COSOL LIMITED — Earnings Release 2024

Aug 20, 2024

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FY24 Full Year Results | 21 August 2024

Important notices & disclaimer

FORWARD-LOOKING STATEMENTS

This presentation may include forward-looking statements. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance‘, ‘forecast’ and similar expressions.

Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements.

Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of COSOL. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Actual results, performance, operations or achievements may vary materially from any forward-looking statements. Circumstances may change and the contents of this presentation may become outdated as a result. Readers are cautioned not to place undue reliance on forward looking statements and COSOL assumes no obligation to update such statements.

No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information contained in this presentation.

NON-IFRS FINANCIAL INFORMATION

This presentation uses non-IFRS financial information including EBITDA and EBIT which are used to measure both group and operational performance. Non-IFRS financial measures have not been subject to audit or review.

PAST PERFORMANCE

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

NOT FINANCIAL PRODUCT ADVICE OR OFFER OF SECURITIES

This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell COSOL shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law or any other law.

This presentation also does not form the basis of any contract or commitment to sell or apply for securities in COSOL or any of its subsidiaries. It is for information purposes only.

COSOL does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be suitable for your specific needs and should not be relied up on by you in substitution of you obtaining independent advice.

Subject to any terms implied by law and which cannot be excluded, COSOL accepts no responsibility for any loss, damage, cost or expense (whether direct, or indirect, consequential, exceptional or special damages including but not limited to loss of revenue, profits, time, goodwill, data, anticipated savings, opportunity, business reputation, future reputation, production or profit, any delay costs, economic loss or damage) incurred by you as a result of any error, omission or misrepresentation in this presentation.

PRESENTATION OF INFORMATION

All currency amounts in this presentation are in Australian dollars unless otherwise stated. Amounts in this document have been rounded and any differences between this document and COSOL's financial statements are due to rounding.

AUTHORISATION

This presentation is dated 21 August 2024 and was authorised for release by the Board of COSOL.

For more information, please contact: Ben Buckley, ir@cosol.global

COSOL Limited ABN 66 635 371 363

490 Adelaide Street, Brisbane QLD 4000

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FY24 Key Highlights

COSOL delivered over $101m revenue, reflecting year on year growth of 35.7% and maintained strong EBITDA[1] margin of 15.4%.

Highlights for FY24 included new managed services contract wins and ARR proprietary software growth while integrating two acquisitions to establish a market leading platform for future growth.

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Strong operating result :

• Group revenue of $101.9 million ( + 35.7% pcp )

• Underlying EBITDA[1] of $15.7 million ( + 33.0% pcp ),

• NPATA[2] of $9.6m ( +19.7% pcp )

• Underlying EPS[3] of 5.24c per share ( +2.9% pcp )

Strategic contract wins that endorse COSOL's strategy and underpin growth in FY25:

• Victorian Department of Transport & Planning – EAMaaS (IBM) implementation with Managed Services

• QBuild (Queensland Govt) – EAMaaS (Hitachi Ellipse) re-platforming with Managed Services

• Stanmore Resources – SAP Application Managed Services from July 2024

• CleanCo (Qld Govt Clean energy provider) – SAP Application Managed Services from July 2024

• Horizon Power (WA Govt) – Hitachi Ellipse Application Managed Services from July 2024

• Columbia University Irving Medical Center – EAMaaS (IBM) Managed Services from July 2024

Acquisitions of AssetOn Group and Core Asset Co solidified our platform:

• OnPlan ARR growth of more than 100% since acquisition with exit run rate of $2.4m

• Strong organic growth in Western Australian market leveraging WMS acquisition from 2023

• Core Asset Co extending into COSOL strategic planning and management consulting

Strong Balance Sheet:

• with net debt leverage 0.9 times underlying EBITDA

• providing significant capacity for continued acquisitions in FY25.

