AUSTAL LIMITED — AGM Information 2025

Oct 27, 2025

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FY2025 Annual General Meeting
28 October 2025
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HOLDING SLIDE

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FY2025 Annual General Meeting
CEO’s Presentation
28 October 2025
Paddy Gregg
Chief Executive Officer
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Austal ‘at a glance’
A growing defence prime contractor, delivering for the defence maritime and commercial sectors
$1.8B $113.4m $13.1B
FY25 revenue FY25 EBIT Order book
(incl. options)
7 ships ordered 49 ships under 73 vessels
7 ships delivered construction or under Shipyards
scheduled sustainment
Service centres and offices
4,479 5 shipyards in 4 8 service centres in 4
employees countries countries
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FY25 Highlights A strong business performance with year-on-year improvement and foundation laid for growth

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Revenue EBIT Order Book (incl. options)		EBIT Margin NPAT	EPS		Operating Cashflow Net Cash
A$1.8bn A$113.4m 6.2% A$13.1bn A$89.7m			23.6cps A$406.3m A$453.1m
▲24.1% ▲100.8% ▲2.9%		▲240 bps ▲503.2%	▲476.2%		▲$419.3m ▲$449.2m
FY24: A$1.5bn FY24: A$56.5m FY24: A$12.7bn		FY24: 3.8% FY24: A$14.9m	FY24: 4.1cps		FY24: A$(13.0)m FY24: A$3.9m
Operating Commentary
Delivering on financial expectations 1		Building sustainable growth 2		3	Creating long-term value for shareholders
EBIT doubled, with secure order book for years	Options being converted to orders as forecast			SSA signed with pre-contract works on Landing Craft
					Medium and Heavy vessels
Improved performance across key financial metrics	Growth in submarine module production			Australian order book to grow in FY26 following SSA
					signing
Excellent cash outcome - operational performance,	Both Submarine Module Manufacturing Facility			GPF down-select ahead of anticipated schedule is
equity raise and debt refinance- both oversubscribed		(MMF3) and Final Assembly sheds for large	steel		positive
		ships (FA2) funded and in construction to support
Balance sheet repositioned for major expansion		future growth		ABF Cape Class vessels as outlined in the Defence Strategic Review provide additional opportunity
T-ATS REA finalised and cash received	Commercial yards have sound order book			Additive Manufacturing Centre of Excellence contributing to performance
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FY2025 - THE YEAR THAT WAS
JULY ‘24 AUGUST SEPTEMBER OCTOBER
• Awarded contract for wind-powered 66 • Resolution of US Regulatory • Austal Board changes • MMF3 Ground-breaking
metre trimaran for VELA Investigation • Contract to invest US$150m in US • Delivery 8th ECCPB
• Delivery 20 [th] Guardian Class Patrol • Austal USA awarded additional Submarine Industrial Base • Delivery 21 [st] GCPB
Boat (GCPB) LCU1700 Contract • US$450 million contract to expand
• FA2 Ground-breaking • Delivery 7th Evolved Cape-class submarine module manufacturing
Patrol Boat (ECCPB)
NOVEMBER DECEMBER FEBRUARY
• Delivery 22 [nd] GCPB • Award of 2 x Evolved Cape-class • Awarded $270m Hydrogen-ready ferry
• Australian Government selects Patrol Boats for ABF contract from Gotlandsbolaget
preferred design for Landing Craft • 32 metre catamaran delivered to • FY2025 Earnings guidance increased
Heavy Rottnest Fast Ferries by Austal
Philippines
MARCH APRIL MAY JUNE ‘25
• $200M institutional placement • $20M Share Purchase Plan (SPP) • New Non-Executive Director • $488M in debt refinancing to support
completed to fund US shipbuilding oversubscribed appointed to Board future growth completed
expansion • Launch of T-ATS 11
• USS Point Loma (EPF-15) delivered
• Austal included in ASX 200
AUGUST
• AUSA receives contract and commences construction on 2nd OPC for USCG Yr END TO AGM
•• FY2025 Earnings guidance increased againStrategic Shipbuilding Agreement signed between Austal and CoA •• TATS REA settled and cash receivedEFA Load for FA2 finalised
• ESG report published 5
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Environmental Social Governance

Achieving real progress towards a more sustainable, inclusive and innovative future

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ESG Highlights from FY2025

• Across all operations, Austal is embedding technologies that improve energy efficiency, enable alternative fuels and support greater vessel autonomy.

