#1Investor Presentation For the financial year ended 30 June 2023 Downer 10 August 2023#2Agenda Peter Tompkins (CEO) Results summary Progress against strategy Malcolm Ashcroft (CFO) Financial results FY24 financial priorities Peter Tompkins (CEO) Strategies to realise value for shareholders Priorities Outlook Q&A Downer#3Purpose, Promise, Pillars Pillars Purpose Enabling communities to thrive. Sustainability Safety is our first priority. Zero Harm to our people, communities and environment is embedded in our culture. We will leave a positive legacy for future generations. Delivery We build trust by delivering on our promises with excellence while focusing on sustainability, value for money and efficiency. Relationships We collaborate to build and sustain enduring relationships with our customers, our people and our communities, based on trust and integrity. Downer Downer Promise Thought leadership We remain at the forefront of our industry by employing the best people and having the courage to challenge the status quo. Our customers' success is our success. EVERLA Downer FY23 Results | 3#4Summary of FY23 Financial Results Statutory NPAT (loss) $(385.7)m | ▾ >100% Underlying EBITA 1,3 $323.4m ▼ 15.5% Underlying NPATA 1,3 $174.2m | 18.5% Underlying cash conversion 64.9% 26.1pp Net Debt to EBITDA4 2.0x | 2.3x at Dec-22 Downer Highlights Delivery of FY23 Underlying NPATA guidance Execution and mobilisation of QTMP contract underway Sale of Australian Transport Projects business complete² Revenue of $12.6bn, up 5.4% Strong 110% cash conversion in 2H Reduction of net debt to EBITDA to 2.0x (2.3x in December 2022) Positive progress to date on $100m cost out target Improvement in underlying EBITA margin in 2H 2.9% (1H 2.2%) FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business ($16.7m, $11.6m after-tax) 1 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax) 2 A number of customer consents remain outstanding at the date of completion, some of which remain outstanding as at 10 August 2023 3 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation to statutory results 4 Net debt to EBITDA ratio includes lease liabilities in Net Debt and is on a post-AASB 16 basis 5 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income Downer FY23 Results | 4#5Progress against strategy in FY23 We are making good progress against our announced plan and key targets Targeting >4.5% EBITA margin (in FY25) As announced on 27 February 2023 Reset operating model and cost base - Targeting >$100m cost out Continue to simplify current portfolio Downer Operational excellence and risk management Progress to date New trans-Tasman operating model commenced 1 July as planned Removed duplication in New Zealand and Australian corporate office structures Significant changes in leadership roles 400 FTE roles to be removed in 2023 (ahead of schedule) Priority divestments actioned, including Australian Transport Projects Sale of Mechanical & Commercial Contracting business announced Other minor non-core businesses subject to on-going review Divestments dependent upon market conditions and realising maximum value Board governance remit expanded - Project Governance Committee New Chief Financial Officer commenced 1 July Chief Risk Officer (Ashley Mason) commencing September Project portfolio review completed Downer FY23 Results | 5#6Transport $4.6bn QTMP2 contract signed and mobilisation underway HCMT2 delivery phase largely complete having manufactured 58 out of 70 sets under a highly successful delivery and commercial model Roads Australia performance improved in-line with forecast during 2H associated with improved operating conditions, largely weather related Signed final Agreement for East Coast Recovery Alliance in New Zealand (forecast 3-year delivery program) Successful completion of Australian Transport Projects divestment³ 55% of 20% FY23 revenue¹ 45% 17% Revenue of $6.9bn (10.3% on FY22) 18% Downer ■Road Services ■Rail & Transit Systems ■Australian Transport Projects (Divested) Projects NZ Downer 065296 1 Projects NZ includes the New Zealand Projects business in addition to the Building business in New Zealand (Hawkins), which has been restated to Transport from Facilities 2 QTMP - Queensland Train Manufacturing Program, HCMT - High Capacity Metro Trains 3 Australian Transport Projects business unit generated revenue of approximately $1.1bn in FY23, at 3.6% EBITA margin (above historical average). A number of customer consents remain outstanding at the date of completion, some of which remain outstanding as at 10 August 2023 Downer FY23 Results | 6#7* Utilities 萁 Underperformance continued into 2H Full year result materially impacted by: Power maintenance contract (8 Dec ASX release) Australian Water projects NZ renewable wind farm project Telco continued strong performance from 1H Power maintenance contract update: 1 April commercial reset - remediation initiatives underway Contract expected to be loss making in 1H24 Discussions with customer on second phase commercial and operational amendments underway Utilities leadership team reset complete with high- calibre executives recruited to drive business turnaround Bidding activity in-line with new risk appetite parameters and focus on improving bid margins/win rates 18% of FY23 revenue 29% 41% Revenue of $2.3bn (11.2% on FY22) 30% powner Downer ■Power & Gas ■ Water ■ Telco Downer FY23 Results | 7#8Facilities Portfolio of Health and Education PPPs performing strongly, with focus on asset management optimisation and future opportunity Defence Strategic Review completed by the Federal Government in May - priority areas of Defence investment being monitored Commenced re-bid process for Defence EMOS renewal, with current contract ending August 2024 Downer awarded 3-year extension to its Defence Major Services Provider contract by the Capability, Acquisition and Sustainment Group (CASG) to continue to support the Department of Defence Strong pipeline of work from Industrial & Energy customers for decommissioning and decarbonisation projects, tempered by labour availability in the sector 1 Industrial & Energy includes the previous Power & Energy and Industrial & Marine businesses and also includes Mineral Technologies, consistent with prior periods 2 Comparative excludes Hospitality 27% of FY23 revenue¹ Revenue of $3.4bn (4.9% on FY222) 29% 45% Π 26% Downer Downer ■ Govt / H&E ■ Defence ■Industrial & Energy Downer FY23 Results | 8#9$36.3bn of work-in-hand Downer Long-dated ~90% Government / Government related Diversified by industry 86% Services1 Work-in-hand movement² Work-in-hand by segment Work-in-hand profile 40 $36.3bn 14 A ▲ 10.7% 35 $32.8bn Utilities 12 30 12.8 $4.5bn 10 25 13.8 13% 8 20 4.5 4.9 15 Transport $19.0bn 52% 6 10 19.0 14.2 5 Facilities³ $12.8bn 35% 4 2 0 0 Jun-22 Jun-23 FY24 FY25 ■Transport Utilities ■Facilities FY26 FY27 FY28 FY29+ Transport Utilities Facilities 1 Remaining balance, Construction, comprises the NZ Projects (Transport), a portion of Power & Gas (Utilities) and the construction component of QTMP (Transport). 2 To provide a like-for-like comparative, Jun-22 work-in-hand has been restated to remove balances relating to the Australian Transport Projects business (divested), Australian Mechanical and Electrical Commercial Projects business (divested), and material pass-through revenue components (refer to note 3 below) 3 During the period, Downer has revised the calculation of work-in-hand in relation to select contracts with material pass-through revenue components. This resulted in a $0.6bn reduction in Facilities work-in-hand compared to Jun-22 Downer FY23 Results | 9#10Recognition ESG update ✓ CDP DISCLOSURE INSIGHT ACTION Score of A- in the CDP Climate Change survey Downer S&P Global Included in the S&P Global Sustainability Yearbook 2023 RAINBOW TICK Rainbow Tick recertified in 2023 (New Zealand business) E E03 C THE Ⓡ AUSTRALIAN BUSINESS AWARDS EMPLOYER OF CHOICE WINNER 2022 500 Australian Business Awards Employer of Choice for 2022 * MENTAL HEALTH FIRST AID Australia Advanced Workplace Recognition 'Advanced Workplace' recognition by MHFA Australia Highlights and initiatives. Launched our 'Own Respect' program to help eliminate certain discriminatory conduct, including sex discrimination, harassment and victimisation. Delivered over 6,000 hours of training across our Indigenous Cultural Awareness Training, Te Ara Whanake Māori leadership program and Te Ara Māramatanga immersion program for non-Māori. Released the first standalone Downer Climate Change