Lindsay Australia Limited · ASX:LAU
Lindsay Australia — FY2025 Earnings Presentation
27 slides from Lindsay Australia's earnings presentation, Aug 25, 2025
Slide 1: FY25 Result Presentation – Lindsay Australia Limited
ASX: LAU 25 August 2025 ASX Announcement FY25 Result Presentation – Lindsay Australia Limited Attached is Lindsay Australia’s Results Presentation for the financial year ended 30 June 2025 Authorised for release by: Release authorised by Lindsay Australia Limited Board of Directors For further infor
Slide 2: Investor Presentation FY2025
Investor Presentation FY2025
Slide 3: Disclaimer
2 Disclaimer This presentation has been prepared by Lindsay Australia Limited (“LAU”). The In particular, no representation or warranty, express or implied, is given as to the information contained in this presentation is for information purposes only. The accuracy, completeness or correctness, like
Slide 4: Operating Environment
OPERATING ENVIRONEMNT
Slide 5: Market Leading Service Provider
Market Leading Service Provider 4 To be the first choice in refrigerated transport throughout Australia Refrigerated Transport1 Market Leading Network Diversified Value-Add Services1 Lindsay’s Core Services National Coverage & Touch points Packaging, Rural wholesaling & Retailing Total Refrigerated
Slide 6: Insolvencies Registrations Growth
Notes 5 Industry Outlook 1 ASIC Insolvencies (2025) and Prime Mover Registrations, ARTSA-I (2025) 2 ABS Population projections (mediums series) 2023 3 Centre for International Economics (CIE), Contribution of Australian horticulture industry (July 2023) 4 BIRTE, Australian aggregate freight forecast
Slide 7: Strategy Update
STRATEGY UPDATE
Slide 8: Grow the Network
Grow the Network 7 Diversification, Scale, Balance and Network Resilience Transport revenue by Region $730m 1 • Targeted expansion through acquisitions of SRT [1], Hunter & NER [2], and GJ Freight [3] FY25PF 29% 17% 25% 5% 6% 17% • Expanding Rural and Transport footprint into new regions, with deepe
Slide 9: Transformation, Performance & Sustainability
8 Transformation, Performance & Sustainability To be the first choice in refrigerated transport throughout Australia Transformation Performance & Sustainability Driving efficiencies and scale to unlock growth Building a resilient, efficient and future-ready and shareholder value business • Continued
Slide 10: Financial Highlights
AllDivisions or @ UNDSAy ur Buu Rat
Slide 11: Key Highlights
10 Key Highlights Lindsay Australia Navigates a Challenging FY25 with Resilience and Strategic Execution Operating Revenue Underlying1 EBITDA Underlying1 NPAT Net Debt2 LTIFR3 $849.8m $81.4m $22.3m $124.3m 16.9 Up 5.6% Down 11.7% Down 26.6% Up 16.3% Down 11.3% Net leverage ratio4 ROIC5 Underlying1 E
Slide 12: Group Performance
11 Group Performance FY25 underlying1 EBITDA Bridge ($’M) 100 • Delivered a resilient result despite softer trading in second 92.2 half 90 0.9 0.3 • Transport delivered organic growth, supported by new 81.4 (7.2) customer wins in protein and dairy across road and rail 80 (4.8) divisions 70 81.4 • Tr
Slide 13: FY2025 Key Highlights
12 FY2025 Key Highlights Group Revenues Underlying EPS1 ($’M) 850 804 12.1 676 9.7 553 435 7.1 6.2 3.2 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 Group underlying EBITDA1 ROIC 2 Notes: 1 Refer to Appendix 1 for ($’M) 90 92 24.8% reconciliation of underlying figures. 81 Und
Slide 14: Capital Expenditure
13 Capital Expenditure KEY CAPITAL ITEMS FY2025 FY2026F CAPITAL EXPENDITURE ($’M) 22 $8.7m $18.3m 6 25 28 19 Prime Movers 20 10 6 12 26 27 30 24 28 $12.7m $20.1m 14 Reefer Trailers FY21 FY22 FY23 FY24 FY25 FY26F Maintenance SRT (Maintenace) Growth SRL Assets GJ Assets $7.0m $3.0m Rail Assets1 • FY25
