Macmahon Holdings Limited · ASX:MAH
Macmahon — H1 FY2025 Earnings Presentation
26 slides from Macmahon's earnings presentation, Feb 18, 2025
Slide 1: Macmahon Half Year Results
@) = = MACMAHON PYZS HALF YEAR RESULTS 18 February 2025
Slide 2: 1H25 Financial Highlights
1H25 Financial Highlights Revenue Underlying EBITDA' Underlying EBIT(A)! $1.2bN 2 220% $181.3M 250. = $78.1M 1.47% FY25 Secured Revenue of $2.2 bn 15.4% EBITDA margin 6.6% EBIT(A) margin Underlying Operating Cash Flow? Free Cash Flow? Interim Dividend $163.4M 2.22% $49.0m O.55¢CDS 222.2 Cash Convers
Slide 3: Mining Highlights
Mining Highlights Highly experienced and specialised team providing the full suite of surface and underground mining development and production services Surface Mining Awarded $500m+ of new work in Indonesia - ~$80m! Poboya gold project - $463m! Awak Mas gold project awarded in January 2025 Signed a
Slide 4: Civil Infrastructure Highlights
Civil Infrastructure Highlights Over 40 years experience delivering integrated construction and engineering solutions venue Underlying EBITDA » Acquisition of Decmil (ASX: DCG) completed in August 2024 * Integration completed successfully with cost synergies largely realised $1 9 om $13m » Legacy pr
Slide 5: Corporate Highlights
Corporate Highlights Homeground » Management are focussed on the monetisation of the non-core Homeground asset, a 1,392 bed, fully serviced accommodation village - Assessing alternative usage options including the relocation of units to capitalise on project opportunities in different locations » Av
Slide 6: Our Mining Projects
Our Mining Projects PROJECT END (UNLESS EST. MINE COST CLIENT PROJECT COMMODITY SINCE EXTENDED) END DATE' CURVE we hp. me Tropicana, WA Gold 2012 Life of mine 2033 Q3 GREATLAND S&S Telfer, WA Gold 2016 Life of mine 2025 aa * | St Byerwen, QLD Met Coal 2017 June 2025 2069 a * AMMAN, Batu Hijau, Indon
Slide 7: Our Civil Infrastructure Projects
Our Civil Infrastructure Projects CONTRACT CONTRACT — % EXPECTED CLIENT PROJECT LOCATION SCOPE STRUCTURE SIZE COMPLETE COMPLETION Incentivised MAJOR ROAD V/feroitcis ison Road Extension vic Gesion & Target Cost, Cost $50m-$100m 0% Qa FY26 reoee Reimbursable Warradarge Wind Farm WA cesien& Lump sum!
Slide 8: 1H25 Revenue Diversification
1H25 Revenue Diversification Business revenue mix is diversified by service, commodity, region and client Service Offering Commodity Region Client = AngloGold Ashanti ™Q Coal mSurface ™ Underground ™Civil Infrastructure = Gold ™Met Coal mAustralia = Southeast Asia Talison mSaipem Clough JV = Copper/
Slide 9: Employees, Contractors, TRIFR and LTIFR
• • • • FY20 FY21 FY22 FY23 FY24 1H25 Employees Contractors TRIFR (Total Recordable Injury Frequency Rate) LTIFR (Lost Time Injury Frequency Rate) • • • • • • 9
Slide 10: Winning at Macmahon
Winning at Macmahon Investing in our people and creating a winning culture temen Culture Assessed at recruitment. A cross functional, Providing leaders with the company-wide program tools and confidence they Defined during to drive culture, mitigate need to succeed. onboarding psychosocial harm and
Slide 11: Leadership Training – Winning Way
Leadership Training – Winning Way Peak Downs Rehabilitation Works 2025 Apprentice Intake Macmahon Wellness Champions 11
Slide 12: Macmahon 1H25 Results
| | MACMAHON 1H25 Results
Slide 13: Group Financial Performance