Report, which covers our journey to date and achievements, our pathway to net zero, and the pivotal role Downer can play in the energy transition. To support the delivery of the QTMP contract, established Australia's first standalone Green Syndicated Bank Guarantee Facility, complementing Downer's corporate Sustainability Linked Loan. Sustainability outcomes CO 0.90 LTIFR Target: <0.90 2.68 TRIFR Target: ≤3.50 4% reduction Emissions intensity FY23 vs. FY22 The City Rail Link project team (Downer is an alliance partner) was awarded the highest Infrastructure Sustainability Council 'Leading' IS Design Rating in Aotearoa New Zealand and the third-highest in Australasia, with a score of 93. CO2-e 2% increase Scope 1 and 2 emissions FY23 vs. FY22 Downer FY23 Results | 10#11Malcolm Ashcroft Group financials owner Downer#12FY23 group financial performance Financial Results Statutory NPAT (loss) $(385.7)m | Underlying EBITA 1,3 ▾ >100% $323.4m ▼ 15.5% Underlying NPATA 1,3 $174.2m | 18.5% Underlying cash conversion 64.9% Net Debt to EBITDA4 2.0x Downer Financial commentary Statutory result included $483.0m of non-cash goodwill impairment (Facilities and Utilities Australia CGUS) and $67.7m of other individually significant items before tax Revenue of $12.6bn, up 5.4% Group underlying EBITA margin 2.6%, materially impacted by under- performance in Utilities. Cash conversion for the year of 65% (110% in 2H) Net debt to EBITDA of 2.0x (down from 2.3x at Dec-22) ■ Net interest expense increased by $2.6m. 26.1pp | 2.3x at Dec-22 Underlying effective tax rate of 25.5% Final dividend of 8 cps declared (unfranked) FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business ($16.7m, $11.6m after-tax) 1 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax) 2 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income 3 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation to statutory results 4 Net debt to EBITDA ratio includes lease liabilities in Net Debt and is on a post-AASB 16 basis Downer FY23 Results | 12#13Reconciliation of underlying to statutory results 400 Underlying to statutory EBITA ($m) 1,2 300 200 100 0 (100) (200) 323.4 20.8 10.0 (25.4) (6.5) Downer (350.0) Other asset impairments and write-downs Fixed assets and inventory in the Rail business Shut down, relocation and consolidation of asphalt plants in Australia IT and other assets that will no longer be utilised or provide future economic benefit Office space being surplus to requirements and vacated (133.0) (66.6) (227.3) (300) Underlying EBITA Fair value on DSCO Divestment outcomes Portfolio restructure costs Regulatory reviews and shareholder class action related costs Facilities goodwill impairment Utilities Australia goodwill impairment Other asset impairments and write-downs Statutory EBITA (loss) 1 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax) 2 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation to statutory results Downer FY23 Results | 13#14Segment underlying performance overview Downer Transport Revenue of $6.9bn (- 10.3%) A EBITA of $288.9m (▲ 7.2%) EBITA margin of 4.2% (0.1pp) Road Services strong volumes in 2H following heavily impacted 1H Rail & Transit Systems grew both revenue and margin during the period due to performance on long-term rail maintenance contracts and final delivery phase on HCMT Strong relative performance in Projects Australia in 2H² Utilities Revenue of $2.3bn (11.2%) EBITA loss of ($10.3m) (>100%) EBITA margin of (0.5%) (3.5pp) Underperformance in 2H Power maintenance contract Water projects in Australia NZ renewable wind farm project Meter reading business Telco business performed well in both Australia and New Zealand Facilities1 Revenue of $3.4bn (4.9%) EBITA of $162.1m (▸ flat) EBITA margin of 4.7% (0.2pp) Government (State Housing and NSW WoG contracts) and Health & Education (nRAH and Bendigo Hospital post reviewable services) performing well Defence minor capital work spending slowed in 2H, adversely impacting margins Industrial & Energy performing well with result impacted by contract loss due to subcontractor default Corporate Corporate costs of $117.3m (16.7%) Includes $10.5m settlement of claim Benefit from current cost out program expected in FY24 Additional investment in IT SaaS project costs, now required to be expensed when incurred Inflation impact (labour and other costs) Comparative FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business ($16.7m, $11.6m after-tax), and to reflect the change in operating segment of Power Systems from the Transport segment to the Utilities segment and Building Projects from Facilities to Transport. Refer to slide 33 for reconciliation. 