Slide 1: FY26 Results Presentation
FY26 Results FY26 Results Presentation For the 12 months ended 30 June 2026 20 August 2026 1
Slide 2: The Downer advantage
FY26 Results 2 The Downer advantage Diversified and balanced exposure to growth sectors Sustainable growth opportunities Energy transition & Defence Population Local industry data centres growth revitalisation Differentiators Sovereign prime contractor, enduring local industry Robust risk management
Slide 3: Key messages
FY26 Results 3 Key messages Margin-led earnings growth from a higher-quality, more resilient portfolio A track record of year-on-year Portfolio resilience & consistency profit improvement Margin expansion driven by consistent delivery Long-dated work-in-hand supports resilient and cost to serve focu
Slide 4: Consistent delivery and performance
FY26 Results 4 Consistent delivery and performance For the 12 months ended 30 June 2026 EBITA margin2,3 5.1% 7.8% EBITDA margin Statutory NPAT NPATA 2,3 EBITA2,3 +51% on FY25 +10% on FY25 +6% on FY25 FY26 5.1% $225.4m vs $149.1m $306.7m in line with $295m $502.9m underlying EBITA FY25 to $315m guida
Slide 5: Focus on shareholder value creation
FY26 Results 5 Focus on shareholder value creation Uplift in Sustained Disciplined Consistent dividends and franking earnings growth capital allocation shareholder returns Total dividend fully franked6 FY26 underlying EPS2,7 Share buy-back program Total Shareholder Return9 +31% 3yr CAGR +26% 3yr CAG
Slide 6: Disciplined revenue quality, stronger portfolio management
FY26 Results 6 Disciplined revenue quality, stronger portfolio FY30 management ambition FY26 revenue in line with our expectations 4% to 5% revenue CAGR10 from FY26-FY30 FY26 underlying vs FY25 pro forma revenue decline of 4.6% 2.8% decline when FX translation impact is removed $10,886m $9,873m 537
Slide 7: Margin growth
FY26 Results 7 Margin growth FY30 management ambition Driven by portfolio quality and operational delivery Towards 6%12 EBITA margin 4.4% Underlying ~70bps 5.1% Underlying EBITA margin2 margin expansion EBITA margin2 (10)bps FX translation impact $474.2m +6.1% $502.9m underlying EBITA increase 19.0
Slide 8: High quality contract wins support transition to growth
FY26 Results 8 High quality contract wins support transition to growth Strengthening our market positions DEFENCE WATER ROAD SERVICES FACILITIES MANAGEMENT ENERGY & INDUSTRIAL AUS Defence Water network NZTA State highway Stockland Integrated Chevron WA Property & Asset Services infrastructure networ
Slide 9: $38.5bn work-in-hand
FY26 Results 9 $38.5bn work-in-hand +10% Lead indicator to our medium term growth ambitions Forward revenue visibility Robust Diversified by ~90% ~93% from long-term, essential- order book industry government related services13 based services customers $38.5bn Profile at Jun-26 $12.2bn $35.1bn FY27
Slide 10: Middle East conflict update
FY26 Results 10 Middle East conflict update Direct fuel exposure <1% of costs Fuel usage primarily relates to fleet and plant with ability to pass on and/or reprice products to recover cost increases. Some earnings leakage in the period but not material to result. Effective contractual protections B
Slide 11: Energy & Utilities management ambition
FY26 Results 11 FY30 Energy & Utilities management ambition Power & Gas, Water, Energy & Industrial, Telecommunications, Data Centres 8%- 9% Revenue CAGR10 from FY26-FY30 Towards 7 EBITA margin12 % Operational performance and strategic execution Revenue11 610.9% on pcp EBITA margin11 51.5pp on pcp ▪
Slide 12: Transport management ambition
FY26 Results 12 FY30 Transport management ambition Towards 6.5 % Road Services, Rail & Transit Systems, Projects 3%- 4% Revenue CAGR10 from FY26-FY30 EBITA margin12 Operational performance and strategic execution Revenue11 63.3% on pcp EBITA margin11 50.5pp on pcp ▪ Appointed Doug Moss to Chief Oper
Slide 13: Facilities management ambition
FY26 Results 13 FY30 Management FY30 Ambition Facilities management ambition Towards 6.5 % Defence, Health, Education, Government & IFM 4%- 5% Revenue CAGR10 from FY26-FY30 EBITA margin12 Operational performance and strategic execution Revenue11 61.8% on pcp EBITA margin11 60.2pp on pcp ▪ Defence Ba
