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1H26 Results Presentation For the six months ended 31 December 2025 19 February 2026 For personal use only
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21H26 Results Defence spending Energy transition Diversified exposure to growth sectors building long-term value ANZ local industry revitalisation Sustainable growth opportunities Transport Road Services Projects Rail & Transit Systems Energy & Utilities Power & Gas Water Energy & Industrial Telecommunications Facilities Defence Health Education Government Population growth The Downer advantage - enabling communities to thrive 500+ Operating sites 23,500+ Employees 13,000+ Network of suppliers & subcontractors engaged in the 6 months to 31-Dec-25 Significant size, scale and breadth of capability Sectors Robust risk management and governance framework Market leadership with capabilities built around strong cores Strong culture of performance and investment in our people Sovereign prime contractor, enduring local industry supply chains, customer relationships, strong brand Differentiators For personal use only
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31H26 Results Demonstrated resilience despite variability in market conditions Delivering bottom line improvement Ongoing opportunity for improvement Strategic wins growing work-in-hand Capacity to invest in growth Programs continue to enhance contract margins and cost to serve, with further upside potential Wins across energy, water, defence and transport position the business for medium term growth A strong balance sheet provides the capacity to pursue strategic growth opportunities Continued uplift in performance, underpinned by stronger contract delivery and cash backed period-on- period improvement Topline reflects our risk culture reset, portfolio simplification strategy, and focus on disciplined, high quality revenue Diversified portfolio driving resilience Key messages At our Investor Day in Nov-25, we set out a clear transition focused on sustainable growth, supported by new FY28 and FY30 management ambitions We have the right foundations in place and continue to strengthen our market positions On track to exceed management target1 of >4.5% EBITA margin averaged across FY25/FY26 Quality of revenue driving margin growth For personal use only
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41H26 Results Building performance momentum +8.9% on Jun-25 EBITA margin2,3 4.6% 1H26 4.6% 1H25 3.7% 1H24 2.5% On track to exceed management target1 of >4.5% averaged across FY25 and FY26 Statutory NPAT $98.0m +30% on 1H25 EBITA2,3 +11.2% on 1H25 $227.1m underlying EBITA2,3 NPATA2,3 $136.1m +7% on 1H25 $38.2bn driven by strategic wins Work-in-hand Interim dividend Cash conversion5 90.5% Cash backed results5 Exceeded >90% target Leverage ratio 0.8x Net debt to EBITDA6 Improved from 1.3x at Dec-24 7.3% EBITDA margin 12.9cps Underlying EPS2,7 10% uplift on 17.0cps in 1H25 18.7cps +19% on 1H25 100%4 franked v 75% in 1H25 65% payout ratio v 60% in 1H25 For the six months ended 31 December 2025 Underlying margin For personal use only
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51H26 Results 1H25 underlying revenue Transport Energy & Utilities Facilities Corporate 1H26 underlying revenue Focus on revenue quality builds platform for sustainable growth 5,506 4,919(3.3)% 0.5% 1H25 pro forma revenue $’m 2 2 9 (2.0)% 5,105 4,856 (0.1)% Ongoing softness in AUS Road Services Hawkins risk guardrail reset Nearing completion of major projects (CRL, HCMT) Timing of opportunity pipeline (NZ) 4% to 5% revenue CAGR8 from FY26 63 401 Revenue from divested businesses 1H26 pro forma revenue Revenue from divested businesses Strong growth in Power Projects, solid activity in Energy & Industrial Consolidation of Telco AUS providers & lower NBN volumes Timing of ramp up of newly won work in Water Growth in Government/ IFM, Health and Education Solid EMOS volumes ahead of the AUS Defence PAS contract transition AUD / NZD foreign exchange translation impact FY30 management ambition Underlying revenue declined 3.6% on 1H25 pro forma (pro forma revenue declined 4.9%) broadly aligned with our expectations 9 For personal use only
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61H26 Results Jun-2511 Dec-25 $35.1bn Transport Energy & UtilitiesFacilities 0 2 4 6 8 10 12 FY26 FY27 FY28 FY29 FY30 FY31+ Profile at Dec-25 $38.2bn $’bn ▪ WIH growth: Energy & Utilities +21.6%, Facilities +20.2% and Transport -3.5% ▪ ~$4.5bn of preferred bidder status contracts, disclosed on 21-Aug-25, converted into WIH ▪ Good momentum with new contract wins, renewals and extensions across Defence, Power Projects, Water, Energy & Industrial, Housing and Rail positioning transition to sustainable growth ▪ ~$1.5bn preferred bidder positions in larger contracts (at 18-Feb-26, excluded from WIH) for ~$1bn; road maintenance contracts in NZ and Sydney motorway contract, plus ~$500m integrated facilities management contract ▪ M e d i u m - t e r m o u t l o o k r e m a i n s p o s i t i v e , supported by active tendering across core addressable markets including NZ Infrastructure, Road Services, Water, Power, Rail and Facilities Management Work-in-hand increased 8.9% to $38.2bn Robust order book Diversification driving resilience Long-dated contracts Diversified by industry ~90% government related ~90% services 10 For personal use only
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71H26 Results 185.6 14.3 8.8 6.7 4.3 219.7 1H25 underlying EBITA Transport Energy & Utilities Facilities Corporate 1H26 underlying EBITA 3.7% Margin improvement across all segments 4.6% ~90bps margin expansion1H25 underlying EBITA margin2 1H26 underlying EBITA margin2 18.7 7.4204.3 227.1 Pro forma EBITA increased 18.4% through disciplined approach to improving revenue quality and stronger contract delivery $’m 1H25 pro forma EBITA EBITA from divested businesses 1H26 pro forma EBITA EBITA from divested businesses 9 9 Towards 6% EBITA margin12 2 2 FY30 management ambition For personal use only
