Slide 1: The Queen Elizabeth Hospital Stage 3 Redevelopment
The Queen Elizabeth Hospital Stage 3 Redevelopment. Built Environs, South Australia
Slide 2: Interim Results Agenda
INTERIM. RESULTS AGENDA SALIENT FEATURES FINANCIAL RESULTS MARKET OUTLOOK STRATEGY UPDATE KEY MESSAGES Shotover Wastewater Treatment Plant Upgrade Queenstown, New Zealand
Slide 3: Salient Features
Queen Sālote International Wharf Upgrade Nuku'alofa, Tonga
Slide 4: Salient features
Significant losses on two large projects awarded prior to COVID has impacted good performance in remainder of portfolio A$1.4 billion (A$31.0 million) (R16.6 billion) (R356 million) 31 December 2023 | A$1.5 billion (R18.6 billion) 31 December 2023 | A$15.5 million earnings (R192 million earnings) (A
Slide 5: CEO's report for the period ended 31 December 2024
CEO’s report for the period ended 31 December 2024 ‒ Over 60 active projects in the Infrastructure portfolio, 2 projects, J108 and Kidston, have suffered a significant combined loss of A$76.7 million in the period with the balance of projects delivering an improved profitability and operating earnin
Slide 6: Kidston Pumped Storage Hydro and Jurong Regional Line (J108)
Kidston Pumped Storage Hydro Current position ‒ Previously assumed productivities not achieved due to technical complexity, constrained work site and bespoke nature of the work. ‒ Additional time related costs due to extended schedule arising from lower productivities. Plan to completion ‒ Forecast
Slide 7: Infrastructure segment
Portfolio excluding J108 and Kidston operating at improved margin A$m H1 2025 H1 2024 77% of Group revenue Revenue 1 074.3 1 191.1 Operating (loss) / earnings (26.5)1 25.3 Australia ‒ Extraordinary cost escalations over the past three years have largely stabilised. Operating margin (2.5%) 2.1% ‒ Non
Slide 8: Building segment
100% of projects profitable with 91% of projects above tender margin A$m H1 2025 H1 2024 14% of Group revenue Revenue 202.9 224.1 Operating earnings 9.2 5.2 Overall ‒ Comparable revenue to prior period, with significant work won in H1 2025. Operating margin 4.5% 2.3% ‒ Operating earnings and margin
Slide 9: Mining segment
Consolidation and reset operational strategy well progressed A$m H1 2025 H1 2024 9% of Group revenue Revenue 126.2 135.9 Operating earnings 1.4 1.9 Operational performance ‒ Gamsberg performing exceptionally well with production volumes ahead of plan. Steadily Operating margin 1.1% 1.4% increasing v
Slide 10: Financial Results
Western Program Alliance Cranbourne Line Upgrade Project Victoria, Australia
Slide 11: Financial results overview
A$m H1 2025 H1 2024 ‒ Revenue lower than prior period following decreased Group revenue 1 398.3 1 520.8 activities in all segments in line with expectations. Change1 (8.1%) ‒ Operating loss before capital items2 (EBIT) significantly lower than prior period due to losses reported on two key projects
Slide 12: Income statement commentary
A$m H1 2025 H1 2024 Change1 Commentary Revenue decreased across all segments by a combined Revenue 1 398.3 1 520.8 (8.1%) 8.1% to A$1.4 billion. Under performing projects represent a Gross earnings 38.3 83.9 (54.3%) reducing proportion of revenue as these projects move towards completion. Gross marg
Slide 13: Segmental results
Aveng Other & A$m H1 2025 Infrastructure Building Mining Legacy Eliminations Revenue 1 398.3 1 074.3 202.9 126.2 0.2 (5.3) Gross earnings 38.3 17.6 15.4 7.4 (2.1) - Gross margin % 2.7% 1.6% 7.6% 5.9% (100%) - Operating (loss) / earnings before capital items (31.0) (26.5) 9.2 1.4 (2.4) (12.7) Capital
Slide 14: Statement of financial position
Statement of financial position as at 31 Dec 30 Jun Change Commentary A$m 2024 2024 Non-current assets 417.2 445.4 (28.2) Current assets 662.1 817.3 (155.2) Total assets 1 079.3 1 262.7 (183.4) Foreign currency translation reserve (944.9) (951.5) 6.6 Retained earnings 653.4 686.3 (32.9) Other 547.6
Slide 15: Movements in PPE and ROU, and borrowings
Movements in PPE and ROU (A$m) 18.2 294.2 8.5 285.2 (31.9) (3.8) ‒ Additions represent investment in replacement mining equipment in Mining segment and replacement PPE & ROU equipment in Infrastructure segment. ‒ Effective annualised depreciation rate of 21.7% per annum. ‒ Non-critical, redundant as
Slide 16: Movements in working capital
Movements in working capital (A$m) (100.9) (0.3) (3.6) 159.2 (160.7) (171.7) (43.4) Balance Inventories Trade & other Contract Contract liabilities Trade & Balance 30 June receivables assets other 31 December 2024 payables 2024 ‒ Minimal net movement in inventories and trade & other receivables acro
Slide 17: Movement in cash
Movement in cash (A$m) 49.3 4.4 8.1 42.3 256.1 227.7 (6.5) (8.8) (13.2) (0.3) (3.6) (29.8) (13.5) 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 charges dispos
Slide 18: Market Outlook
Mardie Salt & Potash Project Western Australia, Australia
Slide 19: Segment strategies aligned with market trends
Segment strategies aligned with market trends Infrastructure Building Mining ‒ Increased market activity expected in specialty ‒ Markets in Australia remain strong with ‒ Geopolitical market fragmentation and sectors with time, specifically water & waste- government spend in healthcare, education in
Slide 20: Strategic Review
INTERIM RESULTS ee OF < — STRATEGIC Lents savecnsmctor | 3 REVIEVW
Slide 21: Enhancing stakeholder value and maximising value to shareholders
Enhancing stakeholder value and maximising value to shareholders Intention ‒ Aveng remains committed to its strategy of enhancing stakeholder value and maximising value to shareholders through improved operational performance and the creation of two independent and separate entities. ‒ Support and e
Slide 22: Key Messages
Tshipi Borwa Mine Northern Cape, South Africa
Slide 23: Focus areas
Focus areas ‒ Complete the J108 and Kidston projects in accordance with current plan. ‒ Infrastructure – continue good performance on the remainder portfolio of projects, secure new work and strengthen the order book as market conditions improve. ‒ Building – maintain positive trajectory of growth a
Slide 24: Thank you, questions
INTERIM RESULTS THANK YOU S=QUESTIONS
Slide 25: Appendices
INTERIM RESULTS OG APPENDICES
Slide 26: Income statement (Rand)
Rm H1 2025 H1 2024 Change1 Revenue 16 619 18 553 (10%) Gross earnings 467 1 025 (54%) Gross margin % 2.7% 5.5% (2.7%) EBITDA 23 632 (96.4%) Depreciation & amortisation (379) (440) 13.9% Operating (loss) / earnings before capital items (356) 192 (>100%) Capital earnings / (expenses) 60 (99) >100% Ope
Slide 27: Statement of financial position (Rand)
Statement of financial position as at 31 Dec 30 Jun Change Rm 2024 2024 Non-current assets 4 887 5 427 (540) Current assets 7 742 9 954 (2 212) Total assets 12 629 15 381 (2 752) Share capital 4 801 4 801 - Accumulated losses (3 368) (2 989) (379) Other 1 568 1 627 (59) Total equity 3 001 3 493 (438
Slide 28: Disclaimer and forward-looking statements
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 extent perm