HY25 Results Presentation

1H25 ResultsPresentation
For the six months ended 31 December 2024
13 February 2025

Downer 1H25 Results
2
Diversified exposure to growth sectors building long-term value
Energy transition
Population growth
Defence spending
Local industry revitalisation
Differentiators
Sovereign provider with
enduring customer relationships
and strong brand
Robust risk management
and governance framework
Market leadership with capabilities
built around stable cores
Strong culture of performance
and investment in our people
Sectors
Energy & Utilities
Telecommunications
Water
Power & Gas
Energy Networks
Industrial & Energy
Transport
Road Services
Rail & Transit Systems
Projects
Airports
Facilities
Government
Health & Education
Defence
The Downer advantage

Downer 1H25 Results
3
We have confidence in our market positions, medium-term market outlook and ongoing growth potential.
Planningis underway for a measured transition from turnaround to sustainable growth.
Key takeaways
Turnaround is on track
with more work to realise full potential
Positive earnings
improvement achieved
across all segments
Margin growth driven by focus
on revenue quality, enhanced
riskguardrails, back-to-basics
contracting disciplines, exiting
underperforming businesses
and cost out benefits
Cash backed earnings and
capital discipline are improving
free cash flow, strengthening
the balance sheet, and
providing greater capital
management flexibility
Accelerated delivery of cost
reductions exceeded targets,
helping to partially offset
softnessin some markets
Performance culture reset
supported by new
leadership, strengthened
governance and an
enhanced performance
model
High quality diversified
portfolio delivering
earnings resilience
in varied market conditions
Efficiencies achieved in
merged Industrial & Energy
and Utilities businesses,
which have been reclassified
from Facilities to the Energy &
Utilities segment
Significant tender activity
ongoing in 2H25 –
Defence EMOS,power
telecommunications, and
road maintenance

Downer Group 1H25 ResultsDowner 1H25 Results
4
Turnaround on track
Pro forma numbers are used throughout this presentation to provide a like for like comparison between reporting periods. Pro forma reflects the statutory results adjusted for ISI and
excludes the revenue and EBITA contribution relating to completed divestments. Refer to slide 24 for reconciliation.
Footnotes are presented on slide 29.
+37%
EBITACost out
$180m
Statutory NPAT
$75.5m
Leverage ratio
1.3x
Revenue
$5.5bn
Cash conversion
94%
NPATA
+70%
Interim dividend
10.8 cps
+80%
75% franked
60% payout ratio
Pro forma
1,2
$204.4mTarget upsized to $200m
by end of FY25
(annualised gross cost)
3
Normalised underlying
6
+650bp on 88% in 1H24
Pro forma
1,4
down 5.2% on 1H24
+4.7% from $72.1m in 1H24Net debt to EBITDA
5
from 1.4x at Jun-24
Pro forma
1,2
$127.3m
1H24
2.6%
1H25
3.7%
1H23
2.1%
110bp
160bp
3.7%
Performance driven by higher quality
work, cost out and improved delivery
EBITA margin

Downer 1H25 Results
5
02468
Transport
Performance overview
•Improvement in profitability driven by NZ Transport & Infrastructure,Rail & Transit Systemsand
overhead cost reductions
•Transport agencyinvestment in road surfacing remains subdued in AU
•Positive delivery of airport projects and commencement of NZ$800m Auckland Airport Domestic
Jet Terminal
•QTMP ongoingramp up, currently progressing stages of design and construction in readiness
for local rollingstock manufacturing at Torbanlea in QLD*
•Fortescue Zero partnership to support its ambition to develop Battery Electric and Hybrid
Locomotives
•Following a strategic review, negotiations commenced with Keolis to divest our 49% interest in
Keolis Downer (reclassified to asset held for sale in 1H25)
•Yarra Trams VIC contract completed in Nov-24 with commercial close process ongoing
Positioned for ongoing profitability improvement with good
underlying sector fundamentals in the medium-term
Road Services, Rail & Transit Systems, Projects, and Airports
All numbers are pro forma unless stated otherwise. Refer to footnote 1 on slide 29.
* Refer to slide 22for further details.
EBITA margin
4.7% 1.4pp
EBITA
$129.4m 31.9%
79.6
1H24
1H25
98.1
1H23
129.4
3.1%
1H24
1H25
3.3%
1H23
4.7%
EBITA $mEBITA % margin
Revenue
$2.7bn 7.1%
2,561.5
1H24
1H25
2,950.0
1H23
2,741.1
Revenue $m
FY25
FY26
FY27
FY28
FY29
FY30+
Sector fundamentals and key drivers
•Underlying sector fundamentals of population and urban growth shaping long-terminfrastructure
requirements in road and rail with forward pipeline aligned to core services; maintenance,
operations and asset renewal segments fundamental to transport network function
•Scale, market leadership and competitive advantages of integrated value chain, supported by
strategic fixed asset investments, and long-term government relationships
•Upcoming trans-Tasman road maintenance opportunities with funding directed to NZ road projects
•Transport agency expenditure is expected to return to historical average levels over time to align
network maintenance with community expectations
•Well positioned to support customers in the energy transition and their decarbonisation
commitments with innovation in road science and Battery Electric and Hybrid Locomotives
•Emerging markets, including data and digital services, and demand for long-term asset
management provide sustainable growth
0.5% on 30-Jun-24
Work-in-hand
$19.3bn

