DURATEC LIMITED — Investor Presentation 2021

Aug 29, 2021

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DURATEC LIMITED FY21 RESULTS PRESENTATION 27 AUGUST 2021

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Important notice and disclaimer

This presentation has been prepared by Duratec Limited (ACN 141 614 075) ("Duratec", "Duratec Group" and the "Company"). The information contained in this presentation is for information purposes only.

TThe information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Duratec has not considered the objectives, financial position or needs of any particular recipient. Duratec strongly suggests that investors consult a financial advisor prior to making an investment decision.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Duratec, their respective related bodies corporates, shareholders, directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability for any loss arising from the use of information contained in this presentation or otherwise arising in connection with this presentation.

This presentation may include "forward looking statements". Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Duratec and their respective officers, employees, agents or associates that may cause actual results to differ materially fromtheThis presentation is to be read assumptionsthose expressed oron which those statementsimplied in such statement. Actualare based. Duratec assumesresults, performance orno obligation to updateachievements may vary materially fromsuch information. Recipients of thisany projections and forward lookingpresentation are strongly cautionedstatements andnot to place unduein conjunction with the Duratec reliance on forward-looking statements, particularly in light of uncertainty and disruption caused by any outbreak of COVID-19.

ThisLimited half year statutpresentation is not, and does not c o nstitute,ry an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. financial statements.

The distribution of the presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of Duratec have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act] or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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FY21 Financial Results - 27 August 2021

Duratec Overview

Leading Australian engineering, construction and remediation contractor

• Industry leader with specialist technical expertise

• Leading contractor to the Defence sector, on 37 bases nationally, a key strategic growth driver

• Also active in Buildings & Facades, Mining & Industrial, Power & Energy, Marine, Transport and Water infrastructure

• National presence with local teams

• Tier 1 client base

• ASX IPO November 2020

• Strong long term growth prospects

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1621 725 17
Projects in Employees Office
FY21 locations
nationally
Duratec locations
DDR locations
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DDR

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FY21 Financial Results - 27 August 2021

FY21 Summary

Challenging year – poised for strong FY22

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Challenging Year

• COVID-19 created logistical challenges in delivering projects and delayed contract awards, especially Defence and Buildings & Façades

• Government stimulus spending increased, but typically smaller contract awards

• Duratec demonstrated resilience, performing without any JobKeeper assistance. State based teams successfully navigated challenges

• Grown to 725 employees (including DDR) and expanded geographic footprint

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Gross Margin of 19.4% consistent with PCP

• Overheads and business capabilities maintained throughout the period to support growth, providing operational leverage, but impacting operating profit

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Strong balance sheet

• $41.2m in cash and low debt levels

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Dividend

• First post IPO dividend of 1.5 CPS, fully franked, within the 30% to 50% after tax policy

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Outlook

• Historically high work on hand and tendered works position, underpins strong growth prospects going forward

• Strong long-term outlook, short-term challenges as COVID-19 creates uncertainty with ongoing lockdowns

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FY21 Financial Results - 27 August 2021

Corporate Snapshot

National leader with experienced board and management

Capital Structure

Share Price and Volume since IPO

Capital Structure
ASX Code	DUR
Shares on issue Share price as at 24 August 2021 Market capitalisation as at 24 August 2021 Net Cash as at 30 June 20211	237.4m 44.0c $104.5m $27.8m
Enterprise Value as at 24 August 2021	$76.7m

Board and Senior Management

Martin Brydon	Chairman
Phil Harcourt	Managing Director
Chris Oates	Executive Director
Gavin Miller	Non-Executive Director
Dennis Wilkins	Company Secretary

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0.7 9,000,000
0.6 8,000,000
7,000,000
0.5
6,000,000
0.4 5,000,000
0.3 4,000,000
3,000,000
0.2
2,000,000
0.1
1,000,000
0 0
Volume Close
Last Price ($)
Volume (M shares)
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Substantial Shareholders

Jim Giumelli and related entities including Ertech (19.9%)	22.3%
Directors and senior management	35.5%

Note 1 : Comprises cash less lease and interest bearing liabilities

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FY21 Financial Results - 27 August 2021

Financial Results

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FY21 Financial Highlights

Resilient result in a challenging year

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EPS
EBITDA [1] NPAT [1] 3.10 cents per share
Revenue [2]
$18.8m $8.6m Dividend
$235.7m
1.50 cents per share
Margin 8.0% Margin 3.7%
fully franked
Post IPO dividend
Order Book Tendered Strong Pipeline [3]
Cash
$236.2m $657.2m $2.2b
$41.2m up from $145.0m at 31 up from $392.0m at 31 up from $1.03b at 31 July
July 2020 July 2020 2020
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Note 1 : Prepared on a normalised basis which exclude one-off IPO costs and Fortec contribution – refer Appendix 1 for calculations Note 2 : Revenue excludes DDR (49% share). Revenue inclusive of DDR (49% share) is $260.5m Note 3 : Pipeline includes 49% share of DDR of $148.4m