Slide 14: Addressable market of ~$127bn
FY26 Results 14 Addressable market of ~$127bn15 (estimated annual value for financial year ended 30-Jun-27) Aligned to our capabilities in maintaining and modernising essential infrastructure Energy & Utilities Transport Facilities Market drivers ~$49bn ~$32bn ~$46bn Addressable market15 Addressable
Slide 15: Organic growth potential
FY26 Results 15 Organic growth Strong opportunity pipeline* supports our targeted potential return to top line growth Energy & Utilities Transport Facilities $17bn transmission infrastructure; energy $6.8bn AUS maintenance contracts shifting towards $12bn Health, Education, Social Housing & transiti
Slide 16: Enabling Data Centre infrastructure
FY26 Results 16 Enabling Data Centre infrastructure Supporting hyperscale growth through our enterprise capability spanning infrastructure, power, water, and telecommunications Projects Water $150bn* Leveraging existing Shell build & enabling infrastructure: civil works, site works, and construction
Slide 17: ESG focus areas and performance
FY26 Results 17 ESG focus areas and performance Health, safety & Governance Sustainable Climate change People wellbeing & ethics procurement and environment Tragically, one workplace Continued Board renewal In FY26: • 7.6% reduction in fatality occurred in FY26 Absolute Scope 1 and 2 Ongoing focus o
Slide 18: Financial performance
FY26 Results 18 Financial performance
Slide 19: Margin uplift, consistent delivery and cost to serve focus
FY26 Results 19 Margin uplift, consistent delivery and cost to serve focus Strong earnings, margin growth and capital discipline underpin future growth and cost efficiency opportunities Adjusted operating Revenue11,17 EBITA11 NPATA2,3 cash flow $9.8bn $497m $307m $642m In line with expectations, +9.
Slide 20: Reconciliation to statutory result
FY26 Results 20 Reconciliation to statutory result FY26 pro forma to statutory EBITA3 $98.7m individually significant 600 items are ~40% lower than FY25 6.4 6.1 (46.9) 500 (24.0) (33.9) 400 Gain on disposal Impairment and of Keolis Downer site rectification $12.5m of rail facility 300 Gain on dispos
Slide 21: Cash backed result
FY26 Results 21 Cash backed result Earnings growth matched with 91.1% cash conversion4 exceeding our target of >90% $228.6m free cash flow 1,500 503.3 (137.3) $285.6m returns to 1,250 (128.3) shareholders (9.1) (189.1) 1,000 (96.5) 70.7 (81.1) 750 Primarily maintenance capex in FY25 final Transport,
Slide 22: Strengthened balance sheet positioned for growth
FY26 Results 22 Strengthened balance sheet positioned for growth ▪ Maintained Fitch BBB investment grade rating Leverage Interest coverage ratio ▪ Compliant with & buffer to covenants on key credit metrics ▪ USPP notes repaid in Jul-25 and AMTN issuance in Apr-26 further extending maturity profile t
Slide 23: Capacity to invest for growth
FY26 Results 23 Capacity to invest for growth Portfolio and capital return choices Indicative capital uses 20 1.5x leverage target unchanged Organic Transformation ▪ Enhance capability in key markets ▪ Standardising business process & Transformation investment 20,22 and increase in tender/BD costs m
Slide 24: Invest to grow
FY26 FY26 ResultsResults 24 Transformation investment22 Invest to grow Investment to achieve our management ambition Modernising platforms, tools and data foundations to improve execution, FY27 Transformation productivity and decision-making ~$70m Delivery platforms Data & intelligence Core capabili
Slide 25: Priorities and outlook
FY26 Results 25 Priorities and outlook
Slide 26: Balanced scorecard - management ambition
FY26 Results 26 Balanced scorecard - management ambition* * Not provided as guidance FY28 FY30 Towards 9% underlying EPS CAGR23 from FY25 4%-5% 6% >90% EBITA average cash revenue CAGR10 reflecting the top end of LTI scorecard from FY26-FY30 margin12 conversion Health, safety & No fatalities wellbein
Slide 27: Group outlook
FY26 Results 27 Group outlook FY27 positioned to return to revenue growth in 2H We enter FY27 having delivered another year of improved operational and financial performance. For FY27, on an underlying basis, we are targeting: ▪ Revenue and earnings growth and EBITA margin improvement ▪ Larger than
