Slides
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FY26 Full Year Financial Results August 2026 Austin Engineering Limited (ASX: ANG)
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Important Information This presentation has been prepared by Austin Engineering Limited (ABN 60 078 480 136) (“Austin” or the “Company”). The information in this presentation should be read in conjunction with Austin’s continuous disclosure announcements. The information is of a general nature and has been prepared by Austin in good faith and with due care but no representation, warranty or assurance, express or implied, is given or made as to the fairness, accuracy, adequacy, completeness or reliability of any statements, estimates or opinions, conclusions or other information contained in this presentation. You should also be aware that any forward-looking statements in this presentation are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the businesses of Austin as well as general economic conditions and conditions in the financial markets. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and such deviations are both normal and to be expected. No relevant party makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, and you are cautioned not to place undue reliance on these statements. The forward-looking statements in this presentation reflect views held only as at the date of this presentation. Subject to any continuing obligations under applicable law or any relevant ASX listing rules, Austin also disclaims any obligation or undertaking to provide any updates or revisions to any forward- looking statements in this presentation to reflect any change in expectations in relations to any forward-looking statements or any change in events, conditions, circumstances, expectations or assumptions on which any such statement is based. Nothing in this presentation shall under any circumstances create an implication that there has been no change in the affairs of Austin since the date of this presentation. The information in this presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice). Investors must not act on the basis of any matter contained in this presentation, but investors must rely on their own independent assessment, investigations and analysis of Austin. Investors should obtain their own professional, legal, tax, business and/or financial advisors before making any investment decision based on their investment objectives. Due care and attention should be undertaken when considering and analysing the financial performance of Austin. All amounts are presented in Australian dollars unless otherwise stated. This presentation includes certain terms or measures which are not reported under International Financial Reporting Standards (IFRS) including, but not limited to, ‘underlying’ and ‘normalised’. These measures are used internally by management to assess the performance of the business and make decisions about the allocation of resources. These non-IFRS measures have not been subject to audit or review. Refer to Austin’s published financial results to ASX for financial information presented in according with IFRS standards. Each recipient of this presentation or any entity or person receiving this document represents, warrants and confirms that it accepts the above conditions. This presentation and the information contained in it does not constitute a prospectus or product disclosure statement, disclosure document or other offer document relating to Austin under Australian law or any other law. This presentation is not, and does not, constitute an offer, invitation or recommendation to subscribe for, or purchase, securities in Austin. P 2
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Agenda • About Austin • Results Overview • Operational Improvement Plan • Financial Results • Sector analysis • Global Strategy • FY27 Outlook
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Who we are Global mining solutions business with diversified commodity exposure. Employees and contractors worldwide 1,314 50+ years Engineering and manufacturing mining equipment 6 Operating sites across four continents 14 Partner with final assembly companies Trays manufactured 15,500+ P 4
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What we do Design-Led Solutions Innovation Customisation Standard is our Value that adds Global Reach Local Focus P 5
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Where we are 121 87 221 348 537 1,314 Western Australia Queensland North America South America Indonesia Total Workforce FY26 Total Workforce (employees and contractors) workforce & facilities P 6 0 500 1,000 1,500 2,000 FY22 FY23 FY24 FY25 FY26 Total Workforce
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FY26 Results Overview P 7 Earnings decline offset by strong cash generation and balance sheet discipline FY26 performance was materially impacted by operational issues in South America and North America, while cash conversion and net debt improved materially. Earnings decline Cash and balance sheet strength Revenue $329.0m ▼ vs $376.7m pcp EBITDA $20.4m* ▼ vs $43.0m pcp EBIT $10.8m* ▼ vs $33.2m pcp Key drivers • South America: legacy OEM contract and operational inefficiencies • North America: margin pressure from product mix, productivity and outsourcing • APAC: lower tray volumes partly offset by bucket and spare parts growth Operating cash flow $26.7m ▲ vs $2.6m pcp Free cash flow $19.9m ▲ vs ($5.7m) pcp Net debt $5.8m ▼ vs $12.8m FY25 What this demonstrates • Working capital discipline released cash despite lower earnings • Inventory reduction supported operating cash flow and balance sheet flexibility • Low net debt provides capacity to execute the operational recovery plan Investor takeaway FY26 was a reset year: the earnings decline is intrinsic to business reasons which are being addressed. Cash generation, working capital discipline and reduced net debt provide a stronger platform for FY27 improvement actions. *FY26 & FY25 excluding FX and for continuing operations.