Group Financial Performance Progressing towards another year of growth Revenue ($m) Underlying EBITDA ($m) 181 479 159 76 (176 1,065 162149 7 38 ee gig 966 a 129 1839 810 653 698 18.5% 17.2% 16.5% 15.4% 1H21 2H21 1H22 2H22 1H23, 2H23, 1H24 2H24 1H25, 1H21 1H22 2H22 1H23, 2H23 1H24 = 2H24 1H25, Under
Slide 14: Profit and Loss
Profit and Loss $ Millions 1H24 1H25 Change Revenue 966 1,179 422.0% Underlying EBITDA’ 176 181 43.0% EBITDA margin 18.2% 15.4% Underlying EBIT(A)' 68 78 414.7% EBIT(A) margin 7.1% 6.6% Net finance costs 13) a7) Underlying PBT(A)' 55 61 410.9% PBT(A) margin 5.7% 5.1% Tax (expense)/benefit (15) (4) U
Slide 15: May not add up due to rounding
• • • • • • • May not add up due to rounding 15
Slide 16: Balance Sheet
Balance Sheet Solid financial position $ Millions FY24 1H25 Cash 195 222 Receivables 428 523 Inventories 105 101 Property, plant and equipment 672 681 Intangible assets and goodwill 10 57 Other assets (incl. investment property & deferred tax) 41 149 Total assets 1,451 1,734 Payables 327 445 Borrowi
Slide 17: Strategy and Outlook
| | MACMAHON Strategy and Outlook
Slide 18: Strategic Journey Towards Lower Capital Intensity Services
Strategic Journey [Towards Lower Capital Intensity Services FY18' Revenue Mix 1H25 Revenue Mix $710m » $1.2bn FY18' Pipeline 1H25 Pipeline Our Strategic Target Revenue Mix $5.4bn ROACE TARGET >20% 1. Capital light strategy established in FY18 18 CQ MACMAHON _ 321December 2024 Half Year Results Surfa
Slide 19: Work in Hand & Tender Pipeline
Work in Hand & Tender Pipeline Order Book Run Off ($m)! * ~$2.2 billion! of FY25 revenue secured * $4.3bn Order Bookas at 31 December 2024 and excludes short term civil and underground churn work, which historically $24.8bn delivers $100 million - $150 million annual revenue * Order Book includes co
Slide 20: Capital Allocation to Balance Growth and Shareholder Returns
Capital Allocation to Balance Growth and Shareholder Returns Our Priorities Our Record Maintain resilient balance sheet, ensure appropriate liquidity and gearing Retain flexibility to fund organic growth and accretive acquisitions Increase cash return to shareholders (CQQMACMAHON Investment in Growt
Slide 21: FY25 Guidance & Priorities
FY25 Guidance & Priorities Achieved guidance for eight consecutive years and on track for FY25 FY25 PRIORITIES » No life changing events, reduction in TRIFR » Reducing net debt post the Decmil acquisition * Continuing to drive operational improvements * Progress capital light strategy with a focus o
Slide 22: CY MACMAHON 31 December
CY MACMAHON © 31December 2024 Half Year Results
Slide 23: Appendix
| | MACMAHON Appendix
Slide 24: Cash Flow
Cash Flow $ Millions 1H24 1H25 Underlying EBITDA' 176.0 181.3 Movement in receivables (6.9) (26.8) Movement in inventory (13.0) 3.3 Movement in payables and provisions (16.6) 9.6 Cash payments for SaaS customisation costs (1.0) (1.9) Other (1.3) (3.9) Net Interest and tax (paid) / received (11.8) (2
Slide 25: Reconciliation of Non-IFRS Financial Information
Reconciliation of Non-|FRS Financial Information $ Millions 1H24 1H25 Profit for the year (as reported) 36.5 30.0 Add back: + LTI share based payment expense! 10 46 * Corporate development costs and earn-out related to previous acquisitions! 1.2 8.3 + Customer contracts amortisation (A)! 0.0 23 * Sa
Slide 26: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer as to forward looking statements This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. These forward looking statements are based on, among other