ACROW LIMITED — AGM Information 2021

Nov 21, 2021

ASX:ACF

Acrow Formwork and Construction Services Limited

Sydney NSW 2000

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C/- Level 5, 126 Phillip Street

ASX Release

22 November 2021

2021 Annual General Meeting - Chairman’s Address and CEO Presentation

Acrow Formwork and Construction Services Limited (ASX:ACF) (“Acrow” or the “Company”) is pleased to attach the following documents to be presented at its 2021 Annual General Meeting being held at 11am (AEDT) today:

• Chaiman’s Address

• CEO’s presentation

This release was approved by the Acrow Board of Directors.

-ENDS-

About Acrow

Acrow is a leading hirer of formwork and scaffolding systems to large construction and civil infrastructure providers across Australia, operating a network of formwork and scaffolding branches in six states and employing approximately 245 people. The business services a diversified customer base of approximately 1,300 customers.

Acrow has a high quality and versatile portfolio of assets and has identified a number of near-term growth opportunities, most particularly through the investment in capital equipment to take advantage of a range of opportunities in the growing East Coast civil infrastructure market, particularly in New South Wales and Victoria where the business is still underrepresented.

For further information, please contact:

Steven Boland Managing Director Ph: +61 (02) 9780 6500

Andrew Crowther Chief Financial Officer Ph: +61 (02) 9780 6500

Acrow Formwork and Construction Services Limited

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ASX:ACF

Acrow Formwork and Construction Services Limited

C/- Level 5, 126 Phillip Street

Sydney NSW 2000

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Acrow Chairman’s Address

Good afternoon ladies and gentlemen,

I am Peter Lancken, Chairman of the Board and on behalf of Acrow Formwork and Construction Services, I welcome you to the 2021 Annual General Meeting.

During FY21, Acrow continued on its journey of becoming the leading provider of engineered formwork sales and hire equipment to the civil infrastructure markets, and the leading engineered scaffold solutions provider in Australia.

Despite the disruptions caused by the COVID-19 pandemic to the general economy, Acrow delivered another year of strong financial results in FY21. Revenue was up 22% to $106 million and pre-tax profit was up 35% to a record $10.2 million. As a result, the Board declared a final dividend for the year of 1.15 cents per share, bringing total dividends for the year to 1.90 cents per share, fully franked, up 81% on the previous year.

Much of this continued success is the result of two transformational acquisitions over the last three years, which have significantly strengthened and expanded our business, providing Acrow with a broad suite of formwork, scaffold, screening products and engineering services to the construction and industrial maintenance markets. The business was particularly enhanced with the acquisition of Uni-Span in 2019, which also provided Acrow with an exclusive distribution arrangement with ULMA, a leading global manufacturer and supplier of formwork, shoring, and temporary scaffolding systems.

In addition, the acquisition of Uni-span provided Acrow with the building blocks to develop a complementary new business vertical, Industrial Services, at the time a nascent, primarily Queensland centric business. During FY21, the Industrial Services business expanded its operations with contract wins in New South Wales, South Australia, and Tasmania and successfully entered new market segments, including providing engineered scaffold solutions for shut-down maintenance work for power utilities, mining operations, and other large manufacturing sectors. This resulted in a doubling of sales revenue during the year. Notwithstanding this, the future potential for this business remains substantial as we continue our push into these new markets and new market segments.

Much of Acrow’s success is also due to the depth and talent of the entire Acrow team, from back office services, to sales & marketing, relationship management, supply side management, logistics and our engineers, all working together to deliver solutions which differentiate our products and services and help build on our reputation and success across our market segments. Securing contracts on flagship projects such as Melbourne Metro Rail, Brisbane Cross River Rail, Bruce Highway, and Snowy Hydro to name a few is a testament to the strength of our team, products, and service offering.

Our businesses all share an entrepreneurial and customer-focused culture, and teamwork across these business units has provided numerous opportunities to cross-sell our expanded product suite and engineering capabilities. Notably, during this period of growth, we have been careful to maintain a prudent capital management approach, only building on our portfolio of assets, subject to a rigid investment principle of achieving a minimum 40% return on investment during the first year of purchase.

After the balance date, we raised $10.5 million through a placement at 38 cents per share to fund growth opportunities in our industrial services and civil formwork businesses. I would like to acknowledge the support of our existing and new shareholders who believe in our business and helped make this capital raise successful. This new capital places us in a strong position to take advantage of the large pool of opportunities in the industrial services sector and the transport infrastructure construction boom currently underway.

