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Andrew Muir Group Chief Financial Officer Kelsian Group Limited (ASX:KLS) FY26 Results Investor Presentation 26 August 2026 Graeme Legh Group Chief Executive Officer
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Basis of Preparation, Forward Looking Statements & Disclaimer This document has been prepared by Kelsian Group Limited (ACN 109 078 257) (‘Kelsian Group’ or the ‘Company’). No party other than Kelsian Group has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this document. 1. Presentation of general background: T his document contains general background information about Kelsian Group’s proposed activities current as at the date of thi s document (‘Information’). It is Information in a summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. The material contained in this document may include information derived from publicly available sources that have not been independently verified. 2. Not investment advice: T he Information provided in this document is not intended to be relied upon as advice to investors or potential investors and i s not and should not be considered as a recommendation or invitation to invest. To the maximum extent permitted by law, the Company and its directors, officers and employees do not accept any liabilit y for any loss arising from the use of information contained in this document. 3. Financial data: A ll dollar values are in Australian dollars (A$) unless otherwise stated. 4. Basis of Preparation: I nformation in this document is provided as at the date of this announcement unless specified as otherwise. Kelsian’s financi al results are reported under International Financial Reporting Standards (“IFRS”). This document may include certain non-IFRS measures including ‘underlying’ or ‘normalised’ results, which are used int ernally by management to assess the performance of the business. Non -IFRS measures, and any statements relating to FY26 have not been subject to audit or audit review. 5. Future performance: T his presentation contains certain forward-looking statements and references which, by their very nature involve inherent risks and uncertainties. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intende d 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 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 Group, and its directors, officers, employees, advisers and agents, that may cause ac tual 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 t hose assumptions are based. You should not place undue reliance on forward- looking statements and neither Kelsian Group nor any of its directors, officers, employees, advisers or agents assume any obligation to update such information. Kelsian Group does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements or to otherwise update any forward- looking statements whether as a result of new information, future events or otherwise, after the date of this document. 6. Forward looking: A ll forward looking statements in this document, including without limitation FY27 expectations and earnings guidance, remain subject to no material change in economic conditions, trading conditions, domestic tourism, labour availability, currency exchange or interest rates. 7. FY27 Outlook and Estimated Information: Estimates of FY27 capex, depreciation and interest expense have been determined using Kelsian’s annual business planning an d budgeting processes. FY27 capex, depreciation and interest expense estimates assume : (a) no material changes to costs, timing, profile or scope of Kangaroo Island (‘KI’) ves sel builds and infrastructure construction schedules; (b) no material changes in costs or delays in delivery of bus and motorcoach fleet orders or purchase contracts (c) no material changes in costs for facility developmen t or maintenance costs (d) no changes in planned maintenance schedules or fleet replacement plans; (e) no new property acquisitions (f) no material change in scale or nature of operations in any location across the Gr oup (g) no material additional services contracts or material changes in scope of existing services; (h) no material acquisitions, disposals or investment transactions (M&A) and ( i) no change in exchange rates or interest rates. Depreciation estimates are based on capital spend, accounting treatment expecta tions from current commitments and planned maintenance as at 26 August 2026 and subject to change due to future events or variables. In February 2026, Kelsian announced the proposed sale of the Tourism Portfolio to Journey Beyond (refer ASX release dated 24 Feb ruary 2026) as updated by the ASX Release of 26 August 2026 regarding the exclusion of SeaLink Rottnest from the transaction perimeter. The guidance and estimate statements for FY27 on slides 13 and 20 are based on Kelsian’s bus, motorcoach and ferry operations as at 26 August 2026 assuming no material changes to the scale of nature of operations in any location, no material additional services contracts or material changes in scope of existing services; and no material acquisitions, disposals or investment transactions (M&A). Refer also to the assumptions in note 6 above. The guidance and estimate statements for FY27 assume no si gnificant deterioration in the operating environment and no material change to the structure of the business. FY27 guidance includes the Tourism Portfolio for the entire year, notwithstanding that Kelsian currently exp ects the Tourism Portfolio divestment (excluding SeaLink Rottnest) to complete in 1HFY27. As the Tourism Portfolio transaction (excluding SeaLink Rottnest) remains subject to ACCC, and FIRB approvals, change of control con sents for key contracts and authorisations, as well as other customary conditions, the impact of the transaction on FY27 guidance will be dependent on the timing of completion. Kelsian intends to update FY27 guidance wh en the impact of the transaction can be appropriately assessed. Authorisation: Approved and authorised for release via the Australian Securities Exchange on 26 August 2026 by Graeme Legh, Group Chief Exec utive Officer, Kelsian Group. Address: Level 3, 26 Flinders Street, Adelaide, South Australia 5000 Disclaimer FY26 Full Year Results 2
