Investor Day Presentation

2025 Investor Day
27 November 2025
2025 Investor Day
27 November 2025

2
2025 Investor Day
Mel Buffier
Group Head of Investor Relations
Welcome

3
2025 Investor Day
Acknowledgment
of Country
Downer acknowledges Aboriginal and Torres Strait Islander peoples as the First Australians and
the traditional and continuing custodians across Australia. We acknowledge and pay respect to
Aboriginal and Torres Strait Islander Elders past, present, and future in maintaining their culture,
their country, and spiritual connection to the land.
Delivered by Rochelle Jones and Kentaro Sabatino, North Queensland Cowboys House

4
2025 Investor Day
Downer Whakataukī
This design is gifted to Downer by
an alumni of its Te Ara Whanake
initiative, to celebrate Matariki and
Downer’s commitment to
inclusivity and acceptance.
Tuituia ngātahi mātou ki te mana o te whānau, te
manaaki, te kairangatira me te ngākau pono,
tuituia. Hei korowai tikanga tuku iho mō tatou. O rite
ki ngā rākau nui i tupu ai i te wao nui o Tāne ko te
kauri i whakawhiwhi haumaru, ko te rimu i
whakawhiwhi taonga, ko te totara i whakawhiwhi
whanaungatanga, ko te kahikatea i whakawhiwhi
whakaaro matakite. Ngā pou e whā i aumangea ai
i te whakataukī – mā te whanaungatanga ka
angitu. Hui ē! Tāiki ē!
Weaving us together as one are family and
relationships, care & respect, excellence and
integrity as our cloak of values. Like the great trees
growing in the forest of Tane is the Kauri which
connects us to Safety, the Rimu which connects us
to Delivery, the Totara which connects us to
Relationships and the Kahikatea which connects us
to Thought Leadership. These are our four pillars
upon which we build “Relationships creating
success”. United and ready to move forward!
Delivered by Jarrod Telford, Downer’s Pou Matua

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2025 Investor Day
Agenda
TimeItemPresenter
8:30amWelcomeMel Buffier Group Head of Investor Relations
8:35amOverview, strategy and prioritiesPeter Tompkins Managing Director & Chief Executive Officer
8:55amUnlocking our potential: strategic advantages and sector outlooks
Energy & Utilities
Facilities
Road Services, Projects
Rail & Transit Systems

Luke Sullivan Chief Operating Officer, Energy & Utilities
Jacob Bonisch Chief Operating Officer, Social Infrastructure & Citizen Services
Peter Tompkins and Murray Robertson Managing Director, New Zealand
Stephen Kakavas Chief Operating Officer, Rail & Transit Systems
10:30amBreak
10:45amMacro tailwinds in focus: The Downer Advantage in action
Energy transition
Defence spending
Population growth
ANZ local industry revitalisation
Luke Sullivan
Jacob Bonisch
Mel Buffier with Neal Firth Executive General Manager, Water, Paul Mahoney
Executive General Manager Government & IFM, and Murray Robertson
Kamal Habibullah Executive General Manager, Passenger Projects, and
Kerry Armstrong Deputy Project Director, Commercial Director QTMP
11:45amDisciplined execution: our pathway to sustainable growth Malcolm Ashcroft Chief Financial Officer
12:05pmOutlook and key takeawaysPeter Tompkins
12:10pmQ&APeter Tompkins, Malcolm Ashcroft

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2025 Investor Day
We are a leading provider
of integrated services
across Australia and New
Zealand, delivering and
maintaining essential
infrastructure that
enables communities
to thrive
500+
Operating sites
26,000
Employees
21,000+
Significant size, scale and
breadth of capability
Network of suppliers &
subcontractors
Play video >>
Enabling communities to thrive

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2025 Investor Day
Peter Tompkins
Managing Director &
Chief Executive Officer
Overview, strategy
and priorities

Overview, strategy and
priorities
8
2025 Investor Day
Peter Tompkins
Managing Director &
Chief Executive Officer
Jan O’Neill
Chief People Officer
Malcolm Ashcroft
Chief Financial Officer
Ashley Mason
Chief Risk Officer
Luke Sullivan
Chief Operating Officer
Energy & Utilities
Murray Robertson
Managing Director
New Zealand
Jacob Bonisch
Chief Operating Officer
Social Infrastructure &
Citizen Services
Stephen Kakavas
Chief Operating Officer
Rail & Transit Systems
Robert Regan
Group General Counsel
Company Secretary
Our leaders

Overview, strategy and
priorities
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2025 Investor Day
Robust risk
management and
governance framework
Strong culture of
performance and
investment in our people
Market leadership with
capabilities built around
strong cores
Defence
spending
Energy
transition
The Downer Advantage
Diversified exposure to growth sectors building long-term value
Sovereign prime contractor,
enduring local industry supply
chains, customer
relationships, strong brand
Transport
Road Services
Projects
Rail & Transit Systems
Energy & Utilities
Power & Gas
Water
Energy & Industrial
Telecommunications
Facilities
Defence
Health
Education
Government
ANZ local industry
revitalisation
Population
growth
Sustainable
growth
opportunities
Differentiators
Sectors

Overview, strategy and
priorities
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2025 Investor Day
Our strategy
Where to playHow to win
Be the leading infrastructure services provider across Australia and New Zealand
Purpose
We own the outcomesWe do it for our customersWe stand for each other
Enhance our
strong cores
Portfolio
simplification
Invest for
sustainable
growth
Delivery
excellence
Risk
guardrails
Cost
leadership
Invest in
critical
capabilities
Culture &
capability
Risk
management
& governance
Customer &
pipeline
management
Capital
allocation &
management
Data &
technology
Management
systems
Enabling communities to thrive
Ambition
Culture
Strategic
focus
Strategic
priorities
Critical
enablers

Overview, strategy and
priorities
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2025 Investor Day
OUR PURPOSE
OUR PILLARS
OUR CULTURE
Purpose,
pillars &
culture

Overview, strategy and
priorities
12
2025 Investor Day
Safety
2.04
24%
Reduction on FY23
>67,000
Field safety engagements
Delivering immediate in-field
improvements and driving proactive
risk management
0.83
8%
Reduction on FY23
Our Health and Safety Strategic Plan FY25-27 builds on
our strong Zero Harm culture and commitment to
continuous improvement, aligning safety with high
performance
Lost Time Injury
Frequency Rate (LTIFR)
12 months rolling to 30 June 25
Target <0.90
Total Recordable Injury
Frequency Rate (TRIFR)
12 months rolling to 30 June 25
Target <3.00

Overview, strategy and
priorities
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2025 Investor Day
ESG focus areas and performance
Climate change
and resilience
PeopleSustainable
procurement
302, 151 tCO
2
e
Scope 1 and 2 emissions
21% reduction on FY23
Launched our people strategy
$55m spent with Aboriginal and
Torres Strait Islander businesses
$53m spent with Māori and Pasifika
businesses
$11m spent with social enterprise
organisations
Decarbonisation levers
Transition
of fleet
Energy
efficiency
Renewable
energy
Fuel
switching
FY25 Scope 1 and 2 emission by sources
8% electricity
11% natural gas
81% liquid fuels
Emissions targets
50%
Reduction by 2032 across
Scope 1 and 2 emissions
against a 2020 baseline
Net zero
By 2050 across
Scope 1 and 2 emissions
Governance &
ethics
Continued to enhance license to
operate initiatives, project governance
and risk controls
3-year average NED tenure
26.98 tCO
2
-e/$
Scope 1 and 2 emissions
11% reduction on FY23

Overview, strategy and
priorities
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2025 Investor Day
Targeting
>4.5%
EBITA margin
Reset operating
model and cost
base – targeting
>$100m cost out
Portfolio
simplification
Operational
excellence
and risk
management
Our goals and targets from 2023

Overview, strategy and
priorities
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2025 Investor Day
Delivering improvements since FY23
FY23
2.6%
FY24
3.2%
FY25
4.4%
EBITA margin
1,2
4.4%
1H
3.7%
2H
5.0%
1H
2.5%
2H
3.9%
1H
2.2%
2H
2.9%
Exceeded management target
3
minimum threshold of 4.2%
Performance driven by higher quality
order book, cost out, portfolio
simplification and improved delivery
Statutory NPAT
$149m
+139% on FY23
EBITA
+47%
$474m underlying EBITA
1,2
NPATA
1,2
$279m
+60% on FY23
Total dividend
Cash conversion
4
98%
Cash backed results
4
Exceeded >90% target
Leverage ratio
0.9x
Net debt to EBITDA
5

Improved from 2.0x at Jun-23
Cost out
Annualised gross cost out
6
Exceeded $100m target
$213m
7.3%
EBITDA
margin
Underlying margin
24.9cps
63% payout ratio v 53% in FY23
+92% on FY23
Free cash flow
From ($94m) in FY23
$324m
Footnotes are presented on slides 133 and 134

Overview, strategy and
priorities
16
2025 Investor Day
Keolis Downer
sale imminent
AU transport projects
Environmental & recycling
Smart meter assets
Building services
Commercial building services
Cleaning, catering
Portfolio simplification has reshaped Downer
Divestment / exitAsset held for sale
Mining
Laundries
Transition to a
services-led model
Trans-Tasman leadership
Rationalisation and
portfolio simplification
20212022202320242025
Capital intensive, cyclical and
exposed to market volatility
Capital-light, balanced, disciplined risk
management, sustainable improvement focus

Overview, strategy and
priorities
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2025 Investor Day
Mature / GDP growth
10
Higher growth potential / GDP+
10

Cyclical growth opportunity
10
Road
Services
28%
Rail &
Transit
Systems
13%
NZ
Projects
(including
Building)
10%
Power &
Gas
5%
Industry &
Energy
8%
Telco
8%
Water
7%
Govt /
H&E
13%
Defence
8%
Transport
51%
Energy &
Utilities
28%
Facilities
21%
Transport
75%
Energy &
Utilities
17%
Facilities
8%
FY25
Group revenue
$10.6bn
7,8
FY25
NZ revenue
$3.0bn
7,8
▲
●
●
●
▲
▲
●
▲
▲
High quality
balanced portfolio
across sectors,
geographies and
contract types
Total WIH
$35.1bn
9
Transport
49%
Energy &
Utilities
14%
Facilities
37%
Since 30-Jun-25, ~$4.5bn of preferred bidder status contracts, disclosed
on 21-Aug-25, have converted into WIH, including the $3.05bn Australian
Defence Property and Asset Services contract.