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P 8 FY26 material items included in the Statutory EBITDA results Jun-26 Jun-25 Change $M YTD YTD $M FX loss \ (Gain) 1.1 1.4 (0.3) Redundancy/Restructure - Chile/Indonesia/Australia 1.3 0.6 0.7 Inventory obsolescence/impairment 2.2 3.3 (1.1) Chile stock adjustment (1.1) - (1.1) Austbuy consumption adjustment 0.7 - 0.7 New product - HPT Next Gen Version - 0.9 (0.9) USA capacity expansion - 1.8 (1.8) Chile expansion to support OEM - 2.5 (2.5) Rework for Tier 1 customer trays - 1.0 (1.0) USA mining Expo - 1.4 (1.4) ERP & other systems - 0.9 (0.9) Mainetec dipper earnout - 2.0 (2.0) M&A - project rinse - 0.6 (0.6) Canada right of use provision reversal - (2.3) 2.3 Canada PPE impairment - 0.1 (0.1) Total material items 4.2 14.2 (10.0)
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FY26 Performance and Management Response P 9 Segment FY26 Impact Management Response South America EBITDA loss increased to $9.3m, impacted by the legacy OEM contract and operational inefficiencies Commercial reset of OEM contract, new management structure, labour optimisation and stronger production controls North America EBITDA reduced to $9.5m, with margin impacted by product mix, productivity and high third-party outsourcing cost Productivity program, reduced contractor reliance, improved planning and welding technology adoption APAC EBITDA reduced to $24.9m with lower tray volumes partly offset by growth in buckets and spare parts Focus on bucket growth, product and geographic diversification, improved order conversion and margin discipline Cash discipline Operating cash flow increased to $26.7m, despite lower earnings Working capital reduction, inventory discipline and balance sheet flexibility
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Chile reset with commercial terms renegotiated and operating controls strengthened P 10 OEM Contract ($M) FY26 Life to Date Revenue 21.0 50.3 EBITDA (5.7) (9.5) EBITDA margin % (27.1%) (18.9%) Issue Identified Actions taken FY27 focus Legacy OEM contract materially impacted earnings OEM contract renegotiated, with improved pricing and payment terms Deliver under reset commercial terms. Commenced late June 2026 Labour and production inefficiencies reduced throughput New management structure, workforce rightsizing, standard work instructions and tighter production governance Improve labour utilisation and production consistency Cost control and steel utilisation required improvement Vendor controls, steel-yard controls and North American operational support implemented Convert operating discipline into margin recovery South America reported FY26 EBITDA loss of $9.3m Recovery plan implemented and new terms commenced late FY26 Improve Chile margin performance and progress toward sustainable profitability
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USA productivity recovering, with outsourcing reduced in 2HFY26 P 11 • Productivity discipline o Workstation KPIs implemented o Improved planning and scheduling o Better workflow through workshop o Standard work instructions Month Productivity July 25 62% August 25 64% September 25 64% October 25 67% November 25 67% December 25 76% January 26 70% February 26 75% March 26 81% April 26 82% May 26 80% June 26 80% • Labour Mix o Reducing reliance on contractors o Increasing permanent workforce capability o Internal weld school and training focus • Margin recovery o Reducing outsourced tray assembly Full tray builds outsourced: FY24 – 12, FY25 – 33, 1HFY26 – 17, 2HFY26 – 3 o Improving quoted versus actual performance o Expanding welding technology and automation
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P 12 Financial Results
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• Revenue decreased 12.7% to $329m, reflecting lower activity across all regions. • EBITDA decreased to $20.4m, driven by Chile loss of $9.3m, margin declines in the US and Indonesia partially offset by Australia’s margin improvement. • Net interest decrease due to increase in interest income and decrease in interest expense. • Effective tax rate across the Group at 18%, from tax expense recognised in US and Indonesia. • NPAT decreased to $7.6m, reflecting lower EBITDA partly offset by lower depreciation, interest and tax expenses. • Statutory profit numbers include net material items of $4.2m (FY25: $14.2m), detailed on slide 8. P 13 12 months ending* FY26 FY25 VAR % Revenue $M 329.0 376.7 -12.7% EBITDA $M 20.4 43.0 -52.5% EBITDA margin % 6.2% 11.4% -5.2% Depreciation and amortisation $M (9.7) (9.9) +2.1% EBIT $M 10.8 33.2 -67.5% EBIT margin % 3.3% 8.8% -5.5% Net interest expense $M (1.5) (2.2) +31.4% PBT $M 9.2 30.9 -70.1% Tax Expense $M (1.7) (3.2) +48.3 NPAT $M 7.6 27.7 -72.7% NPAT margin % 2.3% 7.4% -5.1% Analysis of Financial Performance *FY26 & FY25 reported numbers excluded FX from continuing operations
