AUSTIN ENGINEERING LIMITED — Interim / Quarterly Report 2026

Feb 25, 2026

ASX ANNOUNCEMENT (ASX Code: ANG)

26 February 2026

Austin Half Year 2026 Results & Guidance Update

FY26 H1 Overview[1]

• Group revenue $170.3 million (FY25 H1: $175.5 million)

• EBITDA $8.0 million (FY25 H1: $21.5 million)

• EBIT $3.0 million (FY25 H1: $17.1 million)

• Reported NPAT $2.0 million (FY25 H1: $13.4 million)

• Operating cash flow $6.6 million, up $11 million from outflow of $4.4 million FY25 H1

• Free cash flow after financing costs and capital expenditure $3.1 million

• Net debt of $18.2 million (FY25: $12.8 million)

• Order book $111 million, impacted by delays in major tray orders (FY25: $147 million). Since 1 January 2026 order intake has been $51 million

• Interim fully franked dividend of 0.3 cents per share

• Full year 2026 guidance updated:

• FY26 revenue of $ 350+ million (from $370 million - $380 million)

• FY26 EBIT of $14 million - $16 million, excluding FX movement (from underlying $30 million - $34 million)

Austin Engineering Limited (ASX: ANG, ‘Austin’ or ‘the Company’) provides its results for the first half of Financial Year 2026 (FY26 H1).

Financial Results

Total Group revenue for the half was marginally down to $170.3 million (1H 25 $175.5 million) but excluding the prior year restatement was broadly in line, with the primary drivers being falls in APAC (-12%) and South America (-11%) offset by a rise in North America (+12%).

EBITDA of $8 million was down 63% and EBIT of $3 million was down 83% on the previous corresponding period. The reduction reflects a $4.1 million loss in Chile (inclusive of a $1.6 million onerous contract provision), margin compression in the US and Indonesia, offset by improved margins in Australia. Net profit after tax was $2 million.

Operating cash flow improved to $6.6 million, up $11 million from an outflow of $4.4 million in FY25 H1, driven primarily by working capital improvements.

Austin’s order book at the end of the period was $111 million, impacted by the timing of major tray orders, especially in the US. Since January 2026, the Group has secured $51 million of new orders.

Sy van Dyk, CEO and Managing Director, said: “Our first half performance was disappointing, with profitability impacted by operational inefficiencies in Chile, North America and Indonesia, the legacy OEM contract, and delayed timing of major tray orders.

1 All FY26 H1 numbers referenced throughout this ASX announcement are on a statutory continuing operations basis, except where stated otherwise. Comparisons are based on the prior corresponding period (pcp) and continuing operations.

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ASX ANNOUNCEMENT (ASX Code: ANG)

“These are operational issues under our control, unrelated to customer demand or market strength, and we are already seeing positive changes from our actions.

“We have taken decisive action across the Group. In Chile, new leadership, strengthened controls and production process improvements are restoring performance. The legacy OEM program is being completed and will only continue on improved commercial terms, currently under negotiations.

“In North America, our focus is on restoring operating leverage through productivity improvements, workforce capability development and increased automation, while reducing reliance on contractors and outsourced manufacturing.

“Customer engagement and broader market conditions remain supportive. Orders secured after period end, together with strong bucket demand in Australia, provide momentum into the second half as operational improvements take effect.

“Austin’s strategic fundamentals remain strong. Our global footprint, diversified commodity exposure and design-led solutions position us well to support customers seeking productivity and efficiency gains.

“Our priorities for the remainder of FY26 are clear: restore margins, improve cash generation and deliver consistent execution across our global operations. I remain confident in Austin’s strategy and long-term growth opportunity.”

Regional Analysis

Asia Pacific

The APAC division has continued its position as a cornerstone of profitability for the Group, notwithstanding some softening in revenue, down 12% to $70.6 million, representing ~41% of Group revenue. Tray sales decreased $20.3 million, due to timing of an order from a major Australian based customer and a softer East Coast market. A further additional $21 million of tray orders have been secured post period end.

Strong bucket demand delivered a $14 million uplift, with production increasing and the region entering the second half with a solid order book.

Improved bucket performance in Australia was partially offset by lower production and efficiency challenges in Indonesia. This included the impact of a major Indonesian customer deferring product into 2H26, and the Batam facility supporting production requirements under the Company’s large OEM contract in Chile. As a result, overall EBITDA and margins of the APAC business were lowered compared to the prior corresponding period.