• We are building sustainability into our supply chain; from sourcing lowercarbon aluminium and steel to partnering with suppliers on waste reduction, packaging optimisation and renewable energy adoption.

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• Sustainable vessel design was demonstrated in two projects that commenced FY2025;

• 66.8-metre sailing cargo trimaran that will operate on 100 percent wind power; and

• 130-metre ‘hydrogen ready’ high-speed ferry, adaptable to LNG and other low carbon fuels

• Leading the development and management of the Centre of Excellence for Additive Manufacturing for the US Navy in the United States

• Undertaking scenario analysis to enhance understanding of Austal’s climate resilience. Two scenarios: one aligned with the 1.5°C target and another reflecting a higher warming pathway above 3°C. These scenarios, underway, will help assess the strategic, operational and financial impacts of different climate futures.

• Austal has supported impactful community initiatives, fostering wellbeing and positive change, at all our locations around the world.

1 Our ability to achieve these goals is subject to the availability of low carbon solutions in the market and the pace of technological advancement. 6

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Why Austal is the Strategic Shipbuilder in WA.
Ships Delivered since 1988…
Delivery Centres
Service Centres
3 21 45
269
Total Delivered: 350 (to 59 Countries) Total Contracted: 390
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Strategic Shipbuilding Agreement (SSA)

Landmark agreement, securing Austal’s role as the Commonwealth’s strategic shipbuilder

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Landing Craft Medium (LC-M)
Landing Craft Heavy (LC-H)
General Purpose Frigate
(Mogami-class)
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• Defining moment for Austal; establishes Austal Defence Australia as the Commonwealth of Australia’s strategic shipbuilder for surface combatant vessels to be built at Henderson, Western Australia

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• Contributes to the Commonwealth’s strategic objectives of a continuous naval shipbuilding capability in Western Australia and the development of Australian sovereign shipbuilding capability

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• Austal Defence Australia becomes the prime contractor for the build and delivery of the Landing Craft-Medium and Landing Craft-Heavy SSA pilot programs

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• Sovereign Share provides Commonwealth with call option over Austal Defence Australia if the SSA is terminated or a Relevant Event occurs

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• Mitsubishi Heavy Industries’ Mogami-class selected for RAN General Purpose Frigate

Please refer to Austal’s ASX disclosure ‘Approval of Austal as Australia’s Strategic Shipbuilder’ released 5 August 2025 for further information.

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Henderson, Western Australia
Evolved Cape-class Guardian-class General Purpose Frigate Landing Craft Heavy Landing Craft Medium
Patrol Boat Patrol Boat (Mogami-class) (LC-H) (LC-M)
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1. Australian Government announced the selection of Damen’s Landing Ship Transport 100 (LST100) as the preferred design for the Australian Defence Force’s Landing Craft Heavy, to be constructed by Austal Defence Australia

2. Awarded a contract extension for the construction of two additional Evolved Cape-class Patrol Boats, to be delivered to the Australian Border Force (ABF). The A$137.02 million contract brings the total number of Evolved Cape-class Patrol Boats to be constructed by Austal to 12, with eight delivered to date.

3. Government has down-selected Mitsubishi Heavy Industries (MHI) to progress design for Australia’s future General Purpose Frigates. Defence will now work with MHI and Australian industry partners to further develop the proposals for the Mogami class frigate.

4. Delivered the 7[th] and 8[th] Evolved Cape-class Patrol Boats (ECCPBs) to the Royal Australian Navy.

5. Delivered 20[th] , 21[st] and 22[nd] Guardian-class Patrol Boats (GCPBs) to Commonwealth of Australia; 24 vessels under contract.

6. SSA formally approved and contracts executed in August 2025.

7. EFA debt funding of USD 100m for the USA investment in FA2 finalised

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1. Anticipated to sign the full contract for LCM and LCH before half year

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Asia
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1. Awarded a contract to design and construct a 66 metre sailing cargo trimaran for Vela Transport of France, in July 2024. Construction on the 100% wind powered vessel commenced at Austal Philippines in January 2025.