Overview, strategy and
priorities
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2025 Investor Day
Portfolio aligned to tailwinds and asset lifecycles
SupplyConstructionServices and asset management
Materials
Manufacture /
assembly
VerticalInfrastructure
Networks /
Energy / Power /
Water
Road
pavement /
surfacing
Operations /
maintenance
Hard FM /
minor works
programs
Soft FM
Defence
advisory
Boral
UGL
Fulton Hogan
Monadelphous
Ventia
Service Stream
Specialist capabilities and vertically integrated model to deliver integrated whole-of-lifecycle solutions
11

Overview, strategy and
priorities
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2025 Investor Day
Directors
Third line
of defence
First line
of defence
Second line
of defence
Board
Audit & Risk
Committee
Risk framework, oversight
O
perational risks
E
nterprise risks
Project Governance
Committee
The Downer Standard
Policy framework, governance and consistency in our
approach to risk, opportunity and delivery management
Clear accountability to support disciplined decision
making and improve operational resilience.
Since 2023, we have invested in uplifting risk
management capability, adherence to policy and
strengthening the control environment.
Risk management framework
▪Risk appetite reset, foundation of strategy and performance culture
▪Risk guardrail refresh with swim lanes, minimum hurdle rates and
margin improvement plans incorporated into tendering
▪Risk assessment:
▪Capacity, Capability, Counterparty, Contract, Compensation (5Cs)
▪Selective tendering, enhanced project screening, early stage reviews
▪New Board Project Governance Committee and CRO function
Delivery performance management
▪Delivery Management Methodology guides all stages of the delivery
lifecycle “The Downer Standard”
▪Business and Group performance reviews and technology-enabled
oversight for consistent application
Enhanced enterprise
risk management
and governance
Group
Define risk appetite and framework
Oversee enterprise risk reporting
Guide operational risk practices
Internal Audit | Tender & Contracts Committee
Business Reviews
Report to Board and Board Committees
Business units and functions
Operational delivery and risk governance
Second LoD reviews
Monthly performance reviews
Quarterly business reviews
Delivery Teams
Bid, contract and project assessment
Report to Delivery Governance Leadership

Overview, strategy and
priorities
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2025 Investor Day
Our approach to selective
tendering and winning work
Pipeline
• Portfolio simplification benefits:
• Market attractiveness
• Market potential
• Leadership
• Competitive advantage
• Risk and return profile
• Management bandwidth
• Sophisticated CRM and strategic
account management process
• Proactively manage
concentration, portfolio balance
• Work mix balanced between
maintenance, services and
construction
Tendering governanceInsights
• Risk Appetite Score (RAS)
determines governance level
and oversight
• Filter: 5Cs
• Approval gates: Pursue, Prepare,
Submit, Execute
• Risk guardrails and prioritisation
• Tender process: Role of Chief
Risk Officer (Tenders & Contracts
Committee (TCC)) and Board
subcommittee
• Optimisation of profile between
submit / preferred / execute
• Target Book to Burn >1 and WIH,
not unconstrained topline
• Prioritise renewals, target >90%
retained
• Selectively bid new work aligned
to 5Cs, target ~1 in 3, bid less win
more
• TCC meets twice weekly
• Ability to optimise profile
between submission / preferred
status / execution of contract
• Monthly and Quarterly deep dive
into pipeline, revenue
management, cash, WIP, WIH and
project performance by
CEO/CFO/CRO

Overview, strategy and
priorities
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2025 Investor Day
▪Order book reflects a balanced mix of contract types, with risk exposure correlated to portfolio composition
▪Capital-light services dominate the portfolio, and risk is actively managed in line with Group appetite and strategic objectives
▪Lump sum construction work typically involves lower risk contract types, such as early contractor involvement (ECI)
Balanced portfolio with disciplined risk-return management
Contract commercial models
9
Cost-plus
5%
Schedule
of rates
19%
Lump sum
10%
Alliance /
target cost
6%
Multi-year O&M
with adjustment
mechanism
60%
I
ndicative risk exposure

Overview, strategy and
priorities
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2025 Investor Day
Managing cost escalation
Cost escalation effectively managed through embedded mechanisms
Contract escalation
12
92%
6%
2%
Embedded escalation
Cost plus / reimbursable
No escalation
Services ~90% of WIH
12
▪Predominantly long-term contracts structured to pass
through inflationary pressures
▪99% include embedded price escalation mechanisms
▪Majority escalate via CPI or blended indices
▪Remaining mechanisms include cost-plus / reimbursable,
fixed % and annual review mechanisms
▪1% with no escalation mechanism, supported by predictable
financial outcomes and low exposure to cost volatility
Construction ~10% of WIH
12
▪Short-term contracts priced on current market conditions
and typically include escalation contingencies
▪Contracts without escalation are limited and primarily relate
to scopes with low exposure to cost volatility
93%
7%
92%
7%
1%
Services
Construction

Overview, strategy and
priorities
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2025 Investor Day
Investing in our critical capabilities
People
management
Delivery
management
Financial
management
Technology
and data
• Contract
performance
management
• Cash culture
• Revenue and pipeline
management
• Cost management
• Business reviews
• Work order
management
• Project management
• Asset management
• Time and
attendance, payroll
• ERP
• Data lake and
governance
• Leadership program
• Senior Leader Profile of
Success and assessment
tools
• Frontline Management
Academy
• Performance
management
• Project and Contract
Manager capability
assessment
• Core Delivery
Management
Essentials program
• Delivery governance
leadership
• Specialist delivery
management
Our drivers of underperformance highlighted key areas for improvement

Overview, strategy and
priorities
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2025 Investor Day
Investment in delivery excellence
Right people, right roles, right time
Cost
leadership
Strengthening workforce capability to enhance current and future market competitiveness
Compliance with
Delivery Management Methodology
Management of scope and change
Management of program and budget
Robust delivery governance and leadership
Back to basics
Core contracting
disciplines
Project
controls
Modernise
technology
Frontline
learning &
development
Margin
improvement
plans
Delivery
incentives
Project
Day 1
readiness
Risk &
opportunity
management
Commercial
excellence
Capability
assessments
Delivery
governance
Multi-year
capability
uplift program
Critical risk
observations
Organic revenue
growth per contract
Margin improvement on
budget per contract
Improvement in
people engagement
Contract
targets

Overview, strategy and
priorities
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2025 Investor Day

FY25 final dividend fully franked
15
Targeting 100% franked dividends in FY26

Payout range target increased to 60%-70% of
underlying NPATA
24.9cps
17.0cps
13.0cps
Average
franking
89%32%
Final
Interim
Unfranked
TSR outperformance DOW v ASX200 index
Where we are today: improving shareholder return
Strong balance sheet with
capacity to invest
in sustainable growth
Leverage target at or
around 1.5x remains
unchanged
+171%
+30%
8.0
5.0
11.0
6.0
14.1
10.8
FY23FY24FY25
DownerS&P / ASX 200 Accumulation Index
Mar-23Nov-23Jul-24Mar-25Nov-25
-%
40%
80%
120%
160%
200%
+141%
Total shareholder return since 1 Mar-23
up to ~5% of issued capital
~$230m
on FY23 total dividend
+92%
TSR outperformance
13
Share buy-back
14

signalling confidence
Dividend and franking uplift

Overview, strategy and
priorities
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2025 Investor Day
Where to next: sustainable growth
Energy
transition
Population
growth
92% of WIH
cost
indexation
12
Water
Cyclical recovery
▪AU Roads
▪NZ economy
Responsibly growing our top line to GDP+ growth
Defence
spend

Overview, strategy and
priorities
27
2025 Investor Day
Contract
margin uplift
Business
mix
Risk
guardrails
4.4%
EBITA margin
in FY25
Cost
leadership
Towards 6%
EBITA margin
in FY30
17
Where to next: ambition beyond 4.5%
The areas of opportunity for the next phase of improvement

Overview, strategy and
priorities
28
2025 Investor Day
FY28
Management ambition – balanced scorecard
9%
underlying EPS CAGR
18
from FY25
reflecting the top end
of LTI scorecard
Management ambition - balanced scorecard is not provided as guidance.
Foundations
Safety Leadership & cultureCustomerRisk managementCapital managementEmissions
▪Zero Harm
▪Maintain no fatalities
▪Industry leading metrics
▪Embed a high
performance culture
▪Elevate engagement to
top quartile
▪Enhance customer
relationships towards
+20 NPS
▪Selective tendering to
achieve quality earnings
▪~1.5x target leverage
▪60% to 70% dividend
payout of U-NPATA
▪50% reduction in Scope 1
& 2 emissions (vs 2020
baseline) by 2032
▪Net zero by 2050
4%-5%
revenue CAGR
19
from FY26

Towards 6%
EBITA margin
17

>90%
average
cash conversion
FY30

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2025 Investor Day
Unlocking our potential: strategic advantages
and sector outlooks

30
2025 Investor Day
Energy & Utilities
Luke Sullivan
Chief Operating Officer
Energy & Utilities

31
2025 Investor Day
Energy & Utilities
Play video >>

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2025 Investor Day
32
2025 Investor Day
Transport
Energy & Utilities
Power & Gas, Water, Energy & Industrial, Telecommunications
Building and maintaining essential service assets
Proven core competencies harnessing our
engineering and technical smarts
Positioned for sustainable organic revenue growth
aligned to risk guardrails
Sector macro trends support positive margin
contribution
Turnaround momentum with sector growth in Power and Water
~$35bn
Addressable
market
23
28%
EBITA
22,24
$121.7m  43.9% on pcp
Work-in-hand
22,24
$5.1bn  6.3% on Dec-24
EBITA margin
22,24
4.0%  1.4pp on pcp
Revenue
22,24
$3.0bn  7.7% on pcp
FY24
FY25
FY23
$’m
Dec-24
Jun-25
Jun-24
FY24
FY25
FY23
FY24
FY25
FY23
% of FY25
Group revenue
8

