Appendix 4E and 2025 Annual Report

Ventia Services Group Limited
ABN 53 603 253 541

Level 27, 155 Miller Street
North Sydney NSW 2060
AUSTRALIA

ventia.com
ASX and NZX Release


19 February 2026

Appendix 4E and 2025 Annual Report
Ventia Services Group Limited (ASX:VNT) today reports its results for the financial year ended 31
December 2025.
Attached is the Appendix 4E (Results for announcement to the market) and Annual Report for the
financial year ended 31 December 2025.
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 & 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.

Year ended 31
December
2025
Year ended 31
December
2024
ChangeChange
$'m$'m$'mPercentage
Total revenue6,141.1 6,105.5 35.6
0.6%
Profit from ordinary activities after income tax attributable to members of the parent entity272.2 220.2
52.0 23.6%
Profit after tax attributable to members of the parent entity272.2 220.2 52.0 23.6%
Dividends - Year ended 31 December 2025
Amount per
security
Franked
amount per
securityFranking
Final dividend 12.54 cents11.29 cents90%
Interim dividend10.71 cents9.64 cents90%
Key final dividend datesDate
Ex-dividend date24 February 2026
Record date for determining entitlement to the dividend25 February 2026
Date for payment of dividend9 April 2026
31 December
2025
31 December
2024
Net tangible assets backing per ordinary share(0.73)$ (0.59)$
The remainder of the information requiring disclosure to comply with ASX listing rule 4.3A is contained in the Operating and Financial Review section of the 2025 Directors’ Report and
the audited 2025 Financial Report, within the Ventia Services Group Limited Annual Report 2025, lodged with this Appendix 4E.
APPENDIX 4E - Annual Report for the Financial Year Ended 31 December 2025
Results for Announcement to the Market
VENTIA SERVICES GROUP LIMITED
ABN 53 603 253 541
#

Annual Report
2025

About this report
This Annual Report (‘report’) is designed to be read in its entirety. It is a
summar y of Ventia Ser vices Group Limited’s and its controlled entities’
(the Group) operations, performance and financial position for the year
ended 31 December 2025.
In this report, unless otherwise stated, references to ‘Ventia’, ‘Group’,
‘us’, ‘we’ and ‘our’ refer to Ventia Ser vices Group Limited and its
controlled entities. References to ‘year’, ‘financial year’, ‘2025’ or
‘FY25’ all refer to the year ended 31 December 2025. All dollar figures
are expressed in Australian dollars unless otherwise stated.
This report has been prepared in consideration of the International
Integrated Reporting Council’s (IIRC) International Integrated
Reporting
Framework.
Assurance
The required elements of the Operating and Financial Review (OFR)
on pages 52-65 and Directors’ Report on pages 66-73 are reported
as required by ASIC Regulator y Guide 247. The Remuneration Report
on pages 76-98 and the Financial Report on pages 116-171 have been
independently audited by Deloitte in accordance with Australian
Auditing Standards.
The Sustainability Report on pages 172-197 provides Ventia's climate-
related disclosures as required by the Australian Accounting Standard
A ASB S2 Climate-related Disclosures (the Australian equivalent of IFRS
S2). Specified Sustainability Disclosures included in the Sustainability
Report have been independently reviewed by Deloitte as set out in the
Deloitte review report on pages 198-202. Limited assurance for selected
voluntar y environmental and social metrics within the Annual Report
are set out in the Limited Assurance Report on pages 203-206. Ventia’s
reporting criteria for voluntar y metrics is outlined in the Environmental
and Social basis of preparation for the year ended 31 December 2025,
which can be found on our website at ventia.com/reportingcriteria-25.
Supporting sustainability data is available in our 2025 Sustainability
Databook, which is available on our website at ventia.com/databook-25.
The 2025 Sustainability Databook also contains an Index of sustainability-
related reporting prepared in reference to the Global Reporting Initiative
(GRI) Standards.
Forward-looking statements
Any forward-looking statements are based on Ventia’s current
expectations, best estimates, judgements and assumptions as at the
date of preparation, which are by their nature, subject to significant
uncertainties, many of which are beyond Ventia’s control. These
forward-looking statements are not guarantees or predictions of future
performance, and involve known and unknown risks, which may cause
actual results to differ materially from those expressed in the report.
These may include general economic conditions; changes in government
and policy; actions of regulator y bodies and other governmental
authorities, such as changes in taxation or regulation; technological
changes; the extent, nature and location of physical impacts of climate
change; the pace and nature of the global energy transition to a lower-
carbon economy; market conditions; and geopolitical developments.
Ventia advises shareholders and prospective shareholders not to place
undue reliance on these forward-looking statements, which reflect the
views of Ventia only as of the date of this report.
This report includes forward-looking information on Ventia’s
climate
-r
elated transition plans, risks, opportunities, and scenario
analysis. These statements are based on assumptions that may not
eventuate, are subject to uncertainty, and may not reflect the Group's
own expectations. Scenario analysis is indicative only and not a
prediction of outcomes. Due to the long-term nature of sustainability
targets, related forward-looking statements should not be relied upon
as guarantees of future performance. Scenarios may be impacted by
additional factors to the assumptions disclosed.
Actual performance against Ventia's targets, goals or ambitions may be
affected by various risks associated with Ventia's business, the pace of
the transition to a lower-carbon economy, and physical risks associated
with climate change, many of which are beyond Ventia's control.
Except as required by applicable laws or regulations, the Group does
not undertake to publicly update, review or revise any forward-looking
statements, including scenario analysis or to advise of any change in
assumptions on which any such statement is based. Past performance
cannot be relied on as a guide to future performance.
New Zealand Climate Statement exemption
Ventia has received an exemption from New Zealand’s climate-related
disclosure requirements under Part 7A of the Financial Markets Conduct
Act (FMCA). This exemption is issued by the New Zealand Financial
Markets Authority (FMA) and relates to the NZ Climate Standards (NZ
CS), which would otherwise require dual reporting for climate-related
disclosures in both Australia and New Zealand.
The effect of relying on the exemption is that Ventia Services Group
Limited is not required to comply with the climate reporting obligations
(including production and lodgement of climate statements) and record-
keeping obligations imposed under Part 7A of the Financial Markets
Conduct Act 2013 for the financial year ended 31 December 2025.
International Financial Reporting Standards (IFRS)
This report includes both IFRS and non-IFRS financial information.
Non-IFRS measures are not prepared in accordance with accounting
standards and may not be comparable to similar metrics used by other
companies. They are used by management to assess performance and
are presented alongside IFRS data for context. Non-IFRS information
is unaudited.
Third-party information
Certain information contained in this report is based on information
prepared by third parties. Ventia does not make any representations or
warranty that third party material is accurate, complete or up to date.
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.
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.
View
our Annual
Report online
Cover: A member of Ventia's firefighting and rescue team, Edinburgh, South Australia
Right: Members of Ventia's New Zealand team perform a hongi while visiting Wheke, Rapaki Marae in Christchurch, New Zealand

We are Ventia
People are at
the heart of
our success.
Contents
About Ventia 4
Our strategic approach18
Thriving people28
Stronger customers36
Flourishing communities44
Local and diverse supply chain48
Operating and financial review52
Directors' Report 66
Remuneration Report 76
Corporate Governance Statement100
Financial Report116
Sustainability Report17 2
Other information207
3
VENTIA ANNUAL REPORT 2025

4
VENTIA ANNUAL REPORT 2025
ABOUT VENTIA
Auckland
Wellington
Darwin
Perth
Sydney
Adelaide
Hobart
Melbourne
Brisbane
Qld
NT
SA
NSW
ACT
Vic
Tas
WA
Canberra
Auckland
Wellington
Darwin
Perth
Sydney
Adelaide
Hobart
Melbourne
Brisbane
Qld
NT
SA
NSW
ACT
Vic
Tas
WA
Canberra
A b out Ve nt i a
Ventia is a leading essential services provider, dedicated
to making infrastructure work for communities across
Australia and New Zealand. We are proud to be listed
on the Australian Securities Exchange (ASX) as a
top 200 company, with a secondary listing on the
New Zealand Exchange (NZX).
With more than 50 years’ of industry experience, Ventia
delivers long-term operations, maintenance, and management
of critical public and private assets across four key sectors:
Defence and Social Infrastructure, Infrastructure Services,
Telecommunications, and Transport. Our diverse heritage
and strong track record reflects our commitment to service
excellence and positive community impact.
Today, we have a diverse workforce of 35,000 employees
and subcontractors, operating across more than 400 sites
throughout Australia and New Zealand. This extensive
footprint
enables us to deliver a broad range of services
with agility and scale.
Key
Ventia work sites across Australia and New Zealand
35,000
Workforce of employees and subcontractors
400+
Project sites throughout Australia and New Zealand
40%+
of our people work in regional and rural areas

Pictured: Members of our Telecommunications team in Hobart, Tasmania
5
VENTIA ANNUAL REPORT 2025
CONTENTS

MARCH
Defence Base Services extension
~$270m
7-month extension from 1 July 2025
to January 2026 to provide estate
maintenance, living services and support
capability to the Australian Department
of
Defence.
DEFENCE AND SOCIAL INFRASTRUCTURE
JUNE
Tuatahi First Fibre contract
~$100m
5-year contract to deliver fibre
build, customer connections and
maintenance across New
Zealand.
TELECOMMUNICATIONS
APRIL
Transgrid Delivery Services panel
~$240m
3-year delivery services
panel contract with opportunity
for Ventia to deliver projects across
Transgrid's transmission network,
including lines, substations,
commissioning and testing.
INFRASTRUCTURE SERVICES
JUNE
Fibre to the Node (FTTN) x 2
~$1.1b
3.5-year contracts + 2-year extension
options to deliver fibre upgrade
works across Qld, NSW, ACT and Tas
as part of nbn's program to upgrade
the remaining FTTN premises to
the
network.
TELECOMMUNICATIONS
Key wins in 2025
Significant contracts secured across
Ventia's core sectors in FY25.
FEBRUARY
nbn Field Module contract
~$2.1b
5-year contract with 2 + 1-year
extension options to deliver
maintenance and customer
activation services across the
nbn®
network in all of Qld, NSW,
ACT and Tas.
TELECOMMUNICATIONS
Pictured: Telecommunications monopole, Brisbane Queensland
Ventia defines a significant win as any contract award exceeding $100 million.
ABOUT VENTIA
6
VENTIA ANNUAL REPORT 2025

SEPTEMBER
City of Sydney contract extension
~$100m
2-year contract extension to deliver
integrated facilities management services
across 250+ City-owned assets, including
iconic heritage-listed buildings such as
Sydney Town Hall and Customs House.
DEFENCE AND SOCIAL INFRASTRUCTURE
OCTOBER
Defence Clothing Services contract
~$935m
7-year contract + up to a further 13-years
extension option to manage the entire
lifecycle clothing capability for the
Australian Defence Force.
DEFENCE AND SOCIAL INFRASTRUCTURE
SEPTEMBER
Defence Base Services Transformation
packages
~$2.7b
6-year contract with two extension
options of between 1 and 3 years up to
a maximum of 10 years to deliver two
packages across Living and Working
Services in NT, Vic, and Tas, and Asset
Services in WA, Vic, and Tas.
DEFENCE AND SOCIAL INFRASTRUCTURE
DECEMBER
NSW Whole-of-Government Cleaning
~$100m
18 month contract + 1-year extension
option to deliver facilities management,
maintenance and cleaning services to
government property in Western Sydney.
DEFENCE AND SOCIAL INFRASTRUCTURE
7
VENTIA ANNUAL REPORT 2025
CONTENTS

FY25 financial highlights
In FY25, Ventia delivered consistent financial
performance for our shareholders. We reached
a record work in hand of $22.1 billion, including
$8.2 billion work won during the year, providing
a solid foundation for future growth.
Pictured: Transmission line in Port Augusta, South Australia.
ABOUT VENTIA
8
VENTIA ANNUAL REPORT 2025

1. Net profit after tax excluding the after-tax impact of amortisation of acquired intangible assets (NPATA) and earnings before interest, income tax, depreciation and
amortisation (EBITDA) are underlying results, excluding the one-off positive impact of the Toowoomba Second Range Crossing (TSRC) novation.
Total revenue
$6,141.1m
 Increase of 0.6% on FY24
N PATA
1
$ 2 5 7. 6 m
 Increase of 13.0% on FY24
EBITDA
1
$532.1m
 Increase of 6.6% on FY24
EBITDA margin
1
8.7%
 Increase of 0.5 pp on FY24
Operating cash flow conversion
93.6%
 Increase of 2.2pp on FY24
Work in hand
$22.1b
 Increase of 14.4% on FY24
Total dividend declared
23.25 cps
75% payout of NPATA
9
VENTIA ANNUAL REPORT 2025
CONTENTS

Customer focusedInnovativeSustainable Safety and people
Renewal rate
82%
as at 31 December 2025
Innovation partners
20+
in FY25
Scope 1 and 2 emissions reduction
1
22.4%
since 2021
TRIFR
2
2.81
improvement of 15% on FY24
Work won
$8.2b
in FY25
New innovation ideas
300+
submitted in FY25
Electric and hybrid vehicles
13.0%
of light vehicle fleet in FY25
Elevate Index Score
19%
year-on-year improvement
3

Customer satisfaction
86%
Have Your Say survey
VenSpark
6k+
unique users of our ideation platform
Social value contribution
$6.4b
in FY25
Women's participation
50%
of Executive Leadership Team
FY25 non-financial highlights
Pictured: Landscape view from road upgrade works on Beaudesert-Nerang Road, Queensland
ABOUT VENTIA
10
VENTIA ANNUAL REPORT 2025

Customer focusedInnovativeSustainable Safety and people
Renewal rate
82%
as at 31 December 2025
Innovation partners
20+
in FY25
Scope 1 and 2 emissions reduction
1
22.4%
since 2021
TRIFR
2
2.81
improvement of 15% on FY24
Work won
$8.2b
in FY25
New innovation ideas
300+
submitted in FY25
Electric and hybrid vehicles
13.0%
of light vehicle fleet in FY25
Elevate Index Score
19%
year-on-year improvement
3

Customer satisfaction
86%
Have Your Say survey
VenSpark
6k+
unique users of our ideation platform
Social value contribution
$6.4b
in FY25
Women's participation
50%
of Executive Leadership Team
1. Reduction relates to market-based Scope 1 and 2 emissions from a 2021 baseline. Progress on all emission targets is disclosed in our Sustainability Report
pages 190-192, including progress on Scope 3 emissions, which increased in 2025 from a 2021 baseline.
2. Total Recordable Injury Frequency Rate is calculated as a number of recordable injuries divided by total hours worked (inclusive of subcontractors)
multiplied
by 1,000,000 in a 12-month period.
3. Ventia’s Elevate Index consists of eight key leading and lagging metrics which provide an overall safety performance score.
AWARDS AND RECOGNITION
WINNER
2025 Global
Excellence in
Social Value
Award
Social Value Portal
For developing
a measurable,
scalable approach
to social impact
WINNER
Innovation
in Vendor
Technology
Telecommunications
Industry Excellence
Awards - 2025
For state-of-the-art
mobile connectivity
at the Sydney Opera
House – in partnership
with Telstra
WINNER
Operator
and Service
Provider
Excellence
Award
Infrastructure
Partnership
Australia Award -
2025
For Sydney Roads
Asset Performance
Contract (SRAPC)
WINNER
Best Regional
Veteran
Employment
Initiative
2025 Prime
Minister’s
National Veteran
Employment Awards
For Ventia’s
initiatives on veteran
employment across
our business
11
VENTIA ANNUAL REPORT 2025
CONTENTS

