ACROW LIMITED — Investor Presentation 2021

Aug 24, 2021

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

Acrow Formwork & Construction Services Limited

FY21 Full Year Results Presentation

25 August 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 Full Year Results | 2

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

KEY HIGHLIGHTS

Arden Street Railway Station, Victoria

KEY FINANCIALS – FY21[1]

==> picture [709 x 249] intentionally omitted <==

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

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
+81%
flat
+60bps
----- End of picture text -----

==> picture [228 x 115] intentionally omitted <==

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

Western Distributor, Sydney
SunMetals Zinc Refinery, Townsville
----- End of picture text -----

==> picture [227 x 115] intentionally omitted <==

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

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

==> picture [228 x 114] 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 <==

FY21 Full Year Results

| 4

| 5

KEY ACHIEVEMENTS – FY21

Record Secured Hire Contracts

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

Natform Record Sales Continues

Sales 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 and S. Australia, Tas.

Product Sales Growth

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

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

FY21 Full Year Results

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

MARKET & BUSINESS OVERVIEW

University of Tasmania

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 <==

| 7

FY21 Full Year Results

| 8

MAJOR TRANSPORT INFRASTRUCTURE PROJECTS - AUST

Value of Work Done

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

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

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

==> picture [741 x 374] intentionally omitted <==

Financial Year

Source: Macromonitor February 2021

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

FY21 Full Year Results

FORMWORK REVENUE – BY STATE + NATIONAL[1.]

Queensland formwork revenue – ($m)

Victoria formwork revenue – ($m)

==> picture [725 x 130] intentionally omitted <==

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

25.0 15.0 13.8
19.6
20.0
15.1 14.8
15.0 11.7 10.0 7.5
10.0
4.3
5.0
5.0 2.0
-
-
FY18 FY19 FY20 FY21
FY18 FY19 FY20 FY21
----- End of picture text -----

Major Transport Infrastructure Project Spend ($bn)[2]

==> picture [245 x 109] intentionally omitted <==

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

30.0
24.3 23.5
25.0
20.5 20.0
20.0 16.0
15.0 12.0 [12.8 13.1 13.9 ]
10.0
5.0
-
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
----- End of picture text -----

NSW formwork revenue –($m)

National formwork revenue – ($m)

==> picture [263 x 126] intentionally omitted <==

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

14.0 12.1
12.0
9.6
10.0
8.0
8.0 6.5
6.0
4.0
2.0
-
FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [262 x 126] intentionally omitted <==

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

60.0
51.7
50.0
40.0 34.9
29.9
27.0
30.0
20.0
10.0
-
FY18 FY19 FY20 FY21
----- End of picture text -----

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

1. Excludes Natform 2. Macromonitor Feb 2021

| 9

FY21 Full Year Results

ACROW EQUIPMENT HIRE WINS AND PIPELINE

Hire Contracts Won ($m)

• ❑ Secured hire contracts up 33% in 2H21 and 34% in FY21 on PCP

• ❑ Natform up 61% on PCP, Qld up 150%

==> picture [423 x 361] intentionally omitted <==

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

+33%
21.6 +34%
39.3
17.6
16.3
29.2
13.4
11.1
10.0
1H19 2H19 1H20 2H20 1H21 2H21 FY20 FY21
Current Pipeline – Potential Hire Revenue ($m) [1.]
-4%
76.3
71.3 73.5
63.4
39.3
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
----- End of picture text -----

• ❑ Industrial Services up 54% on PCP - successful push into NSW, SA, & Tas and new markets.

• ❑ Formwork (ex Natform) up 18% on PCP – NSW standout performer up 57%

• ❑ Pipeline decline from Jun-20 to Jun-21 relates to exclusion of unsuccessful $15m tender for Cross River Rail, Brisbane project

• ❑ Current pipeline of equipment hire assisted by:

• Uni-span contribution across all states

• New channels of revenue by promotion of Uni-span/ULMA across all states

• Uplift in Natform screen opportunities across all states

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

1. Comprises tenders and quotes provided

| 10

FY21 Full Year Results

STRATEGIC PIVOT CONTINUES

Group Sales Contribution

==> picture [351 x 187] intentionally omitted <==

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

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY17 FY18 FY19 FY20 FY21
Formwork Ind. Services Comm/Resi Scaffold
----- End of picture text -----

Group Product Sales

• ❑ Strategic pivot continues 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 a lucrative channel to market for acquiring and retaining new and existing clients

==> picture [372 x 177] intentionally omitted <==

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

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
----- End of picture text -----

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

| 11

FY21 Full Year Results

| 12

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.