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FY21 Financial Results - 27 August 2021

FY21 Financial Result

Resilient result in a challenging year

Satisfactory performance in FY21

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Lower revenue due to:

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• Delays in contract awards, particularly in Defence and Buildings & Facades partially offset by strong Mining & Industrial sectors; and

• COVID-19 related project productivity impacts

• 30.0% increased contribution from DDR investment

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Normalised margins (EBITDA and NPAT) down on PCP due to lower sales and COVID-19 related delays, though partly offset by increased contribution from DDR

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Dividend – within policy range of 30% to 50% of after tax earnings

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Strong balance sheet with $41.2m cash and continuing low debt levels (net cash $27.8m)

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Statutory reported result includes pre-tax IPO costs of $2.5m expensed and DDR equity accounted earnings inc. $1.5m dividend

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		FY21	FY20	Variance
	Revenue	$235.7m	$247.3m	(4.7%)
	Reported EBITDA	$15.9m	$22.4m	(28.8%)
	Normalised EBITDA1	$18.8m	$22.0m	(14.3%)
	Statutory NPAT	$7.1m	$13.0m	(45.2%)
	Normalised NPAT1	$8.6m	$12.2m	(29.4%)
	Key operating metrics
	Reported EBITDA margin	6.8%	9.1%	(25.3%)
	Normalised EBITDA margin1	8.0%	8.9%	(10.1%)
	Statutory NPAT margin	3.0%	5.3%	(42.5%)
	Normalised NPAT margin1	3.7%	5.0%	(25.9%)
	Earnings per share (diluted) - cents	3.1
	Dividends per share2 - cents	1.5

Note 1 : Prepared on a normalised basis which exclude one-off IPO costs and Fortec contribution – refer Appendix 1 for calculations. Note 2: Dividend relates to the period from 4 November 2020 – Post IPO

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FY21 Financial Results - 27 August 2021

Revenue by Region and Operating Segment[1] Maintained business diversification

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FY21 down 4.7% compared to PCP (but 17.6% increase over FY19) Average gross margin 19.4%, consistent with PCP

Key drivers for change

Western Region[1]

• Slower than expected award and commencement of landmark Central Park façade project

• Increased resources activity - Hamersley Iron structural remediation works, Dampier Salt and DEJV (now close to completion)

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247.3
235.7
200.4
119.9
112.8
67.2
126.3
45.2
133.2 127.3 122.9
81.1
FY18 FY19 FY20 FY21
Western Region Eastern Region
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Eastern Region[1]

• NSW and Vic down largely due to COVID-19 related operating inefficiencies

• SA up due to major port remediation project

• ACT up $11.0m on PCP on major water infrastructure refurbishment projects

Positive FY22 outlook based on work on hand and pipeline

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$247.3
$235.7
$200.4 $48.4
$44.1
$30.2 $25.6
$39.9
$13.3
$126.3 $40.5
$35.7
$52.9
$34.6
$29.8
$121.2 $132.8
$22.0 $98.8
$39.9
FY18 FY19 FY20 FY21
Defence Mining & Industrial Buildings & Facades Other
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Note 1: Western region means Western Australia and Northern Territory. Eastern region means South Australia, New South Wales, Victoria, Queensland, Australian Capital Territory and Tasmania.

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FY21 Financial Results - 27 August 2021

DDR Australia Pty Ltd (DDR)

Significant contributor in FY21

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Equity accounted investment owned by: Duratec (49%) and Dundee Rock (51%)

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Provides meaningful work and training opportunities to Aboriginal and Torres Straits people

Delivered $45.9m in Supply Nation Certified project works in FY21

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Spent $8.3m with Supply Nation Certified suppliers

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Dedicated leadership team strengthened by additional key appointments

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Diverse workforce with 43% Aboriginal staff and 38% women

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Increased focus on project pipeline forecasts and diversification of services and industry sectors over the past 6 months

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Safety and quality focus

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Zero TRIFR

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DDR Revenue ($m) (100% of business)

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$50.7
$33.4
$10.0
FY19 FY20 FY21
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FY21 Highlights

• Strong FY21 performance with NPAT increasing 30% delivering $1.5m dividend to Duratec

• Current Work on Hand of $31.0m and $302.8m of Identified Opportunities

• Outlook remains very positive, expectation of sustained financial performance

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FY21 Financial Results - 27 August 2021

Operational Highlights

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FY21 Operational Highlights

Strengthened the platform for growth

Zero lost time injuries and continued investment to foster a culture of ZERO HARM Safe & Sustainable Operations Solid financial result in challenging conditions

