GENUSPLUS GROUP LTD — Interim / Quarterly Report 2023

Mar 8, 2023

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Euroz Hartleys Rottnest Island Institutional Conference

March 2023

3 Operating Segments

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30.5%

$225m of Group revenue HY23 derived from East Coast Operations Revenue

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~870
Employees
across
Australia
~100
Apprentices, Trainees
& Graduate
Nationwide
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Group Snapshot

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DEFENCE
PRIVATE 3%
7%
COMMUNICATIONS
13% MINING
39%
POWER
INFRASTRUCTURE
38%
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3.2 TRIFR @ 31 Dec 2022

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Key Highlights – HY2023

HIGHLIGHTS

• FY2023 is a year of pursuing new opportunities coupled with an operational focus and integrating and .

• building on recent acquisitions

• Genus is well positioned with the company foundations in place to enable significant participation in the .

• renewable energy transition

• Significant investment on the East Coast has positioned Genus to benefit from the substantial investment .

• required to the power network over the next 10-20 years

• Growth in East Coast revenue as a percentage of total revenue is expected to continue, having grown from 22% in FY22 to 30% in HY23.

• Continuing to build relationships across mining and utilities to provide opportunities as the market transitions .

• to renewable energy sources

• The Group has collectively managed the economic challenges across the supply chain, inflation and labour supply.

• A restructure of the NSW business has seen improvement financially following climate/weather challenges in the prior year.

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Operational Highlights

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• Genus in joint venture with ACCIONA and Kalpataru Power Transmission have been selected as Preferred Proponent to design and construct

• Transgrid’s HumeLink East project.

• Strategically significant contract with Fortescue Future Industries for the design and construction of a 275kV substation at the Green Energy

• Manufacturing Centre in Gladstone, QLD

• Commenced the Group’s first 330kV Transmission Project on the East Coast – Rye Park Wind Farm

• Rio Tinto Kangaroo Hill Project tracking to schedule – value of ~ $63m

• Approaching completion of Kwinana Battery Energy Storage System (BESS) – EPC project to deliver WA’s first major

• grid-connected battery for Synergy

• Expected recurring revenue continues to grow to $168 million forecast for FY24.

• Strong orderbook of $413 million comprised of $215 million for FY23 and $198 million FY24.

• The tendered pipeline of $1.446 billion, up from $848 million at the end of FY22.

• Budget pricing and opportunity leads (excluding the tender pipeline) have increased to in excess of $3 billion.

• Completed acquisition of L&M Powerline Constructions – providing significant growth opportunities & professional expertise throughout the East Coast

• Integration of Pole Foundations Australia progressing well despite environmental headwinds.

• Weather improvements in NSW have enabled increased access to panel works and improved financial performance from the infrastructure team.

• The Communications segment has been restructured to maximise synergies. Improved financial results have been seen from Q2 FY2023.

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SHEQ
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SHEQ

• GNP & all entities triple ISO Management System Certified (45001, 14001 & 9001)

• Development of Genus Climate Strategy & GHG emissions framework.

• LTIFR at 31 Dec 2022 was 0.00

• TRIFR at 31 Dec 2022 was 3.2

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DEC JUN DEC
Target
2021 2022 2022
TRIFR 3.5 3.3 3.6 3.2
LTIFR 0.0 0.0 0.0 0.0
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People

• Headcount of 869 at 31 Dec 2022 decreased from 950 at 30 June 2022. Reduction due to major project completions & the restructure of the

• Communications segment business.

• Reflect Reconciliation Action Plan’ (RAP) approval from CEO of Reconciliation of Australia. The ‘Reflect RAP’ is in the implementation and design phase.

• 81 Trainees & Apprentices Nationally.

• Graduate & vacation student program progressing, with 17 undergraduates/graduates engaged across the Group.

• Key shareholder in indigenous corporation Maali Group, a contracting services company, which current employs 260 people including 78

• indigenous full-time employees plus 25 indigenous apprentices and trainees supporting Genus and the wider industry.