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2025 Investor Day
Energy & Utilities
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2025 Investor Day
Top line & margin growth potential
Market position
Risk profile
▪75% of customers are government-owned
▪Low risk portfolio with 80% of contract profile
schedule of rates, cost reimbursable or alliances,
with the remainder fixed price
▪Majority of our work is non-discretionary
Market position
Leading provider of essential services, with capabilities oriented to high-growth macro trends
Market leading in
Power value chain
Major player in
Telco; #1 in NZ
Major player in E&I; leading
presence in traditional
power and gas
Market leading in Water
value chain
▪8,500 employees
▪Engineering and technical smarts
▪International OEM partnerships
▪Industry leading systems
▪Diversified end markets
▪Engineering and design competencies
▪Leading self-perform, trade workforce
▪Unsurpassed resource flexibility
▪Maintain today’s Energy and Utility
assets
▪Apply proven, core competencies to
build for tomorrow
Competitive advantage
What we do
How we do it
Margin
growth
potential
GDP+
growth
potential
Market
scale
Balanced
risk profile
Attractive markets
=

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2025 Investor Day
Energy & Utilities
34
2025 Investor Day
Key improvement initiatives
Balanced risk portfolio
Recalibrated tender
disciplines
Cost reduction
Merged Utilities and
Industrial & Energy
Margin improvement
Enhanced project delivery
capability
Cost reduction
Margin improvement
Embedded delivery
governance
Look back: EBITA improvement FY23-FY25
Reset cost to serve
Outcomes
Margin improvement
Exit low margin work

35
2025 Investor Day
Energy & Utilities
35
2025 Investor Day
▪Australia- and New Zealand-wide coverage with
a depot network that delivers exceptional
proximity to electricity, water, gas, and
telecommunication networks
▪Multi-utility depots allow resource sharing and
cross-disciplinary expertise, streamlining project
execution with an optimised cost base
▪Operational resilience enabled through local
presence in metro, regional, and remote
locations providing a flexible, responsive and
scalable service offering
▪Skilled engineering and technical competencies
leveraged at scale
▪A diverse, engaged, industry-leading team with
deep sector insights, best practice knowledge
and leading, enterprise-wide delivery solutions
5,500+
employees
East Coast
1,300+
employees
Western
Australia,
South Australia,
Northern
Territory
How we win
Our unparalleled market presence enables our local team to deliver
Depot location
1,700+
employees
NZ

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2025 Investor Day
Energy & Utilities
36
2025 Investor Day
Demand drivers
▪Non-discretionary spending in
essential services to meet
population growth needs
▪Climate resilience investment
▪Accelerating pace of energy
transition
▪Ageing water infrastructure and
urban growth
▪Rapidly expanding digital asset
base and need for connectivity
>$20bn p.a.
Average electricity
construction spend
25
Source: Oxford Economics Australia
Outsourced energy & utilities
infrastructure forecast
(Aust.)
>$6bn p.a.
Average water
construction spend
25
Market drivers
Growth driven by macro trends in population growth and energy transition, underpinned by stable,
recurring investment in essential services
CAGR 7%
$bn
Electricity Generation, Transmission and Supply- AU
Water Storage and Supply - AU
Sewerage and Drainage - AU
Telecommunications - AU
FY
22/23
FY
23/24
FY
24/25
FY
25/26
FY
26/27
FY
27/28
FY
28/29
0
10
20
30

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2025 Investor Day
Energy & Utilities
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2025 Investor Day
End-use customers and
asset owners
Operators and asset ownersState and private asset owners
Customers
Achievements
Delivery
scope
Maintenance
Engineering
Construction (brownfield & greenfield)
Maintenance
Engineering
Projects
Manufacturing
Engineering
Maintenance
Outages / shutdowns / turnarounds
Projects
Downer has strung ~7,000km of transmission line conductor over the past 5 years
Where we play – Power

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2025 Investor Day
Energy & Utilities
38
2025 Investor Day
Sector outlook
▪Transmission and new asset connections expanding
rapidly
▪Renewable generation build out required to match
traditional generation phase out
▪Grid stabilisation infrastructure required for changing
energy mix
▪Data centre growth driving energy demand in
major centres
1
AEMO Integrated Systems Plan New transmission in least cost development paths
(kms, 2020-21 to 2049-50) 2024
Market outlook – Power
Significant momentum to address climate change
driving major transmission and associated
infrastructure investment in Australia
Australia new transmission line
forecast to 2050
N
ew Transmission (,000 Km)
2050
Source: AEMO Integrated Systems Plan New transmission in least cost development paths (kms,
2020-21 to 2049-50) 2024

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2025 Investor Day
Energy & Utilities
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2025 Investor Day
Government authorities and Councils
Customers
Achievements
Delivery
scope
Design
Engineering
Operations
Maintenance
Construction
Projects
Engineering
Operations
Maintenance
Projects
Downer plays a role in delivering drinking water for over half of Australians and New Zealanders
Water TreatmentCommunity
Clean Water
Wastewater Treatment
Evaporation
Agriculture
Bio
solids
Wastewater treatment
plant
Water treatment plant
Water networkWastewater network
Engineering
Maintenance
Projects
Where we play – Water

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2025 Investor Day
Energy & Utilities
40
2025 Investor Day
Sector outlook
▪Population shifts and increasing
urban density driving capex
investment
▪Ageing water assets require
renewal for serviceability and
growth
▪ESG continuing to create growth
opportunities
▪NZ water reforms creating new
wave of investment
Market outlook – Water
Significant forecast growth in Water
driven by population trends, policy
and ageing assets
Source: Oxford Economic Australia
+73%
Projected urban water
usage increase over
next 25 years
27
~275 litres
per capita per day total
drinking water demand
in Sydney
26
$bn
Water Supply & Storage (Maint. & Const.) AU
Sanitary & Drainage (Maint. & Const.) AU
Water Storage & Supply (Maint. & Const.) NZ
FY
22/23
FY
23/24
FY
24/25
FY
25/26
FY
26/27
FY
27/28
FY
28/29
0
5
10
15
Outsourced water maintenance and
infrastructure forecast
(Aust. & NZ)
CAGR 8%

41
2025 Investor Day
Energy & Utilities
41
2025 Investor Day
~$5.0bn
~$5.0bn
~$3.0bn
Urban water network
upgrades
(2026-2030)
Transmission infrastructure
(2026-2030)
New Zealand
(2026-2030)
Renewal & new
New work
Renewal & new
Market outlook
Strong network maintenance and infrastructure build
pipeline across Australia and New Zealand
Key opportunities
34
▪Unprecedented volume of bidding under various
phases related to energy transition
▪Demand in water capital is driving customers to
package into programs to secure capability and
attract delivery partners
▪Consolidation of water assets in New Zealand into
Council Controlled Organisations (CCOs) providing
framework to dramatically increase capital spend
Sector outlook

42
2025 Investor Day
Energy & Utilities
42
2025 Investor Day
Top line growth
Top line growth
Top line growth
Margin
improvement
Margin
improvement
Secure and deliver AEMO
‘actionable’ projects
Grow revenue from secured
power customers
Maximise volume from secured
water programs
Reset operating model for
forward-looking markets
Investment in automation and
AI high volume task optimisation
Look forward:
drivers of growth
FY26-FY30
Strategic levers
FY26 FY27-FY28 FY29+
8%–9%
revenue CAGR
19
from FY26
Towards 7%
EBITA margin
17
Management ambition
FY30

43
2025 Investor Day
Energy & Utilities
Q&A

44
2025 Investor Day
Jacob Bonisch
Chief Operating Officer
Facilities – Social
Infrastructure & Citizen
Services

45
2025 Investor Day
Facilities
Play video >>

46
2025 Investor Day
Transport
Facilities
Defence, Health, Education, and Government
Alignment to long-term government customers –
essential services
Sovereign provider to Australian and
New Zealand Defence sector
Efficient, scalable workforce, supply chain and
system architecture
Predictable revenues under favourable
commercial models
~$45bn
Addressable
market
23
21%
% of FY25
Group revenue
8

7.0%$150.7m
EBITA
22,24
$2.2bn
$’m
Revenue
22,24
0.1% on pcp
1.5% on pcp
0.1pp on pcp
2,209.3
2,161.9
2,163.4
FY24
FY25
FY23
7.1%
6.9%
7.0%
156.8
148.4
150.7
FY24
FY25
FY23
FY24
FY25
FY23
5
5
5
Work-in-hand
22,24
$12.9bn
50.6% on Dec-24
EBITA margin
22,24
13.3
12.9
12.9
Dec-24
Jun-25
Jun-24

Facilities
47
2025 Investor Day
Market position
Low risk and stable returns
Risk profile
▪Predictable annuity-style contracts with stable
revenue and margins
▪Favourable risk share with customers and
partners under back-to-back arrangements
Market position
Long-term contracts delivering essential services to a high quality customer base
▪8,000 employees across ANZ
▪21 PPPs across Defence, Education, Health
and Leisure sectors
▪Efficient and configurable work
management systems
▪Trusted provider for critical and highly
secure facilities
▪Strong supply chains and resource footprint
across Australia and New Zealand
▪Systems operate at scale
▪Facilities management and frontline
services
▪Technical advisory, asset management,
logistics services and program
management
Competitive advantage
What we do
How we do it
Stable
margins
GDP
growth
Market
scale
Low risk
profile
Attractive markets
=
Market leadership
position
Sovereign provider to
State governments
Scale advantage
through Australia
and New Zealand

Facilities
48
2025 Investor Day
Project
management of
major work
packages across
customer,
infrastructure
estates and
precincts
Asset
management
and engineering
Hard facility
management
Soft facility
services
Asset
refurbishment and
minor projects
Major project and
program
management
Advisory
Planned and
reactive
maintenance
tasks to ensure
the reliable
operation of
customer assets
Optimise
customer asset
performance
through
continuous,
efficient delivery
of integrated
asset and
engineering
services 
Advice on
procurement
strategy,
technical
advisory, IT
projects
and engineering
Cleaning, 
catering,
security and other
soft services
delivered as
integrated with
Hard FM
capability
Minor project work
and asset
replacements
associated with
asset failure /
end-of-life
replacement
Customers
Where we play
State and
Federal
governments
PPP SPVs, State and Federal governments
Defence, State
government,
PPP Co
Delivery
Scope

