LGI LIMITED — AGM Information 2025

Nov 18, 2025

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2025 Annual General Meeting 19 November 2025

Disclaimer

This document has been prepared by LGI Limited ACN 138 085 551 (LGI or the Company) to provide summary information about the Company and its associated entities. This document is issued on a confidential basis and for information purposes only. The information in this document remains subject to change without notice. The Company has no obligation to update or correct this document.

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express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. The Company has not carried out due diligence investigations in connection with the preparation of this document, nor has it verified any of the contents of this document. You must consider your own financial situation, objectives and needs and conduct your own independent investigations, assessments and enquiries, including obtaining investment, legal, tax, accounting and other such advice as you consider necessary or appropriate. This document should not be relied on by the recipient in considering the merits of any particular transaction.

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Miscellaneous

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Acknowledgement of Country

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Agenda

1 Chairman’s address

• 2 Managing Director’s address

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3 Formal Business

Presenting Today

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VIK BANSAL

Chairman

Vik has extensive experience in leading complex global public listed businesses in the industrial sector. Vik is also an experienced Executive and nonExecutive Director. He has held the LGI Board positions of Non-executive Director and Chairman since April 2021. Vik is a Non-Executive Director and Chair-elect of Orica; a Non-Executive Director of Brambles; and a Non –Executive Director of Washinton H. Soul Pattinson and Company.

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ADAM BLOOMER

Managing Director

Adam Founded LGI in 2009, with decades of experience developing projects in the waste, landfill and renewable energy sectors.

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Chairman’s address

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Newly contracted sites

LGI successfully added 1 BESS project & 5 additional new long-term biogas rights contracts thorough FY25

LGI was successful in securing 5 new long term landfill biogas contracts .

Jandowae Qld – signed late December 2024, site forecast to come online in 1H 2025

Belrose BESS Project

In FY25 LGI signed agreement to build, own and operate a stand alone battery on the closed landfill site at Belrose in Sydney

Warwick Qld – signed late November 2024, site forecast to come online in 1H 2025

Photo of batteries LGI’s Canberra site, which is similar in size to the Belrose Project.

Grafton NSW – signed December 2024, site upgraded by 2H FY25, with healthy biogas flows and ACCU creation

Taree NSW – signed June 2024, site forecast to come online though 1H FY26, scheduled following flood clean up of region

Lithgow NSW – signed December 2024, site forecast to come online in 1H FY26.

Each of these sites have received Clean Energy Regulator approval as site to create ACCUs

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Sydney (Eastern Creek) complete

Commissioned in June 2025, on time on budget

4MW connection, supplying BINGO and exporting to the grid 4 x 1MW Jenbacher engines commissioned in June 2025 Provisions for 2 more generators pending extra biogas and grid capacity

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2 x gas
conditioning skids,
designed and
constructed by LGI
technicians
Provisions for 2
SRS units pending
biogas quality
Earthworks
required the
removal of 41,000
cubic meters of
material
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Sydney (Eastern Creek - BINGO) was commissioned June 2025 and generated 2,667 MWhs in FY25. The project was delivered on time and on budget, with current capitalised capex within range previously announced at $16.7M.

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Canberra (Mugga Lane) phase 1 expansion complete

Two additional generation units commissioned January 2025, batteries delivered June 2025

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2 x 1MW
Jenbacher engines
commissioned in
November 2024
20MW dedicated
network connection
commissioned in
October 2024
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4 x 1MW existing
Jenbacher engines
recommissioned
January 2025
6 x 2MW/4MWh
Tesla batteries,
delivered to site in
June 2025
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Canberra (Mugga Lane) capacity increased by 50%. Generated electricity reached over 39,000 MWhs in FY25, a 16% increase on FY24.

The added generation provides a strong position for FY26.