Downer 1H25 Results
6
00.511.52
FY29
FY25
FY26
FY27
FY28
FY30+
Energy & Utilities
All numbers are pro forma unless stated otherwise. Refer to footnote 1 on slide 29.
Industrial & Energy business reclassification from Facilities to Energy & Utilities segment –refer slide 28 for financial impact.
1H24
1H25
37.9
1H23
52.6
7.2
1,553.4
1H24
1H25
1,678.4
1H23
1,578.8
Performance overview
•Merged Utilities and Industrial & Energy businesses and refreshed leadership have provided
enhanced capabilities to pursue energy transition opportunities, overhead efficiencies, and
improved earnings
•Enhanced governance practices driving repeatable, improved project performance
•Telco outperformance driven by strong investment in network upgrades in AU
•Stabilisation and closeout of low-margin contracts, particularly in Water and Energy Networks,
including non-renewal and demobilisation of $200m p.a. powermaintenance contract
completing in Jul-25
•Customer investment in Power Network build out continues to underpin an increase in secured
work
•Revenue impacted by softer NZ infrastructure market and deferrals of maintenance shutdown
work in industrial and power generation, partially offset by overhead cost reductions
Sector fundamentals and key drivers
•Key growth sector for the Downer Group
•Macro trendsof energy transition and decarbonisation, population growth, asset renewal and
technology advancements shaping the long-term sector outlook –closely aligned with core
capabilities and deep technical expertise
•Market leader well positioned for investment cycle in new power transmission infrastructure&
storage to connect to renewable generation
•Positive pipeline of investment in upgrades and maintenance of aging water infrastructure in
AU&NZ
•Telco transitions to network maintenance and 6G planning
Turnaround on track and positioned to benefit from key macro
trends to target above cycle growth in power and water
Telecommunications, Water, Power & Gas, and Industrial & Energy
EBITA margin
EBITA
Revenue
EBITA $mEBITA % marginRevenue $m
3.3% 1.0pp
$52.6m 38.8%
$1.6bn 5.9%
1H24
1H25
2.3%
1H23
3.3%
0.5%
$5.3bn
10.2% on 30-Jun-24
Work-in-hand

Downer 1H25 Results
7
Facilities
Performance review
•Improving operating leverage driven by enhanced contract performance management, and pricing
and cost management disciplines
•Operating model changes, process standardisation and system modernisation driving overhead
reductions
•Exit of non-core businesses including NZ Catering divestment (completed in 1H25) and one other
divestment to a preferred party (reclassified to asset held for sale in 1H25) expected to result in
~40%workforce reduction of ~5,000
•Long-term contracts underpinning WIH and pipeline, supported by renewals and new awards,
including the Defence Riverina Redevelopment Project in Dec-24
•Outcome of the Defence EMOS tender expected in 2H25, a key contract renewal for Group in 2025
Sector fundamentals and key drivers
•Fundamental drivers include aging population, population growth, housing, increasing sovereign
capability requirements, digital transformation and government outsourcing trends
•Market-leading positions centred around maintenance, support operations, and asset renewal
provides multiple paths for sustainable growth
•Uniquely positioned as experienced sovereign provider with on-shore labour resources and
capabilities
•Fiscal pressures on government budgets expected to create opportunity for innovation in
government service delivery models across core segments
•Defence market growth underpinned by strategic initiatives to grow capabilities, AUKUS
readiness, infrastructure investment and northern posture focus
•Breadth of capability in Defence sector across advisory, management contracting, asset lifecycle
and upgrades and facilities maintenance driven by Defence spending projections
1,218.0
1H24
1H25
1,071.5
1H23
1,111.2
01234
FY29
FY25
FY26
FY27
FY28
FY30+
1H24
1H25
6.3%
1H23
6.5%
6.3%
All numbers are pro forma unless stated otherwise. Refer to footnote 1 on slide 29.
Industrial & Energy business reclassification from Facilities to Energy & Utilities segment –refer slide 28 for financial impact.
77.0
1H24
1H25
67.9
1H23
71.7
Predictable long-term contracts delivering essential services to
customer base
Government, Health & Education, and Defence
EBITA margin
EBITA
Revenue
EBITA $mEBITA % marginRevenue $m
6.5% 0.2pp
$71.7m 5.6%
$1.1bn 3.7%
Work-in-hand
$12.9bn
3.0% on 30-Jun-24
7