Facilities
49
2025 Investor Day
▪Assets across health, education, convention
centres and Defence facilities
▪Responsible for all asset maintenance and
asset replacement requirements over contract
terms ranging from 25-30 years
▪Margin enhancement opportunity through
Asset Management Operating Model:
▪Extending asset lifespan
▪Improved buying power across portfolio
▪Unique IP on asset behaviour and failure
▪Proactive maintenance practices
▪Access to AI insights on asset data
▪Improved asset reliability and uptime
Deep dive on enhanced asset management
Custodian of essential assets under 21 Public Private Partnership (PPP) models

Facilities
50
2025 Investor Day
How we win – specialist capabilities
Technical competencies highly valued by our
customers:
▪Workforce of 8,000 highly technically
qualified personnel specifically sought by
our customers for critical services and asset
management
Highly secure and cyber protected:
▪Defence and other highly sensitive
environment customers value cybersecurity,
sensitivity and security-minded personnel
Diversity of capability:
▪Facilities segment brings the full breadth of
Downer capabilities to meet customer
needs
Ability to service broad geographies:
▪Supply chain and logistics capabilities for
rapid deployment to support customers
irrespective of location, gives valuable
consistency of product, process and service

Facilities
51
2025 Investor Day
Look back: EBITA improvement FY23-FY25
Key improvement initiatives
Margin improvement
Balanced risk portfolio
Bidding disciplines –
risk and margin guardrails
Project specific
improvement planning
Procurement of high
volume items / services
Margin improvement
Cost reduction
Margin improvement
Portfolio simplification
Exit low margin commodity
services contracts
Outcomes
Cost reduction
Functional support cost
optimisation

Facilities
52
2025 Investor Day
Deep dive on social housing
▪Stable, government-backed market for long-term growth –
$11.3bn annual State and Federal government investment in
social housing to expand capacity and improve availability
▪~200,000 applicants waiting for social housing
accommodation driving strong demand
▪Maintenance and refurbishment – no exposure to greenfield
build risks
▪Large scale, efficient execution including:
▪Extensive supply chain with broad geographical footprint
offering exceptional value to government
▪In-house developed work management systems with
capacity to manage millions of work tasks p.a.
▪Scheduling and Service Delivery Provider management
practices that rapidly turnaround properties for occupancy
Largest social housing maintenance service provider, overseeing ~100,000 properties in NSW, SA, WA, NZ

Facilities
53
2025 Investor Day
Social housing
Defence
Source: IBIS World Australia
Public housing stock
~370,000
units across Australia &
New Zealand
28
Global shifts driving
long-term defence
sector activity
Market drivers
Growth supported by long-term population trends, Defence spending and a steady demand
for essential facilities services
Enabling
~40,000
service personal across
Australia & New Zealand
$bn
Defence (AU)Defence (NZ)
FY
22/23
FY
24/25
FY
26/27
FY
28/29
0
50
CAGR 4%
▪Strong tenancy wait lists drive demand
▪Population demographic shifts
expanding service provider requirements
▪Pressure on governments to maximise
use of existing stock while investment
programs progress
▪Australian and New Zealand Defence
outlook shaped by geostrategic factors
▪Budgets shifting to support priority
programs critical to sovereign Defence
▪Rising Defence budgets, with investments
in modernisation, interoperability, and
capability uplift
▪Long-term asset services and frontline
support engagements remain essential
~200,000
Social housing waitlist
applicants (AU)
28
~97%
Social housing
occupancy rate (AU)
28
Federal government Defence sector investment
(Aust. & NZ)

Facilities
54
2025 Investor Day
▪Australian Defence spending growth towards 2.3% of
GDP by 2033
▪Defence capability commitments and increase in ADF
personnel numbers drive new infrastructure and service
needs
▪Social housing portfolio growth increases need for
maintenance services and facility upgrade projects
▪Ageing population trends drive long-term demand for
health service capital expenditure and maintenance
spending
▪Opportunities oriented towards long-term annuity
revenues
Defence frontline
services & logistics
~$1.5bn
~$1.5bn
~$4.0bn
New social housing
maintenance
services
Private portfolio
outsourcing
Defence
infrastructure
~$8.0bn
Renewal & new
New work
Renewal & new
New work
Sector outlook
Key opportunities
34
Market outlook
Enabling sustainable growth through essential services
aligned to sector tailwinds

Facilities
55
2025 Investor Day
Cost reduction
Centralisation of administration
and standardised process
Cost reduction
Investment in work
management systems
Cost reduction
Procurement of high volume
services and materials
Cost reduction
Investment in automation and AI
Top line growth
Leverage strong market positions
to pursue new spend programs
FY26 FY27-FY28 FY29+
Strategic levers
Look forward:
drivers of growth
FY26-FY30
4%–5%
revenue CAGR
19
from FY26
Towards 6.5%
EBITA margin
17
Management ambition
FY30

56
2025 Investor Day
Facilities
Q&A

57
2025 Investor Day
Transport

58
2025 Investor Day
Transport
Road Services, Projects, Rail & Transit Systems
EBITA
24,29
Work-in-hand
24,29
EBITA margin
24,29
Revenue
24,29
$5.4bn  0.1% on pcp
FY24
FY25
FY23
$m
Dec-24
Jun-25
Jun-24
FY24
FY25
FY23
FY24
FY25
FY23
~$30bn
Addressable
market
23
% of FY25
Group revenue
8

51%
Road Services, Projects
AUS & NZ
Rail & Transit
Systems
Stable, government-backed forward pipelines
Strong demand for core products and services
Integrated value chain
pull through within
target segments
Sovereign provider to State
governments with deep
international partnerships
Supported by strong medium-term sector fundamentals
$278.0m  11.1% on pcp
5.2%  0.5pp on pcp
$17.1bn  5.0% on Dec-24

Transport
59
2025 Investor Day
3%-4%
revenue CAGR
19
from FY26
Management ambition –
Transport
Towards 6.5%
EBITA margin
17
FY30

60
2025 Investor Day
Road Services, Projects
Play video >>

61
2025 Investor Day
Peter Tompkins
Managing Director &
Chief Executive Officer
Murray Robertson
Managing Director, New Zealand
Road Services,
Projects

Road Services, Projects
62
2025 Investor Day
▪~5,700 employees across ANZ
▪~50,000km road networks maintained
▪~32 asphalt plants producing ~3m
tonnes p.a.
Stable
margins
Cyclical
recovery
potential
Market
scale
Balanced risk
profile
Integrated transport network and infrastructure delivery services
Market position
Medium-term recovery potential
=
▪Integrated value chain with scale and
reach
▪Digital engineering, asset intelligence
▪Technical R&D innovation, specialised
pavements key differentiators
▪Construct, maintain and operate
transport and infrastructure assets
▪Bituminous product technical R&D
How we do it
Risk profile
Market position
Market
co-leaders
across ANZ
Strategic
investment
in assets
positioned
for growth
Defendable
markets and
entrenched
presence
▪Predictable revenue through long-term contracts
▪Balanced portfolio through applied risk guardrails
▪Secure, stable customer base on
non-discretionary, critical infrastructure with
growth outlook and cyclical recovery potential
What we do
Competitive advantage
Attractive markets

Road Services, Projects
63
2025 Investor Day
Key improvement initiatives
Delivery performance
improvement
Cost reduction
Trans-Tasman
operating model
Market leadership and
margin improvement
Portfolio simplification
Outcome
Look back: EBITA improvement FY23-FY25
Risk guardrail application
Balanced portfolio
Margin improvement

Road Services, Projects
64
2025 Investor Day
Raw material
sourcing & distribution
Manufacturing &
product distribution
Construction
Maintenance
& operations
▪Asset intelligence
▪Pavement
rehabilitations
and civil works
▪Asphalt, spray
seal and ITS
renewals
▪Harvesting for recycled
material production
Strategic advantage
& sustainable growth
High-value
stream
High-volume
stream
Drives upstream
pull-through
Creates downstream
opportunity
▪Road Science R&D
▪Recycled materials
▪Asphalt production
▪Transportation and
logistics
▪Pavement and minor civil
construction
▪Capital surfacing delivery
▪Capital ITS works
▪Supporting civil works
▪Operational management
and asset intelligence
▪Routine, planned and
reactive maintenance,
emergency response
▪Bitumen importation
▪Bitumen transportation and
logistics
Asset
renewals
Pavement end-of-life
/ pre-renewal
Integrated value chain
A
sset owners
A
sset owners
A
sset owners
A
sset owners
I
ndustry
I
ndustry
B
uyers >
▪Leverage value chain pull-through
towards high yield segments
▪Digital engineering, asset
management insights and
sustainable solutions value-adding
to customer networks
▪Balanced mix of long-term service
contract revenues and project work
aligned to internal value chains
▪Risk guardrails providing stability
and certainty

Road Services, Projects
65
2025 Investor Day
Strategic advantage
& sustainable growth
Strategically positioned assets aligned
to growth nodes
Strategic investment in fixed asset base with broad
coverage: Well positioned asphalt plants and
blending facilities enable efficient supply to
metropolitan and remote customers
Operational resilience: Geographic spread and
mobile capability ensure supply continuity during
peak demand, bolstering business resilience
Sustainability leadership: HRT recycling-enabled
facilities produce asphalt with up to 100% recycled
content, supporting government targets and circular
economy goals
Asphalt plant
Bitumen blending facilities
Hobart
Launceston
Traralgon
Mogo
Rosehill
Teralba
Archerfield
Lismore
Brendale
Bli Bli
Mackay
Bathurst
Hume
Narrandera
Wodonga
Wingfield
Shepparton
Somerton
Bayswater
Albany
Gosnells
Geraldton
Newman
Darwin
Geelong
Hope Valley
Bitumen import terminal (JV)

Road Services, Projects
66
2025 Investor Day
Demand drivers
▪Population growth and asset deterioration
driving long-term road infrastructure demand
▪Road freight volumes increasing and forecast to
increase by 35% towards 2040
▪Economic growth imperative requiring asset
connectivity and reliability
▪Demographic shift driving urban subdivision
development
▪ESG responsibility demanding sustainable
solutions
▪Climate impacts pivot toward resilience and
proactive strategies
Market drivers of growth
Strategic response to infrastructure demand driving sustainable growth trajectory
Outsourced road maintenance forecast
(Aust.)
Source: Oxford Economics Australia
$bn
Highways and Arterial RoadsLocal Roads Private Toll Roads
FY 15/16FY 17/18FY 19/20FY 21/22FY 23/24FY 25/26FY 27/28FY 29/30
0
1
2
3
4
CAGR 2%