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32.5 20.3 43.5 43.0 20.4 FY22 FY23 FY24 FY25 FY26 0 5 10 15 20 25 30 35 40 45 50 Group Financial Performance Trend 203 258 313 377 329 0 50 100 150 200 250 300 350 400 FY22 FY23 FY24 FY25 FY26 Revenue EBITDA • The Group’s revenue decreased 12.7%, with a decline across all segments. • APAC revenue was impacted by softer tray volumes partly offset by increases in bucket sales. • US revenue decline driven by lower tray sales and product mix • South America revenue impacted by cap on OEM production, offset by increase in services revenue. • The Group’s EBITDA was down across all regions. • APAC EBITDA decline of $8.3m, from lower tray volumes partly offset by continued growth of the buckets and spare parts business. • North America EBITDA reduced by $8.8m, impacted by decline in tray volumes / product mix, production inefficiencies, facility bottlenecks, and contract labour and 3rd party contractors. • South America loss increased to $9.3m, impacted by the loss-making OEM contract, higher labour, contractor and steel costs. P 14 * FY26 & FY25 reported numbers excluded FX
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15 Cash flows reflect continuing & discontinued operations. Strong cash conversion despite earnings decline • Operational cash flow increased significantly to $26.7m, an improvement of $24.1m on the prior year, reflecting the unwind of working capital inventory. • EBITDA to FCF conversion improved materially in the second half to 99% for the full year. • Capex of $6.8m supported the upgrades to US facilities and operational equipment across the business. • Free cash flow of $19.9m after interest, tax and capex. • The cash position was used to fund dividend payments of $7.1m and a share buyback of $1.2m. 20.1 19.1 12.9 (5.3) (6.8) (4.2) (8.3) (9.9) (0.5) 17.1 Opening Cash EBITDA Working capital & other Interest & tax Capex Lease payments Dividends & buyback Net debt & other FX on cash Closing Cash - 10.0 20.0 30.0 40.0 50.0 60.0 Operating Cash Flow $26.7m - Capex $6.8m Free Cash Flow (FCF) $19.9m=
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Balance Sheetremains strong, with reduced net debt Working capital • Inventory decreased by $32.2m, largely due to reductions in WIP and raw materials and improved management of inventory. • Trade, other receivables and contract assets decreased by $10.3m. • Trade payables, other payables and provisions decreased by $21.9m, from AustBuy steel and US supplier payments. • Customer advance payments decreased by $4.0m, with US advance payments down $10.0m during the year. Balance Sheet P 16 $M Jun-26 Dec-25 Jun-25 Cash and cash equivalents 17.1 15.8 20.1 Trade, other receivables and contract assets 62.5 55.3 72.9 Inventories 55.7 81.5 87.9 Finance Lease receivables 21.8 21.3 17.5 Property, plant and equipment 47.0 48.5 48.4 Intangible assets 24.7 25.0 25.7 Right of use assets 8.4 10.6 16.3 Current tax assets 2.3 2.9 2.5 Deferred tax assets 11.7 12.3 11.8 Total Assets 251.2 273.3 303.1 Trade, other payables and contract liabilities 70.2 71.8 95.4 Borrowings 22.8 34.0 32.9 Tax liabilities 0.2 0.4 0.8 Provisions 9.2 9.5 10.7 Lease liabilities 15.1 17.4 19.4 Total liabilities 117.6 133.2 159.1 Net Assets 133.6 140.1 144.0 Net Debt (5.8) (18.2) (12.8) Net Debt to Net Debt plus Equity 4.1% 11.5% 8.2% $M Jun-26 Dec-25 Jun-25 FY mvt % Change Finished goods 3.1 10.1 6.4 3.3 -51.7% Work-in-progress 24.7 36.1 40.4 15.7 -38.9% Raw Materials 27.9 35.3 41.1 13.2 -32.1% Total inventory 55.7 81.5 87.9 32.2 -36.7% Trade, other receivables & contract Assets 61.7 54.3 72.0 10.3 -14.4% Chile lease receivable 8.4 8.7 8.9 0.6 -6.6% Current Tax asset 1.9 2.9 2.5 0.6 -24.0% Trade, other payables & provisions (57.4) (63.8) (79.3) (21.9) -27.6% Customer advance payments (19.6) (15.5) (23.6) (4.0) -17.0% Net Working Capital 50.6 68.3 68.5 17.9 -26.1%
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P 17 Sector Analysis
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Analysis of Financial Results Sector Analysis Asia-Pacific FY25 FY26 Revenue (continuing operations) $M 173.3 147.1 EBITDA $M 33.2 24.9 EBITDA margin % 19.1% 16.9% • APAC continued to be a cornerstone of profitability, performing in line with expectations. It remains the largest revenue-generating region, contributing 44.7% of Group revenue. • The Australian buckets business was a standout, delivering a $17.4 million revenue uplift and growing from 10% of APAC product revenue in FY25 to 26% in FY26. • APAC continued to diversify its customer revenue mix, with 51% of work now sourced from outside single-customer relationships. • The order book strengthened through the year, with demand increasing in the second half. • Profitability improved in 2HFY26 to 18.7% compared to 1HFY26 of 15.0%, reflecting operational improvements and disciplinedexecution. 107.5 126.8 145.1 173.3 147.1 30 50 70 90 110 130 150 170 190 FY22 FY23 FY24 FY25 FY26 APAC $M Revenue APAC leads group revenue, driven by bucket growth and diversification Analysis of Financial Results P 18 FY26 & FY25 reported numbers excluded FX
