MACMAHON HOLDINGS LIMITED — Annual Report 2021

Aug 24, 2021

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1

FY21 Financial Highlights Achieved record results despite industry challenges

Revenue Underlying EBITDA[1] Underlying EBIT(A)[1] FY22 Secured Revenue[5] $1.35bn q 2% $249.9m p 5% $95.2m p 4% $1.3bn 18.5% margin 7.0% margin Statutory NPAT Underlying operating cash flow[2] Total Dividend FY22 Revenue Guidance[6] $77.2m p 19% $269.0m p 23% 0.65cps p 8% $1.4bn – $1.5bn Cash Conversion 108% Net Debt ROACE[3 ] Order Book[4] FY22 EBIT(A) Guidance[5] $130.3m 13.5% $5.0bn $95m – $105m Net Debt /EBITDA 0.5x

1. Underlying numbers exclude total adjustments of ($2.4m), refer to reconciliation on slide 30

2. Net operating cash flow excluding interest and tax and M&A costs

3. ROACE: Underlying EBIT(A) / Average (Total Assets – Current Liabilities)

4. As at 30 June 2021; excludes Batu Hijau Phase 8 (preferred), Warrawoona (preferred), Telfer extension, Tropicana extension

5. Excludes Warrawoona (preferred) and excludes short term civil and underground churn work

6. Guidance assumes an exchange rate of AUD:USD 0.75, and excludes one-off items and amortisation related to the GBF Group acquisition

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2

30 June 2021 Full Year Results

FY21 Key Highlights Secured $2bn of new work underpinning positive outlook

Financials	Financials	Surface Mining	Surface Mining	Underground Mining	Underground Mining	Mining Support	Mining Support	Outlook	Outlook
						Services
•	Continued growth with record	•	New contract awards:	•	New contract awards:	•	Secured and expanded	•	FY21 $2bn contract awards
	underlying earnings and						mining support services into		provide a high level of
	cashflow		– 5 year $250m: QMetco’s		– 5 year $500m: St Barbara’s		WA, including:		secured revenue in FY22,
			Foxleigh project		(ASX:SBM) Gwalia mine				FY23 and into FY24
•	Guidance delivered for 4th		(commenced)		(commenced)		– Civil work at Strandline’s
	consecutive year						(ASX:STA) Coburn project	•	FY22 Guidance:
			– 3 year $240m: Anglo		– Contract to construct and				– Secured revenue $1.3bn
•	Solid balance sheet:		American’s Dawson		refurbish decline at the		– Civil work at Calidus’		– Revenue $1.4 – $1.5bn
	– ND/EBITDA 0.5x		project (commenced)		Bellevue (ASX:BGL)		Warrawoona project		– EBIT(A) $95 – $105m
	– Gearing 19%				mine (commenced)
	– Cash and available		– 5 year $660m: surface and					•	Order book of $5.0bn
	facilities of $288m		underground at Red 5’s	•	Contract extensions:
			(ASX:RED) KOTH project					•	Tender pipeline of $7.1bn
•	Capital management:		(start January 2022)		– 4 year $217m: Silver Lake’s
	– Cash conversion 108%				(ASX:SLR) Deflector mine			•	Pipeline evolving to create a
	– ROACE 13.5%	•	Appointed preferred for		– Pantoro’s (ASX:PNR)				diversified scalable business
			$220m Calidus’ (ASX:CAI)		Wagtail and Nicolsons
•	Final dividend: 0.35 cps		Warrawoona project		mines
			(start early 2022)
•	Full year dividend: 0.65 cps			•	Successfully completed a
	(20% franked)				number of engineering projects

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30 June 2021 Full Year Results

People and Safety Trained over 400 people to support our growth

Safety and Wellbeing

• Two employees sadly passed away on site during the year

• Safety is our number one business priority

• Expect improvement in FY22:

• Safety and Health Management System (SHMS) reviewed and confirmed appropriate

• Focus on key components of SHMS and lead indicators

• Focus on safety culture – accountability, situational awareness and risk identification

COVID-19

• Various measures continue to protect our people and operations (refer to Appendix for more detail)

Physical and Mental Health

• Award winning Strong Minds, Strong Mines program now offered to wider mining community