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81H26 Results Supported by strong medium-term sector fundamentals Transport Road Services, Rail & Transit Systems, and Projects $129.3m EBITA9 $2.5bn Revenue9 5.3% EBITA margin9 6 4.0% on pcp 2,623.5 2,555.5 2,453.9 1H25 1H26 1H24 93.0 115.0 129.3 3.5% 4.5% 5.3% 1H25 1H26 1H24 1H25 1H26 1H24 5 0.8pp on pcp5 12.4% on pcp Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis. Work-in-hand11 $’m 6 3.5% on Jun-25$16.5bn 18.0 17.1 16.5 Jun-25 Dec-25 Dec-24 Operational and strategic highlights ▪ Appointment of new Transport & Infrastructure COO Doug Moss, commencing Apr-26 ▪ Profitability uplift driven by improved contract delivery and disciplined cost management ▪ Enhanced contract delivery driving solid performance in NZ business despite lower activity levels in some areas ▪ AUS Road Services volumes remain impacted by soft Transport Agency spend, partially offset by positive project performance ▪ Rail & Transit Systems performance supported by strong progress on QTMP ▪ Hawkins maintained profitability on a lower revenue base driven by disciplined project selection and delivery Project milestones, delivery and awards ▪ Auckland City Rail Link commenced train testing in 2H25, targeting opening in 2H CY26 ▪ $4.6bn QTMP project; first train prototype nearing completion, testing to commence in late 2026/early 2027, construction of new Torbanlea facility nearing completion, enabling the manufacturing of the first locally built train to commence ▪ Awarded NZ$311m NZ State highway alliance agreement for southern component of Ōtaki to North of Levin, commenced in Spring 2025 ▪ ~$1bn preferred bidder status (at 18-Feb-26, excluded from WIH) for NZ State Highway road maintenance contracts and Sydney motorway network maintenance contract Commercial and strategic transactions ▪ Divestment of 49% interest in Keolis Downer completed on 1-Dec-25 generating $68.7m collected from sale proceeds and $27.3m from dividends For personal use only
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91H26 Results Attractive underlying opportunities and value drivers align with integrated value chain Transport Cash generation Strategically positioned assets Vertically integrated Balanced risk profile Sector outlook ▪ Population and urban growth continue to shape long-term road and rail infrastructure demand ▪ Ongoing investment into long-term road and rail maintenance, operations and asset renewal remains fundamental to network performance ▪ AUS Transport Agency spending on road surfacing expected to return towards historical levels over time ▪ NZ Roads and Rail outlook improving, supported by updated national and regional infrastructure programs ▪ Airport investment remains supportive, with major domestic terminal and runway works underpinning near-term activity ▪ Continued emerging demand for data, digital and long-term asset management services ▪ E n e r g y t r a n s i t i o n i n t r a n s p o r t , i n c l u d i n g l o w - e m i s s i o n s r o l l i n g s t o c k , s u p p o r t s l o n g e r - t e r m opportunity in rail Portfolio fundamentals ~$30bn Target segments Asphalt surfacing Rail services Rollingstock Asset management Civil infrastructure and building sectors 1H26 revenue $2.5bn Addressable market13 3%–4% revenue CAGR8 from FY26 FY30 management ambition Towards 6.5% EBITA margin12 For personal use only
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102025 Investor Day 101H26 Results 4.4% $1.3bn $57.5m Power & Gas, Water, Energy & Industrial, Telecommunications EBITA9 Revenue9 EBITA margin9 1,589.4 1,462.2 1,293.7 42.1 48.7 57.5 2.6% 3.3% 4.4% 1H25 1H26 1H24 1H25 1H26 1H24 1H25 1H26 1H24 6 11.5% on pcp 5 18.1% on pcp 5 1.1pp on pcp Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis. Energy & Utilities Secured work supporting participation in upcoming energy and water opportunities $6.2bn 5 21.6% on Jun-25 Operational and strategic highlights ▪ Uplift in profitability driven by Power Projects (incl. transmission lines and substations), Energy & Industrial and disciplined cost management ▪ New Water contracts mobilising with activity ramp up expected in 2H26 ▪ Efficiencies delivered through operating model changes and site / contract closures ▪ Telco reset following consolidation of AUS providers and lower NBN volumes ▪ Delivering on electrical and water infrastructure to support data centre sector growth Project milestones and delivery ▪ Strong activity levels and contribution uplift across Power Projects portfolio ▪ New Water contract with Urban Utilities commenced in Sept-25, supporting the delivery of capital works in SEQ up to 10yrs ▪ Commenced NZ$600m electricity field services contract with Powerco NZ in Jul-25 ▪ Completion of margin-dilutive $200m p.a. VIC Power Maintenance contract in Jul-25 Awards and secured work ▪ WIH grew 21.6% to over $6bn; strategic wins in Power, Energy & Industrial, Water and NZ Telco ▪ Awarded ~$700m in Power Projects, including Powerlink and Transgrid panels, and other TNSP electrical infrastructure projects supporting BESS/Renewables grid connections ▪ Awarded $750m Chevron contract in Energy & Industrial, up to 15yrs incl. extension option ▪ Extended $200m gas services contract with AusNet Services, for 3yrs, commencing in Apr-26 4.7 5.1 6.2 Jun-25 Dec-25 Dec-24 $’m Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis. Work-in-hand11 For personal use only
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112025 Investor Day 111H26 Results Energy & Utilities Portfolio fundamentals Strong investment in essential networks supporting sector growth outlook Cash generation Exposure to high growth sectors Capital light Balanced risk profile ~$35bn Addressable market13 Target segments Water Power generation, transmission, distribution Renewables and firming energy Telecommunications Essential service maintenance $1.3bn 1H26 revenue Sector outlook ▪ Continued strong pipeline across the energy sector, with increased spending on power transmission, storage, network connections to renewables, grid stabilisation and network resilience ▪ Government policies are accelerating near-term energy investment, particularly in NSW, QLD and WA ▪ Ageing water infrastructure in ANZ urban centres is driving upgrades and maintenance programs ▪ Demand in water capital is driving customers to package into programs to secure capability and attract delivery partners ▪ New Zealand Council Controlled Organisations providing framework to ramp up water capital spending ▪ Telco market is transitioning from major build programs to network maintenance, augmentation, resilience, response to data demands and beyond 5G planning ▪ Data centre sector growth driving energy demand 8%–9% revenue CAGR8 from FY26 FY30 management ambition Towards 7% EBITA margin12 For personal use only
