Slides
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2025 Annual General Meeting of Shareholders Kelsian Group Limited 30 October 2025 10:30am (Adelaide time) For personal use only
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Important notice – disclaimer This presentation has been prepared by Kelsian Group Limited (ACN 109 078 257) (‘Kelsian’ or the ‘Company’). No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, contained in the presentation or the views, opinions and conclusions, contained in this material. To the maximum extent permitted by law, Kelsian and its related bodies corporate and affiliates, and its respective directors, officers, employees, agents and advisers disclaim any liability (including without limitation any liability arising from fault or negligence) for any loss or damage arising from use of this material or its contents, including any error or omission therefrom, or otherwise arising in connection with it. Presentation of general background: Information in this presentation (Information) is provided as at the date of this presentation unless specified otherwise. It contains Information in a summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. Not investment advice: The Information provided in this presentation is not intended to be relied upon as advice to investors or potential investors. Financial data and Basis of Preparation: All dollar values are in Australian dollars (A$) unless otherwise stated. Kelsian’s financial results are reported under International Financial Reporting Standards (“IFRS”). This announcement may include certain non-IFRS measures including ‘underlying’ or ‘normalised’ results, which are used internally by management to assess the performance of the business. Non-IFRS measures, and any statements relatin g to FY26 have not been subject to audit or audit review. Future performance: This presentation contains certain forward-looking statements. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements and references by their very nature involve inherent risks and uncertainties. Forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Kelsian, and its directors, officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those statements are based. You should not place undue reliance on forward-looking statements and neither Kelsian nor any of its directors, officers, employees, agents and associates assume any obligation to update such Information. All forward looking statements in this presentation assume and are subject to no material change in economic conditions, trading conditions, currency exchange or interest rates assumptions. Authorisation: Approved and authorised for release via the Australian Securities Exchange on 30 October 2025 by Joanne McDonald, Company Secretary, Kelsian Group Limited. Address: Level 3, 26 Flinders Street, Adelaide, South Australia 5000. For more information please contact: Andrew Muir, Group CFO, Kelsian Group Limited, (08) 8202 8693 or andrew.muir@kelsian.com For personal use only
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Kelsian Group Board and Auditor Fiona Hele Chair Independent Non- Executive Director Neil Smith Non-Executive Director Diane Grady AO Independent Non- Executive Director Terry Dodd Independent Non- Executive Director Jackie McArthur Independent Non- Executive Director Caroline Elliott Independent Non- Executive Director Terry Sinclair Independent Non- Executive Director Graeme Legh Group Chief Executive Officer Joanne McDonald Group Chief Legal and Risk Officer, Joint Company Secretary Andrew Muir Group Chief Financial Officer, Joint Company Secretary Nigel Stevenson EY Auditor For personal use only
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Chair Address 2025 Annual General Meeting of Shareholders Fiona Hele For personal use only
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Group CEO Address 2025 Annual General Meeting of Shareholders Graeme Legh For personal use only
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FY25 highlights Financial snapshot • Strong revenue growth reflects track record in contract renewals and benefits of cost indexation • Underlying1 EBITDA in line with guidance • Growth in Revenue, EBITDA and EBIT achievedacross all divisions • Continued strong cash generation, strengthened balance sheet • EPS before Amortisation up 2.2% to 35 cents per share Results in line with expectations with revenue and earnings growth across all divisions Group Revenue $2,208.9m +9.5% Underlying1 EBITDA $285.0m +7.4% Underlying1 EBIT $136.0m +11.4% Underlying1 NPATA2 $94.8m +2.4% Strong, stable foundation with positive momentum Ongoing commitment to operational excellence, combined with established market positions and our strong reputation, has underpinned the high renewal rate on existing contracts and delivered ongoing organic growth across all three divisions 1. Adjusted for one-off costs associated with M&A due diligence, acquisition costs, Finance & HR systems costs and an abnormal property related cost associated with the Melbourne bus franchise tender. 2. Net Profit after Tax and before Amortisation. 3. Leverage calculated as LTM Underlying EBITDA, pre-AASB 16 and excluding SPV earnings and indebtedness. Refer to our Investor Presentation published via ASX on 26 August 2025 for more information. Net Operating Cashflow $205.2m +39.9% Leverage3 2.7x 3.2x (Dec-24) For personal use only
