Investor Day Presentation

Pag e 1 o f 1

27 April 2023

Company Announcements Office
ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Dear Sir/Madam

RE: Downer EDI Limited 2023 Investor Day

Please find attached a copy of the presentation to be made to investors today at the company’s
Investor Day.

Yours sincerely
Downer EDI Limited


Robert Regan
Company Secretary
Downer EDI Limited
ABN 97 003 872 848
Triniti 3, Triniti Business Campus
39 Delhi Road
North Ryde NSW 2113
1800 DOWNER
www.downergroup.com

Agenda
Downer Investor Day 2023 | 2
Peter
Tompkins
(CEO)
Introduction and
transformation
update
9:30 a.m.
to 9:50 a.m.
Breakout
session #1
9:55 a.m.
to 10:15 a.m.
Breakout
session #2
10:20 a.m.
to 10:40 a.m.
Breakout
session #3
10:55 a.m.
to 11:15 a.m.
Breakout
session #4
11:20 a.m.
to 11:40 a.m.
Peter
Tompkins
(CEO)
Trading update,
key messages
and Q&A
11:45 a.m.
to 12:15 p.m.
Murray Robertson
Transport
Jim Kafanelis
Utilities
Jacob Bonisch
Facilities
Pat Burke
Facilities –I&E
Morning tea
Lunch
Stephen Kakavas
Transport –RTS
Presentation and Q&A with the heads of Downer’s Business Units

Purpose, promise, pillars
Downer Investor Day 2023 | 3
Our purpose is
Enablingcommunities to thrive.
Our promise:
Our customers'
success is our
success.
Our pillars:

Strategies to realise value for shareholders
We have announced our plan and communicated key targets
Downer Investor Day 2023 | 4
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

Focusing on actions that drive improved performance
Downer Investor Day 2023 | 5
Our recent performance does not reflect the quality of our business. The Board and Management are
united on the need for change and we are focusing on actions that will drive improved performance
Market leadership
across the portfolio
Exposure to the
right markets with
supportive tailwinds
Employer of choice
Sovereign provider
with investment grade
credit rating
High proportion of Government and Government-related
contracts for the provision of critical infrastructure services
Highly visible and secure revenue via large and long-dated
work-in-hand balance
Cash generative and capital light business model
Enablers
Disciplined risk management
The 5 Cs, The Downer Standard,
Lines of defence
Transformation and
cost out program
Target $100m+, optimised operating
model, streamlining work activities
Accountability and
cultural change
Performance focus, Rapid reset
1
3
2
4
Downer’s fundamentals are sound
Foundational
strengths
Value drivers
Current focus of the business
Targeting
>4.5% EBITA
margin
(in FY25)

Transformation program update
The new operating model: simplification, efficiency, accountability
Reset operating model and cost base
Downer Investor Day 2023 | 6
Update –rapid reset
▪Completed culture survey (top 500 leaders) and collectively acknowledged the need for change
▪Operating model announced with Business Unit COOs and a NZ Country Leader
▪CEO-1 and CEO-2 leaders confirmed
▪Functional optimisation review complete (role of the centre, removal of functional duplication and alignment)
▪Enhanced monthly performance reporting
▪Change and cultural reset program underway
▪1 July 2023 new operating model commencement with a 400 FTE target headcount reduction by the end of FY24
Rapid reset
Implement and simplify
Full growth potential
Transformation phases
CompletedIn progress / ongoing

Transformation program
We have a clear line of sight on our cost out initiatives
Reset operating model and cost base
Downer Investor Day 2023 | 7
Targeting
> $100m
cost out
Operating model &
functional optimisation
▪FTE reduction via full
diagnostic of functional
overhead structures
▪Merged Australian and
New Zealand structure
▪Reduce duplication and
eliminate low-value work
Improve & automate
▪Automation of key
processes and scaling
activities, particularly in
Shared Services
▪Rationalise system and
activity costs
Other initiatives
▪Revised IT systems
roadmap
▪Property rationalisation
▪Light motor vehicle spend
rationalisation
▪Discretionary spend
restrictions
▪Third party spend review
~50% of target
~25% of target
~25% of target

