#1ventia 21 February 2024 FY23 Results Presentation Dean Banks: Chief Executive Officer Stuart Hooper: Chief Financial Officer ventia Pictured: Ventia firefighter from our defence team at RAAF Edinburgh (SA).#2Pictured: Ventia employee helping her niece get ready for the final dress rehearsal before heading to Te Mana Kuratahi. Photo credit Tikarohia 2 Acknowledgement of Country and Mihi ventia www. 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 lwi and communities across the country.#3FY23 RESULTS PRESENTATION Safety is our licence to operate ventia TRIFR improvement of 11.3% on FY22 SIFR improvement of 62.1% on FY22 5 4 0.5 0.4 3 0.3 4.32 0.45 2 0.2 3.71 3.29 0.29 1 0.1 0.11 0 0 FY21 FY22 FY23 FY21 FY22 FY23 3 TRIFR - Total Recordable Injury Frequency Rate SIFR Serious Injury Frequency Rate ventia Pictured: Members of the Infrastructure Services Water team at a waste water facility (NSW). TRIFR and SIFR improvement driven by strong leadership and management focus Ventia is committed to ongoing safety investment and elevating our industry leading training programs In 2024 we will continue to drive greater focus on leading indicators, culture and behaviours#4FY23 RESULTS PRESENTATION Strong FY23 result provides confidence for 2024 Delivering on expectations Delivered NPATA growth¹ of 12.5% Realising sustainable growth Delivering for shareholders Earnings growth has continued to outpace market² Total dividend declared 17.72¢ Solid performance and growth across all sectors Renewal rate 87% 4 ventia Target payout ratio of 75% of NPATA delivered again FY24 Guidance: NPATA growth of 7-10% compared to FY23 1. Percentage increase calculated using previously disclosed FY22 proforma comparative 2. Market refers to Total Addressable Market as forecast by BIS Oxford, for more details see slide 24#5FY23 RESULTS PRESENTATION FY23 financial results above guidance Delivered NPATA growth of 12.5% FY23 statutory financials as at 31 December 2023 ventia Total Revenue $5,676.4m Increase of 9.8% on FY22 EBITDA $465.2m Increase of 10.8%¹ on FY22 EBITDA Margin 8.2% Increase of 0.1pp¹ on FY22 Cash conversion ratio 88.8% Decrease of 0.1¹ppt on FY22 NPATA $202.1m Increase of 12.5%¹ on FY22 Work in Hand $18.1b Increase of 1.0% on FY22 5 Pictured: The Square Kilometre Array Observatory (SKAO) project at Inyarrimanha Ilgari Bundara (WA) 1. Percentage increase calculated using previously disclosed FY22 proforma comparative#6FY23 RESULTS PRESENTATION Long-term, high-quality Work in Hand of $18.1b ventia ventia Work in Hand ($b) up 8% on FY21 Work in Hand profile ($b) $19.0 $10.0 $18.0 $8.0 $17.0 $6.0 8.9 $16.0 18.0 18.1 $4.0 16.8 $15.0 $2.0 5.2 4.0 $14.0 $0.0 FY21 FY22 FY23 FY24 + FY25 FY26 + FY27 FY28+ 6 Pictured: Telecommunications field technician performing utility pole work (VIC). Strong revenue secured for FY24 Key government contracts forecast for decision in 2024-25-four Defence Estate contracts and Land and Social Housing - all signed short-term extensions in FY23 Work in Hand growth lower than expected due to delays on government procurement decisions Ventia's platinum and gold customer relationships deepening, with revenue from top 10 clients growing by 23% CAGR since 2021#7FY23 RESULTS PRESENTATION Securing key contract opportunities Renewal rate 87% and total win rate 66% ventia Defence and Social Infrastructure Defence Maintenance Contract (renewal) Joint Logistics Command $393M OVER 5 YEARS Awarded June 2023 Defence Base Services Contract (extension) Estate Based Services $550M OVER 1 YEAR Awarded October 2023 Telecommunications ventia N2P - Node to Premises (new work) nbn-two contracts $280M + $134M OVER ~2 YEARS Awarded April and August 2023 Field Optimisation (renewal) Telstra $340M OVER 1 YEAR Awarded December 2023 Pictured: Ventia delivers mechanical maintenance and support services at RAAF Edinburgh (SA). Infrastructure Services Yallourn (renewal) Energy Australia $150M OVER 6 YEARS Awarded January 2023 Strategic Portfolio Services (new work) Ausnet $70M OVER 5 YEARS Awarded December 2023 Transport TQ Network (new work) Transurban Queensland $210M OVER 6 YEARS Awarded June 2023 QLD South Coast Roads (extension) Department of Transport and Main Roads QLD $50M OVER 1 YEAR Awarded November 2023#8FY23 RESULTS PRESENTATION Substantial progress in 2023 against ESG targets 8 Focus ventia