Downer Edi Limited · ASX:DOW
Downer Edi — Investor Day (November 2025)
135 slides from Downer Edi's investor day presentation, Nov 27, 2025
Slide 1: 2025 Investor Day
2025 Investor Day 27 November 2025 2025 Investor Day 27 November 2025
Slide 2: Welcome
2025 Investor Day 2 Welcome Mel Buffier Group Head of Investor Relations
Slide 3: Acknowledgment of Country
2025 Investor Day 3 Acknowledgment of Country Downer acknowledges Aboriginal and Torres Strait Islander peoples as the First Australians and the traditional and continuing custodians across Australia. We acknowledge and pay respect to Aboriginal and Torres Strait Islander Elders past, present, and f
Slide 4: Downer Whakataukī
2025 Investor Day 4 Downer Whakataukī Tuituia ngātahi mātou ki te mana o te whānau, te manaaki, te kairangatira me te ngākau pono, tuituia. Hei korowai tikanga tuku iho mō tatou. O rite ki ngā rākau nui i tupu ai i te wao nui o Tāne ko te kauri i whakawhiwhi haumaru, ko te rimu i whakawhiwhi taonga,
Slide 5: Agenda
2025 Investor Day 5 Agenda Time Item Presenter 8:30am Welcome Mel Buffier Group Head of Investor Relations 8:35am Overview, strategy and priorities Peter Tompkins Managing Director & Chief Executive Officer 8:55am Unlocking our potential: strategic advantages and sector outlooks Energy & Utilities L
Slide 6: Enabling communities to thrive
2025 Investor Day 6 Enabling communities to thrive Play video >> We are a leading provider of integrated services across Australia and New Zealand, delivering and maintaining essential infrastructure that enables communities to thrive Significant size, scale and breadth of capability 500+ 26,000 Ope
Slide 7: Overview, strategy and priorities
2025 Investor Day 7 Overview, strategy and priorities Peter Tompkins Managing Director & Chief Executive Officer
Slide 8: Our leaders
Overview, strategy and priorities 2025 Investor Day 8 Our leaders Peter Tompkins Malcolm Ashcroft Jan O’Neill Ashley Mason Robert Regan Managing Director & Chief Financial Officer Chief People Officer Chief Risk Officer Group General Counsel Chief Executive Officer Company Secretary Luke Sullivan Ja
Slide 9: The Downer Advantage
Overview, strategy and priorities 2025 Investor Day 9 The Downer Advantage Diversified exposure to growth sectors building long-term value Sustainable Energy Defence Population ANZ local industry growth transition spending growth revitalisation opportunities Sovereign prime contractor, Robust risk M
Slide 10: Our strategy
Overview, strategy and priorities 2025 Investor Day 10 Our strategy Purpose Enabling communities to thrive Ambition Be the leading infrastructure services provider across Australia and New Zealand Culture We own the outcomes We do it for our customers We stand for each other Strategic focus Where to
Slide 11: Purpose, pillars & culture
Overview, strategy and priorities 2025 Investor Day 11 Purpose, pillars & culture OUR PURPOSE OUR PILLARS OUR CULTURE
Slide 12: Safety
Overview, strategy and priorities 2025 Investor Day 12 Safety Our Health and Safety Strategic Plan FY25-27 builds on our strong Zero Harm culture and commitment to continuous improvement, aligning safety with high performance 2.04 Total Recordable Injury 0.83 Lost Time Injury Frequency Rate (TRIFR)
Slide 13: ESG focus areas and performance
Overview, strategy and priorities 2025 Investor Day 13 ESG focus areas and performance Climate change People Sustainable Governance & and resilience procurement ethics $55m spent with Aboriginal and 302, 151 tCO2e Launched our people strategy Torres Strait Islander businesses Continued to enhance li
Slide 14: Our goals and targets from 2023
Overview, strategy and priorities 2025 Investor Day 14 Our goals and targets from 2023 Targeting Reset operating Operational model and cost Portfolio excellence >4.5% base – targeting simplification and risk EBITA margin >$100m cost out management
Slide 15: Delivering improvements since FY23
Overview, strategy and priorities 2025 Investor Day 15 EBITA margin1,2 Delivering improvements since FY23 4.4% 7.3% EBITDA margin Exceeded management target3 minimum threshold of 4.2% Performance driven by higher quality order book, cost out, portfolio simplification and improved delivery Statutory
Slide 16: Portfolio simplification has reshaped Downer
Overview, strategy and priorities 2025 Investor Day 16 Portfolio simplification has reshaped Downer Capital intensive, cyclical and Capital-light, balanced, disciplined risk exposed to market volatility management, sustainable improvement focus Transition to a Trans-Tasman leadership Rationalisation
Slide 17: High quality balanced portfolio across sectors
Overview, strategy and priorities 2025 Investor Day 17 High quality ▲ Defence Facilities balanced portfolio 8% 8% Energy & across sectors, ● Govt / ● Road Utilities 17% FY25 geographies and H&E 13% Services 28% NZ revenue Facilities contract types 21% $3.0bn7,8 ▲ Water FY25 Transport 7% Group revenu
Slide 18: Portfolio aligned to tailwinds and asset lifecycles