Core portfolio provides strong foundation for future growth
▪Downer’s core Transport, Utilities and Facilities
businesses are diversified across capabilities, markets
and geography, and are underpinned by Downer’s
strong market position across all categories
▪Strong fundamentals to deliver resilient and
high-quality earnings growth
̶Providing critical infrastructure services for
long-term, blue-chip customers
̶Exposed to sectors with growth tailwinds
̶More predictable and less volatile operations
̶Less capital intensive and highly cash generative
̶Reduced risk profile aligned with appetite
▪Trans-Tasman business model and merging of
Australia and NZ head offices supports simplification.
Further simplification opportunities within Transport,
Utilities and Facilities cores
Continue to simplify current portfolio
Based on HY23 revenue mix of Downer’s segments
Core portfolio of outstanding assets
Downer Investor Day 2023 | 8

Portfolio assessment and refinement ongoing
Portfolio initiatives to simplify, lower risk and maximise shareholder value
Downer Investor Day 2023 | 9
Completed
Mining
Capital intensity
Sector exposure
Laundries
Capital intensity
Hospitality
Sector exposure
Cyclicality
Cyclicality
Continue to simplify current portfolio
▪Portfolio simplification ongoing
with focus on undervalued
assets, but dependent upon
market conditions and realising
maximum value
▪Imperative is to lift performance
across the portfolio
▪Review of Spotless HVAC and
commercial electrical/projects
business and other businesses
that have the wrong sector and
customer characteristics for
Downer
Ongoing simplification
Announced
Update: Targeting completion Jun-23
Transport
Projects
Australia
Cyclicality
Risk management
In progress
Repurpose It
(45% interest)
Undervalued
in portfolio
%
Margin contribution
Update: NBIOs submitted. Phase
two commenced with short-listed
parties
Sector exposure

▪Downer’s Delivery Management
Methodology (DMM) guides all
stages of the delivery lifecycle
▪Tenders and Contracts
Committee (TCC) and
Tender Risk Evaluation
Committee (TREC) governance
▪Approval gates at key stages of
Pursue, Prepare, Submit and
Execute
▪The 5 C’s to define risk appetite –
Capacity, Capability,
Counterparty, Contract &
Compensation
▪Organisational accountability and
monitoring to ensure consistent
application of TDS and DMM
▪1st line –Frontline delivery by
operational management
▪2nd line –Oversight and delivery
of performance requirements by
Business Unit leaders
▪3rd line –Risk and assurance
monitoring and reporting to
Executive management and the
Board
Disciplined approach to risk management
Prioritising risk management –adherence to policy and strengthening the control environment
Downer Investor Day 2023 | 10
▪The Downer Standard (TDS) is
our Integrated Management
System
▪TDS provides policy framework,
governance and consistency in
our approach to risk and
opportunity management
Operational excellence and risk management
Tendering and executionRisk management frameworkThree Lines of Defence
Effective management of risks and opportunities increases the certainty of business outcomes,
improves earnings resiliency, protects and creates organisational value
Assessment: Framework is soundAssessment: Areas of inconsistent
adherence to DMM identified
Assessment: Priority focus area to
ensure consistent adherence to DMM

We have made changes to enhance risk management and improve performance
Job selection
Turnaround underperforming contracts
Structural and cultural reset on performance accountability
More selective about
what we bid –more
no-gosand lower TCC
review thresholds for
some job types
Downer Investor Day 2023 | 11
Focus on performance
Operational excellence and risk management
Increased focus on
commercial terms
including escalation
mechanisms and timing
of price resets
Improve delivery of margin and
consistency of earnings
Underperforming
contracts identified where
tendered margins not
being achieved
Additional commercial
and technical support
mobilised
New org design
enhances business
accountability for
performance outcomes
New org design includes
Chief Risk Officer and
enhanced 2nd line of
defence
Goal of implemented changes
Ensuring we price for the
value we bring and the
risk we manage
Performance
improvement initiatives
being implemented
Transformation is a
cultural reset. Risk
management is
everyone’s job
Shift and tighten the bell curve of
project outcomes and reduce
variability
Create the right culture of
performance accountability
Ensure appropriate balance of
oversight and direct
accountability by the Business
Units
CompletedIn progress / ongoing