Targets Committed to the Science Based Targets initiative (SBTI) - 42% absolute reduction in scope 1 and 2 by 2030 and net zero by 2050 100% renewable energy by 2030 (internal electricity usage) 100% of light fleet converted to hybrid or electric by 2030 HESTA 40:40 Vision commitment 40% participation by women on the ELT by 2030 Gender diversity - 40% participation by women in senior Management and across all employees Achieve our Reconciliation Action Plan (RAP) targets Compliance with the ASX Corporate Governance Principles and Recommendations Suppliers with annual spend >$1m comply with the Ventia Business Partner Standard Status Targets set and submitted for validation 11.4% renewable energy Tracking 11.4% 367 EV and hybrid fleet - 9.8% of total fleet 9.8% 33.3% females in ELT and 37.5% females on the Board 33.3% 26.6% females in Senior Management and 31.6% female employees across the organisation 26.6% Launched Stretch RAP in 2023 97% Compliance 75% Response rate from Business Partners due diligence survey 97.0% 75.0%#9FY23 RESULTS PRESENTATION Redefining Service Excellence is our strategy in action Client focus Innovation Sustainability SKAO Social Value Portal The Net-Zero STANDARD The SBTI's NET-ZERO STANDARD #NetZeroStandard SCIENCE BASED TARGETS ventia Cross Selling +48% increase in cross-sell revenue compared to FY22 SKAO is a good example of our cross-selling success. Following our Telecommunications business winning the initial contract in Dec 22, we have subsequently expanded our services to include transport networks and camps services. This illustrates deep client understanding, benefits of an end to end offering and our expert capability First to market with Social Value calculation $4.3b - Ventia is the first company in Australia to quantify the Social value of non-financial impacts we have on society, using the TOMS¹ framework. We are quantifying our socio-economic impacts to help us understand the effectiveness of our initiatives and to offer our clients a comparative insight into our performance against other suppliers Science-Based Targets submitted In 2023 we set and submitted our emissions reduction and net-zero targets to SBTI for validation. These targets align with our Sustainability Strategy and with the Paris Agreement, addressing direct and indirect emissions across our full value chain 9 1. TOM - Themes, Outcomes and Measures - is a framework for delivering excellence in measuring and reporting social value. This framework has become the benchmark reporting framework in the UK.#10Financial Results Pictured: Members of our transport incident response team, Sydney (NSW). 110 ventia ven ventia ventia ventia ventia#11FY23 RESULTS PRESENTATION Consistent track record of financial performance Total Revenue ($m) Up 25% since FY21 EBITDA and Margin ($m/%) 379.9 Up 22% since FY21 465.2 419.8 NPATA ($m) Up 38% since FY21 ventia 5,676.4 5,167.5 8.3% 8.1% 202.1 8.2% 179.6 4,557.4 146.8 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 • Annual revenue growth in FY23 of 9.8% continues to outpace the Total Addressable Market, which is estimated to be growing at 6.6% CAGR Revenue growth continues to be reliable and predictable, a benefit of a diversified portfolio EBITDA margins continue to remain consistent growing slightly to 8.2% Diligent cost control enabled EBITDA to grow in line with revenue • NPATA has grown 12.5% in FY23 net of absorbing a $15.5m increase in finance costs Investors have benefitted from this growth through our policy to pay out 60-80% of NPATA and target of 75% 11#12FY23 RESULTS PRESENTATION ventia Performance demonstrates the benefit of a diversified portfolio Defence & Social Infrastructure Revenue $2.4b 12.4% EBITDA $160.4m 4.6% Work in Hand $6.0b FLAT Drivers of the full year result Extension of existing contracts in FY23 with clients including NSW WofG¹ Cleaning Services, Auckland Council and City of Sydney Renewal and growth of existing contracts including the Defence Maintenance contract and the one-year extension of the Base Services contract Margin has expanded due to project improvement program which commenced in 2H22 Infrastructure Services Revenue $1.3b 7.8% EBITDA $115.6m▲2.7% Work in Hand $5.0b 7.4% Drivers of the full year result Resources and Industrials business grew, driven by the expansion of scope from key clients