Downer 1H25 Results
8
Downer 1H25 Results
8
19.4
19.3
5.9
5.3
13.3
12.9
TransportEnergy & UtilitiesFacilities
Long-dated
Diversified
by industry
~90%
government related
~90%
services
8
$37.4bn work-in-hand
•Diversified portfolio of businesses with long-term contracts drives
resilience during cycles and underpins a solid order book
•Targeted improvement in risk profile of work-in-hand (WIH) with focus on
quality of revenue, risk appetite reset, exit ofunderperforming businesses
and run-off of low margin work
•Soft market conditions relating to AU transport agency spend levels and
NZ infrastructure markets
•Medium-term outlook for core addressable markets remains positive
including significant tender activity ongoing in 2H25 –Defence EMOS,
telecommunications, power and road maintenance
•Strong win rate for new work above historical average
•WIH profile reflects the progressive completion of large contracts
including QTMP, non-recurring water construction contracts nearing
completion, the non-renewal and demobilisation of the VIC power
maintenance contract, and pending renewals of industrial and energy
and Defence EMOS contracts
All numbers are pro forma unless stated otherwise. Refer to footnote 1 on slide 29.
ProfileMovement
7
$38.5bn
$37.4bn
▼2.9%
▼(0.4)
-3.0%
▼(0.1)
-0.5%
▼(0.6)
-10.2%
Jun-24Dec-24
02468101214
TransportEnergy & UtilitiesFacilities
FY30+
FY29
FY28
FY27
FY26
FY25

Downer 1H25 Results
9
ESG update
Included in the S&P Global Sustainability
Yearbook 2025
Fifth consecutive year
Social
Investing in our people and
enhancing the employee
experience
Governance
Committed to enhancing
internal controls and
processes
Board renewalcontinued
Enterprise Program Management
Office established to coordinate
key strategic projects
2.24
TRIFR
1H24:2.77
0.85
LTIFR
1H24:0.96
Reconciliation Action Plan
2025 to 2027
Inclusion & Belonging
Strategy and Action Plan
2024 to 2026
ACCC Dec-24 announcement:
Downer categorically denies the
ACCC’s allegations of historical
contraventions of Australian
competition law and will vigorously
defend any proceedings
Zero
Significant environmental
Cat 4+ incidents
Environmental
Maintain our license to
operate and focus on planned
GHG emissions reductions
Sustainability Linked Loan (SLL)
Progressing towards achieving the
sustainability performance target thresholds
The Downer Difference,
our high-performance
culture
159.7 ktCO
2
-e
Absolute Scope 1 and 2
GHG emissions
2.1% reduction
on 1H24:163.1 ktCO
2
-e
Safety
Launched
12 month rolling frequency rates

Downer 1H25 Results
1010
10
Financial performance
10

Downer 1H25 Results
11
Group financials
•Statutory revenue reduced 6.5% impacted by divestments, reduced AU transport agency spend, soft discretionary infrastructure spend in NZ,
and risk guardrail reset
•Statutory NPAT grew 4.7% to $75.5mand statutory EBITA grew 7.8% to $150.1m; result impacted by divestments,restructuring charges and
impairments
•Pro forma EBITA margin increased to 3.7% from 2.6% in 1H24; 37.1% pro forma EBITA growth to $204.4m
•Earnings growth matched with 94.2% cash conversion (normalised), an improvement of 650bp on 1H24
•Strengthened balance sheet with net debt to EBITDA of 1.3x, down from 1.4x at 30 June 2024
Statutory
Underlying
9
(excl. ISI)
Pro forma
1
(excl. divestments)
($m)1H251H24Change1H251H24Change1H251H24Change
Total revenue
4
5,221.25,583.2(6.5%)5,505.76,025.9(8.6%)5,486.75,785.3(5.2%)
EBITA
2
150.1139.27.8%204.3150.535.7%204.4149.137.1%
EBITA
2
%2.9%2.5%0.4pp3.7%2.5%1.2pp3.7%2.6%1.1pp
NPATA
2
87.280.28.7%127.276.167.1%127.374.970.0%
NPAT75.572.14.7%120.168.076.6%120.266.879.9%

