Slide 1: 1H FY25 Results Presentation
26 February 2025 1H FY25 RESULTS Presentation Steven Boland - CEO Andrew Crowther - CFO Matt Caporella - COO acrow. ENGINEERING & CONSTRUCTION Raising the in Construction. Batman Bridge, TAS
Slide 2: Disclaimer
¢> acrow. 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 informa
Slide 3: 1H FY25 revenue up 25% & EBITDA up 11%
1H FY25 revenue up 25% & EBITDA up 11% Industrial Access Services now 50% of group revenue - Perdaman contract provides beachhead into lucrative WA market and continues recurring revenue drive Continued focus on product development Significant success in cross-selling Record contracts won / sales pi
Slide 4: Acrow Overview
ACROW OVERVIEW Acrow is a leading provider of smart integrated construction systems. ENGINEERING EXPERTISE & SOLUTIONS QUALITY OF OUR PEOPLE PRODUCT GEOGRAPHIC RANGE FOOTPRINT COMPETITIVE ADVANTAGES *Addtional casual scaffolders 1H FY25 - average 281 per month a 1950 9 Apr 2018 6 states SECTORS SERV
Slide 5: Our Journey...So Far
OUR JOURNEY...SO FAR ‘Acquired Premium screens ‘Acquired ASX listing Uni-span Apri Scatfold Mar 24 ‘Acquired Jumpform MI screens contract Scaffold Aug 18 Oct 22 Nov 23 43% 93% FYI8 1H FY25 5
Slide 6: Strategy: Profitable Growth
Sse STRATEG O. aa FITABLE GRO i Molonglo River Bridge, ACT WTH |
Slide 7: Broad Principles
BROAD PRINCIPLES <5) acrow. SEEKS ENGINEERING & CONSTRUCTION e A clear, concise strategy that underpins the continued profitable growth of the business. Diversification of revenue streams across our core product and service offerings. Placing an equal importance on both our Formwork and Industrial A
Slide 8: Focus on organic growth opportunities through diverse product range
Focus on organic growth opportunities through our diverse product range and geographic reach, with specific focus on cross-selling. Increase market share across all state markets. Capitalise on industry specific/market specific tailwinds. Launch innovative, internally developed products that offer c
Slide 9: Strategic Growth
CT RIAT A ete! j Ds y, < 2 TOW. : I ony CC re Fall MG y NT Pe Ala). : Gi) 7S ) &. Become the Australian market leader in the provision of industrial access services. \ Develop a national footprint via both M&A activity and targeting major contracts in geographic markets. Harness the unique expertise
Slide 10: Accelerated Strategic Growth Capital Program
ACCELERATED STRATEGIC GROWTH acrow. CAPITAL PROGRAM Non-growth $6.7m ire Jumpform Renegotiated funding to exploit strategic growth $1.2m soe * opportunities aligning with our strategy e f° Capex front-ended to prepare the business for future icreens gf Y $3.2m work iia Total forecast capex spend FY2
Slide 11: Key 1H FY25 Highlights
North East Link, VIC ‘on aki : ayy wi a KEY 1H FY25 HIGHLIGHTS» Steven Boland, MD & CEO
Slide 12: Industrial Access Business More Than Doubles
INDUSTRIAL ACCESS BUSINESS MORE THAN DOUBLES Revenue up 119% on pcp Sales contribution up 128% on pep JUMPFORM/SCREENS Largest ever Acrow contract won for joint Jumpform/Screens hire, valued at $4.5m on Meriton Cypress Palms development on the Gold Coast KEY OPERATIONAL ACHIEVEMENTS 1H FY25 INDUSTRI
Slide 13: Safety Is Our Priority
