IPD GROUP LTD — Interim / Quarterly Report 2025

Feb 23, 2025

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FY25 Half Year Results Presentation

20 25

Important Notice & Disclaimer

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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 – FY25 Half Year Results

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Michael Sainsbury Executive Director & CEO

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Jason Boschetti

Chief Financial Officer

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Mohamed Yoosuff Executive Director Strategic Development

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Agenda

– Overview

• Financial Performance

– Market & Business Update

– Strategy & Outlook

• Q&A

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5

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Overview

IPD Group – FY25 Half Year 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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Our Connected Group

Driving sustainable growth through the energy transition & synergies

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Complete electrical engineering services for high and low voltage projects, specialising in EV charging infrastructure.

Manufacturer and distributor of electrical cables, specialty plugs, couplers, and receptacles for industrial applications.

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

Power distribution, energy management, and automation product distribution with custom assembly services.

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Corporate Snapshot

Capital Structure

Capital Structure
ASX Code	IPG
ASX Shareprice	$4.27 (1)
IPO Date	17th December 2021
Shares on issue	103,693,582
Net Debt	$2.2M (2)
Market capitalisation	$443M (1)

(1) Share Price IPG-ASX share price Small Ords indexed to IPG

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6.00 18-Feb-25
$4.27
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 Sep-24 Dec-24
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1. As at 18 February 2025 2. As at 31 December 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

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(1)
Share Holder Breakdown
17%
83%
External Board, Management & Employees
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IPD Group – FY25 Half Year Results

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HY25 Results Overview

Continued growth exceeds top-end of earnings guidance

NPAT

EBITDA EBIT $176.9m $23.6m $20.2m Up 46.6% (PCP $120.7m) Up 46.6% (PCP $16.1m) Up 47.4% (PCP $13.7m)

Revenue $176.9m

$13.3m Up 40.0% (PCP $9.5m)

(1) (2) Net Debt Order Backlog $2.2m $92.7m ($8.8m as at 30 June 2024)

(3) LTIFR Zero

Operating free Cash Flow $25.3m

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(1)
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(49.2% growth 1H FY25 Vs 1H FY24 0.0 LTIFR Pro Forma )(4)

Operating Cash Flow Conversion of 107.6%

EPS

12.9 cents

Up 19.4% (PCP 10.8cents)

Interim Dividend 6.4 cents Up 39.1% (PCP 4.6cents)

1. Operating free cash flow (before interest and tax outflows)

2. Net Debt excludes lease and tax liabilities.

3. Lost time injury frequency rate at 30 December 2024. LTIFR Average number of lost time injuries over the past 12 months for every 1,000,000 hours worked 4. 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

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Financial Performance

IPD Group – FY25 Half Year Results

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Financial Overview

Record revenues & profits

Continued growth exceeds top-end of earnings guidance

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

• Revenue and EBITDA growth of 46.6% on pcp.

• CMI Operations was acquired in 2H FY24. On a 1H comparative basis CMI Operations lower operating gross profit margins have had a dilutive impact on the 1H FY25 consolidated gross profit margins.

• Operating expenses as % of revenue decreased by 4.9% which ensured that EBITDA and EBIT margins have held at 13.3% and 11.4% respectively.

• With a full 6 months of EX Engineering and CMI Operations (1)

• contributing to the group results, EPS grew 19.4% to 12.9 cents per share for the half year ended 30 December 2024.

• This earnings per share growth demonstrates the success of accretive acquisitions made in FY24.

				Movement %
$m		1H FY25	1H FY24	(vs lastyear)
Revenue		176.9	120.7	46.6%
Gross profit		62.3	48.2	29.3%
EBITDA		23.6	16.1	46.6%
EBIT		20.2	13.7	47.4%
NPAT		13.3	9.5	40.0%
EPS (cents per share)	(1)	12.9	10.8	19.4%
Gross profit margin		35.2%	40.0%	(4.7%)
Operating expenses as % of revenue		22.1%	27.0%	(4.9%)
EBITDA margin		13.3%	13.3%	0.0%
EBIT margin		11.4%	11.4%	0.0%
NPAT margin		7.5%	7.9%	(0.4%)

1. Weighted average number of ordinary shares used in the calculation of earnings per share of 103,538,533 (31 December 2023: 88,778,919)

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Sales & Earnings Growth

Record revenues & profits

Revenue of $176.9 million, up 46.6% on pcp

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

• IPD’s diverse product range has enabled IPD to pivot towards growing industries such as Data centres and Water and Waste Water.

