Slide 1: FY26 Half Year Results
MACMAHON FY26 HALF YEAR RESULTS 17 February 2026
Slide 2: 1H26 Financial Highlights
1H26 Financial Highlights Strong revenue and earnings growth Revenue Underlying EBITDA 1 Underlying EBIT(A) 1 $1.3bn 11% $ 200.1 m 10% $ 91.0 m 17% FY26 Secured Revenue of $2. 5 bn 15.3% EBITDA margin 7.0% EBIT(A) margin Underlying Operating Cash Flow 2 Free Cash Flow 3 Interim Dividend $ 190.
Slide 3: Mining 1H26 Highlights
Mining 1H26 Highlights Highly experienced and specialised team providing the full suite of surface Life of Mine (LOM) services and underground minin g d evelopment and production services Surface Mining - LOM service offering including engineering, rehabilitation Revenue Underlying EBITDA and plant
Slide 4: Civil Infrastructure 1H26 Highlights
Civil Infrastructure 1H26 Highlights Integrated construction and engineering solutions across Australia and Indonesia in the resources, government and renewables sec tors • 700+ workers across Australia Revenue Underlying EBITDA • Circa $350m of new work awarded in 1H26, comprising: $ 306.7 m $ 21.3
Slide 5: Our Surface Mining Projects
Our Surface Mining Projects PROJECT CONTRACT ASSUMED COST CLIENT PROJECT COMMODITY SINCE TERM LOM 1 CURVE 1 Tropicana, WA Gold 2012 Life of mine 2033 Q4 Telfer, WA Gold 2016 Life of mine 2028 Q4 Byerwen, QLD Met Coal 2017 Nov 2028 2040 Q2 Batu Hijau, Indonesia Copper / Gold 2017 Life of mine 2030 Q2
Slide 6: Our Underground Mining Projects
Our Underground Mining Projects PROJECT CONTRACT ASSUMED CLIENT PROJECT COMMODITY SINCE TERM LOM 1 COST CURVE 1 Boston Shaker, WA Gold 2012 May 2027 2033 Q4 Majestic, WA Gold 2026 Aug 2026 2027 Q4 King of the Hills, WA Gold 2022 Mar 2027 2038 Q4 Daisy Milano, WA Gold 2024 Oct 2026 2026 Q3 Olympic Da
Slide 7: Our Civil Infrastructure Projects
Our Civil Infrastructure Projects CONTRACT % EXPECTED CLIENT PROJECT SCOPE 1 SIZE COMPLETE COMPLETION Marble Bar Road Sections 5 and 2B, WA Construct Only $100m – $200m 40% Q4 FY26 Jerriwah Village Expansion, WA Design & Construct $25m – $50m 30% Q1 FY27 Eva Copper Mine Accommodation, QLD Design & C
Slide 8: 1H26 Revenue Diversification (%)
1H26 Revenue Diversification (%) Business revenue mix is diversified by service, commodity, region and client SERVICE OFFERING COMMODITY REGION CLIENT 1 10 15 19 23 18 7 9 51 17 54 9 8 25 8 90 11 13 6 6 Surface Underground Gold Australia Southeast Asia AngloGold Ashanti Q Coal Civil Infrastructure H
Slide 9: People and Safety
People and Safety Continued growth in workforce with focus on safety and development SAFETY INJURY FREQUENCY RATES 0.1 LTIFR (Lost Time Injury Frequency Rate) • Group TRIFR decreased from 2.99 in FY25 to 2.65 in 1H26 TRIFR (Total Recordable Injury Frequency Rate) 0.2 • Ongoing focus on critical risk
Slide 10: Sustainability
Sustainability Creating business resilience and adapting to change Progressed AASB S2 FY26 Half Year GHG Established preliminary Participation in implementation with emissions (tonnes CO 2 -e) Scope 3 baseline in Phase 2 of Caterpillar’s ENVIRONMENT strengthened governance, preparation for future ‘P
Slide 11: 1H26 Results
= 4 MACMAHON 1H26 Results
Slide 12: 1H26 Group Financial Performance
1H26 Group Financia l Performance Maintaining positive track record of sustainable growth REVENUE ($m) UNDERLYING EBIT(A) ($m) 93 91 78 68 72 1,249 1,307 1,179 63 987 1,065 54 54 888 919 966 47 810 5.8% 6.1% 5.4% 6.8% 7.1% 6.8% 6.6% 7.5% 7.0% EBIT(A) Margin 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H