The Indonesia business has been right-sized to align with current demand and is now focused on improving manufacturing efficiency and stability. With anticipated improvement in the second half, and strong momentum in Australia, Austin expects a return to both revenue and earnings growth for the APAC division.

North America

The US business continued its revenue growth trajectory, up 12% on the prior corresponding period (pcp) to $71.5 million and contributing 42% to Austin's total revenue.

The business unit has seen significant revenue growth over the last few years and has further expanded to meet demand, with a leased facility and upgrades to its main facility in Casper. Demand remains strong, although with the rapid growth, profitability has been adversely impacted by production inefficiencies, facility bottlenecks, and a higher reliance on contract labour to meet production requirements. Austin has also had to temporarily outsource some of its manufacturing to meet customer demand which negatively impacts margins.

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ASX ANNOUNCEMENT (ASX Code: ANG)

The business is focused on restoring operating leverage by improving workshop productivity, increasing production flow, and reducing dependency on external contractors. To support this, North America is investing heavily in workforce capability, including lean manufacturing training, an expanded welding school program, and new manufacturing technologies such as welding automation and advanced assembly jigs.

While order levels in the first half were lower than expected due to some timing delays, a stronger order cycle is expected in the second half. Underlying customer activity remains robust, and the region is positioned to benefit from improved efficiencies and increased in-house production capacity.

South America

Austin’s Chilean business saw revenue down 11% to $28.3 million, representing approximately 17% of Group revenue.

Revenue was affected by limiting production for a major OEM to 5 trays per month, restructuring operations in Chile, operational inefficiencies that reduced throughput and the prior year restatement.

The OEM contract continued to place pressure on the profitability of the business unit, and as a result, Austin suspended accepting any new orders under the contract. The existing OEM order will be completed in the current quarter, with negotiations underway to only extend the program under significantly improved pricing and commercial terms.

The region reported an EBITDA loss of $4.1 million for the half, driven by the OEM contract, operational inefficiencies, inventory adjustments and restructuring costs associated with headcount reductions.

Chile’s recovery is firmly underway with a new General Manager and refreshed leadership team having implemented a single shift operating model, exited or replaced underperforming contractors, strengthened production processes, and introduced tighter governance and controls. A return to revenue growth and profitability is expected in the second half.

Dividend

The Board has determined to declare a fully franked FY26 interim dividend of 0.3 cents per share. The interim dividend has a record date of 17 March 2026 and will be paid on 10 April 2026.

Outlook and Guidance

FY26 guidance has been updated to:

• FY26 revenue of $350+ million (from $370 million - $380 million)

• FY26 EBIT of $14 million - $16 million, excluding FX movement (from underlying $30 million - $34 million)

The increase in second half EBIT required for this guidance is expected to come from the actions we have implemented during the last 6 months in Chile, US and Indonesia and are continuing to work on. The actions include improving operational efficiencies, cost management, rightsizing the business, reducing reliance on sub-contracting and concluding an OEM loss-making contract or renegotiating the contract.

-ENDS-

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ASX ANNOUNCEMENT (ASX Code: ANG)

Contacts:

AUSTIN ENGINEERING LTD

Head Office | ABN 60 078 480 136 100 Chisholm Crescent, Kewdale WA 6105, Australia

Company Sy Van Dyk

Chief Executive Officer investorrelations@austineng.com.au

Media Shane Murphy +61 420 945 291 shane.murphy@fticonsulting.com

Announcement Authorisation

This announcement was authorised by the Board of Austin and is market sensitive.

About Austin Engineering

Austin is a global engineering company. For over 50 years, Austin has partnered with mining companies, contractors and original equipment manufacturers to create innovative engineering solutions that deliver productivity improvements to their operations.

Austin is a market leader in the design and manufacture of loading and hauling solutions, including offhighway dump truck bodies, buckets, water tanks and related attachments, supporting both open-cut and underground operations. Complementing its proprietary product range are repair and maintenance services performed in our workshops and on clients’ mine sites, and spare parts.

Through Austin’s own design and engineering IP and range of tailored products, it delivers solutions for all commodity applications and drives increased efficiencies in productivity and safety in both open cut and underground mining operations.

Austin’s products can create more sustainable mining operations by delivering the lowest cost per tonne to end user, reducing fuel usage per material carried.

The Company is headquartered in Perth and has operations around the world in Australia, US, Chile and Indonesia serving many of the major mining sites in the world both directly and through local partners.

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