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February 2025 Presented by: Kees Weel – Managing Director Sharyn Williams – Chief Financial Officer PWR Holdings Limited (ASX:PWH) 2025 First Half Results Presentation For personal use only
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Important Notice 2 This document has been prepared by PWR Holdings Limited (PWR) and comprises written materials/slides for a presentation concerning PWR. This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import. These forward looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward looking statements. No representation, warranty or assurance (express or implied) is given or made by PWR that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, PWR and its respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, PWR disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of PWR since the date of the presentation. Non IFRS information - PWR results are reported under International Financial Reporting Standard (IFRS). This presentation may include certain non–IFRS measures including “EBITDA”, “EBIT” “adjusted”, “operating” and “underlying”. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review. Please refer to slide 23 for a Glossary of defined terms used in this presentation. For personal use only
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KEES WEEL Managing Director OPERATING PERFORMANCE For personal use only
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Investments delivering outcomes that underpin future growth H1 FY25 highlights 4 1. Refer ‘Trading Update’ ASX announcement dated 20 November 2024. 2. Subject to employment and capex targets being achieved. Revenue down 2.1% to $62.9m above guidance 1 of $61.9m NPAT down 58.3% to $4.1m above guidance 1 of $3.2m – $3.7m Net Cash down $15.7m to $6.0m reduction driven by capex investments EBITDA down 40.2% to $11.0m Aerospace & Defence (A&D) momentum continuing – achieved milestone US order • H1 A&D revenue up 79% – continued strong sector growth • USD5.5M (~AUD8.9m) milestone order secured to supply a US government project validating A&D investments, credentials and reputation • Successful order delivery has potential to unlock long-term opportunities New product range commercialised, leveraging R&D investment • Battery cell cooling tech already in production, driving profitable revenue in high-demand applications • Continued development of MMX materials and capabilities extends our reach through Motorsports to A&D, space and renewable sectors “Race-Ready” for A&D production • Australia – fully accredited, equipped and generating revenues • US – strengthened A&D team, advancing accreditations and ramping production • UK – upgraded equipment and expanded skilled workforce to address opportunity pipeline Scaling for growth - upgraded headquarters for next strategic phase • New Australian factory – completion expected Nov 2025 • Increased efficiency & capacity to drive global growth, innovation & expansion into new markets (A&D) • $8.8M Queensland Government2 grant over 10 years supports expansion • Increased investment in UK and US locations enhances production site flexibility, helping to mitigate evolving terms of trade risk For personal use only
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SustainabilityInnovation H1 FY25 achievements 5 • New products commercialised and generating revenue • Investment in new automated and higher capacity equipment • Ongoing development of 3D additive manufacturing applications • On-going Research and Development to expand product range and design innovative solutions • Solar panels and water treatment plant at new Stapylton headquarters • Member of Defence Industry Security Program (Australia) • Cyber security upgrades and training • Expanding talent pathways to broaden reach and support innovation and growth Profitable growth • 79% growth in Aerospace & Defence revenue • ~A$8.9m order confirmed for US Government project • 5% growth in Motorsports • Confidence in forward pipeline supporting a disciplined approach to production and capability expansion • Strong cash conversion of 137.2% • 550 skilled, dedicated and passionate people globally • Team turnover improved 10%pts1 • Reallocation of roles to support growth areas • Workplace flexibility trial continues Investing in our people 1. Reflects voluntary turnover. For personal use only