==> picture [296 x 393] intentionally omitted <==

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

FY21 Full Year Results

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

==> picture [320 x 377] intentionally omitted <==

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

| 13

FY21 Full Year Results

MARQUEE CIVIL PROJECTS INVOLVEMENT

==> picture [247 x 186] intentionally omitted <==

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

Sydney Metro Rail
----- End of picture text -----

==> picture [246 x 185] intentionally omitted <==

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

Brisbane Cross River Rail
----- End of picture text -----

==> picture [247 x 186] intentionally omitted <==

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

Melbourne Metro Rail
----- End of picture text -----

==> picture [247 x 185] intentionally omitted <==

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

Bruce Highway Upgrade - Qld
----- End of picture text -----

==> picture [247 x 186] intentionally omitted <==

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

Melbourne Western Distributor
----- End of picture text -----

==> picture [247 x 186] intentionally omitted <==

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

Snowy Hydro 2.0 - NSW
----- End of picture text -----

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

FY21 Full Year Results

14

SEGMENTAL BREAKDOWN

Year end 30 June ($000)	FY20 FY21 $ Mvt % chg PCP
Formwork Industrial Services Commercial Scaffold Total Revenue Formwork Industrial Services Commercial Scaffold Total Contribution Contribution Margin_ Yard Related Expenses Labour Other Total Overheads Underlying EBITDA _EBITDA Margin	50,676 60,463 9,787 19% 10,159 21,719 11,560 114% 26,149 23,561 (2,588) -10% 86,984 105,744 18,759 22% 34,205 41,192 6,987 20% 4,845 10,112 5,267 109% 12,926 10,120 (2,806) -22% 51,976 61,424 9,447 18% 59.8% 58.1% -2% 10,778 11,629 851 8% 17,263 20,977 3,714 22% 4,474 4,470 (4) 0%
	32,515 37,075 4,560 14% 19,461 24,349 4,888 25% 22.4% 23.0% 1%

• ❑ Group revenue up 22%, includes additional 4- months of Uni-span contribution to Formwork and Industrial Services divisions

• ❑ Strong growth from Formwork and Industrial Services divisions

• ❑ Industrial Services success increases revenue contribution to 21%

• ❑ Commercial Scaffold continues to be impacted by softer activity, particularly in New South Wales

• ❑ Group sales contribution up 18% on PCP. Sales contribution margin down 170bps to 58.1%. 2H21 improvement due to stronger margins from Formwork division

• ❑ Yard & Labour – full year impact of Uni-span

Revenue by Business Unit

==> picture [172 x 143] intentionally omitted <==

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

20%
12%
30%
58%
20% 60%
Formwork
FY20
Comm. &
Resi. Scaffold FY21
Ind. Services
----- End of picture text -----

• ❑ Underlying EBITDA up 25% and margin up 60bps to 23.0%

| 15

• Refers to basis point change on PCP

FY21 Full Year Results

| 16

FORMWORK DIVISION

==> picture [404 x 182] intentionally omitted <==

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

$ % chg
Year end 30 June ($000) FY20 FY21 Mvt PCP
Formwork Hire 23,619 29,039 5,420 23%
Product Sales 24,227 29,898 5,670 23%
Cartage 2,830 1,527 (1,303) -46%
Total Revenue 50,676 60,463 9,787 19%
Formwork Hire 23,619 29,039 5,420 23%
Product Sales 9,931 11,724 1,794 18%
Cartage 656 429 (227) -35%
Total Contribution 34,205 41,192 6,987 20%
Contribution Margin * 67.5% 68.1% 1%
----- 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 – +84%

• ❑ Product sales contributed 49% of Formwork division revenue

• ❑ Cartage sales declined from FY21 levels, following completion of Sun-Metals Zinc Refinery project

• Refers to basis point change on PCP

• ❑ Better margins achieved on higher raw material & freight costs

Revenue by Business Unit

==> picture [446 x 239] intentionally omitted <==

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

3%
5%
Contribution & Margin
47% 48%
49% 48%
Sales Contribution Margin (%)
FY20 69% 68% 72% 73% 72% 0. 8
Formwork Hire 63% 64% 64% 0. 7
FY21 20, 000
Product Sales 0. 6
Cartage 15, 000 0. 50. 4
10, 000
0. 3
0. 2
5, 000
8,917 10,605 13,237 14,349 15,038 19,167 [19,207] 21,985 0. 1
0 0
1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21
----- End of picture text -----

