HY26 Results Presentation

1H26 Results Presentation
For the six months ended 31 December 2025
19 February 2026

2
1H26 Results
Defence
spending
Energy
transition
Diversified exposure to growth sectors building long-term value
ANZ local industry
revitalisation
Sustainable
growth
opportunities
Transport
Road Services
Projects
Rail & Transit Systems
Energy & Utilities
Power & Gas
Water
Energy & Industrial
Telecommunications
Facilities
Defence
Health
Education
Government
Population
growth
The Downer advantage - enabling communities to thrive
500+
Operating sites
23,500+
Employees
13,000+
Network of suppliers &
subcontractors engaged
in the 6 months to 31-Dec-25
Significant size,
scale and breadth
of capability
Sectors
Robust risk management
and governance
framework
Market leadership with
capabilities built around
strong cores
Strong culture of
performance and
investment in our people
Sovereign prime contractor,
enduring local industry supply
chains, customer relationships,
strong brand
Differentiators

3
1H26 Results
Demonstrated resilience
despite variability in market
conditions
Delivering bottom line
improvement

Ongoing opportunity
for improvement
Strategic wins growing
work-in-hand
Capacity to invest in
growth
Programs continue to
enhance contract margins
and cost to serve, with further
upside potential
Wins across energy, water,
defence and transport
position the business for
medium term growth
A strong balance sheet
provides the capacity to
pursue strategic growth
opportunities
Continued uplift in
performance, underpinned
by stronger contract delivery
and cash backed period-on-
period improvement
Topline reflects our risk culture
reset, portfolio simplification
strategy, and focus on
disciplined, high quality
revenue
Diversified portfolio
driving resilience
Key messages
At our Investor Day in Nov-25, we
set out a clear transition focused
on sustainable growth, supported
by new FY28 and FY30
management ambitions
We have the right foundations in
place and continue to strengthen
our market positions
On track to exceed management target
1
of >4.5% EBITA margin averaged across FY25/FY26
Quality of revenue
driving margin growth

4
1H26 Results
Building performance momentum
+8.9% on Jun-25
EBITA margin
2,3
4.6%
1H26
4.6%
1H25
3.7%
1H24
2.5%
On track to exceed
management target
1

of >4.5% averaged
across FY25 and FY26
Statutory NPAT
$98.0m
+30% on 1H25
EBITA
2,3
+11.2% on 1H25
$227.1m underlying EBITA
2,3
NPATA
2,3
$136.1m
+7% on 1H25
$38.2bn driven by
strategic wins
Work-in-hand
Interim dividend
Cash conversion
5
90.5%
Cash backed results
5

Exceeded >90% target
Leverage ratio
0.8x
Net debt to EBITDA
6

Improved from 1.3x at Dec-24
7.3%
EBITDA
margin
12.9cps
Underlying EPS
2,7
10% uplift on 17.0cps in 1H25
18.7cps
+19% on 1H25
100%
4
franked v 75% in 1H25
65% payout ratio v 60% in 1H25
For the six months ended 31 December 2025
Underlying margin

5
1H26 Results
1H25
underlying revenue
TransportEnergy & UtilitiesFacilitiesCorporate1H26
underlying revenue
Focus on revenue quality builds platform for sustainable growth
5,506
4,919
(3.3)%
0.5%
1H25
pro forma
revenue
$’m
2
2
9
(2.0)%
5,105
4,856
(0.1)%
Ongoing
softness in AUS
Road Services
Hawkins risk
guardrail reset
Nearing
completion of
major projects
(CRL, HCMT)
Timing of
opportunity
pipeline (NZ)
4% to 5% revenue CAGR
8
from FY26
63
401
Revenue from
divested
businesses
1H26
pro forma
revenue
Revenue from
divested
businesses
Strong growth in
Power Projects,
solid activity in
Energy &
Industrial
Consolidation of
Telco AUS
providers & lower
NBN volumes
Timing of ramp
up of newly won
work in Water
Growth in
Government/
IFM, Health and
Education
Solid EMOS
volumes ahead
of the AUS
Defence PAS
contract
transition
AUD / NZD foreign exchange translation impact
FY30 management ambition
Underlying revenue declined 3.6% on 1H25 pro forma
(pro forma revenue declined 4.9%)
broadly aligned with our expectations
9

6
1H26 Results
Jun-25
11
Dec-25
$35.1bn
TransportEnergy & UtilitiesFacilities
024681012
FY26
FY27
FY28
FY29
FY30
FY31+
Profile

at Dec-25
$38.2bn
$’bn
▪WIH growth: Energy & Utilities +21.6%, Facilities
+20.2% and Transport -3.5%
▪~$4.5bn of preferred bidder status contracts,
disclosed on 21-Aug-25, converted into WIH
▪Good momentum with new contract wins,
renewals and extensions across Defence,
Power Projects, Water, Energy & Industrial,
Housing and Rail positioning transition to
sustainable growth
▪~$1.5bn preferred bidder positions in larger
contracts (at 18-Feb-26, excluded from WIH)
for ~$1bn; road maintenance contracts in NZ
and Sydney motorway contract, plus
~$500m integrated facilities management
contract
▪Medium-term outlook remains pos i t i v e ,
supported by active tendering across core
addressable markets including NZ
Infrastructure, Road Services, Water, Power,
Rail and Facilities Management
Work-in-hand increased 8.9% to $38.2bn
Robust
order book
Diversification
driving resilience
Long-dated
contracts
Diversified
by industry
~90%
government related
~90%
services
10

7
1H26 Results
185.6
14.3
8.8
6.7
4.3
219.7
1H25
underlying EBITA
TransportEnergy & UtilitiesFacilitiesCorporate1H26
underlying EBITA
3.7%
Margin improvement across all segments
4.6%
~90bps margin expansion
1H25
underlying
EBITA margin
2
1H26
underlying
EBITA margin
2
18.7
7.4
204.3
227.1
Pro forma EBITA increased 18.4%
through disciplined approach to improving
revenue quality and stronger contract delivery
$’m
1H25
pro forma EBITA
EBITA from divested
businesses
1H26
pro forma EBITA
EBITA from divested
businesses
9
9
Towards 6% EBITA margin
12
22
FY30 management ambition