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Revenue by market sector 6 1.Emerging Technologies (ET) includes revenue from Aerospace and Defence across all technologies, and revenue from other market sectors generated by cold plate, micro matrix and 3D additive manufacturing. 2.% change versus the pcp. Aerospace and Defence • 79% revenue growth, above guidance • Increased number of customers and programs – currently > 100 active projects in various stages • 300% growth in cooling solutions for defence electronics • Full commissioning of the A&D building at our PWRNA facility, with NADCAP audits planned in H2 • Onboarding key staff members in US in readiness for anticipated growth Motorsports • Growth in F1 and WEC series with new manufacturers and teams in the LMH and LMDH hypercar classes • F1 regulation change for CY26 requires cooling solutions utilising new core technology, MMX and Battery Cell Cooler designs • Some constraint on FY25 F1 revenues due to some carry over of 2024 designs to 2025 given focus on new regulations in 2026 • New multi-year program supporting single make EV race series Automotive OEM • Lower revenues due to: o Completion of two large OEM contracts in FY24 o Cancellations and delays in niche EV vehicle programs • Maintained strong presence in niche hypercar and technology demonstrator platforms globally • New S650 Mustang program to start production in FY26 and be at full volume production in FY27 Automotive Aftermarket • External environment remains challenging for discretionary spend • Lower revenue following deliberate revision of discount structures to drive improved margins • Investment in E-commerce platforms have produced continued growth MotorsportsOEM Automotive Aftermarket Aerospace & Defence Other 51% 11% 14% 22% 2% Revenue bridge - H1 FY25 Sales mix - H1 FY25 Revenue by market sector - H1 FY25 64.2 1.6 (7.2) 6.1 (1.0) (0.8) 62.9 1H 24 Motorsports OEM A&D Aftermarket Other 1H 25 $M Advanced Cooling ET1 Total Change2 Motorsports 24.1 7.9 32.0 5% OEM 6.1 0.8 6.9 (51%) Automotive Aftermarket 8.6 0.2 8.8 (10%) Aerospace & Defence - 13.9 13.9 79% Other 1.3 0.0 1.3 (39%) Total revenue 40.1 22.8 62.9 (2%) For personal use only
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KEES WEEL Managing Director STRATEGY For personal use only
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2015 US C&R acquisition ASX Listing 2016 - 2019 Expanded Australian factory footprint State-of-the-art machining equipment 2019 - 2020 Emerging tech battery & electronics cooling & Micromatrix CT Scanner, chemical treatment line, vacuum & heat treatment furnace 2021 – 2022 Emerging tech Additive manf. capability AS9100 (A&D) Certification and NADCAP Accreditation 2023 New Europe manf. facility Acquired Dockings & BMR 2025 to date WON: Milestone A&D order ~AUD8.9m New Stapylton headquarters – Nov. 2025 Implementing CMMC v2 across our sites 2024 Started new Australian manf. HQ upgrade at Stapylton PWR NA A&D manf. capacity including $5m capex Defence Industry Security Program Membership Key achievements Internally funded growth No dilution/no leverage Our journey, a decade since listing Horizon One: 10 years since listing Horizon Two: The next 10+ years Building Aerospace & Defence platform Motorsports leader - 100% F1 teams Organic Diversification - A&D Vertically integrated global manufacturing - Quality Accredited Reduced FX risk via natural hedges A&D building momentum Internally funded - no dilution/no leverage Capturing market share in Aerospace & Defence and other adjacent markets Leveraging platform - re-establish growth $47m Revenue $139m Revenue +200% since listing 1 2 2 3 4 7 8 8 10 4 HY16 HY18 HY20 HY22 HY24 +15% NPAT cagr $m 8 For personal use only
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9 Enabling the next phase of growth 1. Source: https://www.verifiedmarketresearch.com/product/aerospace-thermal-management-system-market/ Australian Facility Upgrade Catering for the next 25+ years ✓ Australian capacity doubled to support A&D revenue growth ✓ New space enhances production flow, efficiency and allows for increased automation ✓ Investment expected to reduce unit costs through productivity gains ✓ Improved working environment for team including development opportunities via the PWR Academy ✓ Rigorous planning to minimise disruption. Financial impacts anticipated in FY25 until early FY26 due to moving and third-party reliance - completion by Nov 2025 ✓ $8.8m support from Queensland’s "Invested in Queensland“ program Building the Aerospace and Defence platform ✓ Vertically integrated supply chain ✓ Leveraging technical knowledge, advanced product design and proprietary IP ✓ Specialised/customised equipment ✓ Quality System certifications & accreditations ✓ Quality control processes ✓ Cyber security and IT systems – CMMC program (US Department of Defence standard) ✓ Design processes ✓ Simulation capabilities ✓ Production, planning & procurement controls ✓ Manufacturing capability and warehouse capacity across 3 locations + Global Aerospace Thermal Management System Market Size USD 15.3B Forecast market growth - 6.5% CAGR (CY24 - 31)1 Higher # units per applicationPWR Competitive Advantages: ✓ Vertical Integration – majority in-house production ✓ Various sites provide increasing production flexibility to mitigate evolving terms of trade risk ✓ Specialised equipment ✓ R&D – leveraging existing technical expertise ✓ Leveraging Motorsports innovation pipeline For personal use only