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Managing Director’s address

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Operating and Financial performance

Growth and continued operational excellence reaching new high water marks for key metrics

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Biogas flows (million cubic meters) ACCUs Created
127.7
493,446
113.0 115.4
100.4 402,225 420,804 432,804
87.2
326,850
FY21 FY22 FY23 FY24 FY25
FY21 FY22 FY23 FY24 FY25
Annual Renewable Electricity Generation (GWhs) Generator availability (% of period)
109.1 98%
94.4 96.3 97% 97%
87.5
80.9
96% 96%
95%
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
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Net Revenue $33.9M ↑ 10%

EBITDA $ 17.4M ↑ 14%

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11

Market price volatility

LGI strategy is supported by underlying volatility present within the energy market

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Qld AEMO spot price - 25% to 75 % percentile points with spread trendline
300.00
250.00
200.00
150.00
100.00
50.00
-
NSW AEMO spot price - 25% to 75 % percentile points with spread trendline
300.00
250.00
200.00
150.00
100.00
50.00
-
$/MWh
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
$/MWh
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
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FY25 average time of day elelctricity wholeslae price - Qld and NSW
700.00
600.00
500.00
400.00
300.00
200.00
100.00
-
Time of day - 24 hour clock
Queensland New South Wales
$/MWhs
0:05 0:40 1:15 1:50 2:25 3:00 3:35 4:10 4:45 5:20 5:55 6:30 7:05 7:40 8:15 8:50 9:25 10:00 10:35 11:10 11:45 12:20 12:55 13:30 14:05 14:40 15:15 15:50 16:25 17:00 17:35 18:10 18:45 19:20 19:55 20:30 21:05 21:40 22:15 22:50 23:25 0:00
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Confirmation of Guidance

Growth and continued operational excellence

GUIDANCE: FY26 EBITDA expected to grow by 25 – 30% versus FY25, subject to market dynamics, operational and timing issues outside the control of the Company

LGI’s FY26 priorities, leveraging the momentum from FY25:

Continued focus on Health, Safety, Deliver key near- term Explore the expansion Work on contracted Environment projects, expansion of of power stations on landfill sites to expand Canberra, Belrose and Quality contracted sites the gas collection battery facilities

Actively pursue new opportunities for landfill gas management, generation and batteries

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Hybrid Meeting

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How to ask a question?

• To ask a written question, select the ‘Q & A’ icon,

• select the topic your question relates to from the drop-down list.

• Type your question into the chat box at the bottom of the screen and press ‘Send’.

• To ask a verbal question follow the instructions on the virtual meeting platform.

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How to vote?

• When the poll is open, select the "Vote" icon at the top of the screen.

• To vote, select either For, Against or Abstain.

• A tick will appear to confirm receipt of your vote.

• To change your vote, select ‘ Click here to change your vote ’ and press a different option to override.

• You may change your vote at any time until the poll is closed.

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Formal Business

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Item 1: Financial Statements and Reports

“ To receive and consider the Financial Report, the Directors’ Report and the Auditor’s Report for the year ended 30 June 2025.”

There will be no vote on this item, it is a discussion item only.

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Item 2: Adoption of Remuneration Report

“ That, for the purpose of Section 250R(2) of the Corporations Act and all other is the for purposes, approval given for adoption of the Remuneration Report as contained in the Company’s Annual Financial Report for the financial year ended 30 June 2025.”

For	Against	Open	Abstain
34,649,117	21,500	902,712	6,000
97.40%	0.06%	2.54%

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Item 3: Re-election of Director – Ms Abigail Cheadle

“ That Ms Abigail Cheadle, a Director who retires by rotation in accordance with the Company’s Constitution and ASX Listing Rule 14.5, and being eligible offers herself for re-election as a Director of the Company, effective immediately.”

For	Against	Open	Abstain
61,381,559	21,500	919,156	416
98.50%	0.03%	1.47%

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Item 4: Re-election of Director – Mr Timothy McGavin

“ That Mr Timothy McGavin, a Director who retires by rotation in accordance with the Company’s Constitution and ASX Listing Rule 14.5, and being eligible offers himself for re-election as a Director of the Company, effective immediately.”

