AUSTAL LIMITED — AGM Information 2022

Nov 22, 2022

==> picture [507 x 286] intentionally omitted <==

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

Annual General Meeting
FY2022
Paddy Gregg, Chief Executive Officer
23 November 2022
----- End of picture text -----

1. Welcome to FY2022 AGM

1

FY2022 Full Year - Key Facts

==> picture [506 x 184] intentionally omitted <==

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

$1,429 M $3.0 B 26 9 5,000
SHIPS UNDER SHIPS
REVENUE ORDER BOOK EMPLOYEES
($7 B with OPC CONSTRUCTION DELIVERED
options) OR SCHEDULED
42
VESSELS UNDER
5 SHIPYARDS SUSTAINMENT
CONTRACTS
IN 4 COUNTRIES
8 SERVICE CENTRES
IN 5 COUNTRIES 2
----- End of picture text -----

1. Significant construction contract wins since last AGM have substantially increased our order book, and we are hopeful that additional OPC options will be exercised. Austal has spent the last couple of years building its core vessel manufacturing business and broadening its scope to provide diversification and resilience. This is yielding considerable results given the orders we have won and the programs we are now working on.

2. AUSA and Australasia achieved delivery of 9 ships in FY22 despite the challenges Covid has presented.

3. Our service and support business has had some challenges but we still see a bright future and the MGBW acquisition has gone well, we have ordered our floating dock.

4. We are now up to 8 service centres worldwide, with 42 vessels under sustainment contracts.

2

==> picture [507 x 286] intentionally omitted <==

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

Financial Headlines FY2022
$ m FY2022 Change from PCP
Revenue $ 1,429 m (9%)
EBIT $ 120.7 m 5%
NPAT $ 79.6 m (2%)
-
Total Dividends Declared 8 ¢ per share
Operating Cash Flow $ 37.5 m (60%)
Net Cash [1] $ 115.6 m (50%)
1. FY2021 excluded the notional debt of the CCPB 9 & 10 leasing program, completed during FY2022 H1
3
----- End of picture text -----

1. These results demonstrate another strong operational performance, while we have made significant investment in the business.

2. Standouts were:

3. a. Second highest EBIT the business has recorded

4. b. Confidence in the balance sheet to allow us to maintain the dividend year on year

5. c. Continue to invest in both organic and inorganic opportunities

6. d. We are investing for future shareholder returns, including building steel capability in the USA and growing our support business with the San Diego acquisition to mention two things.

7. In particular, the results demonstrate how the nature of our business – being heavily skewed to defence – can withstand the current economic and operational challenges.

3

Financial Outlook

• Austal has secured a significant pipeline of work recently and the current macroeconomic environment is volatile, including residual impacts from COVID-19

• For this transition year as we move from established existing programmes through the design and long lead material ordering on new programmes, prior to full steady state production, we are providing EBIT guidance of approximately $100 m

==> picture [4 x 5] intentionally omitted <==

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

4
----- End of picture text -----

4

News since FY22 Results

• ASIC closure

• 2022 ESG Report released, including GHG emission reduction

• targets

• EPF13 trials completed

• Coast Guard approval to proceed with OPC project despite protest from Eastern Shipbuilding

• No new commercial orders

• 3rd Evolved Cape-class Patrol Boat delivered to RAN

• Additional Guardian-class Patrol Boat order

• Defence Structure Review underway in Australia; New Australian Government and a new Chief of Navy

• Cyber ISO 27001 & DISP level 1

==> picture [183 x 94] intentionally omitted <==

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

5
----- End of picture text -----

1. Austal settled matters with ASIC on market disclosure in 10 business days prior to July 4 2016, and this was endorsed by Federal Court.

2. Commonwealth ordered an additional GCPB, taking number of GCPB’s ordered to 22

3. Defence Strategic Review underway in Australia, new Government and new Chief of Navy. Austal maintains a good working relationship with all of them.

4. Austal delivered its 3rd Evolved Cape Class vessel to Australian Navy on 3[rd] November 2022

5. Published or updated ESG report and included GHG emission reduction targets:

6. By 2030 50% reduction of embodied scope 1, 2 and 3‐upstream

7. By 2050 net zero commitment consistent with scientific targets

8. EPF13 autonomy trials successfully completed.

9. Cyber security is extremely important to Austal given current environment and Austal’s role in the defence sector. Austal has achieved ISO 27001 Defence Industry Security Programme level 1 certification.

10. No new commercial orders for SE Asia yards due to future fuel concerns. Consideration to be given to the future of operations.

11. OPC challenge by Eastern Shipyard against US Coastguard dropped from Government Accountability Office and resubmitted in US Court of Federal Claims. In the meantime, Austal endorsed to proceed with the contract.