Slide 28: Supplementary information
FY26 Results Supplementary information 28
Slide 29: Enabling communities to thrive
FY26 Results 29 OUR PURPOSE Enabling communities to thrive OUR CULTURE We own the We do it for We stand for outcomes our customers each other OUR PILLARS Safety & Delivery Thought Relationships Sustainability Leadership
Slide 30: Sustainable growth
FY26 Results 30 Sustainable growth Where to next Responsibly growing our top line to GDP+ growth 4-5% FY30 management ambition Revenue CAGR10 from FY26-FY30 Rail rollingstock renewal Water investment Defence Energy transition & data $9.9bn centres FY26 underlying revenue2,17
Slide 31: Where to next
FY26 Results 31 EBITA margin ambition Where to next Identified areas of opportunity in-flight for the next phase of improvement Towards Business 6% FY30 mix management Shift toward ambition higher-margin Cost essential services EBITA margin12 leadership and maintenance work. Transitioning to a scala
Slide 32: ~$4.6bn Queensland Train Manufacturing Program (QTMP)
FY26 Results 32 ~$4.6bn Queensland Train ▪ Largest new rollingstock ▪ Occupational certificate Manufacturing Program (QTMP) ▪ investment in QLD history Project commenced in Jun-23 received for the Torbanlea facility, enabling manufacturing of the first locally built train to ▪ ~51% of revenue delive
Slide 33: Portfolio aligned to tailwinds and asset lifecycles
FY26 Results 33 Portfolio aligned to tailwinds and asset lifecycles Specialist capabilities and vertically integrated model allow us to successfully deliver whole-of-lifecycle solutions24 Capabilities Engineering Procurement Construction Operations & Maintenance Data analysis Engineering & Defence &
Slide 34: Our strength in Energy & Utilities
FY26 Results 34 Our strength in Energy & Utilities Power & Gas, Water, Energy & Industrial, Telecommunications, Data Centres >700km Telco provider One of the largest self perform 14.5m people transmission lines Power Projects workforce in XXXXXXXXXXXXXXXXX supported by the largest ANZ 22 substations
Slide 35: Power value chain
FY26 Results 35 Power value chain One of the largest self 700km transmission line More than 70 years of perform workforces in conductor strung in the transmission delivery Australia past 5 years experience Transitional / renewable Power transmission & storage Distribution networks Consumers Power Li
Slide 36: Water value chain
FY26 Results 36 Water value chain Delivering drinking water for over half of Australia’s and New Zealand’s populations Programs / contracts with all major customers in SE QLD supporting the infrastructure requirements for the 2032 Olympics Water treatment Network Wastewater treatment Beneficial reus
Slide 37: Our strength in Transport
FY26 Results 37 Our strength in Transport Road Services, Rail & Transit Systems, Projects Rail rollingstock units: >45,000 km 3,000+ built >13,000 tonnes roads maintained across ANZ 2,000+ maintained steel erected p.a 3,000+ overhauled in commercial construction Our specialist team resurfacing Eastl
Slide 38: Our strength in Facilities
FY26 Results 38 Our strength in Facilities Defence, Health, Education, Government & IFM Enabling the support of 80+ years ~40,000 >1,600 in house Defence security supporting Defence Defence personnel cleared staff Royal Adelaide Hospital, SA, one of 21 PPPs we manage supporting Population Growth >50
Slide 39: Defence value chain
FY26 Results 39 Defence value chain 80+ years in Defence Capabilities across the whole Defence lifecycle Specialist Defence capabilities Specialist estate & infrastructure services Further opportunities Advise Specialist technical Mission support Design, build Operate Maintain Asset disposal Defence
Slide 40: High quality balanced portfolio across sectors, geographies and contract types
FY26 Results 40 High quality balanced portfolio across sectors, geographies and contract types ▲ Power & Gas ▲ Energy & Industrial 3% 8% Road Energy & Services Utilities ● Telco 28% 24% 6% FY26 Energy & segment Utilities 25% EBITA Transport $581.4m 3,11 51% ▲ Water 8% FY26 revenue Facilities 25% $9.