1 Comparatives exclude Hospitality 2 Australian Transport Projects business unit generated revenue of approximately $1.1bn in FY23, at 3.6% EBITA margin (above historical average) Downer FY23 Results | 14#15Cash flow 1,200.0 1,000.0 (205.4) 318.2 800.0 (165.0) 2 600.0 1 (32.4) (9.4) 3 4 400.0 738.5 200.0 227.3 (125.4) 160.5 (17.8) 5 6 644.5 Downer 889.1 Opening cash Operating cash flow Capex Payment of IT Other lease liabilities Cash after funds from operations Dividends Divestments Share buyback Borrowings Closing cash and FX 1. Operating cash flow 65% cash conversion (110% in H2)1 2. Capex Growth capex primarily related to asphalt plant replacement in Australia and specialised plant in New Zealand 3. Payment of lease liabilities Increase on prior year driven by payout of leased assets now owned in New Zealand 4. Information Technology Capex Security upgrades and end of life hardware replacement 5. Dividends Payment relates to: FY22 Final 12cps FY23 Interim 5cps ROADS 6. Divestments Proceeds received on first stage completion of Australian Transport Projects 1 As announced in the HY23 Investor Presentation, operating cash conversion materially impacted by supplier payments on completion of SGT project ($78m), settlement of two project claims provided in prior year ($22m) and change in timing of collection from two key customers ($40m) Downer FY23 Results | 15#16Group debt profile Weighted average debt duration of 3.0 years 1 (3.4 years at 31 December 2022) Commitment to maintain an investment grade credit profile Downer remains in compliance with all financial covenants Targeting refinance of various debt facilities in FY24 to further optimise debt maturity profile and reduce medium term refinancing risk Debt maturity profile (A$m) A$m 1000 800 600 400 Debt facilities $m Jun-23 Dec-22 Jun-22 Total limit 2,567.8 2,572.1 2,563.4 200 Drawn 1,592.8 1,387.1 1,358.4 Available 975.0 1,185.0 1,205.0 0 Cash 889.1 450.4 738.5 Total liquidity 1,864.1 1,635.4 1,943.5 Net debt² 703.7 936.7 619.9 1 Based on the weighted average life of debt facilities (by A$m limit) 2 Excludes lease liabilities Downer ■Syndicated bank facilities ■ USPP ■JPY MTN ■ A$ MTN ■Bilateral bank facilities Downer FY23 Results | 16#17FY24 Financial priorities ✓ A Continue to strengthen Downer's balance sheet Stabilise Downer's Fitch credit rating (currently BBB negative watch) ✓ Improve consistency of quality of earnings Drive strong cash conversion Deliver $100m cost out for FY25 Build stronger performance culture and Business Performance Management framework Elevate our capital return focus and disciplines Review capital allocation Review business potential & growth Establish portfolio management framework capital priorities parameters 15 Downer Downer D Downer FY23 Results | 17#18Peter Tompkins Outlook & priorities Downer 871 Queensland Government#19Strategies to realise value for shareholders Downer We are making good progress against our announced plan and key targets, but still have work to do - FY24 will be a critical transition year to set the foundations for growth Targeting >4.5% EBITA margin (in FY25) As announced on 27 February 2023 Reset operating model and cost base - Targeting >$100m cost out Continue to simplify current portfolio Operational excellence and risk management Phase 2 of $100m cost out program (plant optimisation, procurement, automation and process improvement) What's to come? Technology and data strategic review trans-Tasman Brand, Voice of Customer and Employee Engagement Initiatives "Full potential" strategic business planning commenced Other minor non-core divestments in areas that do not fit Group profile Refreshed focus on optimising the performance of the existing portfolio Consistent application of TDS/ shift and tighten bell curve of project outcomes Enhancements to Group Performance Monitoring Framework