8
1H26 Results
Supported by strong medium-term sector fundamentals
Transport
Road Services, Rail & Transit Systems, and Projects
$129.3m
EBITA
9
$2.5bn
Revenue
9
5.3%
EBITA margin
9
64.0% on pcp
2,623.5
2,555.5
2,453.9
1H25
1H26
1H24
93.0
115.0
129.3
3.5%
4.5%
5.3%
1H25
1H26
1H24
1H25
1H26
1H24
50.8pp on pcp
512.4% on pcp
Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis.
Work-in-hand
11
$’m
63.5% on Jun-25
$16.5bn
18.0
17.1
16.5
Jun-25
Dec-25
Dec-24
Operational and strategic highlights
▪Appointment of new Transport & Infrastructure COO Doug Moss, commencing Apr-26
▪Profitability uplift driven by improved contract delivery and disciplined cost management
▪Enhanced contract delivery driving solid performance in NZ business despite lower activity
levels in some areas
▪AUS Road Services volumes remain impacted by soft Transport Agency spend, partially
offset by positive project performance
▪Rail & Transit Systems performance supported by strong progress on QTMP
▪Hawkins maintained profitability on a lower revenue base driven by disciplined project
selection and delivery
Project milestones, delivery and awards
▪Auckland City Rail Link commenced train testing in 2H25, targeting opening in 2H CY26
▪$4.6bn QTMP project; first train prototype nearing completion, testing to commence in late
2026/early 2027, construction of new Torbanlea facility nearing completion, enabling the
manufacturing of the first locally built train to commence
▪Awarded NZ$311m NZ State highway alliance agreement for southern component of Ōtaki to
North of Levin, commenced in Spring 2025
▪~$1bn preferred bidder status (at 18-Feb-26, excluded from WIH) for NZ State Highway road
maintenance contracts and Sydney motorway network maintenance contract
Commercial and strategic transactions
▪Divestment of 49% interest in Keolis Downer completed on 1-Dec-25 generating $68.7m
collected from sale proceeds and $27.3m from dividends

9
1H26 Results
Attractive underlying opportunities and value
drivers align with integrated value chain
Transport
Cash
generation
Strategically
positioned assets
Vertically
integrated
Balanced risk
profile
Sector outlook
▪Population and urban growth continue to shape long-term road and rail infrastructure
demand
▪Ongoing investment into long-term road and rail maintenance, operations and asset
renewal remains fundamental to network performance
▪AUS Transport Agency spending on road surfacing expected to return towards historical
levels over time
▪NZ Roads and Rail outlook improving, supported by updated national and regional
infrastructure programs
▪Airport investment remains supportive, with major domestic terminal and runway works
underpinning near-term activity
▪Continued emerging demand for data, digital and long-term asset management services
▪Energy transition in transport, including low-emissions rollingstock, supports longer- t e r m
opportunity in rail
Portfolio fundamentals
~$30bn
Target segments
Asphalt surfacing
Rail services
Rollingstock
Asset management
Civil infrastructure and building
sectors
1H26 revenue
$2.5bn
Addressable market
13
3%–4%
revenue CAGR
8
from FY26
FY30
management ambition
Towards 6.5%
EBITA margin
12

10
2025 Investor Day
10
1H26 Results
4.4%
$1.3bn 
$57.5m
Power & Gas, Water, Energy & Industrial, Telecommunications
EBITA
9
Revenue
9
EBITA margin
9
1,589.4
1,462.2
1,293.7
42.1
48.7
57.5
2.6%
3.3%
4.4%
1H25
1H26
1H24
1H25
1H26
1H24
1H25
1H26
1H24
611.5% on pcp
518.1% on pcp
51.1pp on pcp
Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis.
Energy & Utilities
Secured work supporting participation in upcoming
energy and water opportunities
$6.2bn
521.6% on Jun-25
Operational and strategic highlights
▪Uplift in profitability driven by Power Projects (incl. transmission lines and substations),
Energy & Industrial and disciplined cost management
▪New Water contracts mobilising with activity ramp up expected in 2H26
▪Efficiencies delivered through operating model changes and site / contract closures
▪Telco reset following consolidation of AUS providers and lower NBN volumes
▪Delivering on electrical and water infrastructure to support data centre sector growth
Project milestones and delivery
▪Strong activity levels and contribution uplift across Power Projects portfolio
▪New Water contract with Urban Utilities commenced in Sept-25, supporting the delivery of
capital works in SEQ up to 10yrs
▪Commenced NZ$600m electricity field services contract with Powerco NZ in Jul-25
▪Completion of margin-dilutive $200m p.a. VIC Power Maintenance contract in Jul-25
Awards and secured work
▪WIH grew 21.6% to over $6bn; strategic wins in Power, Energy & Industrial, Water and NZ Telco
▪Awarded ~$700m in Power Projects, including Powerlink and Transgrid panels, and other
TNSP electrical infrastructure projects supporting BESS/Renewables grid connections
▪Awarded $750m Chevron contract in Energy & Industrial, up to 15yrs incl. extension option
▪Extended $200m gas services contract with AusNet Services, for 3yrs, commencing in Apr-26
4.7
5.1
6.2
Jun-25
Dec-25
Dec-24
$’m
Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis.
Work-in-hand
11

11
2025 Investor Day
11
1H26 Results
Energy & Utilities
Portfolio fundamentals
Strong investment in essential networks
supporting sector growth outlook
Cash
generation
Exposure to high
growth sectors
Capital
light
Balanced risk
profile
~$35bn
Addressable market
13

Target segments
Water
Power generation, transmission, distribution
Renewables and firming energy
Telecommunications
Essential service maintenance
$1.3bn
1H26 revenue
Sector outlook
▪Continued strong pipeline across the energy sector, with increased spending on power transmission,
storage, network connections to renewables, grid stabilisation and network resilience
▪Government policies are accelerating near-term energy investment, particularly in NSW, QLD and WA
▪Ageing water infrastructure in ANZ urban centres is driving upgrades and maintenance programs
▪Demand in water capital is driving customers to package into programs to secure capability and
attract delivery partners
▪New Zealand Council Controlled Organisations providing framework to ramp up water capital
spending
▪Telco market is transitioning from major build programs to network maintenance, augmentation,
resilience, response to data demands and beyond 5G planning
▪Data centre sector growth driving energy demand
8%–9%
revenue CAGR
8
from FY26
FY30
management ambition
Towards 7%
EBITA margin
12

12
1H26 Results
Facilities
Defence, Health, Education, and Government
7.0%$77.6m
EBITA
9
$1.1bn
$m
Revenue
9
Long-term contracts delivering essential services to
high quality customer base
52.4% on pcp
59.4% on pcp
50.4pp on pcp
1,048.8
1,082.0
1,107.5
1H25
1H26
1H24
6.4%
6.6%
7.0%
67.6
70.9
77.6
1H25
1H26
1H24
1H25
1H26
1H24
Revenue, EBITA, EBITA margins and WIH are presented on a pro forma basis.
$15.5bn
520.2% on Jun-25
EBITA margin
9
Operational and strategic highlights
▪Continued growth in Government/IFM and solid volumes in Defence Estate
Maintenance businesses
▪Performance improvement programs driving outcomes on Defence contracts
▪Mobilisation and ramp-up of the Homes NSW public housing portfolio (RAPM) and the
facilities maintenance services for Dept. of Home Affairs
▪EMOS demobilisation and Property & Asset Services (PAS) mobilisation, with new
contract effective 1-Feb-26 and margins to reset lower in 2H26 following this transition
▪Ongoing investment in Asset Works Management System upgrade and the service
delivery operating model to enhance efficiency and cost to serve
▪Solid pipeline supported by continued government and commercial outsourcing,
supporting long-term contract visibility
Awards and secured work
▪Awarded $3.05bn PAS Defence contract for base and estate services, initial term of 6yrs
plus options up to 4yrs
▪Awarded $220m contract for Defence Professional Services, up to 4yrs
▪~$500m preferred bidder status (at 18-Feb-26, excluded from WIH) for integrated
facilities maintenance contract, initial term of 5yrs
Commercial and strategic transactions
▪NZ Cleaning divestment completed in Jul-25
12.9
12.9
15.5
Jun-25
Dec-25
Dec-24
Work-in-hand
11