Overview, strategy and priorities 2025 Investor Day 18 Portfolio aligned to tailwinds and asset lifecycles Specialist capabilities and vertically integrated model to deliver integrated whole-of-lifecycle solutions 11 Supply Construction Services and asset management Networks / Road Hard FM / Manufac
Slide 19: Operational risks
Overview, strategy and priorities 2025 Investor Day 19 Enhanced enterprise Board Enterprise risks risk management Directors Audit & Risk Committee Project Governance Committee and governance Risk framework, oversight Clear accountability to support disciplined decision Group making and improve opera
Slide 20: Our approach to selective tendering and winning work
Overview, strategy and priorities 2025 Investor Day 20 Our approach to selective tendering and winning work Pipeline Tendering governance Insights • Portfolio simplification benefits: • Risk Appetite Score (RAS) • Target Book to Burn >1 and WIH, • Market attractiveness determines governance level no
Slide 21: Balanced portfolio with disciplined risk-return management
Overview, strategy and priorities 2025 Investor Day 21 Balanced portfolio with disciplined risk-return management Contract commercial models9 5% 6% 60% 19% 10% Cost-plus Alliance / Multi-year O&M Schedule Lump sum target cost with adjustment of rates mechanism Indicative risk exposure ▪ Order book r
Slide 22: Managing cost escalation
Overview, strategy and priorities 2025 Investor Day 22 Managing cost escalation Cost escalation effectively managed through embedded mechanisms 1% 12 Contract escalation 7% Services ~90% of WIH12 ▪ Predominantly long-term contracts structured to pass 2% through inflationary pressures Services ▪ 99%
Slide 23: Investing in our critical capabilities
Overview, strategy and priorities 2025 Investor Day 23 Investing in our critical capabilities Our drivers of underperformance highlighted key areas for improvement People Delivery Financial Technology management management management and data • Leadership program • Project and Contract • Contract •
Slide 24: Investment in delivery excellence
Overview, strategy and priorities 2025 Investor Day 24 Investment in delivery excellence Strengthening workforce capability to enhance current and future market competitiveness Core contracting Project Modernise Back to basics controls technology disciplines Frontline Capability learning & Right peo
Slide 25: Where we are today: improving shareholder return
Overview, strategy and priorities 2025 Investor Day 25 Where we are today: improving shareholder return TSR outperformance13 Share buy-back14 Dividend and franking uplift signalling confidence + 141% ~$ 230m + 92% TSR outperformance DOW v ASX200 index up to ~5% of issued capital on FY23 total divide
Slide 26: Where to next: sustainable growth
Overview, strategy and priorities 2025 Investor Day 26 Where to next: sustainable growth Responsibly growing our top line to GDP+ growth Cyclical recovery ▪ AU Roads Water ▪ NZ economy Defence spend Energy transition Population growth 92% of WIH cost indexation12
Slide 27: Where to next: ambition beyond 4.5%
Overview, strategy and priorities 2025 Investor Day 27 Where to next: ambition beyond 4.5% The areas of opportunity for the next phase of improvement Towards 6% EBITA margin Cost in FY3017 leadership Contract margin uplift Business mix Risk guardrails 4.4% EBITA margin in FY25
Slide 28: Management ambition – balanced scorecard
Overview, strategy and priorities 2025 Investor Day 28 Management ambition – balanced scorecard FY28 FY30 9% 4%-5% Towards 6% >90% underlying EPS CAGR18 revenue CAGR19 EBITA margin17 average from FY25 from FY26 cash conversion reflecting the top end of LTI scorecard Management ambition - balanced sc
Slide 29: Unlocking our potential: strategic advantages and sector outlooks
2025 Investor Day 29 Unlocking our potential: strategic advantages and sector outlooks
Slide 30: Energy & Utilities
2025 Investor Day 30 Energy & Utilities Luke Sullivan Chief Operating Officer
Slide 31: Energy & Utilities
2025 Investor Day 31 Energy & Utilities Play video >>
Slide 32: Energy & Utilities
2025 2025 Investor Investor Day Day 32 32 Energy & Utilities Power & Gas, Water, Energy & Industrial, Telecommunications Turnaround momentum with sector growth in Power and Water Revenue22,24 Work-in-hand22,24 Building and maintaining essential service assets $3.0bn 7.7% on pcp $5.1bn 6.3% on Dec-24
Slide 33: Market position
Energy & Utilities 2025 2025 Investor Investor Day Day 33 33 Market position Leading provider of essential services, with capabilities oriented to high-growth macro trends What we do Attractive markets Market position ▪ Maintain today’s Energy and Utility Market leading in Water assets Margin Market
Slide 34: Look back: EBITA improvement FY23-FY25
Energy & Utilities 2025 2025 Investor Investor Day Day 34 34 Look back: EBITA improvement FY23-FY25 Key improvement initiatives Outcomes Recalibrated tender Balanced risk portfolio disciplines Enhanced project delivery Margin improvement capability Embedded delivery Margin improvement governance Exi