Enhancing capability assessment aligned to core competencies Downer FY23 Results | 19#20Path to 4.5% EBITA margins in FY25 Downer Business planning processes centred around 4.5% EBITA target in FY25, taking into account: 2.6% Cost out program delivering $100m of benefit per annum in FY25 Run-off of contract losses and low margin jobs Improvement in bidding margins and enhanced margins in delivery through operational excellence Discontinue bidding/ work type/ exit businesses that do not meet Downer's strategic, risk management and margin contribution requirements Normalisation of operating conditions >4.5% FY23 EBITA Margin FY25 Target EBITA Margin Downer FY23 Results | 20#21Reset operating model and cost base Downer Progress against cost out targets Operating model & functional optimisation ■ 400 FTE to be exited by the end of 2023, ahead of schedule ■ New trans-Tasman operating model in place ■ Phase 2 cost out program to continue functional optimisation Improve & automate Reviewing business cases for automation opportunities across the Group Process improvement initiatives being implemented Technology and data review to identify further opportunities Other initiatives ■ Rationalisation of property lease footprint commenced ■ Identified fleet optimisation and reduction targets across the business Remaining Actioned Targeting >$100m cost out Remaining Actioned Downer FY23 Results | 21#22FY24 priorities 1 Reinforce new business conduct and performance culture 2 Turnaround performance of Utilities business 3 Achieve $100m cost out target 4 Mobilise QTMP 5 Improve capital management discipline and further strengthen balance sheet 6 Develop full potential strategic plan Downer Downer FY23 Results | 22#23Outlook FY24 is an important transition year in our turn-around program External market conditions appear to be stabilising, but remain challenging Confidence in achieving $100m of cost out, with full run rate into FY25 Downer's 1H24 will be affected by the run-off of existing low margin contracts and the timing of our Utilities recovery, with stronger earnings targeted in the 2H24 We start the year with a high percentage of secure revenue and targeting continued improvement in EBITA margin for FY24 We will give a further update at the AGM in November Downer Downer Dirndal Downer FY23 Results | 23#24Supplementary information MURRA Downer#25Timeline 20 February 2023 trans-Tasman integration announcement 22 February 2023 Australian Transport Projects divestment 1 July 2023 New operating model New trans-Tasman operating model commenced 1 July as planned 1 February 2023 Transformation Management Office established FY23 17 April 2023 CEO-2 appointments 400 FTEs out 27 February 2023 FY23 Half Year results 27 April 2023 Investor Day 2023 Sector led operating model and transformation program Through to Mar-24 FY24 10 August 2023 FY23 Full Year results 3 November 2023 2023 AGM July 2023 New CFO commenced Downer Transformation benefits Target period for delivery of $100m p.a of benefits in FY25 Enterprise strategy Full potential planning / enterprise strategy EBITA % initiatives Target date to have executed key steps required for targeted EBITA margins in FY25 September 2023 New CRO to commence FY25 Operational excellence and risk management Continue to simplify current portfolio Downer FY23 Results | 25#26Transport Downer Road Services 7.0 Rail & Transit Systems 6.0 Projects 5.0 4.0 3.0 2.0 WIH profile ($bn) Top 5 Contracts Remaining 1. Queensland Train Manufacturing Program until 2042 2. Maintaining Waratah trains until 2044 3. Maintaining HCMTs until 2053 1.0 σ 0.0 4. Maintaining Sydney Growth Trains until 2044 FY24 FY25 FY26 FY27 FY28 FY29+ $19.0bn total 5. Operating Yarra Trams until 2024 (Keolis Downer) 98% government¹ 0: 000000 1日0日 0002 Revenue² $m EBITA² $m 187.0 6% 5% 3,695.4 4,000 200 3,190.2 3,157.1 156.9 3,020.8 3,000 150 112.5 101.9 2,000 100 1,000 50 0 0 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 1 WIH Government includes direct Government and Government related projects 2 Comparative periods restated to reflect the change in operating segments. Refer to slide 33 for reconciliation EBITA % margin² 4% 2% 1% ៖៖៖៖ ៖ ៖ ៖ 4.9% 3.7% 3% 3.2% 5.1% 0% 1H22 2H22 1H23 2H23 Downer FY23 Results | 26#27Utilities