Appendix 4D and Half Year Financial Report

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


14 August 2025

Appendix 4D and Half-Year Financial Report
Ventia Services Group Limited (ASX:VNT) today reports its results for the half-year ended 30
June 2025.

Attached is the Appendix 4D and Half-Year Report.

The following associated documents will be provided separately for lodgement:
• Notification of Dividend (Appendix 3A.1);
• Media Release; and
• Investor Presentation.


This announcement has been authorised for release by the Ventia Board.


-Ends-

For further information, please contact:

Investors Media
Chantal Travers Jay Pleass
General Manager Investor Relations General Manager Government and Public Affairs
chantal.travers@ventia.com jay.pleass@ventia.com
+61 428 822 375 +61 412 623 578

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.

Half-year ended
30 June 2025
Half-year ended
30 June 2024
Change Change
$'m$'m$'mPercentage
Total revenue3,037.2 3,082.5 (45.3) (1.5%)
Profit from ordinary activities after income tax attributable to members of the parent entity134.5 101.4 33.1 32.6%
Profit after income tax attributable to members of the parent entity134.5 101.4 33.1 32.6%
Dividends
Amount per
security
Franked amount
per security Franking
Interim dividend - year ending 31 December 202510.71 cents9.64 cents90%
Final dividend - year ended 31 December 202410.63 cents8.50 cents80%
Key interim dividend datesDate
Ex-dividend date28 August 2025
Record date for determining entitlement to the dividend29 August 2025
Date for payment of dividend 8 October 2025
As at
30 June 2025
As at
31 December 2024
As at
30 June 2024
Net tangible liabilities backing per ordinary share(0.65)$ (0.59)$ (0.63)$
The remainder of the information requiring disclosure to comply with ASX Listing Rule 4.2A is contained in the Half-Year Financial Update and the Condensed Consolidated Financial
Statements for the half-year ended 30 June 2025 which are lodged with this Appendix 4D.
APPENDIX 4D - Half-Year Report
Results for Announcement to the Market
VENTIA SERVICES GROUP LIMITED
ABN 53 603 253 541

Half-Year
Report
2025

Cover: SK AO operational team, returning back to the camp facilities in Western Australia
Pictured: Young men from Wesley College’s Moorditj Mob Program perform a dance ceremony
at the Western Power contract launch in WA
We are Ventia
People are at the
heart of our success.

Contents
Half-Year Financial Update 2
1. Statutory financial performance 2
2. Underlying Group financial performance 4
3. Sector financial performance 6
4. Liquidity and capital management 7
5. Dividends 7
6. Sustainability 8
7. Outlook 8
Financial Report 9
Mihi
He tautoko te ahurea i ngā kawa me ngā tikanga o ngā Iwi
whānui o Aotearoa, me ka kawa me ka tikaka o ka Iwi whānui
o Te Waipounamu. We recognise and celebrate the culture
of manawhenua in Aotearoa and Te Waipounamu where our
teams respect local Iwi and communities across the country.
Acknowledgement of Country
Ventia would like to respectfully acknowledge the Traditional
Custodians of country throughout Australia and their
connection to land, sea and community. We pay our respect
to them, their cultures and to their Elders past and present.
VENTIA HALF YEAR REPORT 2025 |
1

Half-Year Financial Update
Ventia Services Group Limited (Ventia or Company) and its controlled entities (together referred to as the Group) is a leading
essential infrastructure services provider in Australia and New Zealand.
Ventia has extensive capabilities across the full asset lifecycle and provides services across a diverse range of industry
sectors through long-term contracts with a range of government agencies and blue-chip organisations.
Ventia is structured across four sectors:
• Defence and Social Infrastructure;
• Infrastructure Services;
• Telecommunications; and
• Transport.
Ventia’s strategy is Redefining Service Excellence and is centred on three priorities: client focus, innovation and sustainability.
Ventia has identified three key drivers of increasing its market share:
• Renewing and growing existing contracts;
• Winning new work; and
• Cross-selling our expert capabilities.
1. Statutory financial performance
1.1 Statutory Group financial highlights
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Revenue3,037.23,082.5(45.3)(1.5%)
Profit after income tax134.5101.433.132.6%
June 2025
Cents per
Share
June 2024
Cents per
Share
Change
Cents per
Share
Change
%
Basic earnings per share15.8711.85 4.0233.9%
Other measures
1
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
EBITDA277.5245.831.712.9%
NPATA136.8106.730.128.2%
Operating cash flow before interest and tax237.9222.915.06.7%
Operating cash flow conversion %
2
85.7%90.7%n/a(5.0pp)
Work in hand20,556.517,213.93,342.619.4%
1. Other measures are non-International Financial Reporting Standards (IFRS) measures that have been derived from statutory information.
2. Calculated as operating cash flow before interest and tax, divided by EBITDA.
EBITDA – Earnings before interest, income tax, depreciation and amortisation.
NPATA – Net profit after tax, excluding the after-tax impact of amortisation of acquired intangible assets.
2
| HALF-YEAR FINANCIAL UPDATE

1.2 Statutory Group financial performance
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Revenue3,037.23,082.5(45.3)(1.5%)
Other income24.9–24.9n/a
Expenses(2,785.4)(2,837.4)52.0(1.8%)
Share of profits of joint ventures0.80.70.114.3%
Earnings before interest, income tax, depreciation and amortisation27 7. 5245.831.712.9%
Depreciation expense(48.7)(57.6)8.9(15.5%)
Amortisation expense(14.3)(18.5)4.2(22.7%)
Earnings before interest and income tax214.5169.744.826.4%
Finance costs(28.9)(29.3)0.4(1.4%)
Interest income6.44.12.356.1%
Profit before income tax192.0144.547. 532.9%
Income tax expense(57.5)(43.1)(14.4)33.4%
Profit after income tax134.5101.433.132.6%
Amortisation of acquired intangible assets (after tax)2.35.3(3.0)(56.6%)
NPATA136.8106.730.128.2%
Revenue
Ventia reported a decrease in revenue of $45.3 million, or 1.5%, to $3,037.2 million in HY25. The decrease was driven by lower
Defence Base Services project works, exited contracts and revised scope of a Housing and Community contract in Defence and
Social Infrastructure; and timing of contracted work in Transport.
Section 3 provides further commentary on sector performance.
Other income
In January 2025, the Group entered into an agreement with a Joint Venture between ACCIONA and Ferrovial for the novation
of the operations and maintenance contract and all associated Public Private Partnership (PPP) agreements on the Toowoomba
Second Range Crossing (TSRC) contract. The novation resulted in a gain of $24.9 million.
EBITDA
Statutory EBITDA increased by $31.7 million, or 12.9%, to $277.5 million in HY25. The movement was driven primarily by
the TSRC novation. The Group statutory EBITDA margin increased to 9.1% (HY24: 8.0%).
Depreciation expense
Depreciation expense decreased by $8.9 million, or 15.5%, attributable to an assessment of the remaining useful life of certain
plant and machinery in HY24.
Amortisation expense
Amortisation expense decreased by $4.2 million, or 22.7%, as a portion of acquired customer contracts and relationships
became fully amortised in FY24. The remaining customer contracts and relationships were fully amortised by 30 June 2025.
Interest income
Interest income increased by $2.3 million, or 56.1%, as a result of higher average cash balances during the period.
Income tax
Income tax expense was $57.5 million for HY25, representing an effective tax rate of 29.9% (HY24: 29.8%).
3
VENTIA HALF YEAR REPORT 2025 |