Slide 15: Key Network Expansion
Scale, Modern Fleet, National Reach 14 Investing Through Cycles, Positioned for Growth National Coverage1 Lindsay Fleet1 vs Industry Average2 Invested Capital >600k SQM 1 (Years) ($’M) +60 16.0 Unique sites Site Coverage 12.5 FY21 181 12.0 11.5 9.50 Key Network Expansion 2020 Q4 - Sydney 8.50 New Bu
Slide 16: Borrowings
Borrowings 15 Leverage Peaked Post Strategic Acquisitions, Discipline and Flexibility Underpinning Growth Outlook Group Borrowings1 ($’M) 250 30% Millions 25% 200 69 • Funded $38.7m for equipment to support FY25 capex plan, including $4.7m 20% as part of the GJ acquisition via the working capital fa
Slide 17: Cash Flow
16 Cash Flow Operating Cash Flow Free Cash Flow (FCF) ($’M) Accelerated ($’M) COVID Related Tax Incentives Tax 96.7 1.2 120 Millions 102.7 100% (9) 100 86.0 80% (12) 7.3 80 70.7 60% (15) 60 51.7 40% 39.6 40 20% 20.3 20 0% (48) 7.4 48.0 72.8 101.3 106.9 96.7 (13) - -20% FY21 FY22 FY23 FY24 FY25 Repor
Slide 18: Dividends
17 Dividends Dividends per Share 6.00 60% (cents) • Declared final 1.5 cps dividend bringing full to 3.8 cps (fully franked) 5.00 55% • Uplift in payout ratio1 from 50.4% to 54.1%, above the Group’s 4.00 1.90 five-year historical average of 50.5% 2.80 3.00 1.50 50% • Maintaining disciplined capital
Slide 19: SRT Acquisition: Delivering Value, Unlocking Synergies
SRT Acquisition: Delivering Value, Unlocking Synergies 18 Executing on Strategy & Delivering Commitments Revenue1 & EBIT2 Margins ($’M) • Acquisition completed in July 2025 with integration progressing smoothly; 135 135 140 14.0% Millions strong early support from customers, suppliers, and employees
Slide 20: Outlook
19 Outlook • While trading conditions are expected to remain challenging in the near term, the Group’s focus on service excellence and efficiency is strengthening customer preference and delivering market share gains despite competitive pricing and elevated cost pressures • Sector exits and industry
Slide 21: Appendix
APPENDIX
Slide 22: Segment Performance
SEGMENT PERFORMANCE
Slide 23: Lindsay Transport
Lindsay Transport 22 700 22.0% Transport Revenue • Transport revenue grew to $574.1m or 1.7%, excluding the impact of fuel levy 600 ($’M) 20.0% recoveries revenue rose 5.9% ($27.8 million), driven primarily by organic growth 500 18.0% • Organic growth was driven by the emergence of protein and dairy
Slide 24: Lindsay Transport – Rail and Road Revenue
23 Lindsay Transport • Rail revenue (ex-fuel) grew 2.8%, with recent wins from high value customers Rail Revenue1 130 offsetting the continued exit of a large account 127 ($’M) • 50 replacement containers added in FY25, taking the total container fleet to ~700 103 (including +110 SRT boxes) 78 Rail
Slide 25: Lindsay Rural
24 Lindsay Rural Rural Sales 170($’M) 166 7.0% 163 163 Thousands 160 6.5% • Revenue up 8.7% to $165.5m; underlying EBITDA up 10.3% despite challenging 152 150 market conditions 6.0% 138 140 • Packaging remains a key differentiator providing margin resilience across cycles 5.5% 130 • Integrated ‘frui
Slide 26: WB Hunter
25 WB Hunter WB Hunter Retail Sales ($’M) • Revenue $110.2m, up 26.1% due to additional month of trade and the NER acquisition and packaging contribution 3.0 110.2 of $10.3m 10.3 • Underlying EBITDA up 9.6% to $3.6m due to increased sales contribution while margins moderated (3.8% to 3.3%) 2.2 5.4 d
Slide 27: Reconciliations
26 Reconciliations Underlying results Key finance metrics 2025 ($'000) EBITDA EBIT PBT NPAT Net Borrowings ($'000) 2025 2024 Statutory Result 96,706 38,844 26,049 17,390 Reported borrowings 113,912 35,172 Depreciation right of use properties (16,500) - - - Lease liabilities 206,457 208,413 Finance c