Downer 1H25 Results
12
Reconciliation to statutory result
Pro forma to statutory EBITA ($m)
1,2,9
204.4
204.3
(19.8)
(11.5)
(15.7)
150.1
(0.1)
(7.2)
Proforma EBITADivestedUnderlying EBITADivestmentsTransformationReg and legalImpairmentStatutory EBITA
0
50
100
150
200
250
-Accelerated amortisation, write-downs and impairment of
IT assets $11.1m
-Termination of surplus vehicle leases and office space,
and asbestos related site rectification costs $4.6m
Underlying
EBITA
Net loss on
divestments
including exit
costs
Transformation
and restructure
costs
Regulatory
reviews and
legal matters
Impairment,
asset write-
downs
and other
Statutory
EBITA
Earnings from
divestments
Pro forma
EBITA
-Net loss of divestment of Catering NZ business $16.5m
-Other exit costs, include divestment program related costs, $3.3m
Costs incurred in business reset:
-Redundancy and severance $7.2m
-Transformation program (including IT) $4.3m
Net EBITA
contribution from
divestments
completed in the
period removed
(not in go forward
earnings)
Refer to slide 24 and
25.

Downer 1H25 Results
13
Ongoing improvement in cash conversion
Disciplined back to basics focus –contract management, cash collection, resolution of variations and claims
(80.1)
(227.5)
639.8
837.6
220.1
(40.8)
(74.8)
(3.9)
11.9
(2.7)
0
200
400
600
800
1,000
1,200
1
2
3
Opening
cash
Operating
cash flow
Net capexPayment of
lease
liabilities
ITDividendsNet
divestments
Borrowings
and FX
Closing
cash
5
Advances
and receipts
from other
parties
4
2. Net capex
Net capex spend lower by
$5.6m or 12.1% dueto lower
Road Services business and
IT spend
4. Advances and receipts from
other parties
Includes KD JV loan settlement
$9.8m
5. Dividends
Payment relates to FY24 final
dividend 11.0 cps and ROADS
3. Payment of lease liabilities
Lower by $5.1m or 6.4% from
lease terminations and
consolidation of property leases
1. Operating cash flow
94% normalised cash
conversion
6
, up from 88% in
1H24
Free cash flow increased to $112.5m in 1H25 from $19.9m in 1H24

Downer 1H25 Results
14
Progress on capital allocation framework
•Operating cash flow –achieved target average cash conversion>90%
•Improved free cash flow has driven a further reduction in leverage
•Target leverage ratio updated to ~1.5x
•Tax –increase in tax payments enabled lift in franking to 75%
Securing
balance
sheet
Business
sustainability
Portfolio and
capital return
choices
Operating cash flow
Cash generated from
business performance
Interest / tax
Lease costs / maintenance capex
Capital recycling / growth capex / M&A
Target net debt to EBITDA
Excess OCF
Free cash flow
Maintenance dividends
Excess FCF
Special dividend / share buyback
•Capex –disciplined management of investing capital with ongoing support for organicgrowth
•Dividend policy –achieved top end of 50% to 60% payout ratio target range–reassess as
turnaround progresses and franking improves to 100%
•Earning the right to grow –focus on turnaround and optimising business performance, readying
for transition to growth as performance improvement gathers momentum
•Acquisitions / divestments –finalising non-core divestments in 2H25 with ongoing portfolio
management focus
•Strategic review of capital and funding structure underway with new initiatives to
simplify,create efficiencies, optimise structure and shareholder returns

Downer 1H25 Results
15
0
100
200
300
400
500
600
700
800
900
FY25FY26FY27FY28FY29FY30FY31FY32FY33
Debt maturity profile (A$m)
Syndicate bank facilities
A$ MTN
JPY MTN
USPP
Bilateral bank facilities
Group debt profile
•Compliant with all financial covenants
•Weighted average debt facility duration of 2.5 years
10
(2.9 years at 30 June 2024)
•Weighted average cost of debt of 5.6% in 1H25
•Commenced a strategic review of capital and funding structure
•Committed to maintaining Fitch BBB investment grade rating with Stable Outlook
•Sufficient headroom to fund the maturity of A$191m USPP maturing on 8 July 2025
Debt facilities $mJun-23Dec-23Jun-24Dec-24
Total limit
2,567.8
2,574.7 2,572.12,557.8
Drawn
1,592.8
1,237.7 1,307.11,082.8
Available
975.0
1,337.0 1,265.01,475.0
Cash
889.1
553.4 837.6639.8
Total liquidity
1,864.1
1,890.4 2,102.62,114.8
Net debt
11
703.7
684.3 469.5447.5
Leverage ratio
Net debt / EBITDA
5
2.0x
1.8x 1.4x1.3x
Downer 1H25 Results
15