For	Against	Open	Abstain
61,257,076	145,983	919,156	416
98.30%	0.23%	1.47%

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Item 5: Amendments to Constitution

“ That, for the purposes of section 136(2) of the Corporations Act and all other the Constitution the be amended for purposes, of Company in the manner set out in the accompanying Explanatory Notes with effect from the end of the Meeting.”

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For Against Open Abstain
58,902,913 2,466,466 919,156 34,096
94.56% 3.96% 1.48%
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Item 6: Renew the Proportional Takeover Provisions

“ That pursuant to Section 648G of the Corporations Act 2001 (Cth), the proportional takeover provisions in the form contained in the clause 75 the Constitution the be reinserted a of of Company for period of three years from the date of the meeting.”

For	Against	Open	Abstain
61,390,395	1,500	919,156	11,580
98.52%	0.00%	1.48%

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Item 7: Approval of the Omnibus Incentive Plan

“ That the Shareholders approve the amended Omnibus Incentive Plan for the purposes of ASX Listing Rule 7.2 Exception 13(b) and for all other and on the terms and conditions set out in the purposes Explanatory Memorandum.”

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For Against Open Abstain
33,845,547 13,436 902,712 817,634
97.31% 0.04% 2.60%
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Closing of Voting Process

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Close Meeting

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Other Information

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Who is LGI?

One of Australia’s leading vertically integrated landfill gas companies

Founded in 2009 (as Landfill Gas Industries Pty Ltd), LGI is an established domestic leader in the recovery of biogas from landfill, and subsequent conversion into renewable electricity and saleable environmental products

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BIOGAS
FLARE
BIOGAS POWER GENERATION
RECOVERY AND FCAS³
BIOGAS
POWER
NATIONAL
STATION
ELECTRICITY
BATTERY
LANDFILL GRID (NEM)
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With vertically integrated operations, LGI’s solutions create diversified revenue streams, generated from three key sources:

SITE INFRASTRUCTURE AND MANAGEMENT

Installation, operation and maintenance of biogas extraction infrastructure and flaring systems for landfill owners, under service agreement only

LGI revenue derived from fee-based work

GREENHOUSE GAS ABATEMENT

Installation of flaring systems on landfills for creation of ACCUs¹, long-term agreements (12+ years)

LGI revenue derived from the creation and sale of ACCUs¹

RENEWABLE ELECTRICITY

Installation of build-own-operate power generation systems on landfills – typically long-term agreements (15+ years), with high quality customer base (majority local governments)

LGI revenue derived from the sale of electricity, LGCs² & ACCUs¹

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2 Large-scale Generation Certificates (LGC) 3. Frequency Control Ancillary Services (FCAS).

1 Australian Carbon Credit Units (ACCU) Australian carbon credit units (ACCUs).

3 Frequency Control Ancillary Services (FCAS)

Footprint

Growing pipeline with 6 new contracts signed in FY25 – both landfill gas rights and battery sites

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341
Contracted
sites
9
Power
Stations
16
Carbon
Credit Sites
Battery site in construction or under assessment
1 LGI’s contract with Midcoast Council includes two sites, Taree and Tuncurry. Tuncurry is subject to feasibility assessment. Carbon site in construction or under assessment
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Strong FY25 EBITDA growth, solid operating performance & momentum into FY26

Simultaneously delivering step change growth in fleet size and earning capability

• EBITDA up 14% pcp to $17.4M (towards top end of guidance range[1] ), NPAT down 3% pcp to $6.5M

• Capex build out driving higher interest and depreciation as assets are commissioned

• Operating cash flow $12.3M up 24% pcp, partial conversion of the ACCU bank to cash flows offset by higher interest and tax cashflow. Capex $18.6M funded by operating cash flows $9.2M and debt $9.4M

• Fully Franked dividend of 1.3 cents per share taking total dividend for FY25 to 2.5 cents per share

