Slides
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FY2026 Annual General Meeting 27 October 2026
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The Hon. Richard V. Spencer Chairman, Austal Limited FY2026 AGM Chairman’s Address 27 October 2026
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Paddy Gregg Chief Executive Officer, Austal Limited FY2026 AGM CEOs’ Presentation 27 October 2026
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Austal ‘at a glance’ 4 A growing defence prime contractor, delivering for the defence and commercial maritime sectors $2.03bn FY26 Revenue $16.5bn Order Book (incl. options) 5 Shipyards Across 4 countries 4,500+ Employees 32 Ships ordered 6 Ships delivered in FY26 75 Ships under construction or scheduled 8 Service Centres Across 4 countries 78 Ships under sustainment contracts
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Key locations 5 A global operational footprint to meet the build and servicing requirements of customers Shipyard locations Location Land Area (m2) Ship Platforms Mobile, USA 467,000 LCS, EPF, MMF, OPC, T-ATS, LCU, T-AGOS, Subs Modules Henderson, Australia 78,344 Patrol Boats, LC-M, LC-H, GPF and LOSV Naval Base, Australia 22,741 Patrol Boats Balamban, Philippines 120,000 Commercial and Defence Vung Tau City, Vietnam 9,820 Large high-speed ferries Commentary • Austal operates in both defence and commercial shipbuilding with a global footprint to support its diverse customer base • US and Australia shipyards service our government clients with operations in Philippines and Vietnam providing cost efficiencies and operating leverage in commercial sector • Production facilities are purpose built, modern, efficient and fully enclosed • Global footprint enables production of vessels in modules across multiple shipyards to maximise capacity USA / AMERICAS AUSTRALASIA Shipyard Service centre & offices Henderson Shipyard, Western Australia MMF3 progress in Mobile, Alabama
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Austal USA proposed divestment • Austal has received an indicative, non-binding and conditional offer from Hanwha Defence USA, Inc. to acquire the business entities and operations of Austal USA for an indicative enterprise value of US$1.05 – 1.20 billion on a cash and debt-free basis • The Austal Board and its advisers have determined that it merits further evaluation, approving Hanwha to undertake due diligence • Shipbuilding revenue growing as programme options exercised • Growth in submarine module production • MMF 3 Phase 1 open with 13 modules in production Phase 2 (whole facility) open targeted for December • Reduction in support revenue as ships are deployed longer due to conflict • Accelerated contractual relief reassessed on programmes (recovery assumed for the future) cleansing the market to allow due diligence for Hanwha FY26 overview 6 Revenue growing on the back of strong order book, Australasia performance exceptional Revenue $2.03bn ▲11% FY25: A$1.8bn Order Book $16.5bn ▲27% FY25: A$13.1bn EBIT ($125.2m) ▼ 211% FY25: A$113m EBIT margin (6.2%) ▼ 12% FY25: 6.2% NPAT ($53.6m) ▼ 160% FY25: A$89.7m EPS (12.7cps) ▼ 154% FY25: 23.6cps Net Cash $186.3m ▼ 59% FY25: A$453.1m Austal USAAustal Australasia • Exceptional performance as SSA commences • Revenue up +49% on FY25 • Record EBIT 137% higher than previous best • Growth in both shipbuilding and support, revenue and EBIT • Australian order book at record level, providing multi-year growth • Strategic Shipbuilding Agreement (SSA) signed, alongside Landing Craft Medium (LC-M) and Landing Craft Heavy (LC-H)
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7 Segment Breakdown Australasian business providing greater contribution: Revenue: 95% defence, 5% commercial FY26 Australasia FY2026, A$m Shipbuilding Support Total Revenue 4 4 7. 9 ▲199.0 202.7 ▲13.7 650.7 ▲212.7 EBIT 55.5 ▲31.8 29.8 ▲1 7. 5 85.3 ▲49.3 EBIT margin (%) 12.4% ▲288 bps 14.7% ▲818 bps 13.1% ▲489 bps Illustrative revenue split 74% 26% Shipbuilding Support & Technology FY25 78% 22% Shipbuilding Support & Technology FY26 76% 24% USA Australasia FY25 68% 32% USA Australasia FY26 (1) The analysis above excludes unallocated corporate costs / inter-segment eliminations and includes the impact of FX translation . FY26 USA FY2026, A$m Shipbuilding Support Total Revenue 1,140.2 ▲42.4 242.4 ▼4 7. 9 1,382.6 ▼5.5 EBIT (225.0) ▼246.3 22.2 ▼54.1 (202.8) ▼300.4 EBIT margin (%) (19.7)% ▼2167 bps 9.2% ▼1713 bps (14.7)% ▼2170 bps
