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Dean Banks Managing Director and Group Chief Executive Officer Mark Fleming Chief Financial Officer FY25 Results Presentation For personal use only
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2 Acknowledgement of Country and Mihi 2 Ventia would like to respectfully acknowledge the Traditional Custodians of country throughout Australia and their connection to land, sea and community. We pay our respect to them, their cultures and to their Elders past and present. He tautoko te ahurea i ngā kawa me ngā tikanga o ngā Iwi whānui o Aotearoa, me ka kawa me ka tikaka o ka Iwi whānui o Te Waipounamu. We recognise and celebrate the culture of manawhenua in Aotearoa and Te Waipounamu where our teams respect local Iwi and communities across the country. Members of Ventia's New Zealand team perform a hongi while visiting Wheke, Rapaki Marae in Christchurch, New Zealand For personal use only
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3 Safety is our licence to operate Pictured: Works in progress at the Square Kilometre Array telescope site in Murchison, Western Australia 4.32 3.71 3.29 3.31 2.81 0 1 2 3 4 5 FY21 FY22 FY23 FY24 FY25 TRIFR 2.81 15% improvement on FY24 35% improvement over 5 years HiPO 29 38% improvement on FY24 64% improvement over 5 years 80 55 64 47 29 0 20 40 60 80 100 FY21 FY22 FY23 FY24 FY25 For personal use only
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4 Delivering on expectations NPATA growth1 13.0% 3-year CAGR of 12.8% Work in Hand $22.1b increase of 22.8% on FY22 Exceeded upgraded FY25 NPATA guidance Strong financial performance Realising sustainable growth Renewal rate 82% consistently above 80% since FY22 Earnings per share (EPS)2 30.34cps 3-year CAGR of 16.8% Delivering for shareholders Total dividend declared 23.25cps increase of 47.6% on FY22 2026 revenue secured 87% consistently above 75% since FY22 2. Underlying basic earnings per share 1. NPATA is an underlying result, excluding the one-off positive impact of the Toowoomba novation (TSRC) For personal use only
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Cash Conversion 93.6% increase of 2.2pp on FY24 Work in Hand $22.1b increase of 14.4% on FY24 Pictured: Ventia telecommunications technician deploys portable generator units to a remote network site in Victoria 1. EBITDA and NPATA are underlying results, excluding the one-off positive impact of the Toowoomba novation (TSRC) EBITDA Margin1 8.7% increase of 0.5pp on FY24 NPATA1 $257.6m increase of 13.0% on FY24 Total Revenue $6,141.1m increase of 0.6% on FY24 EBITDA1 $532.1m increase of 6.6% on FY24 FY25 result highlights 5 For personal use only
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6 Work in hand $22.1 billion as at 31 December 2025, up 14.4% on FY24 6 FEBRUARY nbn Field Module contract ~$2.1b 5-year new contract with 2+ 1 year extension options TELECOMMUNICATIONS APRIL Transgrid Delivery Services ~$240m 3-year new delivery services panel contract INFRASTRUCTURE SERVICES JUNE nbn Fibre to the Node (FTTN) contracts ~$1.1b 3.5 -year new contracts with 2-year extension options TELECOMMUNICATIONS MARCH Defence Base Services extension ~$270m 7-month extension from 1 July 2025 and ending 31 January 2026 DEFENCE AND SOCIAL INFRASTRUCTURE JUNE Tuatahi First Fibre Contract New Zealand ~$100m 5-year contract renewal TELECOMMUNICATIONS SEPTEMBER Base Services Transformation packages ~$2.7b 6-year new contract with two extension options and maximum package term of 10 Years DEFENCE AND SOCIAL INFRASTRUCTURE SEPTEMBER City of Sydney Facility Management contract ~$100m 2-year contract renewal DEFENCE AND SOCIAL INFRASTRUCTURE DECEMBER NSW Whole-of-Government Cleaning - Western Sydney ~$100m 18-month contract extension with 1-year extension option DEFENCE AND SOCIAL INFRASTRUCTURE OCTOBER Defence Clothing Services contract ~$935m 7-year new contract with options to extend for a further 13 years DEFENCE AND SOCIAL INFRASTRUCTURE Significant contracts awarded underpinning future growth 2026 6 Cross sell revenue for FY25 was $145m up 25% on FY24 For personal use only
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Financial Results Mark Fleming – Chief Financial Officer 7 For personal use only