1.3 Statutory Group financial position
Net working capital
Net working capital comprises trade and other receivables, contract assets and inventories, less trade and other payables,
contract liabilities, employee benefit liabilities and provisions.
The net working capital balance increased by $52.0 million in HY25. Key movements included an increase in trade and other
receivables and contract assets of $187.1 million, offset by an increase in trade and other payables and contract liabilities of
$152.7 million. These balances are seasonally higher in June compared to December due to higher volumes of work performed
in May and June each year. Provisions decreased by $14.2 million primarily due to the TSRC novation.
Net debt
Net debt comprises borrowings (excluding capitalised borrowing costs) and lease liabilities, less cash and cash equivalents.
Net debt increased by $75.9 million to $576.9 million, mainly due to the decrease in cash held at the end of HY25 of $68.4 million.
The decrease in cash held at the period end was primarily driven by the on-market buyback in HY25 of $82.5 million, offset by an
increase in operating cashflow.
1.4 Statutory Group cash flow
Operating cash flow
Net cash generated from operating activities for HY25 was $183.4 million, representing an increase of $21.4 million from HY24.
This was driven primarily by an increase in underlying EBITDA and a reduction in income tax paid.
Investing cash flow
Total cash outflow from investing activities was $41.1 million for HY25, representing a $12.6 million increase compared with HY24.
Cash outflow for both years comprised payments for acquisition of property, plant and equipment, and intangible assets. The
increase was mainly driven by spending on digital capability uplift and investment in plant and machinery for the rig and well
services business.
Financing cash flow
Total financing cash outflow of $212.1 million increased by $103.7 million compared to HY24, as a result of the on-market buyback
of $82.5 million, purchase of treasury shares of $9.5 million and an increase in dividends paid of $10.4 million.
2. Underlying Group financial performance
The underlying financial performance has been derived from the statutory financial information by excluding the impact of
the TSRC novation (see Section 2.2).
Highlights for the underlying financial performance:
June 2025
$’m
June 2024
1

$’m
Change
$’m
Change
%
Underlying EBITDA252.6245.86.82.8%
Underlying NPATA119.4106.712.711.9%
Underlying Operating cash flow before interest and tax235.4222.912.5 5.6%
Underlying Operating cash flow conversion %
2
93.2%90.7%n/a2.5pp
Work in hand20,556.517,213.93,342.619.4%
1. Statutory and underlying financial performance were aligned for HY24, with no adjustments required.
2. Calculated as Underlying Operating cash flow before interest and tax divided by Underlying EBITDA.
EBITDA – Earnings before interest, income tax, depreciation and amortisation.
NPATA – Net profit after tax, excluding the after-tax impact of amortisation of acquired intangible assets.
4
| HALF-YEAR FINANCIAL UPDATE

2.1 Underlying Group financial performance
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Revenue3,037.23,082.5(45.3)(1.5%)
Underlying EBITDA252.6245.86.82.8%
Underlying EBITDA %8.3%8.0%n/a0.3pp
Depreciation expense(48.7)(57.6)8.9(15.5%)
Amortisation expense(14.3)(18.5)4.2(22.7%)
Underlying earnings before interest and income tax189.6169.719.911.7%
Finance costs(28.9)(29.3)0.4(1.4%)
Interest income6.44.12.356.1%
Underlying profit before income tax16 7. 1144.522.615.6%
Income tax expense(50.0)(43.1)(6.9)16.0%
Underlying profit after income tax117. 1101.415.715.5%
Amortisation of acquired intangible assets (after tax)2.35.3(3.0)(56.6%)
Underlying NPATA119.4106.7 12.711.9%
Underlying EBITDA increased by $6.8 million, or 2.8%, to $252.6 million in HY25. The improvement in the underlying EBITDA margin
from 8.0% to 8.3% was driven by strategic focus on higher margin work and shift in portfolio mix.
2.2 Reconciliation of statutory profit after income tax to Underlying NPATA
June 2025
$’m
June 2024
$’m
Statutory profit after income tax134.5101.4
Profit from the TSRC novation(24.9)–
Income tax effect7.5–
Underlying net profit after income tax117. 1101.4
Amortisation of acquired intangible assets (after tax) 2.35.3
Underlying NPATA 119.4106.7
5
VENTIA HALF YEAR REPORT 2025 |

3. Sector financial performance
3.1 Defence and Social Infrastructure
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Sector revenue1,249.41,328.6(79.2)(6.0%)
Sector EBITDA101.189.012.113.6%
Sector EBITDA %8.1%6.7%n/a1.4pp
Defence and Social Infrastructure reported revenue of $1,249.4 million, which represents a decrease of $79.2 million or 6.0%
on HY24. The decrease was driven by lower Defence Base Services project work, exited contracts and revised scope of a Housing
and Community contract.
During HY25, the Defence Base Services contract was extended. The outcome of the Defence Base Services Transformation
tender is anticipated later this year.
HY25 EBITDA was $101.1 million, an increase of $12.1 million or 13.6% on HY24, driven by strategic focus on higher margin work
and delivery of efficiency programs.
3.2 Infrastructure Services
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Sector revenue690.6630.260.49.6%
Sector EBITDA60.649.910.721.4%
Sector EBITDA %8.8%7.9%n/a0.9pp
Infrastructure Services reported revenue of $690.6 million, which represents an increase of $60.4 million or 9.6% on HY24.
This was a result of the full year impact of 2024 contract wins in Energy and Water.
New work won in HY25 included a three-year delivery services panel contract with Transgrid to deliver projects across its
transmission network and a contract with Elecnor and Harmony Energy for the Tauhei solar farm project in New Zealand.
Contract renewals included a one-year Plant Maintenance Extension for BlueScope and a two-year extension of the Water Services
Alliance agreement with Far North District Council in New Zealand.
HY25 EBITDA was $60.6 million, an increase of $10.7 million or 21.4% on HY24, driven by the shift in portfolio mix toward Energy
and Water and productivity improvements.
3.3 Telecommunications
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Sector revenue772.7782.3 (9.6)(1.2%)
Sector EBITDA97.0100.3(3.3)(3.3%)
Sector EBITDA %12.6%12.8%n/a(0.2pp)
Telecommunications reported revenue of $772.7 million, which represents a decrease of $9.6 million or 1.2% on HY24.
This decrease was due to the mobilisation of new contract wins with Telstra and NBN.
New work won in HY25 included NBN Field Module of $2.1 billion, NBN Fibre to the Node upgrade of $800 million and Tuatahi
First Fibre of $100 million, in addition to the $570 million Telstra Strategic Field Maintenance, Design and Construction Contract
announced in December 2024.
HY25 EBITDA was $97.0 million, a decrease of $3.3 million or 3.3% on HY24, primarily driven by the expensing of mobilisation costs
during the period.
6
| HALF-YEAR FINANCIAL UPDATE

3.4 Transport
June 2025
$’m
June 2024
$’m
Change
$’m
Change
%
Sector revenue324.5341.4(16.9)(5.0%)
Sector EBITDA24.625.1(0.5)(2.0%)
Sector EBITDA %7.6%7.4%n/a0.2pp
Transport reported revenue of $324.5 million, which represents a decrease of $16.9 million or 5.0% on HY24. This was a result
of completion of works in the second half of 2024 and timing of contracted work.
Transport has been successful in securing new contracts in HY25. These include a three-year maintenance and renewals contract
with Whangarei District Council in NZ with two further three-year options for a potential total nine-year term. Transport also
secured pavement rehabilitation works with the Pilbara Ports Authority and works with BP for the first phase of the Australian
Renewable Energy Hub. Contract extensions in HY25 included a one-year extension with Queensland South Coast Road Asset
Management and a two-year maintenance contract extension for Thames Coromandel District Council.
HY25 EBITDA was $24.6 million, a decrease of $0.5 million or 2.0% on HY24. The EBITDA margin increased from 7.4% to 7.6% due
to continued focus on project efficiency and productivity improvements.
4. Liquidity and capital management
As at 30 June 2025, the Group had liquidity of $724.4 million, comprising cash balances of $324.4 million and undrawn committed
debt facilities of $400.0 million.
Syndicated banking facilities
Ventia has in place $900.0 million of revolving cash facilities, comprising two $250.0 million tranches, which are fully drawn as at
30 June 2025, and a five-year $400.0 million tranche, which is undrawn as at 30 June 2025. The two $250.0 million tranches will
mature in 2027 and 2028 respectively and the $400 million tranche will mature in 2029.
Ventia also has in place a $250.0 million Asian Term Loan (ATL) facility, which is fully drawn at 30 June 2025. The ATL will mature
in 2031.
Covenants on financing facilities
The Group’s financing facilities contain undertakings to comply with financial covenants. The main financial covenants that
the Group is subject to are leverage ratio (≤ 3.25) and interest cover (≥ 4.0). The Group complied with all its financial covenants
throughout HY25.
Bank guarantees and insurance bonds
The Group has $760.0 million (31 December 2024: $760.0 million) of bank guarantee and insurance bond facilities on a committed
and uncommitted basis to support its contracting activities. The Group utilised $442.2 million of these facilities at 30 June 2025
(31 December 2024: $460.5 million).
Credit ratings
At 30 June 2025 and 31 December 2024, the Group has investment grade credit ratings of Baa2 (Outlook Stable) from Moody’s and
BBB (Outlook Stable) from S&P.
5. Dividends
Ventia’s dividend policy is to pay out between 60% and 80% of the Group’s Underlying NPATA as a dividend. Underlying NPATA
provides a proxy for Ventia’s cash flows available to pay dividends. It is a key measure of Ventia’s financial performance.
Since the end of the half year, the Ventia Board resolved to pay an interim dividend of 10.71 cents per share, 90% franked,
representing a payout ratio of 75% of Underlying NPATA.
Ventia intends to frank future dividends to the maximum extent possible, subject to the availability of franking credits.
7
VENTIA HALF YEAR REPORT 2025 |