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121H26 Results Facilities Defence, Health, Education, and Government 7.0%$77.6m EBITA9 $1.1bn $m Revenue9 Long-term contracts delivering essential services to high quality customer base 5 2.4% on pcp 5 9.4% on pcp 5 0.4pp on pcp 1,048.8 1,082.0 1,107.5 1H25 1H26 1H24 6.4% 6.6% 7.0% 67.6 70.9 77.6 1H25 1H26 1H24 1H25 1H26 1H24 Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis. $15.5bn 5 20.2% on Jun-25 EBITA margin9 Operational and strategic highlights ▪ Continued growth in Government/IFM and solid volumes in Defence Estate Maintenance businesses ▪ Performance improvement programs driving outcomes on Defence contracts ▪ Mobilisation and ramp-up of the Homes NSW public housing portfolio (RAPM) and the facilities maintenance services for Dept. of Home Affairs ▪ EMOS demobilisation and Property & Asset Services (PAS) mobilisation, with new contract effective 1-Feb-26 and margins to reset lower in 2H26 following this transition ▪ Ongoing investment in Asset Works Management System upgrade and the service delivery operating model to enhance efficiency and cost to serve ▪ Solid pipeline supported by continued government and commercial outsourcing, supporting long-term contract visibility Awards and secured work ▪ Awarded $3.05bn PAS Defence contract for base and estate services, initial term of 6yrs plus options up to 4yrs ▪ Awarded $220m contract for Defence Professional Services, up to 4yrs ▪ ~$500m preferred bidder status (at 18-Feb-26, excluded from WIH) for integrated facilities maintenance contract, initial term of 5yrs Commercial and strategic transactions ▪ NZ Cleaning divestment completed in Jul-25 12.9 12.9 15.5 Jun-25 Dec-25 Dec-24 Work-in-hand11 For personal use only
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131H26 Results Facilities Portfolio fundamentals Cash generation Exposure to high growth sectors Capital light Long term secured contracts Continued opportunity for integrated facilities management solutions and partnering ~$45bn Addressable market13 Target segments Defence Health Education Government services $1.1bn 1H26 revenue Sector outlook ▪ C o n t i n u e d e s s e n t i a l - s e r v i c e d e m a n d a c r o s s g o v e r n m e n t a n d p r i v a t e c u s t o m e r s s e e k i n g v a l u e - f o r - m o n e y f a c i l i t i e s a n d a s s e t m a n a g e m e n t s o l u t i o n s u n d e r f i s c a l budget pressures ▪ Defence spending and the government’s focus on sovereign capability and northern posture underpin demand for Defence estate and facilities services ▪ Defence infrastructure investment and capability programs supporting volumes over the medium term ▪ Demographic change and an ageing population are increasing demand for health, education and social infrastructure services ▪ O n g o i n g d e m a n d f o r I n t e g r a t e d F M a n d l a r g e - s c a l e o u t s o u r c i n g a n d p a r t n e r i n g ▪ Digital transformation and higher asset utilisation are driving demand for d a t a - d r i v e n a s s e t m a n a g e m e n t s e r v i c e s 4%–5% revenue CAGR8 from FY26 FY30 management ambition Towards 6.5% EBITA margin12 For personal use only
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141H26 Results Improving shareholder return Downer S&P / ASX 200 Accumulation Index Mar-23 Aug-23 Jan-24 Jun-24 Oct-24 Apr-25 Sep-25 Feb-26 -% 40% 80% 120% 160% 200% +131% up to ~5% of issued capital ~$260m Total shareholder return outperformance14 Dividend and franking uplift 6.0cps 10.8cps 12.9cps 1H24 1H25 1H26 +19% on 1H25 dividend ▪ 1H26 interim dividend fully franked4 ▪ Payout range target 60%-70% of U-NPATA ▪ Targeting 100% franked dividends in FY26 Franking100%75%0% +115% dividend growth in 2 years Share buy-back15 signalling confidence ▪ ~$64m bought back to date ▪ Strong balance sheet with capacity to invest in sustainable growth ▪ Leverage target at or around 1.5x remains unchanged TSR outperformance since 1-Mar-23 +168% +37% For personal use only
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151H26 Results ESG focus areas and performance Climate change and environment People Sustainable procurement ▪ 145.9 ktCO2-e Absolute Scope 1 and 2 (Market-based) emissions 1.7% reduction on 1H25 ▪ 28.86 tCO2-e/$ Scope 1 and 2 (Market- based) emissions intensity 4.6% increase on 1H25 ▪ Zero Significant Cat 4+ incidents (no change from 1H25) Since 1-Jul-25: ▪ AUD$20m spent with Aboriginal and Torres Strait Islander businesses ▪ NZD$26m spent with Māori and Pasifika businesses ▪ AUD$5m spent with social enterprise organisations Decarbonisation levers Transition of fleet Energy efficiency Renewable energy Fuel switching 11% electricity 11% natural gas 78% liquid fuels Emissions targets 50% Reduction by 2032 across Scope 1 and 2 emissions against a 2020 baseline Net Zero By 2050 across Scope 1 and 2 emissions Governance & ethics Safety 12 month rolling frequency rate 2.26 TRIFR16 1H25: 2.24 0.87 LTIFR16 1H25: 0.85 ▪ Continued to enhance license to operate initiatives, project governance and risk controls ▪ 3-year average NED tenure with continued Board renewal 1H26 Scope 1 and 2 emissions by sources ▪ Developing new Employee Value Proposition (EVP) aligned with Purpose and culture For personal use only
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161H26 Results Financial performance For personal use only
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171H26 Results Margin uplift supported by strong cash conversion $151m $186m $220m 2.8% 3.6% 4.5% Pro forma EBITA Pro forma EBITA margin 1H24 1H25 1H26 $5,306m $5,105m $4,856m 1H24 1H25 1H26 $4.9bn Ongoing focus on quality with strategic wins increasing WIH $220m +18.4% on 1H25 Solid financial performance supported by margin improvement, cash backed earnings and capital discipline, positioning the balance sheet to pursue strategic growth opportunities and cost to serve efficiencies Pro forma revenue $76m $127m $136m 1H24 1H25 1H26 NPATA2,3 Underlying NPATA Revenue9,17 EBITA9 90.5% cash conversion5 227m 293m 312m 87.7% 94.2% 90.5% Adjusted operating cash flow Cash conversion 1H24 1H25 1H26 $312m Adjusted operating cash flow +7.0% on 1H25 $136m For personal use only
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181H26 Results 219.7 7.4 227.1 (5.9) (16.1) (6.3) (13.9) 184.9 Pro forma EBITA Earnings from divestments & AHFS Underlying EBITA Net loss on divestments and exit costs Transformation and restructure costs Regulatory reviews and legal matters Impairment, asset write-downs and other Statutory EBITA - 50 100 150 200 250 Gain on disposal of Keolis Downer Gain on disposal of E&U customer contract Loss on disposal of New Zealand cleaning Loss on exit of an Australian cleaning and catering contract Reconciliation to statutory result Pro forma to statutory EBITA3 Net EBITA contribution from divestments completed in 1H26 Refer to slides 40, 41 Costs incurred in the transformation investment • Redundancy/ severance $2.7m • Transformation (incl. IT) $13.4m Impairment and site rectification of rail facility $10.0m Accelerated amortisation and impairment of IT assets $2.1m Impairment of surplus property assets $1.4m $’m ACCC proceedings Shareholder class action 9 2 For personal use only
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191H26 Results 833.8 226.8 (52.5) (63.0) (6.1) (99.3) (64.4) 76.9 (168.8) 683.4 Opening cashOperating cash flow Net capex Payment of lease liabilities Advances/receipts from other parties Dividends paid Share buy-back Net divestments Borrowings and FX Closing cash - 250 500 750 1,000 1,250 Payment relates to FY25 final dividend of 14.1cps, and ROADS 90.5% normalised cash conversion5 Increased tax payments Primarily maintenance capex in the Transport segment Cash backed result Disciplined back to basics focus – contract management, cash collection, resolution of variations and claims $’m Free cash flow of $105.2m Proceeds include: - $68.7m Keolis Downer, - $5.1m E&U customer contract - net $3.1m other divestments Reduced due to rationalisation of fleet and sites For personal use only