a aa SAFETY IS OUR PRIORITY acrow. a ZERO HARM IMPROVEMENT TRIFR? : LTIFR * 4 ri | }00% ) WAPROVEDMENT Fy24 1HFY25 TOTAL RECORDABLE INJURIES LOST TIME INJURIES f oe ) . | |. 12 months rolling FY24 1HFY25, FY24 1HFY25 2.Total Recordable in cy Rate \ ost Time Injury Freq « Fy 7 B ii? - me } 4 iris 1
Slide 14: Steven Boland, MD & CEO
Steven Boland, MD & CEO
Slide 15: Key Financial Metrics and Guidance
1 KEY FINANCIAL METRICS AND GUIDANCE <> acrow. REVENUE 140.0 — 40.0 120.0 100.0 101 30.0 80.0 $m 60 $m 20-0 60.0 25% 40.0 10.0 iso i 00 00 THFY24 THFY25 NPAT Major NPAT movements due to: 20.0 + $2.7mearn-out 40 $123 impact to p/ retating 3p a 15.0 to Mi scaffold, based : in cer totecast sm ° - sm ®°
Slide 16: Secured Hire Contracts Pipeline
SECURED HIRE CONTRACTS ‘olen PIPELINE acrow. Record wins and pipeline continue °. Secured contracts won ™ Hire revenue 50.0 1 48-5479 HIRE CONTRACTS WON wav -— 39% 40.0 362 a4g 48.5) c 29.7] 40.0 $34.9m eaBeM & 30.0 26.9 30.0 a 20.0 200 aa aso, ae 10.0 og 10.0 0.0 1H FY24 1H FY25 CURRENT PIPELINE 1H
Slide 17: Engineering Update
x \I ; a 1/\ S Nes 7 Oe ENGINEERING UPDATE Matt Caporella, COO r | — » Bd occ | =.
Slide 18: Engineering Difference
ENGINEERING DIFFERENCE LEARNING & DEVELOPMENT @ Successful implementation of our cadet & graduate program © 4 cadets have transitioned into graduate engineers Engineering growth coming from cadets program & Partnerships with QUT & UTS SOLUTIONS FOCUSED > Best in class approach with the "internal tes
Slide 19: Product Development
PRODUCT DEVELOPMENT Development Continued and Own the IP and Solve problems/ Focus on products Increase cross-selling Criteria sustainable ROI supply chain improve solutions with multiple uses opportunities BRIDGE WALKWAY a _ BRACKETS [ae c JUMPFORM UNIVERSAL SOLDIER SYSTEM. MODULAR STAIR SYSTEM ‘GR
Slide 20: Operational
Acrow Bridge Brackets on Bridge 4 - Coomera Connector, QLD acrow. . Z : OPERATIONAL Steven Boland, MD & CEO
Slide 21: Segmental Breakdown
SEGMENTAL BREAKDOWN acrow. 4H 1H Six months ended 31 Dec ($000) FY25 FY24 Record revenue Formwork 54,614 61,278 ¢ Industrial Access Division - driving growth. Four months Industrial Access 63,191 28,856 3 additional contribution from MI Scaffold and six months Commercial Scaffold 8,761 10,893 -2,13,
Slide 22: Sales Contribution Bridge
SALES CONTRIBUTION BRIDGE <> acrow. INDUSTRIAL ACCESS DIVISION DRIVING GROWTH ? 78 35 ey E 0.0 70.8 64 64.1 e 54 a 44 $12.7m Industrial Access represents 34 190% of growth in sales contribution 24 Sales Industrial Industrial Formwork Commercial Product Other Sales contribution Access Access hire Sca
Slide 23: Formwork Division
FORMWORK DIVISION > acrow. Six months ended 31 Dec 4H 4H ($000) FY25 —FY24 Formwork Hire 30,452 33,973 Product Sales 9,993 12,836 Formwork revenue Consumables 11,791 11,509 * Project delays, primarily QLD Cartage 2,379 2,960 ¢ Acquired panel hire and premium screens down circa. Total Revenue 54,614
Slide 24: Formwork Revenue by State & National
FORMWORK REVENUE BY STATE & NATIONAL NATIONAL FORMWORK REVENUE ‘Acquired panels/premium me screens impact- $4m 70.0 26 23.2 bene 10.0 i 2070 20.8 212 50.0 - 15.0 40.0 60 7.2 $Mi0.0 128 $m30.0 $m “ 67 : 20.0 : ° [" 10.0 ne 0.0 . 0.0 IHFY21 IHFY22 IHFY23 IHFY24 IHFY25 0.0 THFY21 IHFY22 IHFY23 IHFY24 I
Slide 25: Queensland Market Conditions