Road Services, Projects
67
2025 Investor Day
Key opportunities
34
~$5.1bn
Queensland
Government
2032 Delivery Plan
Reported maintenance
backlog
Maintenance
contracts to market
(FY26-FY29)
Renewal & new
New work
New work
New work
Market outlook
Sector outlook
▪Opportunity in long-term maintenance
contracts providing stable, annuity-style
revenue
▪Investment expected to shift back to
maintenance and services sectors
▪Non-cyclical growth opportunities, including
infrastructure for the 2032 Brisbane Olympics
▪Climate resilience and recovery shaping
future opportunities
Victoria Better Roads
Blitz program
~$10bn
~$1bn
~$1bn

Road Services, Projects
68
2025 Investor Day
Positioned for recovery. Funding shift to maintenance
renewals signals increased demand for asphalt volume
Asphalt volumes outlook
Historical demand pattern 2020-2025
▪2020–2021: Steady growth driven by infrastructure stimulus
▪2022: Peak demand linked to major road projects
▪2023–2024: Market adjusts to lower volumes across the sector
▪2025: Flattening market.
Forecast demand pattern 2026-2034
▪Population growth, sustainability / carbon reduction support
demand
▪Forecast increase in maintenance expenditure and subdivision
investment through FY30 promotes volume uptick aligned to
geographical coverage
▪Mega-project completion and asset deterioration requires
government funding shift to maintenance
▪Weather events create opportunity
Source: Oxford Economics
$bn
Road investment - subdivisions
FY 25/26FY 26/27FY 27/28FY 28/29FY 29/30FY 30/31
0
1
2
3
4
5
6
Outsourced road infrastructure
(Aust.)
CAGR 3%

Road Services, Projects
69
2025 Investor Day
15%
increase in volume
back to FY23 levels only
=
~$15m to $20m
increase in Transport EBITA
30
Asphalt volume recovery scenario
Profit growth (Road Services)
Top line growth
Increased volume + operating leverage
=
+
Road Services potential upside from positive operating leverage
FY25 was ~15% down on
FY23 national volumes
15%

volume increase
back to FY23 levels only
= ~$15m to $20m
increase in Transport EBITA
30

Road Services, Projects
70
2025 Investor Day
Road Services &
Projects
- New Zealand

Road Services, Projects
71
2025 Investor Day
Raw material
sourcing & distribution
Manufacturing &
product distribution
Construction
Maintenance
& operations
• Asset intelligence
• Pavement rehabilitations and
civil works
• Pavement & surfacing design
• Surfacing and ITS renewals
• Harvesting for recycled
material production
Strategic advantage
& sustainable growth
•Product R&D
• Recycled
materials
• Asphalt
production
• Transportation
& logistics
• Network management & asset
intelligence
• Routine, planned and reactive
maintenance, emergency response
• Winter maintenance & avalanche
management
•Bitumen importation,
transportation and logistics
(Road Science)
Asset
renewals
Pavement end-of- life
/ pre-renewal
• Major vertical and horizontal construction
• Selective construction design
management
• Pavement & surfacing design and
delivery, ITS and civil works
▪Tier one contractor with leading
capability in construction,
production, and maintenance
▪Leverage value chain pull-through
towards high yield segments.
Contract procurement approaches
enable vertical leverage
▪Digital engineering, asset
management, engineering &
design, and sustainable solutions
value-adding to customer networks
▪Risk guardrails refreshed with focus
on balanced risk appetite in
projects business
A
sset owners
A
sset owners
A
sset owners
A
sset owners
I
ndustry
I
ndustry
B
uyers >
High-value
stream
High-volume
stream
Drives upstream
pull-through
Creates downstream
opportunity
Integrated value chain

Road Services, Projects
72
2025 Investor Day
▪Tier one influence: Strong delivery across
contract models and a significant urban and
regional footprint, supported by deep
connections with local and central
government and industry groups
▪Technical expertise: Extensive engineering
and project management capability,
complemented by strategic and tactical
asset management strength and world-class
R&D through Road Science
▪Community leadership: Community-
embedded assets foster strong local
relationships and cultural partnerships,
enhancing access to supply chains and
government opportunities
Whangārei
Mt Maunganui
Gisborne
Hamilton
New Plymouth
Wellington
Christchurch
Lyttelton
Dunedin
Invercargill
Bluff
Asphalt Plant
Strategic advantage
& sustainable growth
Auckland
Depot
Bitumen Import
Terminal
Asphalt Plant (JV)
Tauranga
Rotorua

Road Services, Projects
73
2025 Investor Day
Source: Infometrics NZ
Market drivers of growth
Demand drivers
▪Multi-year government initiatives underpinning
sustained infrastructure investment
▪Economic growth and stimulus targeted at
connectivity and reliability of urban and regional
populations
▪Ageing asset base driving need for renewals
▪ESG responsibility demanding sustainable
solutions
▪Climate impacts shift to resilience of
infrastructure
$bn
NZ Infrastructure Forecast
FY 15/16FY 18/19FY 21/22FY 24/25FY 27/28FY 30/31FY 33/34
0
5
10
15
20
Outsourced infrastructure investment forecast
(NZ)
CAGR 4%
NZ National
Infrastructure
Pipeline Phasing
August 2025
31
~$135bn
In
planning
~$13bn
Entering
procurement
~$45bn
Under
construction
1

Road Services, Projects
74
2025 Investor Day
NZ Defence and
aviation sectors
~multi
billion
NZ Roads of National &
Regional Significance
~$2bn
NZ Transport Agency IDM
maintenance contract
program (2025-2035)
~$5.3bn
NZ health sector
New work
New work
New work
Market outlook
Key opportunities
34
Sector outlook
~$6bn
Renewal & new
▪Dependable, long-term infrastructure
pipeline with bipartisan support
▪Collaboration between public agencies,
private investment, and local authorities
providing stable opportunities
▪Roads of National Significance and multiple
rail investments in planning and delivery
through 2025+
▪Vertical build investment prioritising health,
airports and education with growth forecast
to average 5.2% p.a. 2027-2030
32

Road Services, Projects
75
2025 Investor Day
Risk-balanced approach,
New Zealand Projects
Projects advantage
▪Significant addressable market
with growth potential
▪Top tier constructor with strong
market position
▪Market-leading delivery capability
▪Leverage value chain pull-through
with full end-to-end delivery
Risk guardrails
▪Highly selective engagement underpinned by strong commercial strategy.
Decision-making based on risk limits and the 5Cs:
Capacity 〉 Capability 〉 Counterparty 〉 Contract 〉 Compensation
▪Disciplined execution driving strong returns. Guardrails operationalised
through:
The Downer Standard 〉 Delivery Governance Leadership 〉 Three Lines
of Defence 〉 Targeted capability investment
Low-risk, collaborative contract models applied in New Zealand supporting
stable margins and predictable cashflows
Alliancing/ Target cost
arrangements
Early Contractor
Involvement (ECI)

Road Services, Projects
76
2025 Investor Day
FY26 FY27-FY28 FY29+
Strategic levers
Retaining key contracts and increasing
market share
Embed continuous improvement, delivery
excellence and cost-to-serve disciplines
Continued application of risk guardrails
Positioning for key sustainable growth
opportunities across Australia and NZ
Margin
improvement
Top line
growth
Margin
improvement
Look forward: drivers of growth FY26-FY30
Margin
improvement
Cyclical recovery of AU agency spend
Top line
growth

77
2025 Investor Day
Stephen Kakavas
Chief Operating Officer
Rail & Transit Systems

78
2025 Investor Day
Rail & Transit Systems
Play video >>

Rail & Transit Systems
79
2025 Investor Day
Margin
growth
potential
GDP growth
potential
Market
scale
Balanced risk
profile
155+ years delivering integrated transport solutions
Market position
▪Predictable annuity-style contracts with stable
revenue and margins
▪Favourable risk share with customers and
partners under back-to-back arrangements
Co-leader in
passenger
rollingstock
Scale
advantage
through East
Coast facilities
Sovereign
provider to
State
governments
Margin growth potential
=
▪1,500 skilled employees across Australia
▪International OEM partnerships
▪Repeatable and proven commercial
models
▪Established East Coast facilities and
labour resources provide very high
barriers to competitor entry
▪Technical capabilities support
customers throughout asset lifecycle
▪Rollingstock design, manufacture and
refurbishment
▪Integrated rail project delivery
▪Whole-of-life asset management
Competitive advantage
What we do
How we do it
Attractive markets
Risk profile
Market position

Rail & Transit Systems
80
2025 Investor Day
Manufacturing and supplyThrough-life support
Periodic overhauls
Modifications and
refurbishment of existing
passenger and freight
rollingstock
Supply and delivery of new
rollingstock 
Engineering consulting
services
Ongoing maintenance of
rollingstock, digital services,
information systems and
technology upgrades
Cyclical overhaul and refurbishment
Design
Government and private sector (logistics / mining) operators and asset owners
Customers
Rollingstock design and
system integration
Achievements
3,000+ rollingstock units built I 2,000+ rollingstock units maintained I 3,000+ rollingstock units overhauled
Delivery
Scope
Where we play
Attractive underlying opportunities and value drivers align with integrated value chain

Rail & Transit Systems
81
2025 Investor Day
Delivery performance
improvement program
Margin improvement
Divestment of non-core
operations
Top line growth
Key tender positioning for
sustainable growth
Cost reduction
Footprint rationalisation
Cost reduction
Key improvement initiatives
Look back: EBITA improvement FY23-FY25
Outcome

Rail & Transit Systems
82
2025 Investor Day
Queensland Train Manufacturing
Program (QTMP)
Setting a new benchmark in
Australian manufacturing,
positioning us at the
forefront of future rail
innovation
▪~$4.6bn project
▪Largest investment in new rollingstock in QLD
history
▪Design and construction progressing
▪First prototype train currently being manufactured,
with testing to commence in late 2026
Component
Revenue
proportion
Delivery
profile
Manufacturing &
maintenance facilities
~35%                                      
Fleet delivery
~45%                                      
Maintenance
(through-life support)
~20%       
Transition inFull fleet
 FY23  FY27      FY33            
▪65 six-car passenger trains with option for up to 15
additional sets
▪Initial 15 year maintenance with extension options
▪Purpose built train manufacturing facility at Torbanlea,
QLD
▪Maintenance facility at Ormeau, QLD

