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Investor Update October 2025 For personal use only
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Important notice and disclaimer This presentation and these materials (together the “Presentation”) have been prepared by Perenti Limited ABN 95 009 211 474 (ASX:PRN) (“Perenti”) as a summary of Perenti’s operations and results for the purposes of a presentation to existing or potential investors in Perenti. By participating in this Presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this Important Notice and Disclaimer. This Presentation should be read in conjunction with Perenti’speriodic and continuous disclosure announcements that have been lodged by Perenti with the Australian Securities Exchange (“ASX”). This Presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States or any other jurisdiction. This Presentation may contain forward-looking statements, forecasts, estimates and projections concerning earnings, revenue, growth, work in hand, pipeline, outlook or other matters (“Projections”) for the financial year ending 30 June 2026 or beyond. The Projections are made as at the date of this Presentation. The Projections do not constitute factual statements, guarantees or predictions and are subject to known and unknown risks, uncertainties and other factors. The Projections are based on Perenti’s beliefs, expectations, assumptions, judgments and other available information as at the date of this Presentation, which may differ materially from the actual circumstances which may arise. Actual results may differ from Projections,and such variations may be material. You should not place undue reliance on any Projections. Except as required by applicable regulations or law, Perenti does not undertake any obligation to publicly update, supplement or revise any information in this Presentation (including any Projections). Past performance is no guarantee of future performance. Recipients of this Presentation are advised that the information contained in this Presentation is not legal, tax, accounting, investment or financial product advice and should not be used as the basis for making investment decisions or other decisions in relation to Perenti or its securities. This Presentation is not a disclosure document, is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. Perenti has no obligation to tell recipients if it becomes aware of any inaccuracy in or omission from the information in this Presentation. This Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You should consult your own advisors as to legal, tax, financial and related matters and conduct your own investigations, enquiries and analysis concerning any transaction or investment or underwriting or other decision in relation to Perenti. This Presentation, including opinions set out in it, is based on information compiled or prepared by Perenti from sources believed to be reliable, although such information has not been verified in all instances. No representation or warranty, express or implied, is given as to the fairness, accuracy, reliability, reasonableness, completeness or correctness of the information, opinions or conclusions contained in this Presentation (including any Projections) or the factors that underlie them. To the maximum extent permitted by law, none of Perenti, its directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. This Presentation may use non-IFRS financial information including EBITDA, EBITDA margin, EBIT(A), EBIT(A) margin, EBIT, NPAT(A) (as well as the same measures stated on an underlying basis), net debt. These measures are used to measure both group and operational performance. A reconciliation of non-IFRS financial information to IFRS financial information is included in the presentation. Non-IFRS measures have not been subject to audit or review. Certain of these measures may not be comparable to similarly titled measures of other companies and should not be construed as an alternative to other financial measures determined in accordance with Australian accounting standards. $ refers to Australian Dollars. For personal use only