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201H26 Results Debt maturity profile A$m at Dec-25 Balance sheet positioned to support transition to growth ▪ Maintain Fitch BBB investment grade rating ▪ Compliant with / buffer to covenants on key credit metrics ▪ Weighted average cost of debt of 5.4% in 1H26 ▪ Net interest expense lower than anticipated due to reduced drawn debt and lease liabilities ▪ Funding capacity realigned to 1.5x leverage target ▪ USPP notes repaid in Jul-25 and AMTN issuance targeted in 2H26 further extending maturity profile at Jun-26 to ~4 years ▪ Substantial bonding capacity: $1.9bn facility with $700m available A$ MTN Syndicated Bridge Loan Facilities Bilateral Loan Facilities Syndicated Loan Facilities JPY MTN FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 - 100 200 300 400 500 600 Leverage 0.8x Improved from 1.8x 9.2x Improved from 4.4x Interest / EBITDA Weighted average debt maturity 3.1 years18 v 3.5 years at Jun-25 Interest coverage ratio Net debt / EBITDA 1.8x 1.3x 0.8x Dec 23 Dec 24 Dec 25 4.4x 7.2x 9.2x Dec-23 Dec-24 Dec-25 For personal use only
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211H26 Results Portfolio and capital return choices Indicative capital uses19,20 Capacity to invest for growth Organic ▪ Disciplined / aligned with market outlook ▪ Target enhanced efficiency / capacity / productivity ▪ Asphalt plants / fleet M&A and capital recycling ▪ Core / adjacencies ▪ Build capabilities ▪ Counter-cyclical and growth vectors ▪ Small to medium size ▪ Portfolio optimisation ▪ Divestment cycle largely completed Capital return ▪ Target dividend payout range 60-70% fully franked ▪ On-market share buy- back of 5% of issued capital 21 ▪ ROADS role in capital structure under review Growth capex ▪ Aligned with opportunity pipeline ▪ Transformation investment in process improvement, automation & technology modernisation Investment Committee reviews proposals for alignment with strategy and against a range of metrics including ROIC hurdle rate above cost of capital Gross capital expenditure20 Dividends Transformation investment 19,20 Buy-back15 FY26: ~$60m FY26: ~$170m1H26: $56m Program: $260m1H26: $64m 60% to 70% payout ratio of U-NPATA 1H26: $26m For personal use only
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CHANGE IMAGE Priorities and outlook For personal use only
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231H26 Results FY28 Management ambition – balanced scorecard 9% underlying EPS CAGR22 from FY25 reflecting the top end of LTI scorecard Management ambition - balanced scorecard is not provided as guidance Foundations Safety Leadership & culture Customer Risk management Capital management Emissions ▪ Industry leading metrics ▪ No fatalities ▪ Embed a high performance culture ▪ Elevate engagement to top quartile ▪ Enhance customer relationships towards +20 NPS ▪ Selective tendering to achieve quality earnings ▪ ~1.5x target leverage ▪ 60% to 70% dividend payout of U-NPATA ▪ 50% reduction in Scope 1 & 2 emissions (vs 2020 baseline) by 2032 ▪ Net zero by 2050 4%-5% revenue CAGR8 from FY26 Towards 6% EBITA margin12 >90% average cash conversion FY30 For personal use only
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241H26 Results 1H26 performance was in line with our expectations. Our focus continues to be building a high quality order book with adherence to our risk guard rails and operating discipline. For FY26, on an underlying basis, we are targeting: ▪ revenue to be slightly lower than FY25 pro forma revenue23 ▪ earnings and EBITA margin improvement ▪ NPATA of $295 million to $315 million, assuming no material change in economic conditions or market demand, and no material weather disruptions. This target is reflected in the LTI scorecard gates and is not provided as guidance Group outlook >4.5% average EBITA margin across FY25 and FY26 Forward looking statements are to be read in conjunction with the important notice and disclaimer on slide 48. Executing on-market share buy-back21 <$260m program ~5% of issued capital Management target EBITA margin1 For personal use only
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251H26 Results Supplementary information For personal use only
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261H26 Results Purpose, pillars & culture OUR PURPOSE OUR PILLARS OUR CULTURE For personal use only
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271H26 Results Where to next: sustainable growth Energy transition Population growth 90% of WIH cost indexation26 Water Cyclical recovery ▪ AU Roads ▪ NZ economy Responsibly growing our top line to GDP+ growth Defence spend For personal use only
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281H26 Results Contract margin uplift Business mix Risk guardrails 4.4% EBITA margin in FY25 Cost leadership Towards 6% EBITA margin in FY3012 Where to next: ambition beyond 4.5% The areas of opportunity for the next phase of improvement For personal use only
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291H26 Results Moderate Steady Low Contract margin uplift opportunity Energy & Utilities Transport Facilities Moderate High Steady Drivers of contract margin opportunity / risk Business mix Delivery excellence Cost leadership Cyclical recovery Long-term contract renewals Cost indexation Business mix Pipeline expected to support higher contract margin mix Delivery excellence ~25% of current portfolio tracking below tender margin Cost leadership Process improvement and automation will drive operational efficiency Cyclical recovery AU Roads and NZ economic recovery in medium-term will drive operating leverage LT contract renewals Facilities outlook impacted by reset to market for large contract renewals Cost indexation ~90%26 of WIH supported by cost indexation mechanism Contract margin growth potential Targeting 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY3012 High The 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY30 is from the FY25 EBITA margin of 4.4%. For personal use only
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301H26 Results Investment in delivery excellence Right people, right roles, right time Cost leadership Strengthening workforce capability to enhance current and future market competitiveness Compliance with Delivery Management Methodology Management of scope and change Management of program and budget Robust delivery governance and leadership Back to basics Core contracting disciplines Project controls Modernise technology Frontline learning & development Margin improvement plans Delivery incentives Project Day 1 readiness Risk & opportunity management Commercial excellence Capability assessments Delivery governance Multi-year capability uplift program Critical risk observations Organic revenue growth per contract Margin improvement on budget per contract Improvement in people engagement Contract targets For personal use only
