IPD GROUP LTD — Annual Report 2024

Aug 29, 2024

Solution provider to the Australian electrical market

FY24 Results

30 August 20 24

Important Notice & Disclaimer

No Reliance

The information contained in this document is not investment or financial product advice and is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution for obtaining independent advice.

To the maximum extent permitted by law, neither the Company nor any other party guarantees or makes any representations or warranties, express or implied, as to, or takes responsibility for, the accuracy or reliability of the information contained in this document or as to any other matter, or takes any responsibility for any loss or damage suffered as a result of any inadequacy, incompleteness or inaccuracy in any statement or information in this document including, without limitation, any financial information, any estimate or projections or any other financial information.

Past performance information provided in this document may not be a reliable indication of future performance. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions, and beliefs of the Company. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon.

Forward Looking Statements

This document contains certain forward-looking statements and comments about future events. Forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies, and other factors, many of which are outside the control of the Company, are subject to change without notice, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct, and which may cause the actual results or performance of the Company to be materially different from any results or performance expressed or implied by such forward-looking statements. Such forward-looking statements speak only as of the date of this document. Forward looking statements should not be relied on as an indication or guarantee of future performance. No representation, warranty or undertaking is made that any projection, forecast, assumption or estimate contained in this document should or will be achieved. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

Miscellaneous

No person, especially those who do not have professional experience in matters relating to investments, may rely on the contents of this document. If you are in any doubt as to the matters contained in this document you should seek independent advice and/or consult your stockbroker, bank manager, solicitor, accountant, or other financial adviser.

A number of figures and calculations in this presentation are subject to the effects of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All dollar figures within this document represent Australian Dollars unless otherwise specifically stated.

IPD Group – FY24 Results

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Michael Sainsbury Jason Boschetti Executive Director & CEO Chief Financial Officer

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Mohamed Yoosuff Executive Director Strategic Development

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FY24 Results

– Overview

• Financial Performance

– Market & Business Update

• Strategy & Outlook

• Q&A

IPD Group – FY24 Results

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Our Vision

To help build a future where sustainable electrical infrastructure creates a better life for all.

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Our
Mission
To enhance every aspect of
infrastructure through energy
efficiency, automation and secure
connectivity while prioritising the
safety and wellbeing of people.
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Overview

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A Connected Group

Delivering customer value across the entire value chain

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Power distribution, energy Complete electrical management and automation engineering services for high product distribution with and low voltage projects with complimentary custom EV charging infrastructure assembly services specialisation

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Manufacturer and distributor of electrical cables and speciality plugs

Specialists in the supply, modification, repair and design of hazardous area electrical equipment

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Corporate Snapshot

Capital Structure

Capital Structure
ASX Code	IPG
ASX Shareprice	$4.75 (1)
IPO Date	17th December 2021
Shares on issue	103,380,078
Net Debt	$8.8M (2)
Market capitalisation	$491M (1)

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(1)
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Share Price

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IPG-ASX share price Small Ords indexed to IPG
6.00
22-Aug-24
$4.75
5.00
4.00
3.00
2.00
1.00
0.00
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24
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1. As at 22 August 2024

2. As at 30 June 2024

Board of Directors

David Rafter Non-Executive Chair Andrew Moffat Non-Executive Director Michael Sainsbury Executive Director & CEO Mohamed Yoosuff Executive Director - Strategic Development

(1) Share Holder Breakdown 21% 79% External Board, Management & Employees

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FY24 Results Overview

Continued growth exceeds top-end of earnings guidance

(1) (1) Revenue Underlying EBITDA Underlying EBIT $290.4m $40.1m $34.3m Up 28.0% (PCP $226.9m) Up 44.8% (PCP $27.7m) Up 46.6% (PCP $23.4m)

(1) Underlying NPAT $23.3m Up 44.7% (PCP $16.1m)

(1) Underlying EPS 24.2 cents Up 30.1% (PCP 18.6cents)

(2) Net Assets Net Debt Capital Raised $150.7m $8.8m $65.0m ($72.9m as at 30 June 2023) ($31.1m of Borrowings as Successfully raised in Dec 2023 at 30 June 2024)

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(3)
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LTIFR 1.9 LTIFR Now over 400 days since last LTI

Total Dividends FY24 10.8 cents

Dividend per share fully franked 50% payout ratio

1. Underlying EBITDA, EBIT and NPAT from ordinary activities is a non-IFRS measure reported to provide a greater understanding of business performance. Underlying EBITDA and EBIT have been arrived at by adding back acquisition related costs totalling $1,221,000. Underlying NPAT from ordinary activities has been arrived at by adding back acquisition related costs after tax totaling $855,000.

