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1HFY26 Results 25 February 2026 BIG RIVER INDUSTRIES LTD (ASX:BRI) For personal use only
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02 Contents 03 Business Overview 04 Divisions 05 Investment Highlights 06 Performance Highlights 1HFY26 07 Investment – Build for the Future 08 Divisional Performance 09 Profit and Loss 10 Profitability Waterfall 11 Balance Sheet 12 Cash Flow 13 Capital Management 14 Macroeconomic Drivers 15 Financial Ambition & Growth 16 Group Outlook 17 Appendices John Lorente CEO & Managing Director John O’Connor CFO For personal use only
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4 Plywood / panel manufacturing plants Big River sales / distribution sites Big River manufacturing facilities Diversified by geography, industry segment, construction type and customer Asset mix 25 Sites across major population centres 7 Manufacturing sites 3 Frame & Truss Prefabrication Plants Supply chain diversity Revenue by construction market Revenue by region 21% of revenue Manufactured by BRI 17% of revenue Direct Import by BRI 62% of revenue Sourced from local supply partners 33% QLD 22% VIC 21% NSW/ACT 19% SA/WA 5% NZ 37% Detached housing 17% Multi-residential 12% Alterations & Additions 21% Commercial 5% Civil 8% OEM (re-manufacturing) 03 Business Overview For personal use only
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04 Divisions Panels Industry leaders in differentiated decorative and technical panel systems to the trade, supporting architectural, fit-out and bespoke OEM applications. Markets Architectural Residential housing & commercial building Alterations & additions Transport & RV OEM/ engineered/ industrial BTC General building Renovations Fitout Frame & Truss Local trade supplier Customers Cabinet makers & Joiners Fitout trades Resellers/ Merchants Transport authorities OEM’s Metrics Construction (Building Trades + Formwork & Commercial) Leading diversified Formwork & Building products manufacturing & distribution to trade businesses. F&C Concrete placement Site works Heavy construction Bulk products Distribution centres Residential home builders Multi-res builders Carpentry trades Renovators Formworkers Civil contractors Concreters Commercial builders Commercial contractors 9 sites c240 FTEs 1HFY26 revenue $67m >3,000 customer accounts, largest <2% 16 sites – 3 Frame & Truss, 4 Formwork & Commercial c330 FTEs 1HFY26 Revenue $139m >6,000 customer accounts, Top 750 representing ~80% Group Execution focus Focus on subsegments where BRI has a clear competitive advantage Deep trade customer alignment and long term supplier partnerships Accelerating growth in higher margin, differentiated categories Investing in profitable growth, organically and through targeted acquisitions Portfolio optimisation and network efficiency to drive returns Positioned to capture operating leverage with growth in volume For personal use only
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05 Investment Highlights Capital Management Earnings quality and disciplined working capital management have produced continued strong cash generation, resulting in gearing and net WC/revenue that are both well within the target range. This provides Big River with ample flexibility for: further M&A opportunities; disciplined investment in targeted growth initiatives. Tailwinds Drive Medium-Term Outlook While market conditions remain variable heading into 1HFY26, Big River is expected to benefit from several tailwinds, including: Increasing and forecasted population growth and low vacancy rates. Government initiatives to boost housing construction, including the Australian National Housing Accord, which targets 1.2m new homes over the next 5 years. Robust Financial Profile 1HFY26 Revenue of $206.0m (-1.4% LFL1 vs pcp) and Underlying EBITDA of $14.5m (-2.0% LFL). Operating Expenses declined 1.8% vs the pcp (in LFL terms) in 1HFY26, continuing the improvement reported in 2HFY25, reflecting sustained cost discipline and the benefits of efficiency initiatives implemented over the past 18 months. Continued margin expansion, with Gross Profit Margin up 20bps vs pcp to 26.6% and EBITDA Margin up 10bps vs pcp to 7.1%. Significant Operating Leverage In recent years, Big River has invested capital and focus on a range of network optimisation initiatives and supply chain improvements. This investment is reflected in the Group's