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Leading global multi-modal transport operator AUSTRALIA ______________________ Largest multimodal bus and ferry operator UNITED STATES OF AMERICA ______________________ 2nd largest motorcoach operator SINGAPORE ______________________________ 3 rd largest public transport bus operator Operate a portfolio of people transport service contracts providing essential customer journeys Over 90% of revenue contracted or non- discretionary in nature Highly scalable platform positioned for further growth Land transport operations Marine transport operations2 Multimodal transport operations UNITED KINGDOM & CHANNEL ISLANDS ______________________ UK and Channel Islands franchised bus contracts 1. As at 30 June 2026. Customer Journeys are for the year ending 30 June 2026 2. Marine transport operations including the Tourism Portfolio 13,300 EMPLOYEES 1 384M CUSTOMER JOURNEYS 1 6,317 BUSES 1 122 VESSELS 1 3
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FY26 Overview 1 Full Year Results 2025 4
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FY26 highlights - a record result FY26 Full Year Results 5 FY26 Results (twelve months to 30 June 2026)1 • Strong revenue and earnings growth in all geographies, driven by new and existing contract growth and cost indexation • Margin growth despite inflationary pressures,fuel price volatility • Strong operating cashflow and cash conversion • Strengthened balance sheet • Statutory Net Profit After Tax up 16.6% to $63.5m Result demonstrates resilience of business model in an inflationary environment Underlying2 EBITDA $315.8m +10.8% Underlying2 EBIT $155.7m +14.5% Underlying2 NPATA3 $111.1m +17.2% Result at top end of guidance range Leverage within target range Final dividend increased to 10.0 cents per share 3-year Underlying EBITDA CAGR of +25% to FY26 1. All comparative references are to the twelve months ending 30 June 2025 unless otherwise stated. 2. Adjusted for one-off costs associated with acquisition, Tourism Portfolio divestment and Group finance system implementation costs. 3. Net Profit after Tax and before Amortisation. 4. Leverage calculated as LTM Underlying EBITDA, pre-AASB 16 and excluding SPV earnings and indebtedness. See slide 26 for more information. Net Operating Cashflow $220.1m +7.3% Leverage4 2.46x 2.74x (Dec-25) Revenue $2,403m +8.8%
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FY26 overview FY26 Full Year Results 6 Strategic & commercial highlights • Signed a two-year contract extension for Sydney Region 6 bus services from 1 July 2026, with improved contract terms • Awarded Liverpool bus contracts validating UK strategy • Acquired South Wales Transportin UK to position for bus franchising opportunities in the region • Awarded new long-term ferry contracts in Auckland, and agreement to acquire Belaire Ferries, establishing a platform for growth • Work to satisfy conditions precedent for divestment of Tourism Portfolio1 continues Operational overview • Continued strong performance in the USA, including ramp up of industrial employee shuttle services contracts, solid growth in corporate and tech transport services and charter • Operational efficiencies, contract extensions and service growth from existing contracts • Fuel price mitigationin non-contracted businessesand yield management strategiessuccessfully implemented • Mobilisation of new Kangaroo Island ferry contract delayed – now scheduled for October2026 and mobilisation costs of $3.5m deferred to FY27 Focus on operational excellence 1. Refer important notes 6 to 7, Slide 2 Disclaimer
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Tourism Portfolio divestment update Removal of SeaLink Rottnest from the Tourism Portfolio transaction FY26 Full Year Results 7 • In February 2026, Kelsian entered into binding agreements to divest its Tourism Portfolio to Journey Beyond for $161m1 representing 6.8x LTM EBITDA2 • The ACCC has been assessing the divestment as two separate applications: 1. The Tourism Portfolioexcluding SeaLink Rottnest (total consideration of$145.8 million1); and 2. SeaLink Rottnest (total consideration of $15.2 million1) • Kelsian and Journey Beyond have agreed thatSeaLink Rottnest will no longer form part of the Tourism Portfolio to be sold to Journey Beyond • Having removed SeaLink Rottnest from the transaction perimeter,we are confident we have a compelling case for ACCC approval of the remaining Tourism Portfolio transaction • The Tourism Portfolio transaction (excl. SeaLink Rottnest) remains subject to ACCC and FIRB approvals, as well as other customary conditions and is expected to complete in 1HFY27 • SeaLink Rottnest is a profitable, standalone commuter ferry business with a strong local brand andKelsian intends to continue to operate SeaLink Rottnest alongside its remaining marine ferry operations acrossAustralia, including the Transperth commuter ferry operation in Western Australia 1. On a cash and debt free basis, subject to customary working capital adjustments 2. On a pre-AASB16 basis, the Tourism Portfolio’s LTM underlying EBITDA for the 12 months to 31 December 2025 was $23.7m.
