ACROW LIMITED — Interim / Quarterly Report 2021

Feb 21, 2021

==> picture [228 x 91] intentionally omitted <==

Acrow Formwork & Construction Services Limited

Results Presentation FY21 Half Year Financial Results 22 February 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

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results | 2

==> picture [151 x 61] intentionally omitted <==

KEY HIGHLIGHTS Wiggins Island Coal Export Terminal (WICET), Golding Point (Port of Gladstone)

KEY FINANCIALS – 1H21[1]

REVENUE $50.4m + 32%

==> picture [414 x 245] intentionally omitted <==

----- Start of picture text -----

EBITDA NPAT SALES CONTR.
$11.1m $3.7m $28.9m
+41% +72% +24%
EBITDA
UNDERLYING INTERIM
MARGIN
EPS DIVIDEND
22.0% 1.68cps 0.75cps (ff)
+140bps +42%
----- End of picture text -----

==> picture [224 x 119] intentionally omitted <==

----- Start of picture text -----

Western Distributor, Sydney
----- End of picture text -----

==> picture [232 x 119] intentionally omitted <==

----- Start of picture text -----

Gateway, Perth
----- End of picture text -----

==> picture [232 x 119] intentionally omitted <==

----- Start of picture text -----

Metsquare - Dennison Street, Sydney
----- End of picture text -----

1.Underlying performance. Comparisons are to the previous corresponding period (PCP).

==> picture [262 x 33] intentionally omitted <==

| 4

FY21 Half Year Results

| 5

KEY ACHIEVEMENTS – 1H21

Record Secured Hire Contracts

Secured hire contracts up 31% on PCP

Expanded Offering & Footprint

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

Melbourne Formwork Momentum

Total formwork revenue up 120% - growing recognition in civil infrastructure market

Industrial Scaffold

Underlying growth 25% - expansion into New South Wales and South Australia

Product Sales National footprint - Growth 6 states - 9 depots Comprises 18% (11% in PCP) of group revenue. Effective tool in client acquisition & retention

Natform Record Revenue

Sales revenue up 33% on PCP

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results

==> picture [151 x 61] intentionally omitted <==

MARKET & BUSINESS OVERVIEW

Manhattan, Canberra

| 7

MAJOR TRANSPORT INFRASTRUCTURE PROJECTS - AUST

==> picture [26 x 14] intentionally omitted <==

----- Start of picture text -----

$Bn
----- End of picture text -----

==> picture [710 x 403] intentionally omitted <==

Source: Macromonitor January 2021

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results

STATE OF THE MARKETS

State Civil Commercial Industrial Residential Queensland New South Wales Victoria South Australia Western Australia Tasmania Good Stable Soft

==> picture [262 x 33] intentionally omitted <==

| 8

FY21 Half Year Results

ACROW EQUIPMENT HIRE WINS AND PIPELINE

Hire Contracts Won ($m)

==> picture [273 x 168] intentionally omitted <==

----- Start of picture text -----

+31%
17.5
16.2
13.4
11.1
10.0
1H19 2H19 1H20 2H20 1H21
----- End of picture text -----

• ❑ Equipment hire contracts up 31% in 1H21 on PCP, boosted by contributions from Formwork (Qld), Formwork (VIC), Natform (NSW), and Industrial Scaffold (Qld)

• ❑ Integrated sales teams executing on cross-sell opportunities

• ❑ Current pipeline of equipment hire up 12% on PCP, assisted by:

• Uni-span contribution across all states

• New channels of revenue by promotion of Unispan/ULMA across all states

• Uplift in Natform screen opportunities across all states

Current Pipeline – Potential Hire Revenue ($m)

==> picture [318 x 149] intentionally omitted <==

----- Start of picture text -----

+12%
76.3
71.1
63.4
46.8
Jun-19 Dec-19 Jun-20 Dec-20
----- End of picture text -----

==> picture [262 x 33] intentionally omitted <==

| 9

FY21 Half Year Results

STRATEGIC PIVOT CONTINUES

Significant exposure to publicly funded civil infrastructure projects

Sales Contribution

==> picture [413 x 401] intentionally omitted <==

----- Start of picture text -----

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY17 FY18 FY19 FY20 1H21
Formwork Ind. Scaffold Comm/Resi Scaffold
----- End of picture text -----