including Chevron and BHP Strong demand for Rigs and Wells, with new work underpinning higher rig utilisation Margin reflects shift in work mix towards long term O&M contracts from short term capital works Telecommunications Revenue $1.4b ▲21.3% EBITDA $173.1m 22.7% Work in Hand $2.2b ▲ 37.5% • Drivers of the full year result Higher contract volumes with long term strategic customers such as Telstra and nbn Contribution from new contracts such as the Square Kilometre Array Observatory (SKAO) Continued ramp-up of contracts including Telstra's Inter-capital fibre build, and upgrade of the Defence high- frequency network project Transport Revenue $636.8m 22.7% EBITDA $45.1m 16.2% Work in Hand $4.9b FLAT Drivers of the full year result Full 12 month benefit of Sydney Harbour Tunnel and Auckland Transport West contracts Part year contribution from the 6 year contract with Transurban Queensland (mobilisation Aug '23) • Increased work volume in New Zealand to support the community through storm recovery activity 12 1. Whole of Government#13FY23 RESULTS PRESENTATION Financial performance illustrates reliable growth profile Statutory FY23 result, no pro-forma adjustments ventia $ millions FY22 FY23 Delta Total revenue 5,167.5 5,676.4 9.8% Total expense (4,756.7) (5,214.8) 9.6% Proforma adjustment¹ 5.5 n/a (100%) Share of JV revenue 3.5 3.6 2.9% EBITDA 419.8 465.2 10.8% Changes in net working capital and other (46.5) (52.3) 12.5% non-cash items Operating cash flow² 373.3 412.9 10.6% Operating cash flow conversion³ 88.9% 88.8% (0.1pp) Lease payments (64.4) (62.2) (3.4%) Capital expenditure (34.4) (44.7) 29.9% Acquisition (15.7) n/a (100%) Cash flow before financing and tax 258.8 306.0 18.2% Net financing costs (33.9) (49.4) 45.7% Free cash flow before tax and dividends 224.9 256.6 14.1% 13 1. Pro forma adjustments were made in 2022 to adjust for the financial impact of the Broadspectrum acquisition 2. Operating cash flow represents EBITDA plus any non-cash share payments, after changes in net working capital. 3. Operating cash flow divided by EBITDA expressed as a percentage. EBITDA Contract revenue escalations have offset cost increases during an inflationary period. EBITDA margin has increased by 0.1 percentage points to 8.2%, demonstrating portfolio stability Changes in Net Working Capital Changes in net working capital reflect an increase in trade and other receivables and contract assets, which is aligned with the growth in revenue Capital Expenditure Total capital expenditure increased by $10.3m, driven by investment primarily driven by workplace lease improvements. Capital expenditure in FY23 was 0.8% of revenue (0.7% in FY22) Net Finance costs Net finance costs have increased 46% primarily due to the flow on impact of increased cash rate on interest costs of the term loan (BBSY 0.28% in December 2022 to 4.41% in December 2023)#14FY23 RESULTS PRESENTATION Delivering sustainable returns to investors Final 2H23 dividend grew 13.6% compared to 2H22 Dividends paid and declared (cps) Cents per share (cps) 14 9 Paid 8 Final 2H23 Dividend 7 60 5 4 3 8.28 cents Growth 13.6% Declared Final dividend for FY23 per share declared 9.41¢* ventia Total dividend for FY23, representing growth of 12.5% 17.72¢ 9.41 cents Policy to payout 60-80% of NPATA with target of 75% NPATA Dividends partially franked 80% FRANKED 2 FY22 FY23 * Final dividend will be paid on 5 April 2024.#15FY23 RESULTS PRESENTATION Robust financial flexibility and liquidity 31 December 2023 metrics ($m) Leverage Ratio¹ continues to improve as EBITDA grows Interest Cover Ratio² more than 2x covenant Cash on hand 338.7 Undrawn revolver Total liquidity 400.0 14 738.7 3 Headroom 12 12 12.4 12.6 Term loan 750.0 to covenant 10 Lease liabilities Total debt 133.5 Headroom to covenant 883.5 1.8 2 8 Net debt Total debt facilities Credit rating Covenants ventia 544.8 1,150.0 S&P: BBB (stable outlook) Moody's: Baa2 (stable outlook) 1 1.4 6 1.2 4 Leverage Ratio¹≤3.25x (1.2x as at 31 Dec 23) 2 Interest Cover Ratio² >4x (10.0x as at 31 Dec 23) 0 0 FY21 FY22 FY23 FY21 FY22 FY23 15 1. Calculated as Net Debt/bank adjusted EBITDA. 