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7 (22) 23 56 (26) (15) 44 9 10 12 30 FY23 FY24 FY25 FY26 Corp Ohead One-off Normalised FY26 Site Location Production Shipyard Service Centre Henderson Western Australia Hope Valley Rd Western Australia - - Cairns Queensland - - Brisbane Queensland - - Darwin Northern Territory - - Dong Xuyen Vung Tau, Vietnam - Balamban Philippines Trinidad & Tobago Caribbean - - United Kingdom United Kingdom Design, engineering and in-service support Austal Australasia overview Segment EBIT of $85m, less Corporate O’Head, less one-off provision reversal bad debt recovery, Technology sale to EdgeTI, abnormal R&D credit shows normalised EBIT for FY 26 8 Appointed as the Australian Government’s strategic shipbuilder under SSA with additional commercial shipbuilding and sustainment activities across the region 222 155 249 448 144 148 189 203 FY23 FY24 FY25 FY26 Shipbuilding Support Revenue over time (A$m) EBIT over time (A$m) pre group corporate overhead Operating footprint Example customer & clients Defence / Naval Commonwealth of Australia Royal Australian Navy Australian Army Australian Border Force Commercial Molslinjen VELA transport Journey Beyond (Cruise Whitsundays) Gotlandsbolaget (Sweden) • Current orderbook facilitates step change in revenue • High utilisation of facilities • Orderbook longevity (10+ years) EBIT Margin 3.0% (14.5%) 9.5% 12.4% 6.3% 6.7% 6.5% 14.7%
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Business Overview 9
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Australasia: Operational highlights 10 Austal secured as Strategic Shipbuilder, with a record order book of future defence & commercial work CommercialDefence Program Client Status Guardian Class Patrol Boat (GCPB) CoA Complete Evolved Cape Class Patrol Boat (ECCPB) Aus Navy / Border Force Ongoing Landing Craft Medium (LC-M) Aus Army Commenced Construction Landing Craft Heavy (LC-H) Aus Army Commenced FY26 General Purpose Frigate (GPF) Aus Navy Ongoing discussion Large Optionally Crewed Vessel (LOSV) Aus Navy Ongoing discussion Mitsubishi Heavy Industries (MHI) recent site visit with CoA to commence GPF Mogami-class contract discussions Program Client Status Zero Carbon, 66m Sailing Cargo Trimaran VELA Ongoing French Polynesia, 71m Steel hull ROPAX General Cargo Degage Group Delivered 35m High Speed Passenger Ferry Cruise Whitsundays Ongoing Multi-fuel, hydrogen ready, 130m Vehicle Passenger Ferry Gotlandsbo- laget Ongoing Austal Australasia (Vietnam) delivered 71m RORO passenger cargo vessel (March 2026)
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Australasia: Defence orderbook 11 Record order book of long dated future defence programs Australasia order backlog A$bn, approximate 0.7 5.6 FY25 FY26 +670% Program Delivered to date FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ Guardian Class Patrol Boat (GCPB) 24 Evolved Cape Class Patrol Boat (ECCPB) 10 Landing Craft Medium (LC-M) - Landing Craft Heavy (LC-H) - General Purpose Frigate (GPF) - Large Optionally Crewed Vessel (LOSV) - Remaining vessel forecast profile 6 + 5* vessels (*) Government extension option applies 18 vessels 8 vessels 8 vessels* (*) Timing of vessels subject to ongoing discussions and negotiation Up to 6 vessels* (*) Timing and number of vessels subject to ongoing discussions and negotiation Complete
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Australasia: Henderson Defence Precinct Render of CUF investment for LCH Where critical maritime capabilities for the Australian Defence Force will be built, including Navy’s future General Purpose Frigates and Army's Landing Craft 12 Source: Australian Government, Defence (24-Aug) • On 24 August 2026, the Australian and WA Governments announced the selected site for the Henderson Defence Precinct, a key milestone for continuous naval shipbuilding and sustainment in WA • Secured $245 million in debt funding from the National Reconstruction Fund Corporation (NRFC) to fund the development of infrastructure required to deliver its ~$4 billion Landing Craft Heavy (LCH) contract. • Backed by an initial $12bn Federal funding commitment, the project is expected to support around 10,000 direct WA jobs over the next two decades • The program now moves to concept design, with continued engagement across government, industry, Traditional Owners and the local community • Defence Minister Richard Marles described the site selection as “a major step towards establishing a world-class sovereign shipbuilding and sustainment hub in Western Australia” (L to R) National Armaments Director Nadine Williams with Premier of Western Australia, the Hon. Roger Cook, MLA , Deputy Prime Minister and Minister for Defence, the Hon Richard Marles MP and Chief of the Australian Defence Force, Admiral Mark Hammond AO RAN stand together on completion of the announcement held at Henderson Defence Precinct, Western Australia.