Slide 35: How we win
Energy & Utilities 2025 2025 Investor Investor Day Day 35 35 How we win Our unparalleled market presence enables our local team to deliver ▪ Australia- and New Zealand-wide coverage with a depot network that delivers exceptional proximity to electricity, water, gas, and 1,300+ telecommunication netw
Slide 36: Market drivers
Energy & Utilities 2025 2025 Investor Investor Day Day 36 36 Market drivers Growth driven by macro trends in population growth and energy transition, underpinned by stable, recurring investment in essential services Outsourced energy & utilities Demand drivers infrastructure forecast (Aust.) ▪ Non-d
Slide 37: Where we play – Power
Energy & Utilities 2025 2025 Investor Investor Day Day 37 37 Where we play – Power Customers End-use customers and State and private asset owners Operators and asset owners asset owners Manufacturing Maintenance Maintenance Delivery Engineering Engineering Engineering Maintenance Construction (brown
Slide 38: Market outlook – Power
Energy & Utilities 2025 2025 Investor Investor Day Day 38 38 Market outlook – Power Significant momentum to address climate change driving major transmission and associated infrastructure investment in Australia Australia new transmission line Sector outlook forecast to 2050 ▪ Transmission and new a
Slide 39: Where we play – Water
Energy & Utilities 2025 2025 Investor Investor Day Day 39 39 Where we play – Water Water Treatment Community Wastewater TreatmentClean Water Evaporation Wastewater treatment Water treatment plant plant Bio Agriculture solids Water network Wastewater network Customers Government authorities and Counc
Slide 40: Market outlook – Water
Energy & Utilities 2025 2025 Investor Investor Day Day 40 40 Market outlook – Water Significant forecast growth in Water driven by population trends, policy and ageing assets Outsourced water maintenance and infrastructure forecast Sector outlook (Aust. & NZ) ~275 litres ▪ Population shifts and incr
Slide 41: Market outlook
Energy & Utilities 2025 2025 Investor Investor Day Day 41 41 Market outlook Strong network maintenance and infrastructure build pipeline across Australia and New Zealand Key opportunities34 Sector outlook ▪ Unprecedented volume of bidding under various Transmission infrastructure (2026-2030) New wor
Slide 42: Look forward: drivers of growth FY26-FY30
Energy & Utilities 2025 2025 Investor Investor Day Day 42 42 Look forward: Management ambition FY30 drivers of growth FY26-FY30 8%–9% Towards 7% revenue CAGR19 EBITA margin17 from FY26 Strategic levers FY26 FY27-FY28 FY29+ Secure and deliver AEMO Top line growth ‘actionable’ projects Grow revenue fr
Slide 43: Energy & Utilities Q&A
2025 Investor Day 43 Energy & Utilities Q&A
Slide 44: Facilities – Social Infrastructure & Citizen Services
2025 Investor Day 44 Facilities – Social Infrastructure & Citizen Services Jacob Bonisch Chief Operating Officer
Slide 45: Facilities
2025 Investor Day 45 Facilities Play video >>
Slide 46: Facilities
2025 Investor Day 46 Facilities Defence, Health, Education, and Government Revenue22,24 Work-in-hand22,24 Alignment to long-term government customers – $2.2bn 5 0.1% $12.9bn50.6% essential services on pcp on Dec-24 Sovereign provider to Australian and $’m New Zealand Defence sector FY23 2,209.3 Jun-
Slide 47: Low risk and stable returns
Facilities 2025 Investor Day 47 Market position Long-term contracts delivering essential services to a high quality customer base What we do Attractive markets Market position ▪ Facilities management and frontline Market leadership services Stable position ▪ Technical advisory, asset management, mar
Slide 48: Where we play
Facilities 2025 Investor Day 48 Where we play Asset Asset Major project and Hard facility Soft facility Advisory management refurbishment and program management services and engineering minor projects management Advice on Optimise Planned and Cleaning, Minor project work Project procurement customer
Slide 49: Deep dive on enhanced asset management
Facilities 2025 Investor Day 49 Deep dive on enhanced asset management Custodian of essential assets under 21 Public Private Partnership (PPP) models ▪ Assets across health, education, convention centres and Defence facilities ▪ Responsible for all asset maintenance and asset replacement requirement
Slide 50: How we win – specialist capabilities
Facilities 2025 Investor Day 50 How we win – specialist capabilities Technical competencies highly valued by our customers: ▪ Workforce of 8,000 highly technically qualified personnel specifically sought by our customers for critical services and asset management Highly secure and cyber protected: ▪
Slide 51: Look back: EBITA improvement FY23-FY25
Facilities 2025 Investor Day 51 Look back: EBITA improvement FY23-FY25 Key improvement initiatives Outcomes Bidding disciplines – Margin improvement risk and margin guardrails Balanced risk portfolio Exit low margin commodity Margin improvement services contracts Portfolio simplification Project spe