6. Sustainability
At Ventia, we are passionate about making infrastructure work for our communities and we strive to do that in a sustainable
way. Our sustainability strategy is to create a healthier planet, be people and community focused, and be accountable for
all that we do.
In support of our ambition to achieving net zero emissions and helping our clients reduce their emissions, we have set
targets for the near term (2030) and to reach net zero by 2050 across all emissions scopes. Our targets were validated by the
Science Based Targets initiative (SBTi) in June 2024 and align with the Paris Agreement in support of a 1.5°C future.
For further information on Ventia’s sustainability strategy and sustainability reporting suites, please visit Ventia’s website
https://www.ventia.com/our-approach/sustainability.
7. Outlook
Ventia enters the second half of FY25 with confidence, underpinned by a resilient and diversified portfolio, strong financial
performance, and a clear strategy to redefine service excellence.
We continue to leverage our expert capabilities across our four sectors—Defence & Social Infrastructure, Infrastructure
Services, Telecommunications, and Transport—delivering consistent outcomes for our clients and communities.
Our disciplined approach to capital allocation and operational execution ensures we remain well-positioned to convert
quality opportunities into sustainable growth.
Ventia’s customer renewal rate remains high at > 90%, reflecting the trust placed in our delivery model.
Work in Hand increased to $20.6 billion as at 30 June 2025, supported by strategic contract wins including the NBN Field
Module, Fibre to the Node upgrade, and Defence Base Services extension. These wins demonstrate the strength of our
long-term partnerships and our ability to respond to evolving market needs.
We continue to see strong tailwinds across our core business and adjacencies, including:
• Increased government investment in infrastructure and defence
• Accelerating energy transition and digitisation
• Population growth driving demand for essential services
We remain focused on delivering sustainable financial returns, maintaining strong cash conversion (>90%), and continuing
to return capital to shareholders through dividends and our on-market buyback program.
For FY25, we upgrade our guidance for underlying NPATA growth to 10-12%, excluding the one-off positive impact of the
TSRC novation.
8
| HALF-YEAR FINANCIAL UPDATE

Financial Report
for the half-year ended 30 June 2025
Pictured: Field workers from our Telecommunications team on site in Brisbane, Qld
9
VENTIA HALF YEAR REPORT 2025 |

Contents
Directors’ Report 11
Auditor’s Independence Declaration 13
Condensed Consolidated Financial Statements
Condensed Consolidated Statement of Profit
or Loss and Other Comprehensive Income 14
Condensed Consolidated
Statement of Financial Position 15
Condensed Consolidated
Statement of Changes in Equity 16
Condensed Consolidated
Statement of Cash Flows 17
Notes to the Condensed
Consolidated Financial Statements 18
Directors’ Declaration 31
Independent Auditor’s Review Report 32
Notes to the Condensed Consolidated Financial Statements
1. Basis of preparation 18
1.1 Basis of preparation 18
1.2 New and amended standards adopted by the Group 18
1.3 Key estimates and judgements 18
2. Group performance 19
2.1 Revenue and other income 19
2.2 Expenses 20
2.3 Segment disclosures 20
3. Assets and liabilities 22
3.1 Trade and other receivables and contract assets 22
3.2 Goodwill 22
3.3 Trade and other payables and contract liabilities 23
3.4 Employee benefit liabilities 23
3.5 Provisions 24
3.6 Income tax 24
4. Capital structure, financing and risk management 25
4.1 Earnings per share 25
4.2 Dividends 25
4.3 Share capital 25
4.4 Borrowings 26
4.5 Fair value measurement of financial instruments 27
4.6 Commitments for capital expenditure 27
5.Group structure 28
5.1 Related parties 28
5.2 Equity accounted investments 28
5.3 Joint operations 29
6. Other 29
6.1 Contingent liabilities 29
6.2 Events after the reporting period 30
10
| FINANCIAL REPORT

Directors’ Report
This is the report of the Directors of Ventia Services Group Limited (Ventia or Company) in respect of Ventia and the entities it
controlled at the end of, or during, the half-year ended 30 June 2025 (together referred to as the Group).
Directors
The following persons held office as Directors of the Company during the half-year ended 30 June 2025 and up to the date of this
report, unless otherwise stated:
Mr David Moffatt (Chairman)
Mr Dean Banks (Managing Director and Group Chief Executive Officer)
Mr Jeffrey Forbes
Ms Sibylle Krieger
Mr Damon Rees
Ms Lynne Saint
Ms Anne Urlwin
All of the current Directors are non-executive directors, except for Mr Dean Banks who is the Managing Director and Group Chief
Executive Officer.
Principal activities
The Group is one of the largest essential services providers in Australia and New Zealand. The Group organises its operations into
four sectors as follows:
• Our Defence and Social Infrastructure business is one of the largest providers of integrated facilities management in Australia.
Our capabilities include providing maintenance and support services to public and private customers across defence, social
infrastructure (education, health and state government), housing and community (justice and social housing), local government
and critical infrastructure;
• Our Infrastructure Services business provides comprehensive and multidisciplinary maintenance and improvement solutions to
a range of owners and operators of critical infrastructure. Our capabilities span across operations and maintenance of utilities
(energy networks, renewable assets and water), resources and industrial assets (mining and manufacturing), and resources
development, as well as complex and large-scale environmental remediation and rehabilitation services;
• Our Telecommunications business is the largest telecommunications infrastructure services provider in Australia and New
Zealand. We provide end-to-end service capabilities spanning design, supply, construction, installation, commissioning and
maintenance of the region’s largest fibre optic, mobile and critical telecommunications networks and infrastructure; and
• Our Transport business provides comprehensive asset management services to owners of transport infrastructure,
encompassing motorways and tunnels, road networks, rail, ports, airports, and public transport systems across Australia
and New Zealand.
Further details of the results of operations and likely developments are set out in the Half-Year Financial Update on pages 2-8.
Significant changes in the state of affairs
There were no significant changes in the nature of the activities of the Group during the half-year.
Company Secretaries
Jill Hardiman
Amy Jackson (appointed 10 February 2025)
Dividends
Details of dividends for the current and previous financial year are as follows:
2025
Cents per
Share
2024
Cents per
Share
Interim dividend for 2025 to be paid on 8 October 2025 (90% franked)10.71–
Final dividend for 2024 paid on 7 April 2025 (80% franked)–10.63
Interim dividend for 2024 paid on 7 October 2024 (80% franked)–9.35
11
VENTIA HALF YEAR REPORT 2025 |

Auditor’s Independence Declaration
A copy of the Auditor’s Independence Declaration as required under Section 307C of the Corporations Act 2001 is set out
on page 13.
Proceedings on behalf of the Company
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under Section 237
of the Corporations Act 2001.
Rounding of amounts
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument
2016/191, dated 24 March 2016, and in accordance with that Instrument, amounts in the Directors’ Report and the Condensed
Consolidated Financial Statements are rounded off to the nearest whole number of millions of dollars and one place of decimals
representing hundreds of thousands of dollars in accordance with that Instrument, unless otherwise indicated.
Matters subsequent to balance date
Business combinations
On 1 July 2025, Ventia Holdings I Pty Limited (a controlled entity of Ventia Services Group Limited) acquired the entire share
capital of PowerNet Holding Company Pty Ltd (PowerNet). PowerNet is an electrical services business specialising in the
construction and installation of complex electrical high voltage projects. PowerNet’s operation will be integrated into the
Infrastructure Services operating segment. The purchase consideration was $20.2 million and is subject to customary working
capital and net debt adjustments.
Dividends
Since the end of the half-year, the Directors have resolved to pay an interim dividend of 10.71 cents per share, 90% franked.
In accordance with AASB 110 Events after the Reporting Period, the proposed interim dividend is not recognised as a liability as
at 30 June 2025.
Unless disclosed elsewhere in the Condensed Consolidated Financial Statements, no other material matter or circumstance
has arisen since 30 June 2025 that has significantly affected or may significantly affect:
• the Group’s operations in future financial years;
• the results of those operations in future financial years; or
• the Group’s state of affairs in future financial years.
Other information
The following information, contained in other sections of this Half-Year Report, forms part of this Directors’ Report:
• Half-Year Financial Update on pages 2 to 8; and
• Auditor’s Independence Declaration on page 13.
This report is made in accordance with a resolution of the Directors of the Company and is dated 14 August 2025.
David Moffatt
Chairman
12
| FINANCIAL REPORT