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SHARYN WILLIAMS Chief Financial Officer FINANCIAL PERFORMANCE For personal use only
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Performance overview 11 1. Refer ‘Trading Update’ ASX announcement dated 20 November 2024 2. Employee headcount - 550 at 31 December 2024, 578 at 30 June 2024 & 535 at 31 December 2023. 3. ROUA depreciation $1.4m and lease interest $0.3m Revenue • Sales ahead of November guidance1 with Motorsports, A&D and Aftermarket sales above and OEM below expectations • Growth in A&D and Motorsports offset lower OEM revenues resulting from the completion of two large programs • Aftermarket impacted by a deliberate revision of discount structures to drive improved margins Margins • Manufacturing margins remain robust with raw materials flat and some increase in production labour in the UK to support increasing manufacturing volumes • EBITDA margin impacted by ongoing investment in A&D – technical sales headcount (US) and Capacity Planning and Quality Assurance (Australia) • Headcount reductions2 reflect proactive steps taken to align cost base with the operating environment while maintaining capacity to support growth opportunities Earnings and dividend • NPAT above November guidance1 • Fully franked dividend of 2cps in accordance with the Board’s proportional payout policy of 40% to 60% of NPAT $M FY25 H1 FY24 H1 Change Revenue 62.9 64.2 (2.1%) Raw materials and consumables (13.8) (13.6) 1.2% Employee expenses 2 (32.7) (27.2) 20.2% Administration expenses (2.5) (2.4) 4.2% Other expenses (3.7) (3.7) - Other income 0.8 1.1 45.5% EBITDA 11.0 18.4 (40.2%) EBITDA margin 17.5% 28.7% (11.2ppts) AASB16 expenses 3 (1.7) (1.7) - Depreciation (4.0) (3.4) 18.0% Gains on FX 0.8 0.0 - Net Profit before Tax (NPBT) 6.1 13.3 (53.9%) Net Profit after Tax (NPAT) 4.1 9.8 (58.3%) Earnings per Share (EPS) 4.06 9.74 (58.0%) Dividends per Share (DPS) 2.00 4.80 (58.0%) Return on Equity (ROE) 16.5% 26.7% (10.2ppts) For personal use only
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Balance Sheet 12 Strong liquidity and cash position • Balance sheet strength and unutilised facilities provides ample ability to fund new factory and equipment • Cash of $11.5m and undrawn facilities of $32m - $30m debt facility - $5.5 million drawn - $7.5m equipment finance facility - undrawn • Property, plant & equipment includes $14.2 million investment in additional plant and equipment including initial construction works for the new Australian factory • Foreign exchange contracts recorded on the balance sheet until settled • Disciplined investment to fund growth while maintaining low leverage (at peak debt) $M December June December 2024 2024 2023 Assets Cash and cash equivalents 11.5 21.7 15.6 Trade and other receivables 18.3 23.1 16.4 Inventories 21.4 20.0 19.9 Property, plant & equipment 66.7 55.9 53.4 Intangible assets 16.1 15.9 15.9 Deferred tax assets - 0.2 - Prepayments and other assets 2.6 2.7 2.1 Total Assets 136.7 139.4 123.2 Liabilities Trade and other payables 7.3 8.9 7.7 Lease liabilities 15.4 15.9 18.3 Deferred income 1.6 1.4 1.2 Contract liabilities 0.4 1.6 0.5 Employee benefits and provisions 6.2 5.4 4.8 FX forward contracts 1.8 - - Current tax liabilities 1.3 4.4 0.7 Deferred tax liabilities 0.5 1.6 1.6 Borrowings 5.5 - - Total Liabilities 40.0 39.1 34.7 Net Assets 96.7 100.3 88.5 For personal use only