Slide 52: Deep dive on social housing
Facilities 2025 Investor Day 52 Deep dive on social housing Largest social housing maintenance service provider, overseeing ~100,000 properties in NSW, SA, WA, NZ ▪ Stable, government-backed market for long-term growth – $11.3bn annual State and Federal government investment in social housing to exp
Slide 53: Market drivers
Facilities 2025 Investor Day 53 Market drivers Growth supported by long-term population trends, Defence spending and a steady demand for essential facilities services Social housing ▪ Strong tenancy wait lists drive demand ~200,000 ▪ Population demographic shifts Public housing stock Social housing
Slide 54: Market outlook
Facilities 2025 Investor Day 54 Market outlook Enabling sustainable growth through essential services aligned to sector tailwinds Key opportunities34 Sector outlook Private portfolio outsourcing New work ~$1.5bn ▪ Australian Defence spending growth towards 2.3% of GDP by 2033 New social housing ▪ De
Slide 55: Look forward: drivers of growth FY26-FY30
Facilities 2025 Investor Day 55 Look forward: Management ambition FY30 drivers of growth FY26-FY30 4%–5% Towards 6.5% revenue CAGR19 EBITA margin17 from FY26 Strategic levers FY26 FY27-FY28 FY29+ Investment in work management systems Cost reduction Procurement of high volume Cost reduction services
Slide 56: Facilities Q&A
2025 Investor Day 56 Facilities Q&A
Slide 57: Transport
2025 Investor Day 57 Transport
Slide 58: Transport
2025 Investor Day 58 Transport Road Services, Projects, Rail & Transit Systems Supported by strong medium-term sector fundamentals Revenue24,29 Work-in-hand24,29 Road Services, Projects $5.4bn $17.1bn Rail & Transit AUS & NZ Systems 0.1% on pcp 5.0% on Dec-24 $m FY23 Jun-24 Stable, government-backed
Slide 59: Management ambition – Transport
Transport 2025 Investor Day 59 Management ambition – Transport FY30 3%-4% Towards 6.5% revenue CAGR19 EBITA margin17 from FY26
Slide 60: Road Services, Projects
2025 Investor Day 60 Road Services, Projects Play video >>
Slide 61: Road Services, Projects
2025 Investor Day 61 Road Services, Projects Peter Tompkins Managing Director & Chief Executive Officer Murray Robertson Managing Director, New Zealand
Slide 62: Medium-term recovery potential
Road Services, Projects 2025 Investor Day 62 Market position Integrated transport network and infrastructure delivery services What we do Attractive markets Market position ▪ Construct, maintain and operate Strategic Defendable transport and infrastructure assets Stable Market investment markets and
Slide 63: Look back: EBITA improvement FY23-FY25
Road Services, Projects 2025 Investor Day 63 Look back: EBITA improvement FY23-FY25 Key improvement initiatives Outcome Trans-Tasman Cost reduction operating model Risk guardrail application Balanced portfolio Delivery performance Margin improvement improvement Portfolio simplification Market leader
Slide 64: Strategic advantage & sustainable growth
Road Services, Projects 2025 Investor Day 64 Strategic advantage Integrated value chain & sustainable growth Pavement end-of-life Raw material sourcing & distribution / pre-renewal Buy s ers > ▪ Bitumen importation ▪ Harvesting for recycled ne r w In ▪ Bitumen transportation and material production
Slide 65: Strategic advantage & sustainable growth
Road Services, Projects 2025 Investor Day 65 Strategic advantage & sustainable growth Strategically positioned assets aligned Darwin to growth nodes Strategic investment in fixed asset base with broad coverage: Well positioned asphalt plants and Mackay blending facilities enable efficient supply to
Slide 66: Market drivers of growth
Road Services, Projects 2025 Investor Day 66 Market drivers of growth Strategic response to infrastructure demand driving sustainable growth trajectory Outsourced road maintenance forecast Demand drivers (Aust.) 4 CAGR 2% ▪ Population growth and asset deterioration driving long-term road infrastruct
Slide 67: Market outlook
Road Services, Projects 2025 Investor Day 67 Market outlook Key opportunities34 Sector outlook Maintenance ▪ Opportunity in long-term maintenance contracts to market Renewal & new ~$5.1bn contracts providing stable, annuity-style (FY26-FY29) revenue Reported maintenance ▪ Investment expected to shif
Slide 68: Asphalt volumes outlook
Road Services, Projects 2025 Investor Day 68 Asphalt volumes outlook Positioned for recovery. Funding shift to maintenance renewals signals increased demand for asphalt volume Outsourced road infrastructure Historical demand pattern 2020-2025 (Aust.) ▪ 2020–2021: Steady growth driven by infrastructu
Slide 69: Asphalt volume recovery scenario
Road Services, Projects 2025 Investor Day 69 Asphalt volume recovery scenario Road Services potential upside from positive operating leverage FY25 was ~15% down on Increased volume + operating leverage FY23 national volumes = 15% increase in volume Top line growth back to FY23 levels only + = Profit