Positioning COSOL as the leader in the asset management digital transformation market

1. Group Underlying EBITDA margin excludes acquisition costs of $0.6m and $0.2m in FY24 and FY23, respectively. 2. NPATA is a non-statutory measure and is defined on slide 24.

2. Underlying EPS is a non-statutory measure and is defined on slide 24.

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FY24 Financial Highlights

Leverage Final Cash Net Debt Ratio Dividend $6.6M $13.7M 0.9 1.39c Full year 2.39c [[1 ]] NPATA[[2]] NPAT[2] EPS[2] $9.6m $9.0m 5.24 cents +27.8% +19.7% +2.9% pcp pcp pcp

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Group revenue EBITDA [1] EBITDA [[1 ]] NPATA [[2]]
$101.9m $15.7m margin $9.6m
+35.7% +33.0% 15.4% +27.8%
pcp pcp pcp
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1. Underlying EBITDA margin excludes $0.6m and $0.2m of acquisition costs in FY24 and FY23 respectively. 2. These are non-statutory measures which are defined on page 24.

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Strong momentum in H2 sets up FY25

Benefits of the investments in H1FY24 flowed through in H2:

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Second half momentum driven by the OneCOSOL operating model

• Margin enhancement through contribution of larger complex projects driven by the multi-disciplinary offerings available to clients.

• Despite the headwinds of exit of the Ok Tedi Managed Services contract, along with the closure of New Caledonian mine.

Margin expansion driven by a number of large multi-disciplinary projects during the half underpinned by the re-platforming of two strategic accounts.

New Stanmore Resources, Horizon Power and CleanCo managed services contracts won in H2 and commenced in July 2024.

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$%

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Strong momentum in Western Australian with wins across new clients

• Horizon Power (Hitachi Ellipse Managed Services)

• Covalent Lithium (SAP)

• MinRes (AM People)

• CP Mining (OnPlan)

• Built out from the WMS acquisition in FY23.

H2 EBITDA Underlying margin above 16%

• 2.8 points improvement on first half through disciplined pricing and consultant utilisation, this includes holding costs for the SAP team for the bridge between the end of the Ok Tedi contract and start of Stanmore Resources and CleanCo managed services migration.

Strong cash conversion of 87% for the H2

• Significant improvement on H1 performance.

Expanded bank facilities

• Enabling acquisitions and provide headroom flexibility for deferred consideration related to acquisitions.

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Acquisitions create platform for growth

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Work Management Solutions Western Australia beachhead

• Western Australia presence, providing footprint and customers to grow Data and Systems offerings.

• Entry into Maintenance Operations, providing a combination of Maintenance Professional Services and Strategic Advisory Services (AM People).

Recent acquisitions have accelerated our growth and position in operational maintenance and provided a footprint in the Western Australian market to grow out our full suite of offerings.

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• Initial AMaaS capability with Asset Validation App and Asset Management Learning Academy.

AssetOn Group

Digital Works Management and Master Data Services

• Market leading position Maintenance Professional Services (AM People) by providing an East Coast presence.

• SaaS Platform for Digital Works Management – OnPlan, nearly doubling in ARR since acquisition.

• Master Data Services centralised at scale, underpinning our AMaaS offering.

Multi-disciplinary practices now provide numerous go-to-market connections with customers from corporate/IT, C-Suite, asset strategy and site level relationships.

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• Despite not achieving EBITDA earn-out targets there is a strong pipeline and new contract conversion opportunities in FY25.

Core Asset Co

Strategic Consulting services

• Strategic Asset Management Planning and Consulting capability.

• Strengthens our market offering in the Operations and process space.

• C-Suite level service solutions.

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Continuing to deliver strong CAGR growth

Organic growth, plus strategic acquisitions accretive to earnings, with revenue synergies and IP delivering sustained growth. $13.3m of dividends[4] to shareholders since listing.