• As expected, CMI Operations’ lower operating gross profit margins have had a dilutive impact on consolidated gross profit margins.

EBITDA of $23.6 million, up 46.6% on pcp

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

• Stable EBITDA margins whilst investing into the operating cost base to generate a record orderbook

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Revenue EBITDA
$23.6m
$290.4m $22.7m
$226.9m
$16.1m
H2
$14.3m
$169.7m
$176.8m $13.4m
H2
$11.3m
$116.m
$118.1m H2 $8.8m 13.3% 13.4% 13.3%
$95.1m
12.3%
H2 H1 11.9% 12.1%
$65.m $176.9m
H1
H1
$120.7m 10.8%
H1 $110.9m
H1 $81.7m
$53.1m
H1 H2 H1 H2 H1 H2 H1
FY21 FY22 FY23 FY24 FY25 FY22 FY22 FY23 FY23 FY24 FY24 FY25
H1 H2 EBITDA EBITDA margin
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(1)
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Pro-forma Financial Performance

(1)

Pro-forma sales & earnings

Record Order book transitions from daily trade to larger and more complex orders

• Larger more complex orders typically have longer lead times and less certainty around delivery timing. This has resulted in a proportion of orders that would previously have already become invoiced Revenue now sitting in our Order Backlog.

• Amidst the wider macroeconomic challenges in the commercial construction sector, IPD group delivered a record order book and pro-forma[(1)] revenue growth of 2.3%.

• IPD’s gross revenues for the core IPD business are up 5.2% on pro-forma[(1)] pcp as IPD's diverse product range has enabled IPD to pivot towards emerging markets.

• CMI Operations is largely attached to the Commercial Construction sector and gross revenues declined by 3.3% on proforma[(1)] pcp.

• Additional operating cost base investments were made to generate and deliver these additional orders, which have impacted margins for 1H FY25.

	(1) Pro-forma	(1) Pro-forma
$m	1H FY25	1H FY24	Movement %
Revenue	176.9	172.9	2.3%
Gross profit	62.3	62.1	0.3%
EBITDA	23.6	24.8	(4.8%)
EBIT	20.2	21.4	(5.6%)
NPAT	14.2	14.9	(4.7%)
Gross profit margin	35.2%	35.9%	(0.7%)
Operating expenses as % of revenue	22.1%	21.6%	0.5%
EBITDA margin	13.3%	14.3%	(1.0%)
EBIT margin	11.4%	12.4%	(1.0%)
NPAT margin	8.0%	8.6%	(0.6%)

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.

IPD Group – FY25 Half Year Results

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Balance Sheet

Strong & flexible financial position

	As at	As at
$m	31 Dec 2024	30 Jun 2024
Total current assets	171.7	173.3
Total non-current assets	105.6	99.4
Total assets	277.3	272.7
Total current liabilities	71.9	80.4
Total non-current liabilities	47.3	41.6
Total liabilities	119.2	122.0
Net assets	158.1	150.7

• As at 31 December 2024, the Group has $158.1 million of net assets on its balance sheet after the acquisition of CMI Operations Pty Ltd on 31 January 2024.

• As at 31 December 2024 the group has net debt of $2.2m (down from $8.8 million at 30 June 2024) , with $28.9 million of cash and $31.1 million in borrowings.

• As a result of prudent cash management, subsequent to 31 December 2024 the Group has repaid $10.0 million of core debt. As a result, the acquisition debt facility and associated non-current borrowings have been reduced to $21.1 million.

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Net Assets
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$158.1m
$150.7m
$142.7m
$72.9m
$68.5m
31 Dec 2022 30 Jun 2023 31 Dec 2023 30 Jun 2024 31 Dec 2024
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Net Working Capital & Dividend

Continued investment for future growth

Net working capital (NWC) of $76.6 million

• Inventory increased by $1.2 million on 30 June 2024, whilst total net working capital decreased during the half year ended 31 December 2024.

• Operating free cash flow conversion (Operating cash flow before interest and tax outflows) rose to 107.6% in 1H FY25.

• Operating free cash flow of $25.3 million for the half year ended 31 December 2024.

Dividend of 6.4 cents/share

• $13.4 million in NPAT from ordinary activities, up 40.0% on pcp.

• Fully franked interim dividend of 6.4 cents per share declared for the first half of FY25 (1H FY24 4.6 cents per share).

• 6.4 cents per share equates to a payout of $6.6 million and a payout ratio of 50%.