Slide 70: Road Services & Projects - New Zealand
Road Services, Projects 2025 Investor Day 70 Road Services & Projects - New Zealand
Slide 71: Strategic advantage & sustainable growth
Road Services, Projects 2025 Investor Day 71 Strategic advantage & sustainable growth Integrated value chain Pavement end-of- life Raw material / pre-renewal sourcing & distribution Buy • Bitumen importation, ers > • Harvesting for recycled rs ne transportation and logistics w In material production
Slide 72: Strategic advantage & sustainable growth
Road Services, Projects 2025 Investor Day 72 Strategic advantage & sustainable growth Whangārei Auckland ▪ Tier one influence: Strong delivery across Mt Maunganui Hamilton contract models and a significant urban and Tauranga regional footprint, supported by deep Gisborne Rotorua connections with loc
Slide 73: Market drivers of growth
Road Services, Projects 2025 Investor Day 73 Market drivers of growth Outsourced infrastructure investment forecast Demand drivers (NZ) CAGR 4% ▪ Multi-year government initiatives underpinning 20 sustained infrastructure investment ▪ Economic growth and stimulus targeted at 15 connectivity and relia
Slide 74: Market outlook
Road Services, Projects 2025 Investor Day 74 Market outlook Key opportunities34 Sector outlook NZ Transport Agency IDM ▪ Dependable, long-term infrastructure maintenance contract program (2025-2035) Renewal & new ~$6bn pipeline with bipartisan support ▪ Collaboration between public agencies, NZ Road
Slide 75: Risk-balanced approach, New Zealand Projects
Road Services, Projects 2025 Investor Day 75 Risk-balanced approach, New Zealand Projects Projects advantage Risk guardrails ▪ Highly selective engagement underpinned by strong commercial strategy. ▪ Significant addressable market Decision-making based on risk limits and the 5Cs: with growth potenti
Slide 76: Look forward: drivers of growth FY26-FY30
Road Services, Projects 2025 Investor Day 76 Look forward: drivers of growth FY26-FY30 Strategic levers FY26 FY27-FY28 FY29+ Top line Cyclical recovery of AU agency spend growth Embed continuous improvement, delivery Margin excellence and cost-to-serve disciplines improvement Retaining key contracts
Slide 77: Rail & Transit Systems
2025 Investor Day 77 Rail & Transit Systems Stephen Kakavas Chief Operating Officer
Slide 78: Rail & Transit Systems
2025 Investor Day 78 Rail & Transit Systems Play video >>
Slide 79: Margin growth potential
Rail & Transit Systems 2025 Investor Day 79 Market position 155+ years delivering integrated transport solutions What we do Attractive markets Market position ▪ Rollingstock design, manufacture and refurbishment Scale Sovereign Margin Co-leader in ▪ Integrated rail project delivery advantage provide
Slide 80: Where we play
Rail & Transit Systems 2025 Investor Day 80 Where we play Attractive underlying opportunities and value drivers align with integrated value chain Design Manufacturing and supply Cyclical overhaul and refurbishment Through-life support Customers Government and private sector (logistics / mining) oper
Slide 81: Look back: EBITA improvement FY23-FY25
Rail & Transit Systems 2025 Investor Day 81 Look back: EBITA improvement FY23-FY25 Key improvement initiatives Outcome Divestment of non-core Margin improvement operations Key tender positioning for Top line growth sustainable growth Footprint rationalisation Cost reduction Delivery performance Cost
Slide 82: Queensland Train Manufacturing Program (QTMP)
Rail & Transit Systems 2025 Investor Day 82 Queensland Train Manufacturing Program (QTMP) ▪ ~$4.6bn project ▪ Largest investment in new rollingstock in QLD Setting a new benchmark in history Australian manufacturing, ▪ Design and construction progressing positioning us at the ▪ First prototype train
Slide 83: Market drivers
Rail & Transit Systems 2025 Investor Day 83 Market drivers Market set for growth opportunities Macro tail winds of urbanisation and decarbonisation, plus asset renewals drive growth outlook Rollingstock equipment manufacturing and repair forecast (Aust.) Demand drivers 5 ▪ Augmentation opportunities
Slide 84: Rail – Australian market outlook
Rail & Transit Systems 2025 Investor Day 84 Rail – Australian market outlook Strong pipeline across key value streams Key opportunities34 Sector outlook Passenger new build, NSW, QLD and SA New work ~$4bn ▪ Steady demand for rollingstock renewal and (2026-2035) lifecycle extensions Operations and ▪
Slide 85: Freight
Rail & Transit Systems 2025 Investor Day 85 Freight Leveraging our deep technical rail systems skill set Segment outlook ▪ Repeatable model leveraging manufacturing skills and technical rail systems capabilities ▪ Opportunity to leverage existing CRRC relationship that has successfully delivered pas
Slide 86: Battery electric locomotives
Rail & Transit Systems 2025 Investor Day 86 Battery electric locomotives With more than 2,500 diesel electric locomotives in Australia, ~100 will need to be changed year-on-year to meet 2050 net zero targets Rail emissions by State & Territory Segment outlook 4 ▪ Market re-entry: returned to freight