We are making progress on our strategies to realise value for shareholders focusing on a rapid reset
Reset operating
model and
cost base
Continue to
simplify
current portfolio
Operational
excellence
and risk
management
Downer Investor Day 2023 | 12
Key takeaways
Reset of the operating model will drive efficiency, accountability and long-term value creation
Plans completed and ready to execute against $100m+ cost out target
We have initiated a rapid reset to drive change across the Group and prioritise cultural reset
The structural, operational and cultural change in progress will improve business resilience and provide the
platform for growth
Downer has a robust risk management framework and our focus is on ensuring consistency in application
Operational excellence will further drive margin improvement
Downer’s core Transport, Utilities and Facilities portfolio has strong foundations exposed to growth markets
with attractive characteristics
We will continue to simplify the portfolio under the right conditions with a focus on maximising shareholder
value

Stephen Kakavas
Rail & Transit
Systems
Murray Robertson
Roads & Projects
Our team will share with
you the path forward for
their Business Units
Downer Investor Day 2023 | 13
Jim Kafanelis
Power & Gas
Telecommunications
Water
Pat Burke
Power & Energy
Industrial & Marine
Jacob Bonisch
Defence
Health & Education
Government
Performance
Risk management
Strategy & growth
Business Unit updates
Focus areas
TransportFacilities
Utilities

Market leading trans-Tasman franchise in Transport
Significant demand in
growth markets including
recycled and engineered
products, and climate
resilience work
Substantial backlog of road
maintenance and repair
following recent prolonged
weather events
Opportunity to restore and
improve critical
infrastructure as part of the
disaster recovery work
Leader in the bitumen and
asphalt market across ANZ,
with substantial
manufacturing, recycling and
R&D capability.
Long-term service provider
for the asset management /
maintenance of 51,000km of
roads across ANZ.
Leading infrastructure
delivery capability in
New Zealand and the Pacific.
Foundational strengths supporting opportunities
1
2
3
We create thriving communities. Committed to fulfilling our organisational purpose across Australia and New Zealand.
Downer Investor Day 2023 | 15

Optimisingour integrated ANZ Transport business
16Downer Investor Day 2023 | 16
▪Enable a culture of high performance –customer, operations, risk management and people
▪Improved proactive resource allocation in response to market opportunities and external factors
(labour and mobile equipment can be deployed taking into account weather seasons / forecasts)
▪Optimise capital allocation and returns, with renewed focus on improving plant and gear utilisation
Performance
▪Reset culture around risk with increased transparency, accountability and consistency with more
proactive Project Management Office function
▪Partner astutely with favourable risk share and shared governance, such as our program alliance
with Waka Kotahi and Queenstown Lakes District Council
Risk
management
▪Leverage trans-Tasman scale through combined buying power, resource sharing and best practice
▪Improve margin from high value areas through our market leading position across the value chain
▪Use our combined scale to lead the market, shape opportunities and influence customers
(e.g. Roads Australia Board and Waka Kotahi’s Transport Excellence Partnership)
Strategy &
growth

Leading airport pavements provider
Integrated airport services
▪Strong forward pipeline post-COVID
▪Clear competitive advantage, cost base efficiencies
and growth potential through trans-Tasman
operating model across airport capabilities
▪Selective projects, aligned to high-return value
chain
▪Trans-Tasman R&D focused on developing
high-performance asphalt products suitable for
ANZ/Pacific conditions
▪Established relationships and project track record
support increased market share capture
▪Project pipeline has a strong mix of surfacing and
civil lab testing work across the region
▪Opportunities to introduce other Downer service
offerings including integrated facilities management
and grounds maintenance services
Downer Investor Day 2023 | 17
Case study

New Zealand East Coast Infrastructure Recovery
Cyclone Gabrielle recovery
▪Downer invited to participate as a critical recovery
and rebuild partner to Government, recently
formalised through an Interim Alliance Agreement
▪Building on local and national relationships as an
integrated asset build and maintain Tier 1 provider
▪Leveraging experience in emergency response and
rebuild program set within collaborative models
▪Appropriate in-built risk share mechanisms and
margins
Downer Investor Day 2023 | 18
Recovery scale & scope
▪Multi-year, significant program of work
▪Road/pavement rebuilds across Road Controlling
Authority networks
▪Bridge reconstruction and repair
▪Retaining wall construction, flood and coastal
protection
▪Repair to drainage and water supply assets
Case study