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Dividends
Net Working Capital (NWC) 6.4c
6.2c
$76.9m $76.6m
4.7c
4.6c 4.6c
$48.2m 3.7c
$39.4m
$33.5m
31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec
2022 2023 2023 2024 2024 2022 2022 2023 2023 2024 2024
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IPD Group – FY25 Half Year Results

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Market & Business Update

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Market Update

Growth, innovation & opportunity

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New markets & enhanced expertise

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• Our expanding market reach – Growth into
new regions, industries, and customer
segments, unlocking fresh revenue
opportunities.
•
Strategic solutions growth – Strengthening
expertise with UPS and Motors specialists to
capitalise on high-demand sectors.
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Data centre infrastructure

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• Continued Growth – up 25% as a percentage of
revenue on FY24.
• Energy Efficiency Gains – DeepSeek AI models
use 10-40x less energy, but rising AI adoption
may offset savings.
• Sustained AI Investment – Lower costs may
increase AI deployment, potentially offsetting
energy savings, while continued demand drives
data centre expansion.
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EV charging & infrastructure

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•
Experiencing steady growth - Driven by
expansion in new developments and the
National Construction Code (NCC) mandate
for EV-ready buildings.
• Rising investment in EV fleets – Notable
increase as companies electrify buses and
trucks for cost and efficiency benefits, including
lower maintenance, reduced downtime, and
stable energy costs, leading to long-term
savings and a competitive edge.
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IPD Group – FY25 Half Year Results

Diversified Revenue

Multiple technologies for diverse markets and stable growth

1H FY25 - Revenue by Type

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Products - 93%
Services - 7%
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1H FY25 - Revenue by Product

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Power Distribution - 36% Cables - 22% Hazardous Area Equipment - 12% Industrial & Motor Control - 10% Automation & Industrial Communications - 8% Services - 7% Power Monitoring - 5%

1H FY25 - Revenue by End Market

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Commercial Construction/Buildings - 33% Infrastructure/Industrial/Mining - 22% Data Centres - 15% Water & Waste Water - 13% Power Utilities - 5% Food & Beverage - 3% Residential Construction - 1% Others - 7%

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Business Highlights

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Energy efficiency & automation experts

Business Growth

• Strong Performance

Driven by growth in Data Centres, Mining, HVACR, and strong demand across Wholesale markets.

• Major Wins

Secured key contracts, including software renewals, Busduct orders for major commercial projects (Atlassian HQ, One Circular Quay, Melbourne Quarter Tower), ongoing Amazon supply, and infrastructure projects with Woolworths, Yarra Trams, & Transgrid.

Market Expansion

Data Centre Team in partnership with ABB, switchboard testing to AS/NZS 61439 for two new manufacturing partners, and the expansion of the Wholesale Stockist Program.

IPD Group – FY25 Half Year Results

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Partnerships & Innovation

• Technology & Digital Transformation Utilising external consulting services to accelerate digitization, enhance software tools, and improve operational efficiency.

• Industry Partnerships

Strengthened engagement with NESMA and Engineers Australia, positioning the company as a leader in industry innovation and compliance.

• Sustainability & Future Growth

Increased focus on energy management solutions and electrification initiatives, aligning with global trends and market demand for sustainable infrastructure.

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Enhancements

• Portfolio Expansion Launched ABB Motors Offer and Modular Switchboard System to penetrate new markets.

• Operational Efficiencies Improved customer segmentation, digital engagement, and warehouse automation with a vertical lift system.

• Customer Experience Investments

• Upgraded phone systems and digital tools to enhance communication and service levels.

Business Highlights

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Trusted in electrical safety for hazardous areas

Strong Demand

• Continued Market Demand

• Strong demand for specialist knowledge and customised hazardous area solutions, particularly across Oil & Gas, Manufacturing, and LNG industries.

• DEXEN Product & IECEx Repair Growth

• Increasing orders for DEXEN dust enclosures and IECExcertified repair services, with demand expected to rise further in H2.

• Expanding Custom Solutions & Compliance Strengthening custom engineering capabilities and local certification processes to ensure compliance and meet evolving industry needs.

IPD Group – FY25 Half Year Results

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Industry Leadership

• Scaling Custom Solutions & Certification Capabilities Focused on expanding custom-built hazardous area solutions and strengthening local certification processes in H2.

Enhancing Engineering & Compliance Expertise Investing in technical expertise, IECEx-certified modifications, and regulatory compliance to improve service quality and industry leadership.

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Expansion & Major Wins

• Strategic East Coast Growth

• Expansion is progressing, with critical hires and pricing structures in place, ensuring better service coverage and market penetration.