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Revenue ($m) EBITDA [1] ($m) NPATA [2] ($m) EPS [2] (cents)
44.8% CAGR 36.9% CAGR 33.9% CAGR 19.6% CAGR
101.9 15.7 9.6 5.24
5.09
7.5
75.1 11.8 4.01
5.5 3.06
8.4
48.2
4.0
6.1
33.6
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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1. Underlying EBITDA margin excludes $0.6m and $0.2m of acquisition costs in FY24 and FY23 respectively.

2. These are non-statutory measures which are defined on page 24.

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FY24 Financials

Earnings

Maintained strong EBITDA margin of 15.4% while growing revenue ~36%.

($’000)	FY24	FY23	YoY	YoY %
Revenue	101,933	75,102	26,831	35.7%
Gross Profit	34,245	26,810	(19,396)	40.2%
Gross Margin	33.6%	35.7%	(2.1 pp)	-
Underlying EBITDA	15,659	11,778	3,882	33.0%
Underlying EBITDA %	15.4%	15.7%	(0.3 pp)	-
Acquisition Costs	(625)	(176)	(449)	254.4%
Depreciation & Amortisation1	(716)	(477)	(239)	50%
Amortisation Intangibles	(905)	(39)	(866)	>100%
EBIT	13,413	11,085	2,328	21.0%
NPBT	12,028	10,169	1,858	18.3%
Tax	(3,508)	(2,183)	(1,325)	60%
NPAT	8,519	7,986	533	6.7%
NPATA2	9,606	7,516	2,089	27.8%
Effective Tax Rate	29.2%	21.5%	7.7 pp	-

• Revenue growth driven by increased Product &

• Acquisitions of AssetOn and Core Asset Co

• Focus on gross margin improvement in H2 with

• Disciplined approach to operating expenses

• Commencement of Systems Development

• Impact of changes in effective tax rate driving

• Amortisation of right-of-use assets.

• NPATA is a non-statutory measure and is defined on page 24.

FY24 Balance Sheet

Balance sheet

Strong financial position and low leverage enabling COSOL to continue acquisition approach that supports accelerated growth.

Balance Sheet ($’000)	30-Jun-24	31- Dec-23	30-Jun-23	Movement YoY
Cash	6,616	6,712	4,565	2,051
Other Current assets	23,473	24,466	25,161	(1,688)
Current Assets	30,089	31,179	29,725	363
Goodwill	69,249	65,095	43,402	25,847
Other non-current assets	13,216	10,707	5,730	7,486
Total Assets	112,554	106,981	78,857	33,697
Trade payables, deferred revenue and other current liabilities	17,661	22,600	21,282	(3,620)
Bank Loans	4,200	3,200	2,000	2,200
Current liabilities	21,861	25,800	23,282	(1,420)
Bank Loans (NC)	14,450	15,100	10,633	3,817
Other liabilities	6,868	2,549	2,284	4,585
Total Liabilities	43,180	43,449	36,198	6,982
Net Assets	69,374	63,531	42,659	26,715

• Total available facility of $27.2m

• Approximately $8.3m available borrowing

• Significant headroom under existing

FY24 Cashflow and Metrics

Cash flow

Cash conversion improved in H2FY24 driving a full year position of 76.2%, a 3.7 point improvement on FY23. Focus on reducing our working capital investment through the cycle.

Cashflow ($’000)	FY 24	FY 23	YoY	YoY %
Receipts from customers	114,019	74,705	39,314	52.6%
Payment to suppliers	(102,553)	(66,283)	(36,270)	(54.7)
Cash from operations excl. Tax and other cash flows	11,466	8,422	3,044	36.1%
Cash conversion	76.2%	72.5%	+3.7 points	-

• Cash conversion significantly improved in

• Net debt position of $13.7m, reflecting the

• Improved current ratio reflecting improved

Balance Sheet Metrics

($’000)	30-Jun-24	30-Jun-23	Movement
Net debt	13,734	9,943	3,441
Net debt to Underlying EBITDA	0.88	0.86	0.02
Debt:Equity	0.62	0.85	(0.23)
Gearing Ratio	0.29	0.34	(0.05)
Current Ratio	1.38	1.28	0.10

• Total available facility of $27.2m

• Approximately $8.3m available borrowing

• Significant headroom under existing

FY25 Strategic Growth Plan

COSOL is positioned for continued strong growth with a market leading position within the Asset Management space.

