EXPERIENCE CO LIMITED — AGM Information 2022

Oct 25, 2022

FY22

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DISCLAIMER

Summary information

This presentation has been prepared by Experience Co Limited (ASX: EXP) contains summary information about EXP and its related bodies corporate and their activities.

The information in this presentation is of a general background nature and does not purport to be complete or comprise all the information that an investor would require when making an investment decision. It should be read in conjunction with EXP’s other periodic and continuous disclosure announcements which are available at www.experienceco.com. Other than to the extent required by law (and only to that extent EXP and its officers, employees and professional advisors make no representation or warranty (express or implied) as to, and assume no responsibility or liability for, the contents of this presentation.

Past performance

Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as (and is not) an indication of EXP's views on its future financial performance or condition.

Future performance

This presentation contains certain forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are inherently uncertain and are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Actual results and performance may vary materially because events and actual circumstances frequently do not occur as forecast and future results are subject to known and unknown risk such as changes in market conditions and regulations. Investors should form their own views as to these matters and any assumptions on which any of the forward-looking statements are based and not place reliance on such statements.

Not financial product or investment advice

This presentation and the information therein should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information, you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice.

Non Australian Accounting Standard (‘AAS’) measures

EXP results are reported in accordance with AAS. However, this presentation includes certain financial information that are non-AAS measures for the purpose of providing a more comprehensive understanding of the performance of EXP. These non-AAS financial measures include EBITDA and Underlying EBITDA measures which provide useful information for measuring the underlying operating performance of EXP. Non-AAS financial information is unaudited.

© 2022 Experience Co Limited ACN 167 320 470

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

2

BOARD OF DIRECTORS AND EXECUTIVE TEAM

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DIRECTORS KERRY (BOB) EAST ANTHONY BOUCAUT MICHELLE COX NEIL CATHIE JOHN O’SULLIVAN
Independent Chairman Non-Executive Director & Founder Independent Non-Executive Director Independent Non-Executive Director Executive Director
Member - Remuneration & Nomination Committee Member - Remuneration & Nomination Committee Chief Executive Officer
Chair – Remuneration & Nomination Committee
Member – Audit & Risk Committee Chair – Audit & Risk Committee
Member – Audit & Risk Committee
EXECUTIVE OWEN KEMP CHERIE MCGILL KATHRYN O’BRIEN FIONA VAN WYK
Chief Financial Officer GM People & Performance Chief Commercial Officer Company Secretary
AMANDA BYRNE NIC DANSIN RYAN ROCHE ADAM JONES
GM Wild Bush Luxury GM Treetops Adventure GM Aviation and Flight Operations GM Skydive and Marine
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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

3

FINANCIAL HIGHLIGHTS

FY22 IN BRIEF

$55.8m

Sales Revenue $(13.6)m

Net loss after tax

$(2.4)m $18.2m Underlying EBITDA loss[1] Cash & cash equivalents $8.7c $3.0m NTA per share Net cash[2]

$(2.1)m

Skydiving Underlying EBITDA loss[1]

$5.6m

Adventure Experiences Underlying EBITDA[1]

NOTES

1. Underlying EBITDA is a financial measure not prescribed by AAS and represents EBITDA adjusted for restructure and other costs, net gains and losses on the sale of assets. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (“AAS”). EBITDA represents the profit under AAS adjusted for impairment, interest, income taxes, depreciation and amortisation. Refer to Note 2 to the FY22 audited financial statements for a reconciliation between statutory and underlying.

2. Net cash/(debt) is calculated as cash and cash equivalents less corporate debt and asset finance obligations (‘finance leases’).