• ❑ Strategic pivot continues away from highly competitive commercial/residential scaffold markets, towards highly engineered formwork/industrial scaffold markets

• ❑ The strategic pivot and resulting asset mix change has required the above long-term average investment in growth capital

• ❑ Significant exposure to publicly funded civil infrastructure projects

• ❑ Formwork/Industrial Scaffold comprises 80% of Sales Contribution, up from 43% in FY17

• ❑ Natform and Uni-span acquisitions align with strategy

• ❑ Residential two–storey scaffold business exited FY19/FY20

==> picture [262 x 33] intentionally omitted <==

| 10

FY21 Half Year Results

MARQUEE CIVIL PROJECT INVOLVEMENT

==> picture [182 x 223] intentionally omitted <==

==> picture [182 x 227] intentionally omitted <==

Sydney Melbourne Metro Western Rail Distributor Melbourne Brisbane Metro Cross River Rail Rail

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results

11

SEGMENTAL BREAKDOWN

Year end 30 June ($000)	1H20 2H20 1H21 % chg PCP
Formwork Industrial Scaffold Commercial Scaffold Total Revenue Formwork Industrial Scaffold Commercial Scaffold Total Contribution Contribution Margin Yard Related Expenses Labour Other Total Overheads Underlying EBITDA EBITDA Margin *	20,631 30,045 30,097 46% 3,592 6,568 8,271 130% 13,899 12,250 12,040 -13%
	38,122 48,863 50,408 32% 15,038 19,167 19,207 28% 1,796 3,048 4,040 125% 6,549 6,377 5,658 -14%
	23,384 28,593 28,905 24% 61.3% 58.5% 57.3% -4% 5,463 5,315 5,761 5% 7,809 9,454 9,906 27% 2,250 2,224 2,143 -5%
	15,522 16,993 17,810 15% 7,861 11,600 11,095 41% 20.6% 23.7% 22.0% 1.4%

• Refers to basis point change on PCP

==> picture [262 x 33] intentionally omitted <==

• ❑ 1H21 includes additional 4-months contribution from Uni-span

• ❑ Formwork division revenue up 46% on PCP. Benefit from Uni-span contribution, product sales growth, Melbourne formwork and Natform wins

• ❑ Industrial Scaffold a very strong revenue and profit contributor. Underlying revenue up 25%

• ❑ Commercial Scaffold division impacted by softness in high-rise construction, especially NSW

• ❑ Group sales contribution up 24% on PCP. Sales contribution margin down 400bps to 57.3% due to increased contribution from product sales at lower margin

• ❑ Underlying EBITDA up 41% and margin up 140bps to 22.0%

Revenue by Business Unit

==> picture [199 x 166] intentionally omitted <==

----- Start of picture text -----

16%
9%
37% 54%
24%
60%
Formwork
1H20
Comm. &
Resi. Scaffold 1H21
Ind. Scaffold
----- End of picture text -----

| 12

FY21 Half Year Results

FORMWORK DIVISION

==> picture [396 x 211] intentionally omitted <==

----- Start of picture text -----

% chg
Year end 30 June ($000) 1H20 2H20 1H21 PCP
Formwork Hire 11,164 12,455 13,450 20%
Consumables 6,247 6,313 8,540 37%
Product Sales 2,268 9,400 6,759 198%
Cartage 953 1,877 1,349 42%
Total Revenue 20,631 30,045 30,097 46%
Formwork Hire 11,164 12,455 13,450 20%
Consumables 2,337 1,942 3,142 34%
Product Sales 1,394 4,257 2,192 57%
Cartage 143 513 424 196%
Total Contribution 15,038 19,167 19,207 28%
Contribution Margin * 72.9% 63.8% 63.8% -9.1%
----- End of picture text -----

• Refers to basis point change on PCP

Revenue by Business Unit

==> picture [188 x 153] intentionally omitted <==

----- Start of picture text -----

5%
5%
22% 11%
45%
54%
30%
Formwork Hire 1H20
28%
Consumables 1H21
Product Sales
Cartage
----- End of picture text -----

