GR ENGINEERING SERVICES LIMITED — Investor Presentation 2025

Nov 20, 2025

GR Engineering Services Limited Annual General Meeting Presentation 21 November 2025

FY25 Results

• GR Engineering Services Limited (the Group) reported FY25 revenue of $479.0 million (FY24: $424.1 million) and EBITDA of $57.2 million (FY24: $50.9 million).

• GR Engineering safely and successfully delivered multiple projects including the Mungari Future Growth Project, Kathleen Valley Lithium Backfill Project, Woodlawn Restart Project and Bellevue Optimisation works. During FY25, GR Engineering completed its transitional and handover works relating to BHP’s West Musgrave Project.

• Engineering, design and construction works are continuing on major projects including the King of the Hills Operations Stage 1 and Stage 2 Upgrade Projects, Eloise Copper Expansion Project, Kainantu Gold Project and Lake Way Upgrade Project.

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• GR Production Services (GRPS) has been able to successfully increase its revenue and earnings visibility based on contract extensions awarded during FY25 including the Santos’ Cooper Basin and Surat Basin extensions.

• Mipac and Paradigm continued to deliver control systems, automation and digital solutions for key repeat clients around the globe including First Quantum, BHP, Rio Tinto, Glencore Technology, Ok Tedi, Anglo American and other conglomerates.

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FY25 Results

• The Group’s contracted and near-term pipeline across the business is solid and continuing to grow. The Group’s medium to long term visibility for project and production services work also remains high.

• The Group Total Reportable Injury Frequency Rate for FY25 was 4.74.

• The Board resolved to increase the final dividend to 12.0 cents per share, resulting in total FY25 dividends of 22.0 cents per share fully franked (FY24: 19.0 cents per share fully franked). Based on the Group’s share price on 19 November 2025, this represents a dividend yield of 5.5%.

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Key Highlights

Revenue (millions)

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$700
$525
$350
$175
$0
2021 2022 2023 2024 2025
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EBITDA (millions)

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$60
$45
$30
$15
$0
2021 2022 2023 2024 2025
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Dividends (cps) (fully franked)

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25 40
20
30
15
20
10
10
5
0 0
2021 2022 2023 2024 2025
Cents per share Dividend payment (millions)
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Shareholders

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6,000
5,000
4,000
3,000
2,000
1,000
0
2021 2022 2023 2024 2025
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Balance Sheet and Cashflows

• A strong balance sheet was maintained at 30 June 2025.

• At 30 June 2025, the Group held a net cash balance of $70.9 million (30 June 2024: $74.6 million). Borrowings was nil.

• During FY25, the Group paid out $33.4 million (FY24: $31.3 million) in fully franked dividends to shareholders.

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• At 30 June 2025, the Group had significant capacity in its combined bank guarantee and bonding facilities (undrawn facilities: $95.0 million).

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Mineral Processing

• GR Engineering’s design and construction order book of current work includes:

Company	Project	Type	($’m)
Vault Minerals Limited	King of the Hills Operations	EPC	155
	- Stage 1 Upgrade
	- Stage 2 Upgrade
AIC Mines Limited	Eloise Copper Expansion	EPC	78
K92 Mining Ltd	Kainantu Gold Mine – 1.2 Mtpa Process Plant	EPC	USD81
Piper Preston Pty Ltd	Lake Way Project Upgrade	EPC	36

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• In addition to the above ongoing projects, GR Engineering is executing preliminary and minor project works, involved in multiple ongoing FEED and early contractor involvement engagements and maintains a solid pipeline of near-term work opportunities.

• GR Engineering is currently engaged on 27 studies across a broad range of commodities for projects in Australia and abroad.

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Energy – GR Production Services

• GR Production Services (GRPS) generates longer term operations and maintenance (O&M) services revenue alongside minor project work.

• GRPS’ contracted pipeline includes, but is not limited, to the following key projects:

Company	Project	Estimated $’m per annum
QPM Energy	Moranbah Gas Plant – O&M	26
Santos Ltd	Surat Basin – maintenance	15
INPEX	Icthys LNG Project – O&M	14
Santos Ltd	Cooper Basin – maintenance	12
Eni Australia	Blacktip Gas Field – O&M	10
Mitsui E&P	Waitsia Project – O&M	6
Chevron	Gorgon and Wheatstone Projects – O&M	4
QGC (Shell)	Surat Basin – maintenance	2

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Contract terms vary between one to five years (excluding options)

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Process Controls – Mipac and Paradigm

• Mipac and Paradigm are leading providers of high quality control systems, operational technology and engineering services primarily in the global mineral processing and energy and sectors.

• Mipac and Paradigm design, commission, configure and optimise process control systems. The team of specialist process control engineers implement and commission robust, reliable systems and can support both large-scale continuous process operations and smaller projects. This also includes extensive experience in bulk material handling and conveyor control.

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• During FY25, the business continued to deliver solutions for key repeat clients such as First Quantum Minerals, BHP, Glencore Technology, Rio Tinto, Anglo American, Ok Tedi and other conglomerates.

