Kelsian Group Limited · ASX:KLS
Kelsian — FY2025 Earnings Presentation
25 slides from Kelsian's earnings presentation, Aug 26, 2025
Slide 1: FY25 Results Presentation
FY25 Results Presentation Kelsian Group Limited (ASX:KLS) Graeme Legh Group Chief Executive Officer Andrew Muir Group Chief Financial Officer 26 August 2025
Slide 2: FY25 Overview
1 FY25 Overview Full Year Results 2025 2
Slide 3: FY25 highlights
FY25 highlights Results in line with expectations. Revenue and earnings growth across all divisions Group Revenue Underlying1 EBITDA $2,208.9m $285.0m Financial snapshot • Strong revenue growth reflects track record in contract renewals and benefits of cost indexation +9.5% +7.4% • Underlying1 EBITD
Slide 4: FY25 operational and strategic overview
FY25 operational and strategic overview Delivered more than 383 million customer journeys in FY25 Operational overview All material contracts • Ongoing growth in USA through contract extensions, renewals and new contract wins retained or renewed • Bankstown rail replacement services performed well •
Slide 5: Focus on safety and sustainability
Focus on safety and sustainability Kelsian is a people business and the safety of our workforce and customers is our priority Community & Safe, Responsible Partnerships Employer & Operator _______________________________________ _______________________________________ Kelsian has proudly partnered w
Slide 6: FY25 Financial Results
2 FY25 Financial Results Full Year Results 2025 6
Slide 7: Profit & loss
Profit & loss FY25 performance in line with expectations • Strong revenue growth across all divisions Year ended 30 June FY25 FY24 Variance $m $m % • Contract indexation mechanisms effectively hedged inflationary Revenue 2,208.9 2,016.8 9.5% environment for most bus businesses (fuel, wages, CPI) Ope
Slide 8: Cashflow
Cashflow Predictable and defensive cashflows Net Operating Cash Conversion1 Cashflow $205.2m 86.6% Record operating Strong earnings quality cashflow and cash generation Investing Cashflow Cash Reserves $140.5m $182.8m Reflects peak of capital Significant cash investment cycle in reserves at period e
Slide 9: Balance sheet
Balance sheet Strong cashflow generation and completion of peak capex cycle Balance as at 30 Jun 2025 30 Jun 2024 Variance Significant headroom in all covenants1 $m $m % Cash and cash equivalents 182.8 134.5 35.9% Receivables 232.9 204.8 13.7% Net Debt2 Leverage3 Property, plant & equipment 876.2 82
Slide 10: Limited recourse ring-fenced debt facilities
Limited recourse ring-fenced debt facilities Financing facilities provide flexibility and optionality for governments • Kelsian has had ring-fenced, limited recourse asset financing facilities (‘SPV’) in place since July 2023 for some Australian bus service Government-backed contracted assets financ
Slide 11: Capital expenditure
Capital expenditure FY25 marks the conclusion of a period of peak investment FY25 total capex ~$165.1m FY26 capex ~$128m1 • In line with prior guidance of $185m, adjusted for Kangaroo • Net sustaining capex of ~$85m Island and SE Qld vessel and infrastructure delays • FY25 vessel capex carry forward
Slide 12: FY25 Divisional Performance
3 FY25 Divisional Performance Full Year Results 2025 12
Slide 13: Divisional performance | Australian Bus
Divisional performance | Australian Bus Overview of FY25 performance • Strong revenue growth underpinned by Bankstown rail replacement service and new Sydney contracts Year ended 30 June FY25 FY24 Growth $m $m % • Operational challenges due to increased traffic congestion Revenue 1,151.3 1,036.0 11.
Slide 14: Divisional performance | International
Divisional performance | International Overview of FY25 performance USA • All key contracts renewed since AAAHI acquired in June 2023 Year ended 30 June FY25 FY24 Growth • Contracted/Charter revenue mix now 60/40 $m $m % • Commenced a new contract with Louisiana State University Revenue 689.5 634.0
Slide 15: Divisional performance | Marine & Tourism
Divisional performance | Marine & Tourism Overview of FY25 performance • Record result despite impact of Cyclone Alfred Year ended 30 June FY25 FY24 Growth • Margin improvement in 2H reflects dynamic pricing, fare $m $m % increases, efficiency projects and operating leverage from Revenue 368.0 346.8
Slide 16: Divisional performance | Corporate
Divisional performance | Corporate Overview of FY25 performance Global group Finance & HR system • Digital transformation project to unify global Finance and HR Year ended 30 June FY25 FY24 Growth functions in a single, industry-leading platform $m $m % • Will standardise processes, automate workflo
Slide 17: Strategy, Growth & Outlook
4 Strategy, Growth & Outlook Full Year Results 2025 17
Slide 18: Foundations in place to deliver on growth pipeline
Foundations in place to deliver on growth pipeline Kelsian has delivered on several important strategic initiatives in FY25 FY26 focus areas Laser-like focus on core operations • Sydney bus operational improvements and efficiencies • New Kangaroo Island contract and vessel mobilisation • Efficiencie
Slide 19: Tourism Portfolio divestment
Tourism Portfolio divestment Potential sale of a leading Tourism Portfolio spanning iconic Australian destinations Sale process update Strategic footprint FY25 Revenue mix Strong interest expressed in whole portfolio and parts Revenue by type Northern Territory Interested parties both internatio
Slide 20: FY26 guidance & outlook
FY26 guidance & outlook Operations • July 2025 trading in line with expectations • Bankstown rail replacement services expected to continue into 2HFY26 • Efficiency program and service changes in Sydney to deliver improved contribution • Adelaide tramline bus replacement services • Ongoing ramp-up o
Slide 21: Kelsian investment proposition
Kelsian investment proposition A diversified global business with a strong track record of growth OPERATIONS FOCUSED Strategy centered on delivering essential journeys for customers through bus, motorcoach and marine transport PREDICTABLE REVENUE Predictable and defensive revenues from long-term, lo
Slide 22: Appendix
Appendix Full Year Results 2025 22
Slide 23: Balance sheet and leverage
Balance sheet and leverage Leverage of 2.7x at 30 June 2025, calculated excluding limited recourse SPV debt and corresponding SPV related earnings Leverage as at 30 June 2025 and 31 December 2024 Approach to calculating leverage Net debt 30 Jun 2025 31 Dec 2024 $m $m • SPV liabilities, assets and ea
Slide 24: Capital Management and Allocation Framework
Capital Management and Allocation Framework Maintaining a strong balance sheet, facilitating growth and maximising total shareholder returns Cash from operating activities Management focused on maximising cash conversion Net sustaining capex1 Servicing financial obligations Servicing tax obligations
Slide 25: Disclaimer
Disclaimer Basis of Preparation, Forward Looking Statements and Disclaimer 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 takes responsibility for