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24% Improvement in LTIFR, TRIFR improved 23% Zero Significant spills across road and marine 57% Female Board representation Safety & sustainability FY26 Full Year Results 8 Kelsian is a people business and the safety of our workforce and customers is our priority 24% Improvement in LTIFR1 Zero Significant spills 67% Female Board representation Responsible Employer & Operator ______________________________________ Enabling Smarter & Cleaner Transport _______________________________________ 454 Zero emission buses across Australia 50% Reduction in Australian Bus Scope 1 intensity by 20351 TARGET ON TRACK 384m Passenger journeys, supporting mode shift Community & Partnerships ___________________________________________ $4.2m Directed to Indigenous suppliers in FY26 Innovate Reconciliation Action Plan delivered Royal Flying Doctor Service partnership 1 Lost Time Injury Frequency Rate 2 50% reduction in Scope 1 carbon emissions intensity against an FY2022 baseline
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FY26 Financial Results 2 Full Year Results 2025 9
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Profit & loss FY26 Full Year Results 10 • Continued strong revenue growth across all divisions, underpinned by new USA contracts, contracted pass through of fuel price and other inflationary linked indexation protection • Margin improvement reflects growth in employee shuttle contracts, Bankstown rail replacement contract, andmargins maintained in non-contracted businesses through fuel price mitigation • Depreciation increase reflects expanded motorcoach fleet in USA and new vessels • Effective tax rate of 20.1%, up from 19.1% • Underlying NPATA 2 of $111.1m an increase of 17.2% • Underlying EPSA3 up 16.8% to 40.9cents per share • One-off costs2 of $14.5m (post tax)related to acquisition, Tourism Portfolio divestment and Group finance system implementation costs • Fully franked final dividend increased by 0.5 cents to 10.0 cents per share, taking full year to 18.0 cents per share (FY25: 17.5 cents per share) Record result, strong revenue growth and margin expansion 1. All comparative references are to the twelve months ended 30 June 2025 unless otherwise stated 2. Underlying Net Profit After Tax, before amortisation (Underlying NPATA), adjusted for one-off costs associated with acquisition, Tourism Portfolio divestment and Group finance system implementation costs 3 Earnings per Share before Amortisation
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Strong cash generation supports balance sheet FY26 Full Year Results 11 Predictable, defensive cashflows demonstrate quality of contracted earnings Net Operating Cashflow $220.1m Up 7.3% Cash Conversion1 91.4% Quality earnings and strong cash generation Cash Reserves $176.3m Significant cash reserves at period end Investing Cashflow $136.6m Reflects a combination of maintenance and growth capex 1. Calculated as gross operating cashflow as a percentage of Underlying EBITDA adjusted for right-of-use depreciation and right-of-use interest. 2. Cash at beginning of the period adjusted for change in exchange rates 3. All comparative references are to the 12 months ending 30 June 2025 unless otherwise stated Cash flowunderpinned by long-term contracts with >90% of FY26revenue contracted or non-discretionary in nature FY26 FY25 Variance $ $m $m $m R eceipts from customers 2,388.1 2,239.3 148.7 Payments to suppliers (2,077.7) (1,948.4) (129.2) Gross operating cash flow 310.4 290.9 19.5 Transaction costs (19.4) (5.1) (14.2) Net interest (58.0) (59.8) 1.8 Income tax (paid)/refunded (13.0) (20.8) 7.8 Net operating cash flow 220.1 205.2 14.9 Disposals 8.0 27.6 (19.6) Additions (141.0) (165.1) 24.1 Business combinations (3.6) (3.0) (0.6) Net investing cash flows (136.6) (140.5) 3.8 Proceeds from borrowings 5.7 57.5 (51.8) Repayment of borrowings (46.7) (36.2) (10.6) Other share expenses - - - Dividends paid (47.0) (40.9) (6.1) Net financing cashflows (88.1) (19.5) (68.5) Net cash flow (4.6) 45.2 (49.8) Cash at the beginning of the period 2 181.0 137.6 43. 4 Cash at the end of the period 176.3 182.8 (6.5) *Cash at beginning of the period adjusted for change in exchange rates