Contribution & Margin

==> picture [212 x 123] intentionally omitted <==

----- Start of picture text -----

Sales Contribution Margin (%)
69% 68% 72% 73% 0.8
20, 0 0 63% 64% 64% 0.7
0.6
15, 0 0 0.5
0.4
10, 0 0 0.3
5,000 0.2
8,917 10,605 13,237 14,349 15,038 19,167 19,207 0.1
0 0
1H18 2H18 1H19 2H19 1H20 2H20 1H21
----- End of picture text -----

• ❑ Strong Formwork division revenue growth, assisted by additional 4-months of Uni-span, increased focus on product sales, Melbourne civil and Natform

• ❑ Strong formwork revenue growth in Melbourne - +120%

• ❑ Product sales now 22% (11% in PCP) of Formwork division revenue, reflecting greater focus on equipment sales by traditional Acrow business and additional Uni-span contribution

• ❑ Consumables and Cartage up on increased activity levels

• ❑ Sales contribution at record levels, up 28% on PCP to $19.2m. Sales contribution margin down 910bps to 63.8%, impacted by greater contribution from lower margin product sales. Excluding products sales, margin declined 140bps to 72.9% on the PCP

• ❑ Key projects wins- Woolloongabba Station (Qld), Cooroy to Curra Highway upgrade (Qld), Waterloo station – Sydney Metro Rail, Arden St station – Melbourne Metro Rail, Shenton Quarter Urban Village (WA)

• ❑ Natform screens awarded largest ever project win - 180 George St, Parramatta - $1.1m

• ❑ Current pipeline of opportunities continues to grow, across all east coast markets

==> picture [262 x 33] intentionally omitted <==

| 13

FY21 Half Year Results

FORMWORK DIVISION – MELBOURNE BUILDING MOMENTUM

==> picture [385 x 221] intentionally omitted <==

----- Start of picture text -----

Arden St Melbourne Metro, Melbourne
----- End of picture text -----

Melbourne formwork revenue – Qtly (‘$000)

• ❑ Strategy to expand into Victorian civil infrastructure market from almost standing start in 2017

• ❑ Not impacted by Victorian lockdowns – construction industry recognised as essential service

• ❑ Acrow now recognised as leading formwork player for exceptional product and engineering capabilities

• ❑ Marque projects involvement:

• Melbourne Western Distributor

• Melbourne Metro Rail

• ❑ Leveraging of full range of formwork products via Unispan acquisition

• ❑ Record secured contracts wins of $1.6m, up 45% on PCP

==> picture [24 x 9] intentionally omitted <==

----- Start of picture text -----

4,500
----- End of picture text -----

• ❑ Record sales $6.3m, up 120% on PCP

• 4,000

==> picture [353 x 149] intentionally omitted <==

----- Start of picture text -----

3,500
3,000
2,500
2,000
1,500
1,000
500
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
----- End of picture text -----

• ❑ Pipeline – continues to be extremely strong with major projects still to complete

==> picture [262 x 33] intentionally omitted <==

| 14

FY21 Half Year Results

FORMWORK DIVISION – NATFORM

==> picture [381 x 216] intentionally omitted <==

----- Start of picture text -----

Constitution Avenue, Canberra
----- End of picture text -----

• ❑ Continuation of strong growth from 4Q20 - 1H21 sales revenue up 33%

• ❑ Largest contract signed to-date - Betaform/Meriton project – 180 George Street Parramatta - $1.1m

• ❑ Talented and entrepreneurial management team

• ❑ Very attractive cross-sell opportunities evolving

• ❑ Secured contracts 1H21 - $4.8m, including: ▪ Betaform/Meriton - $1.1m

• ▪ Eighty-Eight Christie St - $855K

• ❑ Pipeline of opportunities $32m

Natform revenue – Qtly (‘$000)

==> picture [361 x 171] intentionally omitted <==

----- Start of picture text -----

2,500
2,000
1,500
1,000
500
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
----- End of picture text -----