Injury Frequency Rates and Workforce

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7,040 7,059 7,069
6,284
5,572
6.39
0.14
FY19 1H20 FY20 1H21 FY21
TRIFR (Total Recordable Injury Frequency Rate)
Contractors Employees
LTIFR (Lost Time Injury Frequency Rate)
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Training and Development

• “ Grow Our Own”: Trained 426 people – Graduates (32), Apprentices (105), Trainees (289)

• • Leadership program: Developed 95 people

• Macmahon Maintenance Masters: Expanding program (30+ people)

Diversity

• 4.5% of Australian workforce are Indigenous

• 14.2% of our Australian employees are female

• 12.4% of all Macmahon employees are female

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30 June 2021 Full Year Results

People Resourcing in Australia

5 new projects commenced

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PROJECT PROJECT PROJECT
Foxleigh, WA Strandline, WA Today Warrawoona, WA
PEOPLE IN PLACE PEOPLE IN PLACE PEOPLE REQUIRED
80 65 120
START DATE START DATE START DATE
Mar 2021 May 2021 Mar 2022
FY21 FY22
PROJECT PROJECT PROJECT PROJECT
Warrawoona, WA Gwalia, WA Dawson, QLD King of the Hills, WA
PEOPLE IN PLACE PEOPLE IN PLACE PEOPLE IN PLACE PEOPLE REQUIRED
65 280 180 240
START DATE START DATE START DATE START DATE
Mar 2021 May 2021 Jul 2021 Jan-Apr 2022
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Surface Mining Underground Mining Mining Support Services Surface and Underground Mining

Current situation

• Commenced 5 new projects in recent months

• Well placed to meet resourcing requirements for Warrawoona and King of the Hills

Cost management

• Contract structures provide protection against input costs, including labour:

• ~60% of revenue is Alliance-style contracts with monthly rise and fall provisions

• ~40% of revenue is Schedule of Rates contracts containing rise and fall provisions which are adjusted monthly, quarterly, bi-annually

• Current rates have been built into new contracts and tenders

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30 June 2021 Full Year Results

Key Projects

Diversified client portfolio and strong alliances

CLIENT PROJECT COMMODITY CLIENT SINCE END (UNLESS EXTENDED) EST. MINE END DATE1 COST CURVE1 Tropicana, WA Gold 2012 2027 2026 Telfer, WA Gold 2016 Sep 2024 2023 Mount Morgans, WA Gold 2017 Nov 2022 2027 Byerwen, QLD Met Coal 2017 Nov 2023 2069 Batu Hijau, Indonesia Copper / Gold 2017 2031 2031 Foxleigh, QLD Met Coal 2021 Feb 2026 2033 King of the Hills, WA Gold 2021 Jan 2027 2037 Dawson South, QLD Met Coal 2021 Jul 2024 2031 Warrawoona, WA Gold 2021 Apr 2025 2029 Boston Shaker, WA Gold 2012 May 2024 2026 Mount Monger, WA Gold 2016 Mar 2023 2024 Deflector, WA Gold 2016 May 2025 2024 Bellevue Gold, WA Gold 2020 Dec 2021 NA Gwalia, WA Gold 2021 Mar 2026 2031 1. GlobalData Alliance Surface Project Underground Project

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30 June 2021 Full Year Results

Batu Hijau Project

Long term sustainable earnings at world class copper asset

Long term sustainable earnings under life of mine contract

• Macmahon has life of mine alliance contract for Batu Hijau

• Second largest copper-gold mine in Indonesia (behind Grasberg)

• • Commenced in 2017, successfully executing Phase 7 cut back

Batu Hijau – Phase 8 Cut Back

• Expect to finalise in FY22

• Anticipated to extend current in-pit mining by 6 years to 2028

Batu Hijau is a world class asset

• First quartile of the global copper cost curve[1]

• Reserves[2] of 7.4blbs of copper and 9.2mozs of gold

Elang - potential beyond Batu Hijau

• Large undeveloped copper-gold porphyry deposit

• Located 62 km east of Batu Hijau

• Expected to be developed after Batu Hijau Phase 8

		Grades	Grades	Contained	Contained
	Total	Cu	Au	Cu	Au
JORC mineral resources2	(mt)	(%)	(g/t)	(blbs)	(mozs)
Batu Hijau	2,575	0.29	0.18	16.65	15.14
Elang	3,251	0.31	0.30	22.10	31.80