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311H26 Results ~$213m cost savings Cumulative annualised gross cost out delivered from the transformation program from Feb-23 to Jun-25 Further efficiency opportunities Internal analysis & benchmarking of overheads and cost to serve metrics Targeting 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY3012 Cost leadership Cost leadership Workforce management Fleet optimisation Strategic procurement and supply chain management Technology simplification Business support digitisation & process improvement Shared Services optimisation Ongoing transformation investment Required to modernise business support Benefits realisation over medium term Balancing level of business disruption, sequencing of change and execution risk The 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY30 is from the FY25 EBITA margin of 4.4%. For personal use only
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321H26 Results Investment to support growth and drive margin improvement FY26 FY26 FY27 - FY28 FY29+ $ Project management $ Fleet optimisation $$ Work management $$ Shared Services optimisation $$$ Business support optimisation $$$ My Time My Pay $ ERP simplification $ Long-term asset management $ Strategic procurement $ AI automation ~$60m indicative FY26 investment20,24 For personal use only
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331H26 Results Queensland Train Manufacturing Program (QTMP) Setting a new benchmark in Australian manufacturing, positioning us at the forefront of future rail innovation ▪ Largest investment in new rollingstock in QLD history ▪ ~$4.6bn project commenced in Jun-23 ▪ ~41% of revenue delivered to date ▪ First train prototype nearing completion with testing to commence in late 2026/early 2027 ▪ Construction of new Torbanlea facility nearing completion, enabling the manufacturing of the first locally built train to commence ▪ Continued high levels of activity expected through FY26 as both facilities and initial fleet manufacturing advance towards completion / commencement Component Revenue proportion Delivery profile Manufacturing & maintenance facilities ~35% Fleet delivery ~45% Maintenance (through-life support) ~20% Transition in Full fleet FY23 FY27 FY33 Downer will deliver: ▪ 65 six-car passenger trains with option of up to 15 additional sets ▪ Two purpose built facilities in QLD; train manufacturing in Torbanlea, and maintenance and stabling in Ormeau ▪ Two training simulators ▪ 15 year train maintenance with extension options For personal use only
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341H26 Results Keolis Downer AU transport projects Environmental & recycling Smart meter assets Building services Commercial building services Cleaning, catering Portfolio simplification has reshaped Downer Divestment / exit Mining Laundries Transition to a services-led model Trans-Tasman leadership Rationalisation and portfolio simplification 2021 2022 2023 2024 2025 Capital intensive, cyclical and exposed to market volatility Capital-light, balanced, disciplined risk management, sustainable improvement focus For personal use only
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351H26 Results Rationale Undervalued Sector exposure Risk management Cyclicality Non-core Divestments - FY23 to 1H26 Repurpose It Australian Transport Projects Asset and Development Services AE Smith New Zealand VEC Contracts Spotless Advanced Metering Cleaning Australia and Catering businesses Laundries business Interest of 49% in Keolis Downer Pty Ltd Cleaning New Zealand Energy & Utilities customer contract Divested a combination of underperforming, low-margin and non-core businesses Divestment cycle largely completed; applying capital management framework Recent divestments For personal use only
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361H26 Results Transport 51% Energy & Utilities 26% Facilities 23% Transport 43% Energy & Utilities 16% Facilities 41% Mature / GDP growth25 Higher growth potential / GDP+25 Cyclical growth opportunity25 Road Services 26% Rail & Transit Systems 15% NZ Projects (including Building) 10% Power & Gas 3% Energy & Industrial 9% Telco 7% Water 7% Govt / H&E 14% Defence 9% ▲ ● ● ▲ ▲ ●▲ ▲ High quality balanced portfolio across sectors, geographies and contract types Dec-25 WIH $38.2bn 1H26 revenue $4.9bn9,17 Transport 49% Energy & Utilities 22% Facilities 29% 1H26 segment EBITA $264.4m3,9 For personal use only
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371H26 Results ▪ Order book reflects a balanced mix of contract types, with risk exposure correlated to portfolio composition ▪ Capital-light services dominate the portfolio, and risk is actively managed in line with Group appetite and strategic objectives ▪ Lump sum construction work typically involves lower risk contract types, such as early contractor involvement (ECI) Balanced portfolio with disciplined risk-return management Contract commercial models - Dec-25 WIH Cost-plus 8% Schedule of rates 18% Lump sum 10% Alliance / target cost 6% Multi-year O&M with adjustment mechanism 58% Indicative risk exposure For personal use only
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381H26 Results Managing cost escalation through embedded mechanisms Contract escalation26 90% 8% 2% Embedded escalation Cost plus / reimbursable No escalation Services ~90% of WIH26 ▪ Predominantly long-term contracts structured to pass through inflationary pressures ▪ 91% include embedded price escalation mechanisms ▪ Majority escalate via CPI or blended indices ▪ Remaining mechanisms include cost-plus / reimbursable, fixed % and annual review mechanisms ▪ 1% with no escalation mechanism, supported by predictable financial outcomes and low exposure to cost volatility Construction ~10% of WIH26 ▪ Short-term contracts priced on current market conditions and typically include escalation contingencies ▪ Contracts without escalation are limited and primarily relate to scopes with low exposure to cost volatility 92% 8% 91% 8% 1% Services Construction For personal use only
