Lindsay Australia Limited · ASX:LAU
Lindsay Australia — Investor Presentation (February 2026)
31 slides from Lindsay Australia's investor presentation, Feb 23, 2026
Slide 1: HY26 Result Presentation – Lindsay Australia Limited
ASX: LAU 23 February 2026 ASX Announcement HY26 Result Presentation – Lindsay Australia Limited Attached is Lindsay Australia’s Results Presentation for the half year ended 31 December 2025. Authorised for release by: Release authorised by Lindsay Australia Limited Board of Directors For further inf
Slide 2: Investor Presentation HY2026
Investor Presentation HY2026
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: Strategy Update
STRATEGY UPDATE
Slide 5: 1H26 Strategic Scorecard
4 1H26 Strategic Scorecard Delivering on Strategy Grow Our Network Transformation Performance & Sustainability 1H Progress 1H Progress 1H Progress • Investment in safety resources, people & systems (Safety • Acquisition of SRT Logistics 1 July 2025 (TAS) • Continued to transition to High Productivit
Slide 6: Industry Outlook: Operating headwinds elevated, fundamentals strong
Notes 5 Industry Outlook 1 ASIC Insolvencies (2025) and Truck Industry Council (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 forecasts (November
Slide 7: SRT Acquisition: Delivering Earnings and Synergies
SRT Acquisition: Delivering Earnings and Synergies 6 Operational alignment, realised synergies and exposure to AgriVision 20502: Tasmania Growth in farm gate value of structural Tasmanian agricultural growth food and non-food agriculture ($’Bn) 12 • Acquisition completed 1 July 2025, with integratio
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 9: Key Highlights
8 Key Highlights1 Strategic Execution Driving Growth in a Competitive Market Operating Revenue2 Underlying3 EBITDA Underlying3 NPAT Half Year Dividend LTIFR4 $540.3m $66.4m $15.8m 2.1 cps 12.9 Up 24.8% Up 16.0% Up 0.1% Down 8.7% Down 30.5% (Fully Franked) Invested Capital5 ROIC6 Core Debt7 Net lever
Slide 10: Group Performance
9 Group Performance 1H26 underlying1 EBITDA Bridge ($’M) 80 • Geographic diversification and recent acquisitions supported underlying EBITDA of $66.4m, with strong seasonal volumes in WA and QLD benefiting both 70 9.6 1.0 0.6 Transport and Rural segments 66.4 (2.1) • Transport achieved organic and a
Slide 11: 1H2026 Key Highlights
10 1H2026 Key Highlights Group Revenues 850 Underlying EPS1 ($’M) 804 11.8 676 553 9.6 7.8 6.9 5.9 274 337 418 433 540 3.3 5.6 6.3 5.0 4.3 HY22 HY23 HY24 HY25 HY26 FY22 FY23 FY24 FY25 HY26PF Notes: 1 Refer to Appendix 1 for Full Year Half Year Full Year Half Year HY262Pro-forma (LTM) reconciliation
Slide 12: Capital Expenditure
11 Capital Expenditure KEY CAPITAL ITEMS FY2025 FY2026F CAPITAL EXPENDITURE ($’M) 22 $8.7m $12.3m 6 28 19 Prime Movers 20 17 10 26 27 30 29 24 $12.7m $13.5m Reefer Trailers FY22 FY23 FY24 FY25 FY26F Maintenance Growth SRL Assets GJ Assets $7.0m $1.1m • Capital redeployment, transformation initiative
Slide 13: Key Network Expansion
Scale, Modern Fleet, National Reach 12 Investing Through Cycles, Positioned for Growth National Coverage1 Lindsay Fleet1 vs Industry Average2 Invested Capital (Years) ($’M) +60 >600k SQM 1 16.0 Unique sites Site Coverage 12.5 12.0 HY22 203 11.5 9.50 Key Network Expansion 2023 Q1 - Hunter 8.50 11 New
Slide 14: Cash Flow
13 Cash Flow Operating Cash Conversion Free Cash Flow (FCF) Accelerated Tax ($’M) COVID Related Tax Incentives 70 140% 129% 63.7 124% 60 120% 105% 50 100% 90% 81% 76% 40 (20.0) 80% 69% 63% 30 (9.1) 60% 42% (9.6) 40% 31% 28% 20 (8.4) 20% 10 0% 0 HY21 HY22 HY23 HY24 HY25 HY26 2.3 (10) (6.6) (25.5) Op
Slide 15: Borrowings
Borrowings 14 Leverage Peaked Following Strategic Acquisitions; Discipline and Flexibility Maintained Group Borrowings1 ($’M) 300 • Funded $22.5m of equipment in 1H and drew $58.5m (30 June 2025) to Millions complete the SRT acquisition 250 63 • Net leverage of 2.23x is temporarily above the 1.0x–2.