12
VENTIA ANNUAL REPORT 2025
Our Defence and Social Infrastructure (D&SI) business is one
of the largest providers of integrated facilities management
in Australia and New Zealand, and a strategic partner to the
Australian Defence Force.
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.
How we work
Our Infrastructure Services business provides comprehensive
and multidisciplinary maintenance and improvement
solutions to owners and operators of critical
infrastructure.
Our capabilities span utilities (energy networks, renewable
assets and water), resources and industrial assets (mining,
oil and gas, manufacturing), and resources development
(minerals, oil and gas) as well as complex and large-scale
environmental remediation and rehabilitation services.
Defence and Social Infrastructure Infrastructure Services
ABOUT VENTIA
NEW CONTRACT
Australian Department of Defence
Defence Base Services
Transformation packages
NEW CONTRACT
Transgrid
Transgrid delivery services panel
NEW CONTRACT
Australian Defence Force
Defence Clothing Services contract
NEW CONTRACT
Elecnor
Tauhei Solar Farm Grid
Connection Assets
CONTACT RENEWAL
City of Sydney
Facility Management Agreement
RENEWAL
Sydney Water (Confluence)
Northern Region
D&SI revenue
breakdown
Infrastructure Services
revenue breakdown
Key project wins in 2025
FY25 sector performance
1
Defence 45%
Social Infrastructure 29%
Community and Housing 18%
Local Government and
Energy Solutions 8%
Defence 45%
Social Infrastructure 29%
Community and Housing 18%
Local Government and
Energy Solutions 8%
Resources 35%
Water and Environment 34%
Energy and Renewables 29%
Professional Services 2%
Resources 35%
Water and Environment 34%
Energy and Renewables 29%
Professional Services 2%
Revenue
$2.4b
EBITDA
$204.6m
EBITDA margin
8.5%
Revenue
$1.4b
EBITDA
$128.7m
EBITDA margin
9.0%
1. Sector splits by end market percentages reflect FY25 total revenue.

13
VENTIA ANNUAL REPORT 2025
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.
Our capabilities include civil construction, energy solutions,
high frequency and wireless networks, operations and
maintenance, project management, engineering and design,
and building management systems and configuration.
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.
Our capabilities include operations, maintenance, and
technology integration across the entire asset lifecycle. We are
the leader in Australia and New Zealand in Incident Response
and our expertise extends to minor capital works, temporary
traffic management, and disaster response and recovery.
TelecommunicationsTransport
CONTENTS
NEW CONTRACT
NBN Co
Field Module Contract and FTTN
Fibre Upgrade works program
NEW CONTRACT
Whangarei District Council NZ
Road Corridor Maintenance contract
NEW CONTRACT
Tuatahi First Fibre
Service Partner Agreement Fibre Build
and Maintenance
CONTRACT EXTENSION
Queensland Department of
Transport and Main Roads
Qld South Coast Road Asset Management
Contract (RAMC)
NEW CONTRACT
Telstra InfraCo
Intercity Fibre Network Shelter Contract
CONTRACT EXTENSION
Thames Coromandel District Council
Maintenance contract
Telecommunications
revenue breakdown
Tr a n s p o r t
revenue breakdown
Fixed Networks 47%
Operations and Services 43%
Wireless 10%
Fixed Networks 47%
Operations and Services 43%
Wireless 10%
Operations and Maintenance 90%
Technical Solutions 10%
Operations and Maintenance 90%
Technical Solutions 10%
Revenue
$1.7b
EBITDA
$208.2m
EBITDA margin
12.4%
Revenue
$643.9m
EBITDA
$49.3m
EBITDA margin
7.7 %

David Moffatt, Chairman (right)
Dean Banks, Managing Director and Group CEO (left)
ABOUT VENTIA
14
VENTIA ANNUAL REPORT 2025

15
VENTIA ANNUAL REPORT 2025
Letter from Chairman and CEO
Dear Shareholders,
On behalf of the Board of Directors, I am pleased
to present Ventia’s Annual Report for the year ended
31 December
2025. FY25 was a year of disciplined
execution and strong performance for Ventia,
as we delivered on our commitment to Redefine
Service
Excellence.
Revenue was $6.1 billion and underlying NPATA reached
$258 million, an increase of 13% on FY24, once again
exceeding our upgraded guidance. This result highlights
the strength of our operating model, margin discipline
and
consistent execution across our business.
Earnings per share reached 30.34 cents over the past
five years, growing at a compound annual growth rate of
15.6%, demonstrating our continued ability to translate
operational performance into shareholder value. Our work
in hand grew by 14.4% to $22.1 billion, including $8.2 billion
of work won during the year, underscoring the strength
of our customer relationships and the resilience of our
diversified
portfolio.
As we reflect on the year’s performance, we remember
the tragic loss of a colleague in November at Port Kembla
steelworks in NSW. This incident was felt deeply across
our
business and is a stark reminder of the importance
of our
people’s health and safety. We remain focused
on learning
from this event and to ensure any insights
contribute
to safer outcomes in the future.
Following the Board’s FY24 review of safety culture and
remuneration frameworks, we implemented enhanced
safety metrics in our Short Term Incentive Plan and
invested
in leadership capabilities. These actions,
combined
with our Elevate Safety program, leader-led
conversations, and targeted injury prevention initiatives,
contributed to a 15% improvement in TRIFR to 2.81.
While
this progress is encouraging, we know there is more
to
do and remain steadfast in our commitment to safety.
Customer focus continued to be a priority in 2025,
resulting
in one of our strongest work-winning years
since
listing in 2021. We secured major wins with
customers
such as NBN Co, the Australian Defence
Force,
and TransGrid, reflecting the strength of our
partnerships, expertise and strong customer focus.
Through our enterprise-wide Voice of Customer program,
we embedded the 'Listen - Understand - Act' framework
across all sectors. Feedback from over 700 customers
delivered actionable insights, with 86% reporting high
satisfaction and 81% agreeing Ventia is easy to do
business

with.
Sustainability remains a core commitment. We achieved
a 22.4% reduction in Scope 1 and 2 emissions (market-
based) from our 2021 baseline, and reduced our
Scope
1 and 2 emissions intensity by 1.9% from FY24,
reaching 6.4 tCO₂
-e/
$million, supported by continued
electrification of our fleet, with 13% of our light vehicle
fleet electric vehicles or hybrids. As we grow, Scope
3
emissions remain a challenge, increasing by 28%
from our 2021 baseline, which reinforces the need
for continued collaboration with suppliers. In the
area
of Social Sustainability, Ventia was honoured
with
the Global Excellence in Social Value award
for
our pioneering work in measuring and creating
social
value.
“
C ustomer focus continued to
be a priority in 2025, resulting
in one of our strongest work-
winning years since listing
in
2021.
”
Ventia is a leading essential services provider
across Australia and New Zealand delivering
critical infrastructure solutions in defence
and social infrastructure, telecommunications,
infrastructure ser vices and transport.
CONTENTS

16
VENTIA ANNUAL REPORT 2025
Your Board remains committed to delivering long-term value
and governance excellence. In February 2025, we welcomed
Amy Jackson as Group General Counsel, further strengthening
our legal and governance capabilities. We continued to
advance our digital and innovation agenda, building on
our Responsible Artificial Intelligence (AI) framework and
implementing the next phase of
our AI strategy. This included
introducing agentic AI solutions to enhance intelligent
information retrieval and automate multi-step workflows
across our business. Additionally, our VenSights platform
now
incorporates predictive analytics, enabling more
informed and
proactive decision-making.
“
We continued to advance our
digital and innovation agenda,
building on our Responsible
AI
framework and implementing
the next phase of our
AI
strategy.
”
In February, we launched an on-market buyback of up
to $150 million to efficiently return capital to investors,
with $137.6 million returned to shareholders during 2025.
We
also announced a further $100 million to be deployed
under our buyback program in 2026, bringing the total
buyback across 2025 and 2026 to $250 million. In addition,
a
final FY25 dividend of 12.54 cents per share was declared,
taking the total FY25 dividend to 23.25 cents per share,
franked
at 90%, underscoring our commitment to delivering
strong shareholder returns.
As part of strengthening our leadership and ensuring
continuity for future growth, we implemented changes to
our
Executive Leadership Team during the year. These changes
reflect our commitment to succession planning and to provide
long-standing executives with opportunities to broaden their
experience and take on new challenges. Key appointments
included Mark Ralston assuming leadership of Defence and
Social Infrastructure (D&SI), Sarah Palmer joining Ventia
to lead our Telecommunications business, Derek Osborn
taking responsibility for Innovation and Transformation, and
Damien
Pedreschi, our long-standing New Zealand executive,
stepping into the role of Group Executive for Transport.
Pictured: Technician performs fibre upgrade work for Tuatahi
Hamilton, New Zealand
ABOUT VENTIA

“
T o efficiently return capital to
investors an on-market buyback
of up to $150 million was
launched, with $137.6 million of
capital returned to shareholders
during 2025. We also announced
an additional $100 million to be
deployed under our buyback
program in 2026, bringing the
total buyback program across
2025 and 2026 to $250 million.
”
Looking ahead, Ventia is well-positioned to capture growth
across our $86.8 billion addressable market, which is forecast
to exceed $100 billion by FY28. We will continue to pursue
opportunities in adjacent markets, support the energy
transition, and deliver innovative solutions that meet the
evolving needs of our customers.
Thank you to our 35,000-strong team for your dedication
and professionalism. To our customers and shareholders,
thank
you for your continued trust and support.



D
avid Moffatt
D
ean Banks
Chairman Managing Director


an
d
G
roup CEO
Pictured: Members of Ventia's Water team
17
VENTIA ANNUAL REPORT 2025
CONTENTS

Pictured: Landscape view from a Ventia telecommunications work site, Hobart, Tasmania
Our strategic
approach
Ventia’s strategy of Redefining Service Excellence is
central to how we create value for our stakeholders,
and is brought to life by the pride and passion of our
people. We differentiate ourselves by being customer
focused, innovative and sustainable.
Our strategy and the scale of our addressable market underpins our ambition to grow across our four
core sectors: Defence and Social Infrastructure, Infrastructure Services, Telecommunications, and
Transport. In
2025, we continued to grow across our core markets and build further momentum in our
cross
-s
elling initiatives. Looking ahead, we will continue to progress these initiatives and assess opportunities
that
are ‘close to core’ that leverage Ventia’s strengths, while carefully balancing any associated risks.
OUR STRATEGIC APPROACH
18
VENTIA ANNUAL REPORT 2025

How we Redefine Service Excellence
Defence and Social
Infrastructure Infrastructure ServicesTelecommunications Tr a n s p o r t
Building on our 36+ year-long
relationship with Defence,
we are well placed to grow
our services to further
support defence capability
investment. Rising demand
for healthcare and education
infrastructure also further
strengthens our long-
term outlook to support
community needs.
We are well positioned to
capture growing demand
in energy and renewables,
water security and
environmental services that
is being driven by the energy
transition. Our strong market
position provides growth
opportunities as asset
owners seek to extend asset
life and improve resilience.
We are in a strong position
to capture growth from
the evolution of digital
infrastructure, including
fibre upgrades, data centres,
and emerging technology.
We are deepening ties and
building partnerships with
major network operators and
unlocking adjacent market
opportunities with our
existing capabilities.
Urban growth and resilience
programs are driving strong
demand for integrated road
services. With a focus on
long-term operations and
maintenance contracts
across Australia and New
Zealand, our proven track
record makes us a trusted
partner in sustaining vital
transport infrastructure.
Our strategic focus across our four sectors
Customer
focused
Redefining
Service
Excellence
Innovative
Sustainable
Deliver better customer solutions
Be renowned for solving customer
problems and creating value in new
and different ways
Better understand
our customers
Evolve our Voice of the Customer
program to listen, understand and act
Deliver high standards of corporate governance
Exceed industry and society’s expectations
of
our corporate behaviour
Net zero emissions goal
Emissions reduction plan supports
resiliency and decarbonisation of
operations
Drive positive social outcomes
Leadership in social value measurement with
demonstrated outcomes in fairness, inclusion and respect
Drive productivity
Simplify and standardise
to unlock the full
power of our scale
to create value
Renew customer
contracts
Success of all major
renewals ($100m+)
Enhance data and analytics
Harness data, AI and other emerging
technologies to drive transparent
and smarter decision-making
Secure new customers
Continuous improvement in bid
success rate by bringing a whole-of-
Ventia approach to new bids
19
VENTIA ANNUAL REPORT 2025
CONTENTS

How we create value
At Ventia, our approach to value creation
is guided by the International Integrated
Reporting Council’s (IIRC) International
Integrated Reporting Framework,
which demonstrates how our strategy
transforms inputs into our
business into
sustainable value for our stakeholders
over time.
We have a workforce of 35,000 employees and
subcontractors. By leveraging the deep knowledge
and expertise of our people, and maintaining
a relentless focus on service excellence and
innovative solutions, we build strong, long-term
partnerships with our customers. We foster a culture
of safety, fairness, inclusion and respect by driving
accountability and embedding these practices across
our business. This approach ensures our people
work in a safe, diverse and supportive environment,
while
strengthening trust with our customers.
Ventia generates employment and economic
activity that contributes to the growth of local and
regional communities across Australia and New
Zealand. Our diverse supply chain, comprising of
over 12,000 suppliers, reflects our commitment to
supporting local, Indigenous and social enterprises.
By doing business with a broad range of partners,
we help drive economic growth in regional and
local

communities.
We take a proactive approach to managing
environmental impacts, operating responsibly and
addressing climate-related risks and opportunities
throughout our business. This includes monitoring
and measuring waste generation, energy
consumption, and greenhouse gas emissions
– both direct and indirect – across our value
chain. These
actions support our commitment to
sustainability and our goal of achieving net zero
emissions by 2050. For more details on our climate
transition progress, refer to our Sustainability
Report on pages 172-206.
For shareholders and the investment community,
we are committed to delivering consistent financial
growth and rising dividends. We
undertake capital
initiatives that support business growth and create
value for our shareholders. Maintaining a strong
balance sheet and robust risk management practices
remain central to safeguarding our business and
providing a reliable investment pathway for our
shareholders. For more information on our financial
performance, refer to our
Operating and Financial
Review on pages 52-65.
InputsValue drivers
Highly engaged and
capable workforce
We have a workforce of
35,000 full
-t
ime, part-time
and subcontractor
employees
who have deep knowledge
and experience across our
industr y
sectors.
Physical assets
and data analytics
We leverage our operating assets,
offices, technology and data
analytics
to optimise efficiencies
and enhance our decision-making.
Trusted and long-term
partnerships
We have strong and long-term
relationships with our customers
and stakeholders across a range
of sectors. We have a national
reach so
we can scale quicky
for our customers.
A strong balance sheet
and risk management
We have a strong balance sheet,
disciplined capital management
and robust risk management.
A commitment to supporting
local communities
We are committed to supporting
local communities across Australia
and New Zealand through delivering
on our social value framework and
creating a positive social impact.
Commitment to creating
a resilient and healthy
environment
Our focus on our environmental
impact helps us to deliver positive
change for our people, communities
and the environment. We use
renewable and non-renewable
environmental

resources.
Human and
intellectual
capital
Relationship
capital
Manufactured
capital
Financial
capital
Environmental
capital
Social
capital
20
VENTIA ANNUAL REPORT 2025
OUR STRATEGIC APPROACH

