ACROW LIMITED — AGM Information 2025

Nov 13, 2025

ASX Announcement

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14 November 2025

ANNUAL GENERAL MEETING – CHAIRMAN’S ADDRESS AND CEO PRESENTATION

Acrow Limited (ASX: ACF) (“Acrow” or the “Company”) is pleased to attach the following documents which will be presented at the Company’s 2025 Annual General Meeting which is being held today at 10.30am (AEDT).

• Chairman’s Address

• CEO Presentation

This release was approved by the Acrow Board of Directors.

-ENDS-

About Acrow

Acrow Limited (ASX: ACF) is a leading provider of smart integrated construction systems across formwork, industrial services and commercial scaffolding in Australia. Enhancing our portfolio are falsework and shoring, screen solutions, Jacking Systems (also known as Jumpform), and internal engineering capabilities.

With over 80 years of experience, Acrow has grown from a small local business to a national leader in the construction industry. Our journey is marked by continuous innovation, expansion, and a vision to set the national standard in engineered industrial and construction services. We’re committed to removing barriers to success for construction and industrial professionals through our smart solutions, can do attitude, and strong partnerships.

Operating in 15 locations with over 60,000 tonnes of equipment, Acrow aims to expand its presence in Australia’s civil infrastructure market. Our national network with local expertise ensures efficient project delivery while adhering to best practices. To learn more, please visit: www.acrow.com.au

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 Limited. 2A Mavis Street, Revesby NSW 2212

Page 1

ASX Announcement

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14 November 2025

ANNUAL GENERAL MEETING – CHAIRMAN’S ADDRESS

Good morning,

My name is Peter Lancken, and I am the Chairman of Acrow Limited. On behalf of the Board, I would like to welcome you to the 2025 Annual General Meeting.

FY25 was a year of consolidation and continued strategic progress for Acrow. We strengthened our position as a leading provider of smart, integrated construction systems across formwork, industrial access, and commercial scaffolding. The year saw us successfully integrate key acquisitions that enhanced our industrial access capabilities, a division that now represents half of our business. This diversification continues to underpin Acrow’s strategy of building a balanced, resilient and recurring earnings base.

To support this growth, we completed the acquisitions of Brand Australia and Above Scaffolding during the year. Both businesses strengthen our presence in the utilities, energy and infrastructure sectors and have integrated well into the Group. Our expansion into the industrial access sector has also provided a greater proportion of recurring revenue from non-infrastructure, less governmentinfluenced markets. This includes long-term contracts with blue-chip clients such as Origin Energy, Sydney Water and BHP, which provide stability and predictability of earnings.

Our Jumpform and screen hire businesses continue to perform strongly, and have proven to be highly complementary, with Jumpform wins delivering additional screens work. We are also extending our expertise into new industrial sectors, including bridge and ship maintenance, and have strategies to expand further into defence-related maintenance projects, which represent attractive national growth opportunities.

While our formwork business experienced some timing-related challenges from project delays, particularly in Queensland, the pipeline of new work remains at record levels. Major infrastructure projects such as the $15.4 billion River Torrens to Darlington project in South Australia and Olympics related projects throughout Queensland will underpin multi-year opportunities for the business.

Despite these project delays, Acrow continued to deliver a solid financial performance that demonstrates the benefits of our scale and diversification. Underlying net profit rose 4 percent over the year, to $34.3 million, and underlying earnings per share were 11.17 cents, a modest 3 per cent decrease due to an increased share base. We also maintained our commitment to rewarding shareholders, declaring total dividends of 5.85 cents per share, consistent with FY24. This represents a strong yield and reflects our focus on balancing growth investment with capital discipline.

Acrow’s expanded hire equipment asset pool continues to support efficient capital deployment and asset utilisation across projects. Combined with our capital-light industrial access operations, which complement the more asset-intensive formwork division, this enabled the Company to maintain a strong Return on Equity of 23.7 percent.

With the current hire fleet capable of meeting near-term demand, capital expenditure is expected to moderate in FY26, strengthening cash generation and enhancing financial flexibility.

We also continue to invest in our people, skills, and systems. Partnerships with the Queensland University of Technology and University of Technology Sydney remain valuable sources of emerging engineering talent. Our registered training organisation in Mackay and Brisbane, strengthened by the acquisition of ATEC, continues to develop skilled scaffolding professionals. With skilled labour in short supply, we will further expand these programs to “breed our own” talent and maintain Acrow’s high technical standards.

