Infragreen Group Limited · ASX:IFN
Infragreen — H1 FY2026 Earnings Presentation
30 slides from Infragreen's earnings presentation, Feb 18, 2026
Slide 1: Infragreen Results Presentation
Infragreen Results Presentation For the half year ended 31 December 2025
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 owns, operates and grows Infragreen’s diversified asset base participates in the mid-market businesses with significant following sectors: untapped value and limited access to long-term capital Recycling and Waste Clean Energy and Through its busi
Slide 4: 1H FY26 Highlights
1H FY26 Highlights Underlying Revenue1 Underlying EBITDA3 Period in Review $55.2m $10.5m • On track to meet prospectus forecasts – Positive earnings performance in 1H FY26; Energybuild and Pure Up 25.9% on pcp2 Up 18.7% on pcp Environmental driving growth in 2H FY26 • Strong growth in earnings – 18.
Slide 5: Growth pillars
Growth pillars Strong growth through four key pillars organic EBITDA growth Organic growth 12.9% in H1 FY26 of the Businesses (pre Infragreen expenses) Ongoing discussions for Infragreen to increase its Increased exposure to existing businesses ownership stake in Businesses Bolt-on acquisitions for
Slide 6: Acquisition Pipeline Strong
Acquisition Pipeline Strong New Bolt on • Core strength – Infragreen's core strength is in platforms acquisitions acquiring profitable business and helping them scale. It has done this multiple times • 35 opportunities reviewed • Pure completed on 2 • Operating model – providing permanent capital ac
Slide 7: 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 (eg • Thorough risk review during • Permanent source of capital with implement action plan bolt-on M&A) investment due diligence
Slide 8: Environmental, Social and Governance – Period in Review
Environmental, Social and Governance – Period in Review Environmental Social Governance • Liquid Waste Treated • Safety Framework – Developed an • Risk Register – Established business • 63 million litres – drill muds Infragreen safety framework to wide risk register monitored by the assess the effec
Slide 9: Performance of Infragreen’s Key Markets
Performance of Infragreen’s Key Markets Key markets 1H FY26 Performance 1H FY24 1H FY25 1H FY26 Outlook Outlook 2H FY26 FY27+ Revenue lower than expected due to timing of contracts and lower than expected Liquid and regulated waste and industrial water revenue in some locations. Growth capex over la
Slide 10: Financial overview – Underlying Infragreen share
Financial overview – Underlying Infragreen share Underlying revenue (m)1 Underlying EBITDA (m)1,2 CAGR: CAGR: 16.8% 27.8% 10.5 55 3 7.7 8.9 44 2.4 34 4 17 2.1 2.8 2.1 0.7 7 1.0 3 3.9 3.5 6 4.3 23 26 3.7 3.5 18 1.8 (1.5) (1.5) (1.7) 7 10 10 1H FY24 1H FY25 1H FY26 1H FY24 1H FY25 1H FY26 Pure Environ
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 1H FY26 Revenue of $39.1m 1H FY26 Revenue of $42.6m 1H FY26 Revenue of $30.6m 1H FY26 Revenue of $6.5m 1H FY26 EBITDA of $14.4m
Slide 12: Strategically located, difficult-to-replicate infrastructure
Strategically located, difficult-to-replicate infrastructure Highlights Geographic overview Wide-ranging geographic presence in both Pure Environmental major cities and rural communities Minemet Energybuild Karratha Associated regulatory approvals in each Mackay Merredin Energy region – timely and c
Slide 13: Pure Environmental (24.58% ownership)
Pure Environmental (24.58% ownership) Revenue ($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 8 resource 40 39 recovery sites across Western Australia
Slide 14: Pure Environmental (24.58% ownership)
Pure Environmental (24.58% ownership) Positive Sector Tailwinds Outlook • Australian Regulated Waste Volumes – 3% cumulative average growth rate (CAGR) • Revenue Growth – FY26 IPO forecast is built up by expected volume and pricing for from 2010 to 2024 each location. The forecast does not assume an
Slide 15: Minemet Recycling Group (60.00% ownership)
Minemet Recycling Group (60.00% ownership) Revenue ($m) Minemet is a vertically integrated metal recycling operator with capabilities across the entire scrap metal 38 43 value chain. Established in 2004, Minemet Recycling evolved from an international trading company, to 31 CAGR owning and operating
Slide 16: Minemet Recycling Group (60.00% ownership)