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391H26 Results Group financials ▪ Statutory NPAT grew 29.8% to $98.0m, driven by a 31.6% uplift in EBIT, with reduced impact from individually significant items (ISI) (including divestments, restructuring charges and impairments), and lower net interest expense, partially offset by a higher tax expense. Refer to slide 18 for ISI and Note B4 of the Half Year Report. ▪ Growth of 7.0% in underlying NPATA to $136.1m ▪ Underlying EPS of 18.7 cps, up 10.0% ▪ Earnings growth matched with 90.5% cash conversion exceeding our target of >90% ▪ Strengthened balance sheet with net debt to EBITDA improving to 0.8x ▪ Interim dividend of 12.9cps up 19.4% reflecting a payout ratio of 65% and 100% franked. Statutory Underlying² (excl. ISI) P r o f o r m a ⁹ (excl. divestments and AHFS) ($'m) 1H26 1H25 Change 1H26 1H25 Change 1H26 1H25 Change R e v e n u e ¹ ⁷ 4,860.7 5,221.2 (6.9) % 4,918.8 5,505.7 (10.7) % 4,855.8 5,104.6 (4.9) % EBIT 175.5 133.4 31.6 % 217.7 194.1 12.2 % 210.3 175.4 19.9 % EBITA³ 184.9 150.1 23.2 % 227.1 204.3 11.2 % 219.7 185.6 18.4 % EBITA³ % 3.8 % 2.9 % 0.9 pp 4.6 % 3.7 % 0.9 pp 4.5 % 3.6 % 0.9 pp E B I T D A ² ⁷ % 6.5 % 5.7 % 0.8 pp 7.3 % 6.5 % 0.8 pp 7.3 % 6.6 % 0.7 pp NPATA³ 104.6 87.2 20.0 % 136.1 127.2 7.0 % 130.0 109.9 18.3 % NPAT 98.0 75.5 29.8 % 129.5 120.1 7.8 % 123.4 102.8 20.0 % Basic EPS 14.0 10.3 35.9 % 18.7 17.0 10.0 % 17.8 14.4 23.6 % 1H26 1H25 Change Leverage ratio 0.8x 1.3x (0.5)x Interim dividend 12.9cps 10.8cps 19.4 % Payout ratio % 65 % 60 % 5 pp Franking⁴ % 100 % 75 % 25pp For personal use only
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401H26 Results Reconciliation of pro forma to statutory result ($'m) EBIT Amortisation of acquired intangibles EBITA³ Net finance cost T a x e x p e n s e ² ⁸ NPATA³ Amortisation of acquired intangibles (post-tax) NPAT P r o f o r m a ⁹ r e s u l t 210.3 9.4 219.7 (34.2) (55.5) 130.0 (6.6) 123.4 Net divestment and assets held for sale contribution 7.4 - 7.4 - (1.3) 6.1 - 6.1 Underlying² result 217.7 9.4 227.1 (34.2) (56.8) 136.1 (6.6) 129.5 Net loss on divestments and exit costs (5.9) - (5.9) - (0.8) (6.7) - (6.7) Transformation and restructure costs (16.1) - (16.1) - 5.6 (10.5) - (10.5) Regulatory reviews and legal matters (6.3) - (6.3) - 1.8 (4.5) - (4.5) Impairment, asset write-downs and other (13.9) - (13.9) - 4.1 (9.8) - (9.8) Total individually significant items (42.2) - (42.2) - 10.7 (31.5) - (31.5) Statutory result 175.5 9.4 184.9 (34.2) (46.1) 104.6 (6.6) 98.0 For personal use only
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411H26 Results Reconciliation of pro forma to underlying result 1H26 1H25 ($'m) P r o f o r m a ⁹ Divestments impact Underlying² P r o f o r m a ⁹ Divestments i m p a c t ² ⁹ Underlying² Transport Revenue 2,453.9 4.0 2,457.9 2,555.5 189.8 2,745.3 EBITA 129.3 3.3 132.6 115.0 13.8 128.8 EBITA % 5.3 % 82.5 % 5.4 % 4.5 % 7.3 % 4.7 % Energy & Utilities Revenue 1,293.7 28.9 1,322.6 1,462.2 116.6 1,578.8 EBITA 57.5 4.3 61.8 48.7 3.9 52.6 EBITA % 4.4 % 14.9 % 4.7 % 3.3 % 3.3 % 3.3 % Facilities Revenue 1,107.5 6.2 1,113.7 1,082.0 44.0 1,126.0 EBITA 77.6 (0.2) 77.4 70.9 1.3 72.2 EBITA % 7.0 % (3.2) % 6.9 % 6.6 % 3.0 % 6.4 % Corporate Revenue 0.7 23.9 24.6 4.9 50.7 55.6 EBITA (44.7) - (44.7) (49.0) (0.3) (49.3) Group Revenue 4,855.8 63.0 4,918.8 5,104.6 401.1 5,505.7 EBITA 219.7 7.4 227.1 185.6 18.7 204.3 EBITA % 4.5 % 11.7 % 4.6 % 3.6 % 4.7 % 3.7 % Pro forma excludes the contribution of divested operations Divestment Segment Completed Interest of 49% in Keolis Downer Pty Ltd Transport 1H26 Cleaning New Zealand Facilities 1H26 Energy & Utilities customer contract Energy & Utilities 1H26 Interest of 29.9% in HT Hold Co Pty Ltd (an Australian laundries business) Unallocated 2H25 Cleaning Australia Facilities 2H25 Catering New Zealand Facilities 1H25 Repurpose It joint venture Transport 1H24 VEC contracts Transport 1H24 Advance Metering (smart-meter) assets Energy & Utilities 1H24 AE Smith New Zealand Facilities 1H24 Asset and Development Services Facilities 1H24 Australian Transport Projects Transport 2H23 Divestment impact is mainly attributable to: ▪ Downer's 49% interest in Keolis Downer contribution in 1H26: Revenue $3.4m (1H25: $185.6m), EBITA $3.4m (1H25: $14.4m), WIH (Jun-25: $1.3bn). ▪ Energy & Utilities customer contract contribution in 1H26: Revenue $28.9m (1H25: $116.6m), EBITA $4.3m (1H25: $3.9m), WIH (Jun-25: $0.0bn). For personal use only
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421H26 Results Group underlying financial performance Underlying² performance ($'m) 1H26 1H25 Change T o t a l r e v e n u e ¹ ⁷ 4,918.8 5,505.7 (10.7) % E B I T D A ² ⁷ 359.5 357.6 0.5 % Depreciation and amortisation (132.4) (153.3) 13.6 % EBITA³ 227.1 204.3 11.2 % Amortisation of acquired intangibles (9.4) (10.2) 7.8 % EBIT 217.7 194.1 12.2 % Net interest expense (34.2) (40.4) 15.3 % Profit before tax 183.5 153.7 19.4 % Tax expense (54.0) (33.6) (60.7) % Net profit after tax 129.5 120.1 7.8 % NPATA³ 136.1 127.2 7.0 % EBITA margin 4.6 % 3.7 % 0.9pp Effective tax rate 29.4 % 21.9 % 7.5pp ROFE 19.5 % 15.3 % 4.2pp Interim dividend (cents per share) 12.9 10.8 19.4 % Underlying² segment performance ($'m) 1H26 1H25 Change Transport 132.6 128.8 3.0 % Energy & Utilities 61.8 52.6 17.5 % Facilities 77.4 72.2 7.2 % Corporate (refer below) (44.7) (49.3) 9.3 % Underlying EBITA³ 227.1 204.3 11.2 % Total individually significant items (42.2) (54.2) 22.1 % Statutory EBITA 184.9 150.1 23.2 % Underlying NPATA³ 136.1 127.2 7.0 % Statutory NPAT 98.0 75.5 29.8 % Corporate costs in the period reflected: ▪ Transformation resulted in changes to the role of Corporate, leading to a more efficient model. Cost reductions were achieved through lower headcount across corporate functions, cost management disciplines, rationalisation of IT and efficiencies in shared services ▪ Decreases were achieved in insurance costs ▪ Cost reductions partially offset by cost increases in salaries and incentives, CPI / cost indexation of IT service agreements and property leases For personal use only
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431H26 Results 1H25 Reconciliation ($'m) 1H25 Reported Impact of FY25 and 1H26 D i v e s t m e n t s a n d A H F S ² ⁹ 1 H 2 5 R e s t a t e d ² ⁹ Segment Revenue EBITA Revenue EBITA Revenue EBITA Transport 2,741.1 129.4 (185.6) (14.4) 2,555.5 115.0 Energy & Utilities 1,578.8 52.6 (116.6) (3.9) 1,462.2 48.7 Facilities 1,111.2 71.7 (29.2) (0.8) 1,082.0 70.9 Comparative Financials ($'m) 1 H 2 4 R e s t a t e d ² ⁹ 1 H 2 5 R e s t a t e d ² ⁹ 1H26 Segment Revenue EBITA Revenue EBITA Revenue EBITA Transport 2,623.5 93.0 2,555.5 115.0 2,453.9 129.3 Energy & Utilities 1,589.4 42.1 1,462.2 48.7 1,293.7 57.5 Facilities 1,048.8 67.6 1,082.0 70.9 1,107.5 77.6 The comparative 1H25 and 1H24 period has been amended to remove the contribution of businesses divested. Pro forma comparatives For personal use only