Slide 87: How we win
Rail & Transit Systems 2025 Investor Day 87 How we win A disciplined, repeatable Opportunities across the rollingstock design, manufacturing operations and maintenance An integrated transport platform built on strong delivery model that drives reliable earnings life cycle foundations supporting scal
Slide 88: Look forward: drivers of growth FY26-FY30
Rail & Transit Systems 2025 Investor Day 88 Look forward: drivers of growth FY26-FY30 Strategic levers FY26 FY27-FY28 FY29+ Major projects (MR5, Future Fleet) Top line growth Scaling emerging businesses Top line growth Margin Delivery excellence – (QTMP/TLS) improvement Margin Footprint rationalisat
Slide 89: Transport Q&A
2025 Investor Day 89 Transport Q&A
Slide 90: Macro tailwinds in focus: The Downer Advantage in action
2025 Investor Day 90 Macro tailwinds in focus: The Downer Advantage in action Energy Defence Population Local industry transition spending growth revitalisation
Slide 91: Case study Energy transition
2025 Investor Day 91 Case study Energy transition Luke Sullivan Chief Operating Officer Energy & Utilities
Slide 92: The shift to renewables and low-carbon energy sources
Case study: XXXXXX Energy transition 2025 Investor Day 92 The shift to renewables and low-carbon energy sources ▪ The energy transition includes all parts of the power Downer is well placed to support the capex value chain (across generation, storage, distribution, investment within renewable energy
Slide 93: The market is changing because of the energy transition
Case study: Energy transition 2025 Investor Day 93 The market is changing because of the energy transition Significant shifts in energy market demand are happening now 4x 6,500km+ 2x 30x Wind and solar generation New transmission network Electricity usage by 2050 Energy storage by 2050 by 2050 requi
Slide 94: Australia is embarking on its largest transmission infrastructure build-out
Case study: Energy transition 2025 Investor Day 94 Energy Case Study 1 Australia is embarking on its largest transition transmission infrastructure build-out Power Projects is one of the leading substations, BESS and lines businesses in Australia Key strengths and differentiators ▪ One of the larges
Slide 95: Transmission and substation projects
Case study: Energy transition 2025 Investor Day 95 Transmission and substation projects Wambo Substation Stage 2 Whyalla Jobs Plan (Powerlink) (ElectraNet) Design and construction of a Design and construction of substation extension that will facilitate substation that will facilitate stage 2 of win
Slide 96: Supporting Australia’s transition to renewables
Case study: Energy transition 2025 Investor Day 96 Energy Supporting Australia’s transition transition to renewables Energy Resources New Energy generation Strong opportunity for Energy & New Energy business focuses on the use of Industrial business to partner with long- renewable energy assets stan
Slide 97: Renewables and decarbonisation projects
Case study: Energy transition 2025 Investor Day 97 Renewables and Wivenhoe Power Station decarbonisation projects (CleanCo) Delivered major and minor shutdown works at Wivenhoe Power Station, Queensland’s largest pumped storage hydroelectric power plant, since 1996 Zero Emissions Buses (ZEB) chargin
Slide 98: Projected growth in energy transition focused lines of business
Case study: Energy transition 2025 Investor Day 98 Projected growth in energy transition focused lines of business Contributing to Group ~9% FY25 Group revenue ~14% FY30 Group revenue Revenue & EBITA margin ambition ~33% E&U revenue7,8 ~41% E&U revenue35 Power Projects is expected to become a core d
Slide 99: Case study Defence spending
2025 Investor Day 99 Case study Defence spending Jacob Bonisch Chief Operating Officer Social Infrastructure & Citizen Services
Slide 100: Defence spend anticipated towards 2.3% of GDP in 2033
Case study: Defence spending 2025 Investor Day 100 Defence spend anticipated towards 2.3% of GDP in 2033 Strategy Build Maintain Retire ▪ Professional services: ▪ Design, management ▪ Technical services to ▪ Disposal of strategic advice, and master planning upkeep, maintain and decommissioned cyber
Slide 101: 80+ years supporting Defence
Case study: Defence spending 2025 Investor Day 101 80+ years supporting Defence 1941 2026
Slide 102: Our evolving Defence business
Case study: Defence spending 2025 Investor Day 102 Our evolving Defence business 2014 2018 2022 2026 Estate maintenance & operations 2025 Downer wins $3bn over initial 6yrs PAS contract ▪ EMOS contract held for hard and soft facility management (QLD, ACT expanding footprint to all QLD & NSW and NSW
Slide 103: New spend market growth platforms
Case study: Defence spending 2025 Investor Day 103 New spend market growth platforms Program Program spend Subset of opportunities for Downer to participate ▪ Advisory work through CASG consulting panel $16bn-$21bn ▪ Infrastructure upgrades for the Australian Weapons Manufacturing Air and missile de