Acrow Limited. 2A Mavis Street, Revesby NSW 2212

Page 2

ASX Announcement

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During the year, we also advanced the development of our enterprise resource planning project. The deployment of this investment, which will go live in 2026, will deliver greater scalability, efficiency and alignment across the business.

Turning to the evolution of the Board, during the year we farewelled Melanie Allibon, Non-Executive Director and Chair of the Remuneration and Nomination Committee, and thank her for her contribution. We were pleased to welcome James Scott to the Board and as Chair of that Committee in March 2025. James brings strong expertise in digital transformation, business strategy and operational performance. Effective July 2025, we also welcomed Rod Heale, whose extensive experience in civil infrastructure, engineering delivery and major project management will further strengthen the Board’s capabilities as Acrow expands its national infrastructure presence.

Acrow enters FY26 with solid foundations and a record pipeline of opportunities across both formwork and industrial access. Our roadmap for growth is clear—driven by the consolidation of acquisitions, cross-selling and organic expansion. With the Australian Government committed to more than $126 billion in major national infrastructure projects over the next five years, and recurring revenues from industrial access continuing to grow, we are well positioned for continued success.

On behalf of the Board, I would like to extend my sincere thanks to Steven Boland and the entire Acrow team for their outstanding commitment and performance throughout the year. I also thank our shareholders, suppliers and clients for their continued trust and support.

Thank you

Peter Lancken Chairman Acrow Limited

Acrow Limited. 2A Mavis Street, Revesby NSW 2212

Page 3

14 November 2025

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Acrow Ltd (ASX:ACF) AGM PRESENTATION

Presentation Steven Boland - CEO Raising the Standard in Construction.

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1
Sydney Harbour Bridge
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DISCLAIMER

This presentation is based on unaudited final results and 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 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

Andrew Crowther CFO

2

STRATEGIC PRINCIPLES

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A clear, concise strategy that underpins the continued profitable growth of the business. Diversification of revenue streams across our core product and service offerings. Placing an equal importance on both the Construction & Industrial Access Markets. Maintain a disciplined approach to return on investment for both capex and M&A opportunities. Focus on the Acrow Way of operating with specific focus on:

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People Superior Best in Breed Internal development Engineering customer across all Safety product across all excellence service/ business development areas outcomes areas

3

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• POSITIONING FOR FUTURE OPPORTUNITIES

4

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North East Link
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ACCELERATED CAPITAL PROGRAM Preparing the business for future work Preparing the business for future work

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FY25 TOTAL CAPITAL SPEND

RETURN ON INVESTMENT*

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60
PP&E 57.9 58.0
Acrowdeck 50
$1.3m 49.8
HURDLE RATE 40%
$3.5m
43.5
40 41.8
30
%
Non-growth Jumpform 20
$5.7m $15.1m
10
0
FY21 FY22 FY23 FY24 FY25
Total capex spend FY25 $39.7m (excl. ex-hire replacement)Total capex spend FY25 $39.7m (excl. ex-hire replacement)Total capex spend FY25 $39.7m (excl. ex-hire replacement)
Other growth
Growth: $32.7m Growth: $32.7m Growth: $32.7m
$4.0m
Non-growth: $5.7m Non-growth: $5.7m Non-growth: $5.7m
PP&E- $1.3m (includes WIP for re-platforming of new ERP)PP&E- $1.3m (includes WIP for re-platforming of new ERP)PP&E- $1.3m (includes WIP for re-platforming of new ERP)
Screens
Ex-hire replacement of $10.1m Ex-hire replacement of $10.1m Ex-hire replacement of $10.1m
Industrial Access
$3.6m
$6.5m
Capex in FY26 expected to be approximately $27.0mCapex in FY26 expected to be approximately $27.0mCapex in FY26 expected to be approximately $27.0m
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Total capex spend FY25 $39.7m (excl. ex-hire replacement)Total capex spend FY25 $39.7m (excl. ex-hire replacement)Total capex spend FY25 $39.7m (excl. ex-hire replacement) Growth: $32.7m Growth: $32.7m Growth: $32.7m Non-growth: $5.7m Non-growth: $5.7m Non-growth: $5.7m PP&E- $1.3m (includes WIP for re-platforming of new ERP)PP&E- $1.3m (includes WIP for re-platforming of new ERP)PP&E- $1.3m (includes WIP for re-platforming of new ERP) Ex-hire replacement of $10.1m Ex-hire replacement of $10.1m Ex-hire replacement of $10.1m Capex in FY26 expected to be approximately $27.0mCapex in FY26 expected to be approximately $27.0mCapex in FY26 expected to be approximately $27.0m

*Actual cumulative return = Capex return weighted by time in the fleet.