• ❑ Sales contribution at record levels - up 20% on PCP

• ❑ 2H21 margin improvement on larger Formwork Hire mix and higher Product Sales margin

• ❑ Key project wins- additional packages on Melbourne Metro Rail, Melbourne Western Distributor; Sydney Metro Rail – Crows Nest Station; and Cooroy to Curra Highway upgrade (Qld)

• ❑ Natform revenue up 31% on continued east coast growth

• ❑ Civil infrastructure pipeline continues to be strong

FY21 Full Year Results

INDUSTRIAL SERVICES DIVISION

Year end 30 June ($000)	FY20 FY21 $ Mvt % chg PCP
Scaffold Hire Labour Hire Product Sales Total Revenue Scaffold Hire Labour Hire Product Sales Total Contribution Contribution Margin*	2,569 5,934 3,365 131% 4,300 9,115 4,815 112% 3,290 6,670 3,380 103%
	10,159 21,719 11,560 114% 2,569 5,934 3,365 131% 1,198 1,967 769 64% 1,078 2,211 1,133 105%
	4,845 10,112 5,267 109% 47.7% 46.6% -1%

• Refers to basis point change on PCP

Revenue by Business Unit

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

• ❑ Revenue and sales contribution up 114% and 109%, respectively. Margin slightly down yearon-year

• ❑ Successfully expanding outside of incumbent Queensland state

• ❑ Recent success with Bluechip operators including Origin Energy, UGL, Downer EDI, Monadelphous, Visy, and Nystar

• ❑ Expanding into new markets:

• Coal fired power stations (NSW/Qld)

• Hydro Power (Qld)

==> picture [245 x 173] intentionally omitted <==

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

27%
31%
25%
33%
Scaffold Hire
FY20
42%
Labour Hire
FY21
42%
Product
Sales
----- End of picture text -----

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

  - Mining (SA & Tas.)

• ❑ Recent maintenance/shutdowns contract wins:

• NSW – Bayswater, Liddell, Mt Piper, Eraring power stations. Visy Tumut kraft paper mill

• SA - Olympic Dam

• Tas.- Nystar Zinc Refinery

• ❑ Further capital investment to grow

• ❑ FY22 target revenue $31m and sales contribution $15m

| 17

FY21 Full Year Results

INDUSTRIAL SERVICES – CASE STUDY

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

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

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.

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

==> picture [242 x 173] intentionally omitted <==

==> picture [211 x 193] intentionally omitted <==

Furnace Kit Schematic

| 18

FY21 Full Year Results

COMMERCIAL SCAFFOLD DIVISION

Year end 30 June ($000)	FY20 FY21 $ Mvt % chg PCP
Scaffold Hire Labour & Cartage Residential Total Revenue Scaffold Hire Labour & Cartage Residential Total Contribution Contribution Margin*	11,012 7,557 (3,454) -31% 14,567 16,004 1,436 10% 570 0 (570) -100%
	26,149 23,561 (2,588) -10% 11,012 7,557 (3,454) -31% 1,712 2,563 851 50% 203 0 (203) -100%
	12,926 10,120 (2,806) -22% 49.4% 43.0% -6%

• Refers to basis point change on PCP

Revenue by Business Unit

==> picture [240 x 190] intentionally omitted <==

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

32%
42%
56%
0%
Scaffold 68%
FY20 2%
Hire
Residential
FY21
Labour &
Cartage
----- End of picture text -----