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USA: Operational highlights 13 Significant submarine module manufacturing uplift enabled by capex investment in MMF3 (Phase 1 operational), with MMF3 completion due in December 2026 • 3 delivered and 3 planned for delivery by end of 2026, with 13 currently under construction • Submarine workforce increased from ~200 employees in June 2025 to 600+ in October 2026, with plans to exceed 1,000 employees by December 2026 Submarine modules • 5 LCUs under construction • 2 OPCs under construction (with a third due to start construction in September 2026) • T-ATS11 due for delivery Q2 CY2027. T-ATS12 conducting pre-delivery testing, and T-ATS is under construction • Completion of the LCS programme of 19 vessels Shipbuilding • Floating Dock “Independence” received final certification in September, with first US Navy dry- docking availability secured • Auxiliary Floating Dry Dock Medium launched in July 2026, with move to San Diego at end of Q4 2026 for final testing Support and sustainment • Significant ongoing investment in MMF3 facility expansion, providing significant uplift in capacity to meet expected future demand • MMF3 Phase 1 open, with final construction expected December 2026 Total MMF3 investment US$450m Vessel and Program Update Facilities and Capex Update Landing Craft Utility at Builders Trials February 2026 Module Manufacturing Facility 3 - Phase 1 Completion May 2026
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Program Delivered to date FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ Littoral Combat Ship (LCS) (US Navy) 19 Expeditionary Fast Transport (EFT) (US Navy) 15 Expeditionary Medical Ship (EMS) (US Navy) - Towing, Salvage & Rescue (T-ATS) (US Navy) - Landing Craft Utility (LCU) (US Navy) 1 Ocean Surveillance (T-AGOS) (US Navy) - Offshore Patrol Cutter (OPC) (US Coast Guard) - Submarine Modules (Virginia & Colombia) USN) USA: Defence orderbook 14 Significant order book >A$10bn in place across a range of ongoing and future programs USA order backlog(1) A$bn, approximate 12.3 10.9 FY25 FY26 (12%) Remaining vessel forecast profile 1 vessel 3 vessels 3 vessel 11 vessels 7 vessels 11 vessels Note: (1) Includes vessel options and contracts subject to ongoing discussions and negotiation. 13 modules
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Through life support & sustainment 15 Targeting A$500m in revenue by FY27 Support and Sustainment Revenue (A$m)Key Commentary Continued growth in support and sustainment revenue supported by: • Addressable market growth across the US and Australia through the increasing number of Austal ships being built • Investment in San Diego growth opportunity and commissioning of the floating dock: − Dock operational and first US Navy contract secured − Utilisation of the Philippines floating dock for support work • Dedicated ‘Through Life Support’ team for European operators • Support and sustainment work drives recurring revenue streams for Austal in both the US and Australasia 35 101 148 187 212 295 360 257 270 367 467 477 441 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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Austal technology 16 A strong focus on technology development and innovation for future growth Key Technology Offerings MARINELINK Prime Next-gen version of the MARINELINK integrated monitoring and control system, with enhanced digital and cybersecurity capability Motion Control Advanced vessel stability program — interceptors, roll fins, trim tabs, T-foils and swinging T-foils VANTAGE Autonomy-ready, optionally crewed vessel platform design, launched in FY26 to enable increased presence and awareness Developments in FY26 MARINELINK Prime Deployments continued to grow on both new-build and retrofit vessels AROS Approval in Principle from DNV for the Autonomous and Remotely Operated Ships Platform Controller VANTAGE Class launched — an autonomy-ready platform to enable increased presence and awareness Additive Manufacturing MOU executed with ASC on advanced additive manufacturing to support Australia’s naval capability
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Outlook 17
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Strategic Outlook Increasing defence expenditure, A$16.5bn order book and strategic positioning support positive outlook Market demand Defence spend • Strong tailwinds from increasing defence expenditure Delivery and returns Shipbuilding • Australasia growth from ramp up in LC-M and LC-H programs • Austal USA resolution of contractual issues and return to profitability • Strong outlook for expanded submarine modular manufacturing capacity in USA Capacity investment Henderson — Precinct Upgrades • Significant government investment commitment in precinct • Contractually covered investment in the Common User Facility for LC-H • Key element of continuous naval shipbuilding commitment Austal USA — MMF3 and FA2 • MMF3 and FA2 investment in Austal USA provides capacity expansion to facilitate increased expected demand • Strategically placed to benefit from US shift to modular manufacturing to expand production rates Financial Guidance Austal customarily provides Group earnings guidance at its AGM. Due to the considerable financial impacts of a potential sale of the Austal USA business, the Company will not provide Group guidance at this point in time. Austal’s Australasia business continues to grow on the back of the Strategic Shipbuilding Agreement, Landing Craft Medium and Landing Craft Heavy contracts, and work in the commercial sector. Based on that growth, Austal expects EBIT to grow in excess of 30% from the $44 million reported for the segment in FY2026. 