Slide 1: Paddy Gregg, CEO and Christian Johnstone, CFO
Paddy Gregg Chief Executive Officer Christian Johnstone Chief Financial Officer
Slide 2: Important notices and disclaimer
Unless otherwise defined in these notices and disclaimer, capitalised terms have the meanings given to them elsewhere in this Presentation. This investor presentation (Presentation) is dated 11 March 2025 and has been prepared by Austal Limited ACN 009 250 266 (Austal or the Company). This Presentat
Slide 3: Investment risk and not financial product advice
An offer booklet in respect of the SPP will be made available to eligible shareholders in Australia and New Zealand following its lodgement with ASX (Offer Booklet). Any eligible shareholder in Australia or New Zealand who wishes to participate in the SPP should consider the Offer Booklet before dec
Slide 4: Past performance and forward-looking statements
Past performance Past performance, including past share price performance of Austal and pro forma financial information given in this Presentation, is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Austal’s views on its future financial performanc
Slide 5: Joint Lead Managers disclaimer
None of the Joint Lead Managers nor any of their respective JLM Beneficiaries or the Company’s respective Austal Beneficiaries, have authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, except to the extent expressly referred to in this Presentation,
Slide 6: Eligibility of investors
Determination of eligibility of investors for the purposes of the Placement, the Sell down and the SPP is determined by reference to a number of matters, including legal and regulatory requirements, logistical and security registry constraints and the discretion of Austal and/or the Joint Lead Manag
Slide 7: Agenda
Slide 8: 1. Executive Summary
_—— 1. Executive Summary.--— ~ or
Slide 9: Austal's Mobile shipyard increasingly recognised as key strategic site
• Through successful execution, Austal has grown to become an ASX listed, global shipbuilder and defence prime contractor with a highly strategic footprint across the US and Asia Pacific • Austal plays an increasingly key role as a leading player in the naval industrial complex in the US and Austral
Slide 10: Proposing to fund FA2 through equity raising and new debt facilities
• Proposing to fund FA2 through a combination of the planned equity raising and new debt facilities • Austal is launching a non-underwritten Institutional Placement (Placement) to raise up to A$200 million • Austal will also undertake a non-underwritten Share Purchase Plan (SPP) to eligible sharehol
Slide 11: 2. Rationale and investment opportunity
Slide 12: Austal is an attractively positioned, growing defence prime
Austal is an attractively positioned, growing defence prime h AUSTAL (al CY Global shipbuilder and defence prime with industry leading capabilities Strategically located and highly valuable shipyards and service centres in the US, Australia and Asia Successful transition in recent years, with divers
Slide 13: Strong global platform, well positioned for growth
h AUSTAL Strong global platform, well positioned for growth wd 5) Hi o $826M $14.2B 4,324 5 Shipyards in 4 JH FY25 Revenue Orderboo0k Employees countries (Incl. options) P=: => | x | \ ag EA A 6 Ships Ordered 51 72 8 senice Centres in 6 Ships Delivered Ships under Vessels under countries constructio
Slide 14: Key program wins
14.2 12.7 11.6 7.8 2.5 FY21 FY22 FY23 FY24 1H FY25 Key program • OPC • T-AGOS • EMS • Gotland wins • AFDM • T-ATS • LCU • 2x ECCPBs • GCPBs • Vela 14
Slide 15: Steel programs
• Potential expansion of current programs: − EMS, OPC, AFDM, LCU, OUSV, T-AGOS • Continue to invest on the back of order book (up to A$14.2bn incl. options) and future opportunities Steel programs 15
Slide 16: Strategic Shipbuilding Agreement negotiations
• Austal is in continued negotiations with the Australian government on the Strategic Shipbuilding Agreement (SSA), which when finalised will see Austal established as the Australian Government's naval shipbuilder in WA • Current order book excludes Australia defence future programs • LC-M, LC-H, GP
Slide 17: FA2 infrastructure expansion
• Infrastructure expansion includes new assembly building, waterfront improvements and a new ship lift system enabling Austal to assemble and service large vessels • New assembly bay will enable erection of large steel modules for the Navy and Coast Guard ships including the Offshore Patrol Cutter (
Slide 18: FA2 capex, funding and milestones
• Total capex currently estimated to be approximately US$300 million (A$475 million)1 Milestone 1 – GC Mobilisation • To be funded through combination of equity and debt Milestone 2 – Final permitting • Equity raised will be used to partly fund the FA2 infrastructure expansion project. Together with
Slide 19: Key drivers of FY25 outlook
Key drivers include: • Record order book of A$14.2 billion (incl. options) • Increased orders anticipated through the proposed SSA; with expected SSA defence orders in 2H FY25 • Increased volume of work in Asia • We are still working to finalise the accounting treatment for the timing of revenue and