5

BUILDING SUSTAINABLE EARNINGS Expanded Industrial Access to deliver recurring revenue business

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Represented 50% of group revenue in FY25

Industrial Access Acquisitions: MI Scaffold (Nov-23) Benchmark Scaffolding (Mar-24) Brand Australia (Apr-25) Above Scaffolding (Apr-25)

Generating annualised revenue into FY26 of circa. $200m

National business providing access services across industrial, mining, energy, utilities, defence & marine

Longstanding blue-chip customers, including gov’t generating highly recurring maintenance services revenue Established beachhead into WA with first major contract win in Dec 2024 - Perdaman Urea Project

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Industrial Access Revenue
200
200
150
132
100
72
50
22
46
10 40
0
FY20 FY21 FY22 FY23 FY24 FY25 FY26e
TOWNSVILLE
MACKAY
KARRATHA
GLADSTONE
BEENLEIGH
Industrial
Depots &
HUNTER VALLEY
Activity
SYDNEY
Industrial Access FY25 OPERATIONS
Avg. employee head count:
(as at 31 July 2025) INDUSTRIAL
ACCESS
FTE - 423
BRANCH
Casual - 535 LOCATIONS 6
$m
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JUMPFORM

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47 system wins across 33 projects since launch
Multiple repeat customers
7
12 projects include screens supply 14
1
Project wins in all major national cities
6
PROJECT WINS
BY STATE
5
12 12
10 $10.4m 10 $11m
8 8
$8m
6 6
4 4
$3.9m $5m
$3.6m
2 2
$nil $0.5m
0 0
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
JUMPFORM REVENUE JUMPFORM HIRE CONTRACT WINS
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SCREENS

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95 screens projects in progress nationally * Organic growth in VIC, SA and WA Complementary to Jumpforms 5 Record FY25 hire contract wins

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24
5
4
53
CURRENT
PROJECTS IN
9
PROGRESS
25
$25m
20
15
$13m $12m [$14m ]
10
$9m
5 $6m
0
SCREEN HIRE CONTRACT WINS
FY20 FY21 FY22 FY23 FY24 FY25
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20
15 $16m
$15m
$13m
10
$9m $8m
$7m
5
0
FY20 FY21 FY22 FY23 FY24 FY25
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SCREEN REVENUE
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7
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*Effective 22 October 2025

8

POSITIONING FOR GROWTH

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CAPABILITY & FLEXIBILITY
OF WORKFORCE
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TRAINING & PRODUCT DEVELOPMENT & DEVELOPMENT SUPPLY CHAIN

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Driving internal product development to retain IP and specifically for the Australian market.

Cadet, graduate & apprentice programs building long-term talent pipelines across all divisions of the business.

Large, skilled pool of scaffolders across key regions – ready to scale, as required.

Strong local presence in every state for rapid mobilisation.

Partnerships with universities to attract top engineering talent.

Flexibility in manufacturing options across multiple geographies.

Leadership, sales & technical training for continuous upskilling.

63+ engineers and designers delivering technical excellence.

Greater capacity to scale and respond to surges in demand.

ATEC training hubs in SEQ & Mackay delivering nationally recognised certifications.

Our specifications, our timeline and pricing competitiveness.

6-8 weeks from order to supply.

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ENTERPRISE RESOURCE MANAGEMENT PROJECT

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Currently conducting the implementation of a new ERP project.

Will enable the back office to increase scaleability, increase efficiency, digitise and provide strategic alignment across the entire business.

Sets operations up for increasing efficiency through greater use of technology.

8

UGL Cooling Tower

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KEY FY25 HIGHLIGHTS

9

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1
SAFETY IS OUR PRIORITY
ZERO HARM IMPROVEMENT
TRIFR [2] LTIFR 3
5.7
4.4
1.1
100% 100%
IMPROVEMENTIMPROVEMENT
0
FY24 FY25 FY24 FY25
TOTAL RECORDABLE INJURIES LOST TIME INJURIES
6.0
1.0
5.0
100%100%
IMPROVEMENTIMPROVEMENT
0
1. 12 months rolling figures FY24 FY25 FY24 FY25 10
2. Total Recordable Injury Frequency Rate
3. Lost Time Injury Frequency Rate
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KEY OPERATIONAL ACHIEVEMENTS FY25