2. Calculation methodology updated to reflect the bank covenant interest cover ratio, which uses net interest expense rather than total interest expense 10.0#16FY23 RESULTS PRESENTATION Clear capital allocation framework 1. Investment in organic growth opportunities Significant opportunity across all sectors 16 2. Sustainable dividends Track record of paying out 75% of NPATA in line with target 3. Strategic acquisitions Adding capability, scale or access to new markets, with disciplined return hurdles ventia 4. Additional cash/capital returns Consider capital programs with a commitment to current credit rating Pictured: Members of Ventia's Social Infrastructure team providing facilities management services at a hospital (VIC).#17Outlook ve Pictured: Member of Ventia's water team at a waste water facility in Sydney (NSW). 17 ventia#18FY23 RESULTS PRESENTATION What makes Ventia different - our value proposition Ventia is a leading provider of essential services ventia | = | Our Strategy Our People • Redefining Service Excellence People are at the heart of our success . • We seek to differentiate via Client Focus, Innovation and Sustainability Cultivating long term and strategic relationships Create a lasting and positive legacy for future generations • Attracting and developing the best and brightest • Workforce collaboration, teamwork and focus on common ambition • Nationwide network, with breadth and depth of capability ||||| Our Process . • Robust risk and governance framework Standardised and simplified - single enterprise system • Leveraging data and analytics, for transparency and better informed decision making • Appropriate delegation of authority, through our gated lifecycle approach Our Market • • Operating in a resilient and growing market Significant headroom for organic growth-8% market share¹ Strong demand drivers - market growing at 6.6% CAGR • Stability of long-term contracts with strong renewal rate Safety is our licence to operate 18 1. Calculation based on FY23 Total addressable market of $73.5b and VNT revenue of $5.7b (see slide 24 for details)#19FY23 RESULTS PRESENTATION Expanding energy transition credentials ventia Long-term maintenance contracts Mercury's Hydro and Geothermal assets Ventia undertakes High Voltage minor capital works on Mercury's Hydro and Geothermal assets Mercury operates 9 hydro plants in the North Island supplying 10% of New Zealand's annual electricity supply. They also operate 5 geothermal plants that power base-load Energy transition services West Wyalong solar farm • Operations and maintenance contract at West Wyalong The farm will generate 238,000 MWh of clean renewable electricity each year and will also supply renewable energy to 88 of BP's service stations across NSW, (the site generating the equivalent in usage of 42,000 homes annually) New adjacent market opportunity EV charging Ventia is performing responsive maintenance of select Electric Vehicle chargers across Australia, using the expert capability and national network in our Telecommunications sector Public electric charging infrastructure is expected to increase exponentially over the short to medium term¹ Pictured: West Wyalong Solar farm - operations and maintenance contract. 19 Energy transition and exposure to mega trends is one market driver, see slide 24 for full details on market drivers 1. CSIRO EV take up projections 2022 SOUT CSIRO EV report 20#20FY23 RESULTS PRESENTATION 4 WODOD DAY End market trends support growing demand for essential services www 12 M Defence and Social Infrastructure Australian Defence spending now up to 2% GDP¹, growing presence of international troops and the operationalisation of bases Government is increasingly looking to the private sector for disaster response Housing and rental crisis has intensified the need for social housing across Australia Telecommunications OKESHAM 211 jer ste tes te WG-S WO Connectivity is more important than ever, leading to greater investment in new fibre and wireless network builds Demand for data and digital infrastructure is driving network investment Carriers increasingly outsourcing opex items such as maintenance to reduce expenses 197 3638 112262 24 PREPARE TO STOP CAHILL TUNNEL NO DANGEROUS GOODS IN TUNNEL LOW TUNNEL CLEARANCE 4.4 m NO DANGEROUS GOODS IN TUNNEL LOW CLEARANCE 4.4 m Infrastructure Services 20 Growing demand for Australia's natural resources Increase in transmission and distribution infrastructure required to support energy transition Ageing infrastructure will continue to need greater maintenance to support demand 1. Parliament of Australia, 2023-24 Budget reviews Transport Population growth and immigration continue to be drivers of increasing maintenance demand Landmark road developments will complete over the medium term with infrastructure like Western Harbour Tunnel and North East link coming on line Ageing infrastructure will require increased maintenance, Australian government spending on road maintenance was $5.5billion in 2023 DETOUR ventia Pictured: Road maintenance contract on Sydney's Eastern Distributor.