As Acrow evolves we have ensured that our Board is refreshed with the skills and experience required to guide our future development. I would like to thank Josh May, who retired from the board in October 2020 and acknowledge Gregg Taylor and Margaret Prokop for their service. Gregg will retire after this Annual General Meeting and Margaret on December 31, 2021.

It is a pleasure to welcome to the Board two new directors, Melanie Allibon and Laurie Lefcourt. Melanie joined us on 1 September 2021, and is an experienced global people manager and company director, having held executive level human resources roles at Pacific Brands, Seven Group, and Newcrest. Melanie is also currently a non-executive director of ASXlisted Boom Logistics.

Effective 1 October 2021, Laurie Lefcourt, an experienced non-executive director and senior finance executive, also joined our Board. She has held senior finance roles at Queensland Rail and Rio Tinto and is currently a non-executive director of ASX-listed Tamawood and Advance Nanotek.

Acrow Formwork and Construction Services Limited

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ASX:ACF

Acrow Formwork and Construction Services Limited

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C/- Level 5, 126 Phillip Street

Sydney NSW 2000

In closing, on behalf of the Board, I would like to express my gratitude to Steven Boland, his leadership team, Acrow’s dedicated team of employees, our suppliers, our clients, and our shareholders for the part they have all played in Acrow’s success to date.

As we embark on what is projected to be a long-lived civil infrastructure construction cycle, with spending currently estimated to be more than $100Bn over the next five years, we are excited about the future for the Company. Due to our innovative engineering, formwork & scaffolding expertise, and broad product suite, we believe Acrow is well-positioned for many years of continued growth.

Thank you Peter Lancken

Acrow Formwork and Construction Services Limited

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Acrow Formwork & Construction Services Limited

Annual General Meeting CEO ADDRESS AND TRADING UPDATE Chief Executive Officer – Steven Boland 22 November 2021

IMPORTANT NOTICE

This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was prepared as of its date and remains subject to change without notice. This presentation has been provided to you solely for the purpose of giving you background information about Acrow Formwork and Construction Services Limited (“Acrow”).

No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. Neither Acrow, its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, related bodies corporate, affiliates, agents or advisers makes any representations or warranties that this presentation is complete or that it contains all material information about Acrow or which a prospective investor or purchaser may require in evaluating a possible investment in Acrow or acquisition of shares. To the maximum extent permitted by law, none of those persons accept any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation. Acrow has not independently verified any of the contents of this presentation (including, without limitation, any of the information attributed to third parties). No person is under any obligation to update this presentation at any time after its release to you.

Certain statements in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this presentation. Forward looking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should” , “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

Actual results may differ materially from any future results or performance expressed, predicted or implied by the statements contained in this presentation. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance. Nothing contained in this presentation, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in Acrow and neither this presentation nor any of the information contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.

This presentation may not be reproduced or redistributed to any other person.

In receiving this presentation, each recipient agrees to the foregoing terms and conditions. This Presentation was approved by the Acrow Board of Directors

For further information please contact:

Steven Boland Managing Director Ph: (02) 9780 6500

Andrew Crowther Chief Financial Officer Ph: (02) 9780 6500

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CEO Address - 2021 AGM | 2

Continue to Execute on Strategy of Creating Long-term Shareholder Value

ACROW STRATEGY

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Earnings accretive Become the Become the Acquisitions leading leading Target High ROI Engineered Engineered Recruit train and primarily across Organic formwork Formwork Scaffold retain the best Growth solutions but may management and Sales & Hire Solutions engineering opportunities include Equipment provider to the Talent to drive across States, strategically Solutions Australian cross-sell and new positioned the business scaffold Industrial Scaffold products provider in Australia market businesses (especially in industrial space)

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CEO Address - 2021 AGM

KEY FINANCIALS – FY21[1]

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EBITDA Pre-tax Profit NPAT
REVENUE
$24.3m $10.2m $8.7m
+25% +35% +10%
$105.7m
EBITDA UNDERLYING FULL YEAR
MARGIN EPS DIVIDEND
+ 22% 23.0% 4.00cps 1.90cps
+60bps flat +81%
ACF Share Price Relative to ASX Small Ordinaries
Lost Time Injury Freq. Rate
0.60
Acrow Small Ord. (adj)
0.50 19.7
0.40 15.5
0.30 11.5
0.20
6.0
0.10 2.4
0.00
FY17 FY18 FY19 FY20 FY21
Apr/18 Jun/18 Aug/18 Oct/18 Dec/18 Feb/19 Apr/19 Jun/19 Aug/19 Oct/19 Dec/19 Feb/20 Apr/20 Jun/20 Aug/20 Oct/20 Dec/20 Feb/21 Apr/21 Jun/21 Aug/21 Oct/21
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1.Underlying performance. Comparisons are to the previous corresponding period (PCP). CEO Address - 2021 AGM

