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Acquisition of Entire Investor Presentation 12 October 2026
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2 Entire Acquisition 2 Leading and trusted national provider and manufacturer of specialised electrical, instrumentation, communications, security, fire, mechanical (HVAC), and maintenance services and products… • Established in 1978 and listed in 2007 (ASX:SXE) • Diversified across multiple market sectors • Diversified geographically with 85% of order book on East Coast • Diversified by discipline with 60% of FY26 revenues electrical services and 40% in other adjacent disciplines • Successful track record of acquisitions: Datatel in 2016, Heyday in 2017, the Trivantage Group (S.J. Electric, SEME Solutions, and Trivantage Manufacturing) in 2020, the MDE Group in 2024, Force Fire in 2025, and Entire in 2026 • Exposure to tailwinds of data centres, infrastructure, electrification and energy Introduction to SCEE …operating through a portfolio of businesses: Historically focused on resources and industrial work, but now also diversified into infrastructure and renewables Telecoms and communications specialist providing services to multiple sectors NSW and ACT-based electrical contractor servicing the commercial building sector, and the data centre, transport, health, education, retail, hotel, and residential sectors National provider of electrical and maintenance services to supermarkets, and the retail, commercial, and water sectors Provides electronic security services to the resources, law enforcement, custodial, industrial, and health sectors Manufacturer of premium quality switchboards and power distribution systems to internal and external customers Communications, data, and electrical services provider to the commercial, data centre, healthcare, and transport sectors Leading NSW and QLD-based provider of fire safety solutions to the commercial, industrial, data centre, education, and retail sectors Victorian-based provider of integrated fire protection and mechanical (HVAC) services, with in-house fabrication and maintenance DIVERSIFIED MARKETS AND GEOGRAPHIES BLUE-CHIP CLIENT BASE WITH RECURRING REVENUES DATA CENTRES INFRASTRUCTURE ELECTRIFICATION ENERGY TRACK RECORD OF SUCCESSFUL ACQUISITIONS INCREASING MULTI- DISCIPLINARY OFFERINGS FINANCIAL STRENGTH AND SHAREHOLDER RETURNS
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3 Entire Acquisition 3 Acquisition overview and strategic rationale
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4 Entire Acquisition 4 Acquisition overview Acquisition of Entire • SCEE has entered into a Share Purchase Agreement to acquire 100% of Entire Operations Pty Ltd (“Entire”) for a total consideration of up to $112.1m on a cash-free debt-free basis, made up as follows: ‒ $70.0m cash payable on completion ‒ Up to $25.8m in Deferred Consideration Base Earn-Out Amounts, payable following FY27, FY28 and FY29 results, contingent on EBIT of at least $17.0m being achieved each year (1) ‒ Up to $16.3m in Deferred Consideration Outperformance Earn-Out amounts, payable following FY27, FY28 and FY29 results, contingent on certain further stretch EBIT targets being met (1) • The acquisition consideration represents an EBIT multiple of: ‒ 5.5x FY26A EV/EBIT assuming the sellers receive the maximum Base Earn-Out Amounts ‒ 4.1x FY29F EV/EBIT assuming the sellers receive the maximum Outperformance Earn-Out Amounts (implying an EBIT of at least $27.5m in FY29F) • Existing employee executive shareholders to remain with the business under SCEE ownership on long-term employment contracts extending beyond the earn-out period Overview of Entire • Entire is a Victorian-based provider of integrated fire protection and mechanical (HVAC) services, supported by in-house fabrication, with a 40+ year track record • The business offers end-to-end capabilities across engineering, design, fabrication, construction, commissioning, minor works and maintenance • Supported by a large directly-employed technical workforce and internal apprenticeship pipeline with over 490 staff across Victoria and Queensland • Longstanding position servicing a range of key end markets aligned to SCEE including data centres, health and aged care, infrastructure, government and commercial and mixed-use property • Diverse customer base of Tier 1 contractors and asset owners with a strong level of recurring work • Attractive industry tailwinds driving increasing demand for fire protection and mechanical services • Scale platform with attractive margin profile – Entire generated $191m in revenue and $17.5m in EBIT in FY26 (1) Refer Appendix for detailed transaction terms.