13
1H26 Results
Facilities
Portfolio fundamentals
Cash
generation
Exposure to high
growth sectors
Capital
light
Long term secured
contracts
Continued opportunity for integrated
facilities management solutions and partnering
~$45bn
Addressable market
13
Target segments
Defence
Health
Education
Government services
$1.1bn
1H26 revenue
Sector outlook
▪Continued essential-service demand across government and private custo m e r s
seeking value-for-money facilities and asset management solutions under f i s c a l
budget pressures
▪Defence spending and the government’s focus on sovereign capability and northern
posture underpin demand for Defence estate and facilities services
▪Defence infrastructure investment and capability programs supporting volumes over
the medium term
▪Demographic change and an ageing population are increasing demand for health,
education and social infrastructure services
▪Ongoing demand for Integrated FM and large-scale outsourcing and partn e r i n g
▪Digital transformation and higher asset utilisation are driving demand for
data-driven asset management se r v i c e s
4%–5%
revenue CAGR
8
from FY26
FY30
management ambition
Towards 6.5%
EBITA margin
12

14
1H26 Results

Improving shareholder return
DownerS&P / ASX 200 Accumulation Index
Mar-23Aug-23Jan-24Jun-24Oct-24Apr-25Sep-25Feb-26
-%
40%
80%
120%
160%
200%
+131%
up to ~5% of issued capital
~$260m
Total shareholder return
outperformance
14
Dividend and
franking uplift
6.0cps
10.8cps
12.9cps
1H241H251H26
+19%
on 1H25
dividend
▪1H26 interim dividend fully franked
4
▪Payout range target 60%-70% of U-NPATA
▪Targeting 100% franked dividends in FY26
Franking100%
75%
0%
+115%
dividend
growth in
2 years
Share buy-back
15

signalling confidence
▪~$64m bought back to date
▪Strong balance sheet with capacity
to invest in sustainable growth
▪Leverage target at or around 1.5x
remains unchanged
TSR outperformance
since 1-Mar-23
+168%
+37%

15
1H26 Results
ESG focus areas and performance
Climate change
and environment
PeopleSustainable
procurement
▪145.9 ktCO2-e
Absolute Scope 1 and 2
(Market-based) emissions
1.7% reduction on 1H25
▪28.86 tCO2-e/$
Scope 1 and 2 (Market-
based) emissions intensity
4.6% increase on 1H25
▪Zero Significant Cat 4+
incidents (no change from
1H25)
Since 1-Jul-25:
▪AUD$20m spent with
Aboriginal and Torres Strait
Islander businesses
▪NZD$26m spent with Māori
and Pasifika businesses
▪AUD$5m spent with social
enterprise organisations
Decarbonisation levers
Transition
of fleet
Energy
efficiency
Renewable
energy
Fuel
switching
11% electricity
11% natural gas
78% liquid fuels
Emissions targets
50%
Reduction by 2032 across
Scope 1 and 2 emissions
against a 2020 baseline
Net Zero
By 2050 across
Scope 1 and 2 emissions
Governance &
ethics
Safety
12 month rolling frequency rate
2.26 TRIFR
16
1H25: 2.24
0.87 LTIFR
16
1H25: 0.85
▪Continued to enhance
license to operate
initiatives, project
governance and risk
controls
▪3-year average NED
tenure with continued
Board renewal
1H26 Scope 1 and 2 emissions by sources
▪Developing new Employee
Value Proposition (EVP)
aligned with Purpose and
culture

16
1H26 Results
Financial
performance

17
1H26 Results
Margin uplift supported by strong cash conversion
$151m
$186m
$220m
2.8%
3.6%
4.5%
Pro forma EBITA
Pro forma EBITA margin
1H241H251H26
$5,306m
$5,105m
$4,856m
1H241H251H26
$4.9bn
Ongoing focus on quality
with strategic wins
increasing WIH
$220m
+18.4% on 1H25
Solid financial performance supported by margin improvement, cash backed earnings and capital discipline,
positioning the balance sheet to pursue strategic growth opportunities and cost to serve efficiencies
Pro forma revenue
$76m
$127m
$136m
1H241H251H26
NPATA
2,3
Underlying NPATA
Revenue
9,17
EBITA
9
90.5% cash conversion
5
227m
293m
312m
87.7%
94.2%
90.5%
Adjusted operating cash flow
Cash conversion
1H241H251H26
$312m
Adjusted operating
cash flow
+7.0% on 1H25
$136m

18
1H26 Results
219.7
7.4
227.1
(5.9)
(16.1)
(6.3)
(13.9)
184.9
Pro forma
EBITA
Earnings from
divestments
& AHFS
Underlying
EBITA
Net loss on
divestments and
exit costs
Transformation and
restructure costs
Regulatory reviews
and legal matters
Impairment, asset
write-downs and
other
Statutory
EBITA
-
50
100
150
200
250
Gain on disposal
of Keolis Downer
Gain on disposal
of E&U customer
contract
Loss on disposal
of New Zealand
cleaning
Loss on exit of an
Australian
cleaning and
catering contract
Reconciliation to statutory result
Pro forma to statutory EBITA
3
Net EBITA
contribution
from
divestments
completed in
1H26
Refer to slides
40, 41
Costs incurred
in the
transformation
investment
•Redundancy/
severance
$2.7m
•Transformation
(incl. IT) $13.4m
Impairment and
site rectification
of rail facility
$10.0m
Accelerated
amortisation
and impairment
of IT assets $2.1m
Impairment of
surplus property
assets $1.4m
$’m
ACCC
proceedings
Shareholder class
action
9
2

19
1H26 Results
833.8
226.8
(52.5)
(63.0)
(6.1)
(99.3)
(64.4)
76.9
(168.8)
683.4
Opening cashOperating cash
flow
Net capexPayment of
lease liabilities
Advances/receipts
from other parties
Dividends
paid
Share buy-backNet
divestments
Borrowings
and FX
Closing cash
-
250
500
750
1,000
1,250
Payment
relates to FY25
final dividend
of 14.1cps, and
ROADS
90.5%
normalised
cash
conversion
5
Increased tax
payments
Primarily
maintenance
capex in the
Transport
segment
Cash backed result
Disciplined back to basics focus – contract management, cash collection, resolution of variations and claims
$’m
Free cash flow of $105.2m
Proceeds
include:
- $68.7m Keolis
Downer,
- $5.1m E&U
customer
contract
- net $3.1m
other
divestments
Reduced
due to
rationalisation
of fleet and
sites

