Austin Engineering Limited · ASX:ANG
Austin Engineering — Investor Presentation (February 2025)
28 slides from Austin Engineering's investor presentation, Feb 27, 2025
Slide 1: FY25 H1 Financial Results
February 2025 FY25 H1 Financial Results
Slide 2: Agenda
Agenda • Results Overview • About Austin • Financial Results FY25 H1 • Who we are • FY25 H1 Highlights • Our 40-Year Journey • Financial Results • Sector analysis • Global Strategy • Outlook and Guidance P2
Slide 3: Financial Results FY25 H1
Financial Results FY25 H1 Austin delivers further growth. APAC and USA shine. • Revenue up 18.5% to $170.2 million • Underlying EBITDA up 22% to $25.3 million • Underlying NPAT up 16.0% to $17.4 million • Net debt of $10.5 million • Order book up 22% to a multi-year high of $224 million • Interim fu
Slide 4: FY25 H1 Highlights
FY25 H1 Highlights Strong, annual revenue and margin growth Revenue Order Book $170.2m $224m 25.3 30 Up 18.5% from $143m in PCP Up 22% 25 20.8 EBITDA* Operating Cashflow** 20 $25.3m $(3.5m) 15 EBITDA Up 22% from $20.8m in PCP 11.6 12.2 $M 10 Net Debt NPAT* 6.3 $10.5m $17.4m 0.7 5 FY24 H1: net debt o
Slide 5: Our 40-year journey - business delivering globally
Our 40-year journey - business delivering globally Brisbane, Australia Perth, Australia Casper, USA La Negra, Chile Batam, Indonesia Global Operation Worldwide Mackay, Australia Batam and La Negra 1982 2004 2007 2009 2011 2017 2021 2022 2023 Facility expansion Austin is founded Acquired JEC Acquired
Slide 6: Who we are
Who we are Austin designs and manufactures customised dump truck bodies, buckets, water tanks, tyre handlers, and other ancillary products used in the mining industry. Austin’s products deliver high returns on investment to customers through performance enhancement compared with OEM products. Austin
Slide 7: We are where you are
We are where you are The major mining jurisdictions of the world are our home markets, currently covering circa 65% of the global truck tray market. P7
Slide 8: Financial Results
Financial Results David Bonomini, Chief Financial Officer P8
Slide 9: Analysis of Financial Results
Analysis of Financial Results Financial Performance 6 Months Ending 1H25# 1H24* VAR % Revenue $M 170.2 143.6 18.5% • Revenue growth of 18.5%, with strong revenue growth from North America +52%, South America benefiting from OEM order EBITDA $M 25.3 20.8 22% up +8% and APAC steady at +3%. EBITDA marg
Slide 10: Revenue up 18.5% - from North America and South America expansion
Revenue up 18.5% - from North America and South America expansion • Revenue up 18.5% driven by order book 180 170.2 growth across the Americas and enabled by 160 capacity expansions: 143.6 140 • North America up 52% continuing a multi-year trend. Repeat orders, new customers and local A$M REVENUE 12
Slide 11: EBITDA growth – underpinned by APAC region as other sectors expanded capacity
EBITDA growth – underpinned by APAC region as other sectors expanded capacity EBITDA Underlying EBITDA up 22% PCP driven by growth 30.0 in APAC & USA. 25.3 25.0 • APAC doubles profit & returns as cornerstone of Group profitability 20.8 • margin of 21%, over double pcp reflecting 20.0 completion of r
Slide 12: Operational cash outflow predominately due to an increase in APAC steel
Operational cash outflow predominately due to an increase in APAC steel and customer order intake deposits slipping into H2 Operational cash outflow Capex Cash outflow $3.5M $6.1M $9.7M 18.5 Cash balance decreased by $40M to $20M: • Operational cash outflow of $3.5M impacted by the build-up of APAC
Slide 13: Working capital increased by $24M – dominated by above average steel
Working capital increased by $24M – dominated by above average steel stocks and timing of advance payments $M Dec-24 Jun-24 Mvt %Change • Steel stocks up circa $21 million Finished goods 2.4 0.3 2.1 669% • Reflects AustBuy APAC steel bulk purchases 30.2 26.7 3.5 13% Work-in-progress 64.1 20.8 • I
Slide 14: Net Debt of $10.5 million driven by the build of APAC inventory to reverse in H2