2. Net Debt excludes lease and tax liabilities.

3. Lost time injury frequency rate at 30 June 2024. LTIFR Average number of lost time injuries over the past 12 months for every 1,000,000 hours worked

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Financial Performance

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Financial Overview

Record revenues & profits

Acquisition of EX Engineering and CMI Operations delivers strong EBITDA, EBIT and NPAT growth.

• Record Revenue, EBITDA, EBIT and NPAT results for the Group drives earnings above the top end of guidance range.

(1)

• Underlying NPAT growth of 44.7% on pcp.

• EX Engineering was acquired on the 21[st] of July 2023 and CMI Operations was acquired on the 31[st] January 2024. Both acquisitions have contributed to the Group’s expanding EBITDA, EBIT and NPAT margins.

• CMI Operations lower operating gross profit margins will continue to have a dilutive impact on consolidated gross profit margins. However, CMI Operations higher EBITDA, EBIT and NPAT margins will continue to have an accretive impact on the consolidated Group.

• (1)

• Underlying EPS of 24.2 cents for FY24, up 30.1% on pcp.

		Underlying (1)		Movement %
$m		FY24	**FY23 **	(vs last year)
Revenue		290.4	226.9	28.0%
Gross profit		107.8	86.8	24.2%
EBITDA		40.1	27.7	44.8%
EBIT		34.3	23.4	46.6%
NPAT		23.3	16.1	44.7%
EPS (cents per share)	(2)	24.2	18.6	30.1%
Gross profit margin		37.1%	38.2%	(1.1%)
Operating expenses as % of revenue		23.6%	26.3%	(2.7%)
EBITDA margin		13.8%	12.2%	1.6%
EBIT margin		11.8%	10.3%	1.5%
NPAT margin		8.0%	7.1%	0.9%

1. Underlying EBITDA, EBIT and NPAT from ordinary activities is a non-IFRS measure reported to provide a greater understanding of business performance. Underlying EBITDA and EBIT have been arrived at by adding back acquisition related costs totalling $1,221,000. Underlying NPAT from ordinary activities has been arrived at by adding back acquisition related costs after tax totalling $855,000.

2. Weighted average number of ordinary shares used in the calculation of earnings per share of 96,039,605 (30 June 2023 : 86,345,843)

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Sales & Earnings Growth

Record revenues & profits

Revenue of $290.4 million, up 28.0% on pcp

• The acquisitions of EX Engineering and CMI Operations have contributed to the Group's revenue growth.

• Strong continuing revenue growth displayed by 35.0% CAGR over the past five financial years.

Underlying[1] EBITDA of $40.1 million, up 44.8% on pcp

• Continued growth for the Group drives earnings above the top end of the guidance range.

• EX Engineering and CMI Operations higher EBITDA margins have contributed to the Group's results and expanding EBITDA margins.

• Strong underlying[1] EBITDA growth with a 44.8% CAGR over the past five financial years.

• EX Engineering and CMI Operations higher EBITDA, EBIT and NPAT margins will continue to have an accretive impact on the consolidated group.

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(1)
Revenue Underlying EBITDA
$40.1m
35.0% $290.4m
44.8%
CAGR
CAGR
$226.9m 13.8%
$27.7m
$176.8m
$20.2m
$118.1m
$13.6m 12.2%
$87.5m
$107.8m
$9.1m 11.4%
$86.8m 11.5%
$67.5m
$46.3m
$33.6m 10.4%
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
Statutory revenue Gross profit EBITDA EBITDA margin
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1. Underlying EBITDA is a non-IFRS measure reported to provide a greater understanding of business performance. Underlying EBITDA has been arrived at by adding back acquisition related costs totalling $1,221,000.

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Pro-forma Financial Performance

Pro-forma sales & earnings

On a comparable pro forma basis, IPD delivers gross profit, EBITDA, EBIT and NPAT growth during FY24

• Pro-forma financials include the financial performance of EX Engineering and CMI Operations prior to acquisition and exclude acquisition-related costs.