Slide 13: Profit and Loss
Profit and Loss Delivered another year of improved performance • Revenue up 11% and Underlying EBITDA up 10% mainly due to new $ Millions 1H25 1H26 Change work awarded in civil and underground divisions (including Revenue 1,179 1,307 11% Indonesia) together with organic growth and operational effic
Slide 14: Cash Flow – Net Debt Waterfall
Cash Flow – Net Debt Waterfall Strong cash generation maintained steady Underlying Interest Net Capex Free Cash Operating Cash and Tax $ 96.6 m Flow Flow $ 190.5 m $54.6m $ 39.3 m NET DEBT • Reducing in line with expectation 50.0 200.1 CASH FLOW (9.6) • 1H26 underlying operating cash flow 0.0 of $19
Slide 15: Balance Sheet
Balance Sheet $ MILLIONS FY25 1H26 • Strong balance, solid liquidity and stable gearing Cash 264 282 Receivables 507 480 • Cash and available committed banking facilities of $539m Inventories 104 108 • Efficient working capital management resulting in a $16.9m Investment property 52 52 reduction in
Slide 16: Strategy and Outlook
uN fF MACMAHON Strategy and Outlook
Slide 17: Strategic Journey towards diversification and improved ROACE
Strategic Journey towards diversification and improved ROACE Increased ROACE target to 25% INDONESIAN GROWTH FY18 REVENUE MIX 1H26 REVENUE MIX OUR STRATEGIC TARGET TARGETING 15- 20% OF GROUP REVENUE 3% 1% 7% 23% $710m $ 1.3bn 51% 25% 90% Revenue Mix FY18 PIPELINE 1H26 PIPELINE 1% 21% 31% 37% $5.4bn
Slide 18: Tender Pipeline
TENDER PIPELINE 2 3 4 18 31 December 2025 Half Year Results
Slide 19: Capital Allocation to Balance Growth and Shareholder Returns
Capital Allocation to Balance Growth and Shareholder Returns Consistent and disciplined allocation of capital OUR PRIORITIES OUR RECORD Maintain resilient MAINTAIN FINANCIAL STRENGTH INVESTMENT IN GROWTH RETURN CASH TO SHAREHOLDERS Continue to reduce gearing and net debt Growing civil infrastructure
Slide 20: FY26 Guidance & Priorities
FY26 Guidance & Priorities Outlook for further growth in FY26 FY26 PRIORITIES • Revenue targets – end of FY28 FY26 GUIDANCE – underground - $750m revenue or above REVENUE UNDERLYING EBIT(A) – civil - $1 billion revenue p.a. • Indonesia - 15- 20% of Group revenue $2.6bn – $2.8bn $180m – $195m ($2. 5
Slide 21: Thank You
Thank You www.macmahon.com.au 21 31 December 2025 Half Year Results
Slide 22: Appendix
= = MACMAHON Appendix
Slide 23: Cash Flow
Cash Flow $ MILLIONS 1H25 1H26 1 Underlying EBITDA 181.3 200.1 Movement in receivables (26.8) 33.9 Movement in inventory 3.3 (3.5) Movement in payables and provisions 9.6 (36.0) Cash payments for SaaS customisation costs (1.9) (1.2) Other (3.9) (3.9) Net Interest and tax (paid) / received (21.4) (54
Slide 24: Reconciliation of Non-IFRS Financial Information
Reconciliation of Non - IFRS Financial Information $ MILLIONS 1H25 1H26 Profit for the year (as reported) 30.0 48.2 Add back: • LTI share based payment expense 1 4.6 2.5 • Corporate development / acquisition costs 1 8.3 0.1 • Customer contracts amortisation (A) 1 2.3 2.9 • SaaS customization costs 1
Slide 25: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer as to forward looking statements extent required by law. You are cautioned not to place This presentation does not take into account the individual undue reliance on any forward looking statement. investment objectives, financial or tax situation or particu