QUEENSLAND MARKET CONDITIONS| FACTORS AFFECTING THE QLD MARKET es 100 DAY 2032 OLYMPIC REVIEW a | CAPACITY EXPANSION PROGRAM REVIEW INFRASTRUCTURE PROJECT DELAYS 100-Day Review of 2032 Olympic Games } Assessing what Queensland will ¥ actually build and where events will be held. Expected Review > Th
Slide 26: Current Marquee Projects
CURRENT MARQUEE PROJECTS Reputation for quality, safety & service es CROSS RIVER RAIL, QLD WEST GATE TUNNEL, VIC = NORTH EAST LINK, VIC COOMERA CONNECTOR, QLD METRO TUNNEL, VIC at KIDSTON, QLD *Total hire & sales revenue to-date “Snowy & Kidston Includes formwork hire and sales revenue only, no labo
Slide 27: Jumpform Profile
JUMPFORM CAPITA <> acrow 35 system wins across 23 projects since launch PROFILE FY25 committed revenue of $8.0m to-date $41.5m FY25 targeted revenue $11.5m $29.3m | $7.0m $22.3m i $15.3m s51m oo FY23 FY24 FY25 FY26 8 projects include screen supply ACTUAL Mi) FORECAST Project wins in all major nation
Slide 28: Industrial Access Division
INDUSTRIAL ACCESS DIVISION acrow. 4H 4H Six months ended 31 Dec ($000) FY25 FY24 Scaffold Hire 10,997 6,054 — : A Labour Eine: 42613 17.480 Successfully building a sizeable recurring revenue Product Sales 9,582 5,322 business Total Revenue 63,191 28,856 Revenue up 119% Scaffold Hire 10,997 6,054 * O
Slide 29: Industrial Access Division Overview
INDUSTRIAL ACCESS DIVISION OVERVIEW acrow. Started as a QLD centric business - part of Uni-span TOWNSVILLE acquisition in Oct 2019 MACKAY KARRATHA Acquired MI Scaffold (Nov-23) and Benchmark Scaffolding (Mar-24) ) GLADSTONE ) BEENLEIGH Generating annualised revenue into FY26 of circa. $155m National
Slide 30: Current Marquee Contracts
CURRENT MARQUEE CONTRACTS Industrial Access Contracts SNOWY, NSW PERDAMAN, WA = ee oes SUN METALS, QLD VISY TUMMIT, NSW s HAY POINT, QLD
Slide 31: Commercial Scaffold
COMMERCIAL SCAFFOLD <> acrow. e Six months ended 31 Dec 4H 4H ($000) FY25 FY24 Scaffold Hire §,574 8,118 Labour & Cartage 3,186 2,775 Total Revenue 8,761 10,893 Revenue reduction ¢ Scaffold hire revenue down - prices and volumes Scaffoki Hire 5574 8,118 reducing but stabilising above historic levels
Slide 32: People & Culture
a mo 1 & \ PEOPLE & CULTURE
Slide 33: People & Culture
PEOPLE & CULTURE CADETSHIPS & GRAD PROGRAM Internal development Growing Talent: Nurturing future engineers through hands-on training & mentorship. Diverse Exposure: Offering experience in various engineering disciplines for well-rounded expertise. Real-World Projects: Providing practical experience
Slide 34: jose
jose / Coomera Connector, QLD /} ve \ Lo - ai a € aan lay WY w yy < D v)
Slide 35: Profit & Loss
PROFIT & LOSS acrow. 1H 1H Underlying NPAT up 1% Six months ended 31 Dec ($000) FY25 FY24 Sales 126,566 101,026 Interim dividend of 2.9cps, up 2% (100% franked) Total Contribution 70,816 64,109 Contribution Margin* 56.0% 63.5% EBITDA margin down on shift to Industrial Access - 39.0% EBITDA 39,029 35
Slide 36: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW acrow. 1H $ Period ended ($000) FY25 FY24 Mvt Cash 3,130 5,594 Net debt up by $23.3m to $92.0m Total Assets 341,577 312,446 Debt 96,109 74,231 Gearing remains at comfortable levels Total Liabilities 197,935 171,485 Net Assets 143,643 140,960 Cash flow from operations $23.