2. Austal Philippines delivered the 32 metre ‘Ocean Master’ catamaran ferry to Rottnest Fast Ferries in December 2024, less than 12 months from the start of construction.

3. Austal Vietnam continued construction on the 71 metre steel monohull ROPAX cargo ferry ‘Dory 2’ for the Degages Group.

4. In February 2025, Austal Australasia signed a ~ A$270 million contract with Gotlandsbolaget, Sweden, to design and construct a revolutionary 130 metre LNG combined cycle ‘hydrogen ready’ ROPAX catamaran ferry, at Austal Philippines. ‘Horizon X’ will be the largest vessel (defence or commercial) ever constructed by Austal.

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Mobile, USA
Submarine Modules - MMF3
•
US$450m
• 1 million sq/ft
• 400,000 sq/ft
undercover Final Assembly 2 (FA2)
under construction
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1. Broke ground for Final Assembly 2 building – July 2024

2. Installed OTH on DDG-62 (USS Fitzgerald) with a successful missile shoot - Jul 2024

3. Christened EPF 15 (future USNS Point Loma) – August 2024

4. Launched LCS 38 (future USS Pierre) – August 2024

5. Commissioned LCS 36 (USS Kingsville) – August 2024

6. Start of Construction OPC 5 (Coast Guard Cutter Pickering) – August 2024

7. Launched EPF 15 (future USNS Point Loma) – August 2024

8. Laid EPF 16 (future USNS Lansing) Keel – Sept 2024

9. Commenced CLB 828 deck structure fabrication – Sept 2024

10. Delivered VCS 804 CCSM module – Sept 2024

11. Delivered final Saildrone Vessel – Oct 2024

12. Completed LCS 34 (USS Augusta) Post Shakedown Availability – Oct 2024

13. Awarded US$450m contract and broke ground for Module Manufacturing Facility 3 – Oct 2024

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1. Awarded undefinitized contract award totalling US$11.75m for Industry 4.0 – Nov 2024

2. Awarded funding for Navy Additive Manufacturing Center of Excellence totalling US$11.3m – Nov 2024

3. Start of Construction LCU Vessel 2 (LCU1711) Construction – Dec 2024

4. Fifteen (15) Navy AM COE manufactured parts installed on seven (7) platforms, both surface and submarines – Dec 2024

5. Design complete for MMF3 and award made to general contractor – Dec 2024

6. Industry 4.0 (Phase II) award of US$23.5m (undefinitized) – Dec 2024

7. TATS REA resolved in line with yead end financial position and USD 92m in cash received

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Global defence spending
Heightened geopolitical tensions, combined with the urgent need to replenish defence
capabilities, are driving strong momentum in global defence expenditure
Global Australia
• Global military spending reached US$2.7 trillion in 2024 (+37% since 2015) • A$50.3 billion investment reiterated by the Australian Government in defence by
mid 2030s, forecasting defence funding will be 2.3% of GDP by 2030 (currently
1.9% of GDP)
• Nations are catching up after a decade of slower defence investment • Accelerating the development of important capabilities over the next decade
including key investments in the Navy’s surface combatant and support fleet ,
long-range strike and autonomous systems and submarine programs
• Many countries have committed to sustained growth in military budgets
USA
• NATO leaders have recently committed to increasing core defence spend to US administration is prioritising 17 areas aligned with “America first”…
Areas including:
c.5% of GDP (previously c.2%) by 2035 “To boost our defense industrial
Drivers of increased defence spending  Submarine and Surface Ship Procurement Homeland Missile Defense base, we are also going to resurrect the American
shipbuilding industry...we will
Rising  Border Security create a new office of
geopolitical tensions Heightened geopolitical instability is driving demand for capabilities to counter near-term emerging threats  USINDOPACOM Strategies shipbuilding in the White House” - President Trump, 2025
 Autonomous / C-UAS Systems Address to Congress
Strengthening AUKUS Alliance
modernisationFocus on Spending driven by necessary rearmament and expansion of military capabilities AUKUS represents a tangible example of US and Australia defence department’s commitment to
deepening alliances
Rising Geopolitical TensionsCommitments to Alliances AUKUS and other partnership-style initiatives influencing significant defence spend Heightened Asian cooperative activity The US, Japan, Australia and the Philippines recently performed the South China Sea joint naval exercises in
Sources: SIPRI 2024 Report, US Department of Defense, Office of the Undersecretary of Defense (Comptroller), NATO Public Diplomacy Division, Council of Foreign Relations, 2025-26 Australian Federal Budget, Australian Defence Force
24-25 budget and various news sources.
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Strategic Outlook