• Strengthening gross profit, EBITDA, EBIT and NPAT margins

• (1)

• • Pro-forma EPS of 28.5 cents for FY24.

• The traditional IPD business and EX Engineering achieved pro-forma(1) double-digit EBIT and NPAT growth during FY24.

• Whilst CMI Operations delivered revenue growth during FY24 there was a decline in Minto export sales due to the Indonesian governments temporary ban on mining exports, which ended late FY24. The resulting shift in sales mix, combined with one off relocation costs and new facility costs resulted in an EBIT and NPAT decline on FY23.

	Pro-forma (1)	Pro-forma (1)
$m	FY24	FY23	Movement %
Revenue	350.4	343.3	2.1%
Gross profit	124.1	120.2	3.2%
EBITDA	49.8	47.6	4.6%
EBIT	42.8	41.5	3.1%
NPAT	29.5	28.6	3.1%
Gross profit margin	35.4%	35.0%	0.4%
Operating expenses as % of revenue	21.3%	21.3%	0.0%
EBITDA margin	14.2%	13.9%	0.3%
EBIT margin	12.2%	12.1%	0.1%
NPAT margin	8.4%	8.3%	0.1%

1. IPD acquired EX Engineering on 21 July 2023 and CMI Operations on 31 January 2024. The Pro forma information presented includes the financial performance of EX Engineering and CMI Operations prior to acquisition and excludes acquisition related costs.

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Balance Sheet

Strong & flexible financial position

$m	As at 30 Jun 2024	As at 30 Jun 2023
Total current assets	173.3	109.1
Total non-current assets	99.4	30.5
Totalassets	272.7	139.6
Total current liabilities	80.4	55.0
Total non-current liabilities	41.6	11.7
Totalliabilities	122.0	66.7
Net assets	150.7	72.9

• As at 30 June 2024, the Group has $150.7 million of net assets on its balance sheet after the acquisition of CMI Operations Pty Ltd on 31 January 2024.

• On 31 January 2024 the group utilised $31.1 million from the newly acquired $40.0 million CBA acquisition debt facility to partly fund the acquisition of CMI Operations.

• As at 30 June 2024 the group has net debt of $8.8m, with $22.3m of cash and $31.1 million in borrowings.

Net Assets

$150.7m

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$72.9m
$63.4m
$39.2m
$28.8m
30 Jun 2020 30 Jun 2021 30 Jun 2022 30 Jun 2023 30 Jun 2024
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Net Working Capital & Dividend

Continued investment for future growth

Net working capital (NWC) of $76.9 million

• Inventory increased by $29.0 million on 31 December 2023, with $28.9 million of this contributed by the addition of EX Engineering and CMI Operations.

• Operating free cash flow conversion (Operating cash flow before interest and tax outflows) rose 37ppt, from 51% in FY23 to 88% in FY24.

Dividend of 6.2 cents/share

• $22.4 million in NPAT from ordinary activities after acquisition costs, up 39.1% on pcp.

• Fully franked final dividend of 6.2 cents per share declared for the second half of FY24.

• Total dividends declared for FY24 were 10.8 cents per share (FY23 9.3 cents per share), equating to a payout of $11.2 million and a payout ratio of 50%.

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Net Working Capital (NWC) Dividends
$76.9m 6.2c
4.7c
4.6c 4.6c
$48.2m
3.7c
$39.4m
$33.5m
$25.0m
30 Jun 2022 31 Dec 2022 30 Jun 2023 31 Dec 2023 30 Jun 2024 30 Jun 2022 31 Dec 2022 30 Jun 2023 31 Dec 2023 30 Jun 2024
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IPD Group – FY24 Results

Market & Business Update

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Energy Transition Supporting Strong Fundamentals Leveraging our unique value proposition to secure long term growth

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Megatrends
Digital &
Geopolitical Urbanisation Sustainability Electrification
technological
shifts
transformation
Product specification Engineering Maintenance,
& supply & installation repair & operation
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Our unique value proposition
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IPD Business Update

Energy Efficiency & Automation Experts

Initiatives & Highlights

Demand Creation & Specification: Building relationships through the Strategic Solutions Team, targeting key segments like Mining, Data Centres, water and waster water.

Collaborative Opportunities: Partnering with ABB Electrification to capture key opportunities, especially in the Data Centre segment.

