver a
Slide 16: Product Versatility & Engineering Expertise
PRODUCT VERSATILITY & ENGINEERING facroW EXPERTISE CROSS RIVER RAIL, BRISBANE, QLD MONACO (JUMPFORM), MAIN BEACH, QLD Acrow supplied 5 different Adit formwork packages to the Albert Supply of Acrow’s first Jumpform system to the market, in addition to Street station, providing all engineering design
Slide 17: New Premium Screens and Ischebeck Soffit Panel System
PRODUCT VERSATILITY & ENGINEERING facroW EXPERTISE NEW PREMIUM SCREENS AND ISCHEBECK SOFFIT PANEL SYSTEM * Asset acquisition of the Ischebeck Formwork Panel System and premium protection screens from one of QLD’s largest formwork contractors. These asset-only purchases are recognised as leading form
Slide 18: Marquee Civil Projects
MARQUEE CIVIL PROJECTS Beneficiary of reputation for quality, safety & service - Lia en METRO TUNNEL, VIC WEST GATE TUNNEL, VIC 18
Slide 19: Operational Update
~ OPERATIONAL UPDATE. Steven Boland, MD & CEO
Slide 20: Segmental Breakdown
SEGMENTAL BREAKDOWN cROW | © Total revenue up 14% Year ended 30 June ($000) FY23 * Record revenue Formwork pn oi ¢ Organic growth continues ndustial Services ae ¢ Driven by growth in hire revenue - volumes and rates eae eais Eaioad = = * Formwork and Commercial Scaffold divisions driving growth Tota
Slide 21: Sales Contribution Bridge
SALES CONTRIBUTION BRIDGE EQUIPMENT HIRE DRIVING GROWTH 114 104 94 84 74 64 54 44 34 24 $m 81.4 Sales contribution FY22 Formwork hire $17.9m Equipment hire represents 77% of growth in sales contribution Industrial scaffold hire Commercial scaffold hire Product sales -0.7 Industrial services labour h
Slide 22: Formwork Division
FORMWORK DIVISION I Year ended 30 June ($000) Formwork Hire Product Sales Consummables Cartage Total Revenue © Record formwork revenue up 29% * Hire revenue up due to increased activity levels across most states, particularly QLD, NSW & WA * Product sales growth of 55% * Consumables growth up with a
Slide 23: Formwork Revenue by State & National
FORMWORK REVENUE BY STATE& NATIONAL il] = QLD FORMWORK REVENUE VIC FORMWORK REVENUE NATIONAL FORMWORK 45.3 WA 14.6 Eis 31.0 15 30 REVENUE $m ay He 21.2 $m 10 75 af | ° 100 0 FY20 FY21 FY22 FY23 78.7 FY20 FY21 FY22 FY23 7 a8 60.4 $M 5 : NSW FORMWORK REVENUE oe WA FORMWORK REVENUE 25 23.6 0 15 20 Ee —
Slide 24: Industrial Services
INDUSTRIAL SERVICES MACROW |= Year ended 30 June ($000) Scaffold Hire (Og Revenue down 11% Labour Hire * Product sales impacted by reduction in overall market Product Sales purchases due to inflationary pressures * Labour hire - lower due to shutdown profile cycle ¢ Hire revenue growth assisted by b
Slide 25: Commercial Scaffold
COMMERCIAL SCAFFOLD Year ended 30 June ($000) FY23 FY22 Scaffold Hire 16,072 8,999 Labour & Cartage 10,052 14,945 Total Revenue Scaffold Hire Labour & Cartage Total Contribution Contribution Margin* 26,124 23,944 16,072 8999 = 7,073 799 1,987 934 5 18,059 9,934 8,725 69.1% 41.5% 2 * Refers to percen
Slide 26: People & Culture
Slide 27: Our People, Our Culture, Our Brand
OUR PEOPLE, OUR CULTURE , OUR BRAND Our People * We embrace a diverse and inclusive workforce based on mutual respect and equal treatment of all employees e Emphasis on employee development * Bringing all the employees together under the one name as part of the rebranding program Our Culture © Our c
