EVZ LIMITED — AGM Information 2022

Nov 17, 2022

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EVZ LIMITED Annual General Meeting FY2022 18 November 2022

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Chairman’s Address

During the 2022 Financial Year the EVZ group posted a solid operating profit in changeable but improving operating and economic conditions. Importantly, all operations in Australia and South-East Asia contributed to the overall result.

EVZ grew revenues by 17% to $67.5M and delivered an EBITDA of $3.2M in FY22. Importantly we secured over $134M in new contract wins and ended the year with a backlog in excess of $100M. Demand for EVZ services is at an all-time high across the Brockman, Syfon and TSF Power businesses.

As a result, the financial structure of the group has been further strengthened and it is looking forward to delivering significant growth in revenues and profit across its core markets in the 2023 financial year and beyond.

A stated aim of EVZ has been to retire all debt from our and it Is to announce that we Company exceptionally pleasing reached that milestone during Q1 FY23. The retiring of our debt significantly de-risks our future financial outlook as well as provides a greater basis to scale the group and build momentum in FY23 and beyond.

In addition, the Group was able to invest in the necessary fixed assets and growth in its core skills base in preparation for delivery of increased revenues during FY2023.

Brockman Engineering posted an improved operating profit but was unable to exert significant momentum due to the slower than anticipated commencement of recently awarded major projects in the oil and gas sector.

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Chairman’s Address (cont)

Brockman continues to be a lead player in petrochemical and water tank construction, recurrent maintenance, and fabrication sector. Brockman is to its revenue in the 2023 financial as it works to deliver the piping expecting grow year significant backlog of contracted work which it secured during the FY2022 year. Brockman is also well positioned to use its competitive advantages of location, skills base, and relationship with major industry companies to secure additional large contract wins during the upcoming financial year.

Syfon Systems consolidated its position as the leading siphonic roof stormwater drainage company in Australia and Southeast Asia. The FY2022 year saw a significant increase in water segment revenues and profits year on year. In addition, the Syfon group has significantly grown its backlog of contracted work which will enable it to further grow revenues during FY2023. Syfon remains committed to expanding in other key Asian markets to continue its progressive geographic expansion strategy.

TSF Power continues to grow its capability through a focus on skilled staff located and available in its identified markets and extended reach for its power generation breakdown, operational technical support, and maintenance services. The 2022 financial year produced a significant improvement in profit and TSF Power is well placed to further grow in revenue and profitability in the 2023 financial year.

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Chairman’s Address (cont)

EVZ continues to our business the inflation we are across the domestic safeguard against growing pressures seeing We cost rises trade and material for 90% of economy. manage price effectively by maintaining supply price coverage contract expenses and consequently we have not experienced any significant impact of material cost inflation on new contracts. Raw material availability across our three key businesses remains broadly constant and are not imposing any negative impact on our ability to execute our works.

Post the end of the financial we are excited the to make the commitment to Tank year, by opportunity acquire Industries. From a strategic perspective, Tank Industries provides a base for EVZ to expand their product sales businesses within a of industries with the vision of an innovator of water The of our range becoming efficiency products. ability team to identify and execute on acquisitive growth complements our growing work backlog and ensures that EVZ continue to expand our footprint across the core markets in which we operate.

EVZ has a direct workforce of more than 400, primarily highly skilled managers, engineers, technicians, and tradespersons. We increased our workforce by over 100 employees during FY22 and saw very low levels of staff turnover against the backdrop of an exceptionally tight job market In Australia. Our ability to attract and retain some of the best talent in the Australian market is a testament to our culture and the and inclusiveness of our strength management team.

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EVZ LIMITED CEO Business Update FY2022 18 November 2022

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EVZ is a leader in innovative engineering solutions

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A leading provider of steel bulk The leader in syfonic roof Technical and innovation Leaders in high quality, storage tanks, pressure pipe stormwater drainage systems leaders in the power cost effective, water storage networks & maintenance in Australia, New Zealand & and fire water tanks. generation & renewable services for liquid fuels, South-East Asia. biogas energy industry. chemicals & water storage. Recurring & Project Revenue Project Revenue Project Revenue Recurring Revenue 58% of EVZ FY22 Revenue 31% of EVZ FY22 Revenue Recent Acquisition 11% of EVZ FY22 Revenue H1

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H1
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Health & Safety is a core cultural value

• EVZ has a direct workforce of more than 400, primarily highly skilled engineers, technicians, and tradespersons.