We create an engaged, capable
and high-performing workforce
that operates in a safe, diverse
and inclusive environment.
Thriving people
By creating opportunities for local
people and communities, we are
contributing to long-term community
development and delivering positive
social value.
Flourishing
Communities
We aim to deliver sustainable financial
growth for our shareholders through
consistent year-on-year performance
and a sustainable dividend.
Operating and financial
performance
We deliver our Transition Plan to
achieve our emissions targets,
including towards net zero by 2050.
We are committed to resource
efficiency and climate resilience.
Championing
sustainability
We successfully build strong and
long-term partnerships with our
customers through delivering
service excellence.
Stronger customers
The value we create
We create value through the
development of a local and
diverse supply chain across over
12,000+ suppliers and vendors.
We
strive to advance sustainable
and ethical procurement.
Local and diverse

supply chain
Value creation
Defence & Social
Infrastructure
Infrastructure
Services
TelecommunicationsTransport
S
e
r
v
i
c
e
s
M
a
i
n
t
e
n
a
n
c
e
O
p
e
r
a
t
i
o
n
s
Sustainable
focused
Innovative
Redefining
Service
Excellence
We create value through the services we provide
21
VENTIA ANNUAL REPORT 2025
CONTENTS

Our operating market
Outsourced Maintenance Services'
addressable market size
Our addressable market continues to demonstrate strong
momentum. Oxford Economics Australia estimates its value
at
$86.8 billion in FY25 and forecasts a compound annual
growth rate (CAGR) of 4.7%, reaching $104.4 billion by FY29.
This growth reflects a significant opportunity to deliver
essential services that support Australia’s evolving needs.
Over the next five years, infrastructure investment in Australia
is expected to shift from transport – which has seen elevated
spending in recent years – toward social infrastructure,
defence, energy, and utilities.
Australia is experiencing sustained growth in demand
for essential infrastructure, driven by population growth,
an ageing demographic, continued migration and
increased defence investment. These structural shifts
are
elevating requirements across health, social and
defence assets nationwide.
In parallel, the energy transition and rapid expansion of
digital
infrastructure, including data centres, are creating
significant long-term investment needs. Together, these
macro trends signal a robust and enduring pipeline of
infrastructure activity across Australia.
Read more about these market drivers on pages 24-25.
1. Oxford Economics Australia (2025). Refers to financial years ended 30 June. Numbers represent current price (nominal value).
Australia and New Zealand ($b)
1
FY25
26.8
11.3
38.2
10.5
86.8
FY26
28.2
11.9
41.0
10.3
91.4
FY27
29.6
11.8
43.2
9.9
94.5
FY28
31.3
11.9
45.7
11.5
100.4
FY29
32.9
11.8
47.6
12.1
104.4
Defence and Social Infrastructure
Telecommunications
Infrastructure Services
Transport
C AGR: 4.7%
Pictured: Team members of our Energy Networks and Renewables business work on a distribution maintenance project in Blairgowrie, Victoria
22
VENTIA ANNUAL REPORT 2025
OUR STRATEGIC APPROACH

Pictured: Image of a wind turbine. Ventia supports Powerlink in delivering grid connection assets linking the Boulder Creek Wind Farm to Queensland's electricity grid
23
VENTIA ANNUAL REPORT 2025
CONTENTS

Pictured: Road upgrade works on Beaudesert-Nerang Road for Department of Transport and Main Roads, Queensland
Market drivers
The infrastructure and maintenance services market across Australia and New Zealand
is shaped by a range of key demand drivers. These factors influence the demand for new
projects, ongoing maintenance needs and investment across our four key sectors.
Population growth
Population growth remains a powerful long-term driver of
Ventia’s demand. Australia's population growth is strong,
returning to a sustainable 1.5% in FY25 as migration stabilised.
The outlook remains highly positive with increasing density
in urban centers driving investment in roads, rail, water, and
energy networks, creating enduring opportunities for Ventia
to
deliver essential services and infrastructure. These factors
drive increased operations and maintenance (O&M) needs to
keep ageing assets reliable, and targeted upgrades to relieve
pressure and extend asset life. Over time, population growth
supports steady increases in maintenance volumes, offering
resilience and predictability compared to the cyclical nature
of
new construction.
1. Australian Bureau of Statistics (2024-25), Australian System of National Accounts, Table 63, ABS website.
Large and growing asset base
Australia’s non-dwelling construction net capital stock was
just under $4 trillion in FY25
1
, reflecting steady growth across
transport, utilities and social infrastructure. While growth
has moderated post-resources boom, asset utilisation
has intensified and networks are being pushed harder
and
longer, driving up maintenance demand.
Looking ahead, deferred renewals and maintenance backlogs
are driving catch-up dynamics. These trends reinforce a
resilient and defensive growth outlook for maintenance
services through at least the remainder of the decade,
underpinned by the scale of Australia and New
Zealand’s
infrastructure footprint.
Outsourcing and bundling opportunities
Outsourcing remains a stable and strategic trend in
infrastructure maintenance, with Oxford Economics
Australia forecasting an approximate 59% share through
to FY29. As asset owners face rising utilisation and ageing
networks, outsourcing offers cost-effective access to
specialised capabilities.
Increasing government fiscal constraints and pressure for
cost
competitiveness in the private sector further reinforce
the
n
eed to outsource, ensuring efficiency and reliability without
expanding fixed overheads. While occasional insourcing occurs,
national demand for integrated service models and performance-
based delivery continues to favour external providers.
For Ventia, there is long-term resilience in the contracting
sector across defence, utilities, transport, and social
infrastructure, with outsourcing levels expected to hold
firm
into the future.
Pictured: Members of Ventia's Rig and Well Services team, Olympic Dam,
South Australia
OUR STRATEGIC APPROACH
24
VENTIA ANNUAL REPORT 2025

1. Australian Government – Department of Defence, 'A generational investment in Australia’s Defence', Media Release, 14 May 2024.
Energy transformation and climate resilience
A need to respond to climate change is driving a profound
energy transformation and reshaping infrastructure across
Australia. This shift goes beyond a need to replace ageing
fossil fuel sources with renewables, and it includes new
system electrification, like electric vehicles, and new energy
loads like data centres. It will require significant expansion of
transmission networks, and over 10,000 km of new lines are
planned by 2050, with major projects like HumeLink, Marinus
Link and Western Renewables Link underway.
While renewable assets require less maintenance, their
geographic spread and system complexity create sustained
demand for inspections and field services.
At the same time, rising frequency and severity of extreme
weather events, such as Cyclone Alfred, are exposing
vulnerabilities in transport and utility networks.
Climate adaptation is now central to planning, with resilience
upgrades like flood-proof roads, elevated rail, and reinforced
water systems driving long-term maintenance and minor
capital works across energy, utilities, and transport.
Geopolitics and defence
Geopolitical tensions and evolving defence priorities are
reshaping Australia and New Zealand’s infrastructure
landscape. National security and supply chain resilience are
critical to the sovereignty of both nations, driving sustained
investment in defence capabilities.
Increased regional instability and the Australian Government’s
reaffirmation to lift Defence spending to exceed 2.3% of
GDP by 2033-34
1
contribute to investment in defence assets.
This creates long-term demand for maintenance, asset
management, and minor capital works across secure and
remote environments.
For Ventia, the opportunity lies in delivering reliable,
compliant, and scalable asset management solutions across
defence, border protection, and critical supply chain assets.
As defence infrastructure expands and ages, sustaining
defence capability will increasingly depend on integrated
asset management to ensure availability, resilience, and
performance of critical assets well into the next decade.
Digitalisation, technology and AI
In a labour-and capital-constrained world, technology
adoption and integration are key levers for improving
productivity. As infrastructure demand surges - driven by
population growth, energy transformation, defence uplift,
and water security - digitalisation and automation become
essential
investments.
Predictive maintenance using Internet of Things (IoT) and
analytics reduces reactive work and extends asset life. Remote
inspections via drones and robotics enhance safety and
coverage. Digital work orchestration improves efficiency, while
geospatial and digital twin tools guide resilience investments
and multi-utility coordination.
These technologies not only lift productivity but also unlock
new outsourcing opportunities, as customers seek scalable,
data-driven partners to manage complex functions.
For Ventia, tech-enabled service models are central to meeting
rising demand with speed, precision, and cost-effectiveness.
Pictured: Members of Ventia's Firefighting and Rescue team, Edinburgh,
South Australia
Pictured: Ventia business graduate with a mentor at our Parramatta office,
New South Wales
25
VENTIA ANNUAL REPORT 2025
CONTENTS

Accelerating our innovation
and digital transformation
2025 was a year of purposeful progress across our digital and innovation functions. We modernised
platforms, strengthened cybersecurity and further embedded responsible AI. Each initiative
reflects our
commitment to delivering smarter, safer, and more connected services for our
customers and communities.
Building on our AI capabilities
During the year, Ventia focused on establishing the foundations
required to safely and responsibly deploy artificial intelligence
(AI) at scale. This included investment in governed, reusable
data products, consolidating more than 18 billion lines of
data to support consistent insights and future AI enablement.
Innovation is channelled through Venspark, Ventia’s enterprise
ideation platform with over 6,000 users, providing a structured
front door for frontline-led ideas aligned to business priorities.
In parallel, Ventia has developed a best-in-breed technology
ecosystem to support rapid prototyping and evaluation of
AI-enabled solutions, ensuring the organisation is positioned
to accelerate adoption while maintaining strong standards
for security, risk and governance. For example, our Supplier
Selection AI Agent screens new suppliers using a range of
metrics, while our Employee Onboarding AI Agent seamlessly
handles system updates, equipment provisioning, and
account

setup.
VenSpark
launch of new innovation ideation
platform
~18 billion
rows of data processed through our
data product platform
941k+
calls managed by Ventia's Operation
Centre
Highlights
Pictured: A Ventia employee presents her ideas at a team meeting in Victoria
Pictured: A Ventia technician maintains critical digital infrastructure at a
data centre in Sydney, New South Wales
26
VENTIA ANNUAL REPORT 2025
OUR STRATEGIC APPROACH

Maturing our cybersecurity posture
In 2025, Ventia achieved ISO 27001:2022 certification, validating
our commitment to best-practice information security. We also
further invested in data
loss prevention, perimeter defence
upgrades, and phased out portable storage devices to reduce
risk exposure.
To improve resilience and incident response, we uplifted maturity
against the Australian Cyber Security Centre’s Essential Eight
Framework. Looking ahead, we will continue to invest in
advanced security capabilities, strengthen threat detection
and response, and embed cyber resilience across our business
keeping Ventia ahead of emerging risks.
Innovating with everyone – VenSpark
Ventia launched VenSpark in 2025, an enterprise-wide
innovation and ideation platform designed to transform
ideas into practical solutions that deliver measurable impact.
Built as a centralised hub within Microsoft Teams, VenSpark
empowers every employee to contribute, collaborate, and
innovate in line with our strategic priorities.
Through structured campaigns and AI-enabled processes,
VenSpark simplifies the innovation journey, from harnessing
collective intelligence to accelerating problem-solving, and
delivering operational improvements. Since its launch, there
have been over 19,000 visits by employees to the platform
and more than 300 innovation ideas have been submitted.
A
number of these have already advanced to implementation.
One of these ideas is PicSure, an AI-driven solution that
reviews photos submitted at work completion, ensuring
adherence to quality standards and reducing manual effort.
With nineteen million artefacts reviewed monthly, PicSure
delivers significant time and cost savings, minimises rework,
and enhances customer satisfaction.
Transforming Ventia Operations Centre (VOC)
Our Ventia Operations Centre (VOC) serves as our digital
and innovation hub, operating 24/7 to deliver inbound and
outbound customer service. The VOC plays a
critical role
in incident management, work order coordination, service
scheduling and customer management, and provides remote
monitoring and custom built analytics to our teams across
Australia and New Zealand.
This year, we progressed our AI roadmap in the VOC, using
call
summarisation and natural language processing to
reduce administrative overheads and improve documentation
accuracy. AI-driven knowledge surfacing and intelligent
routing have further enhanced resolution speed and
uplifted
service performance for our customers.
Data analysis and governance
Throughout 2025, we continued to modernise our Enterprise
Reporting Platform (ERP), which digitally supports Ventia’s
entire enterprise. High-quality data from across our business
feeds into VenSights, our digital analytics platform, providing
real-time performance insights across business units and
generating more than 200 reports.
Within VenSights, Project on a Page delivers comprehensive,
on-demand data for individual projects, helping identify and
manage risk while supporting higher standards of corporate
governance. Looking ahead, we will optimise reporting
through AI-powered features in Power BI, accelerating
speed
to insight and driving productivity for our customers.
Looking forward
Looking ahead, we will continue to scale agentic AI, expand
remote operations, and strengthen our digital foundations,
moving Ventia to a deeply integrated, enterprise wide
technology ecosystem. This shift reduces manual work,
improves data quality and positions us to deploy new
capabilities faster and at scale.
Pictured: Ventia employees collaborate in our Arndell Park depot office,
New South Wales
Pictured: Members of Ventia's Defence team collaborate with Defence
personnel at AMC CUF, Western Australia
27
VENTIA ANNUAL REPORT 2025
CONTENTS

Thriving people
Pictured: Members of Ventia's
Transport team attend an innovation
trial in Melbourne, Victoria
28
VENTIA ANNUAL REPORT 2025
THRIVING PEOPLE

0.20
in FY25
Delivering on our SHEQ strategy
Our 2025–2028 Safety, Health, Environment and Quality
(SHEQ) strategy underpins safety at Ventia and sets out the
principles embedded across our daily operations. Through
implementing our SHEQ strategy, we are focused on elevating
our safety culture where risks are well-managed, people feel
safe, healthy and supported, and operational outcomes are
consistently and safely delivered.
Key initiatives in 2025 included revitalising our critical
risk
protocols, simplifying processes, integrating
advanced
analytics, and optimising our SHEQ operating
model. These efforts have resulted in 15% improvement
in

our

TRIFR.
We have an unwavering commitment to safety, however
we are deeply saddened to report the loss of a Ventia team
member in November 2025. This event has reinforced the
critical importance of our safety practices and culture. In
response, we have intensified our efforts to learn from this
tragedy and ensure safety remains our highest priority.
 d eterioration on
full year 2024 by 54%
SIFR
3
TRIFR
2
2.81
in FY25
 i mprovement on
full year 2024 by 15%
0.29
0.11
0.13
2022202320242025
0.20
2022202320242025
2.81
3.71
3.293.31
433+
Safe for Life frontline
leaders trained
190+
Healthy Minds Champions
in 2025
59%
increase in 4-and 5-Star
1

Ventia drivers
Safety is our licence to operate
The health and safety of our people remain Ventia’s highest
priority. Our commitment to creating a safe and healthy
workplace is underpinned by a culture of ownership and
accountability. Through strong governance, leadership,
and operational discipline, we empower our teams to
proactively identify, manage, and mitigate safety risks.
1. Measured by EROAD. Star ratings are based on driver standards in comparison to EROAD driving population. To be a 5-star driver, you need to be in the top 10%
of the EROAD driving population.
2. Total Recordable Injur y Frequency Rate is calculated as a number of recordable injuries divided by total hours worked (inclusive of subcontractors) multiplied by
1,000,000 in a 12-month period.
3.