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UNINTERRUPTED GROWTH

Total Revenue[1,3]

EBITDA[2,3]

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FY22f 130.0-135.0 FY22f 31.5 -32.5
FY21 105.7 FY21 24.3
FY20 87.0 FY20 19.5
FY19 71.0 FY19 11.6
FY18 65.3 FY18 10.0
FY17 62.3 FY17 8.3
0 50 100 150 0 20 40
$m $m
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1. Revenue includes sale of ex hire equipment 2.FY17-FY19 is pre AASB16 (including lease payment expense) 3. Includes guidance provided in ASX Release dated 04 November 2021

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CEO Address - 2021 AGM

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KEY ACHIEVEMENTS – FY21

Record Secured Hire Contracts

Secured hire contracts up 34% on PCP to $39.3m

Natform Record Sales Continues

Total revenue up 31% on PCP

Melbourne Formwork Momentum

Formwork revenue up 84% - growing recognition in civil infrastructure market Expanded Offering & Footprint

Fully integrated product offering across Acrow/Unispan/ULMA/Natform & across all states

Industrial National footprint - 6 statesScaffold - 9 depots Revenue up 114%, secured hire contracts up 51% - expansion into New South Wales, SA, Tas.

Product Sales Growth

Comprises 35% of group revenue. Effective tool in client acquisition & retention

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CEO Address - 2021 AGM

STRATEGIC PIVOT CONTINUED

Group Sales Contribution

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100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY17 FY18 FY19 FY20 FY21
Formwork Ind. Services Comm/Resi Scaffold
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Group Product Sales

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40
36.4
Revenue Sales Contribution
35
30
25 22.5
20
15.8
13.8 13.8
15
8.8
10
5.6
3.7
5
0
FY18 FY19 FY20 FY21
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• ❑Strategic pivot continued towards highly engineered formwork/industrial services markets

• ❑Significant exposure to publicly funded civil infrastructure projects continues

• ❑Formwork/Industrial Services comprised 84% of sales contribution in FY21, up from 75% FY20

• ❑Capital investment to continue across Formwork and Industrial Services

• ❑Product Sales continues to be an important channel to market for acquiring and retaining new and existing clients

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CEO Address - 2021 AGM

MARQUEE CIVIL PROJECTS INVOLVEMENT

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Sydney Metro Rail
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Brisbane Cross River Rail
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Melbourne Metro Rail
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Bruce Highway Upgrade - Qld
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Melbourne Western Distributor
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Snowy Hydro 2.0 - NSW
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KEY DRIVERS FOR FORMWORK SUCCESS

Case Study – Melbourne Metro Rail (State Library Station)

Scope of Work

Engaged to provide a self-propelled multipurpose gantry for forming of tie beams and roof beams

Product

ULMA MK Carriage System typically used to support tunnel formwork but adapted into a gantry structure.

Solution

The gantry travelled the entire 250m length of the main cavern enabling the upper-level tie beams to be formed at a height of 14 metres. Upper section then removed and adapted to create a working platform at 8 metres.

Benefits

The versatility and adaptability to a variety of situations has enabled the customer (CYP) to complete their initial scope but also additional works, saving time and money. CYP have now engaged Acrow to supply an additional two gantries to complete other construction works on site due to the success of this system.

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CEO Address - 2021 AGM

KEY DRIVERS FOR FORMWORK SUCCESS

Mt Piper Power Station, NSW

Scope of Work

Engaged to complete the scaffolding work for the shutdown of Mt Piper Power. Offering the full scaffold package including design, supply and install. At the peak, there will be up to 50 workers on site operating 24hrs a day.

Product

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•350t Ringlok Scaffold •150t Quick stage Scaffold •Furnace Kit
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Solution

Supply the newly developed Furnace kit that will sit in the throat of the furnace to allow a 50m high scaffold to be erected to provide access to the burners, throat, and sides of the furnace for nondestructive testing and repair works. Plus, access scaffold structures to various elements of the power station to allow safe access.

Benefits

Uni-span Industrial Services offer the full turnkey solution from design to supply and install on critical power network infrastructure. The lightweight nature of the Furnace kit significantly reduces manual handling requirements and risk of fatigue from working in a confined space.

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Furnace Kit Schematic

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CEO Address - 2021 AGM

KEY DRIVERS FOR FORMWORK SUCCESS

Case Study – 31 Duncan Street

Scope of Work

Design, supply and install of a variety of propping to allow Hutchinson builders to remove and strengthen columns of the existing carpark to support a new tower above it and maintain the existing carpark

Product

Our newly developed Powershore 150 system , which is a heavyduty prop capable of supporting 150t. We also had several other systems complimenting it for loads of a smaller magnitude.