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Capex and Australian factory update 13 Capex temporarily elevated in FY25 • Increase reflects expansion of production capability across three sites and additional equipment to deliver A&D products • AASB16 lease accounting will increase FY26 expenses by $2.5m however the cash impact is a $0.8m benefit due to lease incentives H1 Capex $14.2m FY25F Capex $41.5m Australian Factory Update – FY25 and FY26 1. Estimated expenses are still being assessed and are subject to change. 2. Early access rent was previously disclosed as an operating expense. Updated total includes outgoings. 3. Right of Use amortisation and interest relating to the new factory at Stapylton, less the Right of Use expenses for the terminating leases. 4. The lease commences on 1 July 2025; however, commencement of depreciation may be earlier subject to the completion of the upgrade works. Depreciation formerly disclosed only reflected the leasehold improvements portion 5. $37.5 million of debt and equipment finance facilities ($5.5 million drawn at 31 December 2024) Capex forecast1 – Australian factory update Operating expenses forecast1 – Australian factory update 8.8 4.6 0.8 Factory upgrade - Aust., UK, US Growth - new equipment Sustaining 27.3 12.0 2.2 $M FY25 FY26 Factory upgrades 23.4 - Electrical upgrades (including solar), office expansion, services (air, gas, power) Early access rent2 1.8 - To commence upgrade works Equipment 10.0 3.0 New furnaces and machines to support growth and increase automation Total 35.2 3.0 $m FY25 FY26 Factory relocation 2.7 0.2 One off relocation costs ROU expense - net increase3 0.7 2.5 Ongoing from FY26 – AASB16 expense, cash impact lower Depreciation - net increase (leasehold improvements & equipment)4 0.3 2.4 Ongoing from FY26 - depreciation for factory upgrade and equipment Debt funding5 0.6 0.7 Total 4.3 5.8 For personal use only
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14 Working Capital & Cashflow 1. Working capital movement from 1 July to 31 December. 2. Cash Conversion = Cash from operating activities excluding interest and tax divided by EBITDA. Working capital • Working capital has decreased since 30 June 2024 by $1.8 million, driven by debtor collections • Inventory – finished goods increased late December in preparation for goods to be released early January • Capital expenditure includes Quarry Road fit-out, new plant and equipment financed from operating cash flows and retained cash reserves • $9.2 million cash dividend paid in September 2024 Strong cash conversion • Solid conversion of EBITDA to operating cash driven by favourable timing on debtor collections • Net exporter position resulted in FX gain of ~$0.8m • Improved mitigation of FX risk by increasing cost base denominated in FX (i.e. “natural hedge”) resulting from flexible manufacturing strategy • FX Hedging in place for GBP 17.1 million $m FY25 H1 FY24 H1 Trade and other receivables 18.3 16.4 Inventories 21.4 19.9 Prepayments 2.6 2.2 Trade & other payables (7.3) (8.7) Net working capital 35.1 29.7 Working capital (increase)/decrease 1 1.8 (1.6) Cash from operating activities (excluding working capital change) 13.3 18.8 Cash from operating activities 15.1 17.2 Cash conversion ratio 2 137.2% 93.7% Net tax & interest (5.6) (3.0) Net capital expenditure (14.2) (6.1) Free Cash Flow (4.7) 8.2 Dividends Paid (9.2) (8.9) Leases and Other (1.7) (1.3) Borrowings 5.5 - Net cash movement (10.1) (2.0) For personal use only
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KEES WEEL Managing Director BUSINESS UPDATE AND OUTLOOK For personal use only
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Pipeline update1 16 1. Refer to the Appendix for detailed pipeline. Program timing, volume and term are dependent upon manufacturer requirements and are subject to change. Information provided is based on current expectations. 2. “Secured” refers to the number of programs that have been “won” for future production or are in production. “Potential” refers to number of programs that are in discussion, design or planning stage. 3. Year 0 refers to the prevailing financial year and year 1 and 2 are the following two successive financial years. 4. Excludes projects where the program length is yet to be confirmed. Aerospace and Defence OEM and Motorsports Emerging Technology Top 40 programs A&D pipeline building momentum • FY25 pipeline “secured” programs +43% vs. FY24 H1 • Number of “secured” programs for the current financial year has doubled in FY25 vH1 vs. FY23 H1 24 7 13 19 17 FY25 FY26 FY27 24 26 30 Motorsports ET pipeline reflects positive F1 changes • Number of key programs +12% vs. FY24, +15% vs FY24 H1 result • 11th team added to the F1 program in CY26 • PWR has been nominated as the supplier for a 5-year EV Motorsport program and for an 8- year Hypercar program with a planned 800 car build 38 discrete key programs Secured - # programs 2 Potential - # programs 13 25 30 24 12 3 FY25 FY26 FY27 33 37 37 Secured - # programs 2 Potential - # programs Top 40 - focused on the most compelling prospects • Large pipeline refined to prioritise the top 40 projects with the highest potential • EVTOL composition in the near- term is relatively small (~$1.5m) as customers progress through prototyping and testing stages 0 5 10 15 20 25 30 Year 0 Year 1 Year 2 A&D programs are longer duration improving earnings visibility 41% 41% 18% Ongoing > 3 years < 3 years “Secured” programs – year 0 to year 23 Number of programs - FY23 H1 – FY25 H1 FY25 H1 FY24 H1 FY23 H1 Program length4 – Top 40 • F1 regulation change drives development and innovation leading up to the new season and beyond while each team seeks to extract the most performance within the technical regulations • Electrical output from the Battery System is increased from 120kW to 350kW in 2026 • This change in CY26 is an opportunity for PWR’s cooling solutions utilising new core technology, MMX and Battery Cell Cooler designs For personal use only