S
erious Injur y Frequency Rate is calculated as the number of serious injuries divided by total hours worked (inclusive of subcontractors) multiplied by 1,000,000 in a
12-month period.
29
VENTIA ANNUAL REPORT 2025
CONTENTS

Elevate Index
Now in its second year, the Elevate Index continues to play
a strategic role in strengthening safety performance across
Ventia. Developed in 2023 and trialled throughout 2024,
this dashboard-based tool analyses eight key lead and lag
indicators, tailored annually to reflect operational complexity,
market conditions, and key risks. In 2025, the Index was
fully embedded into our operational processes with regular
reporting driving targeted safety outcomes. These included
a 14% increase in completion of SHEQ compliance training
1

and a 245% increase in actions raised from Leader Learning
Conversations
2
. Collectively, these actions and others have
contributed to a 19% year-on-year improvement in our
Elevate
score.
Critical risk management
In 2025, we refreshed and strengthened our Critical Risk
Protocols (CRPs), placing greater emphasis on operational
controls and continuous improvement. These protocols
ensure consistency, control, and safety across our workplaces,
reinforcing our commitment to risk management and
operational excellence.
Key enhancements included additional controls for high-
risk activities such as additional permit requirements for
working at heights, spotter requirements for plant and
vehicle movements and simplifying language to ensure clarity
and consistent implementation. These have strengthened
Ventia's safety governance and reinforced our commitment
to proactive risk management.
Pictured: Member of Ventia's Water team secures personal protective
equipment before performing work
1.
S
HEQ Employee Induction training increased by 14% from 19,060 in F Y24 to 21,814 in F Y25.
2.
There was a 245% increase in actions from Leader Learning Conversations increasing from 1,718 in F Y24 to 5,931 in F Y25.
In 2025, we established six new Centres of Excellence
to centralise our SHEQ capabilities across Australia and
New Zealand. This move has driven standardisation,
fostered collaboration, and embedded enterprise-level
thinking throughout our organisation.
Elevate Index chart
Ventia's Elevate Index assesses and benchmarks our safety performance
across eight key metrics providing detailed insights on where and how we
can deliver sustained safety performance.
Leader Learning
Conversations
with Actions
Preventable
Driving
Events
Compliance
Training
Critical Risk Protocols
Assurance Quality
Serious Claim
Frequency Rate
Continuous
Improvement
Critical Event
Action Verification
Total Recordable Injur y
Frequency Rate (TRIFR)
40%
80%
30
VENTIA ANNUAL REPORT 2025
THRIVING PEOPLE

Road safety: safe driving excellence
Driver safety remains a critical focus for Ventia. In 2025,
over 5,000 drivers travelled more than 118 million kilometres
across Australia and New Zealand. Recognising driving and
remote travel as high-risk activities, we prioritised safe
driving
behaviours through our annual All Roads Lead to
Home campaign.
This enterprise-wide campaign delivered targeted education,
practical resources, and masterclasses, resulting in measurable
improvements in driver behaviour. Through our EROADs
1

platform, we recorded a 25% reduction in driving events and a
44% drop in overspeed incidents. The introduction of a Vehicle
Claims Dashboard further enhanced visibilit y and accountabilit y,
reinforcing the effectiveness of our data-driven approach to
managing critical driving risks.
Protecting our environment
We continue to strengthen our approach to environmental
risk management, recognising the potential for impact
across our diverse operations. In 2025, our Total Recordable
Environmental Event Frequency Rate (TREEFR) remained
stable, driven by early detection and targeted controls,
particularly around waterway contamination risks. In FY25
Ventia recorded one serious environmental event.
2
Over 2,200 environmental critical control checks were
completed, reflecting a 7% increase on FY24 and a shift toward
proactive, embedded risk management. Our Environmental
Awareness Training program also expanded, with more
than 5,400 employees trained to apply our environmental
standards and systems, reflecting a culture of environmental
responsibility and continuous improvement. By working
closely with stakeholders, we continue to build
a workforce
that understands its role in protecting the environment and is
actively engaged in delivering better outcomes.
Healthy minds
Ventia’s proactive approach to managing psychosocial risk is
a key safety priority. In 2025, we collaborated with HSE Global
to deploy the Psychosocial Risk Index, mapping employee
feedback to identify and mitigate risks such as workload,
bullying, and change fatigue. We expect to understand the
full
impact of the new index in 2026.
Psychosocial hazard reporting is embedded in our SHEQ
systems, enabling real-time visibility and response. Over
190 Healthy Minds Champions at Ventia continue to foster
psychological safety through peer-to-peer support, while
psychosocial heatmapping helps identify emerging trends
to
guide leadership action.
Pictured: Ventia graduates collaborate on a project at our Parramatta
office, New South Wales
Pictured: Team members from our Energy Networks and Renewables
business onsite in Western Australia
1.

E
ROAD is Ventia's fleet management and technology partner.
2.

S
erious Environmental Event – an environmental event that has an actual consequence risk rating of substantial or major.
2026 focus
Looking ahead, our strategic objectives for 2026 will continue
to improve the safety, health, and wellbeing of our people by:
• further embedding the Elevate Index to measure and report
on Ventia's safety progress
•
deepening collaboration between our people and
leaders through shared accountability for risk awareness
and
ownership, with targeted leadership interactions as
a
key enabler
•

d
riving targeted action plans in response to insights from
the Psychosocial Risk Index to strengthen controls and
reduce risks
•
streamlining systems and investing in technology and
innovation, such as AI, to reduce variability and enable
continuous improvement across SHEQ processes
•

b
enchmarking performance and tracking global trends
to
accelerate our journey toward industry-leading safety
and
wellbeing practices.
31
VENTIA ANNUAL REPORT 2025
CONTENTS

People are at the heart of our success
At Ventia, people are at the heart of our success. We strive to create a workplace where
everyone feels safe, valued, heard, and empowered to succeed. Our culture is shaped by
four core
values: collaboration, integrity, challenge, and ingenuity, which guide how we work
together and deliver for our customers and communities.
Pictured: Team toolbox talk performed by members of Ventia's Auckland Council team, New Zealand
We launched a refreshed three-year People Strategy in 2025
focused on elevating our leaders, growing our people, and
ensuring Ventia remains a great place to work. Through our
enterprise Voice of Stakeholder program, we conducted our
annual Employee – Have Your Say sur vey, gathering direct
feedback from our people. Using a new survey platform, we
gained insights across five areas: engagement, intent to stay,
reality versus expectations, inclusion, and wellbeing.
The survey achieved an engagement score of 63%, setting a
new benchmark and notably, 76% of our people believe Ventia
prioritises safety and wellbeing and 75% feel Ventia is values
and culture driven.
We are focused on improving our employee experience
and have introduced initiatives focused on leadership
development, enhanced benefits, recognition programs and
career growth opportunities to further support and empower
our workforce.
Highlights
75%
employees said Ventia is
values and culture driven
550+
leaders trained by Ventia
Academy in FY25
24
Enterprise and Collective agreements approved
in Australia and New Zealand in FY25
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VENTIA ANNUAL REPORT 2025
THRIVING PEOPLE

Building capabilities across our business
We launched a new framework called Leadership Edge in 2025
that defines what great leadership looks like across Ventia
and describes our five core leadership pillars: Lead Safety and
Health, Lead Redefining Service Excellence, Lead and Develop
People, Lead Enterprise Impact and Lead Positive Change.
This framework will shape our leadership development
programs and pathways, inform our selection processes, and
help us build a strong, inclusive, and values-driven leadership
culture. We also rolled out Performance Scorecards for our
top 400 leaders, promoting transparency, responsibility,
and
alignment.
Our Ventia Academy, a hub for internal training and
development, supported workforce capability development
by training a total of 550+ leaders in 2025. Our Registered
Training Organisation in Australia enabled 698 employees to
gain nationally recognised qualifications and 326 achieved
job-specific Certificate II – IV and Diploma credentials. In
New
Zealand our Training Education Organisation enabled
231
employees to gain nationally recognised competencies.
Pictured: Members of Ventia's New Zealand team present at a community event at the Rapaki Marae in Christchurch, New Zealand
Pictured: Works in progress at the Square Kilometre Array Observatory
(SKAO) telescope site in Murchison, Western Australia
People systems and governance
We continued to improve our people systems and
processes in 2025, including launching a new talent
acquisition platform to enhance recruitment and
onboarding. Our refreshed career sites, available both
externally and internally, resulted in an uplift in talent
acquisition and streamlined our recruitment processes.
These sites now offer a mobile-friendly interface for
candidates, employees, and hiring managers, supported
by
customised job alerts and chatbot support.
We developed a new onboarding platform, which is now
simpler, with practical tools to help new team members feel
welcomed and supported from day one. This will be formally
launched in 2026 and further improvements to our people
systems are planned in the year ahead.
We have also reinforced governance in our people
processes by centralising enterprise bargaining, supporting
our Enterprise Agreements in Australia and Collective
Employment Agreements in New Zealand. This drives
greater consistency, compliance, and transparency in
industrial relations.
Making strides on our people strategy
Through our People Strategy and the delivery of our 2025
initiatives, we achieved measurable impacts including
a reduction in overall voluntary full-time and part-time
employee turnover from 18.7% in FY24 to 16.6% FY25.
We
approved 21 Enterprise Agreements in Australia, and
3 Collective Employment Agreements in New Zealand.
We also maintained women’s representation at executive
and senior levels and continued narrowing the gender
pay gap, which is discussed in more detail in the Fairness,
Inclusion and Respect section on pages 34-35.
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VENTIA ANNUAL REPORT 2025
CONTENTS

Building a culture of fairness, inclusion and respect
In 2025, we published our Fairness, Inclusion and Respect Policy, setting clear expectations
for how we engage with our workforce, partners, and the communities we serve. This policy
reflects Ventia’s values, aligns with anti-discrimination and workplace legislation in Australia
and
New Zealand, and supports our broader sustainability and social value commitments.
Fairness, inclusion and respect in action
We embedded eight employee networks in 2025 to strengthen
engagement and provide a safe space for employees to
connect and share perspectives. Our employee network
groups include men’s health, women’s network, rainbow,
intercultural, and Aboriginal and Torres Strait Islander, each
supported by executive sponsors. We also continued to
invest in building the capability of our fairness, inclusion
and
respect champions.
Reconciliation activities in Australia
We further advanced our commitment to reconciliation
through the delivery of our 2023–2026 Stretch Reconciliation
Action Plan (RAP). Of the 87 actions scheduled in 2025, across
four pillars including relationship, respect, opportunities,
and governance, we successfully completed 85 reflecting
our
strong focus on accountability and impact.
Two of these initiatives are setting leadership targets to
increase Indigenous representation in senior roles and
establishing the Eddie Fry Education Fund, in honour of the
retiring Chair of our Indigenous Advisory Board (IAB), Eddie
Fry. The fund is designed to provide financial assistance to
Indigenous employees so they can pursue further education
and build long-term career opportunities.
We enhanced our cultural learning pathway by renewing
our
online training and introduced a half-day training option.
We furthermore refreshed our IAB charter and appointed
a new Chair. The IAB continues to provide regular updates
to Ventia’s Safety and Sustainability Committee, ensuring
transparent oversight of our reconciliation progress.
Our Training, Recruitment, Employment, Care and Career
Advancement (TRECCA) program and internal recruitment
team, Skout, created meaningful employment opportunities
for Aboriginal and Torres Strait Islander peoples, resulting
in Indigenous representation reaching 3.3% of our
Australian
workforce.
Our latest engagement results show that nearly 70% of our
people believe Ventia fosters a culture of fairness, inclusion
and respect. To strengthen these practices, we established
a cross-functional working group comprising employees in
recruitment, retention, procurement, communications and
governance. This group is focused on driving accountability
and embedding fair, inclusive and respectful practices across
the organisation.
Fairness, Inclusion and Respect Principles
FairnessInclusionRespect
We give everyone
a fair go. We
ensure everyone
has a genuine
and equal
opportunity to
succeed.
We uphold a
culture where
everyone feels
they belong,
are heard, and
can make a
meaningful
impact.
We treat each
other, and
everyone we work
with, with respect.
This includes
how we engage
with suppliers,
customers, and
community
members.
“
A highlight for me this year was attending the Safety and Sustainability Committee
of the Ventia Board. It gave me valuable insight into the Committee’s expectations,
and I was able to share the expectations of IAB members and the broader
community. I saw this as a strong demonstration of Ventia’s commitment to
good governance and to including Indigenous voices in key decisions.
”
Belinda Duarte – Chair of Indigenous Advisory Board
Pictured: Ventia Women's networking conference in Auckland, New Zealand
34
VENTIA ANNUAL REPORT 2025
THRIVING PEOPLE

Māori and Pasifika inclusion in Aotearoa
We delivered significant milestones to uphold Te Tiriti
o Waitangi and embed Māori mātāpono (values and
principles) throughout the year. This included nationwide
cultural celebrations, advancing Te Wiki o te Reo Māori
initiatives and introducing Te
Reo Māori language learning
programs. We also hosted wānanga (workshops) and cultural
competency training, and strengthened iwi relationships
with
Ngāti Whātua Ōrākei and iwi across the motu.
Our Aotearoa Cultural Awareness Module continued to
strengthen cultural capability across our workforce, deepening
understanding of Māori culture, history and values, and
supporting more respectful, community centred engagement.
In 2025, a further 400 New Zealand employees completed the
training, lifting overall participation to 63%.
Women’s participation
We strive to create a workforce that reflects the communities
we serve, with women represented and retained at every level,
including technical and leadership roles. To strengthen our
position as an employer of choice for women, we continued to
provide development opportunities, create credible leadership
pathways, increase women’s participation at leadership
summits and events, and maintain a flexible and supportive
workplace environment.
This year we partnered with EVEN - an organisation dedicated
to creating a place for women to grow ambitious, sustainable
careers, on their terms. Four of our frontline women began
their 12-month EVEN program in 2025, and in 2026, we will
expand the initiative to include 24 middle-management
women and 30 frontline women across Ventia.
In 2025, we achieved our HESTA 40:40 vision goal, with
women's representation on our Board remaining stable at 43%
and 50% on our Executive Leadership Team. Women in Senior
Management (WISM) decreased slightly from 30.8% to 30.6%,
and women’s participation in our workforce increased from
30.9% to 32.2%.
In Australia, we submitted our 2024–2025 gender pay gap
data to the Workplace Gender Equality Agency (WGEA)
in compliance with the Workplace Gender Equality Act.
Ventia
recognises that a gender pay gap exists within our
workforce, representing the difference in average earnings
between men and women. While we ensure equal pay for
like-for-like roles, the overall gap reflects the diverse mix of
industries and occupations across our business, where gender
representation varies.
We reduced our total remuneration average gender pay gap
in FY25 to 28.5%, down from 29.7% in FY24. This progress is
supported by annual pay equity reviews, targeted recruitment
of women into senior leadership roles, and initiatives designed
to close the gender pay gap.
Pictured: Members of Ventia's New Zealand team visit the Wheke, Rapaki
Marae in Christchurch, New Zealand
Our social sustainability targets
 Participation by women in
executive positions (ELT).
 Participation by women in
senior management (WISM).
Status: Progressing
 Participation by women
across all employees.
 85 of our 87 RAP commitments
in Year 2 completed.
Status: Progressing
(HESTA
1
40:40 Vision commitment) 40% workforce participation by women by 2030,
including women on the ELT, in senior management and across all employees.
Achieve our Reconciliation
Action Plan (RAP) targets.
50%30.6%
32.2%
98%
TARGETSTARGET
1. HESTA 40:40 Vision is an Australian initiative led by HESTA to increase gender diversity in executive leadership of ASX300 companies. This Diversity initiative calls for
leadership teams to achieve 40% women, 40% men and 20% open across leadership. Ventia tracks women’s participation at Board, ELT and senior management levels
against this vision.
35
VENTIA ANNUAL REPORT 2025
CONTENTS