==> picture [262 x 33] intentionally omitted <==

| 15

FY21 Half Year Results

INDUSTRIAL SCAFFOLD DIVISION

==> picture [396 x 181] intentionally omitted <==

----- Start of picture text -----

% chg
Year end 30 June ($000) 1H20 2H20 1H21 PCP
Scaffold Hire 650 1,919 2,367 264%
Labour Hire 885 3,415 3,606 308%
Product Sales 2,057 1,233 2,298 12%
Total Revenue 3,592 6,568 8,271 130%
Scaffold Hire 650 1,919 2,367 264%
Labour Hire 220 978 865 294%
Product Sales 927 151 808 -13%
Total Contribution 1,796 3,048 4,040 125%
Contribution Margin 50.0% 46.4% 48.8% -1%
----- End of picture text -----*

• Refers to basis point change on PCP

==> picture [311 x 234] intentionally omitted <==

----- Start of picture text -----

Kogan Creek Shutdown, Chinchilla
----- End of picture text -----

==> picture [262 x 33] intentionally omitted <==

• ❑ Result reflects additional 4-months contribution of sales and earnings from Uni-span on PCP

• ❑ Business primarily QLD based. Significant opportunity to expand presence nationally

• ❑ New maintenance/shutdowns contracts secured in the following markets:

• Coal fired power stations (NSW/Qld)

• Hydro Power (Qld)

• Mining (SA)

• ❑ Origin Energy renewal at Surat Basin facility

Revenue by Business Unit

==> picture [244 x 177] intentionally omitted <==

----- Start of picture text -----

28% 18% 29%
57%
25%
Scaffold Hire
1H20
Labour Hire
1H21
43%
Product
Sales
----- End of picture text -----

| 16

FY21 Half Year Results

COMMERCIAL SCAFFOLD DIVISION

==> picture [396 x 180] intentionally omitted <==

----- Start of picture text -----

% chg
Year end 30 June ($000) 1H20 2H20 1H21 PCP
Scaffold Hire 5,135 5,876 4,398 -14%
Labour & Cartage 8,195 6,372 7,642 -7%
Residential 569 1 0 -100%
Total Revenue 13,899 12,250 12,040 -13%
Scaffold Hire 5,135 5,876 4,398 -14%
Labour & Cartage 1,212 500 1,260 4%
Residential 202 1 0 -100%
Total Contribution 6,549 6,377 5,658 -14%
Contribution Margin 47.1% 52.1% 47.0% 0%
----- End of picture text -----*

• Refers to basis point change on PCP

• ❑ Commercial Scaffold division revenue impacted by continued softness in NSW market in both price & volume

• ❑ Sales contribution declined by 14%

• ❑ Sales contribution margin flat on PCP - reduction in hire rate offset by better management of labour contracts

• ❑ Two-storey residential market exited

• ❑ Some growth in Victoria and South Australia, New South Wales remains challenging

Revenue by Business Unit

==> picture [206 x 167] intentionally omitted <==

----- Start of picture text -----

37%
37%
59%
63%
Scaffold 4%
1H20 0%
Hire
Residential
1H21
Labour &
Cartage
----- End of picture text -----

Commercial scaffold hire tonnage and prices (qtly average)

==> picture [281 x 160] intentionally omitted <==

----- Start of picture text -----

18,000 Tonnage (t) Price ($/t) 25.0
23.0
16,000 20.0 19.5 21.0
14,000 12,000 17.3 15.8 15.6 14.9 15.1 14.5 14.3 14.1 19.0 17.0 15.0
13.0
10,000
11.0
9.0
8,000
12,964 13,865 14,322 14,274 14,061 16,833 17,029 15,643 15,699 16,015 7.0
6,000 5.0
----- End of picture text -----

