Slides
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BIG RIVER INDUSTRIES LTD (ASX:BRI) FY26 Results 25 August 2026 Big River Industries Limited ASX: BRI
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02 03 Business Overview 04 Divisions 05 Performance Highlights FY26 06 Divisional Performance 07 Profit and Loss 08 Profitability Waterfall 09 Balance Sheet 10 Cash Flow 11 Capital Management 12 Investment – Build for the Future 13 Financial Ambitions & Growth 14 Investment Highlights 15 Macroeconomic Drivers 16 Group Outlook 17 Appendices John Lorente CEO & Managing Director John O’Connor CFO Contents
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4 Plywood / panel manufacturing plants Big River sales / distribution sites Big River manufacturing facilities Network and manufacturing footprint 25 Sites across major population centres 7 Manufacturing sites 3 Frame & Truss Prefabrication Plants Supply chain diversity Revenue by construction market Revenue by region 20% of revenue Manufactured by BRI 15% of revenue Direct Import by BRI 65% of revenue Sourced from local supply partners 31% QLD 23% SA/WA 21% VIC 20% NSW/ACT 5% NZ 37% Detached housing 17% Multi-residential 12% Alterations & Additions 22% Commercial 5% Civil 7% OEM (re-manufacturing) 03 Business Overview $426.4m FY26 Revenue Manufacturer & distributor diversified across regions, markets, and supply channels <2% Revenue attributable to largest Group customer
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04 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 OEMs 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 FY26 revenue $131m >3,000 customer accounts 16 sites – 3 Frame & Truss, 4 Formwork & Commercial FY26 Revenue $295m >6,000 customer accounts 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 Integration of Johns Building Supplies (JBS) into the Group Two complementary divisions serving diverse customers and construction markets Divisions
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05 Underlying EBITDA $31.1m Gross Profit Margin 26.5 % Dividends 4.0 cps Cash Flow & Balance Sheet 101.5% Working Capital 15.9% Up 5.3% on FY25 Reflecting resilient trading including JBS partial year contribution Up 30bps despite competitive markets, supported by pricing discipline, improved product mix, procurement initiatives, and supplier alignment Up 8.4% on FY25 with EBITDA margin of 7.3% up 21bps Net working capital to revenue ratio improved to 15.9% from 17.7%, reflecting disciplined inventory and receivables management Cash conversion improved, rising from 100.1% in FY25 Final dividend of 2.0 cps delivering total dividends for FY26 of 4.0 cps representing a 76.9% pay-out ratio Revenue $426.4m Performance Highlights FY26 Disciplined execution delivered an improved earnings base for FY27 growth 17.9% Gearing improved, declining from 20.1% in FY25
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Revenue EBITDA EBITDA Margin AUD in Millions FY26 FY25 % Change FY26 FY25 % Change FY26 FY25 Construction 295.0 275.4 7.1% 27.7 23.2 19.4% 9.4% 8.4% Panels 131.4 129.7 1.3% 12.3 13.5 (8.9%) 9.4% 10.4% Corporate Costs - - - (8.9) (8.0) 11.3% - - Total 426.4 405.1 5.3% 31.1 28.7 8.4% 7.3% 7.1% 06 Panels Revenue increased 1.3 per cent to $131.4m, with organic growth in bespoke and value added categories partly offset by softer trading in New Zealand and continued weakness in the recreational vehicle market. EBITDA was $12.3m, down approximately 8.9 per cent, reflecting competitive pricing and product mix pressures together with investment in targeted growth initiatives. Continued investment in differentiated products, manufacturing capability and higher value categories remains central to the Group's growth strategy. The Group's investment in strong customer engagement, differentiated product offerings, and local manufacturing capability ha s 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. JBS, organic growth in key markets and operating efficiencies drove construction earnings growth, while Panels continued to grow differentiated categories. Divisional Performance Construction Revenue increased 7.1 per cent to $295.0m, supported by the partial year contribution from JBS. Formwork and Commercial remained comparatively resilient and delivered positive organic growth, with particularly strong contributions from Western Australia and New South Wales and growth in profit margins. EBITDA increased approximately 19.4 per cent to $27.7m, reflecting the JBS contribution and continued operational and network efficiencies. Corporate costs increased $0.9m to $8.9m, reflecting inflation, employee costs and investment in Group capability and governance.