Slide 16: Borrowings Waterfall
15 Borrowings Waterfall Group Borrowings Waterfall1 ($’M) 300,000 250,000 26,365 247,753 • The increase in Group borrowings from HY25 to HY26 primarily reflects 62,500 funding associated with recent acquisitions and related fleet investment 200,000 • Like-for-like core debt (excluding SRT borrowings
Slide 17: Dividends
16 Dividends Dividends per Share (cents) 6.0 70% • Declared interim 2.1 cps dividend (fully franked) 5.0 60% • Payout ratio of 59.2% above prior period payout ratio of 49.4% and 50% 4-year average of 38.6% for the half year 4.0 1.9 40% 3.0 2.0 1.5 • Dividend declared while maintaining disciplined ca
Slide 18: Outlook
17 Outlook • Medium to long-term fundamentals remain supportive, underpinned by population growth, expanding horticultural output and structurally higher freight demand • The Group has built a scalable, modernised national network through sustained investment in fleet, facilities and strategic acqui
Slide 19: Appendix
APPENDIX
Slide 20: Segment Performance
SEGMENT PERFORMANCE
Slide 21: Lindsay Transport
Lindsay Transport 20 Transport Revenue 350 331 30% ($’M) • Transport revenue increased to $330.6m (+30.4%), reflecting continued organic 300 25% 248 253 growth and the contribution from the SRT acquisition 250 20% 194 • Organic performance was supported by strong horticultural volumes, driving 200 1
Slide 22: Lindsay Transport
21 Lindsay Transport 80 Rail Revenue1 70 70 • Rail revenue (ex-fuel) grew 3.9%, following record yielding avocado volumes and 70 68 ($’M) recent wins from high value customers offsetting the exit of a large volume account 60 • Completion of the Perth facility upgrade (Q2 FY26) and the GJ Freight acq
Slide 23: Lindsay Rural
22 Lindsay Rural Rural Sales 100 ($’M) 7.5% 95 95 • Rural delivered double-digit growth, with revenue up 11.2% to $94.6m and 7.0% 90 86 85 underlying EBITDA up 17.7% 85 82 79 6.5% 80 • Growth was driven by expansion in Western Australia through GJ Freight, 75 6.0% strengthened market share in Wide B
Slide 24: WB Hunter
23 WB Hunter WB Hunter Retail Sales1 70 ($’M) 6.0% 59 60 5.0% • Hunter generated earnings growth, reflecting early outcomes from the three-year 51 turnaround program and modest improvement in regional Victorian market conditions. 50 4.0% 38 • Revenue increased 15.6% to $58.8m, driven by improved sal
Slide 25: Strategic Overview
2 oO = <x o - no OVERVIEW
Slide 26: Market Leading Service Provider
Market Leading Service Provider 25 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 27: Grow the Network
Grow the Network 26 Diversification, Scale, Balance and Network Resilience Transport revenue by Region $730m 1 • Ongoing diversification through a balanced mix of organic growth and inorganic 2025PF 30% 18% 21% 6% 6% 19% expansion $658m $553m • Investments and expansions into new regions, markets an
Slide 28: Transformation, Performance & Sustainability
27 Transformation, Performance & Sustainability To be the first choice in refrigerated transport throughout Australia Transformation Performance & Sustainability Driving efficiencies and scale to unlock growth Building a resilient, efficient and future-ready and shareholder value business • Continue
Slide 29: Key Financial Reconciliations
28 Key Financial Reconciliations Underlying results Key finance metrics 1H 2026 ($'000) EBITDA EBIT PBT NPAT Net Borrowings ($'000) 1H 2026 1H 2025 Statutory Result 63,736 28,946 18,889 12,937 Reported borrowings 119,142 33,379 Merger & Acqusition costs 1,008 1,008 1,008 1,008 Lease liabilities 253,
Slide 30: Group Reconciliations
29 Group Reconciliations (Pre to Post AASB16 transition) Pre-AASB16 (Underlying) Adjustments Post-AASB16 (Underlying) Half Year 2024 2025 2026 2024 2025 2026 2024 2025 2026 Revenue 417,925 432,830 472,162 417,925 432,830 472,162 EBITDA 52,087 47,266 54,476 8,435 9,990 11,916 60,522 57,256 66,392 Dep
Slide 31: Segment Reconciliations
30 Segment Reconciliations (Pre to Post AASB16 transition) Half Year Full Year Lindsay Transport 2024 2025 2026 2024 2025 EBITDA - Pre-AASB16 58,872 54,714 62,768 103,274 96,127 Depreciation right of use property/other 4,795 5,706 6,888 10,270 11,537 Finance costs right-of-use property/other 1,359 1
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