20
1H26 Results
Debt maturity profile A$m at Dec-25
Balance sheet positioned to support transition to growth
▪Maintain Fitch BBB investment grade rating
▪Compliant with / buffer to covenants on key credit metrics
▪Weighted average cost of debt of 5.4% in 1H26
▪Net interest expense lower than anticipated due to reduced drawn debt and lease liabilities
▪Funding capacity realigned to 1.5x leverage target
▪USPP notes repaid in Jul-25 and AMTN issuance targeted in 2H26 further extending maturity
profile at Jun-26 to ~4 years
▪Substantial bonding capacity: $1.9bn facility with $700m available
A$ MTN
Syndicated Bridge Loan Facilities
Bilateral Loan Facilities
Syndicated Loan Facilities
JPY MTN
FY26FY27FY28FY29FY30FY31FY32FY33
-
100
200
300
400
500
600
Leverage
0.8x
Improved from 1.8x
9.2x
Improved from 4.4x
Interest / EBITDA
Weighted average debt maturity 3.1 years
18
v 3.5 years at Jun-25
Interest coverage ratio
Net debt / EBITDA
1.8x
1.3x
0.8x
Dec 23Dec 24Dec 25
4.4x
7.2x
9.2x
Dec-23Dec-24Dec-25

21
1H26 Results
Portfolio and capital return choicesIndicative capital uses
19,20
Capacity to invest for growth
Organic
▪Disciplined / aligned with
market outlook
▪Target enhanced efficiency
/ capacity / productivity
▪Asphalt plants / fleet
M&A and capital
recycling
▪Core / adjacencies
▪Build capabilities
▪Counter-cyclical and
growth vectors
▪Small to medium size
▪Portfolio optimisation
▪Divestment cycle largely
completed
Capital return
▪Target dividend payout
range 60-70% fully
franked
▪On-market share buy-
back of 5% of issued
capital
21
▪ROADS role in capital
structure under review
Growth capex
▪Aligned with opportunity
pipeline
▪Transformation investment
in process improvement,
automation & technology
modernisation
Investment Committee
reviews proposals for
alignment with strategy
and against a range of
metrics including ROIC
hurdle rate above cost
of capital
Gross capital
expenditure
20
Dividends
Transformation
investment
19,20
Buy-back
15
FY26: ~$60m
FY26: ~$170m
1H26: $56m
Program: $260m
1H26: $64m
60% to 70% payout ratio
of U-NPATA
1H26: $26m

CHANGE IMAGE
Priorities
and outlook

23
1H26 Results
FY28
Management ambition – balanced scorecard
9%
underlying EPS CAGR
22
from FY25
reflecting the top end
of LTI scorecard
Management ambition - balanced scorecard is not provided as guidance
Foundations
Safety Leadership & cultureCustomerRisk managementCapital managementEmissions
▪Industry leading metrics
▪No fatalities
▪Embed a high
performance culture
▪Elevate engagement to
top quartile
▪Enhance customer
relationships towards
+20 NPS
▪Selective tendering to
achieve quality earnings
▪~1.5x target leverage
▪60% to 70% dividend
payout of U-NPATA
▪50% reduction in Scope 1
& 2 emissions (vs 2020
baseline) by 2032
▪Net zero by 2050
4%-5%
revenue CAGR
8
from FY26

Towards 6%
EBITA margin
12

>90%
average
cash conversion
FY30

24
1H26 Results
1H26 performance was in line with our expectations.
Our focus continues to be building a high quality order book
with adherence to our risk guard rails and operating discipline.
For FY26, on an underlying basis, we are targeting:
▪revenue to be slightly lower than FY25 pro forma revenue
23
▪earnings and EBITA margin improvement
▪NPATA of $295 million to $315 million, assuming no material
change in economic conditions or market demand, and no
material weather disruptions.
This target is reflected in the
LTI scorecard gates and is not
provided as guidance
Group outlook
>4.5%
average EBITA margin
across FY25 and FY26
Forward looking statements are to be read in conjunction with the important notice and disclaimer on slide 48.
Executing on-market
share buy-back
21
<$260m
program
~5% of issued capital
Management target
EBITA margin
1

25
1H26 Results
Supplementary
information

26
1H26 Results
Purpose,
pillars &
culture
OUR PURPOSE
OUR PILLARS
OUR CULTURE

27
1H26 Results
Where to next: sustainable growth
Energy
transition
Population
growth
90% of WIH
cost
indexation
26
Water
Cyclical recovery
▪AU Roads
▪NZ economy
Responsibly growing our top line to GDP+ growth
Defence
spend

28
1H26 Results
Contract
margin uplift
Business
mix
Risk
guardrails
4.4%
EBITA margin
in FY25
Cost
leadership
Towards 6%
EBITA margin
in FY30
12
Where to next: ambition beyond 4.5%
The areas of opportunity for the next phase of improvement

29
1H26 Results
ModerateSteadyLow
Contract margin uplift opportunity
Energy & Utilities
Transport
Facilities
Moderate
High
Steady
Drivers of contract margin opportunity / risk
Business
mix
Delivery
excellence
Cost
leadership
Cyclical
recovery
Long-term
contract
renewals
Cost
indexation
Business mix Pipeline expected to support higher contract margin mix
Delivery excellence ~25% of current portfolio tracking below tender margin
Cost leadership Process improvement and automation will drive
operational efficiency
Cyclical recovery AU Roads and NZ economic recovery in medium-term will
drive operating leverage
LT contract renewals Facilities outlook impacted by reset to market for large
contract renewals
Cost indexation ~90%
26
of WIH supported by cost indexation mechanism
Contract
margin growth
potential
Targeting 0.5%-0.75% uplift
contribution towards
6% EBITA margin in FY30
12
High
The 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY30 is from the FY25 EBITA margin of 4.4%.

30
1H26 Results
Investment in delivery excellence
Right people, right roles, right time
Cost
leadership
Strengthening workforce capability to enhance current and future market competitiveness
Compliance with
Delivery Management Methodology
Management of scope and change
Management of program and budget
Robust delivery governance and leadership
Back to basics
Core contracting
disciplines
Project
controls
Modernise
technology
Frontline
learning &
development
Margin
improvement
plans
Delivery
incentives
Project
Day 1
readiness
Risk &
opportunity
management
Commercial
excellence
Capability
assessments
Delivery
governance
Multi-year
capability
uplift program
Critical risk
observations
Organic revenue
growth per contract
Margin improvement on
budget per contract
Improvement in
people engagement
Contract
targets

31
1H26 Results
~$213m cost savings
Cumulative annualised gross cost out delivered from
the transformation program from Feb-23 to Jun-25
Further efficiency opportunities
Internal analysis & benchmarking of overheads and
cost to serve metrics
Targeting 0.5%-0.75% uplift
contribution towards
6% EBITA margin in FY30
12
Cost leadership
Cost
leadership
Workforce
management
Fleet
optimisation
Strategic
procurement and
supply chain
management
Technology
simplification
Business support
digitisation & process
improvement
Shared Services
optimisation
Ongoing transformation investment
Required to modernise business support
Benefits realisation over medium term
Balancing level of business disruption,
sequencing of change and execution risk
The 0.5%-0.75% uplift contribution towards 6% EBITA margin in FY30 is from the FY25 EBITA margin of 4.4%.