margin resilience and highly efficient cost base, which leaves Big River well placed to deliver significant operating leverage as volumes recover. Sustained Competitive Advantage Vertically integrated, with manufacturing and distribution across key construction sectors. Market-leading offering in high-growth products, including decorative timber panels and lightweight cladding. Scale & supply chain relationships allow Big River to pivot to higher growth and higher margin products, as opportunities arise.Established & Growing Footprint 25 sites covering all major Australian states and NZ. 16 acquisitions since IPO in 2017. ~600 FTE staff with long tenure and market experience. Johns Building Supplies (JBS) acquisition in December 2025 adds a 4,000sqm warehouse in Welshpool (Perth), delivery fleet, and complementary product range, expanding the Group's WA presence. Competitive advantages, operating leverage, tailwinds to drive shareholder value 1. Like-for-like excludes the contribution from Johns Building Supplies (JBS) and adjusts for fewer trading days in 1HFY26 compared to 1HFY25. For personal use only
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06 Performance Highlights 1HFY26 Underlying EBITDA (Before significant items) $14.5m Gross Profit Margin 26.6 % Dividends 2.0 cps Cash Conversion 91.0% Working Capital 17.7% Down 2.6% on 1HFY25 (-1.4% LFL) on challenging market conditions. Up 20 bps on 1HFY25. Strong result in challenging market on solid pricing disciplines and margin growth initiatives. EBITDA down 2.0% on 1HFY25 with EBITDA margin of 7.1%. Net working capital to revenue ratio remained unchanged year over year, comfortably in line with Group’s target. EBITDA to Cash conversion at 91.0% compared to 78.4% in 1HFY25. Interim dividend of 2.0 cps at 81% pay-out ratio on NPAT before significant items. Group 1HFY26 Revenue $206.0m For personal use only
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Safety & People Growth Delivering Synergies Operational Efficiencies One Big River Disciplined investment in targeted growth initiatives: Grow Today – Build for the Future. Markets Operational Internal 07 Investment – Build for the Future Customer-focused growth to drive sales & margin uplift Team & supplier improvements to drive synergies & efficiencies Investment in operational capability Supplier consolidation and key supplier alignment Vertical integration International supply chain Manufacturing efficiency Manufacturing synergies; Grafton, SLQ, Campbellfield & F&T sites System & process enhancements to drive scale benefits Safety initiatives – zero harm HR – key roles Team development Finance systems – governance IT systems & processes Cyber The more efficient cost base allows Big River to focus on customer needs and accelerate investment toward attractive margin opportunities. Consistent cost improvements, consolidation initiatives, and disciplined investment in targeted growth initiatives leave Big River well placed to return to earnings growth and realise operating leverage as volumes improve. Focused business development on key product & market segments Margin improvement on price and mix Acquisitions & synergies Category management Marketing – brand alignment For personal use only
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Revenue EBITDA EBITDA Margin AUD in Millions 1HFY26 1HFY25 % Change 1HFY26 1HFY25 % Change 1HFY26 1HFY25 Construction 138.7 140.1 (1.1%) 12.4 10.3 20.4% 8.9% 7.4% Panels 67.3 71.4 (5.7%) 6.6 8.8 (25.0%) 9.8% 12.3% Corporate Costs - - - (4.5) (4.3) 4.7% - - Total 206.0 211.5 (2.6%) 14.5 14.8 (2.0%) 7.1% 7.0% 08 Divisional Performance Construction While revenue declined 1.1% in 1HFY26 on continued pressure in Frame & Truss operations, this decline moderated from the FY25 decline of 5.4%. Markets were characterised by competitive pricing and subdued volumes. Expense improvements more than offset topline weakness, with EBITDA up 20.4% on further improvements in manufacturing efficiency (supported by the amalgamation of Beaufort Frame & Truss and Breakwater), with targeted equipment upgrades at Breakwater and Dry Creek also contributing to improved productivity, service capability, and operational flexibility. Panels Revenue declined 5.7% in 1HFY26 on competitive pressure across commodity product lines, although this was partly offset by continued growth in higher- margin, differentiated products. The installation of a new laminating line at SLQ expanded manufacturing capability and is expected to support further mix improvement over time. The Group's investment in strong customer engagement, differentiated product offerings, and local manufacturing capability has driven growth in higher-value market segments, in particular cladding and decorative bespoke panel categories. These categories remain core to Big River's longer-term market share strategy. For personal use only