Stronger
customers
Pictured: A handshake between
members of Ventia's Defence team
and Defence personnel at AMC CUF,
Western Australia
36
VENTIA ANNUAL REPORT 2025
STRONGER CUSTOMERS
36
VENTIA ANNUAL REPORT 2025

We made progress towards our goal of improving our
customers’ experience in line with our group strategy.
By strengthening how we engage and collect feedback,
and improving our service delivery, we are redefining
service excellence. These improvements contributed
to a strong year of work winning.
In 2025, we launched our enterprise ‘Voice of Stakeholder’
program, embedding our ‘Listen - Understand - Act’
framework across customers, employees, and suppliers.
As part of this initiative, we introduced the Customer
– Have
Your Say survey to gather direct feedback from
our

customers.
Building on our customer listening program in 2024, we invited
over 700 customers across more than 80% of our projects
to provide feedback, covering executive, management, and
operational representatives. With over 300 responses, we
achieved a 43% response rate.
Customers were asked to provide feedback against
Ventia’s six
key value drivers: Customer Focus, Safety and
Sustainability, Service Delivery, Engaged and Capable
People,
Trusted Relationships, and Efficiency and Innovation.
We also measured industry best practice indicators,
including Net Promoter Score (NPS), Customer
Satisfaction (CSAT), and Customer Effort Score (CES).
Our survey showed that 91% of customers agree they are
clear on how Ventia can help them to achieve their business
goals, 81% agree that we actively seek and respond to
their feedback, and 82% believe Ventia’s leaders engage
meaningfully with their organisations to understand their
needs and drive better outcomes. These results highlight
our continued focus on clarity, responsiveness, and
leadership

engagement.
50%
increase on work won in FY25
compared to FY24
81%
of our customers agree we
are easy to do business with
86%
customer satisfaction in FY25
Highlights
Voice of the
Customer program
Pictured: Member of our Telecommunications Traineeship program in
Hobart, Tasmania
37
VENTIA ANNUAL REPORT 2025
CONTENTS

“
As a result of Customer- Have
Your Say, our relationships with
our customers have become more
transparent and collaborative,
fostering stronger engagement
and trust. Customers feel heard
and valued, which contributes
to
their satisfaction.
”

Tym Richardson – Project Director at Ventia -
Northern Beaches Hospital
“
I t was great to have a well-structured
customer feedback program that
was facilitated independently of
the project and operational teams.
We
typically have many discussions
around contractual performance and
KPIs, but the direct nature of these
follow ups added another dynamic
to

customer service.

”

Jesse Alday – Project Director at Ventia -
NBN On Demand Module
Addressing feedback through action
Since the survey, our teams have taken purposeful steps to
close the loop and deliver improvements that matter to our
customers, such as:
•
80+ personalised action plans enabling Project Directors
and frontline teams to address individual customer
feedback - both improvements and recognition of
outstanding
performance.
• sector level workshops with senior management teams to
identify common themes and root causes, resulting in 16
enterprise-wide improvement initiatives delivered in 2025.
These projects ranged from enhancing our compliments
and complaints process to undertaking deeper analysis of
key accounts.
To ensure we continued to respond effectively, we conducted
a pulse check in the fourth quarter, confirming customers have
noticed and valued the actions taken. They acknowledge our
commitment to listening and driving positive change.
In 2026, we will continue to evolve our Voice of the Customer
program, expanding customer touchpoints and strengthening
customer-focused capabilities across our business.
Over 80% of our
customers agree
that Ventia:
83%
agree we deliver consistently
91%
agree we have a
safety-first culture
works collaboratively
to address risk
partners with the
right people
seeks feedback
to

improve
communicates
effectively
38
VENTIA ANNUAL REPORT 2025
STRONGER CUSTOMERS

Pictured: Works in progress at the SKA-Low telescope site, Western Australia
39
VENTIA ANNUAL REPORT 2025
CONTENTS
39
VENTIA ANNUAL REPORT 2025

NBN Co
Strengthening our 15-year relationship
with NBN Co
Ventia signs five-year Field Module contract to deliver fixed
line maintenance, activation and assurance services, plus
extension of the Fibre to the Node (FTTN) to Fibre to the
Premises (FTTP) upgrade program, plus regional expansion
into ACT.
Ventia has been a relationship partner to NBN Co since 2010,
delivering end-to-end services including design, construction,
on-demand deployment, field services, and network
operations and assurance.
Ventia is currently partnering with NBN Co on the FTTN
upgrade program, on-demand fibre installation, fixed line
activation and assurance, and Fixed Wireless greenfield
build
and network resilience upgrade works.
CASE STUDY
Pictured: A Ventia technician performs Fibre to the Premises work at a customer residence in the greater Melbourne area, Victoria
40
VENTIA ANNUAL REPORT 2025
STRONGER CUSTOMERS

Current services provided
• Fixed line activation and assurance (Field Module)
($2.1b, 5 years)
• Fibre to the Node upgrade program ($1.1b, 3.5 years)
• Fibre installations for new developments and businesses
($300m, 3 years)
•
Fixed Wireless greenfield build and network
resilience
upgrades
We have a long-standing relationship with NBN Co
Our relationship spans 15 years demonstrating our position as a major delivery partner
Since 2010, Ventia has
worked with NBN Co to trial
initial Fibre to the Premises
(FTTP) sites
2010
Ventia signs first major
contract with NBN Co
to deliver design and
construction services for
the original FTTP rollout
across Australia
2011
NBN Co and Ventia launch
New Developments and
high-rise connection
program along with
interexchange upgrades
2012
Ventia delivers a multi-
technology mix, with the
focus shifting to utilising
the existing Hybrid Fibre
Coaxial (HFC) network and
rollout of Fibre to the Curb
(FTTC) ser vices
2017
The New Developments
program evolves to On-
Demand Module (ODM),
allowing businesses
and new communities
to request an nbn
fibre connection
2019
Ventia signs Fibre to the
Node (FTTN) to FTTP
evolution upgrade,
recommencing in-premises
activations, assurance
work and Fixed Wireless
upgrades
2021
Extension and new scope
under Fibre Connect
program
2023
Ventia signs five-year
Field Module partnership
to deliver maintenance,
fixed line activation
and assurance services,
FTTN to FTTP upgrade
program, including regional
expansion into ACT
2025
15-year
relationship
3-5 year
contracts
$3.2b
contracts awarded in FY25
Expanded geographic footprint in Qld and NSW under Field Module
and on-demand fibre installation contracts
Including Field Module and Fibre to the Node upgrade works secured
in ACT (new awarded region)
Ventia provides services to nbn in all states and territories of Australia
41
VENTIA ANNUAL REPORT 2025
CONTENTS

Defence Clothing Services
Securing a new Defence Clothing Services contract with the Australian Defence Force
Building on Ventia’s 36+ year trusted partnership with
Defence, Ventia signed a new seven-year agreement in
2025 to
manage the Australian Defence Force’s end-to-
end clothing capability. Commencing in mid-2026, Ventia
will deliver clothing design and supply, warehousing,
distribution and
servicing of clothing stores.
Ventia has provided clothing and retail store services to
Defence for more than six years. This strategic agreement
significantly expands our scope, making Ventia the single
industry partner accountable for the entire clothing lifecycle.
This approach promotes faster, more convenient access
to uniform entitlements, and enables a more sustainable
and agile supply chain with improved compliance and
cost
control.
To deliver on this commitment, Ventia has partnered with
leading Australian suppliers, including Linfox and Workwear
Group, to support this strategic agreement and assist with
logistics, clothing design and production.
Defence members will benefit from a customer-centric retail
experience with access to modernised stores across 32 sites
nationally which will provide excellent customer service and
a seamless experience.
CASE STUDY
“
V entia is proud of our 36+
year history supporting the
Australian Defence Force.
This new contract is a strong
endorsement of our growing
presence and capability in the
Australian Defence market.
It reinforces our position as a
trusted partner and highlights
the depth of our expertise to
deliver integrated solutions in
complex environments.

”

Dean Banks – Ventia’s Managing Director
and Group Chief Executive Officer
7-year
contract term with
13-year extension options
$935m
in revenue
1

36+ year
partnership with
Australian Defence Force
1. T his is an approximate figure based on calculations of new contract award over the seven-year contract term and can vary depending on
volume and contract variability.
42
VENTIA ANNUAL REPORT 2025
STRONGER CUSTOMERS
Pictured: Joint forces headwear. From right to left: Royal Australian Air Force, Australian Army and Royal Australian Navy

43
VENTIA ANNUAL REPORT 2025
Pictured: Ventia employees working at a Defence Clothing store
CONTENTS

Pictured: TRECCA (Training, Recruitment,
Employment, Care and Career
Advancement of Aboriginal and Torres
Strait Islanders) team meeting at the
Brisbane office, Queensland
Flourishing
communities
44
VENTIA ANNUAL REPORT 2025
FLOURISHING COMMUNITIES
44
VENTIA ANNUAL REPORT 2025

Ventia is committed to creating lasting benefits for
communities across Australia and New Zealand. By keeping
resources within local regions, we empower businesses,
generate employment opportunities, and contribute to
long-term economic growth.
87%
of our workforce are locally employed
in Australia and New Zealand
99%
of Ventia’s spend stays within
Australia and New Zealand
$800k+
granted in community funding
since 2011
Highlights
Our Social Sustainability strategy underpins our commitment to
building thriving communities. We measure the positive impact
created for people and communities as a result of our activities.
To measure our community impact, Ventia adopted the
Themes, Outcomes, Measures (TOM) System – a best
practice
tool used for over a decade in Europe.
This framework provides a consistent baseline to compare
our performance and evidence the outcomes we create, from
prioritising local jobs to strengthening regional supply chains.
In 2025, Ventia delivered $6.4 billion in social value across
communities in Australia and New Zealand, and $18.5 billion
1

over past three years.
Notably, 99% of our spend remains within Australia and
New
Zealand, 62% of our local supply chain is invoiced within
the same state and 87% of our workforce are locally employed.
Ventia co-chairs the Australian Social Value Taskforce,
which brings together 60 leading organisations across public,
private, and social enterprise sectors. Together, the taskforce
developed the Australian version of the Global TOMs, launched
in November
2025.
1. In 2025 Ventia’s social value was recalculated using the published Australian Themes Outcomes and Measures (TOMs) System, replacing the 2023–24 pilot methodology.
The updated method applies refined values, broader measures, and aligns with Global TOM System for comparability. Value for 2023-24 has been restated.
Winner
Global Excellence in Social Value Award 2025
In 2025, Ventia was honoured at the Social Value Awards,
hosted by Social Value Portal, for pioneering a measurable
and scalable approach to social impact through initiatives
such as the Themes, Outcomes, Measures (TOMs) framework.
This award recognises organisations that demonstrate
exceptional innovation and commitment to social value
across
international contexts.
Judges commended Ventia for embedding social value into
the fabric of infrastructure delivery and setting a replicable
standard
globally.
CASE STUDY
“
V entia’s commitment to open
collaboration and scalable tools
like
the TOMs system exemplifies
what global excellence in social
value looks like.
”

Guy Battle – CEO, Social Value Portal
45
VENTIA ANNUAL REPORT 2025
Pictured: Ventia accepting the Global Excellence in Social Value award
at the 2025 Social Value Awards
CONTENTS

How we generate social value
Wajarri Enterprises Limited
Ventia’s joint venture (JV) with Wajarri Enterprises Limited
exemplifies innovation in supplier diversity and our
commitment to Aboriginal and Torres Strait Islander
economic
empowerment in Western Australia’s mid-west
region. Established in 2023, the partnership has already
delivered significant social value, generating measurable
outcomes that benefit both the local economy and
Indigenous
communities.
Wajarri provides essential services, including working on
contracts such as the Square Kilometer Array Observatory
(SKAO), providing services, including generator hire and
maintenance, staff deployment, and transportation, which
are critical to the JV’s operational success. In addition
to these services, Wajarri participates in the JV profit
share, ensuring that financial returns flow directly back
to the community and contribute to wealth creation and
economic resilience. Employment outcomes have also
grown
significantly, with the number of Wajarri employees
engaged at the SKAO village increasing since the start
of
the project.
Australian Spatial Analytics
We continue to partner with Australian Spatial Analytics
(ASA), a not-for-profit social enterprise that empowers
young neurodivergent individuals by providing training
and
employment in geospatial analysis, digital engineering,
and big data roles - creating inclusive pathways into
technology careers. The collaboration began in 2021
within
our Telecommunications sector and has since
expanded across
multiple sectors.
CareerSeekers
Since 2019, Ventia has partnered with CareerSeekers
to support employment for people with a refugee and
asylum
-seeking background. In 2025, aligned with
our Article 23 Agreement, we welcomed mid-career
professionals and student interns into our People Services
Team as well as
our Telecommunications and Transport
sectors. We have also redeployed participants and
secured roles in other teams, further supporting their
growth and
career development.
New Zealand initiatives
In 2025, we strengthened partnerships in New Zealand
including collaborating with the Ministry of Social
Development and Jobs and Skills Hubs to create local
employment pathways, resulting in over 100 people
employed
in our New Zealand business, up from 36
in
2024.
Community Grants Program
Our Community Grants Program continued to build
connections with local communities in 2025, supporting
initiatives that deliver lasting benefits. We received a
diverse range of applications from community groups
across Australia
and New Zealand in 2025, with our
local Steering Committees applying regional knowledge
to assess submissions. As a result, 50 groups received
$90,000+ in funding in 2025 for projects spanning
wellbeing, youth development, sustainability, arts,
health, sport, and community support. Since its inception
in 2011, the program
has provided over $800,000 in
funding to 400+ community groups across Australia
and New Zealand.
In 2025, we strengthened partnerships that deliver meaningful employment and positive social impact,
following are some examples:
Pictured: TRECCA team and Aboriginal and Torres Strait Islander employees on our Defence Base Services contract in Darwin, Northern Territory
46
VENTIA ANNUAL REPORT 2025
FLOURISHING COMMUNITIES