==> picture [262 x 33] intentionally omitted <==

| 17

FY21 Half Year Results

KEY CONTRACT WINS

Project Name	Description	Est. Value
SURAT BASIN OIL AND GAS FACILITY - 3 YEAR RENEWAL CONTRACT.	Acrow contract direct with Origin Energy to provide industrial scaffold equipment and services for maintenance to the Origin’s Surat Basin Oil and Gas facility. This contract had been held by Uni-span since 2016 and has been renewed via a competitive tender process for a further three years with an option to extend an additional two years.	$13.0m + (5 Years)
WATERLOO STATION - SYDNEY METRO RAIL, SYDNEY, NSW	Acrow contract with Dalma Form, a subcontractor to John Holland for the supply of formwork for the underground slab construction, comprising four levels, at Waterloo Station, a part of the Sydney Metro Rail project. The contract is a full turnkey project that includes engineering design, hire, labour, consumables and transport to and from site. Commencing December 2020 torun forapprox.6months.	$3.1m+
BRUCE HIGHWAY - COOROY TO CURRA, SECTION D WOONDUM , QLD	Stage D contract 1 has been awarded to Beilby/BMD with Acrow to supply the sub contractor Nathan Contractors formwork equipment for the construction of piers and abutments for 18 bridges including access. Commencing February 2021 for 18 to 20 months, the estimated contract value includes a sale element of approx. $600K of MK system, Orma panels and formwork and hardware consumables.	$1.4m+
180 GEORGE STREET, PARRAMATTA, SYDNEY, NSW	Natform contract direct with Betaform on a Meriton project. Commencing in September 20 for 18 to 20 months. The project is comprised of two towers of 67 and 56 storeys and will be the tallest residential building in Western Sydney once complete in early 2022. Natform is providingitsHydrauliclevelScreenSystem from level5 onbothtowers.	$1.1m+
SHENTON QUARTER, PERTH, WA	Acrow to supply formwork equipment (CC-4) to Whitehouse Constructions as part of the Shenton Quarter Urban Village project, Perth. This is Acrow’s first contract in Western Australia utilising Ulma formwork equipment. The project is expected to commence in March 2021 and run for five months and includes a sale component of Acrowform for approx. $500K	$900K +
EIGHTY-EIGHT CHRISTIE STREET - ST LEONARDS, SYDNEY, NSW	Natform contract direct with Fastform on a JQZ project. Commencing in November 2020 for 18 months the project is comprised of three towers, 48, 25, and 15 levels, respectively. The contract includes the supply the hydraulic level screen system on all three towers.	$855K +
UGL LIMITED - TARONG, TARONG NORTH, STANWELL AND BAYSWATER POWER STATIONS	Acrow / Unispan Industrial contract direct with UGL which represents a renewal of the existing supply agreement for the supply and hire of Quikstage scaffolding for access and maintenace works on site in relation to the Tarrong, Tarong North, Stanwell Power Stations and the recently awarded Bayswater Power Station. Works continuing in line with projected maintenance work through to end of 2021.	$800K +

==> picture [262 x 33] intentionally omitted <==

| 18

FY21 Half Year Results

KEY CONTRACT WINS

Project Name	Description	Est. Value
DOWNER EDI - MINERON, WIVENHOE POWER STATIONS	Acrow / Unispan Industrial contract direct with Downer EDI which represents a renewal of the existing supply agreement for the supply and hire of Quikstage scaffolding for access and maintenace works on site in relation to the Mineron and Wivenhoe Hydro stations. Works continuing in line with projected maintenance work through to end of 2021	$800k +
NATURA APARTMENTS, GOLD COAST, BRISBANE	Acrow contract with Condev Constructions representing a full turnkey operation comprising full engineering and design, hire of cuplock scaffolding, labour to install and dismantle combined with screens (Natform) on the upper levels to the 17-storey high rise. Early works commenced November 2020 for 8 to 10 months.	$630K +
CROSS RIVEER RAIL - WOOLLOONGABBA STATION, BRISBANE, QLD	Acrow contract direct with Heinrich constructions for the supply of multiple levels of high strutting support from basement level 9 to ground floor, as well as various edge protection and access scaffolding. Project to commence February 2021 for 18 to 21 months.	$500K +
NIGHTFALL, BELCONNEN, ACT	Natform contract direct with IC Formwork on a Geocon project. Commencing in March 2021 for 10 months, the project is comprised of a 25 storey residential tower. The contract includes the supply the Hydraulic 5 level Screen System, and Natform climbing 3 level Stretcher Stair System.	$342K +