Continued expansion of Managed Services and ARR software revenue provide a robust platform.

Continued strategic acquisitions to accelerate growth opportunities in key capabilities and markets.

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Expanded customer engagement for AMaaS capabilities

Customer acquisition through market leading position

Strategic acquisitions

Growth in ARR and next generation productivity tools

• Utilise our Asset Management professional services customer base to pull through higher margin product (IP) and service portfolio.

• Grow revenue on our FY24 managed service contract wins.

• Expand our Master Data Services through recurring contracts aligned with our OnPlan product.

• Leverage our dominant market position with Hitachi to drive new customers.

• Position our EAMaaS IP to acquire net new customers from our competitor base in IBM.

• Utilising proprietary software RPConnect and data transformation expertise to support the SAP to cloud transition.

• Building on our existing capabilities to drive scale across the systems and data business units.

• The acquisition of next generational productivity tools remain a key to unlocking benefits for our client base.

• Organic growth through the continued penetration of OnPlan software in the market.

• Utilisation of AI features within our existing IP suite to further enhance productivity.

• Establish additional go to market channels for our software solutions.

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COSOL’s acquisitions focused on accelerating growth

COSOL will continue to pursue accretive acquisitions that accelerate our growth. Our focus is on proprietary IP, recurring revenue streams and geographies that provide the greatest revenue synergies.

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DRIVING SCALE DRIVING VALUE
LEGEND:
Organic Growth OFFERINGS
FY24 Acquisitions
AM PEOPLE AM PROCESS AM SYSTEMS AM DATA
Investment + Acquisition
Priority Acquisition Operational Learning Advisory Management SAP Hitachi IBM Data Data Legacy
Resources & Coaching Consulting Management Migration Vault
APAC AssetOn Core Asset Co
AMERICAS
NEXT-GEN PRODUCTIVITY > OnPlan Automation, Optimisation, Artificial Intelligence, Machine Learning, Industrial Mathematics, Tools
OUR MARKETS
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Platform set to deliver strong revenue growth

OneCOSOL has set the platform for growth in both revenue and improved margins on the back of strong momentum coming out of H2FY24.

		18.5%
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0	22.6 25.7 34.7 40.4 49.1 52.9 0 5 10 15 20 25 30 16.8% H1 FY22 18.1% H2 FY22 14.8% H1 FY23 16.5% H2 FY23 14.1% H1 FY24 16.5% H2 FY24 CAGR

H2 momentum setting up for FY25 growth

• Revenue growth driven by key transformation work on DTP and QBuild in preparation of their Managed Services commencing in FY25 and continuation of ongoing projects.

• Strong growth in margins in H2 in line with H2FY23, offsetting the margin dilution of the AssetOn acquisition (circa 60 basis points).

• Growing pipeline of digital transformation opportunities.

• H1FY25 positively impacted by the annualisation of AssetOn and Core Asset Co acquisitions.

• Continued growth in the WA market.

• Growing pipeline of opportunities to support the transition of EAM systems to the cloud.

• Half to half seasonality is anticipated to continue in FY25 with H1 revenue around 45% of full year performance.

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CO MPA NY OV ERV IEW

Opportunity Overview

COSOL is a global provider of end-to-end Asset Management solutions, enabled by our proprietary IP, delivering improved asset performance for our customers.

COSOL Snapshot

• ASX listed, Australian-based provider of proprietary software, systems and services to owners of heavy asset networks in the mining, utilities, public infrastructure and government sectors.

• Experts in utilising and managing data to drive cost efficiencies and optimise return on capital for asset owners.

• 122 clients across all continents, 380 employees located in 3 Australian cities (Brisbane, Perth and Sydney) and Denver, USA.