Australia’s #1 rollingstock service provider
20
Downer Investor Day 2023 | 20
Opportunities across the rollingstock
design, manufacturing and through life
support capabilities​
Once embedded with the customer,
opportunity for valuable take up of
option sets
Opportunity to expand service offerings
through asset enhancement and
improved customer outcomes
Foundational strengths supporting opportunities
Unique breadth of
capabilities
1
Responsible for the
life cycle delivery and
maintenance of
rollingstock fleets down
the whole East Coast
2
Technical capability,
specialised engineering
expertise and intimate
knowledge of
rollingstock asset base
3
NSW Tangara
fleet replacement
V/Line fleet TLS
SGTHCMTQTMP
Suburban
rail loop
Sydney
Metro
West
Melbourne
heavy and
light rail

▪Asset and fleet performance
▪Project/contract performance
▪People performance –development of a diverse, engaged and empowered workforce to support
growth
Performance
▪Focus on commercial, technical, project and interface management excellence
▪Working with Tier 1 partners to manage key risks associated with time, quality and costs
▪Subordinate substantial and non-core risk
▪Strong functional matrix including Downer’s three lines of defence
Risk
management
▪Horizon 1 –Line of sight opportunities. New builds. Accretive opportunities within work-in-hand
▪Horizon 2 –Maintenance of other non-Downer delivered fleets leveraging economies of scale
▪Horizon 3 –Development of new products, services, markets and geographies which support
material earnings growth potential including energy and emissions-efficient fleet enhancements,
robotics service offerings, locomotives technology application and specialised engineering
consulting services
Strategy &
growth
Focused on maintaining highest delivery standards
21
Downer Investor Day 2023 | 21

Queensland Train Manufacturing Program (QTMP)
▪Preferred applicant on Queensland Train Manufacturing Program (QTMP) –
announced 6 February 2023. Target contract close and mobilisation in Q4 FY23
▪Largest investment in new rollingstock in Queensland history
▪Downer will deliver:
̶65 six-car passenger trains, with 15x train option
̶Two training simulators,
̶Purpose built train manufacturing facility at Torbanlea,
̶Purpose built maintenance facility at Ormeau, and
̶Train and facility through-life-support for up to 35 years.
▪QTMP risk profile and subcontractor model has leveraged successful delivery of
SGT/HCMT contracts to inform favourable risk allocation
▪Delivery forecasts predicated on actual project delivery experience
▪Key involvement as Head Contractor to oversee and coordinate the successful
delivery of all project scopes working with Tier 1 partners
▪Key risks associated delivery subordinated to subcontractors with back to back
security provisions
ComponentRev %Delivery Profile
Manufacturing and maintenance facilities~35%
Fleet delivery~45%
Maintenance (through-life-support)~20%Transition inFull fleet
FY23FY27FY33
Indicative revenue profile
Downer Investor Day 2023 | 22

Bi-mode and tri-mode technologies
23
Downer Investor Day 2023 | 23
Case study
Cost benefits
▪Typically traditional diesel locomotives have a whole of life capital and
running cost of $36 million per locomotive
▪A bi/tri-mode locomotive whole of life cost is $22 million
▪$14 million whole of life savings per bi/tri-mode locomotive
▪Typical diesel fuel savings and CO
2
emissions reductions from 70-90%
▪Bi/tri-mode solution will minimise need for capital intensive electrical
infrastructure requirements
▪Future integration of hydrogen technology will result in a total
elimination of diesel engines, helping achieve net zero commitments
Long-standing reputation within the rail industry
▪Downer is proud to have designed and manufactured
solutions for the rail sector for more than 100 years,
including both locomotives and wagons
▪With the commitment to reduce emissions by 2030
and net zero emissions by 2050, Downer will be the
integrator for transition to new technologies
Technology: the power to drive change
▪Downer has signed a strategic partnership agreement
with ABB, who is a world leader in traction technology
and electrical energy management
▪Together we have developed a technology that
combines two or three modes of energy
Locomotive co-configuration:
▪Narrow or standard gauge configuration
▪1,400 –2,000kWh of energy storage
▪1,200kW diesel generator, 1,000kW at wheel
▪Overall Mass of 108 -126 tonnes
▪Operate as independent unit or multiple units
▪Full locomotive electric regenerative braking capability
of up to 2,300kW