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INDUSTRIAL ACCESS - RECURRING REVENUE

Represents 50% of Group revenue from standing start in 2019

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INDUSTRIAL ACCESS WA CONTRACT

Awarded landmark $42m contract for Perdaman Project Ceres Urea plant development

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INDUSTRIAL ACCESS BMA CONTRACT

Contract renewal for three years plus one year option - total value over $60m

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NSW INDUSTRIAL ACCESS ACQUISITIONS

Above Scaffolding and Brand Australia - new clients and capabilities

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JUMPFORM/SCREENS

Largest ever Acrow contract won for joint Jumpform/Screens hire, valued at $4.5m on Meriton Cypress Palms development on the Gold Coast

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RECORD SECURED HIRE CONTRACTS/PIPELINE

Hire contracts secured up 27% YoY Pipeline up 15% YoY

11

1

12

KEY FINANCIAL METRICS FY25

REVENUE

EBITDA

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300 100
$265.1
$80.2
250 $215.3 80 $74.6
200
60
150
$m $m
100 23% 40 8%
20
50
0 0
FY24 FY25 FY24 FY25
NPAT
NPAT (Stat.)
$33.0 $34.3
35
30
$25.6 30
25 $23.3
25
20
20
9%
$m 15 $m 15
4%
10 10
5 5
0 0
FY24 FY25 FY24 FY25
DPS
EPS
11.54c 11.17c
5.85c 5.85c
12 6
10 5
8 4
3%
6 3 Flat
¢ps ¢ps
4 2
2 1
0 0
FY24 FY25 FY24 FY25
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1. All metrics are underlying unless otherwise stated.

1

FINANCIAL TRACK RECORD

REVENUE($m)

EBITDA ($m)

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FY19 71.0
FY20 87.0
25% CAGR
FY21 105.7
FY22 148.3
FY23 168.5
FY24 215.3
FY25 265.1
0 50 100 150 200 250 300
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FY19 14.8
FY20 19.5
33% CAGR
FY21 24.3
FY22 36.3
FY23
FY24 74.6
FY25 80.2
0 20 40 60 80 100
DIVIDENDS PER SHARE (¢)
FY19 2.0
FY20 1.8
20% CAGR
FY21 2.0
FY22 2.7
FY23 4.4
FY24 5.9
FY25 5.9
0 1 2 3 4 5 6
53.2
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EARNINGS PER SHARE (¢)

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FY19 4.4
FY20 4.0
17% CAGR
FY21 4.0
FY22 7.2
FY23 11.6
FY24 11.5
FY25 11.2
0 2 4 6 8 10 12
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ROE (%)

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FY20 17.0
FY21 14.5 7% CAGR
FY22 23.0
FY23
FY24
FY25
0 5 10 15 20 25 30 35
32.7
27.1
23.7
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13

1. All metrics are underlying unless otherwise stated.

Perth Airport

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OPERATIONS

14

TWO MARKETS. ONE STANDARD OF EXCELLENCE.

CONSTRUCTION

INDUSTRIAL ACCESS

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15

CONSTRUCTION - SERVICES & MARKETS

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FORMWORK COMMERCIAL SCAFFOLD JUMPFORM SCREENS H/WARE & CONSUMABLES
HEALTH & UTILITIES CIVIL HIGH RISE COMMERCIAL HIGH RISE RESI LOW RISE RESI
16
SERVICES
MARKETS
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CONSTRUCTION - PERFORMANCE

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Revenue Breakdown

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Labour & Cartage
10.7%
Consumables
16.3%
FY25
Equipment Hire
55.2%
Product Sales
17.8%
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INDUSTRIAL ACCESS - SERVICES & MARKETS

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SCAFFOLD HIRE

LABOUR SOLUTIONS

PROJECT MANAGEMENT

TRAINING - ATEC

EQUIPMENT SALES

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POWER GENERATION OIL & GAS REFINERIES
MARKETS
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MARINE DEFENCE ASSET MAINTENANCE
18
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INDUSTRIAL ACCESS - PERFORMANCE

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Revenue Breakdown

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Scaffold Hire
Product Sales
15.1%
19%
FY25
Labour Hire
65.9%
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GROUP OUTLOOK

Over water access

20

SHORT TERM OBSERVATIONS

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Our deliberate strategy to diversify the revenue streams has delivered stable earnings during a downturn period in the broader construction industry.

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The Industrial Access division is continuing to grow with revenues approaching $200m in FY26 and contributing a larger share of revenue.

