FY23 Results Media Release

Ventia Services Group Limited
ABN 53 603 253 541

Level 8, 80 Pacific Highway
North Sydney NSW 2060
AUSTRALIA

ventia.com
ASX and NZX Release



21 February 2024
Strong FY23 result provides confidence for 2024
Ventia Services Group Limited (Ventia) today announced its full-year result for the financial year
ended 31 December 2023 (FY23), delivering 10% revenue and EBITDA growth, with NPATA of
$202.1m up 12.5%, outperforming the top end of our guidance range.
Ventia Group Chief Executive Officer, Dean Banks said: “Our strategy is to redefine service excellence
through being client focused, innovative and sustainable. Our FY23 result is another consistent and
reliable performance for our investors, which is testament to the success of our strategy and operating
model. In 2023, we achieved cross-selling growth of 48%, built on a renewal rate of 87% and the
embedding of VenSights (data and analytics platform) across the business. We also submitted our
emission targets to the Science Based Targets Initiative (SBTi) for validation.
“Financially we achieved solid performance and growth across all sectors. We delivered contracted
Work in Hand of $18.1 billion, revenue and EBITDA growth of 10% and NPATA exceeding the top end
of our guidance range. We generated revenue of more than $1.2 billion across the year from new
projects, and importantly the spend from our top 10 clients has increased at a CAGR of 23% over the
last three years, illustrating Ventia’s long-term relationships, commitment to service excellence and our
compelling value proposition.”
Highlights
• NPATA of $202.1 million up 12.5% on FY22
• Strong business performance, with growth across all sectors
• Continued positive safety momentum with TRIFR
1
down 11%
• Revenue of $5,676.4 million, up 9.8% on FY22
• EBITDA of $465.2 million, up 10.8% with margin of 8.2%
• Work in hand $18.1 billion
• Operating cash flow conversion of 88.8%
2

• Final Dividend of 9.41 cents per share, franked to 80%, with total dividend for FY23 of
17.72 cents per share, an increase of 12.5%
• Guidance for FY24 - NPATA growth of 7-10% on FY23
“Ventia’s Statutory NPATA of $202.1m was up 12.5% on the prior corresponding period (pcp), which
underpinned our final dividend of 9.41 cents per share and total dividend of 17.72 cents per share (up
13.6% and 12.5% respectively). This result was largely driven by the outperformance in

1
TRIFR - Total recordable injury frequency rate, calculated as the total number of recordable injuries, divided by hours worked in millions.
2
Operating cash flow represents EBITDA plus any non-cash share payments, less changes in Net Working Capital. Operating cash flow conversion is
operating cash flow divided by EBITDA expressed as a percentage.
*FY22 EBITDA, NPATA and cash conversion, comparative periods are reported on a pro forma basis, consistent with historic disclosures

Ventia Services Group Limited
ABN 53 603 253 541

Level 8, 80 Pacific Highway
North Sydney NSW 2060
AUSTRALIA

ventia.com
ASX and NZX Release



Telecommunications and Transport. The full year benefit of new Telecommunications contracts, such
as nbn’s fibre upgrade works, Telstra’s Intercity fibre build, as well as the new Transurban contract in
Transport have contributed to revenue growth of over 20% in both sectors.
“We see significant future growth opportunity across all four business sectors, underpinned by strong
demand drivers and market trends. We are confident our strategy will continue to deliver service
excellence for our clients and long-term value for shareholders,” said Dean.
Safety and Sustainability
Ventia’s TRIFR continued to improve, falling from 3.7 to 3.3 in FY23, an 11.3% reduction. There were
several new and innovative safety campaigns introduced in 2023 that have contributed to our safety
performance. Some of these include our Elevate program (targeting leadership behaviours), All Roads
Lead to Home (targeting driver safety) and a continued focus on improving our safety indicators.
Our commitment to sustainability is unwavering. This year we developed our net zero targets in line
with the Science Based criteria and submitted our proposed targets for validation. Our targets are to
be carbon neutral for Scope 1, 2 and 3 by 2050, and shorter term to achieve a 42% absolute reduction
in Scope 1 and 2 emissions by 2030 (using 2021 as our base year). We hope to have SBTi verify our
submission and have confirmation of our targets in due course. We will subsequently release our
transition plan.
Over the year we delivered an absolute emission
3
reduction of 5.5% across the business through the
increased use of renewables and the sale of a carbon-intensive asset. An additional 154 hybrid and
electric vehicles have been added to our fleet, taking the total light fleet to 9.8% using renewable fuel.
We remain committed to our targets across environment, social, and governance and you can find a
full update on our progress in the Annual Report.
Dividends and Balance Sheet
Ventia’s financial performance and high cash flow conversion allowed the Board to declare a final
dividend of 9.41 cents per share, 80% franked and payable on 5 April 2024. The total dividend for
FY23 will therefore be 17.72 cents per share, an increase of 12.5% on FY22. This represents material
growth for shareholders and aligns to the Board’s targeted 75% payout of NPATA.

Ventia’s diligent focus on cash has delivered consistency, once again reporting high cash conversion
of 88.8% and a leverage ratio of 1.2x. As at 31 December 2023, the business had a liquidity position
of $738.7 million, including cash of $338.7 million and an undrawn revolving facility of $400 million.


Outlook

3
Combined scope 1 and scope 2 emissions

Ventia Services Group Limited
ABN 53 603 253 541

Level 8, 80 Pacific Highway
North Sydney NSW 2060
AUSTRALIA

ventia.com
ASX and NZX Release



Dean Banks said: “We have a high-quality diversified portfolio, coupled with expert capability and a
compelling value proposition. This ensures we are well positioned to continue to execute on our
strategy and deliver sustainable returns for shareholders. We expect revenue and earnings
momentum will continue as the demand for essential services continues, supported by our strategy
and differentiated operating model.
“Ventia’s robust business fundamentals, consistency of delivery and diligent risk focus gives us the
confidence to today announce our 2024 guidance range for NPATA of 7 to 10 percent growth
compared to FY23.”
Market briefing
Ventia will provide a market briefing at 11.00am (AEDT) today, 21 February 2024. The market briefing
will be webcast via the Ventia website at ventia.com.

This announcement was authorised by the Ventia Board.

-Ends-

For further information, please contact:

Investors Media
Chantal Travers Sam O’Connor
General Manager Investor Relations General Manager Enterprise Strategy
chantal.travers@ventia.com sam.oconnor@ventia.com
+61 428 822 375 +61 409 237 166


About Ventia
Ventia is a leading essential infrastructure services provider in Australia and New Zealand, proudly providing the services that
keeps infrastructure working for our communities. Ventia has access to a combined workforce of more than 35,000 people,
operating in over 400 sites across Australia and New Zealand. With a strategy to redefine service excellence by being client-
focused, innovative and sustainable, Ventia operates across a broad range of industry segments, including defence, social
infrastructure, water, electricity and gas, resources, telecommunications and transport.