16
DownerInvestor Presentation 202516
Priorities
and outlook
16

Downer 1H25 Results
17
Downer 1H25 Results
17
Momentum in our turnaround
Portfolio
•Three divestments in progress reclassified to assets held for sale, including a sale agreement executed
on the Laundries divestment
•Completed Catering divestment
Simplify portfolio
Cost out
•$180m cumulative annualisedgross cost out
3
achieved –on track for $200m target by end of FY25
•Business unit contribution plus acceleration and uplift in savings to mitigate softness in some markets
•Ongoing efficiencies in Corporate (IT, Shared Services)
Efficient operating model
Transformation update: on targetProgress in 1H25
Leadership
& culture
•Refreshed leadership: 75% of ELT and 26% of SLTpromoted / new to Downer
•Launch of 'The Downer Difference' in 1H25 with embedment of new performance culture underway
•New leadership programs, performance management and remuneration framework reviews in progress
Driving a performance culture
Project
margins
•Enhanced tendering governance in place
•Enhancements to risk appetite / guardrails in progress
•Back to basics focus and lifting contracting disciplines
•Project Delivery Excellence program underway
•Uplift in project performance reporting in progress
•Upgrading work and project management solutions to improve project control, productivity, efficiency and
build competitive advantage
•Ongoing progress in derisking project exposures
Tendering / governance
Project delivery
FY24
FY24
FY24
FY24
FY24
1H25
1H25
1H25
1H25
1H25

Downer 1H25 Results
18
1H25 performance was in line with expectations.
We are continuing to focus on building a high-quality order
book with adherence to enhanced risk guardrails and
operating disciplines.
We are targeting ongoing improvement in EBITA margin
performance across each of our segments.
Market conditions are expected to remain varied, particularly
lower Australian transport agency spend and softer economic
conditions in New Zealand.
For FY25we are targeting underlying NPATA of between
$265m to $280m assuming no material change in
economic conditions or market demand, and no material
weather disruptions*.
>4.5%
average EBITA margin
across FY25 and FY26
These targets are reflected in the LTI scorecard
gates and are not provided as guidance.
≥4.2%
minimum threshold
EBITA margin in FY25
FY25 Group outlook
* Forward looking statements, including FY25 underlying NPATA guidance, are to be read in conjunction with the
important notice and disclaimer on slide 30.
Managementtarget EBITA margin
12

19
Supplementary
information

Downer 1H25 Results
20
Purpose, Pillars & Culture

Downer 1H25 Results
21
Diversified portfolio across
Transport, Energy & Utilities and Facilities
1H25
Total Revenue
$5.5bn
1,4
Transport
51%
1H25
Segment
EBITA
$253.7m
1,2
All numbers are pro forma unless stated otherwise. Refer to footnote 1 on slide 29.

Downer 1H25 Results
22
Queensland Train Manufacturing
Program (QTMP) ramp up
Leading provider of rollingstock asset management services in AU,
with expertise across every project phase from design and
manufacture to through life support, fleet maintenance and overhaul
•Largest investment in new rollingstock in Queensland history
•~$4.6bn project commenced in Jun-23
•Ongoing ramp up, currently progressing stages of design and construction in
readiness for local rollingstock manufacturing
Downer will deliver:
•65 six-car passenger trains
•Two training simulators
•Purpose built train manufacturing facility at Torbanlea, QLD
•Maintenance facility at Ormeau, QLD
•Passenger train maintenance
Component
Revenue
proportion
Delivery profile
Manufacturing & maintenance facilities~35%
Fleet delivery~45%
Maintenance (through life support)~20%Transition inFull fleet
FY23FY27FY33

Downer Group 1H25 ResultsDowner 1H25 Results
23
$180m cumulative annualised cost out
3
achieved
$180m
Cumulative annualised gross cost
out achieved since transformation
program initiated in Feb-23
050100150200250
1H25
FY24
1H24
AchievedRemaining
On track to achieve upsized target
$200m
By end of FY25
2H25 run rate benefit expected from
the $50m gross cost out in 1H25
$45m
$20m$180m
$130m
$20m
$80m
>$100m target by end of FY25
Announced 27-Feb-23
$175m target by end of FY25
Announced 14-Feb-24
$200m target by end of FY25
Announced 13-Feb-25