• COSOL leverages best in class software and systems, including SAP, IBM Maximo and Hitachi Ellipse in combination with its own proprietary software and systems.

• Advanced in executing a defined growth strategy (including acquisitions) to expand deeper into clients' businesses and asset network management.

• Strong FY24 with revenue of A$102m and underlying EBITDA of A$15.7m and expected double-digit growth for FY25 and FY26.

Key Financials[1]

Enterprise Value

($m) 20-Aug-24 Share Price ($) 1.14 Shares on Issue (m) 177.5 Market Value $202.3m Net Debt $13.7m Enterprise Value $188.6m	($m) FY21 FY22 FY23 FY24 CAGR
	Revenue 33.6 48.2 75.1 101.9 44.8%
	Annual Growth 43.5% 55.8% 35.7%
	EBITDA 6.1 8.4 11.8 15.7 36.9%
	Margin 18.2% 17.4% 15.7% 15.4%
	NPATA 4.0 5.5 75 9.6 33.9%
	EPS (cents) 3.06 4.01 5.00 5.24 19.6%

1. Key financials table includes non-statutory measures that are defined on page 24.

Share Price Performance

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1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Share Price $AUD
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 May 24 Jul 24
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Ownership Structure[2]

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24.7% Non Executive Directors
31.2%
Top 10 Institutional Fund Managers
Employees
11.3% Vendors
Other
10.9% 22.0%
2. As at 30 June 2024
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Investment Highlights

COSOL is an established leader in the asset management market, with consistent year on year revenue and EBITDA growth delivering significant returns for shareholders.

1

Strong track record of revenue and EBITDA growth (CAGRS of 72% and 65% respectively) since 2020 IPO delivered through a combination of organic growth and strategic acquisitions.

2

Strong growth trajectory with a large global customer base to expand into, an established position in North America, a highly active, disciplined approach to M&A in a sector with a large TAM and positive tailwinds.

3

Proprietary software, solutions and business consulting underpin a technology-led capability that creates strong competitive advantage, allowing COSOL to maintain higher margins and deliver end-to-end Asset Management software, services and solutions.

4

Entrenched blue-chip customer base in nationally critical infrastructure sectors, with high % of renewals and a strong pipeline for growth into FY25 and FY26.

+60% recurring and repeatable revenue profile and growing income streams through proprietary SaaS and IP offerings and a fast-growing managed services segment.

Highly experienced Board and Management team with a proven track record in the industry, committed to highly profitable growth and fully aligned to maximising investor returns.

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COSOL’s unique end-to-end Asset Management (AM) solutions

The combination of people, process, systems and data software and solution allows clients to accelerate their digital transformation journey to generate efficiencies from their physical assets.

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1
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2 AM Process

AM People

• Industry best practices. Management

• consulting and business improvement.

• Operational resourcing and tailored coaching and development programs.

• Asset Management Strategy & Standards

• Operational Resourcing

• Coaching and Development

• •

• Change Management Asset Lifecycle Management

• • • Training Operational Readiness

• • • Asset Management Learning Maintenance Management • Work Execution Process • Planning and Scheduling • Procurement & Contract Management • Inventory Management

3 AM Systems

• Best-of-breed technologies, automations and system improvement.

• EAM & ERP Systems (Upgrades, Implementations & Optimisation)

• • Mapping and Visualisation

• Mobility Solutions

• • Engineering Drawing Documents • Enterprise Integration • Advanced Maintenance Solutions • Sustainable Asset Management • Logistics Optimisation

4 AM Data The digital representation of physical assets and materials to deliver data driven decision making..

• Data Acquisition

• • Data Analysis • Data Integration • Data Optimisation • Data Management • Data Migration • Data Visualisation including Building Information Modelling and Digital Twin

Our Proprietary IP Software:

Asset Management Learning Academy

OnPlan Digital Work Management Work Stream Manager

EAMaaS (IBM Maximo) RPConnect (Hitachi Ellipse)

Our Asset Management as a Service (AMaaS) spans all areas of asset management supported by our Proprietary Software Solutions

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SYSTEMS PARTNERS:

Strategic M&A has delivered new capabilities for growth Disciplined M&A based on firm strategic rationale has launched COSOL into new market segments and geographies, creating a unique end-to-end technology enabled asset management business.

