Energy One Limited · ASX:EOL
Energy One — Merger or Acquisition (August 2026)
21 slides from Energy One's merger presentation, Aug 19, 2026
Slide 1: Energy One Acquires GMSL
ENERGY ONE ACQUIRES GMSL 19 August 2026 THE LEADING EUROPEAN TRADING OPERATIONS PROVIDER Joining forces to create the leading European software and services platform for energy market operations
Slide 2: A Strategic Milestone
A STRATEGIC MILESTONE THAT ACCELERATES ENERGY ONE'S PROVEN SOFTWARE + SERVICES GROWTH STRATEGY. Capability Market Reach Customer Access A unique opportunity to accelerate European growth through expanded capability, customer access and market reach. ENERGY ONE LIMITED (ASX:EOL) : GMSL Proposed Trans
Slide 3: Transformational Step in Energy One's European Growth Strategy
TRANSFORMATIONAL STEP IN ENERGY ONE'S EUROPEAN GROWTH STRATEGY GROWTH ACCELERATION Accelerates Energy One's European growth strategy through expanded customer access, broader capabilities and increased market reach. MARKET LEADERSHIP Creates the clear leader in short-term energy trading operations,
Slide 4: Unique Opportunity to Accelerate Energy One's Proven Growth Strategy
UNIQUE OPPORTUNITY TO ACCELERATE ENERGY ONE'S PROVEN GROWTH STRATEGY A simple all-scrip transaction that adds European scale, expands capability and is expected to be materially EPS accretive. Shareholder value impact 35% ~2x ~70% ~A$4.1m FY26A pro forma EPS accretion Market share opportunity Combin
Slide 5: Mission-Critical Software and Services Embedded in Europe's Energy Infrastructure
MISSION-CRITICAL SOFTWARE AND SERVICES EMBEDDED IN EUROPE'S ENERGY INFRASTRUCTURE GMSL supports critical gas and power market workflows every day, with specialised expertise, infrastructure reach and attractive margins. 134 CUSTOMERS Mission Critical Blue-chip High-quality 400+ Customers rely on GMS
Slide 6: Energy One, Combined With GMSL, Would Be a European Leader
ENERGY ONE, COMBINED WITH GMSL, WOULD BE A EUROPEAN LEADER IN PROVIDING SOFTWARE & SERVICES UPSELLS & CROSS-SELLS CAPTURE NEW MARKET OPPORTUNITIES Tier 1 Industrial Platform Software + Services Combines Energy One’s platform strength Strengthens and broadens what we have, with GMSL’s scheduling and
Slide 7: GMSL Has Resilient Revenue With Strong Retention and Diversification
GMSL HAS RESILIENT REVENUE WITH STRONG RETENTION AND DIVERSIFICATION 7% CAGR Revenue Breakdown by Geography 30.3 32.5 26.3 28.3 REVENUE 6% 5% (A$M) 8% 33% 10% FY23A FY24A FY25A FY26A 25% 13% 9.7 10.1 10.3 10.6 PRO FORMA UK Switzerland RoE Netherlands ADJUSTED EBITDA Germany Ireland RoW (A$m) and mar
Slide 8: A Combination That Delivers on Scale, Scope and Profitability
A COMBINATION THAT DELIVERS ON SCALE, SCOPE AND PROFITABILITY ENERGY ONE + GMSL = COMBINED ENTITY REVENUE 69.9 32.5 102.5 (FY26A, in A$m) PRO FORMA EBITDA 19.4 10.6 29.9 ✓ Access to blue-chip clients INCOME STATEMENT (pre-AASB 16) (FY26A, in A$m) through European MARGIN expansion 28% 33% 29% (pre-AA
Slide 9: An Aligned Long-Term Strategic Vision
AN ALIGNED LONG-TERM STRATEGIC VISION COMBINED STRENGTHS B A VALUE CREATION Combining complementary expertise Cross-sell, upsell and operational + + to accelerate long-term growth leverage opportunities A KEY PARTNERSHIP C + Continuation of critical services to Fluxys through a long-term strategic p
Slide 10: A Stronger End-to-End Platform
A STRONGER END-TO-END PLATFORM Together, the businesses combine Energy One’s power, market access and automation strengths with GMSL’s gas, scheduling and 24/7 operational depth. ENERGY ONE 366 204 GMSL 134 118 STRONGER IN POWER STRONGER IN GAS CLIENTS FTEs STRONGER IN 24/7 OPS CLIENTS FTEs Energy O