32
1H26 Results
Investment to support growth and drive margin improvement
FY26FY26FY27 - FY28FY29+
$Project management
$Fleet optimisation
$$Work management
$$Shared Services optimisation
$$$Business support optimisation
$$$My Time My Pay
$ERP simplification
$Long-term asset management
$Strategic procurement
$AI automation
~$60m
indicative
FY26 investment
20,24

33
1H26 Results
Queensland Train Manufacturing
Program (QTMP)
Setting a new benchmark in
Australian manufacturing,
positioning us at the
forefront of future rail
innovation
▪Largest investment in new rollingstock in QLD history
▪~$4.6bn project commenced in Jun-23
▪~41% of revenue delivered to date
▪First train prototype nearing completion with testing to
commence in late 2026/early 2027
▪Construction of new Torbanlea facility nearing completion,
enabling the manufacturing of the first locally built train to
commence
▪Continued high levels of activity expected through FY26 as both
facilities and initial fleet manufacturing advance towards
completion / commencement
Component
Revenue
proportion
Delivery profile
Manufacturing &
maintenance facilities
~35%                    
Fleet delivery
~45%                    
Maintenance
(through-life support)
~20%    
Transition inFull fleet
 FY23 FY27   FY33       
Downer will deliver:
▪65 six-car passenger trains with option of up to 15 additional sets
▪Two purpose built facilities in QLD; train manufacturing in Torbanlea, and
maintenance and stabling in Ormeau
▪Two training simulators
▪15 year train maintenance with extension options

34
1H26 Results
Keolis Downer
AU transport projects
Environmental & recycling
Smart meter assets
Building services
Commercial building services
Cleaning, catering
Portfolio simplification has reshaped Downer
Divestment / exit
Mining
Laundries
Transition to a
services-led model
Trans-Tasman leadership
Rationalisation and
portfolio simplification
20212022202320242025
Capital intensive, cyclical and
exposed to market volatility
Capital-light, balanced, disciplined risk
management, sustainable improvement focus

35
1H26 Results
Rationale
UndervaluedSector exposureRisk managementCyclicalityNon-core
Divestments - FY23 to 1H26
Repurpose It
Australian Transport Projects
Asset and Development Services
AE Smith New Zealand
VEC Contracts
Spotless Advanced Metering
Cleaning Australia and Catering businesses
Laundries business
Interest of 49% in Keolis Downer Pty Ltd
Cleaning New Zealand
Energy & Utilities customer contract
Divested a combination of underperforming,
low-margin and non-core businesses
Divestment cycle largely completed;
applying capital management framework
Recent divestments

36
1H26 Results
Transport
51%
Energy &
Utilities
26%
Facilities
23%
Transport
43%
Energy &
Utilities
16%
Facilities
41%
Mature / GDP growth
25
Higher growth potential / GDP+
25

Cyclical growth opportunity
25
Road
Services
26%
Rail &
Transit
Systems
15%
NZ Projects
(including
Building)
10%
Power
& Gas
3%
Energy &
Industrial
9%
Telco
7%
Water
7%
Govt /
H&E
14%
Defence
9%
▲
●
●
▲
▲
●
▲
▲
High quality
balanced portfolio
across sectors,
geographies and
contract types
Dec-25
WIH
$38.2bn
1H26
revenue
$4.9bn
9,17
Transport
49%
Energy &
Utilities
22%
Facilities
29%
1H26
segment
EBITA
$264.4m
3,9

37
1H26 Results
▪Order book reflects a balanced mix of contract types, with risk exposure correlated to portfolio composition
▪Capital-light services dominate the portfolio, and risk is actively managed in line with Group appetite and strategic objectives
▪Lump sum construction work typically involves lower risk contract types, such as early contractor involvement (ECI)
Balanced portfolio with disciplined risk-return management
Contract commercial models - Dec-25 WIH
Cost-plus
8%
Schedule
of rates
18%
Lump sum
10%
Alliance /
target cost
6%
Multi-year O&M
with adjustment
mechanism
58%
Indicative risk exposure

38
1H26 Results
Managing cost escalation through embedded mechanisms
Contract escalation
26
90%
8%
2%
Embedded escalation
Cost plus / reimbursable
No escalation
Services ~90% of WIH
26
▪Predominantly long-term contracts structured to pass through
inflationary pressures
▪91% include embedded price escalation mechanisms
▪Majority escalate via CPI or blended indices
▪Remaining mechanisms include cost-plus / reimbursable, fixed %
and annual review mechanisms
▪1% with no escalation mechanism, supported by predictable
financial outcomes and low exposure to cost volatility
Construction ~10% of WIH
26
▪Short-term contracts priced on current market conditions and
typically include escalation contingencies
▪Contracts without escalation are limited and primarily relate to
scopes with low exposure to cost volatility
92%
8%
91%
8%
1%
Services
Construction

39
1H26 Results
Group financials
▪Statutory NPAT grew 29.8% to $98.0m, driven by a 31.6% uplift in EBIT, with reduced
impact from individually significant items (ISI) (including divestments, restructuring
charges and impairments), and lower net interest expense, partially offset by a higher
tax expense. Refer to slide 18 for ISI and Note B4 of the Half Year Report.
▪Growth of 7.0% in underlying NPATA to $136.1m
▪Underlying EPS of 18.7 cps, up 10.0%
▪Earnings growth matched with 90.5% cash conversion exceeding our target of >90%
▪Strengthened balance sheet with net debt to EBITDA improving to 0.8x
▪Interim dividend of 12.9cps up 19.4% reflecting a payout ratio of 65% and 100% franked.
Statutory
Underlying²
(excl. ISI)
Pro fo r m a ⁹
(excl. divestments and AHFS)
($'m)1H261H25Change1H261H25Change1H261H25Change
Reve n u e ¹ ⁷ 4,860.7 5,221.2 (6.9) % 4,918.8 5,505.7 (10.7) % 4,855.8 5,104.6 (4.9) %
EBIT 175.5 133.4 31.6 % 217.7 194.1 12.2 % 210.3 175.4 19.9 %
EBITA³ 184.9 150.1 23.2 % 227.1 204.3 11.2 % 219.7 185.6 18.4 %
EBITA³ % 3.8 % 2.9 % 0.9 pp 4.6 % 3.7 % 0.9 pp 4.5 % 3.6 % 0.9 pp
EBITD A ² ⁷ % 6.5 % 5.7 % 0.8 pp 7.3 % 6.5 % 0.8 pp 7.3 % 6.6 % 0.7 pp
NPATA³ 104.6 87.2 20.0 % 136.1 127.2 7.0 % 130.0 109.9 18.3 %
NPAT 98.0 75.5 29.8 % 129.5 120.1 7.8 % 123.4 102.8 20.0 %
Basic EPS 14.0 10.3 35.9 % 18.7 17.0 10.0 % 17.8 14.4 23.6 %
1H261H25Change
Leverage ratio
0.8x1.3x(0.5)x
Interim dividend
12.9cps10.8cps 19.4 %
Payout ratio %
65 % 60 % 5 pp
Franking⁴ %
100 % 75 % 25pp