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5 Entire Acquisition 5 Acquisition overview Combined Group Profile • In line with strategy to become a national provider of critical fire services • Expansion into the highly attractive mechanical services (HVAC) market • Widens SCEE’s multi-disciplinary offerings, combining with existing electrical, fire, security, and communications capabilities • Further geographic and sector diversification for SCEE: ‒ Entire generates circa 90% of revenue in Victoria and circa 10% in Queensland ‒ Entire’s sector exposure is broadly segmented into commercial (30%), infrastructure (20%), data centres (25%), health and aged care (15%), and others (10%) including government services (e.g. defence and justice) • Entire’s specialist pipe fabrication capabilities can augment SCEE’s current offerings • Continued growth in recurring revenue with Entire expected to contribute on a pro forma basis an additional $60m+ in recurring maintenance, minor works and services revenue • Enhanced scale with pro forma combined FY27F EBITDA of over $120m Transaction Funding and Financial Impact • Transaction to be funded through SCEE’s existing cash reserves • SCEE will retain a strong balance sheet post-completion providing flexibility for continued growth • Transaction expected to be immediately accretive with EPS accretion of at least 18% on an FY27F pro forma basis • Anticipated completion 1 November 2026 subject to customary closing conditions • Forecasting Entire to contribute $10m to FY27 EBITDA assuming completion occurs on 1 November 2026 • SCEE’s FY27 EBITDA guidance increased to at least $110m with further growth beyond expected in both SCEE and Entire (1) (1) Assuming completion occurs on 1 November 2026
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6 Entire Acquisition 6 Strategic rationale • Continued expansion of SCEE’s fire protection platform – Entire is a leading provider of fire protection services particularly in the Victorian market, which in addition to SCEE’s existing NSW and Queensland presence furthers SCEE’s ambition to create a national fire services offering • Capability expansion into the highly complementary mechanical services (HVAC) discipline – Entire is a leading provider of mechanical services, which are a logical adjacency to SCEE’s existing electrical, fire, data, security, and communications capabilities • Attractive end market exposure – Entire has diversified exposure across a range of attractive end markets including data centres, infrastructure, health care, commercial, and government • Structural drivers underpinning demand for fire protection services – strict regulatory and compliance requirements for fire protection systems drives long term demand for services • Building performance and energy efficiency needs are driving demand for HVAC services – building owners are becoming increasingly focused on performance from both a cost efficiency and environmental regulation perspective, with HVAC upgrades and redesign a key part • Continued growth of recurring service and maintenance work - recurring maintenance and minor works account for circa 35% of Entire’s revenue • Significant cross-selling opportunities – opportunity to leverage the group’s broader relationships to further build out its multi-disciplinary offering • Highly experienced management team – Entire’s management team is highly motivated and incentivised to drive the next phase of growth under SCEE’s ownership • Financially attractive acquisition – the transaction is expected to generate pro forma FY27F EPS accretion of at least 18% The acquisition aligns with SCEE’s M&A strategy offering further geographic diversification, expansion into new and existing adjacent disciplines, and increased exposure to recurring services and maintenance works
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7 Entire Acquisition 7 Overview of Entire
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8 Entire Acquisition 8 Overview of Entire ~$191m FY26 revenue Business Overview Highlights • Established in 1985, Entire is a Melbourne-based fire protection and mechanical (HVAC) contractor with 40+ years operating history • Provides integrated end-to-end capabilities across engineering, design, fabrication, construction, commissioning, minor works, recurring maintenance and prefabricated solutions • Primarily operates in the Victorian market with a growing presence in Queensland • Well positioned in structural growth sectors including data centres, infrastructure and electrification-driven HVAC upgrades • In-house fabrication and automation capability supports delivery of complex mechanical and fire