RTS digital capability
24
Downer Investor Day 2023 | 24
Case study
Long-standing reputation within the rail industry
▪Over the past 10 years Downer has begun to
harness its asset management capability to now
offer customers a best-in-class digital-based
offering
▪TrainDNAis an industry standard asset
management application, consumed via cloud
and modularised to meet varying industry needs
▪TrainDNAunderpins RTS Digital service
offering with a sales driven and high customer
value centric proposition
▪XDNA accelerates our digital offering driving
supply chain and operational efficiency across
adjacent markets
▪Key focus on high margin, cash backed, annuity
revenue streams that present scalable
opportunity with international diversification
▪Provides low risk conduit to full scale
maintenance contracts across multiple market
sectors through customer intimacy
▪Supported by a broad range of top tier
ecosystem partners including our long-term
strategic partnership with IBM

Diversified Utilities services provider across ANZ
26
Downer Investor Day 2023 | 26
Foundational strengths supporting opportunities
Significant design capability and experience
Power & Gas
▪Accelerated investment in
renewable energy through the
energy transition
▪Large growth in transmission,
substations and batteries to
support new energy and energy
transition
▪AEMO Integrated System Plan
Transmission Infrastructure
ANZ’s largest provider of end-to-end
services to power and gas asset owners
#1 transmission line construction capability
in Australia
Leading provider of technology and
communications solutions
Telco
Innovative in-house technology solution for
work order management
▪Support NBN in their future
roll-outs for both fibre and
wireless infrastructure
▪Upcoming large opportunity in
wireless technology with Tier 1
customers
ANZ’s largest provider of outsourced
water solutions across the asset lifecycle
Water
Upgraded and operated Australia's first
biosolids gasification plant and more than
80 wastewater treatment plants
▪Over $1.4b maintenance/
alliance contract opportunities in
the next six months
▪Well placed to provide biosolids
gasification for water customers

▪Focused on a business-wide performance enhancement program reducing variability in delivery outcomes and
leveraging operational opportunity to create margin growth
▪Utilising the best technical, workforce and asset management expertise across ANZ to standardise high levels of
service delivery
▪Implementation of best practice operational improvement and execution via benchmarking to drive enhancements
in productivity and service offering
Performance
▪Managing risk profiles through selectively tendering projects,working for the right customers, bidding acceptable
risk allocations within contract models and strictly applyingconsistent project management practices, controls and
governance
▪Sticking within our swim lanes by focusing on our core and proven strengths –being clear about where our
competitive advantage lies, our technical capabilitiesand our capacity
▪Reduced risk through combining bid methodologies and lessons learned across each of the Utilities streams of
work
Risk
management
▪Connecting asset owners together between ANZ and leveraging best practice and technologies between both
countries
▪Leadership with intimate knowledge of both the Australian and New Zealand businesses, customers, markets and
people
▪Leveraging synergies and removing duplication between functional roles and systems across ANZ
Strategy &
growth
Optimisingour integrated ANZ business
27
Downer Investor Day 2023 | 27

Renegotiation of the power maintenance contract
Downer is viewed as a long-term strategic partner by the customer
Project scope
▪Operation and maintenance of Victoria’s electrical distribution
network (>43,000km of distribution assets, servicing ~700,000
customers)
▪Responsible for fault rectification, network connections, routine
maintenance services and minor capital works
Key takeaways
▪The power maintenance contract was the subject of the ASX
announcement on 8 December, and subsequently featured in the
HY23 results as an underperforming loss-making contract
▪Downer mobilised a contract recovery team to diagnose the issue
in Dec-22
▪Worked quickly and collaboratively to agree a commercial reset to:
̶Drive better outcomes for our customer’s highly regulated
asset ensuring their long-term success; and
̶Enable sustainable financial outcomes for Downer
▪It was the strength of the Downer-customer relationship that
enabled the parties to recognise the impact of the issues and then
work together to deliver a win-win outcome in an accelerated
timeframe
Case study
Downer Investor Day 2023 | 28

Powerlink Queensland
Downer’s capability and long-standing relationship means we are critical to the customer’s future plans
Case study
Customer scope
▪Construction and maintenance of high voltage transmission lines
▪Design and construction of substations
▪Downer has performed well in substation and transmission line construction, with
works for Powerlink being undertaken under a panel that we have been operating
under successfully for more than five years
Key takeaways
▪With more than 20 years’ experience working together successfully, Powerlink is a
customer of choice
▪Currently delivering circa 70km of transmission line and two substations
▪Powerlink has a significant task ahead, driving the transition to 70% renewables
target by 2032 for Queensland by transitioning the grid from a centralised coal
powered grid to a decentralised renewable transmission network
▪Powerlink will deliver the Queensland SuperGrid, an energy infrastructure
“SuperGrid” to generate, store and transport cleaner energy across the state,
powering Queensland to net zero emissions by 2050. This includes circa 1,500km
of transmission lines over the next 10 years
▪Downer plans to support Powerlink and Queensland in their transition to
renewable energy
Downer Investor Day 2023 | 29