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US Hitachi Managed Services

APAC IBM Managed Services

East Coast Professional Services

WA Professional Services

Asset Management Consulting

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COSOL Limited
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Acquired AddOns, Inc

Acquired Clarita Solutions

Acquired AssetOn Group

Acquired Core Asset Co.

COSOL Limited Acquired AddOns, Inc Acquired Clarita Solutions Acquired Work Management Acquired AssetOn Group Solutions Established with the A USA managed services IT and An Australian digital solutions An Australian-based software and express purpose of professional services organisation company with specialist skills in An Australian asset management services provider of asset management acquiring COSOL Australia with a portfolio of proprietary digital EAM platform – IBM Maximo consultancy helping asset intensive solutions to mining, utilities, energy and and listing on the ASX. IP and 90% of Hitachi Ellipse clients (leader in the Gartner magic organisations achieve economical and rail sectors. Includes OnPlan Digital in the USA quadrant for EAM platforms). sustainable improvements. Work Management software. DE C 2019 OCT 2020 NOV 202 1 JULY 2022 S EP T 2 023 AP RIL 2024 P EO PL E P R OC E SS S YS T EM S D A T A I P S OL U T I O N S

C A P A B I L I T Y

An Australia-based asset performance advisory firm that provides data-driven insights and solutions to improve performance of clients' asset networks and ROI.

A C Q U I R E D

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Serving clients in critical industries and national infrastructure COSOL works with a blue-chip client base on their digital transformation which allows them to improve asset performance, reduce costs and deliver superior return on capital.

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SECTOR ASIA-PACIFIC REGION: THE AMERICAS REGION:
NATURAL
RE SOURCES
ENERGY
& WATER
P UBLI C
INFRAS TRUCTURE
GOV ERNM ENT
& DEFENCE
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Customer Showcase

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PUBLIC INFRASTRUCTURE

• Large government agency in one of the States of Australia.

• Victoria’s key agency for planning, building, operating and maintaining transport and planning.

• Employ more than 7,000 staff in Victoria.

GOVERNMENT

• Queensland Government’s builder that plays a vital part of the state’s $50 billion building and construction industry.

• Employs 235,000 people in Queensland’s.

• Includes 20 offices and 35 depots across the state to service construction and maintenance services to remote and regional communities.

CONTRACTED SOLUTION: Contract won Q3 FY24

• Delivery of asset management services to build a digital engineering. capability to enable ongoing management of digital data associated with Big Build Projects.

• 3-year contract with follow on Managed Services contract.

• Delivery of IBM Maximo EAM platform under Enterprise Asset Management as a Service (EAMaaS).

CONTRACTED SOLUTION: Contract won Q3 FY24

• Re-platforming and re-hosting of QBuild’s Hitachi Ellipse Enterprise Asset Management system in two Queensland data centre locations.

• 5 Year Managed Services agreement.

• Transitioning QBuild’s Hitachi Ellipse ERP to a supported, sustainable platform to support the ongoing needs of the Queensland public.

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Customer Showcase

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INFRASTRUCTURE

• Columba University Irving Medical Center (CUIMC) is a clinical, research, and educational enterprise located in New York.

• Is the home of four professional colleges

• Founded in 1767 and now has a community of 13,000 faculty and staff

NATURAL RESOURCES

• Roy Hill is world-class mining operation in Western Australia

• Currently delivers 60 million tonnes per annum of iron ore to international markets

• Employees 2,800 people

CONTRACTED SOLUTION: Contract won Q4 FY24

• Delivery of Enterprise Asset Management as a Service (EAMaaS) solution powered by IBM Maximo Application Suite.

