IPD GROUP LTD — Interim / Quarterly Report 2026

Feb 22, 2026

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FY26 Half Year Results Presentation

20 26

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Michael Sainsbury Executive Director & CEO

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Jason Boschetti Chief Financial Officer

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David McFadyen Investor Relations

IPD Group – FY26 Half Year Results

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Agenda

– Overview

• Financial Performance

– Market & Business Update

– Strategy & Outlook

• Q&A

IPD Group – FY26 Half Year Results

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4

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Overview

IPD Group – FY26 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 prioritizing the
safety and wellbeing of people.
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IPD Group – FY26 Half Year Results

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Our Connected Group

Highly complementary businesses servicing a range of sectors with strong tailwinds

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Electrical infrastructure
solutions provider
Industrial Power, cabling Hazardous area electrical
and connectivity
equipment specialist
Critical cabling solutions for Engineering services for Electrical
mining and resources infrastructure
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IPD Group – FY26 Half Year Results

Corporate Snapshot

Capital Structure

Capital Structure
ASX Code	IPG
ASX Shareprice	$4.62 (1)
IPO Date	17th December 2021
Shares on issue	103,980,121
Net Debt	$24.4M (2)
Market capitalisation	$480M (1)

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(1)
Share Price
6.00 18-Feb-26
$4.62
5.00
4.00
3.00
2.00
1.00
0.00
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IPG-ASX share price Small Ords indexed to IPG

1. As at 18 February 2026 2. As at 31 December 2025

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Board of Directors

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

(1) Share Holder Breakdown 13% 87% External Board, Management & Employees

IPD Group – FY26 Half Year Results

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HY26 Results Overview

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Continued growth exceeds top-end of earnings guidance

(1) (1) Revenue Underlying EBITDA Underlying EBIT $192.7m $25.4m $21.7m Up 8.9% (PCP $176.9m) Up 7.6% (PCP $23.6m) Up 7.4% (PCP $20.2m)

(1) Underlying NPAT $14.4m Up 8.3% (PCP $13.3m)

(1) Underlying EPS 13.8 cents Up 7.0% (PCP 12.9 cents)

(2) (3) Operating free Cash Flow Net Debt Data Centre Revenue $17.1m $24.4m $32.8m Rolling 12 month Operating free $37.5m of new debt to fund 16% growth 1H FY26 Vs 1H FY25

$37.5m of new debt to fund acquisition of Platinum Cables

Rolling 12 month Operating free (2) Cash Flow Conversion of 92.2%

Platinum Cables 31 Dec 2025

Completed the acquisition of Platinum Cables Pty Ltd

Interim Dividend 6.8 cents Up 6.3% (PCP 6.4 cents)

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 totaling $444,000. Underlying NPAT from ordinary activities has been arrived at by adding back acquisition related costs after tax totaling $311,000.

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

3. Net Debt excludes lease and tax liabilities.

IPD Group – FY26 Half Year Results

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Financial Performance

IPD Group – FY26 Half Year Results

Financial Overview

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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 growth of 8.9% and EBITDA growth of 7.6% on pcp.

• Continued revenue growth across the core IPD business (+11% on the pcp), CMI (+2% on the pcp), and EX Engineering (+55% on the pcp).

• Excluding the Kingsgrove bus depot delays, Addelec’s revenues remained unchanged with the pcp.

• Whilst larger, margin competitive projects have contributed to revenue growth during the period, 1H FY26 gross profit margins have improved 20bp from 2H FY25.

• Operating expenses as % of revenue decreased by 1.9% which ensured that EBITDA and EBIT margins have remained consistent.

• The acquisition of Platinum Cables Pty Ltd completed on 31 December 2025 (no contribution in 1H26).

$m		Underlying 1H FY26 (1)	1H FY25	Movement % (vs lastyear)	Movement % (vs lastyear)
Revenue		192.7	176.9		8.9%
Gross profit		64.2	62.3		3.0%
EBITDA		25.4	23.6		7.6%
EBIT		21.7	20.2		7.4%
NPAT		14.4	13.3		8.3%
EPS (cents per share)	(2)	13.8	12.9		7.0%
Gross profit margin		33.3%	35.2%		(1.9%)
Operating expenses as % of revenue		20.2%	22.1%		(1.9%)
EBITDA margin		13.2%	13.3%		(0.1%)
EBIT margin		11.3%	11.4%		(0.1%)
NPAT margin		7.5%	7.5%		0.0%

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 totaling $444,000. Underlying NPAT from ordinary activities has been arrived at by adding back acquisition related costs after tax totaling $311,000.