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

• ❑ Revenue down 10%, sales contribution down 22% on PCP

• ❑ Impacted by continued softness in NSW market, primarily due to pricing

• ❑ Sales contribution margin continued to soften

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

==> picture [231 x 308] intentionally omitted <==

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

10 Murray St, Hobart
----- End of picture text -----

| 19

FY21 Full Year Results

MAJOR CONTRACT WINS – SIX MONTH TO 30 JUNE

Project Name	Description	Est. Value
MELBOURNE METRO RAIL	Additional orders and revenue generated direct with CYP Design & Construction JV and associated subcontractors including Adcon Contracting and Caelli Constructions. New orders and revenue secured from CYP include the hire and sale of additional MK System for the platform wall side traveller ($550K) and hire for the CBD South waterproof gantry and CBD North roof beam gantry, both utilising the MK System. In addition, Acrow secured the supply of a high strutting formwork slab support (GASS) to Adcon Contracting in relation to the Parkville Station along with wall form systems (AW80) supplied on the Domain Station. Acrow was also successful in securing an order from Caelli Constructions for the supply of the single sided wall systems including panels on the City Square shaft project.	$2.5 Mil +
CABOOLTURE HOSPITAL REDEVELOPMENT/895 ANNE ST, FORTITUDE VALLEY/OZCARE	Acrow contract direct with Superform for the exclusive supply of the CC-4 slab formwork system for multiple projects including the Caboolture hospital, the 895 Anne Street development in Fortitude Valley and the new Ozcare development in Newstead. The scope includes the dry hire of the CC-4 slab formwork system along with the KSP Internal shaft platform systems for the core forms. Starting early September, the projects are expected to run for approx. 9 months.	$1.2 Mil +
MELBOURNE WESTERN DISTRIBUTOR	Additional orders and revenue generated in the period Jan 21 through to Jun 21 received direct from CPB John Holland JV T/A WGTP and associated sub contractors including Speedpro Industries, Civil Infrastructure and Premier Civil Structures. The project commenced Feb 19 for 36 months plus, with the latest works including the sale of table forms and side forms direct to Premier Civil Structure for use on the Hyde Street ramp project.	$1.1 Mil
WHITE RESIDENCES ON MAIN BEACH, SURFERS PARADISE, GOLD COAST	Acrow contract direct with McNab Constructions. The scope of works includes a full turnkey solution in relation to the engineering & design, the supply and installation of perimeter scaffold to the lower levels including high strutting falsework to the podium slab, followed by perimeter screens to the 33-storey structure. Commencing August 21, the project is expected to run for 24 months.	$987K
CAPITAL COURT TOWERS 3 AND 4	Acrow contract direct with Condev Construction. The scope of works includes a full turnkey solution in relation to the engineering and design of perimeter scaffolding and screens to the two 10-storey buildings, including the supply of heavy-duty shoring (Powershore 30) to support the podium slab. Commencing August 21, the project is expected to run for approx. 9 months.	$841K

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

| 20

FY21 Full Year Results

MAJOR CONTRACT WINS – SIX MONTH TO 30 JUNE

Project Name	Description	Est. Value
CROWS NEST UNDERGROUND RAIL STATION DEVELOPMENT - SYDNEY METRO, SYDNEY, NSW	Acrow contract direct with Wideform Constructions, working for principal contractor AW Edwards for the supply of multiple formwork solutions incorporating the MK Single Sided System, Acrow Wall 80 Panels, Acrow Single Sided Frames and RKS Hydraulic Self-Climbing systems. The contract includes full engineering and design. Commencing March 21, the project is expected to run for approx. 6 months. Further revenue is expected from the sale of consumables.	$800K
DUNCAN STREET, FORTITUDE VALLEY, BRISBANE, QLD	Acrow contract direct with Hutchinson Builders in QLD for the supply of an engineering and a back propping solution to the existing carpark structure that will undergo remedial works to support a new commercial building to be built on top. The solution will involve utilising the full suite of back propping systems available including the new Acrow Powershore 150, Acrow Powershore 30, Acrow GASS, Aluprops and EP props. Commencing April 21, for 6 months, there is opportunity to further increase the revenue to over $1.0 Mil by providing Static Screens to the building perimeter along with the supply of Supercuplok and CC-4 for the podium and main structure.	$745K+
KOLAN RIVER RAIL BRIDGE	Acrow contract direct with Queensland Rail Ltd, supplying a full turnkey solution in relation to engineering & design, and the hire of quickstage scaffolding including the mobilisation of labour to install and dismantle the structures on site. Commencing in June 21 the project is expected to run for 8 months.	$523K
COOROY TO CURRA SECTION D	Acrow contract with Bampak Building Pty Ltd, a subcontractor to CPB for the supply of 19 bridges on the Bruce Highway (Cooroy to Curra) Section D. Acrow’s involvement will include the design and engineering, the hire of support systems for abutments, headstocks and retaining walls along with various walkways. Commencing Oct 21, the project is expected to run for approx. 18 months. This builds on the $3.0m in contract wins in 1H21.	$500K +
VISY AUSTRALIA - TUMUT KRAFT PAPER MILL SHUTDOWN	Acrow contract with Visy Australia for a period of three years with a two-year option to extend. The contract relates to the annual provision of industrial services, primarily industrial scaffold hire, cladding and labour services for a 13-week maintenance shutdown period during Sept-Nov of each year. The contract is expected to generate revenue of circa. $2.5m per annum.	$7.5 Mil + (3 Years) $10.0 Mil (5 Years)
MOUNT PIPER POWER STATION	Acrow contract with UGL Constructions for the provision of industrial scaffold hire and labour services for maintenance shutdown programs. Due to COVID-19 restrictions the total revenue to be realised over the course of FY22.	$3.2 Mil +

