AUSSIE BROADBAND LIMITED — Investor Presentation 2021

Aug 29, 2021

FY21 Full Year Results Presentation

30 August 2021

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Company highlights FY21

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2.
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Highlights

$350.3m

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Revenue 84% ($190.5m FY20)

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25

NBN POIs & data centres connected to Aussie Fibre

$19.1m 400,848 EBITDA before Total IPO costs broadband services 433% 53% ($3.6m FY20)

Total broadband services 53% (261,361 as at 30 June 2020)

25,606 37,498 Mobile services Business & wholesale 102%

Business & wholesale broadband services

(12,639 as at 30 June 2020)

(19,734 as at 90% 30 June 2020)

aussiebroadband.com.au

Highlights

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ASEA winner

Customer Service Organisation of the Year – Large 2020

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8.4/10 Customer satisfaction

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86%

Great Places to Work score, 16th place in medium business in Australia 28% Staff increase to 568

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New technology platforms Carbon White label Mobile

As measured by voice of customer surveys

(444 at 30 June 2020)

Segment performance

Residential Business Revenue $305.0m Revenue $45.2m ($165.8m FY20) ($24.7m FY20) EBITDA $12.5m EBITDA $6.7m ($0.1m FY20) ($3.6m FY20) Customers 362,260 Customers 24,152 (241,606 at Jun-20) (12,703 at Jun-20) ARPU $78.19 p/m ARPU $129.67 p/m

aussiebroadband.com.au

Operational performance

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Broadband services

Sustained growth in a highly competitive market

• 400,848 total broadband services at the end of FY21, an increase of 53% on the prior year.

• Achieved more than 20% of net nbn orders in 4Q FY21.

• Over 80% of nbn sales are from customers switching nbn providers (churning into Aussie) and this continues to increase.

• 121,723 residential and 17,764 business & wholesale net additions for the year.

• 100% organic growth.

Residential broadband

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400,000
350,000
300,000
250,000
200,000
150,000
100,000
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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• Customer churn has remained mostly stable since the residential price rise in November 20 and effects from NBN's focus on fast campaign.

Customer churn

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1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
-
Residential Business
Percent per month
Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21
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Business & wholesale broadband

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40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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aussiebroadband.com.au

Mobile services

New MVNO agreement online and set for growth

• 12,967 net mobile additions for the year.

• New mobile virtual network operator (MVNO) agreement with Optus went online in May 2021 which has resulted in good connection growth in recent months.

• Seeing good migrations from our existing Telstra mobile base onto the Optus network and increased attachment with customers signing onto nbn also taking mobile services.

Mobile services

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30,000
25,000
20,000
15,000
10,000
5,000
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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• Focus now shifting to increasing upsell activities within the existing broadband base, and increased attachment at point of sale for

new customers.

Call Centre Mobile Attachment Rate

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25%
20%
Migration of previous MVNO agreement
15%
10%
5%
0%
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
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Mobile figures in the 4Q results update were disclosed as 22,454 which only related to the Residential segment. Mobile figures presented here include residential and business segment services.

Voice & Fetch services

Voice growth slowing as nbn migration is complete

• 23,770 net voice additions for the year, with 7,996 in the last 6 months.

• Single line voice service additions slowed in the second half of the year, primarily linked to nbn first time connects declining. The second half saw an increase from the business segment.

• Seeing a move to mobile rather than traditional voice services when customers churn their nbn to a new provider like Aussie. This causes customers to reconsider the need for fixed line voice.

Voice services

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80,000
70,000
60,000
50,000
40,000
30,000
20,000
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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Fetch growth slowing as more streaming services enter market

• 5,908 net Fetch additions for the year with 1,405 in the last 6 months.

• Increased streaming options like Disney+ have entered the market with many of these new additions not yet available on the Fetch platform.

• Smart TVs are increasingly including streaming applications as part of their software, removing the need for an additional box.

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18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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aussiebroadband.com.au

Marketing

Cost Per Acquisition (CPA)

Highly competitive market in the second half due to NBN’s Focus on Fast program.

• $26.3m marketing expenses for the year, with $16.6m in the second half.

• We launched a new brand campaign in 2H FY21 which contributed to an increase in prompted brand awareness from 33% (May 2020) to 54% (May 2021).

• Cost Per Acquisition increased significantly in 3Q FY21 due in part to NBN’s Focus on Fast program, which led to a number of competitive offers in market.

