ACROW LIMITED — Earnings Release 2021

Jun 30, 2021

ASX:ACF Acrow Formwork and Construction Services Limited C/- Level 5, 126 Phillip Street Sydney NSW 2000

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ASX Release

1 July 2021

Another Strong Year of Secured Hire Contracts Wins

Key Highlights:

• Secured hire contracts wins up 34% year on year to $39.2m

• Strong growth achieved across all key divisions

• Very strong lead indicator to future medium-term performance

• High degree of confidence of achieving targeted 20% EBITDA growth in FY22

Acrow Formwork and Construction Services Limited (ASX: ACF) (“Acrow” or “the Company”), is pleased to announce that the momentum in secured hire contract wins continued into the second half of the FY21 financial year.

For the six months ended 30 June 2021, Acrow successfully secured a record $21.6m in new hire contracts, up 23% on the $17.6m achieved in the six months to 31 December 2020, and up 33% on the previous corresponding period. On a year-onyear basis, the Company reported a 34% increase to $39.2m, with strong contributions reported across our key divisions. In summary:

• Natform screens recorded a 61% increase over the prior year, achieving growth across all three states. Notably, the Queensland business reported a circa. 150% increase, with growth accelerating into the second half of the year.

• Industrial Services (formerly Industrial Scaffold) reported 54% growth, following a successful push into New South Wales, South Australia, and Tasmania and a concerted effort to enter new market segments.

• Formwork division (excluding Natform) secured new hire contracts grew by 18% year on year. Growth was achieved across all states, with the New South Wales business being the standout performer, up 57%.

Commenting on the announcement, ACF CEO Steven Boland said: “Secured hire contract wins remains a key leading indicator of anticipated activity levels for our business over the medium term. These exceptionally strong numbers across all key divisions and all states provide the Company with a high degree of confidence of achieving and potentially exceeding our FY22 targeted EBITDA growth rate of 20%. It is especially pleasing to see the continued tremendous growth emanating from our Natform and Industrial Services businesses which are both key to the future of Acrow.”

“Looking forward, momentum remains strong across the group with a growing pipeline of opportunities, particularly across the Australian infrastructure sector and new opportunities that we will be capitalising on as we expand our Industrial Services business nationally.”

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.

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

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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