40
1H26 Results
Reconciliation of pro forma to statutory result
($'m)
EBIT
Amortisation
of acquired
intangibles
EBITA³
Net finance
cost
Tax expe n s e ² ⁸NPATA³
Amortisation
of acquired
intangibles
(post-tax)
NPAT
Pro forma⁹ r e s u l t 210.3 9.4 219.7 (34.2) (55.5) 130.0 (6.6) 123.4
Net divestment and assets held for sale
contribution
7.4 - 7.4 - (1.3) 6.1 - 6.1
Underlying² result 217.7 9.4 227.1 (34.2) (56.8) 136.1 (6.6) 129.5
Net loss on divestments and exit costs (5.9) - (5.9)
-
(0.8) (6.7)
-
(6.7)
Transformation and restructure costs (16.1) - (16.1)
-
5.6 (10.5)
-
(10.5)
Regulatory reviews and legal matters (6.3) - (6.3)
-
1.8 (4.5)
-
(4.5)
Impairment, asset write-downs and other (13.9) - (13.9)
-
4.1 (9.8) - (9.8)
Total individually significant items (42.2) - (42.2) - 10.7 (31.5) - (31.5)
Statutory result 175.5 9.4 184.9 (34.2) (46.1) 104.6 (6.6) 98.0

41
1H26 Results
Reconciliation of pro forma to underlying result
1H261H25
($'m)
Pro fo r m a ⁹
Divestments
impact
Underlying²Pro fo r m a ⁹
Divestments
imp a c t ² ⁹
Underlying²
Transport
Revenue 2,453.9 4.0 2,457.9 2,555.5 189.8 2,745.3
EBITA 129.3 3.3 132.6 115.0 13.8 128.8
EBITA % 5.3 % 82.5 % 5.4 % 4.5 % 7.3 % 4.7 %
Energy & Utilities
Revenue 1,293.7 28.9 1,322.6 1,462.2 116.6 1,578.8
EBITA 57.5 4.3 61.8 48.7 3.9 52.6
EBITA % 4.4 % 14.9 % 4.7 % 3.3 % 3.3 % 3.3 %
Facilities
Revenue 1,107.5 6.2 1,113.7 1,082.0 44.0 1,126.0
EBITA 77.6 (0.2) 77.4 70.9 1.3 72.2
EBITA % 7.0 % (3.2) % 6.9 % 6.6 % 3.0 % 6.4 %
Corporate
Revenue 0.7 23.9 24.6 4.9 50.7 55.6
EBITA (44.7) - (44.7) (49.0) (0.3) (49.3)
Group
Revenue 4,855.8 63.0 4,918.8 5,104.6 401.1 5,505.7
EBITA 219.7 7.4 227.1 185.6 18.7 204.3
EBITA % 4.5 % 11.7 % 4.6 % 3.6 % 4.7 % 3.7 %
Pro forma excludes the contribution of divested operations
DivestmentSegmentCompleted
Interest of 49% in Keolis Downer Pty LtdTransport1H26
Cleaning New ZealandFacilities1H26
Energy & Utilities customer contractEnergy & Utilities1H26
Interest of 29.9% in HT Hold Co Pty Ltd (an
Australian laundries business)
Unallocated2H25
Cleaning AustraliaFacilities2H25
Catering New ZealandFacilities1H25
Repurpose It joint ventureTransport1H24
VEC contractsTransport1H24
Advance Metering (smart-meter) assetsEnergy & Utilities1H24
AE Smith New ZealandFacilities1H24
Asset and Development ServicesFacilities1H24
Australian Transport ProjectsTransport2H23
Divestment impact is mainly attributable to:
▪Downer's 49% interest in Keolis Downer contribution in 1H26: Revenue $3.4m (1H25: $185.6m), EBITA $3.4m (1H25: $14.4m), WIH (Jun-25: $1.3bn).
▪Energy & Utilities customer contract contribution in 1H26: Revenue $28.9m (1H25: $116.6m), EBITA $4.3m (1H25: $3.9m), WIH (Jun-25: $0.0bn).

42
1H26 Results
Group underlying financial performance
Underlying² performance ($'m)1H261H25Change
Total reve n u e ¹ ⁷ 4,918.8 5,505.7 (10.7) %
EB I T D A ² ⁷ 359.5 357.6 0.5 %
Depreciation and amortisation (132.4) (153.3) 13.6 %
EBITA³ 227.1 204.3 11.2 %
Amortisation of acquired intangibles (9.4) (10.2) 7.8 %
EBIT 217.7 194.1 12.2 %
Net interest expense (34.2) (40.4) 15.3 %
Profit before tax 183.5 153.7 19.4 %
Tax expense (54.0) (33.6) (60.7) %
Net profit after tax 129.5 120.1 7.8 %
NPATA³ 136.1 127.2 7.0 %
EBITA margin 4.6 % 3.7 % 0.9pp
Effective tax rate 29.4 % 21.9 % 7.5pp
ROFE 19.5 % 15.3 % 4.2pp
Interim dividend (cents per share)12.910.8 19.4 %
Underlying² segment performance ($'m)1H261H25Change
Transport 132.6 128.8 3.0 %
Energy & Utilities 61.8 52.6 17.5 %
Facilities 77.4 72.2 7.2 %
Corporate (refer below) (44.7) (49.3) 9.3 %
Underlying EBITA³ 227.1 204.3 11.2 %
Total individually significant items (42.2) (54.2) 22.1 %
Statutory EBITA 184.9 150.1 23.2 %
Underlying NPATA³ 136.1 127.2 7.0 %
Statutory NPAT 98.0 75.5 29.8 %
Corporate costs in the period reflected:
▪Transformation resulted in changes to the role of Corporate, leading to a more
efficient model. Cost reductions were achieved through lower headcount across
corporate functions, cost management disciplines, rationalisation of IT and
efficiencies in shared services
▪Decreases were achieved in insurance costs
▪Cost reductions partially offset by cost increases in salaries and incentives, CPI / cost
indexation of IT service agreements and property leases

43
1H26 Results
1H25 Reconciliation ($'m)1H25 Reported
Impact of FY25 and 1H26
Divestments and A H F S ² ⁹
1H25 Resta t e d ² ⁹
SegmentRevenueEBITARevenueEBITARevenueEBITA
Transport 2,741.1 129.4 (185.6) (14.4) 2,555.5 115.0
Energy & Utilities 1,578.8 52.6 (116.6) (3.9) 1,462.2 48.7
Facilities 1,111.2 71.7 (29.2) (0.8) 1,082.0 70.9
Comparative Financials ($'m)1H24 Resta t e d ² ⁹1H25 Resta t e d ² ⁹1H26
SegmentRevenueEBITARevenueEBITARevenueEBITA
Transport 2,623.5 93.0 2,555.5 115.0 2,453.9 129.3
Energy & Utilities 1,589.4 42.1 1,462.2 48.7 1,293.7 57.5
Facilities 1,048.8 67.6 1,082.0 70.9 1,107.5 77.6
The comparative 1H25 and 1H24 period has been amended to remove the contribution of businesses divested.
Pro forma comparatives