Slide 41: Balanced portfolio with disciplined risk-return management
FY26 Results 41 Balanced portfolio with disciplined risk-return management Contract commercial models based on Jun-26 WIH 8% 5% 58% 22% 7% Cost-plus Alliance / target cost Multi-year O&M with Schedule of rates Lump sum adjustment mechanism Indicative risk exposure ▪ Order book reflects a balanced mi
Slide 42: Managing cost escalation through embedded mechanisms
FY26 Results 42 Managing cost escalation through embedded mechanisms Contract escalation26 92% Services ~93% of WIH26 ▪ Predominantly long-term contracts structured to pass through inflationary pressures ▪ 92% include embedded price escalation mechanisms Services ▪ Majority escalate via CPI or blend
Slide 43: Divestments FY23 to FY26
FY26 Results 43 Divestments FY23 to FY26 Divested a combination of underperforming, Divestment cycle largely completed; low-margin and non-core businesses applying capital management framework Rationale Undervalued Sector exposure Risk management Cyclicality Non-core Divestments Repurpose It Austral
Slide 44: Group financials
FY26 Results 44 Group financials Underlying² Pro forma¹¹ Statutory (excl. ISI) (excl. divestments and AHFS) (#039;m) FY26 FY25 Change FY26 FY25 Change FY26 FY25 Change Revenue¹⁷ 9,744.8 10,531.5 (7.5)% 9,873.3 10,885.7 (9.3)% 9,804.4 10,348.6 (5.3)% EBITDA²⁷ % 6.9% 5.9% 1.0pp 7.8% 7.3% 0.5pp 7.8 % 7.5%
Slide 45: Reconciliation of FY26 pro forma to statutory result
FY26 Results 45 Reconciliation of FY26 pro forma to statutory result Amortisation of Amortisation Net finance acquired EBIT of acquired EBITA³ Tax expense²⁸ NPATA³ NPAT cost intangibles intangibles (#039;m) (post-tax) Pro forma¹¹ result 478.2 18.3 496.5 (67.6) (127.4) 301.5 (12.8) 288.7 Net divestment
Slide 46: Reconciliation of pro forma to underlying result
FY26 Results 46 Reconciliation of pro forma to underlying result FY26 FY25 Divestments Divestments Divestment Segment Completed (#039;m) Pro forma¹¹ Underlying² Pro forma¹¹ Underlying² impact impact²⁹ Transport Interest of 49% in Keolis Downer Pty Ltd Transport 1H26 Revenue 5,191.5 4.2 5,195.7 5,367.5
Slide 47: Group underlying financial performance
FY26 Results 47 Group underlying financial performance Underlying² performance (#039;m) FY26 FY25 Change Underlying² segment performance (#039;m) FY26 FY25 Change Total revenue¹⁷ 9,873.3 10,885.7 (9.3)% Transport 299.9 290.7 3.2% EBITDA²⁷ 766.5 795.7 (3.7)% Energy & Utilities 145.3 121.7 19.4% Depreciatio
Slide 48: Pro forma segment comparatives
FY26 Results 48 Pro forma segment comparatives The comparative FY25 and FY24 period has been amended to remove the contribution of businesses divested. Impact of FY26 Divestments FY25 Reconciliation (#039;m) FY25 Reported FY25 Restated²⁹ and AHFS²⁹ Segment Revenue EBITA Revenue EBITA Revenue EBITA Tran
Slide 49: Debt profile
FY26 Results 49 Debt profile Debt facilities #039;m Dec-24 Jun-25 Dec-25 Jun-26 Total limit 2,557.8 2,706.4 2,546.0 2,045.3 Drawn 1,082.8 1,081.4 921.0 1,015.3 Available 1,475.0 1,625.0 1,625.0 1,030.0 Cash 639.8 833.8 683.4 766.4 Total liquidity 2,114.8 2,458.8 2,308.4 1,796.4 Net debt³¹ 447.5 259.3 2
Slide 50: Cash flow
FY26 Results 50 Cash flow Change in cash (#039;m) FY26 FY25 Change Cash conversion (#039;m) FY26 FY25 Change Total operating cash flow 503.3 562.5 (10.5) % Operating cash flow 503.3 562.5 (10.5) % Net capex (137.3) (111.4) (23.2) % Add: Net interest paid 64.3 79.2 (18.8)% Add: Tax paid 74.2 45.5 63.1% Pay
Slide 51: Notes
Notes FY26 Results 51 1 The management target of >4.5% average EBITA margin across FY25 and FY26 was incorporated into Downer’s 16 LTIFR: Lost Time Injury Frequency Rate/million hours worked, TRIFR: Total Recordable Injury Frequency Rate/ long-term incentive plan and was not provided as guidance. mi
Slide 52: Important notice and disclaimer
FY26 Results 52 Important notice and disclaimer The information in this presentation has been prepared by Downer EDI The information contained in this presentation may include Unless otherwise specified all information is for the period ended Limited ABN 97 003 872 848 (Downer or the Company) and in
Slide 53: For more information visit downergroup.com
Downer EDI Limited (Downer) is a leading provider of integrated services across Australia and New Zealand, delivering and maintaining essential infrastructure that enables communities to thrive. The demand for our services is shaped by investment in the energy transition and data centres, defence ca