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09 Profit and Loss AUD in millions 1HFY26 1HFY25 % Change Highlights Revenue 206.0 211.5 (2.6%) Raw materials and consumables (151.2) (155.8) (3.0%) Gross profit 54.8 55.7 (1.6%) Gross margin % 26.6% 26.4% 20 bps Operating expenses (40.3) (40.9) (1.5%) EBITDA 14.5 14.8 (2.0%) Depreciation and amortisation (8.5) (8.4) (1.2%) EBIT 6.0 6.4 (6.3%) Finance costs (net) (2.5) (2.8) 10.7% PBT before significant items 3.5 3.6 (2.8%) Income tax expense (1.2) (1.1) (9.1%) NPAT before significant items 2.3 2.5 (8.0%) Significant items: - Acquisition costs (0.9) - - - Fair value gain - 0.8 (100%) - Rebranding costs - (0.5) (100%) - Impairment (20.0) (100%) - Income tax benefit 0.2 (100%) NPAT to equity owners 1.4 (17.0) (108.2%) Group revenue was down 2.6% on the pcp (-1.4% LFL), reflecting an easing in the rate of contraction and consistent with encouraging signs of market stabilisation. Gross profit margin of 26.6% was up 20bps on the pcp, continuing the expansion reported in recent periods on the back of disciplined pricing, improved mix, and closer supplier alignment.This margin expansion was achieved despite soft volumes and heightened competition. Operating expenses declined 1.5% vs the pcp (LFL -1.8%), continuing the improvement reported for 2HFY25 and reflecting sustained cost discipline alongside the benefits of efficiency initiatives implemented over the past 18 months. In late December 2025 the Group acquired Johns Building Supplies for total consideration of up to $17m. Related acquisition costs of $0.9m were recognised as a significant item in 1HFY26. For personal use only
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14.8 -1.7 0.5 0.0 1.0 14.5 EBITDA (AUD in millions) 1HFY25 BASE REVENUE DECLINE MARGIN EXPANSION ACQUISITION CONTRIBUTIONS COST SAVINGS 1HFY26 Revenue Like for like revenue decline, on soft market dynamics, remains largest contributor to EBITDA movement. Gross Margin Continued Gross Margin expansion of 20 bps on disciplined pricing, improved mix, and closer supplier alignment. EBITDA EBITDA (before significant items) down 2% on 1HFY25 with EBITDA margin of 7.1%. EBITDA contribution from Johns Building Supplies was negligible in the period. Operating Expenses Like-for-like cost savings of 1.8%, continuing the improvement reported for 2HFY25 and reflecting sustained cost discipline alongside the benefits of efficiency initiatives implemented over the past 18 months. 10 Profitability Waterfall For personal use only
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11 Balance Sheet AUD in millions 31 Dec 2025 30 June 2025 Highlights Balance sheet remains strong, with Gearing of 19.1% (June 2025: 20.1%), reflecting the cash consideration portion of the JBS acquisition ($13.0m; pre- earnout) and related equity entitlement offer (~$10.0m). The improvement over the period reflects solid cash generation across the business. Gearing remains well within the Group’s target range, providing ongoing investment flexibility. Net Working Capital to Revenue of 17.7% was unchanged vs the pcp and is comfortably within the target range, with inventory and receivables well managed. The increase in intangibles and contingent consideration is largely due to the Johns Building Supplies acquisition. Cash 21.7 22.8 Trade and other receivables 45.3 53.4 Inventories 79.4 72.6 Fixed assets 24.9 24.6 Right-of-use assets 24.8 25.3 Intangibles 56.8 44.4 Other assets 5.2 2.7 Total assets 258.1 245.8 Trade and other payables 52.2 54.4 Borrowings 48.2 48.3 Lease liabilities (right-of-use) 26.8 27.5 Current tax payable 0.1 0.6 Contingent consideration 6.2 1.3 Provisions and other liabilities 12.4 12.3 Total liabilities 145.9 144.4 Net assets 112.2 101.4 For personal use only