44
1H26 Results
Balance sheet strength
Sustainable
capital management
Operating cash flow
Lease costs and maintenance capex
Capital allocation framework
Free cash flow generation
Portfolio and capital return choices
Interest and tax
Dividends
▪Capex is increasing, but remains below historic
levels driven by capital discipline, asset optimisation,
and timing efficiencies in maintenance and
contract renewals
▪Capacity for disciplined investment in supporting
organic and inorganic growth opportunities
▪1H26 interim dividend 65% payout ratio fully franked
4
▪Dividend payout range target is 60% to 70% of
underlying NPATA
▪Normalised cash conversion exceeded >90% target
▪Improved underlying business performance driving
higher tax payments
▪Lower interest payments from reduced drawn debt
▪Further reduction in leverage to 0.8x, well below the
~1.5x target ratio
▪Capacity to invest in growth sectors
Cash generated
from business
performance

45
1H26 Results
Debt facilities $'mJun-24Dec-24Jun-25Dec-25
Total limit 2,572.1 2,557.8 2,706.4 2,546.0
Drawn 1,307.1 1,082.8 1,081.4 921.0
Available 1,265.0 1,475.0 1,625.0 1,625.0
Cash

837.6 639.8 833.8 683.4
Total liquidity 2,102.6 2,114.8 2,458.8 2,308.4
Net d e b t ³ ⁰ 469.5 447.5 259.3 242.3
Leverage ratio
Net debt / EB I T D A ⁶
1.4x1.3x0.9x0.8x
Debt profile

46
1H26 Results
Change in cash ($'m)1H261H25Change
Total operating cash flow 226.8 220.1 3.0 %
Net capex (52.5) (44.7) (17.4) %
Payment of principal lease liabilities (63.0) (74.8) 15.8 %
Advances (to) / from JVs and Other (6.1) 11.9 (>100.0%)
Free cash flow 105.2 112.5 (6.5) %
Dividends paid (99.3) (80.1) (24.0) %
Divestments 76.9 (2.7) >100.0%
Share buyback (64.4) - (>100.0%)
Net repayment of borrowings (158.8) (223.6) 29.0 %
Net decrease in cash (140.4) (193.9) 27.6 %
Cash at the end of the period 683.4 639.8 6.8 %
Total liquidity 2,308.4 2,114.8 9.2 %
Cash conversion ($'m)1H261H25Change
Underlying² EBIT 217.7 194.1 12.2 %
Add: Depreciation and amortisation 141.8 163.5 (13.3) %
Underlying² EB I T D A ² ⁷ 359.5 357.6 0.5 %
Operating cash flow 226.8 220.1 3.0 %
Add: Net interest paid 30.8 38.9 (20.8) %
Add: Tax paid 53.9 33.9 59.0 %
Adjusted operating cash flow 311.5 292.9 6.4 %
EBITDA conversion 86.6 % 81.9 % 4.7 pp
Normalised⁵ EBITDA conve r s i o n 90.5 % 94.2 % (3.7) pp
Depreciation and amortisation ($'m)1H261H25Change
Depreciation – PP&E 56.0 54.7 2.4 %
Depreciation – right of use asset 60.4 70.8 (14.7) %
IT amortisation³¹ 16.0 21.3 (24.9) %
Amortisation of acquired intangibles³¹ 9.4 16.7 (43.7) %
Depreciation and amortisation 141.8 163.5 (13.3) %
Cash flow

47
1H26 Results
Notes
All amounts are presented in Australian dollars which is the Company’s functional and presentation currency. In some instances, totals may not add due to rounding.
1The management target of >4.5% average EBITA margin across FY25 and FY26 is incorporated into Downer’s
long-term incentive plan and is not provided as guidance. Any forward looking statements are to be read in
conjunction with the important notice and disclaimer.
2The underlying result is a non-IFRS measure that is used by management to assess the performance of the
business and includes the contribution of divested businesses and assets held for sale. Non-IFRS measures
have not been subject to audit or review.
3Downer calculates and forecasts EBITA and NPATA by adjusting EBIT and NPAT to add back acquired
intangible assets amortisation expense.
4The interim dividend in 1H26 of 12.9 cents per share (cps) was franked 100% (2025: The interim dividend in
1H25 of 10.8 cps was franked 75%).
5Normalised underlying cash conversion has been adjusted to remove the cash outflows associated with
FY25 and 1H26 ISI (not in underlying EBITDA) totalling $13.9m (1H25 equivalent of $43.8m). Cash conversion is
calculated as operating cash flow excluding tax and interest, divided by underlying EBITDA.
6Net debt to EBITDA ratio is net debt $642.4m, comprising lease liabilities, borrowings, deferred finance
charges, cross currency and interest rate swaps, less cash, divided by underlying EBITDA (underlying EBIT
and statutory D&A).
7Underlying 1H26 EPS calculated as underlying net profit after tax of $129.5m adjusted for ROADS dividends of
$4.6m.
8Four year CAGR from FY26 underlying revenue. This information is a management ambition and is not
provided as guidance. Any forward looking statements are to be read in conjunction with the important
notice and disclaimer.
9Pro forma reflects the statutory results adjusted for individually significant items (ISI) (refer to Note B4 of the
Financial report) and excludes the revenue and EBITA contribution relating to completed divestments and
assets held for sale to provide a like for like comparison between reporting periods. The pro forma result is a
non-IFRS measure that is used by management to assess the performance of the business. Non-IFRS
measures have not been subject to audit or review.
10Non-services work-in-hand includes construction work-in-hand - NZ Projects (Transport), a portion of Water
and Power & Gas (Energy & Utilities) and the construction component of QTMP (Transport).
11Dec-24 and Jun-25 work-in-hand has been restated to be comparable with Dec-25, and removes impact of
divestments.
12FY30 EBITA margin target. This information is a management ambition and is not provided as guidance.
Any forward looking statements are to be read in conjunction with the important notice and disclaimer.
13Addressable market sizes are estimates prepared by the company based on third-party market research
and other publicly available information overlaid to the sectors where the company performs maintenance
and construction activities. Figures used throughout are not to be relied upon, are unverified and are not to
be interpreted as a statement regarding the company’s future prospects of capturing market share or win
rates.
14Source: FactSet as at 17-Feb-26. Calculated as TSR between 1-Mar-23 and 17-Feb-26.
15$260m is the estimated buy back program for FY26 and 1H27 based on 5% of issued capital. The timing and
value of shares purchased will be determined by market conditions, trading volumes and other relevant
factors. This information is a management estimate and is not provided as guidance. Forward looking
statements are to be read in conjunction with the important notice and disclaimer.
16LTIFR: Lost Time Injury Frequency Rate/million hours worked, TRIFR: Total Recordable Injury Frequency Rate/
million hours worked.
17Revenue includes revenue and other income. Total revenue for underlying and pro forma is a non-statutory
disclosure and also includes notional revenue from joint ventures and other alliances not proportionately
consolidated.
18Syndicated bridge excluded as it represents a short-term facility for the purpose of refinancing the AMTN. It
is expected to be cancelled following successful issuance.
19‘Indicative capital uses’ are based on management estimates only and are subject to changes in timing of
investing activities. Please see slide "investment to support growth and drive margin improvement" for
further information on Transformation investment.
20Gross Capital Expenditure and Transformation Investment are management ambitions and are not
guidance. Forward looking statements are to be read in conjunction with the important notice and
disclaimer.
21The timing and value of shares purchased will be determined by market conditions, prevailing share price,
trading volumes and other relevant factors. $260m represents approximately 5% of issued capital.
223 year CAGR from FY25 underlying NPAT (excluding the impact of the share buy-back program). This
information is incorporated into Downer's long-term incentive plan and is not provided as guidance.
Forward looking statements are to be read in conjunction with the important notice and disclaimer.
23FY25 pro forma revenue of $10.348bn, amended to reflect the disposal of the E&U customer contract
completed in 1H26.
24Transformation investment will be classified as an individually significant item, where it is categorised as
opex. Transformation investment cash estimate is for planned expenditure in FY26 only. It does not include
any redundancy costs from the programs and is based on current delivery schedule that are subject to
change. Estimated transformation investment requirements beyond FY26 remain subject to finalisation of
planning and approval. ‘$’ signs indicate relative investment across programs in FY26 and are only intended
to provide a view of relative investment of the individual program against the portfolio.
25This information is not provided as guidance. Any forward looking statements are to be read in conjunction
with the important notice and disclaimer.
26Escalation mechanisms based on work-in-hand (WIH) at 31-Dec-25 over $30m, which represents 93% of total
secured WIH.
27EBITDA is calculated as reported EBIT and statutory depreciation and amortisation.
28Tax expense of $56.8m is calculated by adjusting underlying tax of $54.0m and $2.8m tax on amortisation of
acquired intangible assets.
29The comparative periods have been amended to remove the contribution of businesses divested.
30Net debt excludes lease liabilities, deferred finance charges, cross currency and interest rate swaps.
31Amortisation expensed within ISI in 1H26 of $2.1m relates to IT amortisation and in 1H25 of $12.7m consists of
$6.5m of accelerated amortisation of acquired intangible assets and $6.2m of IT amortisation.