• o Our Total Recordable Rate Injury Frequency

• (TRIFR) and Lost Time Injury Frequency Rate (LTIFR) are in line with industry best practice.

• Our culture reinforces our continuously

• focus on improving safe work procedures, continuous risk assessment, job safety analysis and worker skills improvement through structured training.

• o Our is zero recordable continuing target

• incidents and zero harm to our people.

• Safety by choice, not by chance.

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SAFETY PERFORMANCE 2017 - 2022
14.00
12.35
12.00
11.70
10.00
8.00
7.38
6.86
6.00 5.97
4.00
3.35
2.60 2.95 3.24
2.00 1.49
1.68
-
2017 2018 2019 2020 2021 2022
TRIFR LTIFR
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FY22 Financial Highlights

• revenue with FY22 revenue of

• Strong growth $67.5M up +17% versus FY21.

• FY23 revenue to be +30% expected higher

• than FY22.

• Solid FY22 EBITDA of underlying earnings:

• $3.15M.

• Balance sheet set for The balance growth:

• sheet strength provides the ability for future growth through further new contract wins and strategically aligned acquisitions.

• outlook: New

• Pipeline supports positive construction and secured are capital projects

• expected to underpin growth for over the next 24 months. Asia forecast to rebound in 2HFY23 and beyond.

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ANNUAL REVENUE REVENUE SECTOR
80
70
Building
H2 Sector
37%
60 Energy &
Water
H2
Infra
63%
50
40
EBITDA REGION
30 Asia
H1 H1 5%
20
10
Australia
95%
-
FY2021 FY2022
Millions
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FY22 Operational Performance

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• increased FY22 as the first of

• Tendering activity significantly during group federal BADSP construction contracts were government grant supported

• awarded. investment in cleaner fuels and new Increasing capital energy

• systems will give rise to further project works as the energy transition proceeds.

• Industry activity in the water infrastructure, liquid fuels, mining, and gas sectors is forecast to remain high during FY23 & FY24.

• continues to build market share and reach as the first

• Syfon geographic choice for siphonic rainwater drainage systems in Australia and SE Asia.

REVENUE DISTRIBUTION

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TSFP
11%
Syfon
Brockman
32%
57%
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EBITDA DISTRIBUTION

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• Syfon Asia is progressively returning to full capacity as regional economies rebuild momentum demand for our in increasing products conjunction

• with large new infrastructure and building developments in Kuala Lumpur, Penang and Vietnam.

• Technical service support and spare parts sales grew consistently during FY22 with the demand for renewable gas energy continuing to rise

• Revenue is from the installation of new renewable waste increasing gas

• generator facilities and end of life engine renewals as our capability and market share increases.

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TSFP
17%
Brockman
32%
Syfon
51%
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Achieving Zero Debt

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ASSETS vs DEBT INTEREST EXPENSE
35 600
o Zero debt milestone achieved on 30
September 2022.
30
500
o Total Deferred Tax Assets available
$3.9M, provided as $2.6M on balance
25 sheet and $1.3M off balance sheet.
400
o NTA increase to 14.2c/share.
20
300 o Net cashflow of
positive operating
15 $4.3M in FY22 was utilised to invest in
new for use in
capital equipment
200 secured contracts and debt
10 reduction.
100
5
- -
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2021 FY2022
Net Assets Debt
Millions Thousands
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Record Backlog & Pipeline

• Record revenue backlog of over $100M providing strong revenue conversion in to FY23 & FY24.

• Backlog increased $60M since June 2021 incorporating a $20M increase in FY22 revenue highlighting depth of customer engagement.

• Revenue in Australia is at backlog Syfon

• record levels supporting growth in domestic market during FY23. Syfon Asia is forecast to rebound in FY23 & FY24

• TSF Power is its revenue improving

• balance across the spare parts sales, service and maintenance, and engine renewals.