• Despite a challenging environment our share of net nbn orders continued to grow significantly, reaching 25.8% in June 2021.

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Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
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Share of Net Service Activation Orders (NSAO)

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30%
25%
20%
15%
10%
5%
0%
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
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Customer experience

4.5/5 from 5946 reviews on

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• 4.3/5 from 2666 reviews on

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• Customer satisfaction remained high even through a price rise period of September to December 2020.

• Winner Customer Service Organisation of the Year,

• Large Business – Australian Service Excellence Awards.

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4.8/5 from 1974 reviews on

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CUSTOMER
SATISFACTION
AWARDS
ROY MORGAN
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aussiebroadband.com.au

Annual Results FY21

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Financial performance

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2021 2020 Movement
$m $m %
Revenue 350.3 190.5 84%
Network and hardware expenses (252.0) (145.7) 73%
Gross margin 98.3 44.8 119%
Gross margin % 28.1% 23.5% -
Employee expenses (41.3) (22.9) 81%
Marketing expenses (26.3) (11.2) 134%
Administration and other expenses (11.6) (7.1) 62%
EBITDA before IPO expenses and fair value adjustments 19.1 3.6 433%
IPO expenses (1.2) (0.4) 217%
Depreciation and amortisation (7.6) (5.5) 37%
Interest expenses (2.3) (7.0) (68%)
Interest income 0.1 0.1 (9%)
Change in fair value of derivative (12.3) (3.0) 312%
Loss before income tax benefit (4.2) (12.3) (66%)
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• Residential revenue increased by 84% for the year and Business revenue by 83%.

• Gross margin improved through shift to higher margin, high speed plans and the capping of CVC costs through to January 2021. Further contribution from termination of low/no margin ADSL services in September 2020.

• Employee expenses increased modestly lower than revenue increase. Operating leverage mitigated by the increase in middle management staff and additional roles and skill sets related to becoming a listed entity.

• Marketing expenses were $26.3m for the year, with $16.6m in the second half.

• Administration costs increased at a lower rate than revenue but include costs associated with being a listed entity.

• Depreciation and amortisation increased as network infrastructure was upgraded.

• Interest expenses included interest associated with the convertible note.

• The Group has incurred a current tax charge of $654k and a deferred tax benefit of $314k. The tax charge arose due to the convertible note related costs being capital in nature from a tax perspective, and restrictions on the use of the brought forward tax losses in the current period due to the "available fraction" mechanics.

aussiebroadband.com.au

Financial position

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2021 2020 Movement
$m $m %
Cash and cash equivalents 57.0 21.4 166%
Trade and other receivables 16.9 11.4 49%
Plant and equipment 17.4 5.4 222%
Right-of-use assets 12.3 12.4 (1%)
Other assets 13.3 6.9 92%
Total assets 116.9 57.5 103%
Trade and other payables 26.8 16.1 66%
Contract liabilities 15.8 10.8 47%
Current tax liabilities 0.6 – –
Lease liabilities 10.6 11.5 (9%)
Debt – 37.6 (100%)
Other liabilities 3.6 2.2 62%
Total liabilities 57.4 78.2 (27%)
Net assets 59.5 (20.7) 387%
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• Cash has increased by $35.6m following the IPO and better than forecast EBITDA.

• Trade debtors are at historical levels. A COVID related deterioation during the year had been ameliorated by year end.

• Plant & Equipment growth is related to the ongoing construction of the optic fibre network.

• Other asset increases include higher inventory levels to address global chip shortages and the recognition of a deferred tax asset.

• Trade creditors and contract liabilities increase is broadly related to growth in size of business.

• Current tax liability recognised due to limits on current year utlisation of losses.

Cash flow

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2021 2020
$m $m Movement
Receipts from customers (inclusive of GST) 384.7 209.3 84%
Payments to suppliers & employees (inclusive of GST) (359.2) (201.2) 79%
Net interest payments (0.2) (1.2) (82%)
Operating cash flows 25.3 6.9 267%
Payments for PPE (15.0) (3.9) 285%
Payments for intangibles (2.1) (1.5) 40%
Proceeds from disposal of asset 0.0 0.1 (99%)
Investing cash flows (17.1) (5.4) 220%
Lease payments (6.0) (3.9) 54%
Net proceeds of Convertible Note – 23.4
– –
Repayment of debt (5.5)
Net proceeds of IPO 37.4 – –
Other 1.5 (0.1) (1283%)
Financing cash flows 27.4 19.4 41%
Net increase in cash and cash equivalents 35.6 20.9 70%
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• Strong EBITDA cash conversion with EBITDA ahead of forecast.