• Expanded engagement to include provision of managed support, licensing optimisation services and hosting for the client's EAM platform, and continuous improvement initiatives.

CONTRACTED SOLUTION:

• Core Asset Co was selected to help Roy Hill achieve significant rail asset performance improvements and material savings.

• The 2024 project focused on increasing reliability, reducing business risk and decreasing capital expenditure for the rail network.

• Delivered projected reduction in total cost of ownership over the life of the mine of $195 million (net present cost).

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www.cosol.global

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A PP END ICE S

Underlying to Statutory Reconciliation

Definitions and calculations of presentation

1. Underlying EBITDA is statutory earnings before interest, tax, depreciation and amortisation, as well as business acquisition and integration costs.

3. Underlying NPAT is statutory net profit after tax (NPAT) before business acquisition costs and a one-off tax adjustment related to prior periods (FY23).

($’000)	FY24	FY23	YoY	YoY %
Underlying EBITDA1	15,659	11,778	3,882	33.0%
Acquisition Costs	(625)	(176)	(449)	>100%
Statutory EBITDA	15,035	11,601	3,443	29.6%

2. Underlying NPATA is statutory net profit after tax (NPAT) before amortisation of acquired intellectual property, business acquisition and integration costs as well as one-off tax adjustment related to prior periods (FY23).

($’000)	FY24	FY23	YoY	YoY %
Underlying NPAT3	8,963	7,489	1,475	19.7%
Acquisition Costs (After tax)	(444)	(125)	(318)	>100%
Prior Period Tax Adjustment	-	623	(623)	100%
Profit after income tax expense
for the year attributable	8,519	7,986	533	6.7%
to the owners of COSOL Limited

($’000)	FY24	FY23	YoY	YoY %
Underlying NPATA2	9,606	7,516	2,089	27.8%
Acquisition Costs (After tax)	(444)	(125)	(318)	>100%
Amortisation Intangibles (After tax)	(643)	(28)	(615)	>100%
Prior Period Tax Adjustment	-	623	(623)	100%
Profit after income tax expense
for the year attributable	8,519	7,986	533	6.7%
to the owners of COSOL Limited

4. Underlying EPS is underlying NPAT divided by weighted average shares on issue.

($ Cents)	FY24	FY23	YoY	YoY %
Underlying EPS3	5.24	5.09	0.15	2.9%
Acquisition Costs (After tax)	(0.26)	( 0.08)	(0.18)	>100%
Prior Period Tax Adjustment	-	0.42	0.42	100%
Basic EPS	4.98	5.43	(0.45)	(8.3%)

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Revenue by segment

Revenue in FY24 more heavily weighted to professional services and natural resources revenue due to the acquisitions of AssetOn and CoreAsset. The customer base of these businesses is anticipated to generate opportunities for our Managed Services and Product service lines going forward.

Revenue by Service

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23.6%
54.1%
22.3%
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Product & Advisory & Product-Led Professional Services Services[1]

Managed Services

Revenue by Sector

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12.0%
13.0%
54.0%
15.0%
6.0%
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Public Utilities Natural Government Other Infrastructure Resources & Defence

Revenue by Service

• Advisory and Professional Services revenue (Gross Margin 24%) represents revenue where we are engaged by clients based on our industry expertise and knowledge. This margin is lower than our other services due to the more competitive nature of the work. This revenue provides a platform for the growth of AMaaS.

• Product & Product-led Services revenue (Gross Margin 38%) through licensing our unique IP suite and consulting revenue where the projects have been sourced due to our unique offering. This includes the transformation work for Victorian DTP and QBuild prior to the commencement of managed services.

• Managed Services revenue (Gross Margin 51%) from the provision of managed support, hosting services and other services for the clients. Generally, covered by multi-year contracts and minimum spend commitments. Revenue decreased 8% over FY23 due to cessation of Ok Tedi deal (c.$2m YoY). A number of managed services contracted in FY24 will contribute in FY25.

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25
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