Auditor’s Independence Declaration
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WĂƌƚŶĞƌ 
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte organisation.
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Quay Quarter Tower
50 Bridge Street
Sydney, NSW, 2000
Australia
Tel: +61 2 9322 7000
www.deloitte.com.au
14 August 2025
The Board of Directors
Ventia Services Group Limited
Level 8, 80PacificHighway
North Sydney, NSW 2060
Dear Board Members
AAuuddi ittoor r’ ’ss IInnddeeppeennddeennc cee DDe ec cl laar raat ti ioonn ttoo VVeenntti iaa SSeer rvvi iccees s GGr roouupp LLiimmi itteedd
In accordance with section 307C of theCorporat ions Act 2001, I am pleased to provide the following declaration of
independence to theDirectors of Ventia Services Group Limited.
As lead audit partner for thereviewof thehalf-yearfinancial report of Ventia Services Group Limited for thehalf-
year ended 30June2025, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
(i)the auditor independence requirements of theCorporat ions Act 2001in relation to thereview; and
(ii)any applicable code of professional conduct in relation to thereview.
Yoursfaithfully
DELOITTE TOUCHE TOHMATSU
H Fortescue
Partner
Chartered Accountants
13
VENTIA HALF YEAR REPORT 2025 |

Condensed Consolidated Statement of Profit or Loss
and Other Comprehensive Income
for the half-year ended 30 June 2025
Note
June 2025
$’m
June 2024
$’m
Revenue2.13,037.23,082.5
Other income2.124.9–
Expenses2.2(2,785.4)(2,837.4)
Share of profits of joint ventures0.80.7
Earnings before interest, income tax, depreciation and amortisation27 7. 5245.8
Depreciation expense(48.7)(57.6)
Amortisation expense(14.3)(18.5)
Earnings before interest and income tax214.5169.7
Finance costs(28.9)(29.3)
Interest income6.44.1
Profit before income tax expense192.0144.5
Income tax expense3.6(57.5)(43.1)
Profit after income tax134.5101.4
Earnings per share (cents)
Basic earnings per share4.115.8711.85
Diluted earnings per share4.115.6911.74
Other comprehensive income
Items that may be reclassified to profit or loss:
Foreign exchange translation differences4.4(1.8)
Cash flow hedges:
– (Losses)/gains arising on change in the fair value of hedging instruments(3.8)6.4
– Cumulative gain reclassified to profit or loss(0.6)(3.1)
– Income tax effect of items above1.3(1.0)
Total cash flow hedges after income tax(3.1)2.3
Other comprehensive income1.30.5
Total comprehensive income135.8101.9
The above Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying Notes to the Condensed Consolidated Financial Statements.
14| FINANCIAL REPORT – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Financial Position
as at 30 June 2025
Note
June
2025
$’m
December
2024
$’m
Current assets
Cash and cash equivalents324.4392.8
Trade and other receivables3.1496.1351.6
Contract assets3.1561.2519.1
Inventories47.345.6
Derivative assets4.5–0.5
Total current assets1,429.01,309.6
Non-current assets
Trade and other receivables3.119.318.8
Equity accounted investments8.99.2
Deferred tax assets 174.5179.8
Right-of-use assets141.1134.0
Property, plant and equipment165.5157.5
Intangible assets28.033.2
Goodwill3.21,100.81,099.7
Total non-current assets1,638.11,632.2
Total assets3,067.12,941.8
Current liabilities
Trade and other payables3.3772.5595.3
Contract liabilities3.3327.9351.2
Employee benefit liabilities3.4156.7162.4
Provisions3.550.844.3
Lease liabilities48.146.7
Current tax liabilities33.112.9
Derivative liabilities4.52.4–
Total current liabilities1,391.51,212.8
Non-current liabilities
Trade and other payables3.32.82.8
Contract liabilities3.360.862.0
Employee benefit liabilities3.479.975.9
Provisions3.594.4115.1
Derivative liabilities4.53.21.5
Lease liabilities103.297.1
Borrowings4.4744.2743.7
Total non-current liabilities1,088.51,098.1
Total liabilities2,480.02,310.9
Net assets5 87. 1630.9
Equity
Share capital4.3291.8374.5
Reserves(38.6)(38.0)
Retained earnings333.9294.4
Total equity5 87. 1630.9
The above Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying Notes
to the Condensed Consolidated Financial Statements.
15
VENTIA HALF YEAR REPORT 2025 |

Condensed Consolidated Statement of Changes in Equity
for the half-year ended 30 June 2025
June 2025Note
Share
Capital
$’m
Reserves
$’m
Retained
Earnings
$’m
To t a l
$’m
Balance at 1 January 2025374. 5(38.0)294.4630.9
Total comprehensive income
Profit after income tax––134.5134.5
Other comprehensive income–1.3–1.3
Total comprehensive income–1.3134.5135.8
Transactions with owners
Share buy-back and transaction costs4.3(82.7)––(82.7)
Treasury shares purchased–(9.5)–(9.5)
Dividends paid4.2––(89.9)(89.9)
Share-based payments–7.6(5.1)2.5
Total transactions with owners(82.7)(1.9)(95.0)(179.6)
Balance at 30 June 2025291.8(38.6)333.95 87. 1
June 2024Note
Share
Capital
$’m
Reserves
$’m
Retained
Earnings
$’m
To t a l
$’m
Balance at 1 January 2024374. 5(35.9)231.6570.2
Total comprehensive income
Profit after income tax––101.4101.4
Other comprehensive income–0.5–0.5
Total comprehensive income–0.5101.4101.9
Transactions with owners
Dividends paid4.2––(79.5)(79.5)
Share-based payments–0.91.22.1
Total transactions with owners–0.9(78.3)(77.4)
Balance at 30 June 2024374. 5(34.5)254.7594.7
The above Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying Notes
to the Condensed Consolidated Financial Statements.
16| FINANCIAL REPORT – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Cash Flows
for the half-year ended 30 June 2025
Note
June 2025
$’m
June 2024
$’m
Cash flows from operating activities
Receipts from customers3,142.13,346.4
Payments to suppliers and employees(2,907.8)(3,124.6)
Dividends received from joint ventures1.11.1
Proceeds from novation of a contract2.12.5–
Operating cash flow before interest and tax2 37. 9222.9
Interest received6.44.1
Payments for the interest component of lease liabilities(4.5)(3.2)
Interest and other costs of finance paid(25.7)(22.8)
Income tax paid(30.7)(39.0)
Net cash generated from operating activities183.4162.0
Cash flows from investing activities
Proceeds from sale of property, plant and equipment0.50.5
Payments for acquisition of intangible assets(11.0)(4.5)
Payments for acquisition of property, plant and equipment(30.6)(24.5)
Net cash used in investing activities(41.1)(28.5)
Cash flows from financing activities
Share buy-back and transaction costs4.3(82.7)–
Payment for purchase of treasury shares(9.5)–
Repayments of principal portion of lease liabilities(30.0)(28.9)
Dividends paid4.2(89.9)(79.5)
Net cash used in financing activities(212.1)(108.4)
Net (decrease)/increase in cash and cash equivalents(69.8)25.1
Cash and cash equivalents at start of period392.8338.7
Effect of movements in exchange rates on cash and cash equivalents1.4(0.2)
Cash and cash equivalents at end of period324.4363.6
The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying Notes to the
Condensed Consolidated Financial Statements.
17
VENTIA HALF YEAR REPORT 2025 |