Downer 1H25 Results
24
Reconciliation of pro forma to statutory result ($m)EBITEBITA
2
Net finance costTax expense
13
NPATA
2
Amortisation of
acquired
intangibles
(post-tax)NPAT
Pro forma result194.2204.4(40.4)(36.7)127.3(7.1)120.2
Net divestment contribution(0.1)(0.1)--(0.1)-(0.1)
Underlying
9
result194.1204.3(40.4)(36.7)127.2(7.1)120.1
Net loss on divestments and exit costs(23.6)(19.8)
-
3.9(15.9)(2.7)(18.6)
Transformation and restructure costs(11.5)(11.5)
-
3.5(8.0)
-
(8.0)
Regulatory reviews and legal matters(7.2)(7.2)
-
2.1(5.1)
-
(5.1)
Impairment, asset write-downs and other(18.4)(15.7)
-
4.7(11.0)(1.9)(12.9)
Total individually significant items
(60.7)(54.2)-14.2(40.0)(4.6)(44.6)
Statutory result
133.4150.1(40.4)(22.5)87.2(11.7)75.5
Reconciliation of pro forma to statutory result

Downer 1H25 Results
25
($m)
1H25
Pro forma
1H25
Divestments
impact
1H25
Underlying
9
1H24
Pro forma
1H24
Divestments
impact
14
1H24
Underlying
9
Transport
Revenue2,741.14.22,745.32,950.0146.73,096.7
EBITA129.4(0.6)128.898.12.7100.8
EBITA %4.7%(14.3%)4.7%3.3%1.8%3.3%
Energy & Utilities
Revenue1,578.8-1,578.81,678.44.91,683.3
EBITA52.6-52.637.90.838.7
EBITA %3.3%-3.3%2.3%16.3%2.3%
Facilities
Revenue1,111.214.81,126.01,071.589.01,160.5
EBITA71.70.572.267.9(2.1)65.8
EBITA %6.5%3.4%6.4%6.3%(2.4%)5.7%
Corporate
Revenue55.6-55.685.4-85.4
EBITA(49.3)-(49.3)(54.8)-(54.8)
Group
Revenue5,486.719.05,505.75,785.3240.66,025.9
EBITA204.4(0.1)204.3149.11.4150.5
EBITA %3.7%(0.5%)3.7%2.6%0.6%2.5%
Pro forma, which excludes results of divested operations, provides
additional information on the impact of the divestment program over the
last two years.
In 1H25, one divestment completed and three pending divestments were
reclassified to assets held for sale.
Assets held for sale reflected in
pro forma and underlying result
Segment
Interest of 49% in Keolis Downer Pty LtdTransport
Interest of 29.9% in HT Hold Co Pty Ltd
(an Australian laundries business)
Unallocated
OtherFacilities
Divestments excluded from
pro forma result
SegmentCompleted
Catering NZFacilities1H25
Repurpose It joint ventureTransport1H24
VEC contractsTransport1H24
Advance Metering (smart-meter) assets
Energy &
Utilities
1H24
AE Smith New ZealandFacilities1H24
Asset and Development ServicesFacilities1H24
Australian Transport ProjectsTransport2H23
Reconciliation pro forma to underlying result

Downer 1H25 Results
26
Underlying
9
performance ($m)1H251H24Change
Totalrevenue
4
5,505.76,025.9
(8.6%)
EBITDA
357.6309.1
15.7%
Depreciation and amortisation
15
(153.3)(158.6)
3.3%
EBITA
2
204.3150.5
35.7%
Amortisation of acquired intangibles
(10.2)(11.6)
12.1%
EBIT
194.1138.9
39.7%
Netinterestexpense
(40.4)(47.4)
14.8%
Profit before tax
153.791.5
68.0%
Taxexpense
(33.6)(23.5)
(43.0%)
Netprofitaftertax
120.168.0
76.6%
NPATA
2
127.276.1
67.1%
EBITAmargin
3.7%2.5%
1.2pp
Effectivetaxrate
21.9%25.7%
(3.8pp)
ROFE
15.3%10.1%
5.2pp
Total dividend(cents per share)
10.86.0
80.0%
Underlying
9
segment performance ($m)1H251H24Change
Transport
128.8100.8
27.8%
Energy & Utilities
52.638.7
35.9%
Facilities
72.265.8
9.7%
Corporate (refer below)
(49.3)(54.8)
10.0%
Underlying EBITA
2
204.3150.5
35.7%
Total individually significant items
(54.2)(11.3)
(>100%)
Statutory EBITA
150.1139.2
7.8%
Underlying NPATA
2
127.276.1
67.1%
Statutory NPAT
75.572.1
4.7%
Corporate costs in the period impacted by the following:
▪Transformation resulted in changes to the role of Corporate, leading to a more efficient model
▪Cost reductions achieved with lower headcount across corporate functions
▪Decrease in insurancecosts
▪Cost reductions partially offset by cost increases in salaries, management incentives, CPI / cost
indexation of IT service agreements and property leases.
Group underlying financial performance