.

Solution

By using Powershore 150, the propping quantity could reduce, and in some instances replace the nearest competitor’s four prop solution with a singular Powershore 150 prop.

Benefits

High capacity to weight ratio and the load carrying capability at large heights sets the system apart. Also, Acrow’s ability to provide the client a seamless all in-one solution, including RPEQ design certification and installation

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CEO Address - 2021 AGM

INDUSTRIAL SERVICES –KEY NEW BUSINESS UNIT

	FY20 (A$m)*	FY21 (A$m)	FY22 target (A$m)
Revenue	10.2	21.7	35.0-40.0
EBITDA	4.8	10.1	15.0 - 16.5

• 8 months contribution

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Key Contracts
Oil &Gas Origin Surat
Basin
Mining Sun-Metals
Zinc Refinery
Chemicals Incitec Pivot
Key Contracts
Power Liddell, Mt
Piper,
Bayswater,
Eraring
Key Contracts
Hydro Snowy 2.0
Mining Olympic Dam
Industrial Visy Paper
= traditional market Key Contracts
= new markets Mining Nystar Zinc
Refinery
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• ❑ Division of Uni-span acquired October 2019

• ❑ Similar market dynamics to formwork sector

• ❑ Significant growth opportunities – further capital required

• ❑ Successfully expanding outside of traditional Queensland market

• ❑ New market segments – Power, Hydro Mining, Industrial

BlueChip Clients

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CEO Address - 2021 AGM

CAPITAL POSITION AND CASHFLOW

❑ Improved balance sheet flexibility to pursue organic growth opportunities

• Refinanced debt facility with Westpac in May 2021 – expanded headroom by $13.5m-

• Successful $10.5m capital raise in post 30 June balance date – 22 July 2021

• ❑ FY22 projected capex requirements

• Stay in business - $5m

• Growth Capex - $15m

• ❑ FY22 projected gearing remains comfortable

• Net debt/EBITDA – circa. 1.0 times

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Natform screens – Aqua Bondi Junction
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CEO Address - 2021 AGM

ACROW TEAM AND CULTURE

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TEAM
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• ❑ Focus on succession planning

• ❑ Developing depth of talent across all divisions –especially in engineering

• ❑ Focus on attracting best talent in the industry. Recent appointments:

• Brad Craven – General Manager Victoria

• Peter Bellden - National Operations Manager Industrial Services

• Peter Fehrenbach – NSW General Manager

• Evan Field – National Engineering Manager

• Robert Parovel – General Manager People and Culture

• ❑ Recent Internal promotions:

• Matthew Caporella – Chief Operating Officer

• Jurie Roteger - National General Manager Industrial Services

• ▪ Jason Merjane - National General Manager Natform

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• ❑ Safety first

• ❑ Our customers are at the heart of everything we do

• ❑ Solutions focused

• ❑ Becoming employer of choice

CULTURE

• ❑ Set industry standards

• ❑ We are open , honest and always constructive

• ❑ We are One Team

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CEO Address - 2021 AGM | 15

SHORT-MEDIUM TERM GROWTH OPPORTUNITIES

Industrial Services

Expand into new markets and territories across the East Coast of Australia

Natform

Consolidate New South Wales Grow market share in Qld and Victoria Commence operations in SA

Formwork - Sydney Grow market share - new General Manager appointed

Expanded Offering & Footprint

Fully integrated product offering across Acrow/Unispan/ULMA/Natform & across all states

Formwork - Queensland Substantial infrastructure development programs across Rail, Road, Defence & Utilities Product Sales

Generates new revenue stream and strengthens client retention

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GUIDANCE AND OUTLOOK

• ❑ Secured hire contracts +54% on pcp in four months to 31 Oct

• ❑ November activity levels expected to exceed record October levels

• ❑ Formwork – strong activity levels in Queensland and Western Australia. Victoria, stable following strong FY21. NSW growing market share

• ❑ Natform – NSW work in hand to translate to strong 2H FY22

• ❑ Industrial Services – FY22 target revenue of $35m-$40m & EBITDA $15.0 – $16.5m

• ❑ FY22 guidance[1.] :

▪ Revenue: $130m - $135m ( +23-28% ) ▪ EBITDA: $31.5m - $32.5m (+30-34%) ▪ NPAT: $13.8m - $14.5m (+59-67%) ▪ EPS: 5.8cps - 6.2cps (+45-55%)

1. Underlying. % change is based on pcp

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Wiggins Island Export Terminal, Gladstone
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