solutions, including prefabricated plant and pipe systems • Diversified operating model combining major project delivery with recurring maintenance and service revenue streams across fire and HVAC assets • A large directly-employed technical workforce and internal apprenticeship pipeline employing 490+ staff across Victoria and Queensland • Highly experienced management team who are motivated to drive the next phase of growth under SCEE’s ownership Client Snapshot ~$17.5m FY26 EBIT ~490 employees ~120 active clients $800m+ project pipeline ~200 managed sites Entire is a leading provider of integrated mechanical (HVAC) and fire protection services, from engineering and design through to maintenance, with exposure to a diverse range of attractive end markets
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9 Entire Acquisition 9 Comprehensive capabilities suite Entire’s capabilities include an integrated mechanical and fire offering across engineering, design, installation, commissioning, and maintenance services Mechanical (HVAC) Fire Protection Fabrication • End to end capabilities across mechanical construction and services • Projects range from small refurbishments to major installations • Core capabilities in air-conditioning and heating with a growing presence in power generation and energy management systems • Dedicated in-house engineering, design and estimating capabilities • Full range of preventative and reactive maintenance capabilities FY26 Approximate Revenue Contribution • End to end capabilities across fire protection contracting and services • Includes the design, installation and maintenance of systems involving fire sprinklers, alarms, fire hydrants, hose reels, fire detection and gas suppression infrastructure • Dedicated in-house engineering, design and estimating capabilities • Dedicated testing and maintenance team across dry fire (detection and alarm), wet fire and fire equipment FY26 Approximate Revenue Contribution • Dedicated pipe fabrication capability established in 1992 to support the core business to improve productivity and minimise costs • Ability to produce finished roll grooved steel pipe, fittings and headers across both fire and mechanical projects • Additional capabilities in prefabricated plant rooms, fan installations, pump skids and duct risers FY26 Approximate Revenue Contribution 2%43%55%
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10 Entire Acquisition 10 Commercial / Mixed Use 30% Infrastructure 20% Data Centres 25% Health and Aged Care 15% Other 10% Victoria 90% Queensland 10% Mechanical Construction 31% Fire Construction 32% Mechanical MW&M 24% Fire MW&M 11% Fabrication 2% 10% 9% 8% 7% 7% 4%4%3%3%3% 41% Diverse revenue profile Entire has a diverse revenue profile with broad exposures across end markets and clients FY26A Revenue by Sector FY26A Revenue by Geography FY26A Revenue by Division FY23-26A Revenue by Top 10 Clients Note – Based on estimated segmentation. Diverse exposure to attractive end- markets which are aligned to SCEE Materially expands SCEE’s exposure into the Victorian market ~35% of revenue derived from recurring service and minor works Diverse client base with no reliance on any single client Construction total 63% Minor Works and Maintenance total 35% Others
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11 Entire Acquisition 11 Commercial Infrastructure Data Centres Other Example projects Entire has a track record delivering fire and mechanical solutions for complex projects across a diverse range of sectors Olderfleet, 477 Collins Street Flinders West Melbourne Quarter Tower Precinct North-East Link Snowy Hydro 2.0 Melbourne Airport T2 Expansion CDC Brooklyn BK1 & BK2 Stack Infrastructure MEL02 NEXTDC PH1 Monash University Caulfield Campus Ballarat Base Hospital Chisholm Road Prison
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12 Entire Acquisition 12 Combined Group profile
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13 Entire Acquisition 13 Diversification of capabilities and reach A combination with Entire materially expands SCEE’s Victorian footprint, broadens the national fire protection platform, and takes SCEE’s capabilities into the highly attractive and adjacent mechanical services (HVAC) sector Revenue by CapabilityRevenue by Geography FY26 SCEE Standalone FY26 Pro Forma Combined Group Electrical 59% Fire 18% Manufacturing 13% Security & Comms 10% NSW & ACT 50% WA 25% QLD 16% VIC, SA & NT 9% NSW & ACT 39% WA 20% QLD 15% VIC, SA & NT 26% Electrical 47% Fire 24% Manufacturing 10% Security & Comms 8% Mechanical 11%