Notes to the Condensed Consolidated
Financial Statements
for the half-year ended 30 June 2025
1. Basis of preparation
1.1 Basis of preparation
Ventia Services Group Limited (Company) is a for-profit company limited by shares, incorporated and domiciled in Australia.
The address of the Company’s registered office and principal place of business is Level 8, 80 Pacific Highway, North Sydney
NSW 2060, Australia.
The Condensed Consolidated Financial Statements comprise the Company and its subsidiaries (together referred to as the Group
and individually as Group entities).
The Condensed Consolidated Financial Statements are general purpose financial statements prepared in accordance with the
Corporations Act 2001 and AASB 134 Interim Financial Reporting (AASB 134). Compliance with AASB 134 ensures compliance with
International Financial Reporting Standard IAS 34 Interim Financial Reporting. The Condensed Consolidated Financial Statements
do not include notes of the type normally included in an annual financial report and should be read in conjunction with the most
recent annual financial report for the year ended 31 December 2024.
The Condensed Consolidated Financial Statements were authorised for issue by the Board of Directors on 14 August 2025.
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument
2016/191, dated 24 March 2016, and in accordance with that Instrument amounts in the Directors’ Report and the Condensed
Consolidated Financial Statements are rounded off to the nearest whole number of millions of dollars and one place of decimals
representing hundreds of thousands of dollars in accordance with that Instrument, unless otherwise indicated.
The Condensed Consolidated Financial Statements have been prepared on a going concern basis.
The Condensed Consolidated Financial Statements have been prepared on a historical cost basis except for derivative financial
instruments and contingent consideration, which are measured at fair value.
The Condensed Consolidated Financial Statements are presented in Australian dollars, which is the Company’s functional
currency. Certain companies within the Group have different functional currencies.
The accounting policies and methods of computation adopted in the preparation of the Condensed Consolidated Financial
Statements are consistent with those adopted and disclosed in the annual financial report for the year ended 31 December 2024.
1.2 New and amended standards adopted by the Group
The Group has applied the required amendments to standards and interpretations that are relevant to its operations and effective
for the current reporting period for the first time for the financial year commencing 1 January 2025, including:
• AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability.
These new and amended standards have not had any material impact on the disclosures or on the amounts recognised
in the Condensed Consolidated Financial Statements.
1.3 Key estimates and judgements
Significant estimates and judgements made in the application of the Company’s accounting policies are consistent with those
described in the Financial Report for the year ended 31 December 2024.
18| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. Group performance
2.1 Revenue and other income
The Group enters into client contracts with relatively long-term durations under various contract profiles, including Schedule of
Rates, Cost Reimbursable and Fixed Price. These contract profiles are defined as:
Contract ProfileContract Profile Description
Schedule of Rates Contracts that predominantly have a combination of:
1) unit pricing; and
2) variable volume of works typically based on work activities or number of client assets maintained.
Overheads are often paid as a fixed monthly component of the fee.
Contracts for the delivery of recurring services where the fees chargeable to the client are subject to an
annual price escalation and/or where the fees chargeable are subject to a volume adjustment mechanism
are classified as Schedule of Rates.
Cost ReimbursableContracts that are predominantly structured to pass the actual costs through to the client plus a margin.
Fixed PriceContracts that predominantly have a fixed price (subject to variations) for an agreed outcome, meaning
that the Group is paid for a proportion of works as they are performed, where the overall price is fixed and
is not affected by the cost of delivery.
Progress payments by the client are made either monthly or as a lump sum once a completion milestone
has been reached.
Disaggregation of revenue by contract profiles
June 2025
$’m
June 2024
$’m
Schedule of Rates2,010.52,171.8
Cost Reimbursable681.9632.6
Fixed Price344.8278.1
Total revenue3,037.23,082.5
June 2025
$’m
June 2024
$’m
Other income
Gain on novation of contract24.9–
Total other income24.9–
In January 2025, the Group entered into an agreement with a Joint Venture between ACCIONA and Ferrovial for the novation
of the operations and maintenance contract and all associated Public Private Partnership agreements on the Toowoomba
Second Range Crossing contract. The novation resulted in a net gain of $24.9 million, comprising of the $6.3 million consideration
($2.5 million of which settled in cash during the period) and release of associated provisions of $19.0 million (refer to Note 3.5);
offset by disposal of associated plant and equipment with a carrying amount of $0.4 million.
19
VENTIA HALF YEAR REPORT 2025 |

2.2 Expenses
June 2025
$’m
June 2024
$’m
Employee benefits1,025.91,027.1
Subcontractors1,435.91,488.7
Materials208.6220.4
Other115.0101.2
Total expenses excluding interest, tax, depreciation and amortisation2,785.42,837.4
2.3 Segment disclosures
Operating segment reporting
Operating segments have been identified based on separate financial information that is regularly reviewed by the Group Chief
Executive Officer, who is also the chief operating decision maker (CODM). The identification of operating segments is based on
the nature of services provided. The Group operates in the following operating segments, which are equivalent to its reportable
segments under AASB 8 Operating Segments:
Operating SegmentsSegment Description
Defence and Social InfrastructureProvides maintenance and support services to public and private customers operating across
defence, social infrastructure (education, health and state government), housing and community,
local government and critical infrastructure.
Infrastructure ServicesSupports the ongoing operation and maintenance of infrastructure, including utilities
(energy networks, renewables assets and water), resources and industrial assets (mining and
manufacturing) and resources development. The segment also provides complex and large-scale
environmental remediation and rehabilitation services.
TelecommunicationsProvides end-to-end service capabilities that span design, supply, minor construction, installation,
commissioning and maintenance of fibre optic, mobile and critical telecommunications networks
and infrastructure.
Tr a n s p o r tProvides maintenance, project delivery and technology solutions to owners and operators of
motorways and tunnels, road networks, rail, ports, airports and public transport systems across
Australian and New Zealand.
The revenue and EBITDA of each segment form the primary basis of all management reporting to the CODM.
June 2025
Defence
and Social
Infrastructure
$’m
Infrastructure
Services
$’m
Te l e -
communications
$’m
Transport
$’m
To t a l
$’m
Segment revenue1,249.4690.6772.7324.53,037.2
Segment EBITDA101.160.697.024.6283.3
June 2024
Defence
and Social
Infrastructure
$’m
Infrastructure
Services
$’m
Te l e -
communications
$’m
Transport
$’m
To t a l
$’m
Segment revenue1,328.6630.2782.3341.43,082.5
Segment EBITDA89.049.9100.325.1264.3
20| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation of segment EBITDA to profit after income tax
June 2025
$’m
June 2024
$’m
Segment EBITDA283.3264.3
Other income24.9–
Depreciation(48.7)(57.6)
Corporate cost, including amortisation of computer software(41.7)(29.3)
EBIT before amortisation of acquired intangible assets217. 817 7. 4
Amortisation of acquired intangible assets¹(3.3)(7.7)
Earnings before interest and income tax214.5169.7
Finance costs(28.9)(29.3)
Interest income6.44.1
Profit before income tax192.0144.5
Income tax expense(57.5)(43.1)
Profit after income tax134.5101.4
1. Amortisation of acquired intangible assets relates to customer contracts and relationships acquired as part of the acquisition of BRS Holdco Pty Ltd (Broadspectrum)
and Kordia Solutions Pty Ltd.
Other segment information
30 June 2025
Defence
and Social
Infrastructure
$’m
Infrastructure
Services
$’m
Te l e -
communications
$’m
Transport
$’m
Corporate
$’m
To t a l
$’m
Segment assets625.9841.0864.0211.6524.63,067.1
Segment liabilities403.8325.9417.6303.91,028.82,480.0
31 December 2024
Defence
and Social
Infrastructure
$’m
Infrastructure
Services
$’m
Te l e -
communications
$’m
Transport
$’m
Corporate
$’m
To t a l
$’m
Segment assets573.6778.6815.7182.2591.72,941.8
Segment liabilities311.3271.3415.8297.71,014.82,310.9
21
VENTIA HALF YEAR REPORT 2025 |

