Slide 1: 1H FY26 Results
24 February 2026 1H FY26 RESULTS Acrow Ltd (ASX:ACF) Presentation Steven Boland - CEO Andrew Crowther - CFO Matt Caporella - COO Raising the Standard in Construction. Meriton Cypress, Gold Coast 1
Slide 2: Disclaimer
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 information conta
Slide 3: Acrow Overview
ACROW OVERVIEW COMPETITIVE ADVANTAGES Acrow is a leading provider of SECTORS SERVICED smart integrated construction systems. Civil infrastructure ENGINEERING QUALITY EXPERTISE & OF OUR SOLUTIONS PEOPLE Industrial, Mining, Energy, Utilities, Defence & Marine PRODUCT GEOGRAPHIC Commercial & High Rise
Slide 4: Key 1H FY26 Highlights
Perth Airport KEY 1H FY26 HIGHLIGHTS Steven Boland, MD & CEO 4
Slide 5: Key Operational Achievements 1H FY26
KEY OPERATIONAL ACHIEVEMENTS 1H FY26 INDUSTRIAL ACCESS - NSW INDUSTRIAL ACCESS NATIONAL SCREENS RECURRING REVENUE ACQUISITIONS GROWTH Represents 62% of Group revenue. Above and Brand now fully integrated Screens revenue budgeted to grow by and performing ahead of 40% in FY26. expectations. COLUMN CL
Slide 6: Secured Hire Contracts and Pipeline
SECURED HIRE CONTRACTS AND PIPELINE Record pipeline continues 1. HIRE CONTRACTS WON CURRENT PIPELINE -7% 50 250 +12% $48.2m 40 $45.0m 200 $234.7m $209.8m 30 150 20 100 10 50 0 0 1H FY25 1H FY26 1H FY25 1H FY26 LABOUR HIRE FORWARD ORDER BOOK $300 million 1.Comprises tenders and quotes provided. Does
Slide 7: Safety Is Our Priority
SAFETY IS OUR PRIORITY 1 TRIFR 2 LTIFR 3 12 11.2 10 1.2 1.1 1.0 1.0 8 0.8 6 5.7 0.6 TOTAL HOURS WORKED 4 4.4 0.4 1.4 0.66 0.2 1.2 2 2H 0.0 1.0 0.0 0.98 m Hours 0.8 0.41 0 FY24 FY25 1H FY26 2H FY24 FY25 1H FY26 0.6 0.70 0.4 0.47 1H 0.2 1H TOTAL RECORDABLE INJURIES LOST TIME INJURIES 0.0 FY24 FY25 1H
Slide 8: Key Financial Metrics 1H FY26
1 KEY FINANCIAL METRICS 1H FY26 REVENUE EBITDA 200 40 $39.0 $38.0 $155.9 150 $126.6 30 $m 100 $m 20 3% 23% 50 10 0 0 1H FY25 1H FY26 1H FY25 1H FY26 EBIT NPAT 20 30 $27.4 $16.4 25 $23.3 15 $12.9 20 15% 10 22% $m 15 $m 10 5 5 0 0 1H FY25 1H FY26 1H FY25 1H FY26 EPS DPS 6 5.38c 3.0 2.90c 5 2.5 4.16c 2
Slide 9: Operational Update
OPERATIONAL UPDATE Steven Boland, MD & CEO Pyrmont Station, NSW 9
Slide 10: Accelerated Capital Program
ACCELERATED CAPITAL PROGRAM Preparing the business for future work 1H FY26 CAPITAL SPEND - $25.5M Growth capex 1H FY26 $21.3m and non-growth capex $4.2m Purchases brought forward to ensure timely delivery for PP&E unprecedented Jumpform and Screens order book Non-growth $1.0m Growth capex spent on o
Slide 11: Divisional Breakdown
DIVISIONAL BREAKDOWN Record group revenue continues with 23% growth Industrial Access contributes greater than 60% of group revenue Group EBITDA down 3%, impacted by QLD * Refers to percentage point change on PCP construction market down by $6.0m REVENUE BY DIVISION EBITDA margins lower across both
Slide 12: Construction Services Division
CONSTRUCTION SERVICES DIVISION Formwork revenue down due to subdued activity in QLD market Jumpform & Screen order book at unprecedented high levels SA and WA at record revenue levels / VIC & NSW operating at acceptable levels Gross profit margin stable * Refers to percentage point change on PCP EBI
Slide 13: Formwork Revenue by State & National
1. FORMWORK REVENUE BY STATE & NATIONAL NATIONAL FORMWORK REVENUE 70 25 12 23.2 60 61.3 11.6 11.7 20 10 20.8 21.2 50 54.6 9.8 52.9 47.1 8 15 40 14.4 7.2 7.3 6 $m 10 12.8 $m 30 35.1 $m 4 5 20 2 10 0 0 1H FY22 1H FY23 1H FY24 1H FY25 1H FY26 0 1H FY22 1H FY23 1H FY24 1H FY25 1H FY26 1H FY22 1H FY23 1H
Slide 14: QLD - Project Timing Affects Performance
QLD -PROJECT TIMING AFFECTS PERFORMANCE $6m EBITDA impact KEY PROJECTS DEC ’24 KEY PROJECTS DEC ’25 KEY INFRASTRUCTURE PROJECT PIPELINE PROJECT EXPECTED START $500K p/m $300K p/m $125K p/m $80K p/m $60K p/m $2K p/m Rockhampton Ring Road Q4 FY26 Coomera Connector South COOMERA COOMERA COOMERA Chamber
Slide 15: Jumpform and Screens
JUMPFORM SCREENS 51 system wins across 36 projects since launch 90 screens projects in progress nationally 8 Growth - entirely organic initiatives 6 17 Multiple repeat customers 14 5 51 18 projects include screens supply 1 8 Complementary to Jumpforms Current pipeline $78m 5 PROJECT WINS BY STATE WA
Slide 16: Industrial Access Division
INDUSTRIAL ACCESS DIVISION Represents 62% of group revenue from standing start in 2019 Revenue boosted by acquisitions consolidation and new contract wins Gross profit margin reduced due to lower margins from increasing Perdaman & Brand Australia contributions EBITDA margins affected by growth in ov
Slide 17: Building Sustainable Earnings