Rail & Transit Systems
83
2025 Investor Day
Rollingstock equipment manufacturing and
repair forecast
(Aust.)
Rail Equipment Manufacturing & Repair
FY20/21FY22/23FY24/25FY26/27FY28/29FY30/31
0
1
2
3
4
5
Demand drivers
▪Augmentation opportunities
support potential towards GDP+
growth
▪Population and urban growth
underpin rail demand
▪Rail preferred for low-emissions
freight and commuter transport
▪Digital, data and complex asset
management driving efficiency
▪Long-term contracts and
supportive regulation provide
predictable cashflows
>400bn
tonne-km rail freight
in FY23-24
33
>850m
passenger trips on
urban rail in
FY23-24
33
Market set for growth opportunities
Macro tail winds of urbanisation and decarbonisation, plus asset renewals drive growth outlook
Source: IBIS World Australia
Market drivers
CAGR 2%

Rail & Transit Systems
84
2025 Investor Day
▪Steady demand for rollingstock renewal and
lifecycle extensions
▪Increasing rail infrastructure and rollingstock
maintenance spend
▪Forecast investment in network modernisation,
digital automation, and intelligent asset
management
▪Hybrid technologies shaping locomotive demand
Rail – Australian market outlook
Strong pipeline across
key value streams
~$4bn
~$16bn
Operations and
franchising, VIC
(2028-2043)
~$11bn
Passenger new build,
NSW, QLD and SA
(2026-2035)
Freight locomotive
delivery (battery electric
locomotives) and
maintenance
(2026-2035)
New work
New work
New work
Sector outlookKey opportunities
34

Rail & Transit Systems
85
2025 Investor Day
Segment outlook
▪Repeatable model leveraging
manufacturing skills and technical rail
systems capabilities
▪Opportunity to leverage existing CRRC
relationship that has successfully
delivered passenger rollingstock for the
past 20 years to the locomotive market
▪Freight market cycle underpinned by
different economic drivers providing
market counter-cyclicity
▪Operators and asset owners seeking
credible alternatives to US OEMs for
localised support solutions
Freight
Leveraging our deep technical rail systems skill set

Rail & Transit Systems
86
2025 Investor Day
Battery electric locomotives
With more than 2,500 diesel electric locomotives in Australia, ~100
will need to be changed year-on-year to meet 2050 net zero targets
Source: The critical path to decarbonise Australia's rail rollingstock. Australian Railway Association July 2024
Segment outlook
▪Market re-entry: returned to freight in Jan-2023,
targeting decarbonisation via battery electric
locomotive solutions
▪Core capabilities: consultancy, overhaul, and
modification for freight operators, with a strong
decarbonisation focus
▪Strategic partnerships: advancing supply and
delivery of battery electric locomotives via CRRC
partnership
▪Growth opportunities: expanding ties with key
operators in port shuttle and heavy haul battery
electric locomotive sectors
Emissions (Mt CO2e)
NSWNTQLDSATASVICWA
20012006201120162021
0
1
2
3
4
Rail emissions by State & Territory

Rail & Transit Systems
87
2025 Investor Day
Opportunities across the rollingstock design,
manufacturing operations and maintenance
life cycle
Deep customer partnerships support valuable
opportunity for take up of option sets, contract
extensions and augmentation opportunities
Opportunity to expand market offerings and
enhance assets through new product portfolios
that deliver superior customer outcomes and
support material earnings growth
NSW Future Fleet
replacement
Freight &
decarbonisation
projects
SGTHCMTQTMP
MR5 train
franchise
Digital and
data
Robotics and
automation
Engineering and
safety consulting
Signalling
After-market services
Through-Life-Support (TLS) across Australia
Service delivery centre
Fleet maintenance centre
Project office
Torbanlea
Maryborough
Ormeau
Cardiff
Newcastle
Sydney
Auburn
Melbourne
East Preston
Pakenham
Nowergrup
Claisebrook
Mandurah
How we win
An integrated transport platform built on strong
foundations supporting scalable future growth
A disciplined, repeatable
delivery model that
drives reliable earnings
and enables value-
based, innovation-led
differentiation
Responsible for the
lifecycle delivery and
maintenance of
rollingstock fleets
down the whole East
Coast
Leveraging deep rail
engineering expertise
to expand into
complementary,
high-value
technology and
service adjacencies
Brisbane
Perth

Rail & Transit Systems
88
2025 Investor Day
FY26 FY27-FY28 FY29+
Strategic levers
Top line growthScaling emerging businesses
Margin
improvement
Delivery excellence – (QTMP/TLS)
Top line growthMajor projects (MR5, Future Fleet)
Look forward: drivers of growth FY26-FY30
Cost leadership
Footprint rationalisation
Margin
improvement
Cost reduction

89
2025 Investor Day
Transport
Q&A

90
2025 Investor Day
Macro tailwinds in focus:
The Downer Advantage in action
Energy
transition
Defence
spending
Population
growth
Local industry
revitalisation

91
2025 Investor Day
Luke Sullivan
Chief Operating Officer
Energy & Utilities
Case study
Energy transition

92
2025 Investor Day
The shift to renewables and
low-carbon energy sources
Downer is well placed to support the capex
investment within renewable energy and
transmission to support the energy transition
through the Energy & Industrial and Power
Projects businesses
▪The energy transition includes all parts of the power
value chain (across generation, storage, distribution,
and customer energy), and both the regulated and
unregulated elements
▪Estimated CAPEX spend to 2050: >$142bn in essential
electricity infrastructure investment
XXXXXX
Case study:
Energy transition

93
2025 Investor Day
The market is changing because of the energy transition
2x
Electricity usage by 2050
4x
Wind and solar generation
by 2050
30x
Energy storage by 2050
6,500km+
New transmission network
required by 2050
10
Significant shifts in energy market demand are happening now
Australia new transmission line
forecast to 2050
N
ew Transmission (,000 Km)
2050
National electricity market
capacity to 2050
AEMO ISP Step Change
Historical
AEMO Integrated Systems Plan New transmission in least cost development
paths (kms, 2020-21 to 2049-50) 2024
AEMO Integrated Systems Plan Capacity, NEM (GW, 2009-10 to 2049-50, Step
Change)
Case study:
Energy transition

94
2025 Investor Day
Case Study 1
Australia is embarking on its largest
transmission infrastructure build-out
Power Projects is one of the leading
substations, BESS and lines businesses
in Australia
Key strengths and differentiators
▪One of the largest transmission
workforces in Australia
▪Strong, enduring customer
relationships
▪A long-term credible deliverer of
design and construction of lines
within the transmission industry
Transmission
towers and lines
SubstationsBattery Energy Storage
Systems Balance of Plant
Energy
transition
Case study:
Energy transition

95
2025 Investor Day
Transmission and substation projects
Whyalla Jobs Plan
(ElectraNet)
Design and construction of
substation that will facilitate
the connection of renewable
energy and storage to
Whyalla Steel Mill, one of two
remaining operational steel
mills in Australia
Project EnergyConnect
– SA portion
(ElectraNet)
Construction of 206km HV
transmission line connection
between the NSW and South
Australian power grids,
enabling the transition of 
Australia’s energy network
to greater mix of renewables
Eyre Peninsula Link
(ElectraNet)
Delivering new double-circuit
132kV transmission line supplying
the Eyre Peninsula, providing
secure and reliable power supply,
increased network capacity, and
enabling new renewable energy
projects to connect to the grid
Mornington BESS (AusNet)
Design and construction a new brownfield bay, a transmission
line and a greenfield substation that will connect a 240MWH
Battery Energy Storage System (BESS), improving electricity
reliability, and supporting renewable energy integration. The
battery is one of the largest in Victoria
Wambo Substation Stage 2
(Powerlink)
Design and construction of a
substation extension that will facilitate
stage 2 of wind farm turbines (254MW)
being added to the network by Cubico
Molongolo (EvoEnergy)
Design and construction of a
substation that will facilitate
additional load to the
growing suburbs of ACT
Uungula WF connection
(Transgrid)
Design and construction of
330kV switching station, 11km
330kV transmission line, and
330/33kV substation to
facilitate the transfer of
energy from the windfarm
(414MW) to the grid
Case study:
Energy transition

96
2025 Investor Day
Energy
transition
Supporting Australia’s
transition to renewables
Energy
generation
New Energy business focuses on the use of
renewable energy assets
▪Energy efficient solutions for unregulated
customers, including solar and battery
systems, battery storage and smart
metering
▪Engineering & delivery in solutions such as
zero emissions bus charging and solar/
micro grids for precincts
New EnergyResources
Strong opportunity for Energy &
Industrial business to partner with long-
standing blue chip customers
•Energy generation customers
investing to transition assets to
renewables, while also maintaining
traditional assets more sustainably
▪Resources customers shifting asset
bases to contribute critical mineral
resources essential to supporting the
transition
▪New technology: Opportunity in
emerging market for grid stabilisation
technologies such as synchronous
condensers
Case study:
Energy transition

97
2025 Investor Day
Advanced electrical switch
room for Lancaster Solar Farm
(Energy Sea)
In-house design, manufacture and
delivery of switch room, which houses
33kV switchgear, control and protection
panels, internal cabling, fire
suppression systems, and air
conditioning
Wivenhoe Power Station
(CleanCo)
Delivered major and minor shutdown
works at Wivenhoe Power Station,
Queensland’s largest pumped
storage hydroelectric power plant,
since 1996
Zero Emissions Buses (ZEB)
charging station (TfNSW)
Australia’s largest electric bus depot on
Sydney’s Northern Beaches. Downer
undertook the grid connection upgrades
and depot electrification works through a
framework of design, procure, install,
commission and maintain the ZEB
infrastructure. Featuring 13 overhead
pantograph chargers, each delivering
450kW, with an additional 10 CCS2 Plug In
Charge points
Moomba carbon capture and storage
(Santos)
Delivered civil, mechanical and electrical
construction and commissioning services for
the Santos Moomba CCS facility in South
Australia. The plant stores up to 1.7 million tonnes
of CO₂ per year
Renewables and
decarbonisation projects
Solar and storage installation
(Hunter Water Corporation)
Design and construction over 9 sites
with a combination of rooftop and
ground mount systems
totalling ~ 7MW of capacity
Case study:
Energy transition