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The recently acquired industrial access businesses are providing significant cross-selling & growth opportunities. e.g Defence sector. We are pursuing the expansion of the Industrial Access division into WA & SA through targeted organic growth initiatives. The Screens & Jumpform businesses are continuing to expand their national presence, with particularly strong growth anticipated in WA for both businesses.

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We have experienced softness in the general formwork business during 1H FY26, especially in QLD. We are confident of increased activity into 2H FY26 and more specifically 4Q FY26. Activity levels are increasing in both SA & WA; are stable in NSW & VIC; and will improve significantly in QLD in 2H FY26.

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We anticipate a pause in M&A activity in FY26 as we focus on consolidating our recent acquisitions.

21

MEDIUM TERM OUTLOOK

New hire revenue secured ytd is flat on PCP. However the sales pipeline has increased by 25% over the same period to $248m, the biggest total in the Company’s history

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QLD MAJOR PROJECTS SPEND

Industrial Access market will continue to be very strong and a larger contributor to overall group revenues.

Organic growth in Industrial Access will be substantial, generated through scale; opening new geographic and industry specific markets. There will also likely be a recommencement of M&A in this sector in the medium term.

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Buoyant construction focused state operations, especially in QLD , VIC and SA.

Infrastructure Australia reports that there will be a shortage of up to 300,000 construction workers by FY27.

In QLD, we expect to see activity attributable to the 2032 Olympic Games ramping up from 1H FY27.

Outside of Olympic activity in the state, other major project spend in QLD is forecast to almost triple from $10b to ~$30b between FY25 and FY29. Given our dominant presence in the QLD market, we are well positioned to take advantage of this opportunity.

In VIC, we will continue to capitalise on our position as the leading provider of formwork hire and sales to the civil infrastructure sector, leveraging the ongoing Big Build program, with a particular focus on major projects such as the North East Link, Suburban Rail Loop, and Airport Rail Link.

In SA, we expect to see unprecedented revenue opportunities out of both the T2D Motorway project and the infrastructure build up in relation to AUKUS.

We expect to capture continued market share growth in both NSW and WA in our construction based business.

22

TOWARDS BRISBANE 2032 OLYMPICS ACROW LONG-TERM OPPORTUNITIES

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During the Lead to the Games Other up Opportunities Games Formwork Olympic Temporary National Tourist Commercial Scaffold Venue Construction events facilities Scaffold labour Surge Formwork Commercial Scaffold Formwork Commercial Scaffold Hotel accommodation Scaffold labour Athletes Commercial Scaffold Industrial Scaffold development Village Construction Scaffold labour Scaffold labour Screens & Jumpform Screens & Jumpform Formwork Industrial Access equipment Tourist attractions asset maintenance e. . Formwork g Hotel Commercial Scaffold Sydney Harbour Bridge Accommodation Scaffold labour Screens & Jumpform Formwork Commercial Scaffold QLD Hospitals Program Scaffold labour $12b spend between Transport 1. Formwork Screens & Jumpform 2025 and 2030 Infrastructure Industrial Access equipment Industrial Access National Defence Regional Construction maintenance access Depot footprint & Infrastructure 23 contracts

1. Queensland Transport and Roads Infrastructure Program indicates a spend across the state of $16b between 2025 and 2029

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1
1H FY26 GUIDANCE
1H 1H
Metric % chg
FY25 FY26
(underlying) on pcp
(Actual) (Guidance)
Revenue $126.6m $153.0m-$157.0m +22%
EBITDA $39.0m $37.0m-$40.0m -1%
Midpoint
DIVISIONAL REVENUE MIX SHIFT
Construction
Construction
Margin - 72.1% Construction
Margin - 74.2%
58%
34%
50% 1H26
FY24 50% FY25 42%
66% $155m
Industrial Access $215.3m $265.1m
Margin - 38.2%
Industrial Access
Industrial Access
Margin - 36.6%
Indicative
FY24 Margin -62.1%
FY25 Margin -54.5%
1H FY26 Margin -49.0%
1. All references to margin refer to sales contribution margin 24
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CONTACT

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ACROW HEAD OFFICE

2A Mavis Street Revesby NSW 2212

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1300 138 362

info@acrow.com.au

www.acrow.com.au

Investor enquiries & presentation questions investors@acrow.com.au

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Steven Boland Andrew Crowther Matt Caporella
MD & CEO CFO COO
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Raising the Standard in Construction.

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