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No JobKeeper assistance received

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Key market segments remain very active, strong Mining result in line with sector activity though some delays in Defence and Buildings & Facades

High performance and activity Engaged in over 1,621 projects (including 119 DDR) and performed well despite COVID-19 levels challenges

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Equity accounted DDR investment performed strongly

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Key industry needs continue to underpin growth strategy

Grown to 725 employees including DDR, positioned for further growth Platform for growth Expanded geographic footprint in the Eastern states

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Executive Manager Deane Diprose relocated from WA to Eastern States to support growth Strategic investment in assets to capitalise on niche marine structure remediation and mining works

Maintained operational leverage by retaining the right people and capabilities throughout FY21, in readiness for FY22 growth and beyond

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FY21 Financial Results - 27 August 2021

FY21 Projects Delivery

Key sector and project overview

Core Service Offerings

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FY21 Projects

Defence

RAAF Base Richmond works, Fisherman's Bend building refurbishment, Gallipoli Barracks fuel installation works, HMAS Stirling works, Oakey fire safety, RAAF Pearce building & electrical, RAAF Williamstown building & civil, RAAF Point Cook building works, ACT Cadets Accommodation Refurbishment.

Buildings & Facades

108 St Georges Terrace Facade Spandrel replacement, Chermside Medical Complex and Central Park Facade refurbishment.

Mining & Industrial

Boddington blast & paint services, Yandi structural works, Yara fertiliser plant maintenance and MIM concrete repairs.

Power & Energy

Mt Piper Power Station.

Marine Infrastructure

Bunbury Port fender replacement, Fremantle Port wall remedial works and Flinders Ports remediation works.

Specialist technical

services

Transport Infrastructure

Cockle Creek Bridge refurbishment and Dunbogan bridge rehabilitation.

Water Infrastructure

Roof replacement for Power and Water Corporations, Mugga Reservoir roof replacement and repair and Gold Coast Desalination corrosion mitigation.

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FY21 Financial Results - 27 August 2021

HSECQ Overview

Working towards ZERO HARM

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No Lost Time Injury (LTI) recorded in FY21

Established Safety Culture Committee to escalate and address issues across the business Mental Health First Aid Training implemented to better equip team leaders

Federal Safety Accreditation

Implementation of new systems

Updated Critical Control System – a risk focused approach to processes critical to health and safety issues Renewed focus on reducing low severity hand injuries

Period	LTIFR	TRIFR	AIFR	Hours Worked
FY18	0.98	11.70	70.30	1,023,684
FY19	0.71	3.55	46.22	1,406,142
FY20	0.00	6.33	49.59	1,895,400
FY21	0.00	6.07	55.76	1,811,255

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FY21 Financial Results - 27 August 2021

Operational Outlook

Strong activity across key sectors

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Defence

• Sustainment spending forecast to more than double over the next decade

Mining & Industrial

• Teams well positioned nationally to meet increasing demand for remediation and life extension of ageing infrastructure

• Clients increasingly focused on infrastructure integrity which is critical to their processes and production output

Buildings & Facades

• Good momentum with increasing demand for Duratec’s Technical Team and ECI in projects

• Flammable cladding replacement programs continue to gain momentum nationally

Other infrastructure

• Increased activity in energy, water & wastewater, & transport ports infrastructure

DDR

• Outlook supported by government and corporate IPP initiatives

People

• Grown employee base to capitalise on and execute growth opportunities

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FY21 Financial Results - 27 August 2021

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Outlook
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Orderbook and Pipeline

Diversified across industry sector and geographies and growing

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Orderbook [1,3] Tendered [2]
10%
7%
31% 32%
$236.2m
47%
Excluding MSA’s of $657.2m
circa $40m pa
36%
19% 18%
 from $145.0m at 31 July 2020  from $392.0m at 31 July 2020
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Note 1: Order book reflects Work in Hand as at 16 August 2021 and includes 50% of DEJV and 49% of DDR Note 2: Identified and Tendered Opportunities include 50% of DEJV and 49% of DDR Note 3 : Master Service Agreements (MSA’s)

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Identified Opportunities [2]
15%
15%
49%
$2.2b
21%
 from $1.03b at 31 July 2020
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FY21 Financial Results - 27 August 2021

Positive Business Outlook

Well positioned for growth in FY22

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Key macro themes and demand drivers that support Duratec’s organic growth continue:

• Strong commodity prices and high volumes underpin increased resource sector investment

• Government infrastructure stimulus spending, including Defence nationally

• Asset owners remain focused on asset maintenance, remediation and refurbishment

People

• Employee engagement, development of staff, focus on graduates to join and develop with Duratec

• Historically high work on hand and pipeline

Robust balance sheet and operational capability to support growth strategy and operational leverage