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About AMNT

• Batu Hijau is owned by AMNT, an Indonesian mining company backed by prominent local investors including MedcoEnergi and Salim Group (large Indonesian conglomerate)

• AMNT is a supportive 44.3% indirect shareholder of Macmahon

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Sumbawa Island Map location
Batu Hijau
Elang
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1. WoodMackenzie 2. As at 31 December 2020

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30 June 2021 Full Year Results

Sustainability

Focused on improving disclosure and performance

16 material topics

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ESG Safety, Health and Wellbeing

Environment

Governance

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Standalone New Sustainability Policy Sustainability Report Strong Minds, Strong Mines Grow Our Own People WAAMH Award, program 426 developed (graduates, offered to industry apprentices, trainees) FY21 GHG emissions Climate Change Statement (tonnes per CO2-e) Continual improvement Scope 1: 2,051 in energy efficiency Scope 2: 1,481 8 Board members Modern Slavery Statement 5 independent Published in March (including Chair)

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30 June 2021 Full Year Results

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FY21 Results

Financial Performance Solid track record

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Revenue ($m) Underlying EBIT(A) ($m)
1,400 1,380 1,351 100 92 95
1,200 1,103 80 75
1,000
60
800 710 42
40
600
360 20
400
(2)
200
-20
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Underlying EBITDA ($m) 17.3% 18.5% Underlying EBIT(A) Margin
250
239
250 8%
EBITDA Margin 6.8% 6.6% 7.0%
16.4% 7%
5.8%
200 181 6%
16.8% 5%
150
119 4%
3%
100
2%
8.9%
50 32 1% (0.5%)
-1%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
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30 June 2021 Full Year Results

Historical Guidance and Performance Achieved guidance for 4[th] consecutive year

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Revenue ($m) 1,400 – 1,500Guidance Underlying EBIT(A) ($m)
Guidance
95 – 105
Guidance Guidance Guidance Guidance Guidance Guidance Guidance Guidance
620-680 950–1,050 1,300–1,400 1,300–1,400 40-50 70-80 85-95 90-100
360 710 1,103 1,380 1,351 42 75 92 95
-2
FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22
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30 June 2021 Full Year Results

Capital Management Focused on cash conversion and ROACE

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Underlying operating cash flow [1 ] ($m) Return on Average Capital (ROACE) [2]
108%
300 110.0%
95%
14.8%
92%
250 86% 90.0% 13.9% 13.5%
218 269 12.1%
70%
200 70.0%
Impacted
150 50.0% by new
127
project
102 starts
100 30.0% in 2H
NA:EBIT
50 30 10.0% negative
-10.0%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
1H21
Operating cash flow Cash conversion
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1. Net operating cash flow excluding interest and tax and M&A costs

2. ROACE: Underlying EBIT(A) / Average (Total Assets – Current Liabilities)

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30 June 2021 Full Year Results

Profit and Loss

Continued earnings and margin growth

$ Millions	FY20	1H21	2H21	FY21	Change
Revenue EBITDA1	1,380.4 238.7	652.5 121.2	699.0 128.7	1,351.5 249.9	q2% p5%
EBITDA margin	17.3%	18.6%	18.4%	18.5%
**EBIT(A)1 **	91.6	46.5	48.7	95.2	p4%
EBIT(A) margin	6.6%	7.1%	7.0%	7.0%
Net finance costs	(14.8)	(6.2)	(8.4)	(14.6)
PBT(A)1	76.8	40.3	40.3	80.6	p5%
PBT(A) margin	5.6%	6.2%	5.8%	6.0%
Tax (expense)/benefit	(7.5)	7.9	(12.6)	(4.7)
NPAT(A)1	69.2	48.2	27.6	75.9	p10%
NPAT(A) margin	5.0%	7.4%	4.0%	5.6%
EPS(A)1 (basic)	3.3 cps	2.3 cps	1.3 cps	3.6 cps	p9%
Reported NPAT	64.9	44.8	32.5	77.2	p19%
Reported EPS (basic)	3.1 cps	2.1 cps	1.5 cps	3.7 cps	p19%
Dividends per share	0.60 cps	0.30 cps	0.35 cps	0.65 cps	p8%