Pictured: Prestart presentations at the Lane Cove Tunnel, New South Wales
47
VENTIA ANNUAL REPORT 2025
CONTENTS
47
VENTIA ANNUAL REPORT 2025

Local and diverse
supply chain
48
VENTIA ANNUAL REPORT 2025
LOCAL AND DIVERSE SUPPLY CHAIN
Pictured: Members of our Transport team
at our Leonard Road Depot in Auckland,
New Zealand
VENTIA ANNUAL REPORT 2025

We are proud to work with over 12,000 suppliers across
Australia and New Zealand, enabling Ventia to deliver
essential services for our customers and communities.
We celebrate supplier diversity by partnering with a
range of local, Indigenous and social enterprises, actively
contributing to the economic growth of local communities.
12,000+
suppliers across Australia
and New Zealand
$118.3m
spend with Aboriginal and
Torres Strait Islander businesses
$10.8m
spend with social enterprises
in Australia
Highlights
Throughout 2025, we made significant progress on our
multi-year Supply Chain Transformation Strategy designed
to prioritise strategic partnerships, build best-in-class
supply chain capabilities, leverage technology, and
improve
sustainability and safety. Our priorities included:
•
optimising our Supply Chain Transformation Program
to deliver greater clarity and efficiency through
enterprise

wide

agreements
•
s
trengthening strategic partnerships by implementing
preferred supplier panels in key categories
• further streamlining fleet operations to accelerate
sustainability goals, including the electrification of
vehicles
and equipment
• aligning our team to accelerate progress towards our
transformation goals and safeguard resilience across
our
supply chain
•

i
dentifying and implementing AI-based tools to simplify
processes, making it easier for customers, projects,
and
supply partners
•
e
nsuring safety and wellbeing are at the centre of
everything
we do across our supply chain.
In 2025, we launched our Supply Partner – Have Your
Say survey, inviting approximately 1,700 suppliers and
subcontractors across projects and sectors to participate.
Using a new survey platform, we gathered valuable insights
across multiple areas, including communication and
relationship management, business processes and efficiency,
technology and digital experience, support and problem
resolution, and growth and development opportunities.
Notably, 83% of respondents agreed that we effectively
manage risks and ensure safety in joint operations, and
86% believe they are likely to bid on future opportunities
with

Ventia.
We remain committed to building strong partnerships with
our suppliers and subcontractors. Their feedback and the
recommendations from the survey will guide improvements
in
how we collaborate with our supply partners.
Our focus is on continuing to build a local and diverse supply
chain that not only supports inclusive economic growth but
also reinforces Ventia’s broader social value contribution
through embedding community benefit into our procurement
decisions—supporting local jobs, enabling small and
under
-r
epresented suppliers to grow, and helping build
thriving, resilient communities.
Simplification through technology
We are investing significantly to drive transformation across
our supply chain through advanced digital platforms and AI
integration. Our first scalable enterprise Supplier Selection
AI Agent enables project teams to find the right supplier
based on multiple criteria, including ABN validation, risk
screening, and capability alignment. We are also rolling out
technology systems to replace fragmented, manual processes
with automated workflows and real-time insights. These
systems provide procurement teams with a single source
of truth for supplier data and contracts, enabling stronger
risk management, improved compliance monitoring, and
enhanced performance tracking.
In 2025, we consolidated sector-specific email channels
into a single platform via Freshdesk. Now, all internal and
external stakeholder emails are routed through the Ventia
Operations Centre resulting in improved service for smaller
suppliers, prompt resolution of system issues, and support
for
on-time payments.
Advancing our supply
chain strategy
49
VENTIA ANNUAL REPORT 2025
CONTENTS

Building an inclusive and sustainable supply chain
Pictured: Defence Base Services team at Roberts Barracks, Northern Territory
Pictured: Members of Ventia's Transmission and Distribution team
delivering services for Western Power in Western Australia
Strengthening our
strategic partnerships
Ventia continued to strengthen its supply chain in 2025 by
deepening collaborative partnerships across a broad network
of suppliers, ensuring resilience, quality and value throughout
our operations.
A key example of this approach is our strategic partnership
with Coates, our preferred supplier for general equipment
hire
across Australia.
In July 2025, Ventia entered into a national agreement
with Coates to simplify access, unlock greater value, and
consolidate equipment hire through a single trusted partner.
By leveraging our combined national scale, we improved
efficiency, enhanced value for money, and established a
strong
platform for ongoing collaboration and problem
solving. Through Coates’ network of 135 branches, our
projects now benefit from streamlined booking processes,
competitive pricing, and consistent, reliable service.
CASE STUDY
We spent $118.3 million with Aboriginal and Torres Strait
Islander businesses and spent $13.7 million with Māori and
Pasifika-owned businesses in 2025. We also strengthened
our commitment to supplier diversity, with Indigenous
procurement contributing 3.3% of our total procurement
spend in Australia.
We were proud to be a finalist for Supply Nation’s Supplier
Diversity Partnership of the Year for our collaboration with
Mob Ready, a Supply Nation Certified Aboriginal business and
Group Training Organisation (GTO) that places Aboriginal and
Torres Strait Islander trainees and apprentices in employment.
We also maintained strong relationships with Social Traders
and the Ākina Foundation, reinforcing inclusive procurement
practices that deliver shared value and align with the United
Nations Guiding Principles on Business and Human Rights.
Sustainability in our supply chain
We are making progress in our supply chain on sustainability
initiatives with 13.0% of the Group's light vehicle fleet now
electric vehicles or hybrid, and an ongoing review targeting
a
total reduction in vehicles.
In 2025, Ventia analysed Scope 3 emissions across our
top 100 suppliers, laying the foundation for collaborative
decarbonisation initiatives. For more information on our
climate transition plan and Scope 3 initiatives, refer to our
Sustainability Report on pages 172-206.
In 2025 we published our Human Rights and Modern
Slavery
Policy, establishing values-based expectations for our
workforce and supply chain. To view the statement go
to

ventia.com/modern-slavery.
50
VENTIA ANNUAL REPORT 2025
LOCAL AND DIVERSE SUPPLY CHAIN

51
VENTIA ANNUAL REPORT 2025
CONTENTS
51
VENTIA ANNUAL REPORT 2025
Pictured: Members of Ventia's team performing maintenance work on the Sydney Road Asset Maintenance contract, New South Wales

Operating and
Financial Review
Pictured: Road upgrade works
on Beaudesert-Nerang Road
for Department of Transport
and Main Roads, Queensland
Contents
Operating and Financial Review 53
1. Operating model and business strategy 53
2. S tatutory financial performance, 53
financial position and cash flow
3. U nderlying Group financial 55
performance
4. Sector financial performance 56
5. Liquidity 59
6. On-market buyback 59
7. Dividends 59
8. Outlook 60
Risk and opportunity management
61
52
VENTIA ANNUAL REPORT 2025
OPERATING AND FINANCIAL REVIEW

Operating and Financial Review
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.
1. Operating model and business strategy
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 Ser vices;
• 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;
•
W
inning new work; and
•
Cross-selling our expert capabilities.
2. Statutory financial performance, financial position and cash flow
2.1 Statutory Group financial highlights
2025
$’m
2024
$’m
Change
$’m
Change
%
Revenue6,141.16,105.535.60.6%
Profit after income tax272.2220.252.023.6%
2025
Cents per
Share
2024
Cents per
Share
Change
Cents per
Share
Change
%
Basic earnings per share32.422 5 .746.6826.0%

Other measures
1
2025
$’m
2024
$’m
Change
$’m
Change
%
EBITDA5 5 7. 0499.35 7.711.6%
NPATA275.02 27. 947.120.7%
Operating cash flow before interest and tax500.4456.244.29.7%
Operating cash flow conversion %
2
89.8%91.4%n/a(1.6pp)
Work in hand22,138.619,353.62,785.014.4%
1. Other measures are non-International Financial Reporting Standards (IFRS) measures that have been derived from statutor y 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.
53
VENTIA ANNUAL REPORT 2025
CONTENTS

2.2 Statutory Group financial performance
2025
$’m
2024
$’m
Change
$’m
Change
%
Revenue6,141.16,105.535.60.6%
Other income24.9–24.9n/a
Expenses(5,610.1)(5,609.3)(0.8)0.0%
Share of profits of joint ventures1.13.1(2.0)(64.5%)
Earnings before interest, income tax, depreciation and amortisation5 57. 0499.357.711.6%
Depreciation expense(10 0.7)(105.6)4.9(4.6%)
Amortisation expense(20.6)(33.0)12.4(37. 6 %)
Earnings before interest and income tax435.7360.775.020.8%
Finance costs(5 7. 9)(58.8)0.9(1.5%)
Interest income10.511.1(0.6)(5.4%)
Profit before income tax388.3313.075.324.1%
Income tax expense(116.1)(92.8)(23.3)2 5 .1%
Profit after income tax272.2220.252.023.6%
Amortisation of acquired intangible assets (after tax)2.87.7(4.9)(63.6%)
NPATA275.02 27. 947. 120.7%
Revenue
Ventia reported an increase in revenue of $35.6 million, or 0.6%, to $6,141.1 million in FY25. The increase was driven by the strong
performance in Infrastructure Services and Telecommunications, as a result of new contract wins and full year impact of contracts
mobilised in 2024, offset by lower project work and exited contracts in Defence and Social Infrastructure.
Section 4 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 agreements on the Toowoomba Second
Range Crossing (TSRC) contract. The novation resulted in a gain of $24.9 million.
EBITDA
Statutory EBITDA increased by $57.7 million, or 11.6%, to $557.0 million in FY25. The movement was driven primarily by the TSRC
novation, and strategic focus on higher margin work and delivery of efficiency programs in Defence and Social Infrastructure and
a
shift in portfolio mix in Infrastructure Services. The Group statutory EBITDA margin increased to 9.1% (FY24: 8.2%).
Depreciation expense
Depreciation expense decreased by $4.9 million, or 4.6%. Depreciation expense was higher in the second half of 2025 due to
higher capital expenditure.
Amortisation expense
Amortisation expense decreased by $12.4 million, or 37.6%, as a portion of acquired customer contracts and relationships were
fully amortised in FY24.
Income tax
Income tax expense was $116.1 million for FY25, representing an effective tax rate of 29.9% (FY24: 29.6%).
54
OPERATING AND FINANCIAL REVIEW
VENTIA ANNUAL REPORT 2025

2.3 Statutory 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 $71.5 million in FY25. Key movements included a net increase in trade and other
receivables and contract assets of $36.7 million driven by higher revenue in FY25, and a decrease in contract liabilities of
$73.8 million due to certain contracts approaching completion, offset by an increase in trade and other payables of $36.9 million,
consistent with the higher volume of work performed. Provisions decreased by $10.3 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 $202.9 million to $703.9 million, mainly due to the decrease in cash held at the end of FY25 of $156.5 million.
The decrease in cash held at the period end was primarily driven by the on-market buyback and associated transaction costs in
FY25 of $137.8 million and purchase of treasury shares of $28.0 million, offset by an increase in operating cash flow.
2.4 Statutory cash flow
Operating cash flow
Net cash generated from operating activities for FY25 was $378.9 million, representing an increase of $22.7 million from FY24.
This was driven primarily by an increase in EBITDA, offset by higher income tax paid.
Investing cash flow
Total cash outflow from investing activities was $127.4 million for FY25, representing a $48.1 million increase compared with FY24.
Cash outflow for both years comprised payments for acquisition of property, plant and equipment, and intangible assets. The
increase was mainly driven by the increase in consideration paid for acquisition of business of $6.9 million, 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 $405.8 million increased by $183.4 million compared to FY24, as a result of the on-market buyback
and associated transaction cost of $137.8 million, purchase of treasury shares of $28.0 million and an increase in dividends paid of
$19.8 million.
3. 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 of the underlying financial performance:
2025
$’m
2024
1
$’m
Change
$’m
Change
%
Underlying EBITDA532.1499.332.86.6%
Underlying NPAT254.8220.234.615.7%
Un de r l y ing NPATA2 5 7. 62 27. 929.713.0%
Underlying operating cash flow before interest and tax497. 9456.241.79.1%
Underlying operating cash flow conversion
2
93.6%91.4%n/a2.2pp
Work in hand22,138.619,353.62,785.014.4%
2025
Cents per
Share
2024
Cents per
Share
Change
Cents per
Share
Change
%
Underlying basic earnings per share
3
30.342 5 .744.6017. 9 %
1. Statutory and Underlying financial performance were aligned for FY24, with no adjustments required.
2. Calculated as Underlying operating cash flow before interest and tax divided by Underlying EBITDA.
3. Calculated as Underlying NPAT divided by the weighted average number of ordinar y shares issued.
EBITDA – Earnings before interest, income tax, depreciation and amortisation.
NPAT – Net profit after tax.
NPATA – Net profit after tax, excluding the after-tax impact of amortisation of acquired intangible assets.
55
VENTIA ANNUAL REPORT 2025
CONTENTS

3.1 Underlying Group financial performance
2025
$’m
2024
$’m
Change
$’m
Change
%
Revenue6,141.16,105.535.60.6%
Underlying EBITDA532.1499.332.86.6%
Underlying EBITDA margin8.7%8.2%n/a0.5pp
Depreciation expense(10 0.7)(105.6)4.9(4.6%)
Amortisation expense(20.6)(33.0)12.4(37. 6 %)
Underlying earnings before interest and income tax410.8360.750.113.9%
Finance costs(5 7. 9)(58.8)0.9(1.5%)
Interest income10.511.1(0.6)(5.4%)
Underlying profit before income tax363.4313.050.416 .1%
Income tax expense(108.6)(92.8)(15.8)17. 0 %
Underlying profit after income tax254.8220.234.615.7%
Amortisation of acquired intangible assets (after tax)2.87.7(4.9)(63.6%)
Underlying NPATA2 57.62 27. 929.713.0%
Underlying EBITDA increased by $32.8 million, or 6.6%, to $532.1 million in FY25. The improvement in the underlying EBITDA
margin from 8.2% to 8.7% was driven by strategic focus on higher margin work and shift in portfolio mix.
3.2 Reconciliation of statutory profit after income tax to Underlying NPATA
2025
$'m
2024
$’m
Statutory profit after income tax272.2220.2
Profit from the TSRC novation(24.9)–
Income tax effect7. 5–
Underlying net profit after income tax254.8220.2
Amortisation of acquired intangible assets (after tax)2.87.7
Underlying NPATA2 57.62 27. 9
4. Sector financial performance
4.1 Defence and Social Infrastructure
FY25 Sector EBITDA
$204.6m
 13.3% on FY24
% of total Group revenueSector revenue ($’m)
FY24FY25
2,579.4
2,398.0
39.0%
2025
$’m
2024
$’m
Change
$’m
Change
%
Sector revenue2,398.02,579.4(181.4)( 7. 0 %)
% of Group revenue39.0%42.2%n/a(3.2pp)
Sector EBITDA204.6180.624.013.3%
Sector EBITDA margin8.5%7. 0 %n/a1.5pp
56
OPERATING AND FINANCIAL REVIEW
VENTIA ANNUAL REPORT 2025