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12 Cash Flow AUD in millions 1HFY26 1HFY25 Highlights Operating Cashflow of $13.2m equates to cash conversion of 91.0%, up from 78.4% in the pcp, due to the quality of earnings and disciplined working capital management. Capital expenditure funded through a combination of asset finance facilities and cash generation. $~10m renounceable entitlement offer successfully completed. Receipt from customers 234.9 244.1 Payment to suppliers and employees (221.7) (232.5) Operating cash flow before interest and tax 13.2 11.6 Interest paid (net) (1.6) (1.7) Income tax paid (2.2) (0.8) Cash generated from operating activities 9.4 9.1 Business acquisitions (10.2) - Contingent consideration paid - (2.8) Capital expenditure (net) (1.6) (0.3) Net proceeds from issues of shares 9.8 - Cash used in investing activities (2.0) (3.1) Lease payment (6.7) (5.9) Dividends paid (1.7) (1.7) Cash used in financing activities (8.4) (7.6) Net (decrease)/increase in cash and cash equivalent ² (1.0) (1.6) 1. Gross capital expenditure (before lease funding and proceeds from disposal) is $1.9m (1HFY25: $1.3m). 2. Cash and cash equivalents = Cash – Bank Overdraft. For personal use only
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13 Capital Management AUD in millions 31 Dec 2025 30 June 2025 Highlights Extension of existing banking facility negotiated with NAB in August 2025. The Group remains in a strong balance sheet position with a gearing ratio of 19.1%. Net Working Capital to Revenue of 17.7% remains comfortably in the Group's target range. Interim year dividend of 2.0 cps. Total borrowing facility¹ 80.9 80.9 Facility drawn 48.2 48.3 Utilisation ratio % 59.6% 59.7% Cash 21.7 22.8 Net debt (Facility drawn – Cash) 26.5 25.5 Share capital 114.6 102.8 Reserves (2.4) (1.4) Equity 112.2 101.4 Funds employed (Net debt + Equity) 138.7 126.9 Gearing ratio % (Net debt over Funds employed) 19.1% 20.1% Working capital to revenue ratio % 17.7% 17.7% Cents Per Share 1HFY26 1HFY25 Dividend declared 2.0 cps 2.0 cps Basic earnings per share 1.6 cps (19.9) cps Dividend pay-out ratio % 81.4% nm 1. Total borrowing facilities are a mix between corporate loans and working capital facilities. At period end there was $16m unused corporate loan. For personal use only
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14 Macroeconomic Drivers Actual housing completions have remained comparatively subdued, with persistent delays and bottlenecks seeing the number of dwellings under construction remain elevated for the past three years. This trend was compounded by the peak in housing approvals in late 2021. There was some improvement in this dynamic in the first half of CY 2025, however over the subsequent six months dwellings under construction have trended higher while completions remain subdued. Approvals are rising, and the interest rate outlook has shifted materially over the past six months, from expectations of rate cuts to rate hikes. Against this mixed macroeconomic backdrop, Big River has invested in network optimisation, supply chain improvements, and targeted growth initiatives that position the Group to deliver significant operating leverage as volumes recover. The medium-term demand outlook across Big River's end markets remains underpinned by population growth, low vacancy rates, and government initiatives to increase housing construction. Dwellings: Approved, Under Construction, and Completed Source: Latest ABS Data For personal use only
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Revenue Growth Above Market Working Capital / Revenue < 20% Fully Franked Dividends EBITDA Margin Through Cycle > 10% Gross Profit Margin Expansion Long Term Financial Ambitions Capital Management Pursue Further M&A Invest for Future Growth Return Capital to Shareholders Big River's earnings quality and disciplined working capital management have resulted in strong cash generation and a solid balance sheet, leaving the Group with ample flexibility to pursue capital management initiatives. Big River is tracking well against its long-term financial targets, despite revenue contraction in soft residential market conditions with continued growth in GP and EBITDA margins solid cash management and consistent payment of fully franked dividends. 15 Financial Ambition & Growth 16 acquisitions since IPO. Latest acquisition JBS in December 2025. Key gaps/prospects/focus areas for M&A. Invested in network optimisation, supply chain improvements, and targeted growth initiatives to drive revenue and position for significant operating leverage as volumes recover. Big River remains focused on maximising shareholder value, by balancing the growth investment above with sustainable dividend payments. For personal use only