Net Debt of $10.5 million driven by the build of APAC inventory to reverse in H2 HY25 FY24 • Net debt of $10.5 million due to the reduction in cash Total Assets $M 322.0 293.0 • Mainetec final payment, Dividend, Capex, Tax & Interest • Working capital outflow from increase in steel Total Shareholde
Slide 15: Order book - has been growing at 28% CAGR and should drive multi-year revenue
Order book - has been growing at 28% CAGR and should drive multi-year revenue high this FY Austin Order Book H12021-2025 224 • Order book continues to grow strongly up 22% pcp 200 CAGR 28% P.A. 184 187 • Investment in sales announced helping to drive performance 158 • USA particularly strong up 31%
Slide 16: FY25 H1 Underlying adjustments
FY25 H1 Underlying adjustments Reconciliation - Statutory to underlying for continuing operations Dec-24 Dec-23 $M $M Statutory EBITDA 18.5 20.6 Add Foreign Exchange (FX) loss 0.9 0.2 Add APAC redundancy 0.5 - Add HPT new product - Next Gen Version 0.7 - Add USA capacity expansion 0.9 - Add Chile ex
Slide 17: Sector Analysis
Sector Analysis David Singleton, Chief Executive Officer and Managing Director P17
Slide 18: Analysis of Financial Results: Asia-Pacific
Analysis Analysis ofofFinancial Financial Results Results Asia-Pacific Sector Analysis (H1 underlying) Revenue (continuing operations) $M FY2024* 77.1 FY2025* 80.0 EBITDA $M 7.7 16.7 EBITDA margin % 10.0% 21% APAC returns to being a major contributor to the Group • Strong financial performance follo
Slide 19: Analysis of Financial Results: North America
Analysis Analysis ofofFinancial Financial Results Results North America Sector Analysis (H1 underlying) Revenue (continuing operations) $M FY2024* 41.9 FY2025* 63.6 EBITDA $M 7.2 9.7 EBITDA margin % 17% 15% USA continued success with strong tailwinds. 10 9.7 • Record recent H1 revenue, up 52%, comin
Slide 20: Analysis of Financial Results: South America
Analysis Analysis ofofFinancial Financial Results Results South America Sector Analysis (H1 underlying) Revenue (continuing operations) $M FY2024* 24.6 FY2025* 26.6 EBITDA $M 6.6 0.0 EBITDA margin % 26.7% 0.0% Chile has commenced a major multi-year 7 growth program 6.6 6 • Multi-year program win has
Slide 21: Global Strategy
Global Strategy David Singleton, Chief Executive Officer and Managing Director P21
Slide 22: Strategy – Success of the strategy means that we are doubling down in all areas
Strategy – Success of the strategy means that we are doubling down in all areas • Investment in sales teams completed. • Marketing activity increased including Customer Focus more trade shows. • Customer support personnel expanded in Australia. 3 • Focus on delivering customised products to deliver
Slide 23: Focusing on customer needs is key - Accessible market for trays up to 7x current production
Focusing on customer needs is key - Accessible market for trays is estimated to be up to 7x current production levels ~20,500 Trucks ~3,500 Annual ~650 Current replacement production level This slide relates to Austin’s ‘Home Markets’ which are located around its main production centres. External da
Slide 24: Customers include many of the industry 'blue chips'
Customers include many of the industry ‘blue chips’ Customer map showing major orders over the last 12 months. P 24
Slide 25: Outlook & Guidance
austin Y Outlook & Guidance
Slide 26: FY25 objectives – Building on the momentum
FY25 objectives – Building on the momentum Maintain order book strength by developing new customers and products Drive manufacturing systems and capacity to deliver order book AustBuy contribution growth Develop leadership teams to deliver the business growth and complexity P26
Slide 27: FY25 Full Year Guidance reiterated
FY25 Full Year Guidance reiterated Continued strong growth with new market opportunities ahead • FY25 full revenue of circa ~$350m up ~12% from FY24 • Underlying FY25 EBIT of ~$50 million up ~30% from FY24 Outlook 27 P 27
Slide 28: austin
on + wd austin DESIGN MATTERS
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