Defence and Social Infrastructure reported revenue of $2,398.0 million, which represents a decrease of $181.4 million or 7.0% on
FY24. The decline was driven by lower Defence Base Services project work, exited contracts and revised scope of a Housing and
Community contract.
During FY25, Ventia was awarded two Base Services Transformation (BST) packages by the Department of Defence valued at
approximately $2.7 billion. The contract will commence in February 2026 for an initial term of six years, with extension options up
to a maximum package term of 10 years. A new contract with the Australian Defence Force was also awarded to Ventia to provide
services and support for its clothing capability valued at approximately $935 million. This contract will commence in May 2026
for an initial term of seven years with options to extend for up to a further 13 years. The contracts also reflect the diversity and
breadth of our capabilities across Army, Air Force and Navy bases. Ventia also secured an extension of its Facility Management
Agreement with the City of Sydney valued at approximately $100 million over two years. The scope of services includes hard and
soft facilities management, project works, cleaning, maintenance, and strategic asset management.
FY25 EBITDA was $204.6 million, an increase of $24.0 million or 13.3% on FY24, driven by a strategic focus on higher margin work
and delivery of efficiency programs.
4.2 Infrastructure Services
FY25 Sector EBITDA
$128.7m
 17.1% on FY24
% of total Group revenueSector revenue ($’m)
FY24FY25
1,316.7
1,426.7
23.2%
2025
$’m
2024
$’m
Change
$’m
Change
%
Sector revenue1,426.71, 316.7110.08.4%
% of Group revenue23.2%21.6%n/a1.6pp
Sector EBITDA128.7109.918.817.1%
Sector EBITDA margin9.0%8.3%n/a0.7pp
Infrastructure Services reported revenue of $1,426.7 million, which represents an increase of $110.0 million or 8.4% on FY24.
This growth was driven by new contracts secured in FY25 and the full year impact of FY24 contract wins in Energy and Water.
In FY25, Infrastructure Services secured major new contracts and renewals, including the Transgrid Delivery Services Panel
for transmission network projects, engineering services with BHP Western Australia Iron Ore, and remediation of a former coal
gasworks site in Victoria expanding our partnership with AusNet. We also delivered grid connection assets for wind and solar
farms on behalf of Powerlink in Queensland, and Elecnor and Harmony Energy in New Zealand. Contract extensions included
Sydney Water Northern region, Energy Queensland streetlight network maintenance, Water Services Alliance with Far North
District Council in New Zealand, APA Group for SA Gas Distribution Network services, and a plant maintenance extension
for
BlueScope.
FY25 EBITDA was $128.7 million, an increase of $18.8 million or 17.1% on FY24, driven by revenue increases, productivity
improvements and the shift in portfolio mix to toward Energy and Water.
57
VENTIA ANNUAL REPORT 2025
CONTENTS

4.3 Telecommunications
FY25 Sector EBITDA
$208.2m
 4.3% on FY24
% of total Group revenueSector revenue ($’m)
FY24FY25
1,577.0
1,672.5
27.3%
2025
$’m
2024
$’m
Change
$’m
Change
%
Sector revenue1,672.51, 5 7 7. 0 95.56 .1%
% of Group revenue27. 3 %25.8%n/a1.5pp
Sector EBITDA208.2199.68.64.3%
Sector EBITDA margin12.4%12.7%n/a(0.3pp)
Telecommunications reported revenue of $1,672.5 million, which represents an increase of $95.5 million or 6.1% on FY24.
This increase was underpinned by the mobilisation of new contract wins with Telstra and NBN.
In FY25, Telecommunications secured the nbn Field Module contract worth $2.1 billion to provide new connections and network
services in Queensland, New South Wales and Tasmania. We also secured the $800 million nbn Fibre to the Node upgrade
contract and a $100 million contract with Tuatahi First Fibre in New Zealand. As announced in December 2024, Ventia has also
secured a five-year agreement with Telstra for Strategic Field Maintenance, Design and Construction Contract which is expected
to generate over $400 million annual revenue.
FY25 EBITDA was $208.2 million, an increase of $8.6 million or 4.3% on FY24, primarily driven by growth in revenue.
4.4 Transport
FY25 Sector EBITDA
$49.3m
 6.5% on FY24
% of total Group revenueSector revenue ($’m)
FY24FY25
632.4
643.9
10.5%
2025
$’m
2024
$’m
Change
$’m
Change
%
Sector revenue643.9632.411.51.8%
% of Group revenue10.5%10.4%n/a0.1pp
Sector EBITDA49.346.33.06.5%
Sector EBITDA margin7.7 %7. 3 %n/a0.4pp
58
OPERATING AND FINANCIAL REVIEW
VENTIA ANNUAL REPORT 2025

Transport reported revenue of $643.9 million, which represents an increase of $11.5 million or 1.8% on FY24. Revenue grew
modestly despite the novation of TSRC and completion of a number of minor capital work projects, underlining the resilience
of
our portfolio of long-term contracts.
In 2025, Transport secured 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. We 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 FY25 included a
one-year extension with Queensland South Coast Road Asset Management and a two-year maintenance contract extension for
Thames Coromandel District Council.
FY25 EBITDA was $49.3 million, an increase of $3.0 million or 6.5% on FY24. The EBITDA margin increased from 7.3% to 7.7% due
to continued discipline in work winning and improved operational efficiency across the portfolio.
5. Liquidity
As at 31 December 2025, the Group had liquidity of $636.3 million, comprising cash balances of $236.3 million and 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 31 December 2025, and a five-year $400.0 million tranche, which is undrawn as at 31 December 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 31 December 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 FY25.
Bank guarantees and insurance bonds
The Group has $835.0 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 $449.9 million of these facilities
at
31 December 2025 (31 December 2024: $460.5 million).
Credit ratings
At 31 December 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.
6. On-market buyback
On 19 February 2025, Ventia announced an on-market buyback of up to $100 million and this was upsized to $150 million on
14 August 2025. During 2025, Ventia bought back 29.1 million shares for $137.6 million at an average price of $4.72 per share.
The on-market buyback is consistent with Ventia’s ‘Capital Allocation Framework’ which has three pillars: maintaining financial
strength and flexibility, investing to grow our core business, and maximising total shareholder returns.
7. Dividends
Ventia targets to pay out between 60% and 80% of the Group’s NPATA as a dividend. NPATA provides a proxy for Ventia’s cash flows
available to pay dividends. It is a key measure of Ventia’s financial performance.
On 19 February 2026, the Ventia Board resolved to pay a final dividend of 12.54 cents per share, 90% franked, representing a
payout ratio of 75%.
Ventia intends to frank future dividends to the maximum extent possible, subject to the availability of franking credits.
59
VENTIA ANNUAL REPORT 2025
CONTENTS

8. Outlook
Ventia enters 2026 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 82%, reflecting the trust placed in our delivery model. Work in hand increased
to $22.1 billion as at 31 December 2025, supported by strategic contract wins, including the nbn Field Module, Fibre to the Node
upgrade, Defence Base Services and Defence Clothing Services contracts. 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 growth areas, including in Defence, Digital Infrastructure, Energy Transition
and Water, and remain focused on delivering sustainable financial returns, maintaining strong cash conversion (>90%), and
continuing to return capital to shareholders.
For 2026, we provide guidance for underlying NPATA growth of 7-10%, excluding the one-off positive impact of the TSRC novation
in 2025.
Pictured: Site visit to the Telstra Intercity Fibre project near Australian Capital Territory
60
OPERATING AND FINANCIAL REVIEW
VENTIA ANNUAL REPORT 2025

Robust risk management is critical to enabling Ventia to achieve its strategic, operational and
commercial objectives aligned with our commitment to redefining service excellence.
Ventia is committed to effective risk management at all
levels of the organisation as an essential element of business
governance. A risk management culture fosters the collective
ability to identify, understand, escalate and then openly
discuss and respond to current and future risks.
Ventia actively manages risk and embeds risk management in
our processes and practices to foster positive risk behaviours
to thrive in a rapidly changing operating environment. Ventia
believes that a successful risk management framework can
create opportunities by effectively identifying, assessing
and mitigating risks in a way that is aligned with the
strategic framework and appetite for risk. This framework
applies to all of Ventia's identified risks and opportunities,
including climate-related risks and opportunities.
Refer to the
Sustainability Report Section 4 on page 192.
Ventia defines risk management as the identification,
assessment and treatment of risks that have the potential
to materially impact our operations, people, reputation, the
environment and the communities in which Ventia operates,
as well as the financial prospects and reputation of Ventia.
The risk management framework guides how Ventia identifies,
assesses, controls, monitors and tests, and reports on
risks and opportunities across the business while ensuring
that Ventia operates within the risk appetite established by
the
Board.
Internal Audit
External Audit
Internal
Independent
Project Reviews
Risk Management
Process
Independent
Review Risk
and Controls
Risk
Appetite
Identify
Control
Monitor
& Test
Assess
Oversight
& Reporting
Customer focused
Innovative
Sustainable
The diversity of Ventia's operations, geographic footprint, markets serviced and the services provided, results in exposure to a
broad range of risks but also generates opportunities that can impact Ventia's business outcomes and financial performance.
Ventia's Risk Management Framework manages both risks and opportunities.
The Risk Management Framework is overseen by the Board and the Audit, Risk and Compliance Committee (ARCC) (a sub-
committee of the Board). The Board undertakes an annual review of Ventia's risk appetite, and governance and compliance
arrangements. The ARCC meets quarterly and is accountable for ensuring that the risk management framework is implemented
appropriately. The Managing Director and Group CEO, and the Executive Leadership Team implement the risk and opportunity
processes within their areas of accountability. These roles and responsibilities are depicted below in Ventia's Risk Management
Framework, which is part of the overall Ventia corporate governance framework:
Executive Leadership Team
Internal Audit
Strategic risks
Long-term, external factors,
industry trends, potential
to change direction of
Ventia’s strategy.
Emerging risks
A new or unforeseen
risk that we have not
yet contemplated.
Continuous scanning
by all levels of
management.
Tactical risks
Medium-term, sector / business
unit-specific, potential to
change
direction of sector’s strategy.
Operational risks
Day-to-day, compliance,
people, systems and
processes, potential to
change direction of
project’s strategy.
Enterprise
risk
Organisation
Business risk
Sectors / business units /
enabling functions
Project delivery/Contract risk
Gate governance processes
Management policies
Work winning processes
Delegation of authority
Project delivery processes
Incident response procedures
Internal control environment
Business unit strategy
EscalateCascade
Escalate
Cascade
Risk management
Ventia Board
All employees
Risk management
Board sub-committees
Risk management
Ventia's Risk Framework
Risk and opportunity management
61
VENTIA ANNUAL REPORT 2025
CONTENTS

Key RisksManagement Approach
Health and safety of Ventia’s workforce
At Ventia, safety and health is the #1 brand
promise. Given the nature of Ventia’s
operations and our locations, our workforce
of more than 15,000 employees and 20,000
subcontractors across Australia and New
Zealand, including in remote locations, may
be exposed to health and safety risks in the
performance of their duties.
•
Safety is driven by strong leadership, risk management and an integrated health
and safety framework to protect our people and communities
• Ventia’s Group-wide Safety and Health Management System (comprising
safety policies, standards, processes and management system) underpins
management of health and safety, minimising injury and illness and optimising
return to work
•
Mandatory Critical Risk Protocols, and their elements of critical controls,
mandatory safety rules and safe work fundamentals, set the essential
requirements and behaviours for managing high-risk activities that may cause
significant injury
•
External and internal audits validate compliance and drive continuous
improvement
• Healthy Minds and Healthy Bodies programs help the workforce prioritise and
enhance their overall physical and psychological wellbeing
•
Elevate Safety Leadership Excellence program empowers leaders with key
insights into enhanced actions, behaviours and performance needed to elevate
sustained safety performance and value
•

V
entia applies a ‘Fair Play’ model to promote outstanding performance and
reinforce significant leadership accountability for safety outcomes
Work winning and retention of
work
•
V
entia’s ability to win strategically significant
and value-generating work, can materially
impact our earnings and future success
•
Ventia may fail to realise contract extension
options, renew existing contracts, or win
new contracts
•
Successful panel tender processes may not
translate into new work
•

C
ommencement of newly won contracts
may be delayed
• Certain counterparties may have the right
to terminate their contract with Ventia or
renegotiate during the contract term
•
Ventia’s existing and target customers may
shift from outsourcing to insourcing services
• Increased competition and changes in
market conditions can impact our ability
to
renew or secure new opportunities
• Ventia’s work winning teams identify and secure cross sector / cross contract
opportunities to bring expanded capabilities to existing customers
•
Cross-sector selling is included in work winning and project performance
reviews to ensure we bring Ventia’s full service and capability offering to
our customers
•
P
roject teams are tasked with optimising existing Ventia capabilities for service
delivery rather than outsourcing
•
B
est available data is utilised across Ventia to focus on continued growth in
existing contracts along with winning new work
•

V
entia builds and maintains strong relationships with customers, strategic
partners and other stakeholders to understand changing and future
requirements
•
Customer satisfaction and trust are underpinned by delivering service
excellence and meeting (or exceeding) our performance goals to foster
long
-t
erm customer relationships
•
W
ork winning processes are standardised across the Group, including the
proactive management of contractual risk and opportunity
Cyber security, data protection risks and
third-party technology providers
Ventia relies on a complex information and
communications technology platform to
manage the delivery of our operations and
services to our customers.
Cyber threats that seek to attack/undermine
Ventia data, customer data and systems may
result in information or data loss, operational
disruption, brand and reputational damage,
financial loss, regulatory intervention, loss
of customer trust, as well as have potential
impact on the ability to secure future
work

opportunities.
•

V
entia's Information Management Framework (VIMF) provides the standards
for the Group and defines the foundation of Ventia's approach to information
security, defending against cyber threats, protection of customer and employee
data, compliance with regulations, and maintaining business continuity
•

T
he VIMF includes the requirements for service continuity and disaster recovery
planning to enable the recovery of Ventia's critical business services in a timely
manner to minimise the effect of disruptions and to maintain resilience
•

I
nternal and external audits and reviews validate compliance and drive
continuous improvement
•
Undertaken a cybersecurity review of third parties and business continuity
planning, for service delivery excellence
•

V
entia's cyber awareness program includes yearly training on our cybersecurity
policy, individual cybersecurity assessments, regular email phishing campaigns,
device registration and protection monitoring, and other training programs
•