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• Leading global provider of underground contract mining services. • Strong history of delivery for clients in Australia, Africa and North America. • Deep technical expertise and skilled workforce. Smarter TogetherNever Wasteful Who we are, what we do No Shortcuts Walk in their Shoes Enable TomorrowOur Principles At Perenti, our purpose is to create enduring value and certainty. We empower our diverse and talented people, care for our communities and collaborate with our clients to deliver smarter solutions for a better future. Ultimately our focus on our people, communities and clients, delivers superior shareholder returns 68% GOLD >10,000 PEOPLE • Leading global provider of drilling services with 312 rigs. • Specialist drilling services with established and highly reputable business brands. • Successfully controlling costs ahead of forecast improvements to drilling activity. • A portfolio of specialised businesses delivering value-added mining and technology products and services. • idoba products focus on underground mine simulation and life of mine solutions. 12 COUNTRIES 67% UNDERGROUND For personal use only
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4 Corporate overview 0 10 20 30 40 50 60 70 $0.90 $1.20 $1.50 $1.80 $2.10 $2.40 $2.70 $3.00 Volume (m) Share Price Share Price and Volume (12 months) Volume(m) Price (AUD) ASX Ticker PRN Analyst Coverage OTC Ticker AUSDF Headquarters Perth, Australia Shares on Issue 939.9 million Market Capitalisation1 USD$1.7B / AUD$2.6B Gabrielle Iwanow (President Contract Mining) Ben Davis (President Drilling Services) Michael Ellis (Chief Financial Officer) Mark Norwell (MD & CEO) Raj Ratneser (President Mining Services) Paul Muller (Chief Corporate Services Officer) Cameron Bailey (Chief Strategy Officer) Group Executive 1. Market Capitalisation as at 24 October 2025 For personal use only
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5 2022 ACQUIRED ORELOGY 2021 LAUNCHED IDOBA 2014 STRIKE WAS FORMED 1997 SWICK COMMENCES TRADING 1980’s BTP WAS FORMED 2007 FOUNDED AUMS JOINT VENTURE 2023 PERENTI ACQUIRES DDH1 GROUP 2006 DDH1 ESTABLISHED 2019 PERENTI ESTABLISHED 2012 ACQUIRED BTP 1998 AFRICAN SUPPORT SERVICES ESTABLISHED 1993 FORMED AFRICAN MINING SERVICES 1987 FOUNDED IN KALGOORLIE 1980 - 1989 1990 - 1999 2000 - 2009 2010 - 2019 2020 -2029 2019 ACQUIRED RANGER DRILLING 2022 ACQUIRED SWICK MINING SERVICES 2018 ACQUIRED 100% BARMINCO 2005 RANGER WAS FORMED 2012 SANDPIT & IMPRES WERE FORMED 1989 BARMINCO WAS FOUNDED History of consolidation and growth 2018 ACQUIRED STRIKE DRILLING 2005 ORELOGY FORMED For personal use only
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6 • Record revenue, EBITDA and EBIT(A), underpinned by improved operational performance. • EBIT(A) margin improved to 9.6%, up from 9.4% in FY24. • Record underlying NPAT(A) with improved operating margins. • Underlying EPS of 19.1cps was a modest increase from FY24 • Record Free Cash Flow of $286 million. Adjusting for the sale of equipment and inventory in Botswana, FCF of $195 million is still a record. • Leverage reduced to 0.5x, providing significant balance sheet resilience and flexibility to fund future growth opportunities. • Final dividend of 4.25c/share declared, taking total FY25 dividends to 7.25c/share (up from 6c/share in FY24) in addition to $25 million of shares bought back and cancelled. NPAT(A)1 $178M REVENUE $3.5B EBIT(A) $333M 6% on FY24 EBITDA $668M 4% on FY24 4% on FY24 Note: EBITDA, EBIT(A) and NPAT(A) are underlying and EBIT(A) and NPAT(A) are before amortisationof Customer Related Intangibles. 1. NPAT(A) is presented in 100% terms before accounting for Non-Controlling Interests (NCIs). 2. Underlying EPS is NPAT(A) / Weighted average shares on issue. LEVERAGE4 0.5x EBIT(A) MARGIN 9.6% 8% on FY24 37% vs FY24 FINAL DIVIDEND 4.25c FY25 | Record results set the foundation for future growth EPS2 (underlying) 19.1cps 1% on FY24 16 bps on FY24 FCF3 (normalised) $195M 5% on FY24 6% on FY24 3. Normalised free cash flow adjusts for the sale of equipment and inventory related to the conclusion of an underground contract in Botswana. 4. Leverage is defined as Net Debt / Underlying EBITDA. 5. All figures subject to rounding and as a result may not add up. 67% 27% 6% Underground Surface Mining Services Mini ng Servi ces FY2025 Revenue For personal use only
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7 FY25 delivered another year of meeting or exceeding guidance 1. Underlying EBIT(A) is before amortisationof Customer Related Intangibles. 2. Including the acquisition of DDH1 Limited. 3. FY26e represents the mid-point of the guidance range for both Revenue and EBIT(A) Group financial performance continues to set new records. • Several consecutive years of revenue and EBIT(A) growth at or better than guidance. • The improving quality of the business is evident in the EBIT(A) CAGR of 23.7% over the past four years 2, higher than revenue CAGR of 12.7%. • The scale of the Group, balance sheet strength and strong free cash flow generated in FY25 set a foundation for future growth and consistent returns to shareholders. • Leverage reduction in recent years will flow through to interest savings in FY26. • As illustrated below, achieving mid-point of guidance will continue the growth trend of recent years. 3 3 For personal use only