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16 Group Outlook Market conditions remain variable entering 2HFY26, with residential housing expected to remain uneven over the next 12 months and differing materially by geography and segment. While affordability and project timing continue to impact parts of the residential market, the Group is seeing improving momentum in selected regions and is increasingly benefiting from its diversified exposure and targeted market focus. Commercial and formwork activity continues to demonstrate solid resilience, supported by strong and growing pipelines across key regions. The Group is delivering good outcomes from its formwork and commercial operations, reflecting the strength of its customer relationships, capability depth and improving project flow. Western Australia continues to perform strongly from both a market and earnings perspective and remains the Group’s standout region. The recent acquisition of Johns Building Supplies has been well timed, materially strengthening the Group’s position and providing a clear platform for continued growth while conditions remain supportive. South Australia also presents a positive outlook, underpinned by population growth and healthy project pipelines, with competitive pressures and timing variability expected to moderate over time. Queensland continues to offer an attractive medium-term outlook, supported by structural population growth and infrastructure investment. While competitive intensity has been elevated in the near term, Queensland remains the Group’s largest market and is well positioned to deliver growth as activity strengthens. In New South Wales, regional markets are expected to perform well, with Sydney activity supported by the Group’s formwork and commercial operations. The ACT market is expected to remain soft in the near term, particularly across residential housing. Victoria is expected to remain softer near term, however consolidation actions, margin discipline and a more focused sales approach are expected to support improved performance. In New Zealand, market conditions remain subdued, though the Group expects stronger relative performance from its bespoke and higher value product offerings, particularly in external cladding. Against this backdrop, Big River enters 2HFY26 with a more efficient and scalable operating platform, resilient margins, strong cash generation and a solid balance sheet. The Group is well positioned to continue executing its strategy and will maintain disciplined investment in targeted growth initiatives across select categories and market verticals where Big River has a clear competitive advantage and can drive improved volumes and profitability. The business remains well placed to capture operating leverage as volumes recover and to deliver sustainable earnings growth through focused execution, targeted investment and continued emphasis on higher value segments. The Group will continue to actively assess its portfolio to ensure alignment with strategic priorities and growth opportunities, including pursuing selective, strategy aligned and value accretive acquisitions that strengthen capability, enhance market position and support long term returns. For personal use only
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17 Appendices For personal use only
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18 Appendix - Profitability AUD in millions 1HFY22 1HFY23 1HFY24 1HFY25 1HFY26 Revenue 193.8 232.4 218.8 211.5 206.0 EBITDA - Construction 13.1 20.7 14.6 10.3 12.4 - Panels 10.9 10.6 9.3 8.8 6.6 - Corporate costs (2.8) (3.4) (3.9) (4.3) (4.5) Total EBITDA 21.2 27.9 20.0 14.8 14.5 Depreciation (5.3) (5.6) (6.2) (7.2) (7.3) Amortisation (0.6) (1.3) (1.1) (1.2) (1.2) EBIT 15.3 21.0 12.7 6.4 6.0 Finance costs (net) (1.5) (2.2) (2.7) (2.8) (2.5) Income tax expense (4.2) (5.7) (3.1) (1.1) (1.2) NPAT before significant items 9.6 13.1 6.9 2.5 2.3 Significant items: - Acquisition costs (0.8) (0.3) (0.1) - (0.9) - Fair value gain - - 0.3 0.8 - - Restructure & rebranding costs - - - (0.3) - - Impairment charge - - - (20.0) - NPAT to equity owners 8.8 12.8 7.1 (17.0) 1.4 Earnings per share (basic) 10.9 cps 15.6 cps 8.5 cps (19.9) cps 1.6 cps Dividend per share 5.5 cps 8.6 cps 5.5 cps 2.0 cps 2.0 cps Dividend pay-out ratio % 50.0% 55.0% 64.5% nm 81.4% Net Profit After Tax and Before Amortisation (NPATA) NPAT before significant items 9.6 13.1 6.9 2.5 2.3 Add: Amortisation 0.6 1.3 1.1 1.2 1.2 NPATA before significant items 10.2 14.4 8.0 3.7 3.5 For personal use only