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H2 strategic priorities and outlook 17 A&D platform Enabling the next phase of growth Profitable growth Product development and new industries Global operating model To capitalise on opportunities Focus on delivering strong commercial outcomes from investments Ongoing investment in three sites increases flexibility across production locations to respond to evolving terms of trade Highly-skilled workforce required, PWR academy to facilitate pipeline Conservative balance sheet with net cash - ample liquidity to invest and retain low leverage US Government project Capacity and capability in place Timing subject to customer requirements Vertical integration Australia is accredited & already in production Further US accreditations & footprint expansion UK accreditations and capability build by 2027 Expansion of customer base Growth strategy centred on increasing market share Motorsports Capitalise on F1 regulation change OEM Selective programs to ensure margin reflects investment Auto aftermarket Increase market share in North America and Europe Continue to innovate and stretch the boundaries of product performance New Australian factory Catalyst for delivery of improved operational & ESG performance Relocation/commissioning some production disruptions expected in 4Q25 - decommissioning, moving, recalibration and 3rd party timelines FY25 revenue expected to be 5-10% below FY24 Factory expected to be fully operational – November 2025 For personal use only
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Q&A For personal use only
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APPENDIX For personal use only
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Emerging Technology revenue – FY25 H1 vs. FY20 H1 1. By end of CY25, +40% relative to CY24. Global Leader in Thermal Management Designing, manufacturing and supplying technically advanced, high performance cooling systems …into new markets and new technologies Tube and fin heat exchanges e.g. high-performance automotive radiators Bar and plate heat exchanges heavy duty applications ) Liquid cold plates battery and electronics cooling Micro Matrix heat exchangers high efficiency and compact Additive manufacturing complex geometries and housings Global footprint that supports ‘flexible’, vertically integrated manufacturing AustraliaUK US 550 staff ✓ CT machine ✓ CFD modelling ✓ Wind tunnel ✓ 50 Advanced CNC machines ✓ Clean room manufacturing ✓ 3D additive manufacturing ~30k m2 global factory space1 Customer market - % FY25 H1 total revenues Leveraging Motorsports innovation leadership… Motorsports OEM Aftermarket Aerospace and Defence Other 2% 51% 11% 22% 14% FY20 H1 FY25 H1 +752% What we design and manufacture Engineering the unfair advantage Emerging Technology revenue For personal use only
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21 1. Program timing, volume and term are dependent upon manufacturer requirements and are subject to change. Information provided is based on current expectations. 2. SOP – Start of Production. Pipeline – Aerospace & Defence1 Status SOP2 FY Prod. Years FY2025 FY2026 FY2027 Nominated for Pre Production 2025 Ongoing Nominated for Prototyping 2025 Ongoing In dicussions 2025 Ongoing Nominated for Production 2025 Ongoing Nominated for Production 2025 Ongoing In discussions 2025 Ongoing Nominated Supplier 2022 6 Nominated for Production 2023 7 Nominated for Production 2024 Ongoing Nominated Supplier 2023 8+ Nominated Supplier 2023 5+ Nominated Supplier 2023 TBC Nominated Supplier 2023 4 Nominated for Prototyping 2023 4 Nominated for Prototyping 2023 TBC Nominated for Prototyping 2023 TBC Nominated Supplier 2023 TBC Nominated for Pre Production 2025 TBC Nominated Supplier (3 programs) 2023 TBC Nominated Supplier 2025 TBC Nominated Supplier 2025 TBC Nominated for Production 2024 TBC Nominated for Qualification 2025 Ongoing Nominated Supplier 2024 2 Nominated for Prototyping 2024 2 Nominated Supplier 2025 TBC Nominated for Qualification 2025 TBC Nominated for Prototyping/B Samples 2025 TBC In Discussion 2025 TBC Nominated for Qualification 2025 TBC Nominated Supplier 2025 Ongoing Nominated for Qualification 2025 TBC In Discussion 2025 TBC Nominated Supplier 2025 TBC In Discussion 2025 2 In Discussion 2025 6 In Discussion 2025 TBC In Discussions 2025 3 1 In Discussion (2 programs) 2025 3 In Discussion 2025 1 Top 40 Programs only 33 37 37 Secured/Won/In production/ future production Potential/In discussion/ program design and/or planning phase For personal use only