Slide 20: 3. Capital raising and Sell down
= —_ AUSTAL 3. Capital raising and Sell down
Slide 21: Placement and SPP offer details
• Non-underwritten institutional placement (Placement) of new fully paid ordinary shares (New Shares) to raise up to A$200 million • Approximately 52.6 million New Shares to be issued under the Placement representing ~14.5% of issued share capital under Austal’s existing placement capacity under ASX
Slide 22: Ranking of New Shares and appointed managers
• New Shares issued under the Placement and the SPP will rank equally with existing Austal shares from the date of issue • J.P. Morgan Securities Australia Limited (J.P. Morgan) and Euroz Hartleys Limited (Euroz Hartleys) have been appointed as Joint Lead Managers to, and will provide settlement sup
Slide 23: Indicative timetable
Record date for SPP (5:00pm AWST / 8:00pm AEDT) Monday, 10 March 2025 Trading Halt, Announcement of Placement, SPP and Sell down Tuesday, 11 March 2025 Placement and Sell down bookbuild Tuesday, 11 March 2025 Announcement of Placement and Sell down completion On or before Thursday, 13 March 2025 Tra
Slide 24: Sources and uses
Gross proceeds from Placement2 200 126 FA2 Facility capex 475 300 Debt facilities and existing cash 282 178 Offer costs and fees 7 4 Total sources 482 304 Total uses 482 304 24
Slide 25: Appendix A: Key risks
Slide 26: Key risks overview
Austal is subject to a variety of risk factors. This section discusses some of the key risks associated with an investment in Shares in Austal. Some of these are specific to its business activities, while others are of a more general nature. Individually, or in combination, these risk factors may ad
Slide 27: Key risks: OPC and T-AGOS programs and FA2
Austal has been awarded contracts for the production design and construction of potentially up to 11 OPCs for the U.S. Coast Guard and potentially up to 7 T-AGOS for the U.S. Navy. The first OPC vessel has been confirmed and the U.S. Coast Guard has an option for a further 10 OPC vessels. As the OPC
Slide 28: Key risks: US Navy revenue concentration
As noted above, approximately 70% Austal’s revenue was generated in the U.S., derived from contracts with the U.S. Navy. Therefore, Austal faces significant risk in earnings if the programs with the U.S. Navy are cancelled or scaled back or future projects from the U.S. Navy are not awarded to Austa
Slide 29: Key risks: customer approvals of variations and claims
The nature of certain Austal contracts is that scope may vary after the contract is entered into, or Austal may experience delays which have a cost implication. Variation orders, claims for extensions of time and claims for additional costs incurred may be issued by Austal throughout the project exe
Slide 30: Key risks: SSA execution and Henderson
Execution of the SSA and selection of Austal as the Commonwealth of Australia’s strategic shipbuilder at Henderson, Western Australia, may require Austal to expand its capability at Henderson to meet the future work requirements contemplated by the SSA. Given the intention for the Henderson Defence
Slide 31: Key risks: compliance and liability
Austal’s activities are carried out by numerous personnel, including employees or other agents acting on behalf of Austal. Whilst there are controls in place governing their conduct, there is no guarantee that they will comply with all laws and regulations (internal and external). The failure to com
Slide 32: Key risks: environmental and climate
Austal has operations located in regions around the world that have been in the past (and may be in the future) exposed to acute extreme weather events including damaging storms, hurricanes, tornadoes, floods, fire, heat waves and mud slides, as well as long-term changes in weather patterns, such as
Slide 33: Appendix B: International selling restrictions
=<" = es — AUSTAL International of = a restrictions
Slide 34: International selling restrictions: European Union
This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except
Slide 35: International selling restrictions: Norway and Singapore
Norway This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to constitute an offer to the public in Norway within the meaning of the Norwegian S
Slide 36: International selling restrictions: United Arab Emirates
United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approved by the Securities and Commoditi
Slide 37: Glossary of vessel and program abbreviations
AFDM Auxiliary Floating Dock Module LCS Littoral Combat Ship (Independence-variant) AS(X) Submarine tenders LCU Landing Craft Utility CCPB Cape Class Patrol Boat LUSV Large Unmanned Surface Vessel DDG(X) Next Generation Guided Missile Destroyer MAST 13 High-speed, autonomous surface vehicle ECCPB Ev
Slide 38: Further information
h Further information AUSTAL Paddy Gregg, Chief Executive Officer Telephone: +61 8 9410 1111 www.austal.com ASX: ASB austal.com 33