Telecommunications 2.5 «H») Water 2.0 Power and Gas 1.5 1.0 0.5 Downer 0.0 WIH profile¹ ($bn) I.... FY24 FY25 FY26 FY27 FY28 FY29+ $4.5bn total 85% government² Top 5 Contracts Remaining 1. Sydney Water until 2030 (Confluence Water JV) 2. AusNet (power) until 2024 (plus two 3-year extensions) 3. City of Gold Coast (water) until 2032 4. Logan City Council until 2025 (plus two 2-year extensions) 5. Melbourne Water until 2028 Revenue² $m EBITA² $m EBITA % margin² 1,200 1,018.4 1,136.2 1,122.0 1,011.9 1,000 800 600 400 200 0 5555555 45 40.5 5% 4.0% 4% 35 3% 25 19.4 1.9% 2% 15 1% 0% (5) (15) -1% (0.5%) (0.5%) (5.2) (5.1) -2% 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 1 WIH Government includes direct Government and Government related projects 2 Comparative periods have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business, and to reflect the change in operating segments. Refer to slide 33 for reconciliation Downer FY23 Results | 27#28Facilities Downer Government Health & Education 7.0 6.0 Defence Industrial & Energy 5.0 4.0 3.0 2.0 GOVERNMENT 1.0 SCHOOL 0.0 HOSPITAL ☐ ☐ ☐ ☐ FY24 FY25 FY26 FY27 FY28 FY29+ $12.8bn total 84% government¹ WIH profile ($bn) Top 5 Contracts Remaining 1. New Royal Adelaide Hospital PPP until 2046 (contract reset 30 June 2022) 2. Bendigo Hospital PPP until 2042 (contract reset 30 June 2022) 3. Sunshine Coast University Hospital PPP until 2042 4. Sydney International Convention, Exhibition and Entertainment Centre PPP until 2041 5. Royal Children's Hospital PPP until 2037 ARMY AIR FORCE NAVY CLEANO Revenue² $m EBITA² $m EBITA % margin² 2,000 1,679.4 1,791.9 1,621.1 100 6% 85.8 5.1% 80.4 81.7 4.9% 4.8% 1,573.9 76.3 4.7% 5% 80 1,500 4% 60 1,000 3% 500 420 40 2% 20 1% 0 0 0% 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 1H22 2H22 1H23 2H23 1 WIH Government includes direct Government and Government related projects 2 Comparative periods restated to reflect the change in operating segments. Refer to slide 33 for reconciliation. Excludes Hospitality Downer FY23 Results | 28#29FY23 revenue composition Revenue diversified across Transport, Utilities. and Facilities markets 5% Water 5% Telco Utilities 18% Power & Gas 8% Defence 7% Industrial & Energy 8% 1 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income. H&E is the abbreviation of Health & Education. Projects NZ includes the New Zealand Projects business in addition to the Building business in New Zealand (Hawkins), which has been restated to Transport from Facilities Facilities 27% Govt/ H&E 12% Road 25% Services FY23 Revenue $12.6 billion1 Transport 55% NZ Projects 11% Transit Systems Rail & 10% Downer Downer FY23 Results | 29#30Group underlying financial performance Downer Group Underlying performance ($m) FY23 FY222 Change Underlying segment performance ($m) FY23 FY222 Change Total revenue³ 12,619.7 11,970.4 5.4% Transport 288.9 269.4 7.2% EBITDA Depreciation and amortisation 633.4 (310.0) 689.9 (307.4) (8.2%) Utilities (10.3) 59.9 (>100%) (0.8%) Facilities 162.1 162.1 EBITA4 323.4 Amortisation of acquired intangibles (26.2) (34.8) 382.5 (15.5%) 24.7% Urban Services Businesses 440.7 491.4 (10.3%) Mining 8.1 (100%) EBIT 297.2 347.7 (14.5%) Hospitality (16.5) 100% Net interest expense (88.0) (85.4) (3.0%) Non-core businesses (8.4) 100% Profit before tax 209.2 262.3 (20.2%) Corporate (117.3) (100.5) (16.7%) Tax expense (53.4) (73.0) 26.8% Underlying EBITA4 323.4 382.5 (15.5%) Net profit after tax 155.8 189.3 NPATA4 174.2 213.7 EBITA margin 2.6% Effective tax rate ROFE Dividend declared (cps) 25.5% 10.1% 13.0 (17.7%) (18.5%) 3.2% (0.6pp) 27.8% (2.3pp) 10.8% (0.7pp) Items outside of underlying EBITA Statutory EBITA (loss)/profit4 Underlying NPATA4 Statutory NPAT (loss)/profit (550.7) (41.2) (>100%) (227.3) 341.3 (>100%) 174.2 213.7 (18.5%) (385.7) 140.4 (>100%) 24.0 (11.0) 1 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation to statutory results 2 FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business ($16.7m, $11.6m after-tax) 3 Total revenue is a non-statutory disclosure and includes revenue from joint ventures, other alliances and other income 4 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax) Downer FY23 Results | 30#31Cash flow Downer Change in cash ($m) FY23 FY22 Change Cash conversion ($m) 1H23 2H23 FY23 Total operating cash flow 318.2 Net Capex (Core) (205.4) Net Capex (Non-Core) 495.4 (35.8%) (134.9) (52.3%) (8.8) 100.0% Underlying1 EBIT 120.5 176.71 297.2 I Add: Depreciation and amortisation 160.8 175.4i 336.2 I Underlying1 EBITDA 281.3 352.1 i 633.4 | I Payment of principal lease liabilities (Core) (165.0) (146.4) (12.7%) Operating cash flow (35.4) 353.6! 