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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ESCAPING THE ORDINARY

Our vision is to be the most recognised and respected adventure business in Australia and New Zealand

VALUES

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ENVIRONMENT

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Environmental advocacy embedded across all products

Elimination and/or transition away from plastics and single use items

Solar farm investments at Bamurru Plains and Maria Island

Training to actively reduce fuel emissions

Conservation and native rewilding

Feral animal and pest plant control

SOCIAL

Black Dog Institute ‘CEO Skydive’

Skydive Australia partnership with Gotcha4Life

Shoreline partnership, providing local indigenous students opportunities to gain industry related employment

Citizens of the Great Barrier Reef

Hero4Heartkids Treetops Adventure sponsorship

GBR partnership with Mars Foundation

Australian Wildlife Conservancy and Long Run

GOVERNANCE

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47% women in management roles (40% in non management roles)

Industry leadership role in workplace health and safety

Diversity and inclusivity at the core of everything we do

ASX Corporate Governance principles

Strong engagement directly with our investors on governance and disclosure

Active participation in Great Barrier Reef (GBR) biology and regeneration

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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OUR BUSINESS TODAY

SKYDIVING AUSTRALIA & NZ

Australasia’s leading tandem skydiving operation.

14 Drop Zones (DZs) in Australia and 3 in New Zealand’s Queenstown region. 2 leading aircraft maintenance businesses

Targeted at youth and international markets

REEF UNLIMITED

Cairns and Port Douglas based in Tropical North Queensland (TNQ)

Day tours, dive and snorkel activities on the world renowned Great Barrier Reef

Targeted at domestic and international markets

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WILD BUSH LUXURY

Internationally respected luxury lodge and guided walking brand Wild Bush Luxury

3 operating locations: Arkaba (SA), Bamurru Plains (NT) & Maria Island (TAS)

Targeted at the premium traveller

TREETOPS ADVENTURE

Australia’s leading high ropes and ziplining adventure operation, Treetops Adventure.

15 locations across Australia, predominately on the eastern seaboard

Targeted at the family market

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>1m Customers pa

A BUSINESS OF SCALE

PRE-PANDEMIC STRATEGIC REVIEW FAMILY ADVENTURE $130m $16m

PREMIUM ADVENTURE $7m Annualised Revenue[2]

PRE-PANDEMIC

FY19 Revenue

Annualised Revenue[2]

$6m + $7m + $1m Annualised savings Annualised Underlying EBITDA[2] Annualised Underlying EBITDA[2]

$26m + $6m FY19 Underlying EBITDA[1]

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37
Operating locations
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CUSTOMERS 3 SOURCE 3
Domestic International Direct Agent
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NOTES

1. Underlying EBITDA for continuing business adjusted for the pro forma application of AASB 16 Leases

2. Based on pro forma historical earnings disclosures consistent with those set out in the ASX announcements for each relevant acquisition

3. Target portfolio composition upon recovery

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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GROWTH STRATEGY

EXECUTING THE RECOVERY IN FY23

GROWTH PIPELINE CRITERIA

1. RECOVERY

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Skydive and GBR Verticals to pre-pandemic levels. Leverage corporate
platform as volume returns
2. CAPITAL DISCIPLINE
Maintain strong balance sheet. Prioritise capital allocation to markets NT
positioned early in the recovery
3. GROWTH INVESTMENT QLD
Targeted at expansionary projects in our existing portfolio
Acquisition pipeline focussed on value accretive acquisitions
WA
RECOVERY GROWTH SA
NSW
45
40 STRONG BASE
35 NZ
Premium Adventure
30
25
20 Family Adventure TAS
15
Savings
10
5
Continuing
0
FY19 'Pre Annualised Pro • GEOGRAPHIC FOOTPRINT • EXPANSION OPPORTUNITY
Pandemic' 1 Forma 2 • TARGET CUSTOMER • SYNERGIES
NOTES • INTERNATIONAL VS DOMESTIC • STRONG CASH CONVERSION
1. FY19 based on continuing operations (excluding divestments)
2. Annualised Pro Forma is an illustrative estimate assuming pre-pandemic conditions return, including impact of strategic • ADVENTURE CATEGORY • ROIC > 10%
Underlying EBITDA
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1. Annualised Pro Forma is an illustrative estimate assuming pre-pandemic conditions return, including impact of strategic review savings and annualised contribution from the acquisitions completed in FY22. The Annualised Pro Forma is not a forecast 1 or projection.