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8 Redefining Service Excellence in FY25 Ventia won the global award for Excellence in social value in 2025 Ventia delivered $6.4b of verified social value in Australia The ANZ Social Value Taskforce of 66 companies established by Ventia Total contract value $935m commencing May 2026 Delivering complete clothing supply chain for Army, Navy, Airforce Long term agreement 7 years with options to extend up to 20 years AI transformed Defence meal planning 99.3% accuracy of forecasting Now scaling into QA and labour control blueprint for transforming data across Ventia Pilot program has delivered $2.5m in productivity gains Customer Focus Innovation Defence Clothing Services Award 2025 Social Value Awards Optimising core processes with AI Sustainability For personal use only
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9 Key messages Another year of strong financial outperformance • Growing margin and cash flow • Attractive shareholder returns; dividend growth and buyback returned excess capital Record work won in 2025 • De-risked portfolio via long-term contract renewals • Average contract tenure now 6.4 years (5.7 years in FY24) Platform for success in 2026 and beyond • Guidance for 2026 NPATA of 7-10% growth • More than 85% of revenue secured for 2026 13.4 4.7 4.0 0 5 10 15 FY26 - FY28 FY29 - FY30 FY31+ Work in Hand profile as at 31 December 2026 ($b) 1. The comparison to FY24 has been made using an equivalent time horizon, assessing the conversion of WIH into revenue over the subsequent 3-year period, between 4 and 5 years, and beyond 5 years. Profile reflects recent wins in long-duration awards, increasing medium and long-term visibility Up 17.5% on FY241 Up 30.6% on FY241 Down 7% on FY241 For personal use only
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10 Sustained strong track record of performance 379.9 419.8 465.2 499.3 532.1 100 200 300 400 500 FY21 FY22 FY23 FY24 FY25 8.7%8.2%8.2%8.1%4,557.4 5,167.5 5,676.4 6,105.5 6,141.1 1,000 2,000 3,000 4,000 5,000 6,000 FY21 FY22 FY23 FY24 FY25 146.8 179.6 202.1 227.9 257.6 0 50 100 150 200 250 300 FY21 FY22 FY23 FY24 FY25 Total Revenue ($m) EBITDA1 and Margin ($m/%) NPATA1 ($m) 1. FY21 and FY22 use pro-forma results and FY25 EPS is underlying, excluding TSRC 8.3% 15.4 19.0 22.2 25.7 30.3 0 5 10 15 20 25 30 35 FY21 FY22 FY23 FY24 FY25 EPS1 (cents) For personal use only
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11 Statutory P&L Underlying1 P&L $ millions FY25 FY24 Delta FY25 FY24 Delta Revenue 6,141.1 6,105.5 0.6% 6,141.1 6,105.5 0.6% Other income 24.9 - n/a - - - Expenses (5,610.1) (5,609.3) 0.0% (5,610.1) (5,609.3) 0.0% Share of JV profits 1.1 3.1 (64.5%) 1.1 3.1 (64.5%) EBITDA 557.0 499.3 11.6% 532.1 499.3 6.6% Depreciation expense (100.7) (105.6) (4.6%) (100.7) (105.6) (4.6%) Amortisation expense (20.6) (33.0) (37.6%) (20.6) (33.0) (37.6%) Earnings before interest and income tax 435.7 360.7 20.8% 410.8 360.7 13.9% Net finance costs (47.4) (47.7) (0.6%) (47.4) (47.7) (0.6%) Profit before income tax 388.3 313.0 24.1% 363.4 313.0 16.1% Income tax expense (116.1) (92.8) 25.1% (108.6) (92.8) 17.0% Profit after income tax 272.2 220.2 23.6% 254.8 220.2 15.7% Amortisation of acquired intangible assets (after tax) 2.8 7.7 (63.6%) 2.8 7.7 (63.6%) Net Profit after Tax and Amortisation 275.0 227.9 20.7% 257.6 227.9 13.0% Basic earnings per share (cps) 32.39 25.74 25.8% 30.34 25.74 17.9% Amortisation of acquired intangible assets Historical acquired customer contracts and relationships were fully amortised as at 30 June 2025 Amortisation expense Decreased as a portion of acquired intangible assets became fully amortised in FY25 Income tax expense Increased effective tax rate due to growth in earnings from Australia Earnings per share Higher than profit after income tax growth due to the buyback reducing shares on issue Other income In January 2025, the Group novated the contract for Toowoomba Second Range Crossing (TSRC). The novation resulted in a one -off gain of $24.9 million 1. Excludes the one-off positive profit from the novation of TSRC in FY25 Statement of profit or loss For personal use only