18 Strategic shipbuilding agreement • Strategically positioned under SSA for Australia’s continuous naval shipbuilding commitment Order book • A$16.5bn order book secures long dated future demand Support and technology • Strong support business performance in Australasia • Advanced Manufacturing Centre of Excellence adding financial value Market • Commercial negotiations progressing with multiple offers to purchase Austal USA
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Land Forces 2026 19 Austal’s first exhibition at Land Forces 2026 in Perth
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Questions?
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FY2026 Annual General Meeting Resolutions
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Resolution 1 “That the Remuneration Report as set out in the Annual Report for the year ended 30 June 2026 be adopted.” Eligible proxies received : FOR AGAINST PROXY’S DISCRETION 278,977,149 34,133,525 298,769 89.01% 10.89% 0.10%
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“That Mr Lee Goddard, being a Director of the Company who retires in accordance with Article 8.1(d) of the Company’s Constitution, and, being eligible, is re-elected as a Director of the Company.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 301,081,277 12,291,719 303,635 95.98% 3.92% 0.10% Resolution 2 Eligible proxies received:
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“That, subject to approval of Resolution 2 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $45,762 worth of Share Rights to Mr Lee Goddard CSC on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 311,262,383 2,155,096 285,087 99.22% 0.69% 0.09% Resolution 3
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"That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $45,762 worth of Share Rights to Ms Kathryn Toohey AM CSC on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” Eligible proxies received: Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 311,268,783 2,129,542 304,241 99.22% 0.68% 0.10% Resolution 4 Eligible proxies received :
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“That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $45,762 worth of Share Rights to Mr Brent Cubis on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” FOR AGAINST PROXY’S DISCRETION 311,252,254 2,155,096 291,152 99.22% 0.69% 0.09% Resolution 5 Eligible proxies received :
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“That, subject to the approval of Resolution 2 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $45,762 worth of Share Rights to Mr Richard Gibb on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 311,257,418 2,153,921 287,227 99.22% 0.69% 0.09% Resolution 6
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“That, subject to the approval of Resolution 3 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $45,762 worth of Share Rights to Ms Susan Murphy on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 311,267,818 2,141,392 293,356 99.22% 0.68% 0.09% Resolution 7
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That pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to 44,690 STI Rights under the Austal Limited Rights Plan for FY2026 to Mr Patrick Gregg on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 294,925,756 18,006,883 328,587 94.15% 5.75% 0.10% Resolution 8
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“That pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to 501,264 LTI Rights under the Austal Limited Rights Plan for FY2027 to Mr Patrick Gregg on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 280,925,417 32,036,474 300,226 89.68% 10.23% 0.10% Resolution 9
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"That, pursuant to and in accordance with sections 200C and 200E of the Corporations Act and for all other purposes, Shareholders approve the giving of benefits arising under the equity incentive plans to any current, past or future holder of a managerial or executive office in the Company or in any of its related bodies corporate (within the meaning of the Corporations Act) to which sections 200C and 200E of the Corporations Act apply, in connection with the transfer of the whole or any part of the undertaking or property of the Company, as set out in the Explanatory Memorandum.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 283,252,201 30,131,952 303,082 90.30% 9.61% 0.10% Resolution 10