5

==> picture [507 x 286] intentionally omitted <==

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

Molslinjen Express 5
Launch Video
----- End of picture text -----

Video of Express 5 in the Philippines

6

Business Overview

==> picture [4 x 5] intentionally omitted <==

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

7
----- End of picture text -----

A Guardian Class Patrol Boat being transported from Hope Valley Road to waterfront for launch.

7

• Shipbuilding Contracts • Pipeline of US Government and Commonwealth of Australia shipbuilding programs – aluminium and steel • Four ships awarded to Austal USA and two to Austal Australia in FY2022 • Recent awards valued at ~ US$3.7 Billion (including OPC options) OPC Cut metal - Q2 2024

We concluded the year with significantly more opportunities/ orders than we started with.

We have diversified our revenue stream from 2 to 6 programmes in the US, and added to the workload in Australia

8

==> picture [507 x 286] intentionally omitted <==

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

Expanding Shipbuilding
Light Amphibious Warship Future Frigate Australian ILMV
for the Australian Army
T-AGOS Large Unmanned Surface Vessel SMART Autonomous Solutions
We have space to continue to expand our capacity in the US
----- End of picture text -----

1. We continue to expand our capabilities and product offerings. The Steel facility opened ahead of schedule early April in the US.

2. Austal remains technology agnostic in both defence and commercial as we continue to see the fleet age and emission requirements tighten, resulting in an anticipated resurgence in the commercial market in the medium term.

3. There are numerous programmes that we are bidding for in the US and Australia, with a broader and deeper pipeline.

4. We have space to continue to expand our capacity in the US.

5. Autonomy has the potential to be key revenue stream in US and Australia

9

Enhancing Systems With a growing range of digital products

==> picture [56 x 27] intentionally omitted <==

• + + LUSI

• • Vessel control & monitoring of • Machine learning to optimise • Fleet wide asset management all onboard equipment vessel performance & availability planning

• • Intuitive 3D interface • Recommendations in real-time to • Secure cloud with data • Critical enabler for vessel crew on the bridge replication to remote assets

• Critical enabler for vessel automation and autonomy

• Analytics on web for shore team

• Predictive failure analytics

• Legacy versions on 200+ vessels

• Legacy versions on 200+ vessels • In use on 8 large ferries in UK, • Prototype in use on Capes 9, 10

• • Major upgrade to be deployed on Denmark, Norway, Spain & Japan • Full version to be deployed on Capes 11-18 & new Mols ferries • Will be deployed on Capes 11-18 10 Capes 11-18

• Investing in R&D to be ready for the future

• Focused on the product for more efficient operations

• Looking at it from both an operation and maintenance perspective in both defence and commercial markets.

10

==> picture [507 x 286] intentionally omitted <==

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

Extending Support - Australia
Henderson, WA Darwin, NT
Cairns, QLD Brisbane, QLD
----- End of picture text -----

1. Austal invested in refurbishing its Brisbane slipway in FY2022.

2. There is potential revenue growth in service work as more Guardian Class and Evolved Cape Class vessels are delivered.

11

==> picture [507 x 286] intentionally omitted <==

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

Extending Support - USA
Austal West Campus, Mobile, New Support Facilities
Alabama, USA San Diego, California, USA
----- End of picture text -----

1. Austal successfully completed its acquisition of MGBW in San Diego in December 2021.

2. The Graphic shows where Austal would operate the floating dock we have ordered.

3. Austal West Campus continues to grow and secure bookings to increase utilisation.

12

• Strategic Outlook 1. Fundamentally delivering our growth and diversity plan 1. Steel

• Systems

• Autonomy

• Future Fuels

• Significant success in winning steel work with orderbook ~$7 billion (OPC options included)

• Much broader and deeper pipeline

• Programs e.g. T-AGOS, LUSV, FFX, LAW, IMLV

• Support e.g. SEC E&W

• Additive revenue opportunities/ focus factory e.g. Aircraft carrier elevators, Saildrone

• Autonomy has potential to be a key revenue stream in US and Australia

• San Diego acquisition completed. Targeting $500m support revenue by FY2027

• Strategic wins in Australia to transition to future opportunities in the Force Structure Plan 7. Opportunities for Systems to generate revenue 8. Capability to deliver steel & aluminium shipbuilding and sustainment in commercial & defence sectors globally 13

• Great set of results with strong operational performance.

• Our strong balance sheet has helped during COVID, and allowed us to continue to invest in an exciting future

• We are a more diversified business now….very established in shipbuilding, support and systems

• We also see significant opportunities in advanced technology autonomous vessels

• Austal does need to generate new contracts in the next few years, but we are optimistic about the future because we have demonstrated we can deliver operationally, have the capability to deliver in steel and aluminum, in shipbuilding, systems and support, in commercial and defence, and there are a lot of opportunities out there for us to go and win

13

==> picture [507 x 286] intentionally omitted <==

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

OP60 Video
----- End of picture text -----

Video #1 top be played – OP60 (Short)

14

Disclaimer

Paddy Gregg, Chief Executive Officer Telephone: +61 8 9410 1111 For further information visit www.austal.com

Disclaimer

This presentation and any oral presentation accompanying it has been prepared by Austal Limited (“Austal”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in Austal or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Austal will be entered into on the basis of this presentation.

