Kelsian Group Limited · ASX:KLS
Kelsian — FY2026 Earnings Presentation
27 slides from Kelsian's earnings presentation, Aug 26, 2026
Slide 1: FY26 Results Investor Presentation
For personal use only FY26 Results Investor Presentation Kelsian Group Limited (ASX:KLS) Graeme Legh Group Chief Executive Officer Andrew Muir Group Chief Financial Officer 26 August 2026
Slide 2: Basis of Preparation, Forward Looking Statements & Disclaimer
Disclaimer Basis of Preparation, Forward Looking Statements & Disclaimer For personal use only This document has been prepared by Kelsian Group Limited (ACN 109 078 257) (‘Kelsian Group’ or the ‘Company’). No party other than Kelsian Group has authorised or caused the issue of this document, or take
Slide 3: Leading global multi-modal transport operator
AUSTRALIA SINGAPORE ______________________ ______________________________ Largest multimodal 3rd largest public transport bus Leading global bus and ferry operator operator For personal use only multi-modal transport operator Operate a portfolio of people transport service contracts providing essent
Slide 4: FY26 Overview
1 For personal use only FY26 Overview Full Year Results 2025 4
Slide 5: FY26 highlights - a record result
FY26 highlights - a record result Result demonstrates resilience of business model in an inflationary environment For personal use only Revenue Underlying2 EBITDA FY26 Results (twelve months to 30 June 2026)1 • Strong revenue and earnings growth in all geographies, driven by new and existing contrac
Slide 6: FY26 overview
FY26 overview Focus on operational excellence For personal use only Operational overview • Continued strong performance in the USA, including ramp up of industrial employee shuttle services contracts, solid growth in corporate and tech transport services and charter • Operational efficiencies, contr
Slide 7: Tourism Portfolio divestment update
Tourism Portfolio divestment update Removal of SeaLink Rottnest from the Tourism Portfolio transaction For personal use only • In February 2026, Kelsian entered into binding agreements to divest its Tourism Portfolio to Journey Beyond for $161m1 representing 6.8x LTM EBITDA2 • The ACCC has been asse
Slide 8: Safety & sustainability
Safety & sustainability Kelsian is a people business and the safety of our workforce and customers is our priority For personal use only Community & Responsible Partnerships Employer & Operator ___________________________________________ ______________________________________ Enabling Smarter & 24%
Slide 9: FY26 Financial Results
2 For personal use only FY26 Financial Results Full Year Results 2025 9
Slide 10: Profit & loss
Profit & loss Record result, strong revenue growth and margin expansion For personal use only • Continued strong revenue growth across all divisions, underpinned by new USA contracts, contracted pass through of fuel price and other inflationary linked indexation protection • Margin improvement refle
Slide 11: Strong cash generation supports balance sheet
Strong cash generation supports balance sheet Predictable, defensive cashflows demonstrate quality of contracted earnings For personal use only FY26 FY25 Variance $ Net Operating Cashflow Cash Conversion1 $m $m $m $220.1m 91.4% Receipts from customers 2,388.1 2,239.3 148.7 Payments to suppliers (2,0
Slide 12: Leverage & net debt
Leverage & net debt Strengthened balance sheet and leverage within the target range For personal use only SPV debt has a different risk profile to corporate borrowing SPV debt • Funds Government contracted assets Project / asset-specific financing with a distinct risk • Debt is limited recourse and
Slide 13: Capital expenditure
Capital expenditure Disciplined capital deployment in line with capital allocation framework For personal use only FY26 total net capex - $133.0m1 FY27 forecast capex ~$123m2 Australian Bus - $14.9m • Net sustaining capex of ~$85m • Motorcoaches for resources and education sector • FY26 KI vessel ca
Slide 14: FY26 Divisional Performance
3 For personal use only FY26 Divisional Performance Full Year Results 2025 14
Slide 15: Divisional performance | Australian Bus
Divisional performance | Australian Bus Australian Bus margins improved For personal use only • Indexation mechanisms in contracts protected against fuel price volatility and inflationary impacts, reflected in top line revenue uplift • Improved margin reflects the stabilisation of Sydney’s operation
Slide 16: Divisional performance | International
Divisional performance | International USA performance ahead of expectations For personal use only USA • Excellent result with strong revenue and margin growth • Growth in both new and existing industrial employee shuttle contracts, two new depots leased in the Gulf region • Continued growth in corp
Slide 17: Divisional performance | Marine & Tourism
Divisional performance | Marine & Tourism Solid result despite subdued consumer confidence and inflationary headwinds For personal use only • Revenue growth was achieved despite subdued consumer confidence, fuel price volatility and uncertainty surrounding proposed divestment • Impact of fuel price
Slide 18: Divisional performance | Corporate
Divisional performance | Corporate Successful go–live of global finance system For personal use only • Successful go-live of new global Workday Finance system, 1 July 2026, supporting stronger governance, controls, data visibility and process consistency across the Group • Increase in Corporate cost
Slide 19: Growth & Outlook
4 For personal use only Growth & Outlook Full Year Results 2025 19
Slide 20: FY27 guidance & outlook
FY27 guidance & outlook Foundations in place for a strong FY27 For personal use only Focus areas • Operational efficiencies, contract extensions and service growth from existing contracts • Capitalise on growth opportunities in USA and UK • Transition and mobilisation of the new Kangaroo Island ferr
Slide 21: Kelsian growth pillars
Kelsian growth pillars Disciplined growth, strong returns, long term sustainable value For personal use only THREE COMPLEMENTARY PILLARS OF GROWTH 1. PROTECT & GROW CORE MARKETS 2. INTERNATIONAL GROWTH 3. PURSUE STRATEGIC OPPORTUNITIES Strengthen and expand in Australia, USA, UK, Singapore Scale wel
Slide 22: Mode shift onto public transport
Mode shift onto public transport Investment drives better services, more customers, and stronger, more sustainable networks For personal use only The WA Government is investing The Queensland Government $107 million to expand public estimated the cost of subsidising transport options along the Gover
Slide 23: USA growth pipeline
USA growth pipeline Established position in high growth markets For personal use only Well positioned in growing Strong exposure to Scalable platform in highly markets LNG investment fragmented market Industrial transportation, US LNG export capacity #2 USA motorcoach operator, corporate, government
Slide 24: UK regional bus franchising
UK regional bus franchising Significant capital-light growth opportunities For personal use only Liverpool Liverpool Pipeline builds progressively across multiple authorities with contracts for 2,000+ buses in the market in the next 12 months Over next 3 to 5 years, regional UK represents an estimat
Slide 25: Q&A
For personal use only Q&A Full Year Results 2025 25
Slide 26: Appendix: Balance sheet & leverage
Appendix: Balance sheet & leverage Leverage of 2.46x calculated excluding limited recourse SPV debt and related earnings For personal use only Approach to calculating leverage • SPV liabilities, assets and earnings excluded • Limited recourse to Kelsian • Assets ring-fenced in SPV • As at 30 June 20
Slide 27: Appendix: Capital Management & Allocation Framework
Appendix: Capital Management & Allocation Framework Maintaining a strong balance sheet, facilitating growth and maximising total shareholder returns For personal use only Cash from operating activities Management focused on maximising cash conversion Net sustaining capex1 Servicing financial obligat