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07 AUD in millions FY26 FY25 % Change Highlights Revenue 426.4 405.1 5.3% Raw materials and consumables (313.3) (298.9) (4.8%) Gross profit 113.1 106.2 6.5% Gross margin % 26.5% 26.2% 30bps Operating expenses (82.0) (77.5) (5.8%) EBITDA 31.1 28.7 8.4% Depreciation and amortisation (18.0) (16.9) (6.8%) EBIT 13.1 11.8 10.6% Finance costs (net) (5.3) (5.5) 3.6% PBT before significant items 7.8 6.3 23.0% Income tax expense (2.6) (2.0) (28.5%) NPAT before significant items 5.2 4.3 20.5% Significant items: - Acquisition costs (1.0) - - - Fair value gain 1.4 2.1 (33.3%) - Restructure and rebranding costs (0.4) (1.7) 75.0% - Impairment - (20.0) - - HR System/Payroll Data Review (0.7) - - - Income tax benefit 0.4 0.5 26.0% NPAT to equity owners 4.9 (14.8) 133.2% Underlying NPATA1 8.0 6.7 19.4% Revenue increased 5.3%, including a partial-year contribution from JBS. Like-for-like revenue declined 1.0% amid subdued residential construction markets. Gross profit increased 6.5%, with GM of 26.5% (+30bps). Pricing discipline, improved mix, procurement initiatives, and supplier alignment more than offset soft volumes and heightened competition. Operating expenses increased 5.8%, principally reflecting the addition of JBS. Like-for-like operating expenses increased ~2.8%, below underlying inflation. Underlying EBITDA increased 8.4% as gross profit growth exceeded higher operating costs. Lower net finance costs supported underlying NPAT growth of 20.5%. Big River acquired Johns Building Supplies in December 2025 for consideration of up to $17m. JBS contributed $25.2m of revenue and $3.1m of EBITDA during the partial ownership period and performed ahead of expectations. Profit and Loss 1. NPATA is Net Profit After Tax, adjusted for amortisation of intangible assets.
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FY25 BASE REVENUE DECLINE MARGIN EXPANSION ACQUISITION CONTRIBUTIONS LIKE FOR LIKE FY26 Revenue Like-for-like EBITDA result down due to reduced volumes in larger regions/states. Gross Margin Pricing discipline, improved product mix, procurement initiatives and closer supplier alignment contributed $2.6m of EBITDA growth, with gross margin expanding 30 bps to 26.5%. EBITDA Gross-margin expansion and the JBS contribution more than offset softer like-for- like revenue and higher operating costs, supporting EBITDA growth of 8.4% to $31.1m. Operating Expenses Like-for-like cost increases reduced EBITDA by $2.3m, partly offset by operating and network efficiencies. 08 28.7 (1.0) 2.6 (2.3) 28.0 3.1 31.1 10.0 15.0 20.0 25.0 30.0 35.0 EBITDA (AUD in millions) COST INCREASES Profitability Waterfall
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09 AUD in millions 30 June 2026 30 June 2025 Highlights Balance sheet remains strong, with gearing at 17.9%, down from 20.1% in June 2025. This reflects strong cash generation and disciplined capital management, including the funding of the JBS acquisition. Gearing remains within the target range, allowing for ongoing investment and growth opportunities. Net Working Capital1 to Revenue ratio is 15.9%, improvement to previous period, and comfortably within the Group’s target range, reflecting disciplined management of inventory and receivables. Net Debt (facility drawn less Cash) improved by $0.7m to $24.8m (FY25: $25.5m) reflecting disciplined capital management. The increase in intangibles and contingent consideration primarily reflects the acquisition of Johns Building Supplies. Cash 24.5 22.8 Trade and other receivables 56.9 53.4 Inventories 73.8 72.6 Fixed assets 25.3 24.6 Right-of-use assets 31.1 25.3 Intangibles 56.2 44.4 Other assets 3.5 2.7 Total assets 271.3 245.8 Trade and other payables 59.8 54.4 Borrowings 49.3 48.3 Lease liabilities (right-of-use) 33.3 27.5 Current tax payable 0.9 0.6 Contingent consideration 1.9 1.3 Provisions and other liabilities 12.5 12.3 Total liabilities 157.7 144.4 Net assets 113.6 101.4 Balance Sheet 1. Net working capital ratio calculated including JBS annualised revenue.