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441H26 Results Balance sheet strength Sustainable capital management Operating cash flow Lease costs and maintenance capex Capital allocation framework Free cash flow generation Portfolio and capital return choices Interest and tax Dividends ▪ Capex is increasing, but remains below historic levels driven by capital discipline, asset optimisation, and timing efficiencies in maintenance and contract renewals ▪ Capacity for disciplined investment in supporting organic and inorganic growth opportunities ▪ 1H26 interim dividend 65% payout ratio fully franked4 ▪ Dividend payout range target is 60% to 70% of underlying NPATA ▪ Normalised cash conversion exceeded >90% target ▪ Improved underlying business performance driving higher tax payments ▪ Lower interest payments from reduced drawn debt ▪ Further reduction in leverage to 0.8x, well below the ~1.5x target ratio ▪ Capacity to invest in growth sectors Cash generated from business performance For personal use only
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451H26 Results Debt facilities $'m Jun-24 Dec-24 Jun-25 Dec-25 Total limit 2,572.1 2,557.8 2,706.4 2,546.0 Drawn 1,307.1 1,082.8 1,081.4 921.0 Available 1,265.0 1,475.0 1,625.0 1,625.0 Cash 837.6 639.8 833.8 683.4 Total liquidity 2,102.6 2,114.8 2,458.8 2,308.4 N e t d e b t ³ ⁰ 469.5 447.5 259.3 242.3 Leverage ratio N e t d e b t / E B I T D A ⁶ 1.4x 1.3x 0.9x 0.8x Debt profile For personal use only
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461H26 Results Change in cash ($'m) 1H26 1H25 Change Total operating cash flow 226.8 220.1 3.0 % Net capex (52.5) (44.7) (17.4) % Payment of principal lease liabilities (63.0) (74.8) 15.8 % Advances (to) / from JVs and Other (6.1) 11.9 (>100.0%) Free cash flow 105.2 112.5 (6.5) % Dividends paid (99.3) (80.1) (24.0) % Divestments 76.9 (2.7) >100.0% Share buyback (64.4) - (>100.0%) Net repayment of borrowings (158.8) (223.6) 29.0 % Net decrease in cash (140.4) (193.9) 27.6 % Cash at the end of the period 683.4 639.8 6.8 % Total liquidity 2,308.4 2,114.8 9.2 % Cash conversion ($'m) 1H26 1H25 Change Underlying² EBIT 217.7 194.1 12.2 % Add: Depreciation and amortisation 141.8 163.5 (13.3) % U n d e r l y i n g ² E B I T D A ² ⁷ 359.5 357.6 0.5 % Operating cash flow 226.8 220.1 3.0 % Add: Net interest paid 30.8 38.9 (20.8) % Add: Tax paid 53.9 33.9 59.0 % Adjusted operating cash flow 311.5 292.9 6.4 % EBITDA conversion 86.6 % 81.9 % 4.7 pp N o r m a l i s e d ⁵ E B I T D A c o n v e r s i o n 90.5 % 94.2 % (3.7) pp Depreciation and amortisation ($'m) 1H26 1H25 Change Depreciation – PP&E 56.0 54.7 2.4 % Depreciation – right of use asset 60.4 70.8 (14.7) % IT amortisation³¹ 16.0 21.3 (24.9) % Amortisation of acquired intangibles³¹ 9.4 16.7 (43.7) % Depreciation and amortisation 141.8 163.5 (13.3) % Cash flow For personal use only
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471H26 Results Notes All amounts are presented in Australian dollars which is the Company’s functional and presentation currency. In some instances, totals may not add due to rounding. 1 The management target of >4.5% average EBITA margin across FY25 and FY26 is incorporated into Downer’s long-term incentive plan and is not provided as guidance. Any forward looking statements are to be read in conjunction with the important notice and disclaimer. 2 The underlying result is a non-IFRS measure that is used by management to assess the performance of the business and includes the contribution of divested businesses and assets held for sale. Non-IFRS measures have not been subject to audit or review. 3 Downer calculates and forecasts EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. 4 The interim dividend in 1H26 of 12.9 cents per share (cps) was franked 100% (2025: The interim dividend in 1H25 of 10.8 cps was franked 75%). 5 Normalised underlying cash conversion has been adjusted to remove the cash outflows associated with FY25 and 1H26 ISI (not in underlying EBITDA) totalling $13.9m (1H25 equivalent of $43.8m). Cash conversion is calculated as operating cash flow excluding tax and interest, divided by underlying EBITDA. 6 Net debt to EBITDA ratio is net debt $642.4m, comprising lease liabilities, borrowings, deferred finance charges, cross currency and interest rate swaps, less cash, divided by underlying EBITDA (underlying EBIT and statutory D&A). 7 Underlying 1H26 EPS calculated as underlying net profit after tax of $129.5m adjusted for ROADS dividends of $4.6m. 8 Four year CAGR from FY26 underlying revenue. This information is a management ambition and is not provided as guidance. Any forward looking statements are to be read in conjunction with the important notice and disclaimer. 9 Pro forma reflects the statutory results adjusted for individually significant items (ISI) (refer to Note B4 of the Financial report) and excludes the revenue and EBITA contribution relating to completed divestments and assets held for sale to provide a like for like comparison between reporting periods. The pro forma result is a non-IFRS measure that is used by management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. 10 Non-services work-in-hand includes construction work-in-hand - NZ Projects (Transport), a portion of Water and Power & Gas (Energy & Utilities) and the construction component of QTMP (Transport). 11 Dec-24 and Jun-25 work-in-hand has been restated to be comparable with Dec-25, and removes impact of divestments. 12 FY30 EBITA margin target. This information is a management ambition and is not provided as guidance. Any forward looking statements are to be read in conjunction with the important notice and disclaimer. 13 Addressable market sizes are estimates prepared by the company based on third-party market research and other publicly available information overlaid to the sectors where the company performs maintenance and construction activities. Figures used throughout are not to be relied upon, are unverified and are not to be interpreted as a statement regarding the company’s future prospects of capturing market share or win rates. 14 Source: FactSet as at 17-Feb-26. Calculated as TSR between 1-Mar-23 and 17-Feb-26. 15 $260m is the estimated buy back program for FY26 and 1H27 based on 5% of issued capital. The timing and value of shares purchased will be determined by market conditions, trading volumes and other relevant factors. This information is a management estimate and is not provided as guidance. Forward looking statements are to be read in conjunction with the important notice and disclaimer. 16 LTIFR: Lost Time Injury Frequency Rate/million hours worked, TRIFR: Total Recordable Injury Frequency Rate/ million hours worked. 17 Revenue includes revenue and other income. Total revenue for underlying and pro forma is a non-statutory disclosure and also includes notional revenue from joint ventures and other alliances not proportionately consolidated. 18 Syndicated bridge excluded as it represents a short-term facility for the purpose of refinancing the AMTN. It is expected to be cancelled following successful issuance. 