2. Weighted average number of ordinary shares used in the calculation of earnings per share of 103,789,099 (31 December 2024: 103,538,533)

IPD Group – FY26 Half Year Results

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Sales & Earnings Growth

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Record revenues & profits

Revenue of $192.7 million, up 8.9% on pcp

• Continued revenue growth across the core IPD business (+11%on the pcp), CMI (+2% on the pcp), and EX Engineering (+55% on the pcp).

• Excluding the Kingsgrove bus depot delays, Addelec’s revenues remained unchanged with the pcp.

• Whilst larger, margin competitive projects have contributed to revenue growth during the period, 1H FY26 gross profit margins have improved on 2H FY25.

Underlying[(1)] EBITDA of $25.4 million, up 7.6% on pcp

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

• Operating expenses as % of revenue decreased by 1.9% improving EBITDA margins from 2H FY25

Underlying[(1)] EBITDA

Revenue

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$354.7m
$25.4m
$290.4m $23.6m
$22.7m $22.9m
H2
$177.7m
$226.9m
H2 $16.1m
$176.8m $169.7m $14.3m
$13.4m
H2
$116.0m $11.3m
$118.1m H2 13.3% 13.4% 13.3% 13.2%
$8.8m 12.9%
$95.1m
H1 12.3%
H2 H1 $192.7m 11.9% 12.1%
$65.0m $176.9m
H1
H1
H1 $110.9m $120.7m 10.8%
H1 $81.7m
$53.1m
FY21 FY22 FY23 FY24 FY25 FY26
H1 H2 H1 H2 H1 H2 H1 H2 H1
H1 H2 FY22 FY22 FY23 FY23 FY24 FY24 FY25 HY25 FY26
EBITDA EBITDA margin
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1. Underlying EBITDA 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 totaling $444,000.

IPD Group – FY26 Half Year Results

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Balance Sheet

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Strong financial position

	As at	As at
$m	31 Dec 2025	30 Jun 2025
Total current assets	201.9	169.2
Total non-current assets	142.9	105.8
Total assets	344.8	275.0
Total current liabilities	107.4	83.6
Total non-current liabilities	65.4	27.5
Total liabilities	172.8	111.1
Net assets	172.0	163.9

• After the acquisition of Platinum Cables Pty Ltd on 31 December 2025, the Group has $172.0 million of net assets on its balance sheet.

• After securing $37.5m of new debt to fund acquisition of Platinum Cables, the group had a net debt position of $24.4m as at 31 December 2025 ($48.6m of debt and $24.2m of cash).

• Leverage of ~0.5x net debt/proforma FY25 EBITDA

• A Contingent cash payment has been recognized for the acquisition of Platinum Cables Pty Ltd of up to a maximum of $7.5 million (5x multiple on EBIT growth, ending 31 Dec 2026)

Net Assets

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$172.0m
$163.9m
$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 30 Jun 2025 31 Dec 2025
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IPD Group – FY26 Half Year Results

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Net Working Capital & Dividend

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Continued investment for future growth

Net working capital (NWC) of $88.9 million

• Inventory increased by $20.0 million on 30 June 2025. $12.6 million was acquired with the acquisition of Platinum Cables and an additional $7.4 million from IPD Group to support current projects and future growth.

• Operating free cash flow conversion (Operating cash flow before interest and tax outflows) was 67.5% for 1H FY26 with increases in working capital during the first half of FY26.

• The rolling 12-month operating free cash flow conversion was 92.2% for CY 2025.

Dividend of 6.8 cents per share

• $14.4 million in Underlying[(1)] NPAT from ordinary activities, up 8.3% on pcp.

• Fully franked interim dividend of 6.8 cents per share declared for the first half of FY26 (1H FY25 6.4 cents per share).

• 6.8 cents per share equates to a payout of $7.1 million and a payout ratio of 50%.

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Net Working Capital (NWC) Dividends
$88.9m 6.8c
6.4c
6.2c 6.2c
$76.9m$76.6m
$70.9m
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 30 Jun 31 Dec 30 Jun 31 Dec
2022 2022 2023 2023 2024 2024 2025 2025
2022 2023 2023 2024 2024 2025 2025
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1. Underlying NPAT from ordinary activities is a non-IFRS measure reported to provide a greater understanding of business performance. Underlying NPAT from ordinary activities has been arrived at by adding back acquisition related costs after tax totaling $311,000.