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12 Key drivers • Revenue and EBITDA grew despite the novation of TSRC, due to increased volumes at higher margins Revenue $643.9m ▲ 1.8% EBITDA $49.3m ▲ 6.5% Margin 7.7% ▲ 0.3 pp Work in Hand $4.2b EBITDA improvement across all sectors Key drivers • Revenue and EBITDA have increased due to the mobilisation of new contract wins with Telstra and nbn, with contract terms extended to 5 years Revenue $1.7b ▲ 6.1% EBITDA $208.2m ▲ 4.3% Margin 12.4% ▼ 0.3 pp Work in Hand $5.8b Key drivers • Revenue and EBITDA increased due to ongoing growth in Energy and Water, e.g. SEQ Water and Western Power Revenue $1.4b ▲ 8.4% EBITDA $128.7m ▲ 17.1% Margin 9.0% ▲ 0.7 pp Work in Hand $4.2b Key drivers • Revenue reduced due to lower Defence Base Services project work, exited contracts and revised scope of a Housing and Community contract Revenue $2.4b ▼ 7.0% EBITDA $204.6m ▲ 13.3% Margin 8.5% ▲ 1.5 pp Work in Hand $7.9b Defence & Social Infrastructure Infrastructure Services Telecommunications Transport • EBITDA and margin have increased due to strategic focus on higher margin work • Ongoing mix shift towards higher margin end markets is expected to continue • Margin remains above the group average • EBITDA margin increased due to completion of underperforming contracts and novation of TSRC For personal use only
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13 Delivery against capital allocation framework Maintain financial strength and flexibility Cash generation 93.6% cash conversion up 2.2pp since FY24 Strong credit profile 1.3x net debt /EBITDA as at 31 December 2025 Invest to grow core business Capital investment (capex) $109m representing 1.8% of revenue Cumulative acquisitions since listing $50m combined purchase price for Kordia, ATC energy, Landscape Solutions and Powernet Maximise total shareholder returns Growing total annual dividends 23.25 cents per share increase of 16.4% on FY24 Buyback completed in 2025 $137.6m at an average price of $4.72 per share For personal use only
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14 31 December 2025 metrics ($m) Cash on hand 236.3 Undrawn revolver 400.0 Total liquidity 636.3 Term loan and drawn revolvers 750.0 Lease liabilities 190.2 Total debt 940.2 Net debt 703.9 Total debt facilities 1,150.0 Credit rating S&P: BBB (stable outlook) Moody’s: Baa2 (stable outlook) Covenants Leverage Ratio1 ≤3.25x (1.3x as at 31 Dec 25) Interest Cover Ratio2 ≥4x (12.2x as at 31 Dec 25) 1.8 1.4 1.2 1.0 1.3 0 1 2 3 FY21 FY22 FY23 FY24 FY25 Headroom to covenant Leverage Ratio1 increasing due to buyback 12.6 12.4 10.0 11.2 12.2 0 2 4 6 8 10 12 14 FY21 FY22 FY23 FY24 FY25 Headroom to covenant Interest Cover Ratio2 more than 3 times covenant 1. Calculated as Net Debt/bank adjusted EBITDA 2. Calculated as bank adjusted EBITDA/Interest Expense Maintaining financial strength and flexibility For personal use only
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15 Final dividend for FY25 12.54cps increase of 18.0% on FY24 Growing sustainable shareholder returns 1. Final dividend to be paid 9 April 2026, total dividend is 23.25 cents, increasing 16.4% on FY24 2. Calculated using $137.6m of buyback complete divided by shares on issue as at 1 Jan 2025 – 855 million shares Growing annual dividends, FY25 up 14.6% Reliable and growing dividends Policy to payout 60-80% of NPATA target dividend payout of 75% NPATA On-market buyback commenced Bought back in 2025 $137.6m equates to 16.07 cents per share 2 Buyback programme upsized to $250m across 2025 and 2026 Increasing returns to shareholders Dividends partially franked 90% franked increase from 80% in FY24 2025 average buyback price $4.72 per share 15.75 17.72 19.98 23.25 16.07 0 10 20 30 40 FY22 FY23 FY24 FY25 Total Dividend Buyback Cents per share (cps) Growing total dividends, FY25 up 16.4% For personal use only
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Outlook Dean Banks – Managing Director and Group Chief Executive Officer 16 For personal use only