BUILDING SUSTAINABLE EARNINGS Expanded Industrial Access to deliver recurring revenue business Industrial Access Revenue Represented 62% of group revenue in 1H FY26 195 200 98 (2H target) Industrial Access Acquisitions: 150 MI Scaffold (Nov-23) 132 $m 100 Benchmark Scaffolding (Mar-24) 97 Brand Aust
Slide 18: Financials
Kidston Hydro FINANCIALS Andrew Crowther, CFO 18
Slide 19: Profit & Loss
PROFIT & LOSS Underlying NPAT down 22% or $3.6m, predominatinately reduced due to subdued Queensland construction market Interim dividend of 2.0cps (100% franked). Prioritising growth capex over dividends in first six months EBITDA down 3%. EBITDA margin down due to higher revenue mix of Industrial
Slide 20: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Net debt up by $28.2m to $151.5m - predominantly capex and the expansion of labour payments within Industrial Access division funded through overdrafts Net debt to EBITDA increased from 1.8x at June 2025 to 2.2x at December 2025 Total assets up $22.3m to $428.3m, driven p
Slide 21: Debt Refinance
DEBT REFINANCE Renegotiated funding to leverage strategic growth opportunities 2.2x 1.8x $188.4m $171.3m $30.4m 1.1x $40.0m Debt facility restructured and expanded - with equipment finance and bank debt facilities $95.4m increased by $15m. Net debt headroom was $30.4m, $21.2m down from $40.0m at Jun
Slide 22: Growth Opportunities
SPARK -North East Link, VIC GROWTH OPPORTUNITIES Steven Boland, MD & CEO 22
Slide 23: Positioning for Growth
POSITIONING FOR GROWTH CAPABILITY & FLEXIBILITY TRAINING & DEVELOPMENT PRODUCT SUPPLY CHAIN ENTERPRISE RESOURCE OF WORKFORCE MANAGEMENT PROJECT Large, skilled pool of scaffolders Cadet, graduate & apprentice Driving internal product Currently conducting the across key regions – ready to programs bui
Slide 24: Industrial Access
INDUSTRIAL ACCESS Renewed M&A focus Expected growth within existing contract base Above Scaffolding - expanded growth opportunities: National rollout - leveraging product capabilities & existing client relationships Targeting significant growth opportunities in the defence and asset maintenance sect
Slide 25: Product Development
PRODUCT DEVELOPMENT UNI-RING POWERSHORE 60 PROPPING AND SHORING Launched in January 2025 Launched January 2026 and is 100% With an extensive fleet now Acrow IP complemented by PS60, we are looking 4,500t equipment already in QLD/WA/SA at more propping only projects using $220k sale already confirmed
Slide 26: Upcoming Major Projects
UPCOMING MAJOR PROJECTS Suburban Rail Loop, VIC North East Link Program, VIC T2D Torrens to Darlington, SA Rockhampton Ring Road, QLD 30.0Bn+ 26.0Bn+ 15.4Bn+ 1.9Bn+ Preferred bidder announced for the Completes Ring Road in T2D Project final 10.5km of the North- second tunnelling contract Greensborou
Slide 27: Queensland
QUEENSLAND Olympic Venues Pipeline Delivery & Builder Market Strategic Opportunity for Acrow UNITE32 (Laing O’Rourke + AECOM) All Olympic venues, athletes villages and leading ~$7.1B venues program associated infrastructure Tier 1 building consortiums established Multi-year pipeline aligned with Acr
Slide 28: Queensland Infrastructure Activity
QUEENSLAND INFRASTRUCTURE ACTIVITY Outside of Olympic activity in the state, other major project spend in QLD is forecast to almost triple from $10b to ~$30b between FY25 and FY29. Given our dominant presence in the QLD market, we are well positioned to take advantage of this opportunity. 28
Slide 29: Column Climber - Jumpform
COLUMN CLIMBER - JUMPFORM MERITON CASE STUDY 78 storey tower on the Gold Coast. Acrow supplying the main core Jumpform and also the perimeter column climbing system Unique system designed to form, pour and climb any type of column simultaneously with screens hung below Total weight of system when cl
Slide 30: National Screens Growth
NATIONAL SCREENS GROWTH ORGANIC GROWTH Expanded organically into Melbourne, Adelaide and Perth, while continuing to build market share in Brisbane Strong and growing pipeline Repeat customer base and synergies with Jumpform customers Innovative systems designed to meet the full spectrum of project r
Slide 31: FY26 Guidance
2H FY26 OBSERVATIONS The Industrial Access division is expected to continue to grow with revenues approaching $200m for the year and contributing a larger proportion of FY26 Group revenues The recently acquired industrial access businesses will continue to provide opportunities to open new industria
Slide 32: Contact
CONTACT ACROW HEAD OFFICE 2A Mavis Street Revesby NSW 2212 1300 138 362 Steven Boland Andrew Crowther Matt Caporella info@acrow.com.au MD & CEO CFO COO www.acrow.com.au Investor enquiries & presentation questions Raising the Standard in Construction. investors@acrow.com.au 32