98
2025 Investor Day
Power Projects is expected to become a core driver of energy transition revenue
in E&U, with anticipated solid growth in Energy & Industrial and New Energy
FY25 Group revenue
~33% E&U revenue
7,8
Projected growth in energy transition
focused lines of business
Contributing to Group
Revenue & EBITA
margin ambition
Case study:
Energy transition
FY30 Group revenue
~41% E&U revenue
35
~14%~9%

99
2025 Investor Day
Jacob Bonisch
Chief Operating Officer
Social Infrastructure & Citizen
Services
Case study
Defence spending

100
2025 Investor Day
Defence spend anticipated towards 2.3% of GDP in 2033
▪Professional services:
strategic advice,
cyber protection,
commercial support,
engineering and
program support
▪Design, management
and master planning
of base
redevelopments
▪Construction
oversight
in low-risk model
▪Technical services to
upkeep, maintain and
upgrade bases
▪Supporting
operational services
across training ranges
▪Asset management
advice
▪Disposal of
decommissioned
assets
StrategyBuildMaintain
Retire
Case study:
Defence spending

101
2025 Investor Day
80+ years supporting Defence
19412026
Case study:
Defence spending

102
2025 Investor Day
Our evolving Defence business
2025
Downer wins $3bn over
initial 6yrs PAS contract
expanding footprint to
all QLD & NSW
▪EMOS contract held for hard and soft facility management (QLD, ACT
and NSW Southern) since 2014
▪Downer initiates strategy to enter redevelopment market
▪Low-risk commercial model
▪Three landmark contracts secured ~$2.7bn of works
▪Riverina redevelopment, Woomera redevelopment, Williamtown runway
upgrades
▪Downer invests to acquire two small consulting businesses to enter
Defence advisory market
▪Team Downer consortium wins one of four positions in CASG multi-billion
dollar major service provider panel
Estate maintenance & operations
Estate redevelopments
Professional Services
2014201820222026
Case study:
Defence spending

103
2025 Investor Day
New spend market growth platforms
Program
Program spend
Subset of opportunities for Downer to participate
Air and missile defence
$16bn-$21bn
10 years
AUKUS / Australian
Submarine Agency
Frontline ADF
Workforce Growth
$268bn-$368bn
30 years
~7,000 new personnel
added in FY25 with an
additional 8,000 target
▪Advisory work through CASG consulting panel
▪Infrastructure upgrades for the Australian Weapons Manufacturing
Enterprise
▪Maintenance and logistics services
▪Advisory services into Australia Submarine Agency
▪Infrastructure upgrade works at Osborne & Henderson shipyards
▪Maintenance and operational services to new infrastructure
▪Nuclear stewardship and governance professional services
▪Capability lifecycle management services (asset management)
▪Advisory services to support new shipbuilding programs
▪Maintenance services for support infrastructure
▪Broad capability is being prioritised from the south to the north
▪Increased headcount lifts demand for services on-base
▪Increased training load lifts pull through revenues
▪Garrison health tender is a national footprint aimed at workforce
retention
Army Littoral
Manoeuvre Program
$12bn-$17bn vessel and
facility investment
▪Infrastructure upgrade work to accommodate new capability
▪Maintenance and support services to support infrastructure
▪Capability lifecycle management services
Naval Shipbuilding &
Sustainment Group
$1.6bn p.a sustainment
$39bn-$55bn
shipbuilding
Case study:
Defence spending

104
2025 Investor Day
Riverina redevelopment program
Projects strategic perspective
▪Opportunity identified and selected
2+ years in advance of award. Best JV
partner picked early
▪Deliberately targeted a ‘home match’
with revenue natural growth
▪Managing Contractor model fits risk
guardrails:
▪Low-risk commercial model
▪Limited cost risk
▪Nature of work fits with Downer
competencies
▪Project has high certainty of proceeding
– support critical workforce growth and
training
▪Benefited from additional investment –
almost doubled in value from additional
packages
Case study:
Defence spending

105
2025 Investor Day
Defence base services – QLD, NSW & ACT
Property & Asset Services
contractor
▪Largest sovereign Defence provider covering
~50% of Defence estate assets
▪Only diversified partner delivering both major
estate projects and base services
▪Awarded $3.05bn Property & Asset Services
contract, over an initial 6 yr term plus options
up to 4 yrs, in Sept-25
▪Quality margin mix with 100% of revenue
from maintenance, projects and minor
capital works vs previous EMOS contract
▪Low-risk mobilisation as incumbent across
South NSW and QLD with proven supply
chains, systems and cost-to-serve
▪Strategic footprint with significant presence
across QLD and NSW – home to Defence’s
most critical assets – while managing 1.8m
assets
5 out of 10 main
air bases
2 out of 4 main
naval port facilities
4 out of 5 main
intake / training facilities
5 out of 8 main
training range facilities
3 out of 4 main
command & control centres
700+ skilled personnel
24/7 technical maintenance
and estate readiness
Case study:
Defence spending

106
2025 Investor Day
Maritime Integrated Warfare Systems (MIWS)
advisory work
Supporting critical maritime capability
outcomes
▪180+ highly-skilled professional services people
supporting the delivery of activities in MIWS Branch
for approximately five years
▪Services supported include:
▪Engineering services capability - supporting
SEA4000 Engineering Management to deliver
enhanced destroyer capability
▪Works to deliver the Aegis Baseline nine Combat
Management System
▪Integrated logistics management support to the
SEA5000 Hunter Class Frigate combat systems
project
▪Program and risk management support to the
PMO function under the SEA1200 program
This work demonstrates how
Downer supports Defence on
a day-to-day basis to deliver
key capability programs for
the nation’s security
Case study:
Defence spending

107
2025 Investor Day
Moderator:
Mel Buffier
Group Head of
Investor Relations

Paul Mahoney
Executive General
Manager Government
& IFM
Panellists:
Neal Firth
Executive General
Manager, Water

Murray Robertson
Managing Director,
New Zealand
Panel
Population
growth

108
2025 Investor Day
Kamal Habibullah
Executive General Manager,
Passenger Projects
Kerry Armstrong
Deputy Project Director,
Commercial Director
Case study
Local industry
revitalisation

109
2025 Investor Day
State of the art purpose built
manufacturing facility in Torbanlea
Advanced, lean manufacturing facility
▪Highly integrated, complex delivery
▪Tier-1 partnership for high-performance
outcomes
Case study:
Local industry
revitalisation

110
2025 Investor Day
State of the art maintenance
and stabling facility in Ormeau
▪Maintenance and stabling of the 65 new six-car QTMP trains,
operating 24/7 to keep the fleet running reliably
▪Stabling capacity for up to 20 trains at once enabling full-
service maintenance and operations on-site
▪Designed for high-volume, round-the-clock operations: the
facility is built to handle the demands of a modern
passenger fleet, providing efficient servicing, cleaning, and
turnaround of trains to meet increasing transport needs
Case study:
Local industry
revitalisation

111
2025 Investor Day
Building integrated rail capability
Case study:
Local industry
revitalisation

112
2025 Investor Day
$1bn planned local spend on the Fraser Coast
Mock up
Fraser Coast, QLD, Australia
Coupler
China
Train management system
South Korea
Vigilance & DSC controller
(OEP) Fraser Coast, QLD,
Australia
Windscreen glass
Fraser Coast, QLD, Australia
Train crew seat
Sweden
Climate control system
Brisbane, QLD, Australia
Passenger window glazing
Fraser Coast, QLD, Australia
Traction system
Fraser Coast, QLD, Australia
Car body manufacture
Torbanlea, QLD, Australia
Underframe pipework
Torbanlea, QLD, Australia
Wheelset assembly
Torbanlea, QLD, Australia
Pantograph
Brisbane, QLD, Australia
Gangway
China
Passenger light
South Korea
Interior panel
South Korea
Bogie manufacture &
assembly
Fraser Coast QLD, Australia
Passenger information
system & CCTV
Singapore
Cable harness
Fraser Coast, QLD, Australia
Passenger seat
Fraser Coast, QLD, Australia
Case study:
Local industry
revitalisation

113
2025 Investor Day
Keys to delivering operational excellence
A
ttracting and
maintaining
talent
LeadershipSchedule and
resource
integration
Stakeholder
management
Risk
minimisation
▪C
ulture of accountability and operational excellence: QTMP is built on a culture of accountability and strong
governance, focusing on Day-1 readiness and disciplined delivery.
▪Disciplined delivery of large, complex sub-contract packages: Three major subcontract packages are delivered under
a unified governance model, driving cost control, consistency, and transparent risk oversight.
▪Sustained capability and strong local content: A focus on retaining key talent and IP, combined with over 50% local
content, protects long-term capability and supports stable, competitive project delivery.

Case study:
Local industry
revitalisation

114
2025 Investor Day
Repeatable and scalable platform for growth
High Capacity Metro
Trains, Victoria
Sydney Growth Trains,
New South Wales
Queensland Train Manufacturing
Program, Queensland
T
echnology-agnostic,
customer-focused model
that adapts to market
shifts and drives
continuous improvement.
Positions Downer as the
partner of choice for
Australia’s locally
manufactured transport
future.
Unlocks long-term,
recurring revenue through
maintenance, lifecycle
services, and
strengthened domestic
capability.