• Signed 6 new contracts in FY25, five landfill gas right contracts and one battery contract

• Zero lost time injuries for FY25, compared to two lost time injuries pcp

• New high watermark for key operating metrics; biogas recovery up 11% pcp to 127.7 million cubic meters, supporting ACCU creation up 14% pcp to 493k, and over 109,000 MWhs produced up 13% pcp

• Generator availability 98%, increasing from 97% pcp

• While total net revenue grew by 10%, operations maintenance costs only increased 5%, increasing the gross margins

• Increased MW operating capacity to 21.1MW as at 30 June 2025, up 43 % pcp, starting FY25 with 14.7MW

• • Canberra (Mugga Lane) phase 1 of upgrade, achieved a 50% increase in capacity from 4.2MWs to 6.4MWs. Phase 2 of upgrade progressing with delivery of 12MW / 24 MWh of Tesla batteries, likely commissioning in H2FY26

• Construction of the Sydney (Eastern Creek) 4.2MW power station delivered on time and on budget in June 2025, despite challenging weather conditions

• Completed new gas field installations and flare upgrades at Esk QLD, Tumut NSW and Grafton NSW, increasing ACCU sites to 16, contributing to the record ACCUs created in FY25

• Near term contracted development pipeline expands from 47MW to 56MW, including the Belrose battery project – see slide 26.

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1

FY25 Guidance, EBITDA growth of between 12% and 15%

LGI Value Proposition

LGI strives to deliver value with its vertically integrated business model in a number of key areas at the intersection of the waste, electricity and carbon sectors

END-TO-END SOLUTION

Highly credentialed and experienced team with combined expertise in landfill, electricity and carbon

DIVERSIFIED REVENUE STREAMS

Generated by site infrastructure & management, greenhouse gas abatement and renewable energy

VERTICALLY INTEGRATED

Operating platform expanding 34 sites, with long term contracts

INNOVATION AND TECHNICAL INGENUITY

Incorporating synergistic technologies to optimise biogas extraction + yield (DACS, etc)

SCALABLE MODEL

Pipeline to result in considerable electricity capacity uplift

SIGNIFICANT GROWTH PROSPECTS

Early in its market penetration, with domestic expansion

DECARBONISATION EXPOSURE

Favourable industry dynamics, providing greenhouse gas abatement

RENEWABLE ENERGY

Assisting expedite energy transition through the generation of dispatchable distributed renewable energy

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Board

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VIK BANSAL

Non-Executive Chair

Vik, appointed chair in April 2021, is CEO and Managing Director of Boral. Vik will be retiring from this position in early FY26. Vik is a Nonexecutive Director and Chair elect of Orica, Nonexecutive Director of Brambles and Washington H. Soul Pattinson.

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ADAM BLOOMER

Managing Director and Founder

Adam established LGI in 2009 to provide high quality biogas solutions for landfill sites across regional Australia, and he has since been the Company’s Managing Director.

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ABIGAIL CHEADLE

Non-Executive Director and Audit & Risk Committee Chair

Abigail was appointed (NonExecutive Director) NED and (Audit & Risk Committee) ARC Chair of LGI Ltd in April 2021.

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ANDREW PETERS
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Non-Executive Director

Andrew was appointed NonExecutive Director of LGI in January 2018 and is on the Audit and Risk Committee.

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DR. JESSICA NORTH

Executive Director and Chief Sustainability Officer

Over 20 years’ of experience in the waste industry, in particular carbon abatement and biogas management from landfills.

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TIMOTHY MCGAVIN

Non-Executive Director and Chair of Remuneration & Nominations Committee

Tim invested into LGI Ltd in 2011 as the cornerstone investor. He was appointed Chair of the Board from January 2018 – March 2021.

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LGI LIMITED

AUSTRALIA ABN. 49 138 085 551 57 Harvey Street North Eagle Farm 4009 QLD 07 3711 2225 enquiries@lgi.com.au www.lgi.com.au ABN 49 138 085 551

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