#21FY23 RESULTS PRESENTATION Strong FY23 result provides confidence for 2024 1. Delivering on expectations Solid financial performance with growth in Revenue (9.8%), EBITDA (10.8%) and NPATA (12.5%) 2. Realising sustainable growth Resilient and diversified business and strong renewal rate (87%), supported by high quality and long-term order book 3. Creating long-term value for shareholders Progressive dividend with target to pay out 75% of NPATA; Delivered Total Shareholder Return in FY23 of 37% ventia FY24 Guidance - NPATA growth of 7-10% compared to FY23 Pictured: Ventia's drone services provide support across all our sectors, such as environmental remediation services (NSW). 21 ventia#22FY23 RESULTS PRESENTATION Disclaimer This presentation is in summary form and is not necessarily complete. It should be read together with the Company's Full Year Report 2023 lodged with the ASX on 21 February 2024. This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward-looking statements are subject to a range of risk factors. Ventia cautions against reliance on any forward-looking statements, particularly in light of the current economic climate and the significant volatility associated with large scale tender projects. 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. Ventia will not be liable for 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. Ventia undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules. 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. ventia ver ventia Pictured: Infrastructure Services Water team member at a wastewater facility (NSW).#23ventia Q&A#24FY23 RESULTS PRESENTATION Market growth supported by industry tailwinds 24 Outsourced Maintenance Services addressable market size Australia & New Zealand (AU$b)¹ FY22 FY26 CAGR: 6.6% 87.8 82.4 11.8 77.5 73.5 68.0 9.2 7.4 27.8 23.6 8.2 37.8 29.9 FY22 ■ D&SI FY23 IS FY24 FY25 ■Transport FY26 Telecommunications 1. BIS Oxford Economics (2022) Refers to the financial years ended 30 June. Numbers presented in current prices (nominal value). Market drivers רה Size and growth of the asset base Population growth Increasing outsourcing rates ventia Exposure to mega trends, including energy transition#25FY23 RESULTS PRESENTATION Ventia's long-term investment proposition . ... ventia Revenue targeted to grow faster than market 7-10% Average revenue growth Diligent focus on cash backed profits 80-95% Cash flow conversion Pictured: Ventia's Incident Response team in Sydney's Eastern Distributor tunnel. тиази започе BMS 108 High conversion of profits into dividends 75% Target NPATA payout ratio Growing shareholder dividend Annual distribution aligned with earnings growth 25#26FY23 RESULTS PRESENTATION Contract profile mitigates risk FY23 revenue by contract profile ($5.7b) 26 19% 8% 73% ■ Schedule of Rates Cost Reimbursable Fixed Fee Diversified portfolio 400+ sites and 40% of our people working in regional and rural areas Average contract tenure 5.6 years (7.4 years with extension options) Government contracting 75% of FY23 revenue via Government clients, 25% via private clients ventia#27• ventia PPA utilisation in 2024, is expected to be significantly lower than FY23, the remaining balance will reduce in small increments over the next 15 years Unfavourable contracts Provisions used in FY23 $14.1m (FY22 $20.2m) Onerous contracts Provisions used in FY23 $8.6m (FY22 $24.2m) FY23 RESULTS PRESENTATION PPA provisions continue to reduce in line with expectations and robust risk management Unfavourable contracts ($m) 120 Onerous contracts ($m) 70 70 PPA Provision commentary • Provisions continue to roll off as expected, with no increases to onerous or unfavourable 100 80 60 60 40 40 20 20 60 60 50 50 40 40 30 30 20 20 110 0 0 Dec Dec Dec Dec Dec Dec Dec Dec 20 21 22 23 20 21 22 23 27#28ventia Thank you