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Leverage & net debt Strengthened balance sheet and leverage within the target range SPV debt has a different risk profile to corporate borrowing • Funds Government contracted assets • Debt is limited recourse • Asset cashflows service debt • Debt amortises with the asset • No stranded asset orr esidual value risk • Enables faster Government EV transition • Excluded from Kelsian covenants SPV debt Project / asset-specific financing with a distinct risk and cash flow profile Net Corporate debt Funding for fleet, depot and growth capex that supports contracted operations Recoverable Capital ($32.3m at 30 June 2026) relates to debt and assets on Kelsian’s Balance Sheet contracted to be recovered at the end of contract, not yet in an SPV 1 Leverage calculated as LTM Underlying EBITDA, pre-AASB 16 and excluding SPV earnings and indebtedness. See slide 26 for more information FY26 Full Year Results 12
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Capital expenditure Disciplined capital deployment in line with capital allocation framework FY26 Full Year Results 13 FY26 total net capex - $133.0m1 Australian Bus - $14.9m • Motorcoaches for resources and education sector • Buses for Stradbroke Island • Depot charging infrastructure International Bus - $86.3m • Purchase of motorcoaches in USA to support growth from ramp up in both existing and new contracts • Buses for Liverpool contract and Jersey Marine & Tourism - $31.6m • Kangaroo Island vessels & infrastructure • SE Qld vessel & infrastructure Corporate - $0.2m • IT infrastructure 1. Includes proceeds from asset sales of $8.0m 2. Excluding any contracted assets acquired in ring-fenced financing structures and before proceeds received from the disposal of property, plant & equipment. Refer to important notes 4 to 7 on slide 2 Disclaimer. FY27 forecast capex ~$123m2 • Net sustaining capex of ~$85m • FY26 KI vessel capex carry forward (underspend) ~$15m • Committed growth capex at or above ROIC targets (USA~$11m), (UK ~$7m) and (Australian Bus ~$5m) • Any further growth capex will meet investment return hurdles
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FY26 Divisional Performance 3 Full Year Results 2025 14
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Divisional performance| Australian Bus FY26 Full Year Results 15 • Indexation mechanisms in contracts protected against fuel price volatility and inflationary impacts, reflected in top line revenue uplift • Improved margin reflects the stabilisation of Sydney’s operational challenges due to delayed depot electrification and fleet replacement • Bankstown rail replacement continued to make a meaningful contribution in FY26. Expected to wind down in 1HFY27 • 2-year extension for Region 6 services on improved terms • Commenced Ipswich and Logan contract, representing first competitively tendered bus contract award in Queensland Australian Bus margins improved
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Divisional performance | International FY26 Full Year Results 16 USA performance ahead of expectations USA • Excellent result with strong revenue and margin growth • Growth in both new and existingindustrial employee shuttle contracts, two new depots leased in the Gulf region • Continued growth in corporate and tech employee shuttle services including a new data centre contract • Solid charter performance, supported by FIFA World Cup • Strong pipeline of new and expanded industrialsector contracts Singapore • In line with expectations UK • Strategy validated with incumbency advantage leading to award of several contracts in Liverpool • Acquired regional bus operator, South Wales Transport, to position for strong pipeline of regional UK franchising
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Divisional performance | Marine & Tourism FY26 Full Year Results 17 • Revenue growth was achieved despite subdued consumer confidence, fuel price volatility and uncertainty surrounding proposed divestment • Impact of fuel price volatility in part mitigated by surcharges and operational strategies • Yield management strategies delivering positive results • Mobilisation plans underway for launch of new KI boats, now in October 2026 • Post-divestment, the retained Marine portfolio will be predominantly contract-backed, with lower earnings volatility and capital intensity overall Solid result despite subdued consumer confidence and inflationary headwinds
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Divisional performance | Corporate FY26 Full Year Results 18 • Successful go-live of new global Workday Finance system, 1 July 2026, supporting stronger governance, controls, data visibility and process consistency across the Group • Increase in Corporate costs over 12 months, reflects: • Performance of our captive insurance structure, including elevated claims activity • Recognition of non-cash long-term incentive expense • Ongoing cyber security investment • Improving governance and oversight • Workday HR system scheduled to go-live in 1HFY28 anticipated cost in FY27 of $12 million Successful go–live of global finance system