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FINANCIAL

HY2023 Financial Overview

• Half year revenue of $224 million

• Normalised EBITDA $17.2 million up 8.6% on previous half

• Normalised EBIT-A $11.6 million up 8.3% on previous half

• on

• Statutory Profit for the year $6.4 million up 45%

previous half

• Normalised NPAT-A $7.8 million up 26% on previous half

• H1 FY23 Normalisations :

• ❖ Acquisition legal and advisory costs $1.1 million

• ❖ Restructuring costs $1.4 million

• ❖ ECM claim costs $0.1 million

• ❖ Tax Expense HY23 adjustment ($1.6 million) impact to Normalised NPAT-A

• H1 FY23 Amortisation expenses of $1.7 million relating to acquisition of intangibles from Tandem and Pole Foundations Australia reflects a full 6 months amortisation

Profit & Loss Statement (A$ millions)	**H1 2022 **	**H2 2022 **	H1 2023
Revenue	216.6	234.3	224.5
Normalised EBITDA	19.3	15.8	17.2
Depreciation & amortisation expenses	(5.2)	(5.2)	(5.6)
Normalised EBIT-A	14.1	10.7	11.6
Acquisition amortisation	(0.4)	(1.2)	(1.7)
Normalisations 1	(0.8)	(1.3)	(2.6)
EBIT	12.9	8.2	7.3
Statutory NPAT	9.2	4.4	6.4
Normalised NPAT-A	10.0	6.1	7.8

Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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Infrastructure

Revenue HY23

$164m

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-6.5% on PCP

Bringing together the industry-leading expertise and deep experience of Powerlines Plus and Proton Power, we offer a wide range of services including planning, designing, constructing, operating, testing, maintaining, managing and decommissioning power network assets.

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Industrial Services

Revenue HY23

$43m

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33.8% on PCP

Innovative & fully integrated Electrical & Instrumentation and Mechanical Services bringing together solutions for all aspects of E&I and Renewable Energy projects. With a client base spread across the mining, oil & gas, infrastructure and power generation sectors, we have developed an enviable reputation for reliability and executional excellence.

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Communications

Revenue HY23

$29m

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24.4% on PCP

From constructing state-of-the-art networks, to maintaining and upgrading existing infrastructure, our highly skilled teams are specialists in their field. Our turnkey communications solutions span the full asset lifecycle from feasibility, engineering design, site acquisition, logistics, procurement, construction and integration through to operations and maintenance.

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Orderbook & Pipeline

ORDERBOOK & PIPELINE

Orderbook & Pipeline (A$ millions)

• Expected recurring revenue forecast to continue to grow to $168 million for FY24 up from $134 million in FY22 and forecast $156 million in FY23.

• Strong orderbook of $413 million comprised of $215 million for FY23 and $198 million FY24.

• The tendered pipeline of $1.446 billion , up from $848 million at the end of FY22.

• Budget pricing and opportunity leads (excluded from tender pipeline) have increased to in excess of $3 billion which represents strong growth potential for the group.

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1600
1,446
1400
1200
FY25+ 675
1000
800
600
598
FY24
400
215
198
200
80
168
FY23 173
135
30
0
FY23 Orderbook FY24 Orderbook Tender Pipeline
Orders Expected Recurring
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Note : Revenue from recurring works includes long term customer/Panel revenue and revenue from long term supply & maintenance contracts. It excludes supply & maintenance revenue and minor projects from repeat customers that are not on long term contracts.

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MARKET DRIVERS

Growth Strategy & Market Drivers for Infrastructure & Industrial Services

• Continuing expansion into East Coast markets -

• Leverage strong interconnector investment through

leveraging strategic acquisitions in QLD, NSW & TAS

• Genus' increasing East Coast footprint & capabilities

• Capitalise on investment in energy-intensive assets; creating demand for upgraded or new transmission infrastructure

• Renewable generation project pipeline - geographic

• diversity of assets requires significant network investment

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Source: AEMO 2022 ISP “Step Change” Scenario

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MARKET DRIVERS

Rewiring the Nation Plan

• The Federal Government $20 billion Rewiring the Nation Plan is

• designed to ensure the transmission infrastructure is funded & delivered

• Over the coming decades Australia’s transmission backbone

• infrastructure needs to increase between ~10,000 – 28,000kms

• Network connections are a key opportunity with Genus carrying out

• these works over previous years. This could see an opportunity as high as 14,000kms