Minemet Recycling Group (60.00% ownership) Positive Sector Tailwinds Outlook • Green Steel / Electric Arc Furnace Projects – 8 Major Green Steel / Green Iron • Sales Volumes – moderate growth expected, including the sales held over to Projects proposed or announced in Australia, increasing domestic
Slide 17: Energybuild (54.78% ownership)
Energybuild (54.78% ownership) Revenue ($m) Energybuild specialises in integrated renewable energy solutions for newbuild residential housing and CAGR 31 71.3% is the #1 installer of new build solar systems in Australia. Energybuild installs on-site renewable power generation, battery storage system
Slide 18: Energybuild (54.78% ownership)
Energybuild (54.78% ownership) Positive Sector Tailwinds Outlook • National Construction Code (NCC) 7 Star Energy Efficiency Rating – imbedded solar • Revenue Growth – Further growth for solar installations in 2H FY26 as new homes systems into new housing construction, in many cases solar systems ar
Slide 19: Merredin Energy (49.99% ownership)
Merredin Energy (49.99% ownership) Revenue ($m) 7 6 Merredin Energy operates an 82 MW diesel fueled gas turbine power station in Western Australia, 6 serving as a peaking plant to supply electricity during periods of high demand. The station entered CAGR 5.5% service in 2012 with a minimum operating
Slide 20: Merredin Energy (49.99% ownership)
Merredin Energy (49.99% ownership) Positive Sector Tailwinds Outlook • Capacity Credit Pricing – • Revenue Outlook – Merredin Energy’s FY26 forecast only includes revenue from • Oct 2027 – 11% catch up price increase to adjust for actual inflation capacity credits. Any generation revenue will be in
Slide 21: 1H Underlying EBITDA
1H Underlying EBITDA Underlying EBITDA1,2 Difference ($ million) 1H FY25 1H FY26 ▪ On track to achieve full year FY26 $m % underlying EBITDA of $25.0m Pure Environmental 3.7 3.5 (0.2) (4.2%) ▪ Energybuild – stronger 2H FY26 expected as solar and battery installation volume Minemet 3.9 3.5 (0.4) (8.7
Slide 22: Group cashflow profile
Group cashflow profile Underlying net free cashflows1 ▪ Operating cashflows impacted by softer trading at Minemet from reduced margins and a temporary 4.8 movement in trade and other payables 3.9 ▪ 1H FY26 included ($1.0m) in growth (0.8) capex: 2.9 ▪ ($0.9m) for Pure Environmental (1.0) to expand c
Slide 23: Underlying net debt of $18.8m
Underlying net debt (pre AASB 16)1 of $18.8m (reduced from $19.6m at 30 June 2025) 31 December 25 Pure Merredin Minemet Energybuild Infragreen Total ($ million) Environmental2 Energy 1. The underlying net debt includes Infragreen’s proportionate share of Cash (8.5) (0.7) (2.1) (1.1) (8.4) net debt a
Slide 24: Conclusion and Outlook
Conclusion and Outlook Strong Performance underpinned by Strong Investment Fundamentals • On track to achieve FY26 prospectus forecasts • Uncorrelated real assets underpinning a stable • Strong growth in earnings income stream • Positive outlook – Near term and long-term • Strong cashflow profile wi
Slide 25: Appendix
© Infragreen Appendix A
Slide 26: Underlying profit and loss statement
Underlying profit and loss statement Underlying Profit and Loss Statement Notes $'000s 1H FY26 1H FY25 1H 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 current Share of equity accounted profit
Slide 27: Balance sheet
Balance sheet Balance sheet Notes $'000s 31 Dec 2025 30 Jun 2025 1. Fair value of the Pure Environmental convertible notes Assets 2. Investment in the businesses Cash and cash equivalents 8,400 13,414 3. Nil borrowings at the parent entity Other current assets 139 67 4. Right of use property lease f
Slide 28: Cash flow statement
Cash flow statement Underlying cash flow summary Notes Underlying cash flow prepared on a consistent basis to the Infragreen IPO A$’000s 1H FY26 1H FY25 1H FY24 Prospectus pro forma cash flow Cash flows from operating activities 1. Dividends received from the Businesses on an underlying basis assumi
Slide 29: Important notice and disclaimer
Important notice and disclaimer This document contains summary information that is of a general nature regarding Infragreen Group Ltd ACN 668 228 742 (the “Company”), its four portfolio assets (Minemet Recycling Group Pty Ltd ACN 629 010 484, Energybuild Holdings Pty Ltd ACN 659 884 161, Merredin En
Slide 30: Invested in building a sustainable future
© Infragreen Invested in building a sustainable future