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Investor Presentaiton

Cash 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
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