Sales Organisation Restructuring: Revamping the sales structure to support growth and better serve customers across Strategic Solutions, Buildings & Infrastructure, Industry, and Wholesale.

ABB Motors Master Distributorship: Strengthening and expanding the ABB Motors Master Distributorship.

Improved Logistics: Introduced a new provider with automated management, enhanced capacity, and advanced technology for faster, more reliable, and transparent deliveries

Major Projects

Global Leader in Data Centres : Secured large forward orders for the next 12 months; demand projected to increase by 25%.

National Car Dealership Group : Supplied EV chargers to LSH dealerships in Sydney, Melbourne, and Brisbane; providing customer EV charger solutions for SMART Electric Car buyers.

Powerhouse Museum Parramatta : Supplied ABB low voltage switchgear and distribution boards.

Harbourside Darling Harbour : Received order for busduct system supply.

Renewables: Goulburn River Solar, Bundaberg (Ewia) Solar Farm, and Melton Battery Farm, where we supplied Hirschmann Industrial Communications solutions.

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Addelec Business Update

Driving Sustainable Electrical Infrastructure

Initiatives & Highlights

Integrated Brand and Expanded Reach : Integrated Gemtek into Addelec with new branding as of July 1; expanded services to QLD, now covering NSW, VIC, TAS, QLD, and WA.

Turnkey Solutions and Market Leadership : Provides comprehensive turnkey EV charging solutions with a national footprint and is recognised as a leader in the EV infrastructure space.

New Product Alliances : Formed new partnerships with eLumina and Kempower, enhancing the range of best-in-class products.

Strong Industry Relationships : Connections with key industry players including NRMA, Evenergi, RAC, Chargefox, Transit Systems, ABB, and BGIS.

Strategic Ambition : Expanding our market position in EV charging solutions by leveraging our established expertise in data centers and highvoltage systems, positioning us as a market leader in Australia.

Major Projects

PTA / Programmed FM – Malaga Bus Depot: Awarded contract to provide EV charging; project to be delivered and invoiced within the fiscal year.

NRMA: Received 21 POs for site engineering and construction across multiple States.

eLumina: Secured sale of 14 eLumina battery backed high power chargers to NRMA for deployment across Australia.

University of Wollongong P8 Carpark Charging Station: Awarded grant for 3 super-fast EV chargers; project includes installation of ABB Terra chargers and related works.

Cloud Carrier: Completed HV reticulation design and construction for Cloud Centre data centre.

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Ex Engineering Business Update

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Trusted in Electrical Safety for Hazardous Areas

Initiatives & Highlights

Increased Workshop Demand: Achieved a 21% increase in workshop builds compared to the previous year.

Expansion to East Coast: Expanded Ex Engineering to the East Coast, including the incorporation of the East Coast workshop.

National Stock Management: Reviewed and aligned stock management, margins, pricing, and sales structures on a national level.

System and Process Alignment: Aligned systems and processes around STAHL assembly, focusing on compliance and productivity.

National Market Presence:

Enhanced national market presence while maintaining high customer service and compliance standards.

Major Projects

Global Energy Company Supply Contract: Ongoing support with a recent contract extension.

CBH Supply Contract: Continued support with a recent contract extension.

CBH Storage Upgrades: Delivered storage upgrades and rail loading expansions.

Callide Power Station Upgrades: Provided equipment sourcing and customised equipment supply.

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CMI Operations Business Update

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Leaders in Safe & Reliable Power Connections

Initiatives & Highlights

Continued Expansion: Expanding into Mongolia and Indonesia to tap into compatible markets.

Sustainability Advancement: Introducing an 11kV mining coupler to help the resource sector reduce fossil fuel use.

Technological Innovation: Enhancing Minto mining products through improved safety, reduced weight, and streamlined installation.

Market Share Growth: Expanding in Australia’s electrical cable sector with new complementary products.

Global Opportunities: Exploring new international markets for the Minto mining plug range.

Major Projects

Western Sydney Harbour Tunnel: Supplied high-voltage plugs and cable for critical infrastructure.

HMAS Cairns: Provided extensive cable supply for naval infrastructure upgrades.

North Head Bio Solids: Delivered specialised cable solutions for bio solids processing facilities.

Chatswood Chase: Supplied cables for major retail and commercial redevelopment.

360 Queen Street: Provided cable solutions for a high-rise commercial building project.

North Goonyella Underground Mine: Supplied mining plugs for underground operations, enhancing safety and efficiency.