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

| 21

FY21 Full Year Results

MAJOR CONTRACT WINS – SIX MONTH TO 30 JUNE

Project Name	Description	Est. Value
SNOWY HYDRO 2.0	Acrow contract direct with Future Generation, as the preferred contractor on site. Our scope of works includes the supply of labour and access scaffolding project wide to all areas on site including the TBM, all civil related works and general maintenance including the installation of the new camp. The project started in July 21 with early works expected to run through until end of December 21. The total project is expected to complete in 2026.	$2.2 Mil +
ERARING POWER STATION	Acrow contract with UGL Constructions for the provision of industrial scaffold hire and labour services for maintenance shutdown programs from August 21 to December 21.	$860K
TWEED VALLEY HOSPITAL	Acrow contract direct with Bosform, a FRP subcontractor to Lend Lease for the supply of perimeter safety screens and platforms for the new Tweed Valley Hospital development. The scope of works includes the design, supply and delivery of approx. 230 engineered perimeter safety screens to site. Commencing May 21, the project is due to run until February 22.	$577K
RYRIE STREET, GEELONG	Natform contract direct with Oracle Structures, a subcontractor to Maxcon for the supply of the Natform perimeter screen system. The project is comprised of two towers 14 and 15 storeys. Natform is also providing two hydraulic climbing systems, as well as four climbing access stairsystems.Commencingin August21, the projectis due torun for6months.	$564K

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

| 22

FY21 Full Year Results

ACROW TEAM AND CULTURE

==> picture [223 x 198] intentionally omitted <==

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

TEAM
----- End of picture text -----

• ❑ 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

• ❑ Becoming employer of choice

==> picture [223 x 198] intentionally omitted <==

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

CULTURE
----- End of picture text -----

• ❑ Safety first

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

❑ Set industry standards

• ❑ We are open , honest and always constructive ❑ We are One Team

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

| 23

FY21 Full Year Results

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

FINANCIALS

Melbourne Metro, State Library Station

PROFIT & LOSS STATEMENT

==> picture [403 x 275] intentionally omitted <==

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

$ % chg
Year end 30 June ($000) FY20 FY21 Mvt PCP
Sales 86,984 105,744 18,760 22%
Total Contribution 51,976 61,424 9,448 18%
Contribution Margin 1. 59.8% 58.1% -2%
EBITDA 19,461 24,349 4,888 25%
EBITDA Margin * 22.4% 23.0% 1%
Depreciation (9,373) (11,179) (1,806) 19%
EBIT 10,088 13,170 3,082 31%
Net Interest (2,507) (2,948) (441) 18%
Pre-tax Profit 7,580 10,222 2,642 35%
Tax Expense 321 (1,509) (1,830) -570%
NPAT (underlying) 7,901 8,713 812 10%
Significant items (3,542) (2,504) 1,038 -29%
Share-based payments (1,345) (2,246) (901) 67%
NPAT (reported) 3,013 3,963 950 32%
EPS (underlying)(¢ps) 4.06 4.00 -0.06 -1%
DPS (¢ps) 1.05 1.90 0.85 81%
----- End of picture text -----

Return on Invested Capital (%)[2.]

==> picture [392 x 167] intentionally omitted <==

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

17.0%
14.5% 14.7% Excluding
15.0% 14.2% commencement
0.9% 1.9% of tax paying
13.0% status
11.0% 9.9%
9.0% 13.6% 12.8%
7.0%
5.0%
1H20 2H20 1H21 2H21
----- End of picture text -----

• ❑ Sales revenue up 22% on PCP

• ❑ Sales contribution up 18% on PCP. Margin improvement 2H21 due to larger Formwork division contribution and higher margins on Product Sales

• ❑ EBITDA up 25% on PCP, margin up 60bps on tight cost controls, and scale benefits

• ❑ Depreciation of $11.2m includes impact of lease renewals and higher capital investment