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10 1. Gross capital expenditure (before lease funding and proceeds from disposal) is $4.4m (FY25: $3.3m). 2. Cash and cash equivalents = Cash – Bank Overdraft. Cash Flow AUD in millions FY26 FY25 Highlights Operating Cashflow of $31.7m equates to cash conversion of 101.5%, up from 100.1% 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. c$10m renounceable entitlement offer successfully completed. Strong cash generation supported the JBS acquisition, capital investment, and dividend payments during FY26. As a result, Big River has retained balance sheet capacity for future growth opportunities. Receipt from customers 466.0 448.3 Payment to suppliers and employees (434.3) (419.6) Operating cash flow before interest and tax 31.7 28.7 Interest paid (net) (3.2) (3.3) Income tax paid (3.3) (2.1) Cash generated from operating activities 25.2 23.3 Business acquisitions (13.1) - Contingent consideration paid - (2.8) Capital expenditure (net)1 (2.4) (1.8) Net proceeds from issues of shares 9.8 - Cash used in investing activities (5.7) (4.6) Lease payment (14.1) (13.0) Dividends paid (3.6) (3.4) Cash used in financing activities (17.7) (16.4) Net (decrease)/increase in cash and cash equivalent ² 1.8 2.3 Strong cash conversion supports future growth investment
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11 AUD in millions 30 June 2026 30 June 2025 Highlights Extension of existing banking facility negotiated with NAB in August 2025, with maturity dates Sep 27 and Sep 28. The Group remains in a strong balance sheet position with a gearing ratio of 17.9%, supported by strong cash conversion and disciplined capital management. Capacity for further growth investment, $16m unused corporate loan Net Working Capital to Revenue of 15.9% remains comfortably in the Group's target range. Fully franked final dividend of 2.0 cps. Total dividends for FY26 4.0 cps. Total borrowing facility¹ 80.6 80.9 Facility drawn 49.3 48.3 Utilisation ratio % 61.2% 59.7% Cash 24.5 22.8 Net debt (Facility drawn – Cash) 24.8 25.5 Share capital 114.6 102.8 Reserves (1.0) (1.4) Equity 113.6 101.4 Funds employed (Net debt + Equity) 138.4 126.9 Gearing ratio % (Net debt over Funds employed) 17.9% 20.1% Working capital to revenue ratio % 15.9% 17.7% Cents Per Share FY26 FY25 Dividend declared 4.0 4.0 Basic earnings per share 5.5 cps (17.3) cps Dividend pay-out ratio2 % 76.9% 80.0% 1. Total borrowing facilities are a mix between corporate loans and working capital facilities. At period end there was $16m unused corporate loan. 2. FY26 Dividend payout ratio calculated as total FY26 dividends declared divided by statutory NPAT (FY25 was based on underlying NPAT ). Capital Management Big River has completed acquisitions, expanded operations, and maintained a high dividend payout ratio while reducing gearing
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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 12 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 Investment – Build for the Future Building a more efficient, scalable, and higher-margin business
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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 ambition, despite like for like 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. 13 16 acquisitions since IPO. Latest acquisition JBS in December 2025. Continuing to explore targeted value accretive acquisition opportunities 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. Financial Ambition & Growth Strategic Review As announced on 29 June 2026, the Board has engaged Greenstone Partners to assist with a review of the Group's strategic options. The review is ongoing, and there is no certainty that the review will result in any specific outcome. The Group will update the market once the review is concluded.
