GENUSPLUS GROUP LTD — Earnings Release 2024

Aug 25, 2024

ASX Release 26 August 2024 For immediate release to the market

GENUSPLUS GROUP – FINANCIAL RESULTS FOR FY2024

HIGHLIGHTS:

• Record Revenue of $551m – up 24.1% on PCP of $444 million

• Record Normalised EBITDA of $45.3 million – up 23.2% on PCP of $36.8 million

• Record NPAT of $19.3 million – up 43.7% on PCP of $13.4 million

• Cash inflow from Operations of $82.8 million

• Cash balance of $101.0 million up 116% from $46.7 million on PCP and net cash of $77.3 million up from $22.4 million

• Basic earnings per share of 10.8 cents per share up 43.4% on PCP

• Dividend declared of 2.5 cents per share fully franked (up 25% from 2.0 cps)

• Recurring revenue forecast to be $251 million

• Orderbook of $519 million and strong tendered pipeline at $2 billion

• Budgets and opportunities in excess of $3 billion

National essential power and communications infrastructure provider GenusPlus Group Ltd (ASX: GNP) ( Genus or the Company ) has today reported another set of record results, an exceptional result reflecting the strength of the markets and industries in which Genus operates. Genus recorded record revenue of $551 million, up 24.1% from $444 million in FY2023. Our normalised EBITDA reached a record of $45.3 million for FY2024, up 23.2% on FY2023, and our normalised EBIT-A rose to a record $33.7 million, up 35.4% on FY2023.

	FY2023 $	FY2024 $	Change %
Revenue	444.2	551.2	24.1%
EBITDA1	33.7	44.9
**EBITDA Normalised2 **	36.8	45.3	23.2%
EBIT-A1	21.8	33.3
**EBIT-A Normalised2 **	24.9	33.7	35.4%
NPAT	13.4	19.3	43.7%
**NPAT-A1,3 **	15.7	21.5	36.9%

1. These are non-IFRS measures that are unaudited but derived from audited FY24 Financial Statements. These measures are presented to provide further insight into GenusPlus Group’s performance.

2. FY 2024 Normalised EBITDA / EBIT-A excluding Acquisition costs $0.3 million, ECM Claim net income ($0.9) million and Restructuring costs of $1.1 million.

FY 2023 Normalised EBITDA / EBIT-A excluding Acquisition costs $1.2 million, ECM Claim Costs $0.2 million and Restructuring costs of $1.7 million.

3. NPAT-A is a measure of NPAT adjusted for amortisation of acquisition intangibles.

08 9390 6999 Level 1, 63-69 Abernethy Road, Belmont WA 6104 www.genus.com.au

GenusPlus Group Ltd | ABN 86 620 283 561

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ASX Release 26 August 2024 For immediate release to the market

The Group has maintained a strong liquidity position with cash balance of $101.0 million (up 116% from $46.7 million in FY2023), net cash of $77.3 million (up from $22.4 million in FY2023) and $140 million available in the performance bond facilities.

Further details of the annual result can be found in the Appendix 4E and the Annual Financial Report released today.

COMMENTARY

Commenting on the performance of the business, David Riches, GenusPlus Managing Director said:

“Genus made significant progress in FY2024 enabling it to be positioned as an active participant in the energy sector’s transition to renewable energy, and the Australian Government’s Rewiring the Nation program. Our business now generates 35% of its revenue from the east coast which is consistent with FY2023 and shows the traction and sustainability we have been able to achieve in a short period of time. The business has continued to diversify its revenue streams with a focus on recurring revenue, which contributes approximately 40% of the Group’s revenue, and growing the company’s east coast footprint.

I would like to thank the dedicated efforts of our 1,000 staff, as they have been instrumental in delivering these excellent results and continuing to safely deliver to our valued clients.”

During FY2024 significant progress has been made to position Genus to be an active participant in the energy sector’s transition to renewable energy. Highlights during the year were:

• In joint venture with Acciona, Genus was awarded Transgrid’s HumeLink Transmission project. It is a project of national significance and will contribute to Australia meeting its future energy demands through a greater mix of low emission renewable energy sources as Australia transitions to a low carbon future.