Downer 1H25 Results
27
Cash flow
Change in cash ($m)1H251H24Change
Total operating cash flow220.1168.2
30.9%
Net capex(40.8)(46.4)
12.1%
Payment of principal lease liabilities(74.8)(79.9)
6.4%
IT (3.9)(13.3)
70.7%
Advances to/from JVs and other11.9(8.7)
>100%
Free cash flow112.519.9
>100%
Dividends paid(80.1)(60.3)
(32.8%)
Divestments(2.7)70.7
(>100.0%)
Acquisitions (deferred settlement)-(1.3)
100.0%
Net repayment of borrowings(223.6)(366.6)
39.0%
Net decrease in cash(193.9)(337.6)
42.6%
Cash at the end of the period639.8553.4
15.6%
Total liquidity
2,114.81,890.4
11.9%
Cash conversion ($m)1H251H24Change
Underlying
9
EBIT
194.1138.9
39.7%
Add: Depreciation and amortisation
15
163.5170.2(3.9%)
Underlying
9
EBITDA
15
357.6309.1
15.7%
Operating cash flow
220.1168.2
30.9%
Add: Net interest paid
38.943.3
(10.2%)
Add: Tax paid
33.915.4
>100%
Adjusted operating cash flow
292.9226.9
29.1%
EBITDA conversion
81.9%73.4%
8.5pp
Normalised
6
EBITDA conversion
94.2%87.7%
6.5pp
Depreciation and amortisation ($m)1H251H24Change
Depreciation –PP&E
54.758.3
(6.2%)
Depreciation –right of use asset
70.874.8
(5.3%)
IT amortisation
15
21.325.5
(16.5%)
Amortisation of acquired intangibles
15
16.711.6
44.0%
Depreciation and amortisation
163.5170.2
(3.9%)

Downer 1H25 Results
28
1H24
Reconciliation ($m)
1H24
Reported
Impact of 1H25
Divestments
14
Business unit
reclassifications
1H24
Restated
SegmentRevenueEBITARevenueEBITARevenueEBITARevenueEBITA
Transport2,950.098.1----2,950.098.1
Energy & Utilities1,206.617.9--471.820.01,678.437.9
Facilities1,577.387.9(34.0)-(471.8)(20.0)1,071.567.9
Comparative
Financials ($m)
1H23
Restated
1H24
Restated
1H25
SegmentRevenueEBITARevenueEBITARevenueEBITA
Transport2,561.579.62,950.098.12,741.1129.4
Energy & Utilities1,553.47.21,678.437.91,578.852.6
Facilities1,218.077.01,071.567.91,111.271.7
1H24
Reconciliation ($m)
1H24
Reported
Business unit
reclassifications
1H24
Restated
SegmentRevenueEBITARevenueEBITARevenueEBITA
Transport3,096.7100.8--3,096.7100.8
Energy & Utilities1,211.518.7471.820.01,683.338.7
Facilities1,632.385.8(471.8)(20.0)1,160.565.8
Comparative
Financials ($m)
1H23
Restated
1H24
Restated
1H25
SegmentRevenueEBITARevenueEBITARevenueEBITA
Transport3,157.1101.93,096.7100.82,745.3128.8
Energy & Utilities1,558.37.91,683.338.71,578.852.6
Facilities1,369.872.71,160.565.81,126.072.2
Underlying
Reclassification of BU segments
Pro forma