Well diversified to further capitalise on identified opportunities

Continued focus on safety, systems and disciplined tendering (based on ECI) Continued low capital expenditure model

COVID-19 challenges remain

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FY21 Financial Results - 27 August 2021

APPENDICES & CASE STUDIES

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Appendix 1 - Financial Information Reconciliation

Reconciliation of Statutory Reported results to Normalised results

Reported EBITDA Reconciliation ($'000)	FY2021	FY2020
Profit before income tax 10,032 17,960
Depreciation & amortisation 5,236 3,834
Financing costs 659 587
Reported EBITDA	15,927	22,381	(28.84%)

Normalised EBITDA – Reconciliation ($’000)	FY2021	FY2020
Reported EBITDA 15,927 22,381
IPO Costs expensed 2,472 717
DDR tax effect 737 601
Fortec - other income - (240)
Fortec - share of earnings (149) (520)
Fortec - shared services charges - (259)
Gain on disposal of Fortec (151) -
Administration - bad debts - (97)
Administration expense - listed company costs - (750)
Employee benefits expense 153
Normalised EBITDA	18,836	21,986	(14.33%)
Reported EBIT - Reconciliation ($’000)	FY2021	FY2020
Profit before income tax 10,032 17,960
Financing costs 659 587
Reported EBIT	10,691	18,547	(42.36%)

Normalised EBIT – Reconciliation ($’000)	FY2021	FY2020
Reported EBIT 10,691 18,547
IPO Costs expensed 2,472 717
DDR tax effect 737 601
Fortec - other income - (240)
Fortec - share of earnings (149) (520)
Fortec - Shared Services Charges - (259)
Gain on disposal of Fortec (151) -
Admin - bad debts - (97)
Administration expense - listed company costs - (750)
Employee benefits expense - 153
Normalised EBIT	13,600	18,152	(25.08%)

Normalised NPAT– Reconciliation ($’000)	FY2021	FY2020
Reported NPAT 7,131 13,011 (45.19%)
IPO Costs expensed 2,472 717
Tax effect of IPO costs (742) -
Fortec - Other income - (240)
Fortec - Share of earnings (149) (520)
Fortec - Shared Services Charges - (259)
Gain on disposal of Fortec (151) -
Tax effect of disposal of Fortec 83 -
Administration expense - bad debts - (97)
Administration expense - Listed company costs - (750)
Employee benefits expense - 153
Net tax effect of 2020 normalisation adjustments 227
Normalised NPAT	8,644	12,242	(29.39%)

Fortec – refers to Fortec Australia Pty Ltd, a former 40% owned Associate entity, that was disposed of 31 August 2020 by way of in specie dividend to the Company’s then shareholders

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FY21 Financial Results - 27 August 2021

Case Studies

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Department of Defence - HMAS Stirling Armament Wharf Extension

Marine Construction

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Scope

• Stage 1: A 156m long wharf extension to the existing Armament Wharf comprising a reinforced concrete wharf deck supported by steel driven piles, a berthing dolphin and two mooring dolphins. In addition to the extension, Duratec delivered all dredging works and wharf fitout comprising of fire services, potable water, ICT, security systems, power and lighting, mooring equipment and services cope points.

• Stage 2: Upgrades to HMAS Stirling naval fuel infrastructure including; construction of a fuel filter building, all pipework, six coalescers and two pre-filters, instrumentation and electrical, PLC Controls and integration and commissioning.

• Stage 3: A new Maintenance Hardstand Area (MHA Works) comprising a 1200m[2 ] concrete hardstand, with associated drainage and landscaping, power, lighting and adjoining ablution facilities.

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FY21 Financial Results - 27 August 2021

City of Sydney - Woolworths Building Facade Remediation

Heritage Remediation

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Scope

• Supply and installation of safe access system

• Stripping of all paint from render

• Repairing of render and concrete, and repainting

• Removal of existing Plasteel windows to eighth and ninth floors

• Stripping of all paint from timber windows

• Repairing and repainting of timber window frames

• Waterproofing balcony on ninth floor

• Treatment of any corrosion and application of protective coating

• Cleaning of gutters and roof sheeting to awning

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FY21 Financial Results - 27 August 2021

Rio Tinto - Iron Ore Sustaining Capital Structural Integrity

Maintenance - Structural Integrity

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Scope

• Utilising an in-house scaffolding team to build access platforms to work areas

• Carrying out of non-destructive testing of concrete and steel work

• Analysis of steelwork to determine cross sectional loss

• Ensuring new steel was welded in conformance to specifications

• Section loss of greater than 10% was structurally repaired as per RTIO specifications

• Utilising a mixture of in-house and third party NACE 2 inspectors to ensure all new steelwork coatings meet SS-P118 RTIO specification

• Undertaking concrete, grouting repairs and bolt repairs

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FY21 Financial Results - 27 August 2021