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14 Consistent margin expansion Gross Profit Margin has expanded across several consecutive reporting periods, increasing a further 30bps to 26.5% in FY26 Growth remains focused on differentiated, higher margin categories, supported by Big River’s local manufacturing capability, with approximately 20% of Group revenue manufactured internally Increased exposure to differentiated and specification led categories supports stronger product mix and reduces reliance on commoditised product lines Competitive Advantage Through Scale and Specialisation National distribution network supported by specialist product expertise and strong local customer relationships. Integrated manufacturing and distribution capability supports growth in differentiated, higher value product categories. Scale, supplier relationships and category expertise provide flexibility to pursue higher growth, higher margin opportunities. Acquisition discipline BRI has acquired 16 businesses since listing in 2017, with strong vendor alignment and over 80% of contingent consideration paid. Accretive acquisition of Johns Building Supplies in December 2025. JBS contributed $25.2m revenue and $3.1m EBITDA and ahead of expectations. Materially strengthening BRI’s WA position. Earnings growth outside the cycle Return to full-year earnings growth (EBITDA +8.4%) in unsupportive macroeconomic environment, reflecting quality of business and acquisition strategy. Gross profit margin has now expanded vs the pcp for at least three consecutive reporting periods. Strategic investments & disciplined execution delivering growth despite macro conditions Investment Highlights Cash generation & balance sheet capacity Cash conversion of 101.5% in FY26. Gearing 17.9%, down from 20.1% at end FY25 and comfortably inside target range. Undrawn corporate facility provides capacity for further M&A and targeted growth investment. Continued shareholder returns through fully franked dividends, with 4.0 cps declared for FY26. Significant Operating Leverage In recent years, Big River has invested capital and focussed 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.
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15 Dwellings: Approved, Under Construction, and Completed Macroeconomic Drivers Elevated pipeline supports medium-term demand, albeit project conversion remains constrained Pipeline rebuilding: FY26 dwelling approvals increased 9.2% to 205,249, the highest level since FY21, supported by higher -density housing and continued policy focus on housing supply. Construction activity remains elevated: 243,864 dwellings were under construction as at March 2026, up 14% from the December 2024 trough and near record levels. Conversion remains constrained: Affordability pressures, project delays, wet weather, and construction-capacity constraints delayed revenue conversion during FY26. Favourable mix and geography: The pipeline is shifting toward multi-residential and non-residential projects, with strong commencements growth across Queensland, Western Australia, and South Australia. This aligns with Big River’s formwork, commercial, panels, and building-trade exposure. Medium-term opportunity: The elevated pipeline supports future demand, although conversion timing remains dependent on project progression and constructi on capacity. Source: ABS Building Approvals & Building Activity
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16 Big River enters FY27 with an improved earnings base, resilient gross margins, a disciplined cost structure, and a strong pipeline of targeted growth initiatives. Subject to market conditions and successful execution against the strategic priorities detailed below, Big River reiterates its expectation for double-digit EBITDA growth in FY27. Principal drivers are expected to include: Full-year contribution from Johns Building Supplies and continued growth in Western Australia. Increased market penetration in key higher-value product growth categories where Big River has a competitive advantage. Investment in specialist sales, technical, and category management capability. Continued Gross Profit improvement through pricing discipline, product mix, supplier consolidation, and procurement initiatives. Increased utilisation of the Group’s manufacturing capability. Further operational efficiencies across the Group’s branch, warehouse, and supply chain network. Continued implementation of standardised processes and systems. Increased operating leverage as revenue growth is delivered through the Group’s existing national