==> picture [262 x 33] intentionally omitted <==

| 19

FY21 Half Year Results

==> picture [151 x 61] intentionally omitted <==

FINANCIALS

Gateway, Perth

PROFIT & LOSS STATEMENT

==> picture [395 x 275] intentionally omitted <==

----- Start of picture text -----

% chg
Year end 30 June ($000) 1H20 2H20 1H21 PCP
Sales 38,122 48,863 50,408 32%
Total Contribution 23,384 28,593 28,905 24%
Contribution Margin * 61.3% 58.5% 57.3% -4%
EBITDA 7,861 11,600 11,095 41%
EBITDA Margin * 20.6% 23.7% 22.0% 1%
Depreciation (4,250) (5,123) (5,354) 26%
EBIT 3,611 6,477 5,741 59%
Net Interest (1,013) (1,494) (1,537) 52%
Pre-tax Profit 2,598 4,982 4,204 62%
Tax Expense (459) 780 (532) 16%
NPAT (underlying) 2,139 5,762 3,672 72%
Significant items (867) (2,675) (597) -31%
Share-based payments (892) (453) (1,209) 36%
NPAT (reported) 380 2,633 1,866 391%
EPS (underlying)(¢ps) 1.19 3.19 1.68 42%
DPS (¢ps) 0.00 1.05 0.75 na
----- End of picture text -----

• Refers to basis point change on PCP

• ❑ 1H21 sales revenue up 32% on PCP, supported by additional 4-months contribution from Uni-span, civil infrastructure wins across the East Coast of Australia, increased product sales, and Natform contract wins

• ❑ Sales contribution up 24% on PCP, with margin down 400bps, due to increased contribution from lower margin product sales which now contributes 18% of group sales

• ❑ EBITDA up 41% on PCP, margin up 140bps on tight cost controls, and scale benefits

• ❑ Depreciation of $5.4m includes additional 4-months of Uni-span assets, expansion of formwork equipment portfolio and accounting impact of AASB16 on property lease renewals in 2H20.

• ❑ Effective tax rate of 12.7%, due to tax paying Unispan/Natform group, offset by Acrow carry forward tax losses

• ❑ Underlying NPAT of $3.7m, up 72%

• ❑ Significant items of $0.6m primarily relate to final Unispan integration costs, including redundancies

• ❑ Interim dividend of 0.75cps (fully franked) declared.

==> picture [262 x 33] intentionally omitted <==

| 21

FY21 Half Year Results

BALANCE SHEET

Year end 30 June ($000)	FY20	**1H21 **	Var (+/-)
Cash	7,239	2,164	(5,075)
Receivables	17,015	14,791	(2,223)
Inventory	5,578	7,958	2,381
Other Current Assets Total Current Assets Prepayments and Others	2,355 73 32,259	4,455 65 29,433	2,100 (8) (2,826)
Intangibles	7,429	7,429	0
Right-of-Use Assets	32,394	30,560	(1,833)
Total Assets Other Assets Property, Plant & Equipment	76,039 99 148,219	77,407 - 144,829	1,369 (99) (3,390)
Creditors & Accruals	16,235	17,603	1,368
Provisions	469	469	(0)
Loans and Borrowings Lease Liabilities Employee Benefits	21,819 34,150 4,725	20,816 33,294 4,368	(1,003) (857) (357)
Tax Liabilities	5,284	5,260	(25)
Other Payables	7,242	3,418	(3,823)
Total Liabilities	89,924	85,228	(4,696)
Net Assets	58,295	59,601	1,306
Net cash/(debt)	(14,580)	(18,652)	(4,072)
Gross debt / (net debt + equity)*	29.9%	26.6%	-3.3%
Net debt /(net debt + equity)*	20.0%	23.8%	3.8%

• ❑ Cash decline by $5.1m from 30 Jun-20, primarily relates to payment of deferred consideration for Natform and Uni-span acquisitions, capital expenditure and FY20 final dividend payment

• ❑ Total debt decreased by $1m, due to recommencement of debt repayments from October 2020

• ❑ Net debt increased by $4.1m and net gearing increased 380bps to 23.8%.