• Water infrastructure works are capital

• forecast to increase in FY23 and FY24.

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REVENUE BACKLOG
120
100
80
60
40
20
-
Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22
Brockman Syfon Aust Syfon Asia TSF Power
Millions
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Brockman: Case Study

UNITED PETROLEUM HASTINGS TERMINAL EXPANSION

Brockman Engineering provided innovative design and construction solutions to expand the United Petroleum Hastings Terminal augmenting increased fuel storage capacity providing operating efficiency improvements.12 The terminal expansion included two thirty-five megalitre fuel storage tanks, connecting pipework and electrical supply improvements.

Acquisition of Tank Industries

In October EVZ announced the acquisition of Tank Industries, expanding EVZ's presence and solutions across a range of water aligned industries. Tank Industries designs manufactures and installs steel bolted water storage tanks to order for the building, heavy industrial and manufacturing industries.

The acquisition further expands EVZ's footprint and engineering solutions across water aligned industries.

Tank Industries will work collaboratively with EVZ Limited's Syfon Systems where the combination of sales development teams coupled with the dedication and commitment of the existing Syfon management is expected to drive increased revenues, improved profitability, and an expanded order book. The Tank Industries business will be earnings accretive13 in FY2023 following its transition and integration into the EVZ group.

Syfon: Case Study

TUN RAZAK EXCHANGE, KUALA LUMPUR

Syfon is providing innovative stormwater management solutions to the Tun Razak Exchange (TRX) major development project in Kuala Lumpur, Malaysia. Syfon designed and constructed the rainwater catchment and drainage systems to protect the building assets from water 14 ingress enabling maximised enjoyment of the facilities.

Positive momentum building in FY2023:

o Cash receipts of $25M for the first quarter.

o EVZ Limited completed the retirement of all debt, a significant milestone for the group.

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EVZ continues to attract and retain key staff: o Over 100 new hires in 2022.

o All businesses appropriately skilled and staffed.

o Identifiable talent pool available to meet future growth forecast from increased revenue backlog.

Inflation cost control and raw materials:

o EVZ manages material cost price rises effectively by maintaining trade and material supply price coverage for 90% of contract expenses.

o Workforce growth and onboarding costs will be expensed in the 1HFY23 results.

EVZ revenue outlook is forecast to grow:

o Revenue is forecast to grow +30% on FY22 levels due to record high backlog and stable base workload.

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TSF Power: Case Study

GIPPSLAND WATER FACTORY

TSF Power designed and constructed the extension to the waste gas standby power generation facility at the Gippsland Water Factory in Victoria. The new is with from the wastewater treatment to the incidence of power generation system supplied biogas facility greenhouse gases from entering the atmosphere. The Gippsland Water Factory is an award winning and internationally recognised facility that comprises two wastewater treatment plants sharing common infrastructure. It16treats 35 million litres of wastewater a day from nine towns in central Gippsland and serves the needs of more than 48,000 domestic customers and 300 local businesses.

Investment Thesis

Balance sheet strength	Balance sheet strength		Supportive macro		Ability to execute		Growth and scale
			environment
o	Improved capital	o	Strong pipeline of	o	Highly skilled work	o	Scale up strategy in
	position provides		opportunities from		force.		the forefront of our
	flexibility and ability to drive scale in our business		increasing infrastructure spend in Australia.	o	Ability to attract and retain staff.	o	strategic agenda. Organic growth to be
o o	Achieved zero debt on 30 September 2022. Growth capacity to be utilised in combined strategic approach to	o	Increasing activity in Asia which has been slower than Australia to emerge from impacts off COVID.	o o	Strong reputation in Australian and Asian markets Strong operational and financial turnaround.		driven by private and government expenditure across the liquid fuels storage, infrastructure and renewable power sectors
	acquisitions and select contract wins.	o	Asia is forecast to rebound in FY23 and	o	Experience and committed senior	o	Bolt on acquisition
			FY24.		management.		opportunities to provide further scale in
							additional lateral

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Important Notice

This presentation has been prepared by EVZ Limited for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The 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. The presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

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 the presentation. To the maximum extent permitted by law, none of EVZ Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault.

In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

The distribution of this document is jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe such restrictions.

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