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FY25 operational and strategic overview All material contracts retained or renewed Focus on operational efficiency, together with leading operational performance resulted in excellent contract retention and delivered several new contract wins Delivered more than 383 million customer journeys in FY25 Strategic highlights • Capital Management and Allocation Framework in place • Strategic review completed and sale of identified Tourism Portfolio underway • Strategic property acquisition of Hoxton Park bus depot in Sydney • Sale and leaseback of three West Australian bus depots • End ofpeak capital investment cycle • Acquisition of Huyton Travel in Liverpool, UK 93% 7% Contracted or Non-Discretionary Discretionary FY25 Revenue Operational overview • Ongoing growth in USA through contract extensions, renewals and new contract wins • Bankstown rail replacement services performed well • Sydney Region 6 contract in negotiations for two-year extension commencing July 2026 • Singapore operational excellence delivered two contract extensions and a contract win • Higher patronage and improved asset utilisation delivered record result for Marine & Tourism For personal use only
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Focus on safety and sustainability Kelsian is a people business and the safety of our workforce and customers is our priority Community & Partnerships _______________________________________ Kelsian has proudly partnered with the Royal Flying Doctors Service for a three-year partnership reflecting Kelsian's commitment to giving back to the communities it serves. Nationwide three-year partnership with the Clontarf Foundation supporting their 11,500 students across 150+ academies, creating pathways into meaningful careers . Safe, Responsible Employer & Operator _______________________________________ Committed to creating a safe, healthy, and inclusive workplace for our people. 12% reduction in total recordable injury frequency across all worksites. Zero significant spills in FY25. Enabling Smarter & Cleaner Transport _______________________________________ Supporting our partners to achieve their emissions reduction targets. Aim to make public transport more accessible, reliable, and appealing, encouraging a shift away from private vehicle use. 204 Zero Emission Buses in operation. For personal use only
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42 Vessels2 52 4WD buses and motor coaches3 2 Resorts 12 Routes operated4 ~1,000 Employees5 FY25 Revenue mixStrategic footprint Tourism Portfolio divestment Sale underway of a leading Tourism Portfolio spanning iconic Australian destinations Northern Territory Ferries Whitsundays Cruises and Ferries K’gari Resorts, Tours and Ferries Sydney Harbour Cruises and FerriesTasmania Ferries Murray Princess Cruises Adelaide Sightseeing Tours Western Australia Cruises and Ferries Sale process update 1. Not exhaustive. 2. Vessels and tenders owned and included in the Tourism Portfolio to be divested (as at 7 July 2025 and excludes jet skis and vessels operated but not owned). 3. As at 31 March 2025. 4. As at 7 July 2025. 5. As at 11 July 2025. Strong interest expressed in whole portfolio and parts Interested parties both international and domestic Sale process underway Updates to be provided as sale process progresses Revenue by type Brand portfolio1 Contracted & uncontracted For personal use only
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Foundations in place to deliver on growth pipeline Opportunities exist to capitalise on track record in operational excellence FY26 focus areas Strategic • Divestment of Tourism Portfolio and capital redeployment • Region 6 contract re-negotiation and extension • Increase returns from existing assets and from any growth capital Laser-like focus on core operations • Sydney bus operational improvements and efficiencies • New Kangaroo Island contract and vessel mobilisation • Efficiencies, spending discipline and cost out Growth • Structural changes in target markets present opportunities to capitalise on track record as a leader in contract transitions and operational excellence • Strong pipeline of opportunities to drive organic growth • Capital-light bus opportunities • New market opportunities: bus and ferry contracts in NZ • Attractive return opportunities in the USA For personal use only
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FY26 guidance and outlook reiterated 1 1. Assuming no significant deterioration in the operating environment and no material change to the structure of the business. Refer to slide 2 for information about basis of preparation, assumptions and other important notes. • Established Queensland presence with contract to deliver Ipswich and Logan bus improvement package, capital light • Bankstown rail replacement services to continue into 2HFY26 • Adelaide tramline bus replacement services commenced • Louisiana LNG and CP2 ramp up on track in USA • Singapore’s Sentosa contract commenced • Singapore continued improvement in performance incentives • Revised mobilisation plan for new Kangaroo Island ferries agreed with SA Government Q1 FY26 trading in line with expectations FY26 guidance and estimates1 No change to expectations for underlyingEBITDA between $297m and $310m1 For personal use only
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Kelsian Group Limited Level 3, 26 Flinders Street Adelaide 5000 South Australia Tel +61 8 8202 8688 Kelsian.com For personal use only