Case study:
Local industry
revitalisation

115
2025 Investor Day
Malcolm Ashcroft
Chief Financial Officer
Disciplined execution:
our pathway to
sustainable growth

Xxxx
Disciplined execution
116
2025 Investor Day
Disciplined execution:
our pathway to sustainable growth
The Downer
turnaround playbook –
Financial management
Balance sheet –
positioned to support
transition to growth
Capital allocation
update & priorities
Our drivers of margin
growth
▪Contract margin
▪Cost leadership
▪Technology
simplification

Disciplined execution
117
2025 Investor Day
▪Cash conversion > 90%
▪>$200m cost reduction
▪Investment discipline
▪Free cash flow uplift
▪Retain investment grade credit
rating
▪Capacity to invest to grow
▪Our foundation: cash flow
▪Overhead reset
▪Capital expenditure – self
sustaining discipline
▪Rebuild the balance sheet
▪Business review
effectiveness
▪Contingency philosophy
Turnaround playbook
Back-to-basics
financial management
Progress to date
▪Performance culture reset
▪Sustainable business
management practices
▪Earn the right to grow
Culture & capability

Disciplined execution
118
2025 Investor Day
Balance sheet positioned to support transition to growth
Financing strategy
▪Maintain Fitch BBB investment grade rating
▪Buffer to covenants on key credit metrics
▪Funding capacity realigned to 1.5x leverage target
▪Refinanced $1bn syndicated sustainability linked loan in Jun-25, extending
maturity profile
▪USPP notes repaid in Jul-25 and AMTN issuance targeted in 2H:26
▪ROADS redemption remains under review
▪Substantial bonding capacity: $1.9bn facility with $700m available
Debt maturity profile (A$m)
A$ MTN
Syndicated Bridge Loan Facilities
Bilateral Loan Facilities
Syndicated Loan Facilities
USD Private Placement Notes
AUD Private Placement Notes
JPY MTN
FY26FY27FY28FY29FY30FY31FY32FY33
-
250
500
750
Repaid
8-Jul-25
Leverage
2.0x
1.4x
0.9x
FY23FY24FY25
0.9x
Improved from 2.0x
Strengthened balance sheet,
improved cash collection,
ongoing capital discipline
Net debt / EBITDA
8.0x
Improved from 4.5x
Improved earnings, strong
capital management and
cash collection
4.5x
5.5x
8.0x
FY23FY24FY25
Interest/ EBITDA
Weighted average debt maturity
3.5 years at 30-Jun-25
Interest coverage ratio

Disciplined execution
119
2025 Investor Day
Balance sheet strength
Sustainable
capital management
▪FY25 cash conversion exceeded >90%
target
▪FY25 improved free cash flow has driven
a further reduction in leverage to 0.9x,
well below the ~1.5x target ratio
Operating cash flow
Lease costs and maintenance capex
Capital allocation framework
Free cash flow generation
Portfolio and capital return choices
Cash generated from
business performance
Interest and tax
Dividends
▪FY25 capex reduced through capital
discipline, asset optimisation, and timing
efficiencies in maintenance and contract
renewals
▪Capacity for disciplined investment in
supporting organic and inorganic growth
opportunities
▪FY25 final dividend 65% payout ratio and
franking uplift to 100%
15
▪Dividend payout range target increased
to 60% to 70% of Underlying NPATA

Disciplined execution
120
2025 Investor Day
Capacity to invest for growth
Organic
▪Disciplined / aligned with
market outlook
▪Target enhanced
efficiency /
capacity / productivity
▪Asphalt plants / fleet
M&A and capital
recycling
▪Core / adjacencies
▪Build capabilities
▪Counter-cyclical and
growth vectors
▪Small to medium size
▪Portfolio optimisation
▪Divestments
Capital return
▪Target dividend
payout range 60-70%
fully franked
▪On-market share buy-
back of 5% of issued
capital
14
▪ROADS role in capital
structure under
review
Growth capex
▪Aligned with
opportunity pipeline
▪Transformation
investment in process
improvement,
automation &
technology
modernisation
Investment
committee reviews
proposals for
alignment with
strategy and against
a range of metrics
including ROIC hurdle
rate above cost of
capital
FY26 indicative capital uses
37, 38
Gross capital
expenditure
~$190m
Dividends
60% to 70%
payout ratio
Transformation
investment
37, 38
~$60m
Buy-back
14
up to $230m
Portfolio and capital allocation choices

Xxxx
Disciplined execution
121
2025 Investor Day
Contract
margin uplift
Business
mix
Risk
guardrails
4.4%
EBITA margin
in FY25
Cost
leadership
Towards 6%
EBITA margin
in FY30
17
Where to next: ambition beyond 4.5%
The areas of opportunity for the next phase of improvement

Xxxx
Disciplined execution
122
2025 Investor Day
ModerateSteadyLow
Contract margin uplift opportunity
Energy & Utilities
Transport
Facilities
M
oderate
H
igh
S
teady
Drivers of contract margin opportunity / risk
Business
mix
Delivery
excellence
Cost
leadership
Cyclical
recovery
Long-term
contract
renewals
Cost
indexation
Business mix Pipeline expected to support higher contract margin mix
Delivery excellence ~25% of current portfolio tracking below tender margin
Cost leadership Process improvement and automation will drive
operational efficiency
Cyclical recovery AU Roads and NZ economic recovery in medium-term will
drive operating leverage
LT contract renewals Facilities outlook impacted by reset to market for large
contract renewals
Cost indexation ~92%
12
of WIH supported by cost indexation mechanism
Contract
margin growth
potential
Targeting 0.5%-0.75% uplift
contribution towards
6% EBITA margin in FY30
36
High

Xxxx
Disciplined execution
123
2025 Investor Day
~ $213m cost savings
6
Annualised cost savings delivered in FY23-FY25
Further efficiency opportunities
Internal analysis & benchmarking of overheads and
cost to serve metrics
Targeting 0.5%-0.75% uplift
contribution towards
6% EBITA margin in FY30
36
Cost leadership
Cost
leadership
Workforce
management
Fleet
optimisation
Strategic
procurement and
supply chain
management
Technology
simplification
Business support
digitisation & process
improvement
Shared Services
optimisation
Ongoing transformation investment
Required to modernise business support
Benefits realisation over medium term
Balancing level of business disruption,
sequencing of change and execution risk

Disciplined execution
124
2025 Investor Day
Simplifying our technology landscape
Work management
Modernising and rationalising WMS tools for
improved frontline, delivery,customer service,
productivity and efficiency
AI / automation
Commenced developing targeted AI capabilities
across our operations and business support
functions
ERP simplification
Measured roadmap and simplification program
underway starting with successfully upgrading our
Facilities business to SAP S4 Hana
Project management
Implementing the In-Eight platform into our E&U
business to support project delivery capability
uplift

MyTime MyPay
Updating our Time + Attendance and payroll
platforms to enhance workforce
management
Asset management
Digitalising asset management activities to
enable enhanced analytics for optimised
lifecycle maintenance
Infrastructure modernisation
Optimising network & data centres towards hybrid cloud.
Commenced rationalisation of applications to reduce
complexity and cost
Utilising data / analytics
Implemented a data lake platform for the Group
which will support enhanced analytics and
foundations for AI

Disciplined execution
125
2025 Investor Day
Modernising project management systems
Best in class project management technology
▪New project controls system now underpins all new capital works
contracts in E&U.
▪Connecting scope, budget, and schedule, the platform delivers:
▪Enhanced budget control and forecasting
▪Real-time tracking of productivity and schedule performance
▪Margin protection via early risk detection
▪Accelerated, data-driven decision-making
▪Standardised processes for predictable outcomes
Digitising contract performance
Real-time data-driven business performance insights
▪Standardising key performance & lead risk measures
▪Improved transparency across the business
▪Enhanced analytics and forecasting
▪More timely management intervention on risks and
opportunities
▪Enables cost to serve reduction
Investing in delivery excellence
FY25FY26
Indicative horizon
FY25FY28
Indicative horizon

Disciplined execution
126
2025 Investor Day
Modernising workforce management
My Time My Pay to homogenise time capture and Payroll systems to
enhance employment compliance and reduce cost per payslip
▪Modernise end-of-life systems
▪Consolidate multiple time capture and Payroll systems into a single,
integrated solution for each function
▪Robust employment compliance governance
▪Reduce cost per payslip
▪Improve resource allocation and scheduling
Transforming work order management
Automate work order management to reduce cost to serve
▪Investment in Facilities and E&U work order management
▪Improve work order management triage with AI
▪Uplift workforce productivity and efficiency
▪Embed disciplined practices that drive a culture
of cost leadership
▪Business administrative support improvement
FY25FY28Indicative horizon
FY26FY28
Indicative horizon
Investing in process and technology enhancement

Disciplined execution
127
2025 Investor Day
Investment to support growth and drive margin improvement
FY26FY26FY27 - FY28FY29+
$Project management
$Fleet optimisation
$$Work management
$$Shared Services optimisation
$$$Business support optimisation
$$$My Time My Pay
$ERP simplification
$Long-term asset management
$Strategic procurement
$AI automation
~$60m
indicative
FY26 investment
38,39

128
2025 Investor Day
Peter Tompkins
Managing Director &
Chief Executive Officer
Outlook and
key takeaways

Outlook and key
takeaways
129
2025 Investor Day
FY26 outlook remains unchanged
At our FY25 results presentation in August, we provided an
outlook for the FY26 financial year where we said we were
targeting both underlying earnings and EBITA margin
improvement, with underlying revenue forecast for the full year
to be flat to slightly lower than FY25 pro forma revenue.
In the first four-and-a-half months of this new financial year,
trading has been in line with our expectations, and our outlook
for the FY26 financial year remains unchanged.

This target is reflected in the
LTI scorecard gates and is not
provided as guidance
>4.5%
average EBITA margin
across FY25 and FY26
Management target
EBITA margin
3,10

Outlook and key
takeaways
130
2025 Investor Day
Balanced portfolio exposed to
macro tailwinds

Key takeaways
Building track
record

Continuous
improvement
Strategic
clarity
Risk management
uplift
Our future
ambition
More upside within
management control to
improve contract margin and
cost leadership
Strategic clarity with
management plans and
balance sheet to invest and
deliver shareholder returns
The announcement of our
new management ambition
for FY28 and FY30 reinforces
our performance culture and
mindset
Improved performance with
period-on-period
improvement
Reset risk appetite with a
focus on quality of revenue
and growing the right way
High quality
portfolio

131
2025 Investor Day
Q&A
Malcolm Ashcroft
Chief Financial Officer
Peter Tompkins
Managing Director &
Chief Executive Officer

132
2025 Investor Day
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. This
information is given in summary form and does not purport to be
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Indications of plans, strategies, management and company
objectives, potential transactions, sales and financial performance 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 are outside 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: volatility in 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 the applicable 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
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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
30 June 2025.
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 with ASX.
In particular, this presentation forms part of a package of information
about Downer. It should be read in conjunction with Downer's FY25
Appendix 4E and Annual Report dated 21 August 2025.
The information in this presentation remains subject to change
without notice. Circumstances may change and the contents of this
presentation may become outdated as a result.
Forward-looking statements and statements regarding other
information contained in this presentation may also be made –
verbally and 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.
Important notice and disclaimer