Slide 11: Energy One to Realise Up to ~A$4.1M in EBITDA Synergies
ENERGY ONE TO REALISE UP TO ~A$4.1M IN EBITDA SYNERGIES COMPONENT POTENTIAL SYNERGY OPPORTUNITIES TIMING Revenue synergies • Day 1 revenue synergies through • Fully ramped by end of FY28 cross sell of Energy One’s products ~A$1.9m into GMSL’s customer base • Reflects potential broader scope EBITDA b
Slide 12: Transaction Overview: Acquisition of GMSL
TRANSACTION OVERVIEW: ACQUISITION OF GMSL Acquisition Value • GMSL is to be acquired for scrip consideration • The GMSL acquisition implies an enterprise value of A$99.824m and is accretive to standalone EPS1 Funding • The Purchase Price will be settled entirely by the issue of Energy One shares • T
Slide 13: GMSL Accelerates a Proven Strategy and Creates Shareholder Value
GMSL ACCELERATES A PROVEN STRATEGY AND CREATES SHAREHOLDER VALUE A larger European platform, immediate revenue opportunities, differentiated capability and higher 35% ~A$4.1m ~70% earnings potential. FY26A PRO FORMA POTENTIAL EBITDA COMBINED REVENUE EPS ACCRETION SYNERGIES FROM EUROPE Broader platfo
Slide 14: Indicative Transaction Timetable
INDICATIVE TRANSACTION TIMETABLE Wednesday 19 End of August End of September Late Q2 August 2026 2026 2026 FY27 Transaction Notice of Meeting EGM to approve Expected Announcement despatched to Energy EOL share issue completion after FIRB One shareholders approval for share issue ENERGY ONE LIMITED (
Slide 15: Appendix
APPENDIX ENERGY ONE LIMITED (ASX:EOL) : GMSL Proposed Transaction 14
Slide 16: Transaction Overview: Key Terms
TRANSACTION OVERVIEW: KEY TERMS • Energy One Limited (“Energy One”) has entered into a share purchase agreement with Fluxys UK Limited (“Fluxys”) (“Acquisition Agreement”) pursuant to which Energy One will acquire 100% of the shares in Gas Management Services Limited (“GMSL”) TRANSACTION OVERVIEW •
Slide 17: Combined Group Information – Pro Forma P&L
COMBINED GROUP INFORMATION – PRO FORMA P&L Pro Forma P&L Commentary Pro forma combined GMSL’s historical accounts have been adjusted to (pre-synergies) June Year End, A$m1 (Pro forma adjusted) 4 (Statutory)4 reflect a change in financial year-end from 31 December to 30 June Total revenue 69.9 32.5 1
Slide 18: Aligned Long-Term Partnership With Fluxys to Accelerate Growth
ALIGNED LONG-TERM PARTNERSHIP WITH FLUXYS TO ACCELERATE GROWTH Fluxys brings deep energy infrastructure expertise and an Fluxys’ Global Footprint established leadership position across European energy markets to support Energy One's next phase of growth. Europe Latin America Zeebrugge Fluxys Overvie
Slide 19: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER The following notices and disclaimers apply to this presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained or referred to in this Presentation. This presen
Slide 20: Important Notice & Disclaimer (Continued)
IMPORTANT NOTICE & DISCLAIMER (CONTINUED) Past Performance Past performance metrics and figures (including past share price performance of EOL) included in this Presentation are given for illustrative purposes only and should not be relied upon as (and is not) an indication of EOL’s or any other par
Slide 21: Important Notice & Disclaimer (Continued)
IMPORTANT NOTICE & DISCLAIMER (CONTINUED) Disclaimer No person other than EOL has authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation or, except to the extent referred to in this Presentation, makes or purports to make any statement in this Presentation.