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Growth & Outlook 4 Full Year Results 2025 19
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FY27 guidance & outlook FY26 Full Year Results 201. Refer to notes 4 to 7 on slide 2 Disclaimer for assumptions and other important notes Focus areas • Operational efficiencies, contract extensions and service growth from existing contracts • Capitalise on growth opportunities in USA and UK • Transition and mobilisation of the new Kangaroo Island ferry contract (~$3.5m of costs to now be incurred in FY27) • Mobilisation of New Zealand ferry contracts commencing 1 July 2027 • Separation of Tourism Portfolio from retained marine operations Guidance and estimates1 • FY27 Underlying EBITDA expected to be between $320m and $335m • Depreciation ~$143m (core assets ~$96m, ROU ~$38m, SPV ~$9m) • Amortisation ~$25m • Interest ~$59m (corporate facilities ~$45m, ROU ~$9m, SPV ~$5m) • Effective tax rate between 22% and 25% • Capex ~$123m (includes $15.0m deferred from FY26) Foundations in place for a strong FY27
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Kelsian growth pillars Disciplined growth, strong returns, long term sustainable value Growth Philosophy ✓ Disciplined capital allocation Focus on core strengths Deliver sustainable shareholder returns THREE COMPLEMENTARY PILLARS OF GROWTH FY26 Full Year Results 1. PROTECT & GROW CORE MARKETS Strengthen and expand in Australia, USA, UK, Singapore Retain and grow contracted bus and marine services Leverage strong customer relationships and operational excellence Improved existing networks to deliver efficiencies Pursue adjacent opportunities in infrastructure and service innovation 2. INTERNATIONAL GROWTH Scale well positioned international platforms and selectively enter attractive contracted markets Build and grow position in the USA, execute on UK bus opportunities, expand in NZ Target long-term, contracted, defensive earnings in markets with strong fundamentals Leverage operating model and capability to scale efficiently to underpin growth 3. PURSUE STRATEGIC OPPORTUNITIES Targeted, value accretive growth Pursue bolt-on acquisitions that meet strategic and financial hurdles Identify opportunities that enhance capability, scale or geographic reach Recycle capital from non-core assets Our Advantage: Scale, relationships and track record Our Advantage: Proven model, local expertise, global ambition Our Advantage: Balance sheet strength and disciplined approach ◎ ▥ FY26 Full Year Results 21
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FY26 Full Year Results 22221 World Resources Institute 2023, Post-Pandemic, Public Transport Needs to Get Back on Track, WRI, Washington DC. Mode shift onto public transport Investment drives better services, more customers, and stronger, more sustainable networks Government Prioritising Public Transport Governments investing in services infrastructure and technology Improved Services More frequent reliable and connected services that are safe, accessible and easy to use Further Investment Stronger demand justifies ongoing investment to expand and enhance the network Increased Patronage More people choose public transport More connected communities and more liveable cities. The Queensland Government estimated the cost of subsidising 50-cent fares at $1.522 billion over five years from February 2025. Patronage increased 21% in year to February 2026 Reduced congestion Lower emissions More affordable transport Reduced pressure on road infrastructure More connected communities, more liveable cities The WA Government is investing $107 million to expand public transport options along the Swan River and $103 million in additional electric bus funding (WA State Budget, May 2026) Queensland public transport patronage increased 21% in the year to February 2026 following introduction of permanent 50-cent fares NSW is investing $452 million to expand bus services across Sydney and regional NSW, including new and more frequent routes, additional fleet and improved connections for growing communities