• Genus is one of the few Australian companies operationally capable of

• completing large-scale Transmission & Distribution projects and is set

to benefit from the Rewiring the Nation Plan

• Genus has provided maintenance over many years on both

• Transmission & Distribution networks which will increase and continue

beyond the project construction phase

• Transmission & Distribution form part of our service offering and will

continue to be a major contributor to the coming decades of growth

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Source: AEMO 2022 Network Investments

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Supporting Australia’s Rapid Energy Transformation Through engagement in paradigm-shifting transmission projects

HumeLink Status : Actionable Additional Network Capacity : 2,200MW in both directions Expected Cost : $3.3B Completion : Target July 2026

VNI West Status : Actionable with early works Additional Network Capacity : North: 1,930 MW South: 1,800 MW REZ network limit increase: 1,600 MW in V2, 550 MW in V3, 900 MW in N5 Expected cost : $2.9B Completion : Target July 2031

Marinus Link Status : Actionable Additional Network Capacity : 750MW in both directions Expected cost : Opt 1: $2.4B | Opt 2: $1.4B Completion : Target July 2031 New England REZ Status : Actionable Additional Network Capacity : 3,070MW in both directions Expected cost : $1.9B Completion : Target July 2027

Sydney Ring Status : Actionable Additional Network Capacity : 5,000MW Expected cost : $880M Completion : Target July 2027

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$1,011m
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$100m

$600m

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$617m
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$353m

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$417m
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$160m
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$400m

STRATEGY

Strategy Update – Industrial Services

• AEMO expects significant growth in installed capacity by 2050 as coal phase-out accelerates

• To meet the electrification strategy the NEM needs to almost double its capacity to 320 TWh – with the required growth coming from intermittent generation – increasing the need for storage to support the grid.

• A substantial set of firming assets remain in the AEMO pipeline, including

• 457MW in anticipated battery developments in NSW alone

• Leveraging demonstrated experience, Genus is targeting Grid-Scale and Bespoke EPC Battery Energy Storage Projects

• Genus will continue to grow our National Footprint in both Major Projects and Services in Electrical, Instrumentation & Control associated with the growth within the resources sector.

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Big Battery Project Tracker Source: Renew Economy

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STRATEGY

Strategy Update – Communications

• Successful integration of Tandem into Genus’ existing

Communications business

• Right-sized the Business to capitalise on future opportunities

• Telstra Copper Recovery & Recycling Project progressing successfully further developing this key client relationship

• –

• Telstra Blackspot & Regional Connectivity newly awarded $7M Program of works has commenced

• IEN Construction continues on the West Coast and is now operational on the East Coast leveraging from the Tandem East Coast knowledge

• & experience.

• Forged new strategic partnership with InfraCo , commencing dark fibre & OFC construction projects

• Leverage Genus’ long standing construction history to further establish new footprints nationally

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Source: PWC Australian Telecommunications, Media & Technology Outlook 2022

• Continue driving future opportunities in NBN operations & maintenance and the 5G market

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Important Notice

Disclaimer

This presentation has been prepared by GenusPlus Group Ltd ( Genus or the Company ) . It contains general background information about the Company’s activities current as at the date of this presentation. It is information given in summary form and does not purport to be complete. The content should be read in conjunction with the companies periodic and continuous disclosure announcements lodged with the Australian Securities Exchange which are available at www.asx.com.au and available on the company's website at www . .genus.com.au

No Offer

This presentation and any oral presentation accompanying it is not (and nothing in it should be construed as) an offer, invitation, solicitation or recommendation with respect to the subscription for, or recommendation to purchase, hold or sell of any security in any jurisdiction, and neither this document nor anything in it shall form the basis for any contract or commitment. The presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

The Company has prepared this presentation based on information available to them, including information derived from publicly available sources that has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness or reliability of the information, opinions or conclusions expressed in this presentation.

Any statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material. To the maximum extent permitted by law, none of the Company, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

Forward Looking Statements

Certain statements contained in this presentation, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements: a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements; and c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. The Company disclaims any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise.

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements. All forward looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein.

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