I
SO/IEC 27001: 2022 certification program expanded with controls implemented
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Key RisksManagement Approach
Attracting and retaining capability
in critical roles
Our ability to attract, retain and engage a
diverse workforce while developing future-
ready skills underpins Ventia's performance
and growth. Labour markets over the last
12 months have continued to ease across
Australia and New Zealand; however,
competition for talent remains challenging.
•
Integrating talent management with business strategy to differentiate the
company through service excellence driven by its people
• Conducting regular talent reviews and succession planning to identify and
develop future leaders within the organisation
•
Refining competitive remuneration and benefits strategies to attract and retain
top talent
•
Providing dedicated graduate and emerging leader programs to create
structured career development pathways within the organisation
•
Enhancing career development opportunities through structured training,
mentorship programs, and leadership development initiatives
• Building an inclusive and engaging workplace culture to foster employee
satisfaction, retention and productivity
•
Continuous improvement of employee feedback mechanisms to understand
workforce needs and drive meaningful action
•
Strengthening employer branding and market positioning to enhance the
company’s attractiveness to prospective employees
•
S
trengthening workforce diversity to better reflect the communities in which
the company operates
Operational performance and service
delivery under client contracts
Ventia's purpose is to make infrastructure work
for our communities. It is imperative to deliver
services as per contract and on time while
limiting any disputes or losses.
•
A contract performance failure may lead
to a failure to deliver services on time and
within budget resulting in financial loss,
reputational damage, loss of customer trust
as well as having the potential to impact the
ability to secure future work opportunities
•
Claims for abatements, damages or
indemnities may arise in connection
with Ventia’s service delivery under
customer

contracts
•
Ventia may fail to properly understand
customer requirements, drivers of customer
demands or cost inputs
•
Subcontractors or suppliers may fail to meet
their delivery obligations
•
A gated work winning review process is undertaken to evaluate tender
opportunities, before a commitment to contract is made, considering contract
risk, liability exposure, existing capacity and capability, and risk/reward return
•
Service delivery performance is monitored through project reviews by sector
and Executive Leadership to drive early intervention and improvement
•
A
ctive risk and opportunity management at a project level to manage mitigating
actions and drive operational performance
•
A real-time project reporting system that monitors contract performance and
provides a monthly performance scorecard
•
I
mplementation of Ventia's Project Minimum Operating Controls Standard across
all projects drives consistent internal controls regardless of size and
complexity
•

M
aterial issues are reported to the Board and ARCC
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Key RisksManagement Approach
Regulatory compliance
•
V
entia operates within a complex regulatory
landscape of federal, state and local laws
and regulations across Australia and
New
Zealand
• Changes in government policy or regulatory
settings may have an adverse effect on
Ventia’s financial performance
•

F
ailure to comply may result in prosecution,
fines and penalties, imposition of conditions
or other sanctions
•
Our work winning processes identify, assess and seek to mitigate the impacts
of changes to regulatory requirements to inform operational decision-making
•

V
entia has a dedicated Group Legal and Compliance team that advises the
business on its legal, regulatory and compliance obligations across Australia
and New Zealand
•

V
entia’s compliance framework includes annual Code of Conduct training
and certification, with our formal whistleblower policy defining various
escalation protocols and channels (including a dedicated external
whistleblower hotline) to assist in the reporting and remediation of
inappropriate or unethical
behaviours
•

V
entia’s licence management framework governs licensing obligations,
compliance and certification requirements
Industrial Relations
•
A s
ignificant proportion of Ventia’s
frontline workforce is covered by a variety
of industrial instruments, collective
agreements, enterprise agreements and
modern awards. Consequently, Ventia may
be exposed to the risk of industrial action,
which can negatively impact our operations
and customer experience of our services
•

I
ndustrial instruments are complex
documents that require interpretation to
accurately determine payments and accrual
of employment benefits. Ventia’s large
payroll governed by these varied industrial
agreements creates payroll complexity,
with a risk of potential underpayment or
overpayment of our employees, which may
have a negative impact on Ventia’s financial
performance and reputation
•
V
entia aims to effectively engage and consult with our employees and employee
representatives to address issues and grievances promptly and comply with
workplace laws
• Ventia has a dedicated Industrial Relations function, with industrial relations
specialists and employment lawyers to manage employment and industrial
relations risks (including in relation to the interpretation of industrial
instruments)
•
Ventia’s Industrial Relations functions works closely with our Payroll function
in relation to our end-to-end activities, and other processes and controls,
underpinning employee payments
Information on Ventia’s climate-related risks and opportunities and included in the Sustainability Report on pages 172 - 206.
64
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Key OpportunitiesManagement Approach
Increasing essential services for growing
and changing populations in Australia and
New Zealand
The depth and breadth of Ventia's business
creates opportunities for growth, to offer a
wider range of services and provide more
holistic solutions for our customers as they
plan for the requirements of future populations
and the services needed to support them.
•
Redefining Service Excellence, our focus on delighting our customers, listening
and expanding our footprint, both within our existing customer partners and
gaining further share of addressable market
•
Building on our strong customer relationships to diversify and grow our
integrated service offering
•
Leveraging our Voice of the Customer program to listen, understand and act.
• Data and analytics enhancement to drive transparent evidence-based
decision
-m
aking
•
Simplifying and standardising our processes to unlock the full power of our
scale to optimise value creation
•
S
trengthening our cross-sector go-to-market, with a whole-of-business.
solutions approach, supported by within-sector / cross-sector opportunity
sharing and state-based steering committees
•
Implementing our Leadership Edge framework, which focuses on leading
enterprise impact with a mindset that facilitates cross-selling opportunities
and best enterprise outcomes
Unlocking the innovation
and
digital evolution
Modern technology platforms and
continuously improved cybersecurity embed
responsible AI while fostering innovation
throughout our organisation. Ventia is
committed to deliver smarter, safer, and more
connected services for our customers and to
the communities in which we operate.
•
Building on our AI capabilities, in accordance with our Responsible AI
Framework, to drive efficiency while improving our service quality
•
Utilising our cybersecurity processes to safeguard data, maintain our
customers’ trust, and enable sustainable growth in an increasingly connected
and data-driven world
•

W
e launched VenSpark, our enterprise-wide innovation and ideation
platform designed to transform ideas into practical solutions that deliver
measurable value
•

O
ur Ventia Operations Centre (VOC) is our digital and innovation hub, operating
24/7 to deliver inbound and outbound customer service across the Group
•
H
igh-quality data from across Ventia’s operations feeds into our digital analytics
platform VenSights, to enable data-driven decision-making and service delivery
Energy transition
The shift toward renewable energy and
electrification in Australia and New Zealand
brings new opportunities to support clients
in the energy transition; we are well-
positioned to support the energy transition
with asset management, operation and
maintenance
services.
• Customer and pipeline development to position us for success in supporting
the energy transition and providing energy resilience solutions
•

D
etailed workforce and skills development through apprenticeships, customer
partnerships and specialised capability building
•
L
everage our cross-organisational enterprise expertise to support opportunities
for customers
•

R
efer to the Sustainability Report Section 3.2.2 page 184.
Strategic supplier partnerships
Strategic partnerships across our supply chain
can further optimise performance, reduce
operating costs, manage risk and generate
long-term value for us and for our customers.
•

P
referred supplier panels implemented for key categories, supporting diverse
projects and client needs with high-performing suppliers
• Identifying and implementing AI-based tools to simplify processes, making it
easier for customers, projects, and supply partners
•

I
mproved service for smaller suppliers through the VOC, prompt resolution of
system issues, and support for on-time payments
•
Supply partner – Have Your Say survey launched for baselining and feedback to
listen, understand and act
•

C
ontinued commitment to supplier diversity and Indigenous procurement
Employee value proposition and culture
Our employee value proposition is built
around our commitment to Redefining Service
Excellence. Our commitment to safety, health
and wellbeing as well as a Fair, Inclusive, and
Respectful workplace, empower our people
to connect, engage and create value for our
stakeholders.
•

S
takeholder program – Employee - Have Your Say survey gathers direct
feedback from our workforce to listen, understand and act
•

T
raining and upskilling from our Ventia Academy
•

I
nvesting in our Employee experiences, e.g. talent marketplace,
onboarding,

learning
•

V
enSpark, Ventia's innovation and ideation platform, empowers employees to
contribute, collaborate and innovate anywhere, any time
•

F
airness, Inclusion and Respect framework
•

E
mbedding our Leadership Edge framework, which sets the standard for great
leadership and shapes our leadership development programs and pathways
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Directors’ Report
Pictured: Ventia's Cremorne office
overlooking the Yarra River in
Melbourne, Victoria
66
GOVERNANCE
VENTIA ANNUAL REPORT 2025

This is the report of the Directors of Ventia Services Group Limited (Ventia or Company) in respect of the Company and the entities
it controlled at the end of, or during, the financial year ended 31 December 2025 (together referred to as the Group).
Directors
The following persons held office as Directors of the Company during the financial year ended 31 December 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 Jeff Forbes
Ms Sibylle Krieger
Mr Damon Rees
Ms Lynne Saint
Ms Anne Urlwin
All of the current Directors are independent 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
and New Zealand and a strategic partner to the Australian Defence Force. 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;
•

O
ur Infrastructure Services business provides comprehensive and multidisciplinary maintenance and improvement solutions
to owners and operators of critical infrastructure. Our capabilities span utilities (energy networks, renewable assets and water),
resources and industrial assets (mining, oil and gas and manufacturing) 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.
Our
capabilities include civil construction, energy solutions, high frequency and wireless networks, operations and
maintenance, project management, engineering and design, and building management systems and configuration; and
•
O
ur 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. Our capabilities include operations, maintenance and technology integration across the entire asset
lifecycle. We are the leader in Australia and New Zealand in incident response, and our expertise extends to minor capital
works, temporary traffic management, and disaster response and recovery.
Further details of the results of operations and likely developments are set out in the Operating and Financial Review on
pages
52-65.
Significant changes in the state of affairs
There were no significant changes in the nature of activities of the Group during the financial year.
On-market buyback
On 19 February 2025, Ventia announced an on-market buyback of up to $100 million and this was increased to $150 million on
14 August 2025. During 2025, Ventia bought back 29.1 million shares for $137.6 million at an average price of $4.72 per share.
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VENTIA ANNUAL REPORT 2025
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Directors’ shares
As at 31 December 2025, the relevant interest of the current Directors in the shares of the Company were:
DirectorNumber of Shares
David Moffatt (Chairman)9,962,179
Jeff Forbes126,470
Sibylle Krieger105,882
Damon Rees40,000
Lynne Saint101,232
Anne Urlwin106,955
Dean Banks (Managing Director and Group CEO)6 , 4 6 7, 1 24
The Directors and meetings of Directors
The table below sets out the Directors of the Company and their attendance at Board and Committee meetings during the
financial year ended 31 December 2025.
Board
Meetings
Audit, Risk &
Compliance
Committee
People and
Remuneration
Committee
Safety and
Sustainability
Committee
Business
Development
and Digital
Committee
1
Business
Development
Committee
2
Digital
Committee
3
Nominations
Committee
Director(A)(B)(A)(B)(A)(B)(A)(B)(A)(B)(A)(B)(A)(B)(A)(B)
D Moffatt111144––4466332233
J Forbes 111144––––66332233
S Krieger 1111––554465332233
D Rees1111––55––66332233
L Saint 1111445544––––––33
A Urlwin 1111445544––––––33
D Banks 1111––––––––––––––
(A) Number of meetings eligible to attend.
(B)
N
umber of meetings attended.
1.
Committee existed as a combined Committee up to June 2025.
2. New stand-alone Business Development Committee established June 2025.
3.
N
ew stand-alone Digital Committee established June 2025.
At times, Directors may also attend meetings of Committees of which they are not a member. This is not reflected in the
attendance table above.
Details of Director experience, qualifications and other listed company directorships are set out on pages 69 – 71.
Company Secretaries
Jill Hardiman
Amy Jackson (appointed 10 February 2025)
Details of company secretary experience and qualifications are set out on page 71.
68
GOVERNANCE
VENTIA ANNUAL REPORT 2025

Board of Directors
Non-Executive Directors
David Moffatt
Chairman,
Independent
Non-E
xecutive
Director
Joined the Board in December 2014: Board Chairman, Member of the Nominations Committee, Audit, Risk
and Compliance Committee, Safety and Sustainability Committee, Business Development Committee and
Digital
Committee.
Skills and Experience: David has over 30 years’ experience in executive leadership, including as CEO, CFO and
as a Director for companies in the Telecommunications, Financial Services, Infrastructure Services and Media
Industries. He has lived and worked in Australia, the United States, Europe and Asia. David is the Chair of Apollo
ANZ (NYSE: APO) and Chair of the American Chamber of Commerce in Australia. David’s previous roles include
CEO of Lebara Group. He was Chief Financial Officer and Group MD Finance for Telstra Corporation Limited and
Group MD Telstra Consumer, serving on the boards of the Telstra-affiliated businesses Foxtel, CSL (Hong Kong)
and Reach (Hong Kong). He was also CEO of GE and GE Capital Australia & New Zealand.
David’s community and charitable activities include being a founding director of Giant Steps, a school for autistic
children, and a former director for The Australian Centre for Philanthropy and Non-Profit Studies (Queensland
University of Technology (QUT)) and the Peter MacCallum Cancer Foundation.
Degrees/Qualifications: David holds a Bachelor Business from QUT, an Honorary Doctorate at QUT and is a
member of the Australian Institute of Company Directors.
Jeff Forbes
Independent
Non-Executive
Director
Joined the Board in October 2021: Independent Non-Executive Director, Chair of the Nominations Committee,
Chair of Business Development Committee and Member of the Audit, Risk and Compliance Committee and
Digital Committee.
Skills and Experience: Jeff is an experienced Finance Executive and Company Director with over 30 years’
merger and acquisition, equity and capital markets and project development experience.
As an executive, Jeff worked at Cardno Limited, an engineering and environment consultancy company, as CFO,
Executive Director and Company Secretary before leaving in 2013 to commence Non-Executive Director roles.
He has spent time as a Non-Executive Director and member of the remuneration and audit and risk committees
of both listed and unlisted companies in a variety of sectors.
Prior to Cardno, Jeff was the CFO, Company Secretary and Executive Director at Highlands Pacific Limited, a
PNG-based mining and exploration company. He has significant experience in capital raisings and during his
career has worked for numerous major companies, including Rio Tinto, BHP and CSR.
Jeff has previously served as a Non-Executive Director of PWR Holdings Limited (ASX: PWH), 2015 to 2024 and of
Cardno Limited (delisted from the ASX in January 2025).
Degrees/Qualifications: Jeff holds a Bachelor of Commerce from the University of Newcastle and is a Graduate
of the Australian Institute of Company Directors.
Sibylle Krieger
Independent
Non-Executive
Director
Joined the Board in October 2021: Independent Non-Executive Director, Chair of the People and
Remuneration Committee, and Member of the Nominations Committee, Safety and Sustainability Committee,
Business Development Committee and Digital Committee.
Skills and Experience: Sibylle has over 40 years of broad commercial experience as a lawyer, economic
regulator, company director and independent consultant. She was a partner in two large commercial law firms
for 22 years and has over 15 years’ experience as a Non-Executive Director and Chair across listed and unlisted
companies in multiple sectors. Her current portfolio includes financial services, essential infrastructure services
and energy.
Sibylle is currently a Non-Executive Director of AusEnergy Services Limited (formerly AEMO Services Limited) and
MyState Bank Limited (ASX:MYS). She is also a member of the advisory board of Law Squared, a challenger “new
law” firm. She has previously served as Chair of Xenith IP Group Limited (ASX:XIP) and as a Director of Openpay
Group Limited (ASX:OPY), Sydney Ports Corporation, Allconnex Water, TasWater, Vector Limited (NZX:VCT), the
Australian Energy Market Operator Ltd, and as a trustee of the Royal Botanic Gardens and Domain Trust and
of Sydney Grammar School. In addition, for six years Sibylle served as a Tribunal member of the principal NSW
economic regulator y tribunal.
Degrees/Qualifications: Sibylle holds a Bachelor of Laws (Hons) from the University of Adelaide, an LLM from
Columbia University New York and an MBA from Melbourne Business School. She is a Fellow of the Australian
Institute of Company Directors.
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