IPD Group – FY26 Half Year Results

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Market & Business Update

IPD Group – FY26 Half Year Results

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Market Update

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Growth, innovation & opportunity

Water & Wastewater

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• Water needs rising: Sydney Water has estimated that data centres could add between 15% to 20% to water demand by 2035, making up 35% of nonresidential drinking water demand

• Infrastructure investments: $8.9 Billion National Water Grid fund backing 180+ water projects across Australia covering Infrastructure, Planning and constructions

*Source: Financial Review

• Source: National Water Fund authority

Data Centre infrastructure

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• Energy Efficiency Gains – DeepSeek AI models claims using 10-40x less energy*, but rising AI adoption may offset savings.

• Sustained AI Investment – Australia is World N2 behind US in terms of Investments - $52 billion pipeline of Data centers projects either started or planned (x2 in the last 6 months)

• *Deepseek V3 efficiency report 2025

• *Brisbane Times Feb 2026 Deloitte Access economics figures

Mining & Resources

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• Experiencing steady growth - Driven by the steady and increasing investments in hard mining and the industry electrification

• A double edge sword : Rising global demand positions Australia at the forefront of a data- and AI-enabled mining transformation, unlocking productivity-led investment growth.

IPD Group – FY26 Half Year Results

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Market Update

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Growth, innovation & opportunity

The mining industry is transforming through electrification and data driven operations that will deliver better operational efficiency to sustain the accelerating global energy transition

• Fleet transition to Battery Electric Vehicle + On site Battery storage

• Renewable energy microgrid (Solar & Wind)

• AI driven operations through integrated digital platforms requires DC

• • Electrical Infrastructure upgrades to support the mining electrification

• Up to 86% costs reduction vs diesel powered counterparts*

• Battery-electric underground mining truck found 25% faster and producing 80% less heat*

• Australian Net Zero Plan updated target aims at 62-70% emission reduction by 2035 and Net zero by 2050*

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• Electric Mine Consortium reports, Sept 2024

• Test by Perenti, Sandvik (TH665B) and AngloGold Ashanti at the Sunrise Dam gold mine in WA in 2024

• Australia’s Net Zero Plan Nov 2025 update

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IPD Group – FY26 Half Year Results

Diversified Revenue

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Our portfolio is evolving to capture the growth from key end markets

Revenue per Product category 1H FY26

Proforma Revenue per Product category 1H FY26

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Power distribution 38%

Cables 21% Hazardous area equipment 12% Motor control 10% Automation and Industrial Comms 9% Services 6% Power monitoring 4%

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Power distribution 35% Cables 29% Hazardous area equipment 11% Motor control 9% Automation and Iundustrial Comms 8% Services 5% Power monitoring 3%

Revenue per End-Market 1H FY26

Proforma Revenue per End-Market 1H FY26

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Commercial Construction/Buildings 31% Infrastructure/Industrial/Mining 24% Data Centres 17% Water and Waste Water 13%

Others 7% Power Utilities 4% Food and Beverages 3% Residential Construction 1%

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Infrastructure/Industrial/Mining 31% Commercial Construction/Buildings 28% Data Centres 15%

Water and Waste Water 11% Others 7% Power Utilities 4% Food and Beverages 3% Residential Construction 1%

IPD Group – FY26 Half Year Results

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Business Review

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Solutions in Electrical Power, Control & Automation

Initiatives & Highlights

• Increase in LV Electrical Distribution market share, with ABB, across 1000V, & Data Center .

• Strong growth of Busduct systems into Large Commercial & Data Center opportunities, supported by IPD’s presales capabilities

• Focused approach with Techno LV Modular Switchboard offer into Switchboard builder channel, with dedicated sales & estimation teams, driving strong YOY growth.

• Strong growth of ICT product business into key strategic segments e.g. Renewables, through early engagement

• Development of the IPD Build online configurator tool for Distribution Boards, to support our customers with digitisation & process streamlining.

Major Projects

• Firmus Data Centre – Tasmania - Supply of switchboard system and low voltage switchgear through JLE Group / MAAS Group

• Amazon Data Centre – High power busduct supply into multiple sites in NSW and VIC

• Leading Retailer – Automated Distribution Centre in VIC – Supply of switchboard system, low voltage switchgear and distribution boards.

• Fulham Solar Farm and Battery Project IO Switches and Communication Box Package

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IPD Group – FY26 Half Year Results

Business Review

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Solutions for High Voltage & EV Charging infrastructure

Initiatives & Highlights

• Successfully implemented a Technician utilization initiative which has increased utilization by an average of 20% over the first half.

• Signed up as Authorized Value Partner (AVP) for both ABB motion services and ABB EV charging businesses.

• Grown NSW workshop (drives and calibration) by over 200% in the first half of the year.