Unparalleled Facilities Management positions
31
Foundational strengths supporting opportunities
Downer Investor Day 2023 | 31
Largest sovereign,
multidisciplinary Defence
Services Provider
1
Facility Service Provider
withthe largest portfolio of
PPPs and long-term asset
services contracts
2
Leading capability in
provision of renewable
energy solutions, energy
usage optimisation and
technical advisory
3
The Commonwealth is committed to a period of
significant repositioning of Australia’s Defence
posture –this is accompanied by a transformative
expenditure across all areas of Defence Estate,
Management and Advisory
As a custodian of a multi-billion dollar asset
portfolio, our business is poised to capitalise on
the energy transition investment now
fundamental to many of our customers’ license to
operate (spanning Transport, Infrastructure and
Facilities)
Our long-term positioning across Government
Facilities, Health, Education and Defence
enables us to invest in class leading asset
management capability, build new positions in
frontline services and leverage upside in
procurement and asset optimisation

▪One trans-Tasman business with common platforms and simplified support structures will enable us to leverage
technology that automates labour intensive tasks, pool and share resources and get the best IP from our business
to all customers
▪Establish a culture of performance that is consistent with our Zero Harm culture in terms of:
̶Our clarity of what we want to achieve and ‘what good looks like’
̶The energy our leaders show in the pursuit of performance
̶Laser-like focus in how we stay on task and don’t become distracted
Performance
▪Embed Downer governance and management systems across the portfolio
▪Clearly articulate market segment specific rules of racing for the business to participate in tender processes -
required return, unacceptable risks, key commercial positions, nature of customer
▪Exit/avoid market segments that require high risk hard dollar D&C or where third party interface risks can’t be
managed
Risk
management
▪Be clear on the markets that can support our growth and margin ambitions and fit with our risk appetite
▪Grow our revenue base and improve contract profitability
▪Identify and target new growth areas to access better margin work
Strategy &
growth
Optimisingour integrated ANZ business
32
Downer Investor Day 2023 | 32

Riverina Redevelopment Program
33
Unique opportunity to transform and sustain the capabilities of RAAF Base Wagga,
Albury Wodonga Military Area and Blamey Barracks Kapooka.
Downer Investor Day 2023 | 33
Case study
Innovative programmatic approach
Bundled three redevelopment projects with similar scope into one program allowing
management by one project management organisation. Outcomes:
▪Benefits of scale in design and delivery
▪Efficiencies via programmatic oversight, monitoring, control and communication
▪Reduced management costs and disbursements in planning, delivery and
handover
▪Additional $700m+ of scope absorbed without delaying program
Targeting low risk programmatic work
Managing contractor model:
▪Is intrinsically a cost reimbursablemodel
▪Locks in multi-year, low risk works
▪Defence customer funds subcontractor
payments via a trust account
▪Targeting jobs >$700m in underlying works to
provide returns scale and where we are 1 of 4
Tier 1 players Defence trust to do this work
Innovation to accelerate delivery and reduce cost
▪Selected to oversee the upgrade of facilities and infrastructure services to the
Australian Defence Force (ADF)
▪Downer’s role is as a managing contractor.
▪We act on behalf of Defence to:
̶Commission professional services to perform master planning, optioneering,
cost planning, heritage, environmental and design works (typically 2 years
duration)
̶Engage builders to undertake the physical works (typically 4-5 years)

Industrial & Energy
Case study: Carbon capture
Downer’s involvement in carbon capture
▪Trusted partner of leading energy providers to achieve their net
zero targets through engineering, construction, commissioning
and handover for carbon capture plants and other carbon
reduction tech
▪Strategic Mitsubishi partnership enables Downer to provide
future energy OEM integration services for CCUS, Synchronous
condensers, hydrogen gas turbines and other solutions
Uniquely positioned to take
advantage of the energy
transition, supporting
customers as they transition
their operations
Ability to differentiate
offering and focus on value
delivered instead of solely
competing on price
Deliver asset maintenance
services to customers
responsible for supplying
70% of electricity to the
National Electricity Market
Trusted partner to
some of Australia’s most
important and largest
industrial and power
generation customers
Superior technical
capability and delivery
reliability
Deep expertise in the
power generation industry
Foundational strengths supporting opportunities
1
2
3
Santos Moomba Plant
▪Targetcost estimate model
▪ECI, construction and commissioning
▪Majorprocurement items performed
by customer
▪Capable of capturing up to 20 million
tonnes of CO
2
-e p.a.
Downer Investor Day 2023 | 34