3. Assets and liabilities
3.1 Trade and other receivables and contract assets
30 June
2025
$’m
31 December
2024
$’m
Current
Trade receivables, net of expected credit losses441.2296.3
Prepayments and other receivables45.450.1
Amounts receivable from related parties9.55.2
Total current trade and other receivables496.1351.6
Non-current
Prepayments and other receivables13.313.9
Amounts receivable from related parties6.04.9
Total non-current trade and other receivables19.318.8
Total trade and other receivables515.4370.4
30 June
2025
$’m
31 December
2024
$’m
Current
Contract assets561.2519.1
Total contract assets561.2519.1
The ageing of the Group’s gross trade receivables before expected credit losses at the reporting date was:
30 June
2025
$’m
31 December
2024
$’m
Gross aged receivables 0-90 days437.2293.9
Gross aged receivables more than 90 days8.67.2
To t a l445.8301.1
3.2 Goodwill
Goodwill has been allocated to groups of cash-generating units (CGUs) represented by the Group’s operating segments for the
purpose of impairment testing.
30 June
2025
$’m
31 December
2024
$’m
Defence and Social Infrastructure256.9256.6
Infrastructure Services362.7362.4
Telecommunications426.6426.2
Tr a n s p o r t54.654.5
Total goodwill1,100.81,099.7
A review of impairment indicators relating to goodwill was performed as at 30 June 2025. No impairment indicators have been
identified for any of the CGUs as at 30 June 2025.
22| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3.3 Trade and other payables and contract liabilities
30 June
2025
$’m
31 December
2024
$’m
Current
Trade payables383.9293.7
Accruals288.0224.8
Other payables94.375.8
Amounts payable to related parties6.31.0
Total current trade and other payables772.5595.3
Non-current
Other payables2.82.8
Total non-current trade and other payables2.82.8
Total trade and other payables775.3598.1
30 June
2025
$’m
31 December
2024
$’m
Contract liabilities – current327.9351.2
Contract liabilities – non-current60.862.0
Total contract liabilities388.7413.2
3.4 Employee benefit liabilities
30 June
2025
$’m
31 December
2024
$’m
Current
Annual leave86.383.4
Long service leave29.029.8
Workers’ compensation14.614.7
Other employee benefits26.834.5
Total current employee benefit liabilities156.7162.4
Non-current
Long service leave59.357.2
Workers’ compensation20.618.0
Other employee benefits–0.7
Total non-current employee benefit liabilities79.975.9
Total employee benefit liabilities236.6238.3

23
VENTIA HALF YEAR REPORT 2025 |

3.5 Provisions
30 June
2025
$’m
31 December
2024
$’m
Current
Unfavourable contracts2.55.5
Onerous contracts1.71.7
Warranties and contract claims42.132.3
Other provisions4.54.8
Total current provisions50.844.3
Non-current
Unfavourable contracts32.642.3
Warranties and contract claims42.554.8
Other provisions19.318.0
Total non-current provisions94.4115.1
Total provisions145.2159.4
During the period, unfavourable contract provision of $12.7 million and provision for warranties and contract claims of $6.3 million
were released as the Group novated the Toowoomba Second Range Crossing contract.
3.6 Income tax
Reconciliation between profit before income tax and income tax expense
30 June
2025
$’m
31 December
2024
$’m
Profit before income tax192.0144.5
Income tax expense using the Australian corporate tax rate of 30%57.643.4
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:
Effect of different tax rates on overseas income(0.1)(0.3)
Income tax expense57. 543.1
At 30 June 2025, the Group had unused tax losses for which no deferred tax asset had been recognised of $11.3 million
(31 December 2024: $11.3 million).

24| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. Capital structure, financing, and risk management
4.1 Earnings per share
Basic earnings per share is calculated as profit after income tax attributable to shareholders, divided by the weighted average
number of ordinary shares (WANOS) issued.
Diluted earnings per share is calculated as profit after income tax attributable to shareholders adjusted for any profit recognised in
the period in relation to dilutive potential ordinary shares, divided by the WANOS adjusted by dilutive potential ordinary shares.
June 2025June 2024
Profit after income tax attributable to equity holders of the parent entity used in earnings per share ($’m)134.5101.4
134.5101.4
WANOS used in earnings per share (millions of shares)
WANOS for purpose of basic earnings per share847.6855.4
Effect from dilutive potential ordinary shares:
– Weighted average number of ordinary shares on issue847.6855.4
– Adjustment to reflect potential dilution for equity incentive plans9.88.3
WANOS for purpose of diluted earnings per share857.4863.7
Basic earnings per share (cents)15.8711.85
Diluted earnings per share (cents)15.6911.74
4.2 Dividends
June 2025December 2024
Cents per
Share
To t a l
Amount
$’mFranking
Date of
Payment
Cents per
Share
To t a l
Amount
$’mFranking
Date of
Payment
Prior year final10.6389.980%
7 April
2025
9.4179.580%
5 April
2024
Current year interim––––9.3579.180%
7 October
2024
Dividends paid during the
period/year
10.6389.918.76158.6
Since the end of the half year, the Board of Directors declared an interim dividend of 10.71 cents per share in respect of the
2025 financial year, 90% franked at a 30% tax rate. The amount will be paid on 8 October 2025. As the dividend was declared
subsequent to 30 June 2025, no provision had been made at 30 June 2025.
4.3 Share capital
30 June 202531 December 2024
Share Capital
Number
Millions$’m
Number
Millions$’m
Balance at start of period/year855.5374.5855.5374.5
Movement:
Share buy-back(19.3)(82.5)––
Transaction costs–(0.2)––
Balance at start and end of period/year836.2291.8855.5374. 5
During the period, the Company bought back 19.3 million shares on market at an average price of $4.27 per share, for a total
cash outflow of $82.5 million.
Share capital
Holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share. In the event of
winding up of the Company, ordinary shareholders rank after creditors and are entitled to any net proceeds on liquidation.
The total number of shares issued by the Company as at 30 June 2025 is 836,168,696 (31 December 2024: 855,484,445).
This includes 185,265 treasury shares as at 30 June 2025 (31 December 2024: 70,671).
25
VENTIA HALF YEAR REPORT 2025 |

4.4 Borrowings
30 June
2025
$’m
31 December
2024
$’m
Borrowings750.0750.0
Capitalised borrowing costs(5.8)(6.3)
Total borrowings74 4. 2743.7
The Group has the following syndicated facilities (Syndicated Facilities):
• $900.0 million of revolving cash facilities, comprising two $250.0 million tranches, which were fully drawn as at 30 June 2025 and
31 December 2024, and a five-year $400.0 million tranche, which was undrawn as at 30 June 2025 and 31 December 2024; and
• $250.0 million Asian Term Loan facility, which was fully drawn at 30 June 2025 and 31 December 2024.
The Syndicated Facilities have variable interest rates, based on BBSY plus a margin. The revolving cash facilities attract
commitment fees common with this type of facility.
The maturity profile of the Group’s borrowing arrangements is represented in the table below by facility limit:
CurrencyAnnual Interest RateMaturity$’m
Syndicated banking facilities (non-current)
– fully drawn
Revolving cash facilityAUDBBSY + 120 bps8 November 2027250.0
Revolving cash facilityAUDBBSY + 130 bps8 November 2028250.0
Asian Term LoanAUDBBSY + 170 bps11 November 2031250.0
750.0
Revolving cash facility – undrawnAUDBBSY + 140 bps8 November 2029400.0
26| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4.5 Fair value measurement of financial instruments
Some of the Group’s financial assets and financial liabilities are measured at fair value at each reporting date.
The following table provides information about how the fair values of these financial assets and financial liabilities are determined.
They are grouped into levels 1 to 3 based on the degree to which the fair value measurement inputs are observable.
Level 1Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
assets or liabilities.
Level 2Fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (unobservable inputs).
Fair Value AssetFair Value Liability
30 June
2025
$’m
31 December
2024
$’m
30 June
2025
$’m
31 December
2024
$’m
Fair Value
Hierarchy
Interest rate swaps–0.55.61.5Level 2
Contingent consideration––3.13.1Level 3
To t a l–0.58.74.6
There were no transfers between level 1, level 2, or level 3 during the period.
Estimation of fair values
The fair value of interest rate swaps is determined using a discounted cash flow model where future cash flows are estimated
based on market forward rates at the reporting date and the contract rates, discounted at a rate that reflects the credit risk of the
various respective counterparties.
Contingent consideration
The fair value of contingent consideration is measured at the present value of the estimated future cash outflows which are based
on a number of conditions as set out in the relevant acquisition documentation.
Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis
The carrying value of cash and cash equivalents, financial assets, bank and other loans, and non-interest bearing monetary
financial liabilities of the Group approximate their fair value.
4.6 Commitments for capital expenditure
Capital expenditure commitments of the Group at the reporting date are as follows:
30 June
2025
$’m
31 December
2024
$’m
Estimated capital expenditure under firm contracts, payable:
Not later than one year26.611.2
Later than one year, not later than two years––
Beyond two years––
Total capital expenditure commitments
1
26.611.2
1. There were no material commitments related to joint arrangements.
27
VENTIA HALF YEAR REPORT 2025 |