• ❑ Other payables declined by $3.8m, primarily due to $3.5m payment of deferred consideration for Natform/Uni-span. Final Uni-span deferred payment of $3.3m payable Oct 2021

• ❑ Inventories increase in-line with sales growth

• ❑ Decline in right-of-use assets relates to amortisation of property leases

• ❑ Debtor days reduced from 58 to 55 days (-3 days)

• Refers to basis point change on FY20

==> picture [262 x 33] intentionally omitted <==

| 22

FY21 Half Year Results

CASH FLOW

Operating Cash Profit

==> picture [395 x 142] intentionally omitted <==

----- Start of picture text -----

Year end 30 June ($000) 1H19 2H19 1H20 2H20 1H21
Underlying EBITDA1 6,736 4,814 7,861 9,469 11,095
Leases2 (2,312) (2,131) (2,457)
IT Spend (102) (160) (64) (208) (930)
Maintenance capex (1,046) (988) (1,084) (2,530) (1,615)
Cash tax (556)
Operating Cash Profit 5,588 3,666 4,401 4,600 5,537
Operating Cash Profit (excl. one-off IT refresh) 6,267
----- End of picture text -----

• ❑ Operating Cash Profit of $5.5m, +26% on PCP. Excluding one-off IT refresh was $6.3m

• ❑ Cashflow from operations $11.7m[1]

• ❑ Tax paid – $0.6m from tax paying entities

• ❑ Significant items - final Uni-span integration costs (including redundancies)

• ❑ Capital expenditure of $6.0m

• ❑ Uni-span and Natform deferred payments of $3.5m

• ❑ Dividend payment of $1.9m (net of DRP)

- Net Debt Bridge[2.] six months to 31 December 2020 ($m)

==> picture [748 x 202] intentionally omitted <==

==> picture [262 x 33] intentionally omitted <==

| 23

FY21 Half Year Results

1. Adjustments to normalise for introduction of AAB16 accounting standards adopted from 1H20. 2. Cashflow from Operations includes recoveries from lost or damaged hire equipment, reported as “Proceeds from disposal of PPE in the Statement of Cashflows.

CAPITAL EXPENDITURE

Growth, IT and Maintenance Capex ($’000)

==> picture [354 x 200] intentionally omitted <==

----- Start of picture text -----

Maintenance IT spend Growth & Non-hire
7,219
6,000
4,545
5,462
4,867 3,498
4,154
3,719
4,289
2,586
208
2,466 930
102 160 64
1,615
1,071 1,408 1,084
1H19 2H19 1H20 2H20 1H21
----- End of picture text -----

==> picture [396 x 200] intentionally omitted <==

----- Start of picture text -----

Gateway, Perth
----- End of picture text -----

• ❑ Total capex spend $6.0m

• ❑ Growth capital expenditure has been elevated due to the strategic pivot of the business. This is partly offset by sales of ex-hire gear totaling $5m in the half

• ❑ Maintenance capex declined to $1.6m

• ❑ IT spend- capex included an unavoidable one-off refresh of IT hardware and systems. This will result in ongoing savings in the order of $25k per month

• ❑ Growth capex includes:

• Powershoring system -$1.4m

• Natform screens - $0.7m

• GASS shoring system - $0.4m

• CC-4 in Tas - $0.4m

• Slim max soldiers - $0.4m

• ❑ Future growth capex program to focus on Industrial Scaffold division and contracts to be secured for formwork growth

==> picture [262 x 33] intentionally omitted <==

| 24

FY21 Half Year Results

==> picture [151 x 61] intentionally omitted <==

STRATEGY, OUTLOOK AND PRIORITIES

Melbourne Airport, Melbourne

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

ACROW STRATEGY

==> picture [111 x 113] intentionally omitted <==

==> picture [131 x 130] intentionally omitted <==

==> picture [129 x 129] intentionally omitted <==

==> picture [129 x 129] intentionally omitted <==

==> picture [130 x 129] intentionally omitted <==

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)

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results | 26

Uniquely positioned nationally to offer a full suite of formwork, scaffold, screening products and services across all segments of the construction and industrial maintenance markets

Total Revenue by Geography (1H21)

==> picture [202 x 161] intentionally omitted <==

----- Start of picture text -----

5%4%
4%
41%
18%
QLD
NSW
VIC 28%
SA
WA
TAS
----- End of picture text -----

Perth Size:17,600m[2] Asset Focus: F & Scr Adelaide Size:14,820m[2] Asset Focus: F,CS,IS, Scr F : Formwork Launceston CS : Commercial Scaffold Size:3,500m[2] IS : Industrial Scaffold Asset Focus: F & CS Scr : Screens

Brisbane Size:40,063m[2] Asset Focus: F,CS, IS, Scr

Sydney Size:35,563m[2] Asset Focus: F,CS, IS, Scr Melbourne Size:9,100m[2] Asset Focus: F,CS,Scr Hobart Size:3,500m[2] Asset Focus: F & CS