19 ‘Indicative capital uses’ are based on management estimates only and are subject to changes in timing of investing activities. Please see slide "investment to support growth and drive margin improvement" for further information on Transformation investment. 20 Gross Capital Expenditure and Transformation Investment are management ambitions and are not guidance. Forward looking statements are to be read in conjunction with the important notice and disclaimer. 21 The timing and value of shares purchased will be determined by market conditions, prevailing share price, trading volumes and other relevant factors. $260m represents approximately 5% of issued capital. 22 3 year CAGR from FY25 underlying NPAT (excluding the impact of the share buy-back program). This information is incorporated into Downer's long-term incentive plan and is not provided as guidance. Forward looking statements are to be read in conjunction with the important notice and disclaimer. 23 FY25 pro forma revenue of $10.348bn, amended to reflect the disposal of the E&U customer contract completed in 1H26. 24 Transformation investment will be classified as an individually significant item, where it is categorised as opex. Transformation investment cash estimate is for planned expenditure in FY26 only. It does not include any redundancy costs from the programs and is based on current delivery schedule that are subject to change. Estimated transformation investment requirements beyond FY26 remain subject to finalisation of planning and approval. ‘$’ signs indicate relative investment across programs in FY26 and are only intended to provide a view of relative investment of the individual program against the portfolio. 25 This information is not provided as guidance. Any forward looking statements are to be read in conjunction with the important notice and disclaimer. 26 Escalation mechanisms based on work-in-hand (WIH) at 31-Dec-25 over $30m, which represents 93% of total secured WIH. 27 EBITDA is calculated as reported EBIT and statutory depreciation and amortisation. 28 Tax expense of $56.8m is calculated by adjusting underlying tax of $54.0m and $2.8m tax on amortisation of acquired intangible assets. 29 The comparative periods have been amended to remove the contribution of businesses divested. 30 Net debt excludes lease liabilities, deferred finance charges, cross currency and interest rate swaps. 31 Amortisation expensed within ISI in 1H26 of $2.1m relates to IT amortisation and in 1H25 of $12.7m consists of $6.5m of accelerated amortisation of acquired intangible assets and $6.2m of IT amortisation. For personal use only
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481H26 Results Important notice and disclaimer The information in this presentation has been prepared by Downer EDI Limited ABN 97 003 872 848 (Downer or the Company) and includes general background information about Downer’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. This presentation may contain statements that are, or may be deemed to be, forward-looking statements. Such statements can generally be identified by the use of words such as “likely”, “looking- forward”, “expect”, “predict”, “will”, “may”, “intend”, “seek”, “would”, “continue”, “plan”, “objective”, “estimate”, “potential”, “anticipate”, “believe”, “risk”, “aim”, “forecast”, “assumption”, “projection”, “target”, “goal”, “outlook”, “guidance” and similar expressions. Indications of plans, strategies, management and company objectives, potential transactions, sales and financial performance are also forward-looking statements. Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of the Company. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements. Factors that could cause actual results or performance to differ materially include without limitation the following: volatility in customer demand for services, weather-related challenges and impacts and uncertainty in general economic conditions. The Company assumes no obligation to update such statements, subject to disclosure obligations under the applicable law and ASX listing rules. Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The information contained in this presentation may include information derived from publicly available sources that have not been independently verified. To the maximum extent permitted by law, Downer disclaims all responsibility for the information in this presentation being inaccurate or incomplete in any way for any reason. This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell Downer shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for securities in Downer or any of its subsidiaries. It is for information purposes only. Downer does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Downer accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error in, omission from or misrepresentation in this presentation. Unless otherwise specified all information is for the period ended 31 December 2025. Certain financial data included in this presentation is ‘non-IFRS financial information’. The Company believes that this non-IFRS financial information provides useful insight in measuring the financial performance and condition of Downer. Readers are cautioned not to place undue reliance on any non-IFRS financial information included in this presentation. These measures have not been subject to audit or review. This presentation should be read in conjunction with Downer’s other periodic and continuous disclosure announcements lodged with ASX. In particular, this presentation forms part of a package of information about Downer. It should be read in conjunction with Downer's Appendix 4D and Half Year Report also released today. The information in this presentation remains subject to change without notice. Circumstances may change and the contents of this presentation may become outdated as a result. Forward-looking statements and statements regarding other information contained in this presentation may also be made – verbally and in writing – by members of the Company’s management in connection with this presentation. Such statements are also subject to the same limitations, uncertainties and assumptions which are set out in this presentation. For personal use only
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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, government services and infrastructure expansion necessary to support population growth, and local industry revitalisation. The sectors where we operate include roads, rail, ports and airports, power, gas, water, telecommunications, energy networks, health, education, defence, and other government sectors. Downer is one of Australia’s and New Zealand’s largest private sector employers, with approximately 23,500 people, who are united by our high-performance culture, known as ‘The Downer Difference’. For more information visit downergroup.com. For personal use only