platform. Residential markets are expected to remain variable in the near term and as such market growth is expected to be subdued in FY27. Commercial, infrastructure, and formwork activity is expected to remain comparatively resilient. Western Australia and South Australia are expected to continue outperforming the softer eastern- seaboard markets of NSW and Victoria, with the Queensland market expected to grow as preparations for the Brisbane 2032 Olympics accelerate. The business will continue to maintain a disciplined approach to costs, working capital, and capital investment while progressing initiatives that deliver measurable earnings and cash outcomes. Big River continues to explore targeted value-accretive acquisition opportunities. Group Outlook
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17 Appendices
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18 Appendix - Profitability AUD in millions FY22 FY23 FY24 FY25 FY26 Revenue 409.3 449.5 414.7 405.1 426.4 EBITDA - Construction 31.9 39.3 24.2 23.2 27.7 - Panels 21.4 19.2 15.5 13.5 12.3 - Corporate costs (6.2) (7.6) (7.1) (8.0) (8.9) Total EBITDA 47.1 50.9 32.6 28.7 31.1 Depreciation (10.8) (11.4) (13.0) (14.5) (15.2) Amortisation (1.4) (2.4) (2.3) (2.4) (2.8) EBIT 34.9 37.1 17.3 11.8 13.1 Finance costs (net) (3.2) (4.8) (5.4) (5.5) (5.3) Income tax expense (10.1) (9.7) (3.5) (2.0) (2.6) NPAT before significant items 21.6 22.6 8.4 4.3 5.2 Significant items: - Acquisition costs (0.8) (0.5) (0.7) - (0.9) - Fair value gain - - 0.8 2.1 1.4 - Restructure & rebranding costs - - (0.4) (1.2) (0.3) - Impairment charge 0.5 - - (20.0) - - HR system/Payroll data review - - - - (0.5) NPAT to equity owners 21.3 22.1 8.1 (14.8) 4.9 Earnings per share (basic) 26.0 26.8 9.6 (17.3) 5.5 Dividend per share 15.5 17.1 7.5 4.0 4.0 Dividend pay-out ratio % 59.6% 63.9% 78.1% 80.0% 76.9% Net Profit After Tax and Before Amortisation (NPATA) NPAT before significant items 21.6 22.6 8.4 4.3 5.2 Add: Amortisation 1.4 2.4 2.3 2.4 2.8 NPATA before significant items 23.0 25.0 10.7 6.7 8.0
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19 AUD in millions FY22 FY23 FY24 FY25 FY26 EBITDA 47.1 50.9 32.6 28.7 31.1 Working capital changes & other items (4.6) 6.7 (0.6) - 0.6 Operating cash flow before interest and tax (OCFBIT) 42.5 57.6 32.0 28.7 31.7 Interest paid (net) (2.4) (3.1) (3.3) (3.3) (3.2) Income tax paid (2.9) (9.3) (10.0) (2.1) (3.3) Cash generated from operating activities 37.2 45.2 18.7 23.3 25.2 Capital expenditure (net)¹ (5.9) (1.5) (2.6) (1.8) (2.4) Payment for intangibles (0.2) - - - - Investment in financial assets (0.1) (0.1) (0.1) - - Free cash flow 31.0 43.6 16.0 21.5 22.8 Business acquisitions (13.5) (5.6) (5.7) - (13.1) Contingent consideration paid (2.0) (3.6) (3.5) (2.8) - Net proceeds from issue of shares - - - - 9.8 Proceeds from borrowings 10.0 5.0 5.0 - - Lease repayments (7.9) (9.9) (11.4) (13.0) (14.1) Dividends paid (6.7) (15.1) (11.6) (3.4) (3.6) Increase/(decrease) in cash and cash equivalent2 10.9 14.4 (11.2) 2.3 1.8 1. Net Capital Expenditure for FY26 is net of proceeds from disposal of property, plant and equipment 2. Cash and cash equivalents = Cash – Bank Overdraft. Appendix – Cash Flow
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20 1. Gearing ratio = Net debt over Funds employed. 2. ROFE = EBIT before significant items over Funds employed. Appendix – Capital Management AUD in millions 30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25 30-Jun-26 Overdraft and trade finance 2.5 2.6 - - - Bank bills 36.0 41.0 46.0 46.0 46.0 Equipment finance liability 2.5 1.9 2.1 2.3 3.3 Less: Cash (19.8) (34.3) (20.5) (22.8) (24.5) Net debt 21.2 11.2 27.6 25.5 24.8 Equity 112.4 120.7 119.2 101.4 113.6 Funds employed (Net debt + Equity) 133.6 131.9 146.8 126.9 138.4 Gearing ratio¹ 15.9% 8.5% 18.8% 20.1% 17.9% EBIT before significant items (LTM) 34.9 37.1 17.3 11.8 13.1 Return on funds employed (ROFE)² 26.1% 28.1% 11.8% 9.3% 9.5%
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21 1. U-NPAT is NPAT before significant items. 2. NPATA is NPAT, adjusted for amortisation of intangible assets. 0 100 200 300 400 500 Revenue ($m) 0% 20% 40% 60% 80% 100% 120% Cash Conversion -5 5 15 25 35 45 55 EBITDA ($m) 0% 5% 10% 15% 20% 25% Gearing 0 5 10 15 20 25 U-NPAT ($m)¹ 0% 5% 10% 15% 20% 25% 30% ROFE 0 5 10 15 20 25 NPATA ($m)2 Appendix – Historical Performance
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22 This presentation is dated 25th August 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 FY26 Results Announcement and FY26 Appendix 4E. Important Notice and Disclaimer