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results | 27

OUTLOOK

• ❑ New hire contracts (+31% in 1H21) - strong leading indicator to 2H21 trading activity

• ❑ Strong product sales opportunities exist

• ❑ Significant uplift in Qld activity levels into 2H21:

• Cross River Rail

• Bruce Highway upgrade

• Queens Wharf development

• ❑ Natform – 2H21 earnings expected to be in-line with 1H21

• ❑ Improved 2H21 result in NSW due to secured and expected to be secured contracts on Sydney Metro Rail projects

• ❑ Industrial Scaffold – growth to be generated by new contracts secured both geographically and investment in new specialist equipment

• ❑ Two speed construction sector continues – Public spending driving growth. Private remains soft

• ❑ Remain comfortable with FY21 EBITDA consensus broker forecast of $22.3m

==> picture [313 x 417] intentionally omitted <==

----- Start of picture text -----

Harwood Bridge, Yamba
----- End of picture text -----

==> picture [262 x 33] intentionally omitted <==

| 28

FY21 Half Year Results

PRIORITIES

Targeting High ROI Organic Growth Opportunities

Product Sales/Online Platform - Greater focus on product sales across all brands.

Engineering Team - Promote technical expertise and capabilities across all sectors

Industrial Scaffold -

Develop national footprint in industrial scaffold business

New Clients/Markets - Expand and promote formwork capabilities and expertise in new markets

Employee High Calibre Professionals –

Continue to be the industry leading employer of choice

Commercial Scaffold Opportunities – monitor competitor landscape for growth opportunities

==> picture [262 x 33] intentionally omitted <==

| 29

FY21 Half Year Results

==> picture [151 x 61] intentionally omitted <==

APPENDIX

Acrow Geebung Yard

ACROW SNAPSHOT

A Leading Provider of Engineered Formwork Solutions and Scaffold Hire in Australia

==> picture [693 x 369] intentionally omitted <==

----- Start of picture text -----

National
ACF share price vs Small Ords (adj.) Customers Employees
0.60 Footprint
Acrow 245 FTE
0.50 - 6 states 1,300
0.40 - 10 depots
0.30
0.20 Annualised Replacement
Enterprise
0.10 Revenue [2.] Value
Value [1.]
0.00 $98m $100m [+] >$130m
Lost Time Injury Freq. Rate
Incorporated Listed
19.7
15.5
1950 Apr 2018
11.6
6.0
2.4
FY17 FY18 FY19 FY20 1H21
----- End of picture text -----

1. EV= net debt + market capitalisation 2. Annualised 1H21 revenue

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results | 31

APPENDIX 1 – CASHFLOW

Year end 30 June ($000)	1H20 1H21 $Var (+/-)	1H20 1H21 $Var (+/-)
Cash flows from operating activities Receipts from customers Payments to suppliers and employees Cash generated from operations Significant costs Finance income Income tax paid Net cash from operating activities Cash flows from investing activities Proceeds from disposals of property, plant and equipment Purchase of property, plant and equipment Consideration paid for controlled entities, net of cash acquired Net cash used in investing activities Cash flows from financing activities Net proceeds from issue of shares Net borrowings Lease payment Dividends paid Finance cost paid Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Effect of exchange rate fluctuations on cash held Cash and cash equivalents at 1 July 20 Cash and cash equivalents 31 Dec 2020	46,947 50,097 (42,693) (43,402)	3,150 (709)
	4,254 6,695 (1,217) (567) 17 - - (556)	2,441 650 (17) (556)
	3,053 5,572	2,518
	1,637 5,015 (4,867) (6,388) (14,432) (3,466)	- 3,378 (1,521) 10,966
	(17,662) (4,839)	12,823
	4,959 107 16,666 (1,003) (1,819) (2,457) (1,408) (1,875) (928) (580)	- (4,852) (17,669) (638) (467) 348
	17,469 (5,808)	(23,277) 0
	2,860 (5,075) - 3,290 7,239	(7,935) - 3,949
	6,150 2,164	(3,987)

==> picture [262 x 33] intentionally omitted <==

FY21 Half Year Results | 32