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NPS Growth reflects strong customer satisfaction

• NPS improved to 32.9% in FY24, up from 30.2% in FY23.

• Positive trend in customer satisfaction and engagement across all subsidiaries.

• In the B2B industry, an NPS score of 30-40% is considered strong.

• Indicates solid customer loyalty and highlights the success of our customer-focused strategies.

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Diversified Revenue

Multiple technologies for diverse markets and stable growth

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FY24 Revenue by Type
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Products - 93%
Services - 7%
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FY24 Revenue by Product Type

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FY24 Revenue by End Market

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Power Distribution - 43% Automation & Communication - 12% Cable - 12% Motor Control - 10% Hazardous Area Equipment - 10% Services - 7% Power Monitoring - 5% Others - 1%

Commercial Construction/Buildings - 37% Infrastructure/Industrial/Mining - 23% Data Centres - 12% Water & Waste Water - 11% Power Utilities - 6% Food & Beverage - 3% Residential Construction - 1% Others - 7%

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Product Vendor Relationships

Broadening of vendor base increases diversification

Vendor Revenue Concentration

Recent acquisitions of Ex Engineering and CMI Operations continue to support diversification.

Contribution of the top 5 vendors have decreased from 62% in FY23 to 49% in FY24 with the acquisitions of Ex Engineering and CMI Operations.

The company's diverse vendor and technology portfolios offset declines in some segments with growth in others.

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100%
90%
80%
70%
60%
Other Vendors
50% Vendors 6-10
Vendors 2-5
40%
ABB
30%
20%
10%
31% 35% 44% 32%
0%
FY21 FY22 FY23 FY24
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Creating a positive imprint

Progress in sustainability, focusing on responsibility

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Our people are not just the heart of IPD Group, they are the driving force behind our success.
664 35% 1.9 400
Employees Employee NPS score – Lost time injury Now over 400 days
strong result well above frequency rate (LTIFR) since last LTI
industry benchmarks
indicating a healthy,
positive work environment.
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Environmental, Social & Governance

• Repurposed timber for Australian flooring production.

• Replaced polystyrene packing with corrugated cardboard, eliminating 160m³ of landfill waste.

• Use 100% recycled paper for packing.

• Switched to reusable transport crates, reducing single-use void fill.

• Support for employee-selected charities, including cancer research and The Salvation Army.

• On-going commitment to Employee Assistance Program (EAP).

• Released ESG Policy and goals.

• Phased out single-use plastics; using recycled shrink wrap.

• Installed EV charging stations at key sites with expansion plans.

• Installed LED lighting at six sites.

• Released the second Modern Slavery Statement.

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Strategy & Outlook

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Strategic Priorities

Delivering growth, efficiency and sustainability

	Customer Value	•	Enhance customer experiences by leveraging our strong brand portfolio.
Business	& Market Expansion	•	Drive growth at double the market rate by expanding into new and underserved markets.
Growth	Accelerate Growth	• •	Prioritise capital investments that enhance earnings and market position. Pursue strategic acquisitions to expand our customer value and growth potential.
Operational	Scalable Operations	• •	Leverage the Group's integrated shared services model to achieve cost savings. Enhance operational effectiveness by maximising economies of scale across the organisation.
Efficiency	Synergies &	•	Leverage internal and external synergies to boost value creation.
	Emerging Technologies	•	Early identification of emerging technologies to stay ahead of market trends and capture new opportunities.
	Sustainable &	•	Focus on responsibility, compliance, and sustainability to ensure a positive impact.
	Responsible Impact	•	Align growth and innovation initiatives with long-term environmental and social goals.
Sustainability
	One Team with	•	Cultivate a highly engaged team that lives the company’s values.
	Purpose-Driven Culture	•	Foster a purpose-driven culture that supports strategic goals and drives collective success.

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Outlook

• The outlook for our markets remains buoyant, driven by the transition to renewable energy, increasing demand from data centres and their energy requirements, the growing number of EV chargers, and a supportive legislative environment.

• IPD's experienced senior management, best-in-class customer service, diverse product range, strong balance sheet, and strategic focus on M&A uniquely position us for continued growth.

• The Board will provide an update on Q1 trading performance at the IPD Group Limited AGM on the 26 November 2024.

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Q&A

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Thank you

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