• The business is forecasting revenue and EBITDA growth in FY26.

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Environmental Social Governance

• As part of the Group, we:

• Support our communities, including:

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We have been supporting the Starlight Children’s Foundation (Starlight) since 2012 and since that date, the Group has now raised more than $500,000 for Starlight.

• Promote and encourage diversity in our workforce and operations. We recognise that a diverse workforce is a contributor to the business achieving its strategic objectives.

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• Favour local suppliers and supply chain ethics that are supported by our standards. The risk of modern slavery in our supply chain and operations is low.

• Support university engineering students with scholarships and maintain an active graduate recruitment program. The Group implemented the scholarship plan in 2019.

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Outlook

• The Group’s contracted and near-term pipeline is solid and is continuing to grow.

• GR Engineering is involved in multiple ongoing FEED and early contractor involvement engagements and is working on a high volume of studies across a broad range of commodities and geographies. GR Engineering is also currently working on preliminary and minor project works.

• GRPS is actively bidding on multiple operations and maintenance contract tenders in the energy sector.

• Mipac and Paradigm are achieving higher utilisation in the current year and near-term revenue visibility remains high.

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• The Group expects revenue for FY26 to be in the range of $500 million to $520 million (FY25 revenue: $479.0 million).

• The Group’s strong balance sheet means that it is well capitalised to deliver its pipeline of work.

• The Group will continue to assess potential strategic growth opportunities that provide scale, diversity and technical expertise to the business.

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Corporate Profile

Capital Structure

Capital Structure
Shares on issue	m	168.2
Share price_(GNG.ASX)(14 Nov 2025)_	$	4.10
Market Capitalisation	$m	689.7
Cash_(30 Jun 2025)_	$m	70.9
Debt_(30 Jun 2025)_	$m	0
Enterprise Value	$m	618.8

Directors & Management

Share Price History

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5.00 5,000,000
4.00 4,000,000
3.00 3,000,000
2.00 2,000,000
1.00 1,000,000
0.00 -
Share Price Volume
Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025
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Register Analysis

Non-Executive Chairman

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Phillip Lockyer Non-Executive Chairman
2023 2025
Tony Patrizi Managing Director Directors & Snr
Mgmnt Directors & Snr
Peter Hood Non-Executive Director 33.0% Mgmnt
28.0%
Retail
Retail
59.0%
Joe Totaro Non-Executive Director 50.0%
Deb Morrow Non-Executive Director
Institutions Institutions
17.0% 13.0%
Omesh Motiwalla Chief Financial Officer
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Contact Details & Key Locations

Tony Patrizi

Managing Director

• +61 8 6272 6000

• tony.patrizi@gres.com.au

Omesh Motiwalla

CFO & Company Secretary

• +61 8 6272 6000

• omesh.motiwalla@gres.com.au

GR Engineering

71 Daly Street Ascot WA 6104  +61 8 6272 6000

Level 11, 99 St Georges Terrace Perth WA 6000  +61 8 6272 6000

GR Production Services

Level 38, 111 Eagle Street Brisbane QLD 4064  +61 7 3838 8000

Level 38, 111 Eagle Street Brisbane QLD 4064  +61 7 3838 8000

7225 N Oracle Rd, Suite 202 Tucson, Arizona USA 85704  +1 520 326 0062

Level 10, 99 St Georges Terrace Perth WA 6000  +61 8 6109 4000

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Mipac / Paradigm

Level 4, East Tower 410 Ann Street Brisbane QLD 4000  +61 7 3212 5600

Level 3, 195 Great Eastern Highway Belmont WA 6104  +61 8 6424 9900

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Disclaimer

RELIANCE ON THIRD PARTY INFORMATION

This presentation may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. No responsibility, warranty or liability is accepted by GR Engineering Services Limited ( Company ), its officers, employees, agents or contractors for any errors, misstatements in or omissions from this presentation.

PRESENTATION IS A SUMMARY ONLY

This presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with the financial report for the year ended 30 June 2025. Any information or opinions expressed in this presentation are subject to change without notice and the Company is not under any obligation to update or keep current the information contained within this presentation.

NO OFFER OF SECURITIES

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction.

FORWARD LOOKING STATEMENTS

This presentation may include forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this presentation. Investors are cautioned that statements contained in this presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements.

DISCLOSURE OF NON- IFRS FINANCIAL INFORMATION

Throughout this presentation, there are occasions where financial information is presented not in accordance with accounting standards. There are a number of reasons why the Company has chosen to do this including to maintain a consistency of disclosure across reporting periods

ROUNDING

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided.

NOT INVESTMENT ADVICE

This presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, Directors, officers, agents, employees or advisers. The information provided in this presentation has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

NO LIABILITY

To the maximum extent permitted by law, neither the Company nor its related bodies corporate, Directors, employees or agents, nor any other person, accepts any liability, including without limitation any liability arising from fault or negligence, for any direct, indirect or consequential loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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