Slide 1: Reviewed Interim Condensed Consolidated Financial Statements
MWENG Providing a better life INTERIM RESUEDS REVIEWED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for the six months ended 31 December 2025
Slide 2: The Queen Elizabeth Hospital Stage 3 Redevelopment
Aveng Group reviewed interim condensed consolidated financial statements 2026 The Queen Elizabeth Hospital Stage 3 Redevelopment. Built Environs, South Australia 1
Slide 3: Agenda
2 Aveng Group reviewed interim condensed consolidated financial statements 2026 Bundha Sports Centre, Victoria Built Environs 01 SALIENT FEATURES 02 STRATEGY UPDATE 03 FINANCIAL RESULTS 04 MARKET OUTLOOK 05 KEY MESSAGES 06 APPENDICES
Slide 4: Swanson Dock West Remediation
Swanson Dock West Remediation Melbourne, Australia McConnell Dowell Aveng Group reviewed interim condensed consolidated financial statements 2026 3
Slide 5: Results summary
4 Aveng Group reviewed interim condensed consolidated financial statements 2026 Results summary A return to modest operating profitability, supported by improved net cash and work in hand Revenue Headline earnings A$1.2 billion (R14.2 billion) A$0.3 million (R4 million) 31 December 2024 | A$1.4 bill
Slide 6: H1 Performance
H1 Performance Return to a modest operating profit with improved performance across the portfolio of projects ‒ Supported by ongoing enhancement of risk management; however ‒ Tempered by losses on Kidston & J108. Infrastructure ‒ New Zealand & Pacific Islands exceeded performance targets through con
Slide 7: Key areas of focus
6 Aveng Group reviewed interim condensed consolidated financial statements 2026 Key areas of focus Stabilised the business and created a stable platform for future ‒ Sustained de-risking across the portfolio of projects, evidenced by: ‒ improved project contingencies and provisioning. ‒ correspondin
Slide 8: Specific projects update
Specific projects update Kidston Pumped Storage Hydro Operational performance ‒ Despite complex nature of the work and the need to resequence major work activity as instructed by client, the project achieved required productivity on site for the six-months period, in accordance with plan. ‒ During t
Slide 9: Segment Overview - Infrastructure
8 Aveng Group reviewed interim condensed consolidated financial statements 2026 Segment Overview - Infrastructure Portfolio’s risk profile is significantly improved despite operational losses A$m H1 2026 H1 2025 64% of Group revenue Revenue 802.6 1 074.3 Operating loss1 (4.7) (26.5) New Zealand & Pa
Slide 10: Segment Overview - Building
Segment Overview - Building 100% of projects profitable with 95% of projects above tender margin A$m H1 2026 H1 2025 24% of Group revenue Revenue 301.8 202.9 Operating earnings 24.3 9.2 Overall ‒ Revenue continues to grow following significant work won in FY 2025. Operating margin 10.5% 4.5% F E A T
Slide 11: Segment Overview - Mining
10 Aveng Group reviewed interim condensed consolidated financial statements 2026 Segment Overview - Mining Growth in revenue in line with steadily improving volumes on Gamsberg project A$m H1 2026 H1 2025 12% of Group revenue Revenue 148.3 126.2 Operating earnings 0.2 1.4 Overall ‒ The ongoing comme
Slide 12: Mardie Salt & Potash Marine Structures
02 Mardie Salt & Potash Marine Structures McConnell Dowell Australia Aveng Group reviewed interim condensed consolidated financial statements 2026 11
Slide 13: Strategy Update
12 Aveng Group reviewed interim condensed consolidated financial statements 2026 Strategy Update Enhancing and maximising value to shareholders Intention ‒ Aveng remains committed to its strategy of maximising value to shareholders through improved operational performance. McConnell Dowell ‒ During
Slide 14: Punt Road Oval Redevelopment
03 Punt Road Oval Redevelopment Built Environs Aveng Group reviewed interim condensed consolidated financial statements 2026 13
Slide 15: H1 2026 Salient Results
14 Aveng Group reviewed interim condensed consolidated financial statements 2026 H1 2026 Salient Results A$m H1 2026 H1 2025 ‒ Revenue lower than prior period following decreased Group revenue 1 247.3 1 398.3 activities in Infrastructure segment in line with expectations. Both Building and Mining se