• $5.5m of external debt repaid during the year.

• Net proceeds of IPO boosted the cash reserves to fund the ongoing development of the optic fibre network.

aussiebroadband.com.au

Historical financial performance

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Revenue Growth $m
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
2018 2019 2020 2021
Residential Revenue Business Revenue
CAGR = 91%
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EBITDA $m
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
2018 2019 2020 2021
CAGR = 229%
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• Residential Revenue CAGR of 100% since 2018.

• Business CAGR lower (56%) representing a growth opportunity.

• EBITDA in FY21 assisted by active CVC management & COVID relief from NBN.

• Some future operating leverage anticipated but CVC headwinds will need to be mitigated.

Looking ahead

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Completing the fibre build

Victoria

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South Morang POI
Next DC M2
Tullamarine POI Reservoir POI
Thornbury POI
Kings Park POI
North
Ringwood POI
Balwyn POI Lilydale POI
Footscray POI
Kew POI
Nunawading Depot POI
Hawthorn POI
Caulfield POI
Port Melb
Depot POI St Kilda Wheelers Hill POI
POI
Keysborough POI
Werribee POI Cheltenham Dandenong POI
POI
Melbourne
Cranbourne
POI
Karingal
POI
Mt Eliza POI
© Mapbox, © OpenStreetMap
Interactive DC
Equinix ME1 Next DC M1 Vocus DC Exhibition POI
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Stats:

• 5 Data centres, and 24 of 30 NBN POIs connected to ABB owned or leased fibre.

• 331km of ABB owned fibre.

Legend

ABB owned fibre Leased fibre

aussiebroadband.com.au

New South Wales & ACT

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Windsor POI
Asquith Depot POI
Castle Hill POI
NextDC C1
Penrith POI
Blacktown POI
Frenchs
Forest POI
Eastern Creek Pendle Hill POI
Depot POI
Parramatta POI Chatswood
POI
Ryde POI
St Leonards POI Mosman POI Civic POI
Global
Lidcombe POI Switch
Glebe POI Dalley POI
Carramar POI
Newtown POI City South
Edgecliff POI
Lakemba POI Campsie POI EquinixSY3 Canberra
Liverpool POI
Equinix SY4 Kensington POI
Equinix SY1/2
Peakhurst POI
Rockdale POI
Sydney Queanbeyan POI
Miranda POI
© Mapbox, © OpenStreetMap © Mapbox, © OpenStreetMap
Next DC S1 Next DC S2
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Legend

ABB owned fibre Leased fibre

Stats:

• 7 Data centres, and 28 of 43 NBN POIs connected to ABB owned or leased fibre.

• 311km of ABB owned fibre.

Queensland

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Petrie POI
Aspley Depot POI
Aspley POI
Next DC B2
Over The Wire
Next DC B1 Brisbane
Woolloongabba POI
Bundamba POI
Camp Hill POI
Ipswitch POI
Acacia Ridge
Goodna POI Depot POI
Eight mile POI
Stacks Creek POI
Polaris DC
Nerang POI
Southport POI
Merrimac POI
© Mapbox, © OpenStreetMap
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Stats:

• 4 Data centres, and 14 of 22 NBN POIs connected to ABB owned, IRU or leased fibre. • 236km of ABB owned fibre.

Legend

ABB owned fibre IRU and leased fibre

aussiebroadband.com.au

Western Australia & South Australia

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Wangara
Depot POI Elizabeth POI
Mullaloo POI
YourDC
Edinburgh
Next DC P1
Doubleview POI
Perth
Bassendean POI Greenfields
Depot POI
Modbury POI
Next DC P2
Subiaco POI
Adelaide
Bentley Depot POI
Prospect POI
Applecross Cannington POI
POI
Your DC
Edwardstown POI
Hawthorn
Pier DC
Hilton POI
St Marys POI
Kelmscott POI
Stirling POI
South Coogee POI Lonsdale Depot POI
© Mapbox, © OpenStreetMap © Mapbox, © OpenStreetMap
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Legend

ABB owned fibre Leased fibre

Stats:

• 5 Data centres, and 19 of 23 NBN POIs connected to ABB owned or leased fibre.