• Major Oil & Gas Contracts Secured Received significant shutdown and expansion project orders for delivery in H2, reinforcing expertise in high-risk environments.

• Building Infrastructure & Service Capacity Enhancing stock availability, workshop capabilities, and fast turnaround services to support industry growth.

Business Highlights

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Driving sustainable electrical infrastructure

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Future Opportunities

Performance

• Rising demand for bus and truck electrification , with increased government investment in zero-emission transport. Addelec is well-positioned to capitalise on this sector, having already secured multiple depot projects.

• Strong sales performance across multiple regions in H1, with further growth anticipated in H2 as project timelines advance.

• Key contract renewals secured , including Powercor & CitiPower ($3M per annum), a critical long-term contract for zone substation testing and calibration services.

• Expansion into heavy vehicle and freight charging , Addelec consulting on a new truck and Heavy Goods Vehicle (HGV) depot in NSW to support fleet electrification and the shift toward sustainable logistics.

• Significant project pipeline , with $10M+ including Public Transport Authority of WA ($10.9M) and NRMA ($3.65M).

• Scaling EV infrastructure expertise , focusing on longterm fleet charging contracts to support public and private sector electrification.

• Growing demand for EV and public transport electrification, positioning Addelec as a key player in the sector.

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IPD Group – FY25 Half Year Results
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Major Wins & Growth

• Strengthened partnerships , particularly with Charge Hub and Kempower, driving success in EV charging infrastructure.

• Innovation in service delivery , developing a nationwide EV maintenance and diagnostics platform with a major facilities management company.

• Expansion of the NSW Government Kingsgrove Bus Depot project , securing additional scope for high-voltage infrastructure upgrades and further solidifying Addelec’s role in fleet electrification.

Business Highlights

Leaders in safe & reliable power connections

Sales & Market Performance

• Strong Performance Western Australia exceeding targets, Queensland on track, with steady growth in key markets.

• Challenging Conditions

• New South Wales and Victoria impacted by tough market conditions, but a strong order backlog supports future recovery.

• Positive H2 Outlook

Opportunities for growth across all regions, supported by market demand and strategic initiatives.

IPD Group – FY25 Half Year Results

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Product & Compliance Advancements

• Product Innovation

Enhanced Minto 800A 11kV coupler with improved noncontact voltage presence test point.

• Testing & Quality

New environmental chamber enables in-house testing beyond compliance standards.

• Regulatory Milestones EX certification secured for 300A-425A Stainless Steel Restrained Plugs due to launch in H2.

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Expansion & Major Wins

• New Market Growth Continued expansion in Mongolia and Indonesia through strategic partnerships.

• Growing International Presence Strengthening relationships in key regions to support long-term market penetration.

• Significant Project Wins

Supplying cables to Woodford Youth Correctional Centre, Rio Tinto Iron Ore, and NEXT DC Data Centre.

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Strategy & Outlook

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Our Stategic Pillars

Committed to shareholder value creation

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Business Growth

Customer value & market expansion – Leverage strong brands and expertise to deliver tailored, reliable solutions and expand into new markets.

Accelerating growth – Invest in strategic acquisitions to increase earnings, market share, and sector reach.

Sustainability

Reducing Environmental Footprint – Cutting grid energy reliance, transitioning to electric/hybrid fleets, and promoting circularity to minimise waste and extend product lifecycles.

Making a Lasting Social Impact – Supporting charities, industry initiatives, and education programs to strengthen the electrical industry.

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Operational Efficiency

Scalable Operations – Leverage shared services and economies of scale to streamline processes, reduce costs, and expand industry reach.

Synergies & Emerging Technologies – Use partnerships and emerging tech to develop innovative, adaptable solutions that drive value and growth.

People

Our success depends on a strong, engaged, and diverse workforce, essential for sustainable growth.

Employee Wellbeing & Development: Enhancing satisfaction, engagement, and safety while fostering an inclusive and supportive workplace.

Talent Attraction & Retention: Attracting, retaining, and developing diverse talent to strengthen our team and uphold high standards.

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Outlook

Sustaining strong results

Growth Drivers

Despite challenges in some end markets, IPD is capitalising on growth areas driven by the transition to renewable energy, rising demand from data centres, the expansion of EV chargers, public transport electrification, and a supportive legislative environment.

Strategic Focus

Management remains committed to executing strategic priorities, creating long-term value, and adapting to evolving market conditions.

Sustainable Growth

The company continues to prioritise sustainable growth while navigating market dynamics and leveraging new opportunities.

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Q&A

IPD Group – FY25 Half Year Results

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Thank you

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