Slide 37: Capital Expenditure
CAPITAL EXPENDITURE Growth, stay-in-business capex 35 30 2H FY25 EST. 25 - 2 MAINTENANCE o 15 10 | IT, PP&E 5 GROWTH & 0 NON-HIRE FY20 FY21 FY22 FY23 FY24 IHFY25 Return on Investment* 60.0 50.0 LE RAT! Se oo foo | 30.0 20.0 10.0 0.0 FY21 FY22 FY23 FY24 IH FY25 “actual cumulative return = Capex retur
Slide 38: Funding and Liquidity
FUNDING AND LIQUIDITY acrow. TOTAL AVAILABLE HEADROOM - ~$54M 200.0 Debt facility with Westpac Banking Corporation 150.0 expanded on 1 October 2024 to provide $54.1m . headroom as at 31 December 2024 £ 54.1 Business loan facility of $31m included in the above @ 100.0 headroom to allow for non-diluti
Slide 39: Acrow South Australia
Acrow South Australia
Slide 40: Total Building & Construction Work
TOTAL BUILDING & CONSTRUCTION WORK “Source: ACIF forecasts January 2025 TOTAL VALUE OF WORK PER SECTOR dertial_ Non-residential Engineering NON-RESIDENTIAL Accommodation’ Educations Entertainméhrs-recreation: Health & aged caren” } | Industrial \ Miscellaneous Offices & othercommerc| | G Retail whol
Slide 41: Upcoming Major Projects
UPCOMING MAJOR PROJECTS 2 om Torrens to Darlington, SA\ 6 1S.4Bn+ ‘= 120 Project final 10.5km of the North= South Corridor ‘= Main construction starts in late 2025; TBM tunnelling for Southern Tunnels begins in 2026 Suburban Rail Loop, VIC ($F OBn+ * Preferred bideler announced for the second tunnel
Slide 42: Meriton Gold Coast Towers
MERITON GOLD COAST TOWERS Meriton Gold Coast Towers Project Overview acrow. 4 Towers across 2 projects called Iconica (51 and 77 Stories) and Cypress (77 and 92 Stories) Acrow have secured screens contracts on all 4 projects and the Jumpform on Tower 2 of Cypress Iconica has started with Cypress to
Slide 43: Perdaman Industrial Access Contract
PERDAMAN INDUSTRIAL ACCESS acrow. CONTRACT KEY HIGHLIGHTS Acrow’s second largest industrial Access contract win to-date, behind Snowy Hydro. Contract value: Approximately $42 million over a projected duration of 2.5 years. & Scope of work: * Supply and management of ~3,800 tonnes of scaffolding equi
Slide 44: FY25 Outlook and Guidance
FY25 OUTLOOK AND GUIDANCE Medium term outlook is very strong, with record levels in both secured hire contracts and pipeline. Continued superior performance from the Industrial Access Division including the commencement of the Clough/Perdaman contract in WA. Very strong growth in total revenue gener
Slide 45: Contact
CONTACT acrow. ACROW HEAD OFFICE 2A Mavis Street Revesby NSW 2212 & 1300 138 362 Steven Boland Andrew Crowther Matt Caporella MD & CEO CFO coo info@acrow.com.au & www.dcrow.com.au Investor enquiries & presentation questions Raising the Standard in Construction. & investors@acrow.com.au 45