48
1H26 Results
Important notice and disclaimer
The information in this presentation has been prepared by Downer EDI
Limited ABN 97 003 872 848 (Downer or the Company) and includes
general background information about Downer’s activities current as
at the date of this presentation. This information is given in summary
form and does not purport to be complete.
This presentation may contain statements that are, or may be
deemed to be, forward-looking statements. Such statements can
generally be identified by the use of words such as “likely”, “looking-
forward”, “expect”, “predict”, “will”, “may”, “intend”, “seek”, “would”,
“continue”, “plan”, “objective”, “estimate”, “potential”, “anticipate”,
“believe”, “risk”, “aim”, “forecast”, “assumption”, “projection”, “target”,
“goal”, “outlook”, “guidance” and similar expressions. Indications of
plans, strategies, management and company objectives, potential
transactions, sales and financial performance are also forward-looking
statements. Such statements are not guarantees of future
performance, and involve known and unknown risks, uncertainties,
assumptions, contingencies and other factors, many of which are
outside the control of the Company. No representation is made or will
be made that any forward-looking statements will be achieved or will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements.
Factors that could cause actual results or performance to differ
materially include without limitation the following: volatility in customer
demand for services, weather-related challenges and impacts and
uncertainty in general economic conditions. The Company assumes
no obligation to update such statements, subject to disclosure
obligations under the applicable law and ASX listing rules. Past
performance information in this presentation is given for illustrative
purposes only and should not be relied upon as (and is not) an
indication of future performance.
The information contained in this presentation may include
information derived from publicly available sources that have not
been independently verified.
To the maximum extent permitted by law, Downer disclaims all
responsibility for the information in this presentation being inaccurate
or incomplete in any way for any reason.
This presentation is not, and is not intended to constitute, financial
advice, or an offer or an invitation, solicitation or recommendation to
acquire or sell Downer shares or any other financial products in any
jurisdiction and is not a prospectus, product disclosure statement,
disclosure document or other offering document under Australian law
or any other law. This presentation also does not form the basis of any
contract or commitment to sell or apply for securities in Downer or any
of its subsidiaries. It is for information purposes only. Downer does not
warrant or represent that the information in this presentation is free
from errors, omissions or misrepresentations or is suitable for your
intended use. The information contained in this presentation has
been prepared without taking account of any person’s investment
objectives, financial situation or particular needs and nothing
contained in this presentation constitutes investment, legal, tax or
other advice. The information provided in this presentation may not be
suitable for your specific needs and should not be relied upon by you
in substitution of you obtaining independent advice. Subject to any
terms implied by law and which cannot be excluded, Downer accepts
no responsibility for any loss, damage, cost or expense (whether direct
or indirect) incurred by you as a result of any error in, omission from or
misrepresentation in this presentation.
Unless otherwise specified all information is for the period ended
31 December 2025.
Certain financial data included in this presentation is ‘non-IFRS
financial information’. The Company believes that this non-IFRS
financial information provides useful insight in measuring the financial
performance and condition of Downer. Readers are cautioned not to
place undue reliance on any non-IFRS financial information included
in this presentation. These measures have not been subject to audit
or review.
This presentation should be read in conjunction with Downer’s other
periodic and continuous disclosure announcements lodged with ASX.
In particular, this presentation forms part of a package of information
about Downer. It should be read in conjunction with Downer's
Appendix 4D and Half Year Report also released today.
The information in this presentation remains subject to change
without notice. Circumstances may change and the contents of this
presentation may become outdated as a result.
Forward-looking statements and statements regarding other
information contained in this presentation may also be made –
verbally and in writing – by members of the Company’s management
in connection with this presentation. Such statements are also subject
to the same limitations, uncertainties and assumptions which are set
out in this presentation.

Downer EDI Limited (Downer) is a leading provider of integrated
services across Australia and New Zealand, delivering and maintaining
essential infrastructure that enables communities to thrive.
The demand for our services is shaped by investment in the energy
transition, defence capability, government services and infrastructure
expansion necessary to support population growth, and local industry
revitalisation.
The sectors where we operate include roads, rail, ports and airports,
power, gas, water, telecommunications, energy networks, health,
education, defence, and other government sectors.
Downer is one of Australia’s and New Zealand’s largest private sector
employers, with approximately 23,500 people, who are united by our
high-performance culture, known as ‘The Downer Difference’.
For more information visit downergroup.com.