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14 Entire Acquisition 14 Combined opportunities with SCEE • Cross-selling opportunities across the combined client base, offering complementary electrical, fire and mechanical (HVAC) capabilities • Ability to pursue larger, multi-disciplinary project scopes through a broader service offering • Leverage Entire’s established Victorian presence to support opportunities for other SCEE businesses • Leverage SCEE’s national footprint, customer relationships and balance sheet strength to accelerate Entire’s expansion • Deepen relationships with data centre customers by providing a broader range of services • Grow recurring service and maintenance revenues and leverage Entire’s fabrication capabilities, technical expertise and operating practices across the SCEE Group This acquisition is likely to generate significant benefits for SCEE
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15 Entire Acquisition 15 Appendix
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16 Entire Acquisition 16 Appendix – detailed transaction terms • Acquisitionof 100% of the issued share capital of Entire Operations Pty Ltd • Subject to standard conditions for a transaction of this nature • Due diligence finalised • Completion is expected to occur on 1 November 2026 Acquisition Up to a total of $112.1m in cash payable on a cash-free debt-free basis as follows: 1. Upfront Cash Consideration a) $70.0m on completion 2. Deferred Consideration – Base Earn-Out Amounts a) $8.6m if Entire EBIT for FY27 is equal to or greater than $17.0m b) $8.6m if Entire EBIT for FY28 is equal to or greater than $17.0m c) $8.6m if Entire EBIT for FY29 is equal to or greater than $17.0m 3. Deferred Consideration – Outperformance Earn-Out Amounts a) $3.3m if EBIT for FY27 is equal to or greater than $21.4m. If an EBIT of $21.4m is not achieved, the payment is reduced on a pro rata basis down to nil at an EBIT level of $17.0m b) $5.1m if EBIT for FY28 is equal to or greater than $23.8m. If an EBIT of $23.8m is not achieved, the payment is reduced on a pro rata basis down to nil at an EBIT level of $17.0m c) $7.9m if EBIT for FY29 is equal to or greater than $27.5m. If an EBIT of $27.5m is not achieved, the payment is reduced on a pro rata basis down to nil at an EBIT level of $17.0m Consideration • All of the existing employee executive shareholders of Entire will remain employed with the business under SCEE's ownership o n long-term employment contracts extending beyond the earn-out period Ongoing Management Involvement • Completion of the transaction is conditional on ACCC waiver or approval; there being no material adverse change in Entire; execution of employment contracts with the existing employee shareholders; and release from Entire’s existing financial arrangements Conditions Precedent • The agreement contains a standard set of warranties which are covered by warranty and indemnity insurance, subject to limited exclusions • Standard buyer termination rights including for breaches prior to completion and for any material adverse change Warranties and Termination
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17 Entire Acquisition 17 Disclaimer Some of the information contained in this presentation contains “forward-looking statements” which may not directly or exclusively relate to historical facts. These forward-looking statements reflect the current intentions, plans, expectations, assumptions and beliefs of Southern Cross Electrical Engineering Limited (“SCEE”) about future events and are subject to risks, uncertainties and other factors, many of which are outside the control of SCEE. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Because actual results could differ materially from SCEE's current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this presentation with caution and not to place undue reliance on them. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. SCEE does not undertake to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. This presentation is for information purposes only. It is not financial product or investment advice or a recommendation, offer or invitation by SCEE or any other person to subscribe for or acquire SCEE shares or other securities. The presentation has been prepared without considering the objectives, financial situation or needs of the reader. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek the appropriate professional advice. Statements made in this presentation are made as at the date of the presentation unless otherwise stated. The information in this presentation is of a general background nature and does not purport to be complete. It should be read in conjunction with SCEE's other periodic and continuous disclosure announcements.