Slide 104: Riverina redevelopment program
Case study: Defence spending 2025 Investor Day 104 Riverina redevelopment program Projects strategic perspective ▪ Opportunity identified and selected 2+ years in advance of award. Best JV partner picked early ▪ Deliberately targeted a ‘home match’ with revenue natural growth ▪ Managing Contractor m
Slide 105: Defence base services – QLD, NSW & ACT
Case study: Defence spending 2025 Investor Day 105 Defence base services – QLD, NSW & ACT Property & Asset Services 5 out of 10 main air bases contractor ▪ Largest sovereign Defence provider covering ~50% of Defence estate assets 2 out of 4 main naval port facilities ▪ Only diversified partner deliv
Slide 106: Maritime Integrated Warfare Systems (MIWS) advisory work
Case study: Defence spending 2025 Investor Day 106 Maritime Integrated Warfare Systems (MIWS) advisory work This work demonstrates how Supporting critical maritime capability Downer supports Defence on outcomes a day-to-day basis to deliver key capability programs for ▪ 180+ highly-skilled professio
Slide 107: Panel Population growth
2025 Investor Day 107 Panel Population growth Moderator: Panellists: Mel Buffier Neal Firth Paul Mahoney Murray Robertson Group Head of Executive General Executive General Managing Director, Investor Relations Manager, Water Manager Government New Zealand & IFM
Slide 108: Case study Local industry revitalisation
2025 Investor Day 108 Case study Local industry revitalisation Kamal Habibullah Executive General Manager, Passenger Projects Kerry Armstrong Deputy Project Director, Commercial Director
Slide 109: State of the art purpose built manufacturing facility in Torbanlea
Case study: Local industry 2025 Investor Day 109 revitalisation State of the art purpose built manufacturing facility in Torbanlea Advanced, lean manufacturing facility ▪ Highly integrated, complex delivery ▪ Tier-1 partnership for high-performance outcomes
Slide 110: State of the art maintenance and stabling facility in Ormeau
Case study: Local industry 2025 Investor Day 110 revitalisation State of the art maintenance and stabling facility in Ormeau ▪ Maintenance and stabling of the 65 new six-car QTMP trains, operating 24/7 to keep the fleet running reliably ▪ Stabling capacity for up to 20 trains at once enabling full-
Slide 111: Building integrated rail capability
Case study: Local industry 2025 Investor Day 111 revitalisation Building integrated rail capability
Slide 112: $1bn planned local spend on the Fraser Coast
Case study: Local industry 2025 Investor Day 112 revitalisation $1bn planned local spend on the Fraser Coast Passenger window glazing Pantograph Fraser Coast, QLD, Australia Brisbane, QLD, Australia Mock up Gangway Fraser Coast, QLD, Australia China Climate control system Passenger light Brisbane, Q
Slide 113: Keys to delivering operational excellence
Case study: Local industry 2025 Investor Day 113 revitalisation Keys to delivering operational excellence Risk Attracting and Leadership Schedule and Stakeholder minimisation maintaining resource management talent integration ▪ Culture of accountability and operational excellence: QTMP is built on a
Slide 114: Repeatable and scalable platform for growth
Case study: Local industry 2025 Investor Day 114 revitalisation Repeatable and scalable platform for growth Technology-agnostic, High Capacity Metro Sydney Growth Trains, Queensland Train Manufacturing customer-focused model Trains, Victoria New South Wales Program, Queensland that adapts to market
Slide 115: Disciplined execution: our pathway to sustainable growth
2025 Investor Day 115 Disciplined execution: our pathway to sustainable growth Malcolm Ashcroft Chief Financial Officer
Slide 116: Disciplined execution: our pathway to sustainable growth
Xxxx Disciplined execution 2025 Investor Day 116 Disciplined execution: our pathway to sustainable growth The Downer turnaround playbook – Financial management Balance sheet – positioned to support transition to growth Capital allocation update & priorities Our drivers of margin growth ▪ Contract ma
Slide 117: Turnaround playbook
Disciplined execution 2025 Investor Day 117 Turnaround playbook Back-to-basics Progress to date financial management ▪ Cash conversion > 90% ▪ >$200m cost reduction ▪ Our foundation: cash flow ▪ Investment discipline ▪ Overhead reset ▪ Free cash flow uplift ▪ Capital expenditure – self ▪ Retain inve
Slide 118: Balance sheet positioned to support transition to growth
Disciplined execution 2025 Investor Day 118 Balance sheet positioned to support transition to growth Financing strategy Leverage Interest coverage ratio ▪ Maintain Fitch BBB investment grade rating 0.9x 8.0x ▪ Buffer to covenants on key credit metrics ▪ Funding capacity realigned to 1.5x leverage ta
Slide 119: Capital allocation framework