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FY2026 Annual General Meeting Close
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34 Glossary AFDM Auxiliary Floating Dock Module LCU Landing Craft Utility CCPB Cape Class Patrol Boat LUSV Large Unmanned Surface Vessel DDG(X) Next Generation Guided Missile Destroyer MMF3 Module Manufacturing Facility #3 (for submarine modules) ECCPB Evolved Cape Class Patrol Boat NGLS Next Generation Logistics Ship EMS Expeditionary Medical Ships, a special medical version of EPF OCSV Optionally Crewed Surface Vessel EPF VLS Expeditionary Fast Transport Vertical Launch System OPC Offshore Patrol Cutter FA2 Final Assembly Hall #2 (for completion of large steel vessels) OUSV Ghost Fleet Overlord Unmanned Surface Vessels GCPB Guardian Class Patrol Boat REA Request for Equitable Adjustment GPF General Purpose Frigate T-ATS Navajo Class Towing and Salvage Ships LC-H Landing Craft-Heavy T-AGOS Discovery Class Ocean Surveillance Vessel LC-M Landing Craft-Medium LCS Littoral Combat Ship (Independence-variant)
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35 Disclaimer This presentation and any oral presentation accompanying it has been prepared by Austal Limited (“Austal”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in Austal or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Austal will be entered into on the basis of this presentation. This presentation contains “forward-looking” statements in relation to the financial condition, operations and business of Austal which are based on Austal’s current expectations, assumptions and the information available to Austal at the date of this presentation. These forward-looking statements may include statements regarding targets, projections or estimates as to events that may occur in the future which rely upon the best judgement of Austal and should not be relied upon as an indication or guarantee of future performance of Austal. Such forward-looking statements are subject to known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Austal to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. In addition, certain matters included in Austal’s financial statements involve significant judgements and have forward looking elements. For example, the assessment of contract revenues in accordance with Austal’s accounting policies requires estimates of contract revenues, contract costs (and cost contingencies) and the current percentage of completion. A summary of the key risks that may impact the business and such forward-looking statements is set out in Austal’s Corporate Governance Statement and published on its website – they include – but are not limited to – impacts to US programs, the availability of US government funding due to budgetary or debt ceiling constraints; changes in customer priorities or their ability to meet contractual requirements, additional costs or schedule revisions. There are also broader risks to the enterprise such as cyber security, HSEQ incidents, product liability, recruitment and workforce restraints and material unexpected changes to Austal’s financing arrangements. Austal’s expansion in Asia also naturally brings with it a number of risks that are typical when entering new jurisdictions or expanding in others. Actual results may also affect the capitalization changes on earnings per share; the allowability of costs under government cost accounting divestitures or joint ventures; the timing and availability of future impact of acquisitions; the timing and availability of future government awards; economic, business and regulatory conditions and other factors. Austal disclaims any duty to update forward looking statements to reflect new developments; more information on key enterprise risks can be found in the Company's annual report and corporate governance statement. Accordingly, to the maximum extent permitted by applicable laws, Austal makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. You should not act or refrain from acting in reliance on this presentation material. This overview of Austal does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Austal’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.
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ASX:ASB Paddy Gregg, Chief Executive Officer Telephone: +61 8 9410 1111 www.austal.com Further Information 36 Company Timeline 1988 Perth, Western Australia Commenced operations 1999 Alabama, Mobile Austal’s first USA shipyard established 2011 Balamban, Philippines Commercial shipbuilding facility acquired 2018 Vung Tau, Vietnam Commercial shipbuilding facility acquired 2023 Alabama, Mobile T-AGOS contract with total options of US$3.2bn 2025 Australia Appointment as Australia’s Strategic Shipbuilder 2024 Alabama, Mobile Austal USA award A$670m contract by General Dynamics Electric Boat to expand production capacity