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22 1. Program timing, volume and term are dependent upon manufacturer requirements and are subject to change. Information provided is based on current expectations. 2. SOP – Start of Production. Pipeline – OEM and Motorsport Emerging Technology1 Program Status SOP2 FY Prod. Years FY25 FY26 FY27 Motorsports - Hybrid & Electric Nominated Supplier - multiple Teams 2023 TBC 1 1 1 Single make EV Racecar (150) Nominated Supplier 2025 5 1 1 1 Roadcar (500) Nominated Supplier 2024 5 1 1 1 Hypercar (300+) Nominated Supplier 2023 5 1 1 1 Hypercar (250+) Nominated Supplier 2023 6 1 1 1 Hypercar (800) Nominated Supplier 2024 8 1 1 1 Roadcar (300) Nominated Supplier 2024 6 1 1 1 Supercar (100) Nominated Supplier 2024 5 1 1 1 Supercar (72) Nominated Supplier 2025 7 1 1 1 US Road Car (2500) Nominated Supplier 2025 4 1 1 1 Supercar (625) Nominated Supplier 2025 3 1 1 1 Hypercar (60) Nominated Supplier 2025 5 1 1 1 European Track Car (30) Nominated Supplier 2024 3 1 1 Additive Hypercar (80) Nominated Supplier 2024 4 1 1 1 Rimac - Nevera (300) Nominated Supplier 2022 5 1 1 Motorsports - Emerging Tech - F1 current Nominated Supplier - multiple Teams 2023 3 1 Supercar (70) Nominated Supplier 2023 3 1 European Hypercar (100) Nominated Supplier 2023 3 1 Track Car (27) Nominated Supplier 2023 3 1 Roadcar (150) Nominated Supplier 2023 3 1 Hypercar (50) Nominated Supplier 2024 2 1 EV Delivery Vehicle Nominated Supplier 2022 5+ 1 1 1 Hydrogen Bus (67) Nominated Supplier 2024 2+ 1 1 1 Hydrogen Truck (1000) A Sample Phase - Nominated 2025 3+ 1 1 1 Supercar (300) Nominated Supplier 2026 4 1 1 Supercar (180) Nominated Supplier 2026 5 1 1 Motorsports - Emerging Tech - F1 2026 Nominated Supplier - multiple Teams 2026 5+ 1 1 US Road Car (20,000) Nominated Supplier 2026 4 1 1 GT Roadcar (250) In Discussion 2026 2+ 1 1 Hypercar (300) In Discussion 2026 5+ 1 1 Power Generator Cold Plates (10,000) A Sample Phase - Nominated 2026 3+ 1 1 Marine In Discussion 2026 5+ 1 1 Roadcar (1500) In Discussion 2027 3+ 1 Hypercar (100) A Sample Phase - Nominated 2027 4+ 1 Undisclosed A Sample Phase - Nominated 2027 10 1 Hypercar (250) In Discussion 2027 4+ 1 EV Bus (100) In Discussion 2027 5 1 Supercar (100) In Discussion 2027 4 1 Total number of key programs 24 26 30 Secured/Won/In production/ future production In discussion/ program design and/or planning phase For personal use only
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23 Glossary Term Definition AASB Australian Accounting Standards Board A&D Aerospace and defence Aftermarket The market for parts and accessories used in the repair or enhancement of a product, such as a car Cash conversion ratio Operating cash flows as a percentage of net profit after tax, before depreciation and amortisation CMMC Cybersecurity Maturity Model Certification (for the US Department of Defence) Net debt/EBITDA Total debt excluding lease liabilities, net of cash and cash equivalents, divided by EBITDA EBIT Earnings before finance costs and tax is a non-IFRS term which has not been subject to audit or review but have been determined using information presented in the Group’s interim financial report EBITDA Earnings before finance costs, taxes, depreciation and amortisation is a non-IFRS term which has not been subject to audit or review but have been determined using information presented in the Group’s interim financial report ET Emerging technologies EV Electric vehicle EVTOL Electric vertical take-off and landing aircraft FX Foreign Exchange IFRS International Financial Reporting Standards LMH Le Mans Hypercar LMDH Le Mans Daytona Hypercar MMX Micro Matrix Heat Exchangers NADCAP National Aerospace and Defence Contractors Accreditation Program is a global cooperative accreditation program for the aerospace engineering, defence and related industries NPAT Net profit after tax OEM Original Equipment Manufacturer ppt Percentage point PWRNA PWR North America / C&R Racing R&D Research and development WEC World Endurance Championship For personal use only
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