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17 Customer focus – key growth areas Digital infrastructure Opportunity • Expanding our customer base to support data centres, high-density fibre connectivity and ICT • To support growing digital economy, enabling AI-driven innovation Expertise • Full lifecycle solutions for data centres, fibre networks, and secure ICT e.g. SKAO and Telstra whole of business Water Opportunity • Partner with utilities and government to upgrade, maintain, and future-proof water assets • Leverage aging infrastructure and critical demand to deliver end-to-end operations, maintenance, and minor capital works Expertise • Leading O&M, minor capital works, and resilience solutions for water networks e .g. Sydney Water and Yarra Valley Water Defence Opportunity • Deepen partnerships within Defence agencies and government customers by expanding integrated services • Leverage significant foothold and infrastructure investment in WA in preparation for AUKUS Expertise • Trusted partner with national reach and proven Prime Service Integrator experience e.g. Defence Maintenance Contract and Maritime Integrated services Opportunity • Targeting customers for end-to-end support for energy transition projects, from advisory to long-term maintenance • Support utilities and industry to decarbonize, modernize grids, and deliver renewable projects Expertise • End-to-end delivery across transmission, renewables, and asset decarbonisation e.g. Transgrid and Western Power Energy transition Common User Facility in Western Australia conducting operations and maintenance by Ventia’s Defence team Mobile data centre built in Western Australia for SKAO, by Ventia’s Telecommunications team West Wyalong Solar site, supported by Ventia’s Infrastructure Services team, for BP Infrastructure Services team member, on a Sydney Water site in North Head, NSW • Market size: $4.9b • Market share: 15% • Market size: $15.9b • Market share: 10% • Market size: $15.0b • Market share: 5% • Market size: $19.9b • Market share: 2% For personal use only
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18 Continuing to Redefine Service Excellence Innovation AI photo authentication AI driven photo validating tool ~20m artefacts annually Targeting an accuracy rate ~20% better than human verification Building an in-house AI image validation tool providing scale expected completion 2026 Sustainability Support for largest solar farm in New Zealand Completion expected for Tauhei in 2026 Expected to power ~35,000 homes generating >280GWh of electricity per year Complex high voltage capability substation & underground cable connection 1. Theoretical image of the way the AI software will operate 2. Substation on the Tauhei Solar Farm, New Zealand 1 2 For personal use only
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19 Key priorities for 2026 1. Excluding the one-off positive impact of the Toowoomba transaction in 2025 2. Buyback program committed across 2025 and 2026 Delivering on expectations NPATA growth 7-10% Strong cash generation >90% FY26 guidance – NPATA growth of 7-10%1 Realising sustainable growth High renewal rates >90% EBITDA margin at >8.5% Creating shareholder value Dividends 60-80% of NPATA Growing buyback program target $250m 2025-262 For personal use only
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20 This presentation is in summary form and is not necessarily complete. It should be read together with the Company’s 2025 Full Year Report lodged with the ASX on 19 February 2026 This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. While these forward -looking statements reflect Ventia’s expectations as at the date of this presentation, they are not guarantees or predictions of future performance or statements of fact. These statements involve known and unknown risks and uncertainties, which are beyond the control of Ventia. Many factors could cause outcomes to differ, possibly materially, from those expressed in the forward-looking statements. While Ventia has prepared this information based on its current knowledge and understanding and in good faith, there are risks and uncertainties involved which could cause results to differ from projections. Subject to disclosure obligations under the applicable law and ASX listing rules, Ventia: • makes no representation, assurance or guarantee as to the correctness and/or accuracy of the information, nor any differences between the information provided and actual outcomes, and reserves the right to change its projections from time to time; and • undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation. This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. 20 Disclaimer Pictured: Members of our Transport team at our Leonard Road Depot in Auckland, New Zealand For personal use only