• 348km of ABB owned fibre.

Continue to build scale

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Business

Connectivity at our core

• Connectivity has been at the core of our business offering for over 17 years, primarily internet access and private MPLS (multi protocol label switching) networks.

• Other services like Voice (Single Line VoIP, SIP Trunks and Hosted Phone) and Mobile (Handset and data-only plans) have also been part of the offering.

• Carbon our business portal has enabled rapid turn up of connectivity services and supports over 400 managed service providers.

Products under development

• Integrate all existing and new product sets into Carbon.

• Security – Fortinet firewall and SD-WAN solutions.

• Managed hardware – Wifi, switching, and other hardware solutions.

Changing to be solutions focused

• Provide a ”one stop shop” for customers' communications and IT requirements.

• Expert design, advice and implementation of solutions rather than just selling connections that the customer or 3rd parties integrate.

• Business development managers and key account managers that are responsive, technology focused and are supported by skilled solution engineers.

• Enable around the clock support by team members that know and understand the customer's environment, solution and unique requirements.

• Proactive monitoring of the solution so that issues are identified before the customer even notices them.

• Provide market leading tools and portals so that customers that want to self manage have their whole solution at their fingertips.

• Cloud – customer or Aussie Broadband managed cloud services.

Business

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Call Centre Relationship
Volume based sales Business development
channel that provides managers and solutions
solutions for single site and engineers who build
non complex multi-site packages for multi-site
businesses. Inbound and businesses and create
outbound lead generation custom solutions.
for relationship sales team.
Multi channel approach
Partnership Tender
Through Carbon, partner Dedicated tender team
with managed service (writers and solution engineering)
providers who are the that ensure we are on all
trusted advisors of business government panels and
and who can develop more respond to both public
complex solutions. and private tenders/
requests for pricing
in market.
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aussiebroadband.com.au

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Industry leading automation & control

• Single platform that enables businesses and partners to quote, service qualify, connect, modify and manage nbn services in minutes all through a single platform.

• Manage complex solutions using a simple interface.

• Over 400 partners now signed up and using Carbon including a major corporate customer with over 3000 services.

• Next evolution of Carbon is under development to enable all Aussie Broadband products to be sold and managed through Carbon.

• Will provide a demonstration of Carbon at our first investor day in 2Q FY22.

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aussiebroadband.com.au

Indirect channels

Four distinct areas that will allow organisations to partner with Aussie Broadband to add value to their customers and to provide incredible customer experiences.

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Premium offering Strategic channel of partners MSP partners/IT integrators Aussie Broadband branded to limited partners selling under the Aussie leveraging Aussie sales rewarding not-for-profit across Australia in nonBroadband brand. infrastructure bundles with partners that give back to the competing segments. Customer belongs to Aussie. their services. community.

Mergers and Acquisitions

Actively seeking M&A opportunities

• Head of M&A was appointed in April 2021.

• Currently working through a number of capability based and customer base acquisition opportunities in the business segment.

• Exploring customer base acquisitions for the residential segment

• but opportunities with scale are limited.

• Expecting to make at least one acquisition in 1H FY22.

aussiebroadband.com.au

1H FY22 outlook

Achieving continued growth

• Record broadband and mobile sales month for July and on track for a new record month in August.

• Broadband sales (all channels) - 23,229 for July & 22,223 as at 28 August with 3 more trading days remaining in the month.

• Commenced accepting orders through the new white label platform on 19 July, with daily order volume already exceeding initial forecast and expectations.

• Migration of 32,000 white label broadband services onto the Aussie Broadband network to now commence in 2Q FY22 due to customer request.

• CVC utilisation due to COVID-19 lockdowns in a number of states continues to be challenging. NBN has announced that it will continue to provide lockdown CVC relief for August and September which will assist in partly mitigating increase in CVC expense.

Guidance

• Due to the dynamic and changing nature of the retail telecommunications market, ongoing lockdowns and the impact on CVC expense, the company will not be providing guidance for FY22.

• The company will continue to provide quarterly market updates in a similar format to the 4Q FY21 market update. Management will hold an investor call following each quarterly market release including a Q&A session.

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Disclaimer

Not an offer

The material contained in this presentation is for information purposes only and is intended to be general background information on Aussie Broadband Limited (ABB) and its activities and is dated 30 August 2021. It is for information purposes only and is not, and should not be considered to be, an invitation, offer or recommendation to acquire shares or any other financial products.