Downer 1H25 Results
29
Notes
1.Pro forma reflects the statutory results adjusted for individually significant items (ISI) and excludes the revenue and EBITAcontribution relating to completed divestments to provide a like for like comparison between
reporting periods. The pro forma 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 to slides 24 and
25 for reconciliations.
2.Downer calculates and forecasts EBITA and NPATA by adjusting EBIT and NPAT to add back acquired intangible assets amortisation expense.
3.Cumulative annualised gross cost out since transformation program initiated in Feb-23.
4.Total revenue includes revenue and other income. Total revenue for underlying and pro forma is a non-statutory disclosure and also includes notional revenue from joint ventures and other alliances not proportionately
consolidated.
5.Net debt to EBITDA ratio is net debt $946.9m, comprising lease liabilities, borrowings, deferred finance charges, cross currencyand interest rate swaps, less cash, divided by underlying EBITDA (underlying EBIT and
statutory D&A).
6.Normalised underlying cash conversion has been adjusted to remove the cash outflows associated with FY24 and 1H25 ISI (not inunderlying EBITDA) totalling $43.8m (1H24 equivalent of $20.7m and $23.5m Australian
Transport Projects GST payment). Cash conversion is calculated as operating cash flow excluding tax and interest, divided by underlying EBITDA. Refer to slide 27.
7.Jun-24 work-in-hand has been restated to be comparable with Dec-24 segment classification, and to remove impact of divestments.
8.Non-services work in hand includes construction work-in-hand -NZ Projects (Transport), a portion of Water and Power & Gas (Energy & Utilities) and the construction component of QTMP (Transport).
9.The underlying result is a non-IFRS measure that is used by management to assess the performance of the business and includes the contribution of divested businesses. Non-IFRS measures have not been subject to
audit or review. Refer to slide 24 for reconciliation to statutory results.
10.Based on the weighted average life of debt facilities (by A$m limit).
11.Excludes lease liabilities, deferred finance charges, cross currency and interest rate swaps.
12.The management targets, ≥4.2% minimum threshold EBITA margin in FY25 and >4.5% average EBITA margin across FY25 and FY26, areincorporated into Downer’s long-term incentive plan and are not provided as
guidance.
13.Tax expense of $36.7m is calculated by adjusting underlying tax of $33.6m and $3.1m tax on amortisation of acquired intangible assets.
14.The comparative 1H24 period has been amended to remove the contribution of businesses divested in 1H25 per slides 28.
15.Amortisation expensed within ISI of $12.7m comprises $6.5 million of accelerated amortisation of acquired intangible assets and $6.2m of IT amortisation. Underlying EBITDA is calculated as underlying EBIT and statutory
depreciation and amortisation.
All amounts are presented in Australiandollars which is the Company’s functional and presentation currency.
In some instances, totals may not add due to rounding.

Downer 1H25 Results
30
Important notice and disclaimer
The information in this presentation has been prepared by Downer EDI Limited ABN 97 003 872 848 (Downer or the Company) and includes general background information about Downer’s activities current as at the date of
this presentation. This information is given in summary form and does not purport to be complete.
This presentation may contain statements that are, or may be deemed to be, forward-looking statements. Such statements can generally be identified by the use of words such as “likely”, “looking-forward”, “expect”, “predict”,
“will”, “may”, “intend”, “seek”, “would”, “continue”, “plan”, “objective”, “estimate”, “potential”, “anticipate”, “believe”, “risk”, “aim”, “forecast”, “assumption”, “projection”, “forecast”, “target”, “goal”, “outlook”, “guidance” and similar
expressions. Indications of plans, strategies, management and company objectives, potential transactions, sales and financialperformance are also forward-looking statements. Such statements are not guarantees of future
performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which areoutside the control of the Company. No representation is made or will be made that any
forward-looking statements will be achieved or will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ materially include without limitation the following: volatilityin customer demand for services, weather-related challenges and impacts and uncertainty in general
economic conditions. The Company assumes no obligation to update such statements, subject to disclosure obligations under theapplicable law and ASX listing rules. Past performance information in this presentation is given
for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
The information contained in this presentation may include information derived from publicly available sources that have not been independently verified.
To the maximum extent permitted by law, the Downer disclaims all responsibility for the information in this presentation being inaccurate or incomplete in any way for any reason.
This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell Downer shares or any other financial products in any jurisdiction and is not a
prospectus, product disclosure statement, disclosure document or other offering document under Australian law or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for
securities in Downer or any of its subsidiaries. It is for information purposes only. Downer does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable
for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this
presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining
independent advice. Subject to any terms implied by law and which cannot be excluded, Downer accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any
error in, omission from or misrepresentation in this presentation.
Unless otherwise specified all information is for the period ended 31 December 2024.
Certain financial data included in this presentation is ‘non-IFRS financial information’. The Company believes that this non-IFRS financial information provides useful insight in measuring the financial performance and condition
of Downer. Readers are cautioned not to place undue reliance on any non-IFRS financial information included in this presentation. These measures have not been subject to audit or review.
This presentation should be read in conjunction with Downer’s other periodic and continuous disclosure announcements lodged withASX. In particular, this presentation forms part of a package of information about Downer. It
should be read in conjunction with Downer's Appendix 4D and Half Year Report also released today.
The information in this presentation remains subject to change without notice. Circumstances may change and the contents of thispresentation may become outdated as a result.
Forward-looking statements and statements regarding other information contained in this presentation may also be made –verballyand in writing –by members of the Company’s management in connection with this
presentation. Such statements are also subject to the same limitations, uncertainties and assumptions which are set out in this presentation.

Downer 1H25 Results
31