Slide 16: Financial Performance
Financial Performance Commentary 1 A$m H1 2026 H1 2025 Change Revenue decreased in the Infrastructure segment, in line with expectations, offset by increases in the Building and Revenue 1,247.3 1,398.3 (10.8%) Mining segments. Under performing projects represent a reducing proportion of revenue as t
Slide 17: Segmental Results
16 Aveng Group reviewed interim condensed consolidated financial statements 2026 Segmental Results Aveng Segmental report Aveng H1 2026 Infrastructure Building Mining Corporate & A$m Legacy eliminations Revenue 1,247.3 802.6 301.8 148.3 - (5.3) Gross earnings 69.4 32.3 31.7 6.6 (1.2) - R E S U L T S
Slide 18: Financial Position
Financial Position Statement of financial position as at 31 Dec 30 Jun 1 Change Commentary A$m 2025 2025 Non-current assets 396.5 385.4 2.9% Current assets 551.4 653.6 (15.6%) R E S U L T S Total assets 947.9 1 038.9 (8.8%) Aveng Group reviewed interim condensed consolidated financial statements 202
Slide 19: Financial Position: PPE and borrowings
18 Aveng Group reviewed interim condensed consolidated financial statements 2026 Financial Position Movement in PPE & ROU Assets A$m 40.6 8.0 286.1 272.7 (31.0) (4.2) ‒ Additions represent continued re-investment in replacement mining equipment and components in Mining segment and replacement PPE &
Slide 20: Financial Position: Movement in working capital
Financial Position Movement in working capital A$m 2.4 5.0 0.8 (202.0) R E S U L T S Aveng Group reviewed interim condensed consolidated financial statements 2026 67.6 (277.4) (151.2) Balance Inventories Trade & other Contract Contract Trade & Balance 30 June receivables liabilities assets other 31
Slide 21: Liquidity
20 Aveng Group reviewed interim condensed consolidated financial statements 2026 Liquidity Movement in cash A$m 2.3 26.5 67.2 (3.6) (12.2) 308.8 38.5 267.3 (38.5) (25.8) (12.6) (0.3) R E S U L T S Cash balance Cash from Working Net finance Taxation Proceeds Capital New external Net Net payment Other
Slide 22: Queen Street Wastewater Diversion Project
Queen Street Wastewater Diversion Project McConnell Dowell New Zealand 04 Aveng Group reviewed interim condensed consolidated financial statements 2026 21
Slide 23: Market Outlook
22 Aveng Group reviewed interim condensed consolidated financial statements 2026 Market Outlook Segments outlook strongly aligned with market trends Infrastructure Building Mining ‒ Increasing opportunities in Pacific Islands ‒ Markets in Australia remain strong with ‒ Geopolitical market fragmentat
Slide 24: McConnell Dowell New Zealand
05 McConnell Dowell New Zealand Southwest Outfall, Auckland Aveng Group reviewed interim condensed consolidated financial statements 2026 23
Slide 25: Key Messages
24 Aveng Group reviewed interim condensed consolidated financial statements 2026 Key Messages Focus areas Overall ‒ Taken steps to stabilise the business and improve gross margin performance, recognising there’s more work to be done. ‒ Continue to focus on refining the risk appetite and strengthenin
Slide 26: Aldoga Reservoirs - Fitzroy to Gladstone Pipeline
Aldoga Reservoirs - Fitzroy to Gladstone Pipeline McConnell Dowell Australia Aveng Group reviewed interim condensed consolidated financial statements 2026 25
Slide 27: Appendices
06 McConnell Dowell Australia Inland Rail Victoria 26 Aveng Group reviewed interim condensed consolidated financial statements 2026
Slide 28: Appendices – Comprehensive Earnings
Appendices – Comprehensive Earnings Statement of comprehensive earnings 1 H1 2026 H1 2025 Change Rm Revenue 14 211 16 619 (14.5%) Gross earnings 791 467 69.4% Gross margin 5.6% 2.8% 2.8% EBITDA 459 23 >100% Aveng Group reviewed interim condensed consolidated financial statements 2026 Depreciation an
Slide 29: Appendices – Financial Position
28 Aveng Group reviewed interim condensed consolidated financial statements 2026 Appendices – Financial Position Statement of financial position as at 31 Dec 30 Jun 2025 Change1 Rm 2025 Non-current assets 4 403 4 499 (2.1%) Current assets 6 107 7 615 (19.8%) Total assets 10 510 12 114 (13.2%) Share
Slide 30: Disclaimer
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