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8 Free cash generation supports long-term value creation 1. Free cash flow is defined as net cash inflow from operating activities after interest, tax and net of all capital expenditure. • Perenti is consistently delivering strong free cash flow1, delivering another new record of $286 million in FY25. • This result was assisted by the sale of equipment and inventory in Botswana of $92 million but, even on a normalised basis, u nderlying free cash flow of $195 million still represents record free cash flow. Underlying EBITDA and Free Cash Flow (FY21 – FY25) FY25FY23FY22FY21 FY24 $195M $92M For personal use only
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9 Framework for capital allocation 1. Free cash flow is defined as net cash inflow from operating activities after interest, tax and net of all capital expenditure. Free Cash Flow1 allocated between Debt Reduction Dividends Business Growth Share Buybacks • Pipeline of opportunity within the existing portfolio offers solid potential for organic growth. • Inorganic opportunities to be considered in comparison to other options for cash allocation. • Dividend policy targets a payout ratio of 30-40% Underlying NPAT(A). • Total dividends per share for FY25 have grown 21% vs FY24, reflecting a 38% payout ratio. • Shares buybacks have been used during the past three years. • Since FY22, more than 75 million shares have been bought back at an average price of $1.01/share. • Net leverage has successfully been reduced from 1.3x in FY22 to 0.5x in FY25. • This has helped improve profit margins but also provides funding headroom if required. • Efficient and disciplined allocation of capital is a key focus in generating long-term returns for shareholders. • Successive years of effective capital allocation has built the foundation for the strong free cash flow that the business is delivering. • The framework below outlines the options that are considered to ensure capital is allocated appropriately. For personal use only
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10 Commodity Work in hand1 ($ billions) Pipeline ($ billions) Gold 5.1 11.6 Copper 0.9 3.3 Nickel 0.1 0.7 Other 0.3 1.8 TOTAL 6.5 17.4 Country/Region Work in hand1 ($ billions) Pipeline ($ billions) Australia 2.6 6.5 West Africa2 2.6 1.8 Botswana 0.8 1.2 Southern Africa3 0.1 2.1 North America 0.3 5.9 TOTAL 6.5 17.4 Work in hand and Pipeline Note: 1. Work in hand calculated at 30 June 2025. 2. West Africa includes Ghana, Burkina Faso, Senegal and Cote d’Ivoire. 3. Southern Africa includes Tanzania, Namibia, South Africa. • During FY25, work in hand increased by $1.4 billion to $6.5 billion on successful conversion of more than $4 billion worth of contracts. • Significantly, the pipeline of opportunity remains strong in all current operating regions with $17.4 billion identified. Current operations 35 + 30 + 15 + 10 + For personal use only
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11 Safety and Sustainability We are committed to continuously improving the health and safety of our people & driving sustainable outcomes. Nil adverse physical and psychological life-changing events Our refreshed strategic approach Our Competitive Advantages Our Objective Through effective management of a portfolio of businesses that support our clients, we safely generate consistent and strong cas h flows through economic cycles to create superior shareholder returns and support long -term growth. What We Value People and Culture Our people are our strength. We train, develop and empower our people to safely deliver our objectives. Revenue Growth: 5 – 10% EPS Growth: > Revenue Growth Return on Invested Capital: > WACC Return on Equity: > 10% Free Cash Flow / Revenue: > 5% Our Targets Highly engaged employees Enduring client relationships Ongoing sustainability improvement Capital Allocation Disciplined investment to support sustainable growth and support long-term objectives. Operating Excellence Our culture values high- performance and working smarter together to achieve superior results. Portfolio Management Active management of a diverse global portfolio to create value through the cycle. For personal use only