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Analysis of Financial Results P 19 North America FY25 FY26 Revenue (continuing operations) $M 146.8 127.0 EBITDA $M 18.3 9.5 EBITDA margin % 12.5% 7.5% Sector Analysis 66.7 75.3 95.5 146.8 127.0 0 20 40 60 80 100 120 140 160 FY22 FY23 FY24 FY25 FY26 N. America $M Revenue • North America contributed approximately 38.6% of Group revenue, finishing the year at $127m, a 13.5% decline on the prior year due to customer replacement cycles and product mix. • Order levels were softer than expected due to customer order delays. Order conversion remains a key FY27 focus. • Product mix remains a challenge, with certain contracts carrying lower margins than others, and the business is actively working to improve the product margins. Operational productivity improved during the year from 62% to 80%, and efficiency improvements are progressing. • The US team has implemented an operational improvement plan, focused on improving planning, adoption of lean manufacturing principles, setting and measuring KPIs across workstations, and investing in new welding technologies and vendor cost reduction initiatives. • Revenue in 2HFY26 was 22% down on 1HFY26, however margins improved in 2HFY26 to 9.5% v 1HFY26 of 5.8%, reflecting early progress from these initiatives. FY26 & FY25 reported numbers excluded FX North America margins improving as productivity actions take hold Analysis of Financial Results
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Analysis of Financial Results South America FY25 FY26 Revenue (continuing operations) $M 56.6 54.9 EBITDA $M (1.7) (9.3) EBITDA margin % -3.0% -16.9% Sector Analysis • Financial performance was significantly impacted by challenges with the OEM contract, which led to negative margins and reduced facility efficiency. • The OEM contract was renegotiated in March 2026, securing improved pricing and payment terms, with deliveries under the new terms commenced in late June 2026. • A new operational improvement plan has been implemented, witha new management team in place, supported by the North American team, that is collectively rolling out Casper's operational improvement processes and practices. • The order book remains strong, with orders extending beyond the current calendar year. • Management’s focus is on converting the contract reset and operating controls into improved FY27 performance. 29.2 41.1 51.6 56.6 54.9 0 10 20 30 40 50 60 FY22 FY23 FY24 FY25 FY26 South America $M Revenue Analysis of Financial Results South America reset underway following OEM contract renegotiation P 20 FY26 & FY25 reported numbers excluded FX
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P 21 Global Strategy
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Manufacturing Leadership Customer Focus 3 12Product Leadership Strategy focused on margin recovery, customer growth and product differentiation • Investment in sales teams. • Marketing activity increased. including more trade shows. • Customer support personnel expanded in Australia and Chile. • Common operational systems being introduced across the board. • New ERP systems being deployed. • Standard work instructions. • Disciplined KPI management. • Focus on delivering customised products to improve mining efficiency. • Mining bucket sales growing across the Group, including for dippers. • austIQ product launched. • Digital systems under development. P 22
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81 83 27 49 11 58 18 Revenue base diversified by commodity, product and customer type P 23 Commodity FY26 FY25 Oil 18% 18% Copper 25% 22% Iron Ore 25% 25% Coal (Met) 15% 9% Other 6% 6% Gold 8% 15% Coal (Thermal) 3% 5% 62 10 5 10 8 2 2 Product/Service Type FY26 FY25 Bodies 62% 71% Buckets 10% 6% Other Products/Parts 10% 4% Shop Maintenance/Repairs 8% 8% Other Services 2% 2% Chutes 5% 4% Site Maintenance/Repairs 2% 1% 83 1 8 8 Customer Types FY26 FY25 Miners 83% 82% Other 8% 7% OEMs 8% 8% Mining Contractors 1% 3% COMMODITY ($ M) PRODUCT / SERVICE (%) CUSTOMER (%)
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FY27 Outlook P 24
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FY27 Improvement Drivers and Guidance P 25 Operational reset provides clear pathway to improved earnings o Chile: OEM contract reset and stronger operating controls o USA: productivity recovery and lower outsourcing – order book to strengthen across FY27 o APAC: bucket growth, diversified revenue and stronger demand conversion o Group: working capital discipline, cost control and embedded operating KPIs FY27 Guidance range o Underlying EBIT from continuing operations and excluding FX movement, expected to be between $17 million and $21 million