Downer Investor Day 2023 | 36
▪On 2 March 2023, the ICACannounced a public inquiry intothe
conduct of employees of Inner West Council, Transport for NSW, and
others (including Downer)
▪Counsel Assisting’s opening statement on 20 March 2023 named two
Downer employees as affected persons, and four Downer employees
who appear to have been involved in allegations of misconduct –all six
no longer work at Downer
▪When Downer is made aware of conduct that contravenes our policies
or Standards of Business Conduct, Downer has and will take
immediate action, including termination for misconduct
▪Some of the important matters referred to in the ICAC inquiry were
identified and investigated through Downer’s whistle-blower process
(received whistle-blower disclosure inJuly 2021)
▪Those matters were investigated by Downer (internal investigation
concluded December 2021), action was taken and information
provided to TfNSWand NSW Police
▪Downer has at all times
cooperated closely with the
ICAC’s investigation
▪Downer has commenced an
independent review of the
Managing Contractor control
environment, which is close to
recommendation stage
▪The review’s focus is on
subcontractor on-boarding and
corruption prevention
▪Downer is focussed on its
governance processes with an
increased focus on corruption
prevention
Key factsWhat we have done about it
ICAC inquiry update

Trading update
▪27 February 2023 guidance statement
“Downer now expects underlying FY23 NPATA to be
between $170 million –$190 million assuming no
further material COVID-19, weather, labour
shortages or other disruptions, and excluding
restructuring costs”
▪Trading conditions in Q3 have been in-line with
expectations
▪Downer reconfirms 27 February 2023 guidance
statement
▪The following will be accounted for as below the line
Individually Significant Items:
̶Restructuring costs associated with the
transformation program;
̶Business divestment outcomes; and
̶Material costs, should they arise, associated
with responding to enquiries, regulatory actions,
and the class action announced on 3 April 2023
outside the ordinary course of business.
Downer Investor Day 2023 | 37

17 April 2023
CEO-2 appointments
Announcement of new
structure and CEO-2
design
Timeline and what to expect from here
Downer Investor Day 2023 | 38
Sector led operating model and transformation program
Continue to simplify current portfolio
Operational excellence and risk management
Transformation
be nefits
Target period for delivery of
$100m p.aof benefits in FY25
1 February 2023
Transformation Management
Office established
22 February 2023
Transport Projects
div estment
Portfolio review
Announced process
underway for Repurpose It
1 July 2023
Ne w ope rating model
Targeting the new operating model
to be effective at the beginning of
FY24
20 February 2023
Trans-Tasman integration
Announced the merged Australian
and New Zealand operating model
and the new Executive team
27 February 2023
FY23 Half-year results
10 August 2023
FY23 Full-year results
27 April 2023
Inv estor Day 2023
Additional market
communication on
progress of delivering
shareholder value
EBITA % initiatives delivered
Target date to have executed key
steps required to deliver targeted
FY25 EBITA margins
FY23FY24
June 2023
Ne w CFO handover to
comme nce

Downer is undergoing a period of
significant organisational change.
This multi-year transformation journey
is necessary in order to properly realise
the value of our exceptional assets.
This stronger Downer with disciplined
management will be primed for growth
and to capitalise on our leadership
positions across Transport, Utilities and
Facilities.
Reflections and the path forward
▪The past ~4 months have been a particularly challenging
period for the company
▪The Board and the Management Team are united in the need
for cultural change, simplification of the business and focus on
operational excellence and risk management
▪We have taken action to address the immediate issues and
have set targets that will support long-term success:
̶Rightsizing the operational model through transformation
to deliver meaningful cost-out
̶Improvement in project performance by focusing on
operational excellence and a disciplined approach to risk
management
̶We will continue to engage with our investors on the
targets and timelines set
Downer Investor Day 2023 | 39