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

DEMAND RECOVERING

International demand expected to reach pre-pandemic levels during FY25. Aviation capacity and pricing are continuing to be the key driver in the leisure arrivals trends. In near term anticipating VFR will continue to be large component of leisure arrivals

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SEARCH CAPACITY ARRIVALS
SkyScanner Searches to Australia Aviation Capacity to Australia International Arrivals into Australia
% of 2019 volumes % of 2019 volumes Volume & % of FY19
Sep21 – Sep22 Sep21 – Mar23 Sep21 to Aug22
120% 2,400,000 120% 600,000 120%
108%
100% 2,000,000 100% 500,000 100%
74%
80% 1,600,000 80% 400,000 80%
60% 1,200,000 52% 60% 300,000 60%
48%
40% 800,000 40% 200,000 40%
20% 400,000 20% 100,000 20%
0% - 0% - 0%
Leisure Travel Non Leisure
Top 15 countries Total Seats Total Seats % of 2019
% FY19 Leisure Arrivals
Source: Skyscanner, Flight Searches, Searches between Sep21 – Sep22 Source: Cirium - SRS Analyser, Aviation Capacity between Sep21 to Mar23 Source: Australian Bureau of Statistics – ABS data
Leisure Travel is inclusive of Holiday travel and visiting friends and relatives (‘VFR’)
Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23
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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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Q1 23 TRADING UPDATE

MOMENTUM FROM Q4 22 CONTINUED

GROUP REVENUE

$ MILLION	Q1 23	Q1 22	%
SKYDIVING 7.4 3.1 136% ADVENTURE EXPERIENCES 16.4 4.4 273%
TOTAL REVENUE1 23.6 7.4 217%

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Q1 REVENUE COMPOSITION
25
20 Treetop Adventure
15 Adventure Experiences 2
10 3
Aviation
5
Skydiving
0
Q1 22 Q1 23
Revenue $m
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COMMENTARY

• Revenue tracking in line with expectations, despite challenging weather conditions in the Skydive segment

• Adventure Experiences has traded strongly continuing the Q4 22 momentum, with Reef Unlimited and Wild Bush Luxury performing ahead of expectations

• EBITDA positive in each month, and also tracking in line with expectations

• Restructuring undertaken of the Skydive Australia and New Zealand business to better suit the COVID recovery

• Corporate costs in line with expectations

• Cash flow tracking in line with working capital seasonality of the business, and anticipated to improve as Q2 progresses

NOTES

1. Total revenue includes adjustment for the elimination of inter segment revenues.

2. Adventure Experiences excluding Treetops Adventure which was acquired in Q2 22.

3. Aviation is Skydiving segment income that is related to aircraft maintenance and aircraft hire, which was less impacted by the Q1 22 COVID lockdowns.

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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SKYDIVING

RECOVERY TRAJECTORY IMPROVING IN Q1 23

SKYDIVING

$ MILLION	Q1 23	Q1 22	%
SKYDIVING REVENUE 6.3 2.3 278% AVIATION REVENUE1 1.1 0.8 38%
TOTAL REVENUE 7.4 3.1 136%

SKYDIVE AUSTRALIA

NZ SKYDIVE

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Tandem PAX FY19 %
60.0%
40.0%
20.0%
0.0%
Q1 Q2 Q3 Q4 FY
FY21: 55k PAX FY22: 41k PAX Q1 23: 11k
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Tandem PAX FY19 %
60.0%
40.0%
20.0%
0.0%
Q1 Q2 Q3 Q4 FY
FY21: 10k PAX FY22: 5k PAX Q1 23: 3k
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132k

60k

FY19 Tandem PAX

FY19 Tandem PAX

COMMENTARY

• Q1 23 has been the highest Q1 volume post the emergence of COVID, despite continued challenging weather conditions

• Encouragingly, the geographical diversification of the portfolio was demonstrated with NZ and TNQ volumes performing ahead of expectations, mitigating the impact of the weather challenges in SEQ, NSW and VIC