Summary information

The information in this presentation is supplied in summary form, is of a general background nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with ABB’s periodic and continuous disclosure announcements filed with the ASX.

Not financial product advice

This presentation is for information purposes only and it is not financial product nor investment advice (nor tax, accounting or legal advice) nor a recommendation to acquire shares and has been prepared without taking into account the objectives, financial situation or needs of recipients of this presentation. It is not intended that it be relied upon as advice to investors or potential investors, who should make their own enquiries and investigations regarding an investment in ABB and in relation to all information in this presentation (including but not limited to the assumptions, uncertainties and contingencies which may affect the future operations of ABB and the value and the impact that different future outcomes may have on ABB) and before making any investment decisions, should consider the appropriateness of the information having regard to their specific investment objectives, financial situation or particular needs and should seek independent professional advice appropriate to their jurisdiction before making an investment decision. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this presentation. ABB is not licensed to provide, and this presentation does not constitute the provision of, investment or financial product advice in respect of ABB’s shares. Cooling off rights do not apply to the acquisition of ABB shares.

An investment in ABB shares is subject to investment and other known and unknown risks, some of which are beyond the control of ABB. ABB does not guarantee any particular rate of return or the performance of ABB, nor does it guarantee the repayment of capital from ABB or any particular tax treatment.

Financial data

All amounts are in Australian Dollars ($ or AUD) unless otherwise indicated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Investors should also be aware that certain financial data included in this presentation including EBITDA and measures described as “pro forma”, are “non-IFRS financial information” under ASX Regulatory Guide 230 (Disclosing non-IFRS financial information). The non-IFRS financial information financial measures do not have a standardised meaning prescribed by Australian International Financial Reporting Standards (AIFRS) and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial measures included in this presentation.

Future performance

Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding ABB’s intent, belief or current expectations with respect to business and operations, market conditions, results of operations and financial conditions, including, without limitation, forecasted economic indicators and performance metric outcomes. This presentation contains words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. These forwardlooking statements reflect ABB’s current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond the control of ABB, and have been made based upon ABB’s expectations and beliefs concerning future developments and their potential effect on ABB. There can be no assurance that future developments will be in accordance with ABB’s expectations. A number of important factors could cause ABB’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including but not limited to, general economic conditions in Australia and other jurisdictions in which ABB or its related bodies corporate operate; exchange rates; competition in the markets in which ABB will operate, the inherent regulatory risks in the businesses of ABB and the duration of the COVID-19 pandemic. Assumptions on which forward-looking statements in this presentation are based may or may not prove to be correct and there can be no assurance that actual outcomes will not differ materially from these statements.

None of the Associated Persons nor any other person referred to in this presentation makes any representation as to the accuracy or likelihood of fulfilment of the forward-looking statements or any of the assumptions upon which they are based. When relying on forward-looking statements to make decisions with respect to ABB, investors and others should carefully consider such factors and other uncertainties and events. ABB is under no obligation to update any forward-looking statements contained in this presentation, as a result of new information, future events or otherwise, after the date of this presentation. As such, undue reliance should not be placed on any forward-looking statement.

Past performance information given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood or achievement or reasonableness of any forward-looking statements.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability or fairness of the information, opinions and conclusions contained in this presentation. Any information in this presentation is made only at the date of this presentation, and opinions expressed reflect ABB’s position at the date of this presentation, and are subject to change. ABB is under no obligation to update this presentation. Neither ABB, its related bodies corporate, shareholders or affiliates, nor any of their officers, directors, employees, affiliates, agents, contractors, advisers or any other associated persons (collectively, “Associated Persons”) represents or warrants in any way, express or implied, that the information, opinions, conclusions or other information contained in this presentation, any of which may change without notice, is fair, accurate, complete, reliable, up to date or correct. ABB does not represent or warrant that this presentation is complete or that it contains all material information about ABB or which a prospective investor or purchaser may require in evaluating a possible investment in ABB or an acquisition or other dealing in ABB shares. To the maximum extent permitted by law, ABB and its Associated Persons each expressly disclaims and excludes all direct, indirect, consequential or contingent loss, damage or liability (including, without limitation, any liability arising from fault or negligence) that may arise from, or is connected to, this presentation, or the use of this presentation, or any other written or oral information provided by or on behalf of ABB.

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