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23 USA growth pipeline Established position in high growth markets FY26 Full Year Results 1 Source: US EIA; IEA. 2 Source: American Bus Association Well positioned in growing markets Industrial transportation, corporate, government and education Strong exposure to LNG investment US LNG export capacity expected to supply ~33% of global LNG by 2030, up from ~20% in 20241 Scalable platform inhighly fragmented market #2 USA motorcoach operator, in an industry where >87% of operators have <25 coaches2 Established customer base supports recurring organic growth High levels of contract renewal: 100% track record since acquisition in 2023 Existing operations provide scalable platform Ability to enter attractive adjacent geographies and end- markets, leveraging established operational capability, customer relationships and Kelsian's global transport expertise Multiple growth levers Combination of organic contract wins, expansion with existing customers, entry into adjacent markets and disciplined bolt-on M&A provide a pathway to grow
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Significant capital-light growth opportunities FY26 Full Year Results 24 UK regional bus franchising Pipeline builds progressively across multiple authorities with contracts for 2,000+ buses in the market in the next 12 months Over next 3 to 5 years, regional UK represents an estimated market opportunity of approximately 10,000 buses Liverpool Liverpool Note: Based on publicly available data and may be subject to change
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Q&A Full Year Results 2025 25
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Appendix: Balance sheet & leverage Leverage of 2.46x calculated excluding limited recourse SPV debt and related earnings FY26 Full Year Results 26 Approach to calculating leverage • SPV liabilities, assets and earnings excluded • Limited recourse to Kelsian • Assets ring-fenced in SPV • As at 30 June 2026, Kelsian held ~$32.3m in government backed contracted assets on our balance sheet which are yet to be moved into the ring fenced SPV structure • Leverage excluding these contracted government- backed assets was 2.37x (2.56x as at 31 December 2025) Target leverage range of 2.0x to 2.5x LTM Underlying EBITDA, pre-AASB 16 and excluding SPV earnings and indebtedness, retaining flexibility to take advantage of attractive organic and inorganic growth opportunities.
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Appendix: Capital Management & Allocation Framework Maintaining a strong balance sheet, facilitating growth and maximising total shareholder returns Cash from operating activities Management focused on maximising cash conversion Net sustaining capex1 Over an investment cycle, average annual net sustaining capex is estimated to be ~$85m2, with variability year-to-year Maintain a strong balance sheet Target leverage of 2.0x – 2.5x LTM Underlying EBITDA, pre-AASB 16 and excluding SPV earnings and indebtedness, retaining flexibility to take advantage of attractive organic and inorganic growth opportunities Reliable dividends Dividend payout ratio of 40% – 60% Underlying NPATA Strategic growth investments (organic and inorganic) Aligned to strategy, EPSA accretive and delivering a Return on Invested Capital (ROIC)4 greater than pre-tax WACC after three full years and inclusive of synergies Surplus cash returned to investors Through special dividends, capital returns or buy backs Servicing financial obligations Servicing tax obligations3 Estimated group effective tax rate of 22% – 25% Cash flow supporting capital management framework Growing and optimising shareholder value with surplus cash flow Kelsian is targeting group ROIC4 to be at least 200bps above pre-tax WACC over the medium term 1. Maintenance plus replacement capex less proceeds from asset sales. 2. Based on the current steady- state asset portfolio and an illustrative 30-year ‘through-the-cycle’ period on a nominal basis. SPV assets have been excluded from this analysis as their ongoing funding is captured within the SPV structure and is limited recourse to Kelsian. Analysis assumes constant FX rate and that current market settings prevail. 3. Assumes current steady-state asset portfolio and corporate tax rates applicable to Kelsian’s operations are 30% for Australia, 26% for the US, 17% for Singapore and 25% for the UK. Certain material adjustments also apply, including relating to receipt of an annual tax rebate associated with Kelsian’s marine shipping incentives. 4. Calculated as underlying EBITA (pre- AASB 16, excluding SPV adjustments) divided by average equity plus average net debt (pre-AASB 16, excluding SPV debt). Net debt includes senior debt, finance leases, other loans, and debt relating to government-backed contracted assets, but excludes SPV-related debt. 27FY26 Full Year Results