• ❑ Underlying pre-tax profit up 35%

• ❑ Effective tax rate of 14.8% (up 19% pts), due to tax paying Uni-span/Natform group, offset by Acrow carry forward tax losses

• ❑ Underlying NPAT up 10%

• ❑ Significant items of $2.5m primarily relate to final Uni-span integration related expenses, one-off pre-acquisition tax and structural redundancies

• ❑ Final dividend of 1.15cps (fully franked) declared.

| 25

FY21 Full Year Results

1. Refers to basis point change on PCP 2. Rolling 12months EBIT after tax/Average invested capital

BALANCE SHEET

Year end 30 June ($000) Cash Receivables Inventory	FY20 7,239 17,015 5,578	FY21 1,755 24,612 8,959	$ Mvt (5,484) 7,597 3,381
Other Current Assets Prepayments and Others	2,355 73	4,394 67	2,038 (6)
Total Current Assets	32,259	39,785	7,526
Intangibles	7,429	7,429	0
Right-of-Use Assets	32,394	28,809	(3,585)
Property, Plant & Equipment	76,039	83,009	6,970
Other Assets	99		(99)
Total Assets	148,219	159,031	10,812
Creditors & Accruals	16,235	25,122	8,887
Provisions	469	469	(0)
Loans and Borrowings	21,819	24,205	2,386
Lease Liabilities	34,150	32,042	(2,108)
Employee Benefits	4,725	5,251	526
Tax Liabilities	5,284	6,907	1,623
Other Payables	7,242	3,548	(3,694)
Total Liabilities	89,924	97,544	7,620
Net Assets	58,295	61,487	3,192
Net cash/(debt)	(14,580)	(22,450)	(7,870)
Gross debt / (net debt + equity)*	29.9%	28.8%	-1.1%
Net debt /(net debt + equity)*	20.0%	26.7%	6.7%

• ❑ Net debt up by $7.9m due to payment of deferred consideration for Natform/Uni-span acquisitions, capital expenditure and dividend payments

• ❑ PP&E up on capital equipment purchases

• ❑ Net gearing increased 6.7% pts to 26.7%

• ❑ Working capital/sales ratio improved on tighter working capital management

• ❑ Final Uni-span deferred payment of $3.3m payable Oct 2021

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

• Refers to basis point change on FY20

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

| 26

FY21 Full Year Results

CASH FLOW

Operating Cash Profit

==> picture [396 x 160] intentionally omitted <==

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

Year end 30 June ($000) FY18 FY19 FY20 FY21
Underlying EBITDA1 10,604 11,550 19,461 24,349
Leases (4,443) (5,874)
Underlying EBITDA - Pre AASB 16 10,604 11,550 15,018 18,475
IT & PP&E spend (126) (262) (272) (1,659)
Maintenance capex (1,684) (2,479) (3,550) (4,427)
Cash tax - - - (556)
Operating Cash Profit 8,794 8,809 11,196 11,833
Operating Cash Profit (excluding one-off IT refresh) 13,192
----- End of picture text -----

• ❑ Operating Cash Profit of $13.2m, +18% on PCP, impacted by tax payment commencement and excluding one-off IT refresh of circa. $1.3m

• ❑ Cashflow from operations $23.8m[2]

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

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

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

• ❑ Dividend payment of $3.1m (net of DRP)

- Net Debt Bridge[2.] 12 months to 30 June 2021 ($m)

==> picture [740 x 198] intentionally omitted <==

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

| 27

FY21 Full 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 and sale of ex-hire equipment, reported as “Proceeds from disposal of PPE in the Statement of Cashflows.

CAPITAL EXPENDITURE

Growth, IT and Maintenance Capex ($’000)

==> picture [334 x 186] intentionally omitted <==

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

Maintenance IT/PP&E Growth & Non-hire
16,200
10,114
12,086
9,616
8,264
3,847 6,875
1659
272
2,037126 262 3,550 4,427
2,479
1,684
FY18 FY19 FY20 FY21
----- End of picture text -----

==> picture [355 x 178] intentionally omitted <==

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

Curtin University, Perth
----- End of picture text -----

• ❑ Total capex spend $16.2m

• ❑ Growth capital expenditure has been elevated due to the strategic pivot of the business. This is offset by strategic sales of ex-hire gear totaling $5.3m during the year

• ❑ Maintenance capex increased by circa.$0.9m, in line with larger business

• ❑ 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:

▪	ULMA CC4, MK, Orma	$2.0m
▪	Powershore & 150	$1.9m
▪	Ringlock Scaffold	$1.5m
▪	Natform Screens	$1.6m
▪	GASS & Soldiers	$1.0m
▪	Furnace Kit	$0.6m
▪	Other	$1.3m

• ❑ Future growth capex program to focus on Formwork and Industrial Services divisions

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

FY21 Full Year Results | 28

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

STRATEGY, OUTLOOK AND PRIORITIES

Kogan Creek Shutdown, Chinchilla

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

ACROW STRATEGY

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

==> picture [129 x 129] 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 Full Year Results | 30

SHORT-MEDIUM TERM GROWTH OPPORTUNITIES

Industrial Services

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

Natform

Grow market share - New South Wales & Victoria

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

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

FY21 Full Year Results | 31

OUTLOOK

• ❑ Targeting FY22 Revenue & EBITDA growth of 20%[+] , and Underlying NPAT and EPS growth of 40%[+] , based on capex spend similar to FY21.

• ❑ Secured hire contracts - strong leading indicator for 1H22 trading activity +33%, 2H21 on PCP

• ❑ Capital raise of $10.5m in July 2021 strongly supported by existing and new shareholders. Funds to support growth initiatives in Formwork and Industrial Services divisions

• ❑ Formwork – activity levels to continue to improve, particularly across Queensland and New South Wales

• ❑ Natform – continued penetration into Queensland and Victoria

• ❑ Industrial Services – FY22 target revenue of $31m & EBITDA $15m

• ❑ COVID-19 restrictions affecting NSW construction sites – July hire impact $300-400k. Catch up over medium term

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

==> picture [226 x 151] intentionally omitted <==

==> picture [226 x 151] intentionally omitted <==

==> picture [226 x 151] intentionally omitted <==

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

Wiggins Island Export Terminal, Gladstone
----- End of picture text -----

| 32

FY21 Full Year Results

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

APPENDICES

Transcity – Legacy Way, Brisbane

APPENDIX 1 – CASHFLOW

==> picture [397 x 413] intentionally omitted <==

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

$
Year end 30 June ($000) FY20 FY21 Mvt
Cash flows from operating activities
Receipts from customers 87,707 92,546 4,839
Payments to suppliers and employees (71,418) (78,686) (7,268)
Cash generated from operations 16,289 13,859 (2,429)
Significant costs (3,000) (950) 2,049
Finance income 37 (37)
Income tax paid - (556) (556)
Net cash from operating activities 13,326 12,353 (974)
Cash flows from investing activities
Proceeds from disposals of property, plant and eq 5,303 11,135 5,832
Purchase of property, plant and equipment (13,101) (17,410) (4,309)
Consideration paid for controlled entities, net of ca (14,433) (3,655) 10,777
Net cash used in investing activities (22,231) (9,930) 12,301
Cash flows from financing activities
Net proceeds from issue of shares 4,976 130 (4,845)
Net borrowings 14,879 520 (14,359)
Lease payment (3,299) (4,199) (900)
Dividends paid (1,409) (3,145) (1,737)
Finance cost paid (2,294) (3,079) (785)
Net cash used in financing activities 12,854 (9,772) (22,626)
Net increase/(decrease) in cash and cash equ 3,949 (7,350) (11,299)
- - -
Effect of exchange rate fluctuations on cash held
Cash and cash equivalents at 1 July 3,290 7,239 3,949
Cash and cash equivalents 30 June 7,238 (111) (7,350)
----- End of picture text -----

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

FY21 Full Year Results | 34

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
Footprint
0.60 Acrow Small Ord. (adj) - 1,300 245 FTE
0.50 6 states
0.40 - 10 depots
0.30
0.20
Revenue Replacement
0.10 Enterprise
0.00 Value [1.] $106m [+] Value
>$130m
$138m
Lost Time Injury Freq. Rate
Incorporated Listed
19.7
15.5
1950 Apr 2018 11.6
6.0
2.4
FY17 FY18 FY19 FY20 FY21
Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
----- End of picture text -----

1. EV= net debt + market capitalisation

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

FY21 Full Year Results | 35

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 (FY21)

==> picture [171 x 153] intentionally omitted <==

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

5% [5%4%]
17% 44%
QLD
NSW
VIC 25%
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 Services 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 & IS

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

FY21 Full Year Results | 36