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19 Appendix – Cash Flow AUD in millions 1HFY22 1HFY23 1HFY24 1HFY25 1HFY26 EBITDA 21.2 27.9 20.0 14.8 14.5 Working capital changes & other items (6.4) (7.0) (0.4) (3.2) (1.3) Operating cash flow before interest and tax (OCFBIT) 14.8 20.9 19.6 11.6 13.2 Interest paid (net) (1.5) (1.4) (1.7) (1.7) (1.6) Income tax paid (1.8) (6.7) (8.5) (0.8) (2.2) Cash generated from operating activities 11.5 12.8 9.4 9.1 9.4 Capital expenditure (net)² (2.9) 1.1 (1.2) (0.3) (1.6) Payment for intangibles (0.1) - - - - Investment in financial assets - - (0.1) - - Free cash flow 8.5 13.9 8.1 8.8 7.8 Business acquisitions (13.5) (5.6) - - (10.2) Contingent consideration paid (1.8) (3.6) (3.2) (2.8) - Net proceeds from issue of shares - - - - 9.8 Proceeds from borrowings 10.0 5.0 - - - Lease repayments (3.6) (4.7) (5.3) (5.9) (6.7) Dividends paid (2.3) (8.1) (7.0) (1.7) (1.7) Increase/(decrease) in cash and cash equivalent¹ (2.7) (3.1) (7.4) (1.6) (1.0) 1. Cash and cash equivalents = Cash – Bank Overdraft. 2. Net Capital Expenditure for 1HFY23 is net of proceed from sale of land $2.7m. For personal use only
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20 Appendix – Capital Management AUD in millions 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 Overdraft and trade finance 2.8 2.7 - - - Bank bills 36.0 41.0 41.0 46.0 46.0 Equipment finance liability 2.4 2.3 2.3 2.4 2.2 Less: Cash (6.5) (16.9) (24.3) (18.8) (21.7) Net debt 34.7 29.1 19.0 29.6 26.5 Equity 105.0 118.3 120.5 100.4 112.2 Funds employed (Net debt + Equity) 139.7 147.4 139.5 130.0 138.7 Gearing ratio¹ 24.8% 19.7% 13.6% 22.8% 19.1% EBIT before significant items (LTM) 22.4 40.6 28.8 11.0 11.4 Return on funds employed (ROFE)² 16.0% 27.5% 20.6% 8.5% 8.2% 1. Gearing ratio = Net debt over Funds employed. 2. ROFE = EBIT before significant items over Funds employed. For personal use only
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21 Appendix – Historical Performance 1. U-NPAT is NPAT before significant items. 2. NPATA is NPAT, adjusted for amortisation of intangible assets. 180 190 200 210 220 230 240 Revenue ($m) 0% 20% 40% 60% 80% 100% 120% Cash Conversion 0 5 10 15 20 25 30 EBITDA ($m) 0% 5% 10% 15% 20% 25% 30% Gearing 0 2 4 6 8 10 12 14 U-NPAT ($m)¹ 0% 5% 10% 15% 20% 25% 30% ROFE 2 4 6 8 10 12 14 16 NPATA ($m)2 For personal use only
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22 Important Notice and Disclaimer This presentation is dated 25th February 2026. Big River Industries Limited (the "Company") advises that the information contained in this presentation is intended to be general background information about the Company's activities as at the date of this presentation. It is information given in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should seek independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in the presentation may include information derived from publicly available sources that has not been independently verified. The information in the presentation contains forward looking statements, which include statements regarding the Company's intent, belief or current expectations with respect to the business and operations, market conditions, results of operations and financial condition, which may be subject to uncertainties outside the Company's control and therefore no representation or warranty, express or implied, is made or given as to the accuracy, reliability or completeness of the information, opinions or conclusions expressed in this presentation. There can be no assurance that future developments will be in accordance with the Company's expectations or that the effect of future developments on the Company will be those anticipated. Actual results could differ materially from those which the Company expects, depending on the outcome of various factors. The Company is under no obligation to disseminate updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. This presentation should not be relied upon as a recommendation or forecast by the Company. This presentation should be read in conjunction with the 1HFY26 Results Announcement and 1HFY26 Appendix 4D. For personal use only