Key growth pillars and increased defence expenditure to drive positive momentum in medium-term

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1 2 3
Revenue and Earnings Growth Order Book Growth Continued Investment in Modern
 Underlying business performance  Austal’s order book of $13.1bn has Facilities with Scope for Further Expansion
grown at a 25% CAGR from FY20
ahead of expectations with near record
$113.4m EBIT in FY25, up from  Continued growth expected in Australia  Significant capex investment for
$56.4m in FY24 specifically through the Strategic growth, with expansion of Mobile
Shipbuilding Agreement. shipyard in US
 based on orderbook and Government Continued growth expected for years  Deliver greater contract diversity,  Combined investment of up to A$1.2b
announced contracts lowering the overall risk profile of the
business
4 5 6
AUKUS Technology and Sustainment Defence Spend Trend
 Additional opportunities for growth
through AUKUS agreement within both  AMCoE operational and adding  Capitalising on strong defence spend
submarine modules and technological financial value. anticipated in the US and Australia with
capabilities. growing global tensions
 Close relationships with AUKUS  Opportunity to grow this high margin
partners will deliver major security and segment as operational fleets grow and  Relationships in Australia and the US
economic benefits along with San Diego floating dock comes on-line are growing at a critical time for
Government support defence capability 13
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Guidance

Guidance for FY26 is above our previous record EBIT of $130m in FY22

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EBIT Guidance for FY26 is $135m

Key drivers include:

• Record order book

• Increased orders anticipated through the SSA

• Increased volume of work in Asia

With the US orderbook plus Government announcements in Australia, we are now in the execution phase of growth that will continue for years

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FY2025 Annual General Meeting
28 October 2025
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HOLDING SLIDE

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Resolution 1

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“That the Remuneration Report as set out in the Annual Report for the year ended 30 June 2025 be adopted.”
Eligible proxies received :
FOR AGAINST PROXY’S DISCRETION
264,932,689 1,880,253 632,214
99.06 0.70 0.24
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Resolution 2

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“That Mr Richard Gibb, having been appointed as a Director of the Company on a casual basis since the last
annual general meeting and who retires in accordance with Article 8.1(c) of the Company’s Constitution, and
being eligible, is elected as a Director of the Company.”
Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
Eligible proxies received :
245,728,333 21,119,604 609,787
91.88% 7.90% 0.23%
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Resolution 3

“That Ms Susan Murphy, having been appointed as a Director of the Company on a casual basis since the last annual general meeting and who retires in accordance with Article 8.1(c) of the Company’s Constitution, and being eligible, is elected as a Director of the Company.”

Eligible proxies received :

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FOR AGAINST PROXY’S DISCRETION
264,917,676 1,925,557 617,287
99.05% 0.72% 0.23%
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Resolution 4

“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 (Plan) and for the grant of indeterminate rights (Rights), and further issues of Shares on vesting and exercise of such Rights, on the terms set out in the Explanatory Materials.”

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Eligible proxies received :
FOR AGAINST PROXY’S DISCRETION
265,766,790 1,091,943 611,348
99.36% 0.41% 0.23%
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Resolution 5

“That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $38,930 worth of Share Rights to Mr Lee Goddard CSC on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.”

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Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
265,724,428 1,110,485 611,418
99.36% 0.42% 0.23%
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Resolution 6

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“That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders
approve the grant of up to $38,930 worth of Share Rights to Ms Kathryn Toohey AM CSC 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
Eligible proxies received:
265,757,730 1,110,335 612,883
99.36% 0.42% 0.23%
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Resolution 7

“That, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $38,930 worth of Share Rights to Mr Brent Cubis on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.”

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Eligible proxies received:
FOR AGAINST PROXY’S DISCRETION
265,751,046 1,098,326 626,223
99.36% 0.41% 0.23%
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Resolution 8

“That, subject to the approval of Resolution 2 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $38,930 worth of Share Rights to Mr Richard Gibb on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.”