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Q&A 21 For personal use only
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Thank you. For personal use only
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23 Our strategy Redefining Service Excellence: Safety and health is our license to operate Customer Focus Building enduring long-term strategic partnerships Trusted delivery Collective focus to improve every day Innovation Leveraging data and industry leading technology Industry expertise Deep knowledge and experience across our industry sectors Sustainability Positively impacting the people and communities we serve National reach Urban, regional and remote presence that can quickly scale What is Ventia’s competitive advantage Our advantage Ventia is the market leader: For personal use only
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24 26.8 28.3 29.7 31.2 32.9 11.3 11.9 11.8 11.9 11.8 38.2 41.0 43.9 45.7 47.6 10.5 10.3 11.0 11.5 12.186.8 91.4 96.3 100.3 104.4 FY25 FY26 FY27 FY28 FY29 Defence and Social Infrastructure Telco Infrastructure Services Transport CAGR: 4.7% Outsourced Maintenance Services addressable market size Australia & New Zealand ($b)1 Defence and Government spending • The Australian Government has reaffirmed a significant uplift in defence spending, which is expected to exceed 2.3% of GDP by 2033/342 • Australian government spending on outsourced services and infrastructure is expected to grow 14% to $80 billion by 20303 Opportunity pipeline across our sectors Energy transition • Australian Federal budget 2025-26 has allocated $8 billion to support the energy transition4 • Over $58 billion of private sector investment on clean energy projects is either committed or in the pipeline in 20255 Digitisation and demand for data • By 2030 the total number of connected devices is projected to exceed 75 billion, up from 20 billion today, the demand for data, speed and connectivity are all expected to grow exponentially • Telecommunications capital works are projected to rise 0.5% on average per year to FY296 Population growth • Population growth expected to increase 1-2% p.a. over the next 5 years • Long-term road and rail maintenance demand remains strong and is underpinned by increased road and rail usage 1. Oxford Economics (2025) Refers to the financial years ended 30 June 2. Australian Government – Defence media release May 2024 3. Australia to 2030 - www.infrastructure.gov.au 4. Economy – Federal Budget 2025-26 5. Clean Energy Council – April 2025 6. Oxford Economics - 2025 Addressable market opportunity and mega trends underpin future growth For personal use only
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25 77% 23% 64%13% 22% 1% 66% 22% 12% Revenue by contract profile1 Revenue by escalation mechanism1 Fixed price Cost Reimbursable Schedule of rates Short term or panel arrangement2 Cost Reimbursable Annual Review Indexation Private Public Revenue by customer type1 Contract structure and customer profile mitigates risk 1. Revenue by customer type, contract profile, escalation mechanism and work type reflects FY25 Total Revenue 2. Panel arrangements relate to specific projects that are short term and individually priced,taking into account the prevailing market conditions at the time of the tender For personal use only
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26 47% 43% 10% 90% 10% 35% 34% 29% 2% 45% 29% 18% 8% Telecommunications Transport Technical Solutions Operations and maintenance Defence and Social Infrastructure Infrastructure Services Local Government Community and Housing Social Infrastructure Defence Wireless Operations and Services Fixed Networks Energy and Renewables Water and Environment Resources Sectors split by end market Engineering Services 1. End market percentages reflect FY25 Total RevenueFor personal use only