Disciplined execution 2025 Investor Day 119 Capital allocation framework Cash generated from business performance Interest and tax ▪ FY25 cash conversion exceeded >90% target Balance sheet strength ▪ FY25 improved free cash flow has driven Operating cash flow a further reduction in leverage to 0.9x,
Slide 120: Capacity to invest for growth
Disciplined execution 2025 Investor Day 120 Capacity to invest for growth Portfolio and capital allocation choices FY26 indicative capital uses37, 38 Organic Growth capex ▪ Disciplined / aligned with ▪ Aligned with Gross capital Transformation opportunity pipeline investment 37, 38 market outlook ▪
Slide 121: Where to next: ambition beyond 4.5%
Xxxx Disciplined execution 2025 Investor Day 121 Where to next: ambition beyond 4.5% The areas of opportunity for the next phase of improvement Towards 6% EBITA margin Cost in FY3017 leadership Contract margin uplift Business mix Risk guardrails 4.4% EBITA margin in FY25
Slide 122: Contract margin uplift opportunity
Xxxx Disciplined execution 2025 Investor Day 122 Contract margin uplift opportunity Drivers of contract margin opportunity / risk Contract margin growth Long-term Business Delivery Cost Cyclical Cost potential contract mix excellence leadership recovery indexation renewals Transport Moderate Energy
Slide 123: Cost leadership
Xxxx Disciplined execution 2025 Investor Day 123 Cost leadership ~ $213m cost savings6 Technology Workforce Annualised cost savings delivered in FY23-FY25 simplification management Further efficiency opportunities Internal analysis & benchmarking of overheads and Cost cost to serve metrics Shared Se
Slide 124: Simplifying our technology landscape
Disciplined execution 2025 Investor Day 124 Simplifying our technology landscape Work management AI / automation Modernising and rationalising WMS tools for Commenced developing targeted AI capabilities improved frontline, delivery,customer service, across our operations and business support product
Slide 125: Investing in delivery excellence
Disciplined execution 2025 Investor Day 125 Investing in delivery excellence Digitising contract performance Modernising project management systems Real-time data-driven business performance insights Best in class project management technology ▪ Standardising key performance & lead risk measures ▪ N
Slide 126: Investing in process and technology enhancement
Disciplined execution 2025 Investor Day 126 Investing in process and technology enhancement Transforming work order management Modernising workforce management Automate work order management to reduce cost to serve My Time My Pay to homogenise time capture and Payroll systems to enhance employment c
Slide 127: Investment to support growth and drive margin improvement
Disciplined execution 2025 Investor Day 127 Investment to support growth and drive margin improvement FY26 FY26 FY27 - FY28 FY29+ ~$60m $ Project management indicative $ Fleet optimisation FY26 investment38,39 $$ Work management $$ Shared Services optimisation $$$ Business support optimisation $$$ M
Slide 128: Outlook and key takeaways
2025 Investor Day 128 Outlook and key takeaways Peter Tompkins Managing Director & Chief Executive Officer
Slide 129: FY26 outlook remains unchanged
Outlook and key takeaways 2025 Investor Day 129 FY26 outlook remains unchanged Management target EBITA margin3,10 This target is reflected in the LTI scorecard gates and is not At our FY25 results presentation in August, we provided an provided as guidance outlook for the FY26 financial year where w
Slide 130: Key takeaways
Outlook and key takeaways 2025 Investor Day 130 Key takeaways Building track High quality Risk management record portfolio uplift Improved performance with Balanced portfolio exposed to Reset risk appetite with a period-on-period macro tailwinds focus on quality of revenue improvement and growing th
Slide 131: Q&A
2025 Investor Day 131 Q&A Peter Tompkins Managing Director & Chief Executive Officer Malcolm Ashcroft Chief Financial Officer
Slide 132: Important notice and disclaimer
2025 Investor Day 132 Important notice and disclaimer The information in this presentation has been prepared by Downer EDI The information contained in this presentation may include Certain financial data included in this presentation is ‘non-IFRS Limited ABN 97 003 872 848 (Downer or the Company) a
Slide 133: Notes
2025 Investor Day 133 Notes 1. The underlying result is a non-IFRS measure that is used by management to assess the performance of the 14. $230m is the estimated buy back cost for FY26 based on purchase of 5% of issued capital at 21-Aug-25. The business and includes the contribution of divested busi
Slide 134: Notes
2025 Investor Day 134 Notes 31. Source: NZ Infrastructure Commission Te Waihanga 32. Source: Infometrics NZ 33. Source: BITRE Australia 34. Market opportunity is total estimated value over multiple years 35. FY30 revenue contributions reflect management ambition and is not provided as guidance. Forw
Slide 135: Downer EDI Limited
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, defence capability, governm