Major Projects

• Successfully delivered PTA Malaga Bus electrification project. (WA)

• Successfully delivered Sydney airports first EV charging infrastructure

• Our Power Services Teams have Tested and Calibrated over 18,000 assets (in 6 months)

• Won the contract to provide Anakie Solar farm HV equipment. (Vic)

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Anakie

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IPD Group – FY26 Half Year Results

Business Review

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Electrical Safety Solutions for Hazardous Areas

Initiatives & Highlights

Major Projects

• Preparations for the transfer of the Stahl distributorship from IPD started in Jan 2026 including setting up 2 warehouses and 1 workshop on the east coast.

• Remote IO Panels for Grain Industry in SA utilising DEXEN range

• Supply of LV & MV Cable & junction boxes to gas plant

• Continued increase in demand for DEXEN enclosures

• Major update to grain handling terminal in WA including enclosures and lighting

• Increase expertise with New Key Account Manager role created for the Grain Industry and additional engineering resource

• Key oil & gas cable supply contract executed during 1H FY26

• Cross selling of cable supplied by CMI, now approved by Australia’s largest Oil & Gas provider

• Number of custom enclosures manufactured has grown by 79% YoY

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IPD Group – FY26 Half Year Results

Business Review

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Experts in Electrical Cables & Power Connections

Initiatives & Highlights

Major Projects

• National projects & tendering team to enhance quoting capability and streamline coordination of large-scale project deliveries.

• Secured a significant SWA cable supply contract for a major project in Northern Western Australia.

• Supported a government infrastructure project in Cairns with specialised cabling solutions.

• Distributorship agreement for Mennekes plugs & sockets, effective 1 January 2026.

• Supplied mains and sub-mains cable for a commercial building development in Darling Harbour.

• Successfully relocated operations to a modern and more efficient facility in Wetherill Park.

• Partnered with a Tier 1 Contractor to provide a customised Termite proof cable solution for a critical infrastructure project just outside of Brisbane.

• Successfully integrated a new cable manufacturing facility following a comprehensive factory audit, expanding our product capability, technical compliance coverage, supply resilience, and overall production capacity.

• Worked Closely with one of our National Wholesale Partners to deliver Highly Specified Fire rated & LSZH Cables to a Major Hospital upgrade Project in Melbourne

• Manufactured and delivered Minto plugs, receptacles and dummy plugs within a short timeframe to a Western Australian mine site for a sub-station upgrade.

• Implemented a packaging recycling program where suppliers collect empty pallets and boxes during their delivery runs, improving sustainability and reducing waste.

• Continuous Supply of our Minto range with our Global partner into Major Mining infrastructure projects across Asia.

• Developed a customised phase-indication plug to meet a major customer’s site-specific requirements, improving reliability and operational clarity.

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IPD Group – FY26 Half Year Results

Business Review

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Cabling solutions for the mining and resources

Initiatives & Highlights

Major Projects

• Successful introduction to market for new Longwall mining cable range.

• Tender submission for WA Iron ore decarbonization project, plus other significant and strategic project pipeline.

• Strong MV XLPE volume, leveraged from growth initiatives and focus.

• Designed, supplied and secured regular, new, value add comms cables / enclosures to 2 mines.

• People development and recruitment to further enable product development and customer responsiveness.

• 3 x significant LV & MV power cable projects supplied

• Diversification initiatives into key non mining markets generating traction.

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IPD Group – FY26 Half Year Results

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Strategy & Outlook

IPD Group – FY26 Half Year Results

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Our Strategic Pillars

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Committed to long-term shareholder value creation

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Business Growth

Our organic growth – Products & solution portfolio expansion to maximize long term value creation for high potential customers

Strategic solutions growth – Strengthening expertise with UPS, Bus Duct, and highly specified mining cables to capitalize on high-demand sectors.

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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.

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

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Sustainability

Reducing Environmental Footprint – Cutting grid energy reliance, transitioning to electric/hybrid fleets, and new lease agreements require solar energy supply

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

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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.

IPD Group – FY26 Half Year Results

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Outlook

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Sustained solid performance

The Board expects the Company to deliver a solid full year performance, supported by several positive operational and financial indicators. The strong first half result provides a robust foundation for the remainder of the year, with January and February trading continuing to demonstrate positive momentum across key business segments, including the recently acquired Platinum business.

The Company enters the second half with a healthy order book and a well qualified opportunity pipeline, both of which provide confidence in the sustainability of revenue and earnings growth.

IPD Group – FY26 Half Year Results

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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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Q&A

IPD Group – FY26 Half Year Results

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Thank you

IPD Group – FY26 Half Year Results