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12 EBIT(A) Multiple years of growth and leverage reduction has built a portfolio of businesses that is resilient to economic cycles withsignificant scale and free cash flow generation, enabling: REVENUE CAPEX1 Note: All figures are on 100% basis and based on underlying results 1. Capex is defined as Net Capex which is stay in business capital plus growth capital, net of proceeds from disposal of fleet and assets. 2. Free cash flow is defined as net cash inflow from operating activities after interest, tax and net of all capital expenditure. FREE CASH FLOW2 FY26 | Another year of strong free cash generation ahead FY26 Guidance • Increased capital expenditure in FY26 to support earnings growth into FY27 and beyond; • Dividends and buybacks when appropriate to return value to shareholders; • Reduction in gross debt to strengthen the balance sheet. $335M to $355M $3.45B to $3.65B ~$340M >$160m Both EBIT(A) and free cash flow are expected to be second half weighted in FY26. HOW WE WILL DELIVER • Safely deliver our services, targeting no life changing events. • Ongoing investment in development and training of our people. • Continue to win and extend projects from our ~$17B pipeline of opportunity, delivering sustainable growth. • Maintain a disciplined approach to capital allocation, both for organic and inorganic opportunities. • The robust balance sheet has reduced interest expenses, supporting EPS growth. For personal use only
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13 Underground Mining • Declining grades, deeper deposits & increasing geological complexity means mining is increasingly going underground. • Mining orebodies underground requires skilled operators and technical capability. • Barminco and AUMS are recognised industry experts in underground hard-rock mining. • Underground mining has a lower surface footprint, reducing environmental and social impacts. Drilling Activity Upside • The market for production drilling performed by Swick, Ausdrill and Ranger continues to exhibit strong demand. • Exploration activity for gold and copper has increased in recent months and is expected to rise further in 2026. • As a global leader, Perenti’s drilling businesses are positioned to benefit from increasing activity. North American Opportunity • The North American market remains the largest hard rock underground market in the world. • Nevada Gold Mines (Barrick 61.5%, Newmont 38.5%) runs the largest gold-producing complex in the world. • The contract with NGM (Goldrush) is the first USA job for Barminco and is demonstrating of our underground capability. • The opportunity to expand at the Goldrush project and other North American underground projects remains significant. Global portfolio to capitalise on increasing demand in 2026 and beyondFor personal use only
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14 Thank youFor personal use only
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15 Revenue by Commodity (%) Gold 68% 77% 58% <1% Copper 15% 18% 8% —% Nickel 4% 4% 8% <1% Iron ore 5% —% 14% 29% Lithium <1% —% 1% —% Other 7% 1% 12% 71% Revenue by Project (%) Group Contract Mining Drilling Services Mining and Technology Services1 Top Project 7% 10% 8% 71% Top 2 – 10 projects 43% 59% 36% 21% Top 11-20 projects 20% 26% 19% 6% All others 30% 6% 37% 2% Note: 1. Top project represents BTP, Top 2-10 projects represents Supply Direct, Top 11-20 projects represents Logistics Direct. 2. Southern Africa includes Tanzania and South Africa, West Africa includes Ghana, Burkina Faso and Senegal. Revenue by Country/Region (%) Australia 50% 36% 92% 74% West Africa2 26% 35% –% 6% Botswana 13% 18% –% –% North America 5% 5% 6% –% Southern Africa2 6% 7% –% 21% Europe <1% –% 2% –% Appendix: FY25 revenue breakdown For personal use only
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Group ($M) FY24 FY25 Change (YoY) Revenue 3,342.0 3,489.5 ▲ 4.4% EBITDA 644.6 668.2 ▲ 3.7% EBIT(A) 314.2 333.5 ▲ 6.1% NPAT(A) 165.8 178.4 ▲ 7.6% Cash Conversion 98% 99% ▲ 0.4% Net Debt 469.5 304.7 ▼ 35.1% Leverage 0.7x 0.5x ▼ 37.4% Mining and Technology Services ($M) FY24 FY25 Change (YoY) Revenue 201.7 192.5 ▼ 4.6% EBITDA 53.0 31.1 ▼ 41.2% EBIT(A) 25.4 11.5 ▼ 54.7% EBIT(A) Margin 12.6% 6.0% ▼ 662 bps Drilling Services ($M) FY24 FY25 Change (YoY) Revenue 598.1 778.1 ▲ 30.1% EBITDA 110.1 157.9 ▲ 43.4% EBIT(A) 50.6 83.8 ▲ 65.6% EBIT(A) Margin 8.5% 10.8% ▲ 231 bps Contract Mining ($M) FY24 FY25 Change (YoY) Revenue 2,542.2 2,518.9 ▼ 0.9% EBITDA 524.8 521.6 ▼ 0.6% EBIT(A) 287.3 286.4 ▼ 0.3% EBIT(A) Margin 11.3% 11.4% ▲ 7 bps Appendix: Underlying Financials For personal use only