5. Group structure
5.1 Related parties
Related parties are persons or entities that are related to the Group as defined by AASB 124 Related Party Disclosures.
This note provides information about transactions with related parties during the period.
Transactions within the Group
During the period and previous periods, subsidiaries of Ventia Services Group Limited advanced loans to, received and repaid
loans from, and provided treasury, accounting, legal, taxation, and administrative services to other Group entities.
Group entities also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis
of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are
related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.
Transactions with related parties
The Group entered into transactions with its joint arrangements during the period. The outstanding balances with related
parties are disclosed in Note 3.1 and Note 3.3.
Key Management Personnel compensation
Remuneration arrangements of Key Management Personnel are disclosed in the annual financial report for the year ended
31 December 2024.
5.2 Equity accounted investments
The details of equity accounted investments of the Group are as follows:
Joint Venture
Country of
Incorporation
Statutory
Reporting Date
Ownership Interest
30 June
2025
%
31 December
2024
%
Aroona P&T Pty LtdAustralia31 December50.050.0
Brisbane Motorway Services Pty LimitedAustralia30 June50.050.0
Gateway Motorway Services Pty LimitedAustralia30 June50.050.0
Skout Solutions Pty LimitedAustralia31 December50.050.0
SV Joint Venture Pty LimitedAustralia31 December50.050.0
Translink Investments Pty LimitedAustralia30 June50.050.0
Ventia Boral Amey NSW Pty Limited
1
Australia31 December66.666.6
Ventia Boral Amey QLD Pty Limited
1
Australia31 December64.464.4
Venture Smart Pty LimitedAustralia31 December50.050.0
Skout Solutions (NZ) LimitedNew Zealand31 December50.050.0
Broadspectrum WorleyParsons JV (M) Sdn BhdMalaysia30 June50.050.0
1. While the Group holds a greater than 50% interest in these joint venture entities, voting rights on key matters are shared among the joint venture entity participants, and
therefore the Group accounts for these joint venture entities using the equity method.

28| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5.3 Joint operations
The details of joint operations of the Group are as follows:
Joint Operation
Country of
Incorporation
or Establishment
Ownership Interest
30 June
2025
%
31 December
2024
%
AllwaterAustralia50.050.0
Arup Pty Limited & BMD Constructions Pty Ltd & Ventia Pty Ltd (Smartways)Australia20.020.0
BRSJayAustralia50.050.0
Confluence WaterAustralia50.050.0
Gold Coast Infrastructure SolutionsAustralia50.050.0
Trace UJV
1
Australia80.080.0
Utilita Water SolutionsAustralia50.050.0
Ventia Boral Amey NSW
1
Australia66.666.6
Ventia Boral Amey QLD
1
Australia64.464.4
WatersureAustralia40.040.0
Ventia-Wajarri Enterprises JVAustralia50.050.0
1. Whilst the Group holds a greater than 50% interest in these joint operations, voting rights on key matters are shared among the joint operation participants, and
therefore the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements.
6. Other
6.1 Contingent liabilities
6.1.1 Indemnities
Indemnities given by third parties on behalf of the Group in the ordinary course of business are as follows:
30 June
2025
$’m
31 December
2024
$’m
Insurance, performance and payment bonds442.2460.5
442.2460.5
6.1.2 Legal and other matters
Legal, commercial and regulatory matters may arise in the ordinary course of business. The Directors consider that appropriate
provisions have been raised to reflect expected costs for the resolution and finalisation of open matters and therefore no
contingent liabilities for potential settlements, fines or judgements have been noted, other than the matters below.
6.1.3 Gateway Motorway project
Claims have been made by Queensland Motorways Pty Limited (QM) in the Supreme Court of Queensland against various parties,
including the head design, construction and maintenance contractors of the Gateway Motorway project (D&C Contractor) in
relation to alleged defects in the motorway upgrade project.
Two companies in which the Group has an interest, Visionstream Australia Pty Limited (VA) (a wholly-owned subsidiary) and
Gateway Motorway Services Pty Limited (GMS) (a 50/50 joint venture company), independently provided services to the D&C
Contractor in connection with the project. The D&C Contractor has sought to pass down the nature and the value of certain claims
made against it by QM to VA, and separately GMS.
Both VA and GMS have respectively served their defence to each allegation, denying all liability. The effect of contractual liability
caps, any applicable insurance cover and other relevant matters, will need to be considered. The potential outcome of the
proceedings cannot be determined at this stage.
29
VENTIA HALF YEAR REPORT 2025 |

6.1.4 Australian Competition and Consumer Commission proceedings
In December 2024, the Australian Competition and Consumer Commission (ACCC) started civil proceedings in the Federal Court
against Ventia Australia Pty Ltd (VAPL, a wholly-owned subsidiary) and two employees, alleging contraventions of the Australian
competition law provisions for services provided to the Department of Defence (Defence).
The ACCC alleges that in 2020 and 2022, VAPL made and gave effect to, or attempted to make arrangements or understandings
containing provisions which had the purpose, effect or likely effect of fixing, controlling or maintaining the prices at which services
would be supplied to Defence under specific programs of works.
On the basis of information currently known to the Group, the Group intends to defend the proceedings. The potential outcome of
the proceedings cannot be determined at this stage.
6.2 Events after the reporting period
Business combinations
On 1 July 2025, Ventia Holdings I Pty Limited (a controlled entity of Ventia Services Group Limited) acquired the entire share
capital of PowerNet Holding Company Pty Ltd (PowerNet). PowerNet is an electrical services business specialising in the
construction and installation of complex electrical high voltage projects. PowerNet’s operation will be integrated into the
Infrastructure Services operating segment. The purchase consideration was $20.2 million and is subject to customary working
capital and net debt adjustments.
The purchase price allocation for the acquisition is in progress with 12 months to finalise from the acquisition date.
Dividends
Since the end of the half-year, the Directors have resolved to pay an interim dividend of 10.71 cents per share, 90% franked.
In accordance with AASB 110 Events after the Reporting Period, the proposed interim dividend is not recognised as a liability
as at 30 June 2025.
Unless disclosed elsewhere in the Condensed Consolidated Financial Statements, no other material matter or circumstance
has arisen since 30 June 2025 that has significantly affected or may significantly affect:
• the Group’s operations in future financial years;
• the results of those operations in future financial years; or
• the Group’s state of affairs in future financial years.

30| FINANCIAL REPORT – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In the opinion of the Directors of Ventia Services Group Limited (Company):
a. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
b. the attached Condensed Consolidated Financial Statements and notes thereto are in accordance with the Corporations Act
2001, including compliance with accounting standards, and give a true and fair view of the financial position as at 30 June 2025
and performance for the half-year then ended, of the Group.
Signed in accordance with a resolution of the Directors made pursuant to Section 303(5) of the Corporations Act 2001.
On behalf of the Directors

David Moffatt
Chairman
14 August 2025
Directors’ Declaration
31
VENTIA HALF YEAR REPORT 2025 |

Independent Auditor’s Review Report

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dŚĞ ĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŚĂůĨ ͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂƚƌƵĞĂŶĚ
ĨĂŝƌǀŝĞǁŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚĨŽƌƐƵĐŚŝŶƚĞƌŶĂů
ĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂ
ƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
Auditor’s Responsibilities for the Review of ƚŚĞ,ĂůĨ ͲLJĞĂƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂĐŽŶĐůƵƐŝŽŶŽŶƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚďĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁ͘^ZϮκϭϬƌĞƋƵŝƌĞƐ
ƵƐƚŽĐŽŶĐůƵĚĞǁŚĞƚŚĞƌǁĞŚĂǀĞďĞĐŽŵĞĂǁĂƌĞŽĨĂŶLJŵĂƚƚĞƌƚŚĂƚŵĂŬĞƐƵƐďĞůŝĞǀĞƚŚĂƚƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ
ŝƐŶŽƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞGroup’sĨŝŶĂŶĐŝĂů
ƉŽƐŝƚŝŽŶĂƐĂƚϯϬ:ƵŶĞϮϬϮρ
ĂŶĚŝƚƐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞŚĂůĨͲLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂŶĚĐŽŵƉůLJŝŶŐǁŝƚŚĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚ^ϭϯκ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͘