Slide 28: Financials
Se 7 AMAR IS aL = = Boy 4! dail ~~ FINANCIALS
Slide 29: Profit & Loss
PROFIT & LOSS $ %chg Year ended 30 June ($000) FY23 FY22 Mvt PCP Sales 168,495 148,346 20,149 Total Contribution 104,638 81,362 23,276 Contribution Margin* 62.1% 54.8% EBITDA 53,237 36,312 16,925 EBITDA Margin™ 31.6% 24.5% Depreciation (15,223) (13,070) (2,153) EBIT 38,014 23,242 14,7 Net Interest (
Slide 30: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Continued focus on working capital. Steady at 23% of sales revenue. Neer enciodl 30 shane (5000) zs _Fv22 © Total Assets increased by $33.6m, following $45m capital investment initiatives Cash 4939 3,010 Total Assets 218,516 184,904 3,612 © Acquisitions of premium screens
Slide 31: Capital Expenditure
CAPITAL EXPENDITURE Growth, IT & maintenance capex 25 20 (0) maintenance 15 £ | IT, PP&E * 10 GROWTH & 5 NON-HIRE ° FY20 FY21 FY22 FY23 70% cox 57.9% 49.8% 50% 5 2% DLE RATE 40% 40% —a occa 30% 20% 10% 0% Fra Fre res (Actual cumulative return «= = == Hurdle rate *Actual cumulative return = Capex ret
Slide 32: Funding and Liquidity
FUNDING AND LIQUIDITY 75 16.6 50 E wn 25 13.5 149 7.9 9.0 () FY22 FY23 TRADE EQUIPMENT BUSINESS ACQUISITION HEADROOM FINANCE FINANCE TERM LOAN EQUIP. FINANCE * Metrics reported pre-AASB 16 ooo? 9 Y ncn | Banking partner continued confidence in our company Combined trade and overdraft facility increa
Slide 33: Opportunities & Outlook
ana oa) ee ee OPPORTUNITIES & OUTLOOK sever 2010nc. moscto é “Pre-assembled Franklin Adit for Metro Tunnel, VIC 33
Slide 34: Civil Transport Infrastructure - Best Years Ahead
CIVIL TRANSPORT INFRASTRUCTURE - BEST YEARS AHEAD PROJECTED MAJOR TRANSPORT INFRA SPEND ($BILLION) Conbdra TAT Har 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Note: This chat includes projects with a value of work done greater th
Slide 35: Upcoming Major Transport Infrastructure Projects - Australia
UPCOMING MAJOR TRANSPORT INFRASTRUCTURE PROJECTS - AUSTRALIA Suburban Rail Loop, Victoria 30.0Bn+ Will deliver a 90km rail line linking every major train service from the Frankston Line to the Werribee Line via Melbourne Airport. Three transport super hubs at Clayton, Broadmeadows and Sunshine will
Slide 36: Jumpform
JUMPFORM mcROW [= Contracts secured * 5 projects secured to date * Ainclude an Acrow screens package too 9 9 Exclusive 10 year agreement * Jacking Systems (NZ) * Commenced Q4 FY22 & rm A 9 Competitive advantage * Proprietary electric ball screw jacks all computer controlled * All components re-usabl
Slide 37: Screens
SCREENS ncn | ©» Products 9 ¢ Natform screens- light duty protection screens, 3m maximum width and suitable for application where slab loading is limited, and the screen is to only provide edge protection ¢ Premium screens - heavy duty screen for more complex application, widths up to 5.4m using a s
Slide 38: Product Development
PRODUCT DEVELOPMENT ncn | Products « Acrowdeck — Modular slab formwork system ¢ Powershore 150 - Heavy duty shoring system with 50% more capacity than similar systems on the market ¢ Universal Soldier System - Multipurpose formwork system primarily used on infrastructure project in a multitude of ap
Slide 39: Industrial Services