Our presentation contains “forward-looking” statements or projections based on current expectations. These statements are not guarantees of future performance and are subject to risks and uncertainties. Key risks are set out in the Company’s Corporate Governance Statement and published on its website; they include – but are not limited to – impacts to US programs, the availability of US government funding due to budgetary or debt ceiling constraints; changes in customer priorities or their ability to meet contractual requirements, additional costs or schedule revisions. There are also broader risks to the enterprise such as cyber security, HSEQ incidents, product liability, unexpected impact of regulatory investigations and material unexpected changes to the Company’s financing arrangements. Austal’s expansion in Asia also naturally brings with it a number of risks that are typical when entering new jurisdictions or expanding in others. Actual results may also effect the capitalization changes on earnings Sample per share; the allowability of costs under government cost accounting divestitures or joint ventures; the timing and availability of future impact of acquisitions; the timing and availability of future government Image only awards; economic, business and regulatory conditions and other factors. We disclaim any duty to update forward looking statements to reflect new developments.

Accordingly, to the maximum extent permitted by applicable laws, Austal makes no representation and can give no assurance, guarantee or warrant, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of Austal does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Austal’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

15

Resolution 1

==> picture [482 x 196] intentionally omitted <==

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

“That the Remuneration Report as set out in the Annual Report for the year ended 30 June 2022 be adopted.”
Eligible proxies received :
FOR AGAINST PROXY’S DISCRETION
230,073,928 1,556,284 755,209
99.01% 0.67% 0.32%
----- End of picture text -----

16

Resolution 2

“That Ms Sarah Adam-Gedge, being a Director of the Company who retires in accordance with Article 8.1(f) of the Company’s Constitution and, being eligible, is re-elected as a Director of the Company.”

Eligible proxies received :

==> picture [338 x 130] intentionally omitted <==

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

FOR AGAINST PROXY’S DISCRETION
254,685,087 9,939,312 776,517
95.96% 3.75% 0.29%
----- End of picture text -----

17

Resolution 3

“That, for the purposes of ASX Listing Rule 7.2 exception 13(b) and for all other purposes, approval be given to the Austal Limited Rights Plan and for the grant of indeterminate rights, and further issues of Shares on vesting and exercise of such Rights, on the terms set out in the Explanatory Materials.”

==> picture [338 x 158] intentionally omitted <==

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

Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
261,309,330 2,972,496 755,784
98.59% 1.12% 0.29%
----- End of picture text -----

18

Resolution 4

==> picture [482 x 198] intentionally omitted <==

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

“That, subject to the passing of Resolution 2 above, pursuant to and in accordance with Listing Rule 10.14 and
for all other purposes, Shareholders approve the grant of up to $26,416 worth of Share Rights to Ms Sarah
Adam-Gedge on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares
pursuant to those Share Rights.”
Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
259,651,152 4,175,634 749,759
98.14% 1.58% 0.28%
----- End of picture text -----

19

Resolution 5

==> picture [482 x 198] intentionally omitted <==

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

“That, pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve
the grant of up to $26,416 worth of Share Rights to Mr Chris Indermaur on the terms and conditions set out in
the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.”
Eligible proxies received:
Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
259,660,859 4,154,421 750,215
98.15% 1.57% 0.28%
----- End of picture text -----

20

Resolution 6

“That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $26,416 worth of Share Rights to Mr Giles Everist on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 259,661,859 4,153,421 750,215 98.15% 1.57% 0.28%

21

Resolution 7

“That pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of 149,153 Short Term Incentive Deferred Equity Rights for FY22 under the Austal Limited Rights Plan to Mr Patrick Gregg, on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Rights.”

==> picture [338 x 146] intentionally omitted <==

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

Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
260,950,801 3,109,849 755,915
98.54% 1.17% 0.29%
----- End of picture text -----

22

Resolution 8

“That pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to 416,872 Long Term Incentive Rights under the Austal Limited Rights Plan for FY2023 to Mr Patrick Gregg on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Rights.” Eligible proxies received: FOR AGAINST PROXY’S DISCRETION 260,963,439 3,102,492 755,915 98.54% 1.17% 0.29%

23

Resolution 9

==> picture [479 x 198] intentionally omitted <==

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

“That pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve
the issue of 41,831 Shares to Mr Patrick Gregg pursuant to the exercise of 41,831 vested LTI Rights (granted
for FY2020) on the terms and conditions set out in the Explanatory Memorandum.”
Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
260,784,904 3,236,274 811,015
98.47% 1.22% 0.31%
----- End of picture text -----

24

End ASX:ASB austal.com

25