318.2 Payment of principal lease liabilities (Non-Core) (17.2) 100.0% Add: Net interest paid 40.2 45.6 85.8 IT (32.4) (36.5) 11.2% Add: Tax paid / (received) 19.1 (12.1); 7.0 Advances to JVs and Other (9.3) (2.7) (>100%) Adjusted operating cash flow 23.9 387.1 411.0 Funds from operations (93.9) 148.9 (>100%) EBITDA conversion 8.5% 109.9% 64.9% Dividends paid Divestments (125.4) 160.5 Acquisitions (0.1) (171.4) 26.8% 245.4 (34.6%) (24.1) 100.0% Depreciation and amortisation ($m) 1H23 2H23 FY23 Depreciation - PP&E 59.4 68.91 128.3 Share buyback (17.8) (142.6) 87.5% I Depreciation - Right of use asset 74.9 80.0 154.9 Net proceeds (repayment) of borrowings 227.3 (122.6) >100.0% IT Amortisation 13.4 13.4 26.8 Net increase (decrease) in cash 150.6 Cash at the end of the period 889.1 (66.4) >100.0% 738.5 20.4% Amortisation of acquired intangibles Depreciation and amortisation 13.1 13.11 26.2 | 160.8 175.4 336.2 Total liquidity 1,864.1 1,943.5 (4.1%) 1 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review. Refer slide 32 for reconciliation Downer FY23 Results | 31#32Reconciliation of underlying to statutory results Downer Amortisation of Reconciliation of underlying to statutory results ($m) EBITA¹ Net interest expense Tax expense² NPATA¹ acquired intangibles (post-tax) NPAT Underlying³ results 323.4 (88.0) (61.2) 174.2 (18.4) 155.8 Fair value on Downer Contingent Share Options (DCSO)4 10.0 10.0 10.0 Divestments and exit costs 20.8 (18.6) 2.2 2.2 Portfolio restructure costs (25.4) 7.6 (17.8) (17.8) Regulatory reviews and shareholder class action related costs (6.5) 1.9 (4.6) (4.6) Impairment and other asset write-downs (549.6) 18.3 (531.3) (531.3) Total items outside underlying result Statutory results (550.7) 9.2 (541.5) (541.5) (227.3) (88.0) (52.0) (367.3) (18.4) (385.7) 1 Downer calculates EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense. Group FY23: $26.2m, $18.4m after-tax. (FY22: $34.8m, $24.4m after-tax) 2 Tax of $61.2m is calculated by adjusting underlying tax of $53.4m with $7.8m tax on amortisation of acquired intangible assets 3 The underlying result is a non-IFRS measure that is used by Management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review 4 The fair value of the Downer Contingent Share Options (DCSO) have decreased primarily driven by the movement in Downer's share price from $5.05 at 30 June 2022 to $4.11 at 30 June 2023 Downer FY23 Results | 32#33Segment reconciliation Downer FY22 reconciliation ($m) FY22 Reported Utilities maintenance contract restatement¹ Business unit reclassifications² FY22 Restated 1,2 Segment Revenue EBITA Revenue EBITA Revenue EBITA Revenue EBITA Transport 5,721.7 254.6 489.3 14.8 6,211.0 269.4 Utilities 1,769.7 73.7 (16.7) (16.7) 277.3 2.9 2,030.3 59.9 Facilities4 4,019.9 179.8 (766.6) (17.7) 3,253.3 162.1 Comparative financials ($m) Segment Transport Utilities Facilities FY211,3 FY22 FY23 Revenue 5,713.0 1,869.0 2,795.4 EBITA 262.6 82.1 166.2 Revenue EBITA Revenue EBITA 6,211.0 2,030.3 3,253.3 269.4 59.9 6,852.5 2,258.2 288.9 (10.3) 162.1 3,413.0 162.1 1. 2. Comparative FY21 and FY22 results have been restated to reflect the impact of historical misreporting of revenue and contract assets in one of Downer's maintenance contracts in its Australian Utilities business (FY22: $16.7m, $11.6m after-tax, FY21: $12.7m, $8.9m after-tax) FY22 results have been restated to reflect the change in operating segment of Power Systems from the Transport segment to the Utilities segment and Building Projects from the Facilities segment to the Transport segment 3. 4. Comparative FY21 results have not been restated in the Annual Report to reflect the change in operating segment but have been provided in the Supplementary Information for comparative purposes only on a like-for-like basis with FY23 segments Facilities comparatives exclude Hospitality and Laundries Downer FY23 Results | 33