INDUSTRIAL SERVICES Background * Part of Uni-span acquisition 2020 ¢ Fourfold increase in revenue since 2020 « Initially a Queensland centric business Competitive advantage * Highly skilled workforce * Accreditation/safety New products/new markets « Expanded into NSW and SA, Tas. * Power stations sh
Slide 40: Outlook
OUTLOOK (> Earnings Guidance for FY24 as follows: © Secured hire revenue contracts in FY23 of $67.5m up 35% on pcp. © Asset acquisitions to contribute estimated $8m in incremental EBITDA ($10.5m annualised) Revenue $190m - $200m. $168.5m up 16% EBITDA $67m - $70m $53.2m up 29% Forecast underpinned b
Slide 41: Appendices
APPENDICES Ig oject; TAS PA id New sridgeWeteaan
Slide 42: Overview
OVERVIEW CONSTRUCTION Civil infrastructure SECTORS SERVICED Industrial - Energy, Pulp, Paper & Mining Commercial Acrow Formwork and Construction Services Limited (Acrow) is a leading provider of smart integrated construction systems. ACROW OFFERS Engineered formwork sales and hire service Specialist
Slide 43: Major Projects Won (Jan - Jun '23)
MAJOR PROJECTS WON (JAN - JUN'23) CROW | Contract direct with CPB John Holland JV - WGTP, Acrow continues to win multiple packages for the supply, engineering and design of bridge edge Formwork protection utilising the Acrow slimlite soldiers and accessories. Recent packages awarded include bridge 5
Slide 44: Major Projects Won (Jan - Jun '23)
MAJOR PROJECTS WON (JAN - JUN'23) Multiple residential projects - Kawana, Hope Island, Spring Hill, Cleveland - QLD The Archibald, Donnison St, Gosford - Sydney NSW UNSW Health Translation Hub ~ sydney NSW Cross River Rail Project - Albert Street Lot 3 - SWI06 - Brisbane Coll} Cirque 2, 18 Ogilvie R
Slide 45: Major Projects Won (Jan - Jun '23)
MAJOR PROJECTS WON (JAN - JUN'23) 34 Walker St, Rhodes, Building D - Sydney NSW Melconnex - Perth, WA Kidston Pumped Hydro ~ Kidston, Far-North Queensiand. Bridge Water Bridge, Hobart TAS Screens Formwork Formwork Formwork Contract direct with Billbergia Constructions. Commencing Aug 23 for approx.
Slide 46: Cash Flow Statement
CASH FLOW STATEMENT CASH FLOW STATEMENT “ Year ended 30 June ($000) FY23. FY22 Mvt Cash flows from operating activities Receipts from customers 151,067 143,031 Payments to suppliers and employees (118,240) (131,719) Cash generated from operations 32.827 11,373 Significant costs - - Income tax paid (
Slide 47: Acrow Snapshot
ACROW SNAPSHOT ENTERPRISE REVENUE JREPLACEMENT VALUE' VALUE $286m $195m >$140m 1.EV = net debt + market capitalization. 2.Mid point of guidance range. 20 5 1950 Apr2018 6states : Ht Sa cf 10 280F TE 1300 FYI7,—FY18 FYI9FY20.—FY21 FY22 Fy23 47
Slide 48: Acrow National Footprint
ACROW NATIONAL FOOTPRINT TOTAL REVENUE BY GEOGRAPHY (FY23) WA SA 6% 4.9% Tas. 28% vic 12.4% QLD 53.9% Perth Size :17,600m2 Asset Focus: F F: Formwork cs: Commercial Scaffold Is: Industrial Services Ser: Screens Adelaide Size: 14,820m2 Asset Focus: F, CS, IS, Scr Launceston Size: 3,500m2 Asset Focus:
Slide 49: Contact
CONTACT co ACROW HEAD OFFICE 2A Mavis Street Revesby NSW. 2212 & 1300 138 362 info@acrow.com.au Steven Boland Andrew Crowther Matt Caporella & WWw.acrow.com.au MD & CEO cro oo Investor enquiries & presentation questions investors@acrow.com.au We help build Australia 49