>ŝĂďŝůŝƚLJůŝŵŝƚĞĚďLJĂƐĐŚĞŵĞĂƉƉƌŽǀĞĚƵŶĚĞƌWƌŽĨĞƐƐŝŽŶĂů^ƚĂŶĚĂƌĚƐ>ĞŐŝƐůĂƚŝŽŶ͘
DĞŵďĞƌŽĨĞůŽŝƚƚĞƐŝĂWĂĐŝĨŝĐ>ŝŵŝƚĞĚĂŶĚƚŚĞĞůŽŝƚƚĞŽƌŐĂŶŝƐĂƚŝŽŶ͘
ĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵ
EϳκκεϬϭϮϭϬςϬ
YƵĂLJYƵĂƌƚĞƌdŽǁĞƌ
ρϬƌŝĚŐĞ^ƚ
^LJĚŶĞLJ͕E^t͕ϮϬϬϬ
ƵƐƚƌĂůŝĂ

WŚŽŶĞ͗нςϭϮεϯϮϮϳϬϬϬ
ǁǁǁ͘ĚĞůŽŝƚƚĞ͘ĐŽŵ͘ĂƵ



Independent Auditor’s Review Report to the ŵĞŵďĞƌƐŽĨ
sĞŶƚŝĂ^ĞƌǀŝĐĞƐ'ƌŽƵƉ>ŝŵŝƚĞĚ

ŽŶĐůƵƐŝŽŶ
tĞŚĂǀĞƌĞǀŝĞǁĞĚƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨsĞŶƚŝĂ^ĞƌǀŝĐĞƐ'ƌŽƵƉ>ŝŵŝƚĞĚ(the “Company”) and its subsidiaries
(the “Group”), whichĐŽŵƉƌŝƐĞƐƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚϯϬ:ƵŶĞϮϬϮρ͕ĂŶĚ
ƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚ
ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌƚŚĞŚĂůĨͲLJĞĂƌĞŶĚĞĚŽŶ
ƚŚĂƚĚĂƚĞ͕ŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝŶĨŽƌŵĂƚŝŽŶĂŶĚŽƚŚĞƌĞdžƉůĂŶĂƚŽƌLJ
ŝŶĨŽƌŵĂƚŝŽŶ͕ĂŶĚƚŚĞdirectors’ĚĞĐůĂƌĂƚŝŽŶ͘
ĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁ͕ǁŚŝĐŚŝƐŶŽƚĂŶĂƵĚŝƚ͕ǁĞŚĂǀĞŶŽƚďĞĐŽŵĞĂǁĂƌĞŽĨĂŶLJŵĂƚƚĞƌƚŚĂƚŵĂŬĞƐƵƐďĞůŝĞǀĞƚŚĂƚƚŚĞ
ĂĐĐŽŵƉĂŶLJŝŶŐŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚĐŽŵƉůLJǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐ͗
• 'ŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞGroup’sĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚϯϬ:ƵŶĞϮϬϮρĂŶĚŽĨŝƚƐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞŚĂůĨͲ
LJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͖ĂŶĚ
• ŽŵƉůLJŝŶŐǁŝƚŚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚ^ϭϯκ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͘
ĂƐŝƐĨŽƌŽŶĐůƵƐŝŽŶ
tĞĐŽŶĚƵĐƚĞĚŽƵƌƌĞǀŝĞǁŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ZϮκϭϬZĞǀŝĞǁŽĨĂ&ŝŶĂŶĐŝĂůZĞƉŽƌƚWĞƌĨŽƌŵĞĚďLJƚŚĞ/ŶĚĞƉĞŶĚĞŶƚ
ƵĚŝƚŽƌŽĨƚŚĞŶƚŝƚLJ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂƌĞĨƵƌƚŚĞƌĚĞƐĐƌŝďĞĚŝŶƚŚĞAuditor’s Responsibilities for the Review of the
,ĂůĨͲLJĞĂƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƚƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƵĚŝƚŽƌ
ŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĐĐŽƵŶƚŝŶŐWƌŽĨĞƐƐŝŽŶĂů
and Ethical Standards Board’s APES 110 Code of EthiĐƐĨŽƌWƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐ;ŝŶĐůƵĚŝŶŐ/ŶĚĞƉĞŶĚĞŶĐĞ
^ƚĂŶĚĂƌĚƐͿ;“ƚŚĞŽĚĞ”ͿƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶƵƐƚƌĂůŝĂ͘tĞŚĂǀĞĂůƐŽĨƵůĨŝůůĞĚ
ŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽĚĞ͘
tĞĐŽŶĨŝƌŵƚŚĂƚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĚĞĐůĂƌĂƚŝŽŶƌĞƋƵŝƌĞĚďLJƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭǁŚŝĐŚŚĂƐďĞĞŶŐŝǀĞŶƚŽƚŚĞ
ĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ͕ǁŽƵůĚďĞŝŶƚŚĞƐĂŵĞƚĞƌŵƐŝĨŐŝǀĞŶƚŽƚŚĞĚŝƌĞĐƚŽƌƐĂƐĂƚƚŚĞƚŝŵĞŽĨthis auditor’s review
ƌĞƉŽƌƚ͘
Directors’ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞ,ĂůĨͲLJĞĂƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂƚƌƵĞĂŶĚ
ĨĂŝƌǀŝĞǁŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚĨŽƌƐƵĐŚŝŶƚĞƌŶĂů
ĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂ
ƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
Auditor’s Responsibilities for the Review of ƚŚĞ,ĂůĨͲLJĞĂƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂĐŽŶĐůƵƐŝŽŶŽŶƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚďĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁ͘^ZϮκϭϬƌĞƋƵŝƌĞƐ
ƵƐƚŽĐŽŶĐůƵĚĞǁŚĞƚŚĞƌǁĞŚĂǀĞďĞĐŽŵĞĂǁĂƌĞŽĨĂŶLJŵĂƚƚĞƌƚŚĂƚŵĂŬĞƐƵƐďĞůŝĞǀĞƚŚĂƚƚŚĞŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ
ŝƐŶŽƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞGroup’sĨŝŶĂŶĐŝĂů
ƉŽƐŝƚŝŽŶĂƐĂƚϯϬ:ƵŶĞϮϬϮρĂŶĚŝƚƐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞŚĂůĨͲLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂŶĚĐŽŵƉůLJŝŶŐǁŝƚŚĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚ^ϭϯκ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͘


32
| FINANCIAL REPORT





ƌĞǀŝĞǁŽĨĂŚĂůĨͲLJĞĂƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĐŽŶƐŝƐƚƐŽĨŵĂŬŝŶŐĞŶƋƵŝƌŝĞƐ͕ƉƌŝŵĂƌŝůLJŽĨƉĞƌƐŽŶƐƌĞƐƉŽŶƐŝďůĞĨŽƌĨŝŶĂŶĐŝĂůĂŶĚ
ĂĐĐŽƵŶƚŝŶŐŵĂƚƚĞƌƐ͕ĂŶĚĂƉƉůLJŝŶŐĂŶĂůLJƚŝĐĂůĂŶĚŽƚŚĞƌƌĞǀŝĞǁƉƌŽĐĞĚƵƌĞƐ͘ƌĞǀŝĞǁŝƐƐƵďƐƚĂŶƚŝĂůůLJůĞƐƐŝŶƐĐŽƉĞƚŚĂŶ
ĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚĐŽŶƐĞƋƵĞŶƚůLJĚŽĞƐŶŽƚĞŶĂďůĞƵƐƚŽŽďƚĂŝŶ
ĂƐƐƵƌĂŶĐĞƚŚĂƚǁĞǁŽƵůĚďĞĐŽŵĞĂǁĂƌĞŽĨĂůůƐŝŐŶŝĨŝĐĂŶƚŵĂƚƚĞƌƐƚŚĂƚŵŝŐŚƚďĞŝĚĞŶƚŝĨŝĞĚŝŶĂŶĂƵĚŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕ǁĞ
ĚŽŶŽƚĞdžƉƌĞƐƐĂŶĂƵĚŝƚŽƉŝŶŝŽŶ͘



>K/dddKh,dK,Dd^h

    
,&ŽƌƚĞƐĐƵĞ         'DƵůůĞƌ 

WĂƌƚŶĞƌ          WĂƌƚŶĞƌ 
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ       ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
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33
VENTIA HALF YEAR REPORT 2025 |

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