• In joint venture with Samsung, Genus was awarded the engineering, procurement, construction, and commissioning for the Balance of Plant scope and Battery Energy Storage System (BESS) installation for the Melbourne Renewable Energy Hub project.

• Genus successfully delivered key electrical works for Fortescue at the 100MW North Star Junction Solar Farm.

• Genus was awarded a contract by Synergy to perform the Civil and Electrical Balance of Plant works for the Kwinana BESS Two 250 MVA/1000 MWh battery storage facility located in Kwinana in Western Australia.

OUTLOOK

Strong momentum generated in FY2024, combined with a strong orderbook of $519 million, provides a solid base to support earnings growth in FY2025, with Genus forecasting this underlying momentum to deliver at least 20% growth in EBITDA in FY2025.

The Group expects to see continued growth from its east coast operations and an increase in recurring services revenue in FY2025. The Australian power network is expected to go through a substantial transition and this should see significant opportunities presented to Genus.

Genus expects to maintain strong growth in the medium term with a large pipeline of renewables and transmission projects to drive medium to long term growth in the business.

Recurring revenue has continued to grow and is forecast to be $251 million in FY2024, with a strong orderbook of $519 million (excluding recurring revenue). The outlook remains strong with a tendered pipeline of approximately $2 billion, along with budget pricing and opportunities in excess of $3 billion.

08 9390 6999 Level 1, 63-69 Abernethy Road, Belmont WA 6104 www.genus.com.au

GenusPlus Group Ltd | ABN 86 620 283 561

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ASX Release 26 August 2024 For immediate release to the market

GROWTH STRATEGY

Significant investment has been put into growing the east coast presence of Genus to be positioned for the substantial investment required to the power network over the next 10-20 years. Substantial progress has been made by Genus in expanding the business into the much larger east coast markets, which now represents 35% of revenue of the business.

During the year the company acquired the Prasinus Energy Services business in Victoria, expanding the Genus infrastructure services in the east coast.

Genus Communications was awarded a 3-year Master Module Agreement with nbn in July 2023 pursuant to which nbn has awarded the N2P Evolution Module to deploy additional fibre infrastructure for nbn which includes the provision of specialist planning, design and construction of nbn broadband infrastructure. This is a key opportunity alongside Genus’ contract with Telstra to grow the Communications business. The foundations of the business remain in place to enable Genus to take advantage of the large ongoing spend in the communications industry.

We remain receptive towards further M&A opportunities to continue our growth trajectory. Through potential acquisitions and organic growth, Genus will continue to move into new geographical locations and service offerings expanding our national footprint.

DIVIDENDS

The Directors declared a final fully franked dividend of 2.5 cents per share for FY2024 (up from 2.0 cps in FY2023), with a record date of 2 October 2024 and a payment date of 1 November 2024, being a total dividend payable of $4,443,124.

The Board of the Company has authorised the release of this announcement to the market.

For more information:

INVESTOR ENQUIRIES

David Riches investors@genus.com.au +61 8 9390 6999

Damian Wright investors@genus.com.au +61 8 9390 6999

ABOUT GENUSPLUS

GenusPlus Group Ltd is a specialist power and communications infrastructure and services provider operating across Australia. With years of practical experience across Australia, we design, build and maintain electrical transmission and distribution networks, substations and battery systems.

We enable customers to integrate new generation technology into traditional networks and support emerging networking solutions, meeting the demands of a carbon neutral economy.

Capitalising on our expertise in power networks and using the world’s best knowledge and technology, we also specialise in delivering integrated, efficient and scalable communication network solutions, including network design, and fixed and wireless infrastructure supported by real time network management expertise and capability.

Further information is available at www.genus.com.au.

08 9390 6999

Level 1, 63-69 Abernethy Road, Belmont WA 6104 www.genus.com.au

GenusPlus Group Ltd | ABN 86 620 283 561

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