• Labour supply and Jet A1 costs stabilised in the period and continue to be focus areas, due to the demand recovery being impacted by weather. Expecting margins to be impacted in near term

• Demand continues to be strong, with existing pent up demand from pandemic and weather reschedules in Australia

• Pricing and revenue per PAX improved as the quarter progressed and continues to be a strong focus area given inflationary and labour supply constraints

• International recovery has commenced, particularly evident in NZ in Q1 23. Australia has seen student market demand return as CY23 has progressed

• In the near term, normalisation in weather conditions and international tourism recovery are key catalysts for profitability

NOTES

1. Aviation is Skydiving segment income that is related to aircraft maintenance and hire.

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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ADVENTURE EXPERIENCES

STRONG MOMENTUM FROM APRIL 2022 CONTINUED INTO Q1 23

ADVENTURE EXPERIENCES

$ MILLION	Q1 23	Q1 22	%
TOTAL REVENUE 16.4 4.4 273%

REEF UNLIMITED

TREETOPS ADVENTURE

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PAX FY19 %
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
Q1 Q2 Q3 Q4 FY22
FY21: 111k PAX FY22: 141k PAX Q1 23: 71k
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PAX (000s)
120
100
80
60
40
20
0
Q1 Q2 Q3 Q4
FY21: 404k PAX FY22: 317k PAX
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267k

404k

FY21 PAX

FY19 PAX

COMMENTARY

• Strong recovery continued across the segment, and also the Q1 23 contribution from the Treetops Acquisition

• Reef Unlimited (formerly known as GBR Experiences) reported volumes at 90% of pre-COVID. Domestic market strength continues to drive strong performance in the direct channel, offsetting the impact of higher mix of children participants and fuel costs

• As the top line has become more consistent in Reef Unlimited the reset of the cost base, asset management approach and go to market strategy is evident in profitability and cash flows

• Strong focus on recruitment has allowed us to increase operating days to meet market demand, and provide increased certainty to our employees

• Treetops Adventure’s recovery continued, despite the headwinds of adverse weather conditions at NSW locations, including the peak school holiday and weekend periods. Cape Tribulation opened in Q1 23, and we look forward to the experience’s growth over coming months

• Wild Bush Luxury has achieved a record season at Bamurru Plains driven by strong occupancy levels (NT) and guided walking numbers at Arkaba, with these seasons both completing in October. Maria Island continues to see strong forward bookings for 2022/23 season, with first walk commencing on 1 October 2022

NOTES

1. Formerly known as GBR Experiences.

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

11

TRADING UPDATE & OUTLOOK

RECOVERY MOMENTUM EXPECTED TO CONTINUE

Q2 23 TRADING TO DATE

OUTLOOK

• Momentum continued from the strong finish to the Q1 23 quarter

• Adventure Experiences continues to see more resilient trading relative to Skydiving which is more sensitive to meteorological conditions, including the elongated La Nina cycle on the eastern seaboard

• When conditions allow normalised volumes for Skydiving and Reef Unlimited, we expect to see improvement in profitability and cash flows relative to pre pandemic

• Expecting international market conditions to improve as aviation capacity increases into December

• Uncertainty in macroeconomic and geopolitical conditions anticipated to persist for near term and management to remain responsive to emerging opportunities and threats

• Operating leverage expected in Q2 and Q3 as we enter the seasonal peak period for the business

• Consumer demand and yield has continued to be robust where conditions allow, and next key test of sentiment will be the Xmas trade period

• With a more rationale M&A environment emerging Management continues to build target pipeline opportunities that are highly complementary to existing verticals, return targets and strategy

• Corporate costs tracking in line with expectations.

• Due to continued uncertainty EXP is not providing earnings guidance for FY23

• Balance sheet continues to be healthy. Expansion projects progressing, highly weighted to 2H 23.

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EXPERIENCE CO LIMITED | AGM PRESENTATION | 26 OCTOBER 2022

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THANK YOU