Eligible proxies received:

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FOR AGAINST PROXY’S DISCRETION
265,783,094 1,090,292 605,944
99.37% 0.41% 0.23%
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Resolution 9

“That, subject to the approval of Resolution 3 above, pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to $38,930 worth of Share Rights to Ms Susan Murphy on the terms and conditions set out in the Explanatory Memorandum, and any issue of Shares pursuant to those Share Rights.”

Eligible proxies received:

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FOR AGAINST PROXY’S DISCRETION
265,783,581 1,092,927 615,424
99.36% 0.41% 0.23%
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Resolution 10

“That pursuant to and in accordance with ASX Listing Rule 10.14 and for all other purposes, Shareholders approve the grant of up to 245,661 LTI Rights under the Austal Limited Rights Plan for FY2026 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:

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FOR AGAINST PROXY’S DISCRETION
265,340,288 1,532,870 619,347
99.20% 0.57% 0.23%
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Resolution 11

“That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the prior issue of 52,631,579 Shares issued under Listing Rule 7.1, on the terms and conditions in the Explanatory Memorandum.”

Eligible proxies received:

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FOR AGAINST PROXY’S DISCRETION
234,817,669 2,486,571 288,000
98.83% 1.05% 0.12%
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~~2~~8 Glossary Landing Craft Utility LCU Auxiliary Floating Dock Module AFDM Large Unmanned Surface Vessel LUSV Cape Class Patrol Boat CCPB Module Manufacturing Facility #3 (for submarine modules) MMF3 Next Generation Guided Missile Destroyer DDG(X) Next Generation Logistics Ship NGLS Evolved Cape Class Patrol Boat ECCPB Optionally Crewed Surface Vessel OCSV Expeditionary Medical Ships, a special medical version of EPF EMS Offshore Patrol Cutter OPC Expeditionary Fast Transport Vertical Launch System EPF VLS Ghost Fleet Overlord Unmanned Surface Vessels OUSV Final Assembly Hall #2 (for completion of large steel vessels) FA2 Request for Equitable Adjustment REA Guardian Class Patrol Boat GCPB Navajo Class Towing and Salvage Ships T-ATS General Purpose Frigate GPF Discovery Class Ocean Surveillance Vessel T-AGOS Landing Craft-Heavy LC-H Landing Craft-Medium LC-M Littoral Combat Ship (Independence-variant) LCS

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Disclaimer

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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.

This presentation contains “forward-looking” statements in relation to the financial condition, operations and business of Austal which are based on Austal’s current expectations, assumptions and the information available to Austal at the date of this presentation. These forward-looking statements may include statements regarding targets, projections or estimates as to events that may occur in the future which rely upon the best judgement of Austal and should not be relied upon as an indication or guarantee of future performance of Austal. Such forward-looking statements are subject to known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Austal to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

In addition, certain matters included in Austal’s financial statements involve significant judgements and have forward looking elements. For example, the assessment of contract revenues in accordance with Austal’s accounting policies requires estimates of contract revenues, contract costs (and cost contingencies) and the current percentage of completion.

A summary of the key risks that may impact the business and such forward-looking statements is set out in Austal’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, recruitment and workforce restraints and material unexpected changes to Austal’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 affect the capitalization changes on earnings 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 awards; economic, business and regulatory conditions and other factors. Austal disclaims any duty to update forward looking statements to reflect new developments; more information on key enterprise risks can be found in the Company's annual report and corporate governance statement.

Accordingly, to the maximum extent permitted by applicable laws, Austal makes no representation and can give no assurance, guarantee or warranty, 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.

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Further Information
Paddy Gregg, Chief Executive Officer
Telephone: +61 8 9410 1111 ASX:ASB
www.austal.com
Company Timeline
1988 2011 2023 2025
Perth, Western Australia Balamban, Philippines Alabama, Mobile Australia
Commenced operations Commercial shipbuilding facility T-AGOS contract with total Approval of Austal as Australia’s
acquired options of US$3.2bn Strategic Shipbuilder
1999 2018 2024
Alabama, Mobile Vung Tau, Vietnam Alabama, Mobile
Austal’s first USA shipyard Commercial shipbuilding facility Austal USA award A$670m contract by General 30
established acquired Dynamics Electric Boat to expand production capacity
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