• Revenue decreased by 2%

• Due to a decrease in non-cash consideration on certain client provided consumable items at Batu Hijau. Macmahon did not have control over movement of the consumables, and consistent with AASB 15[2] , the Company did not recognise revenue related to these items

• Earnings were not impacted as there is no margin associated with these items

• Excluding this change, revenue grew approximately 6%

• EBITDA and EBIT(A) growth of 5% and 4% respectively

• EBITDA and EBIT(A) margin improved to 18.5% and 7.0% respectively

• Effective borrowing costs of 4.6% as at 30 June 2021, with further reductions expected in FY22

• NPAT(A)[1] benefited from recognition of a $17.3m Deferred Tax Asset (DTA)

• Expected FY22 tax rate to normalise ~30% and effective cash tax rate to remain ~15%

• Full year dividend up 8% to 0.65cps, in line with policy payout range of 10-25% of underlying EPS

Columns may not add up due to rounding

1. Underlying earnings from continuing operations, refer to reconciliation on slide 30

2. Under AASB 15, if a customer contributes goods to facilitate fulfilment of the contract, an assessment is required as to whether the Company obtains control of these contributed goods

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30 June 2021 Full Year Results

Revenue Diversification Continued improvement in business mix

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Commodity Clients
6%
Gold AMNT 17%
23%
16% AngloGold
Copper / Gold
QCoal 7%
Met Coal
53% Silver Lake
Other 11%
Newcrest
20%
25%
Dacian Gold
11%
Other 11%
1% 3%
Country Activity
Surface
Australia
24% 22%
Indonesia Underground
Other
Mining Support
Services
75% 75%
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30 June 2021 Full Year Results

Cash Flow – Net Debt Waterfall Strong cash flows supports growth

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Underlying Operating Cash Flow $269.0m
19.1 (26.3)
(3.2)
(296.1)
Growth
249.9 (152.7)
(60.9) Sustaining
(143.4)
(130.3)
Net Operating Cash Flow $239.5m
(6.1) (13.7)
6.8
Net Debt Working Cap. Interest M&A Net Debt
30 June 2020 EBITDA & other & Tax costs Capex Software Dividends Other 30 June 2021
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• Strong underlying operating cash flow of $269m, up 23% on FY20

• EBITDA cash conversion 108% including positive working capital movement

• Capex $296m – Higher than 1H21 forecast of $230m due to new contract awards secured in 2H21 including Gwalia, Dawson and Julius

• Sustaining capex of $143m includes extension capex

May not add up due to rounding

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30 June 2021 Full Year Results

Capex

Supports contract wins and underpins expected earnings growth

Well positioned to achieve financial targets (EBITDA margin 20%, EBIT(A) margin 8%, ROACE 15%) as new projects contribute to growth

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FY21 Capex $296m FY22 Capex $270m
• Growth Capex, includes:
– •
Foxleigh Growth Capex, includes:
– Byerwen – Gwalia
– Bellevue – Dawson
Growth
$153m – Gwalia Growth – Warrawoona
– Dawson $140m – King of the Hills
– Julius
• Sustaining Capex, includes
extensions: • Sustaining Capex, includes extensions:
– – Boston Shaker
Mount Monger
– Deflector – Deflector
D&A Sustaining – Nicolsons Sustaining – Telfer
$156m $143m $130m –
– Tropicana
Batu Hijau
– Boston Shaker
•
– Excludes Batu Hijau Phase 8
Tropicana
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30 June 2021 Full Year Results

Balance Sheet Solid financial position

$ Millions	FY20	FY21	•	Liquidity and balance sheet capacity to fund secured growth:	Liquidity and balance sheet capacity to fund secured growth:
Cash	142	182		‒	Net Debt / EBITDA of 0.5x
Receivables	211	253		‒	Gearing 19%
Inventories	57	69		‒	Cash and available banking facilities of $288m
Property, plant and equipment	458	583
Intangible assets and goodwill	21	37	•	Refinanced existing facility into new enhanced $170m facility:
Other assets	34	30		‒	Maturity date extended by 2 years to July 2023
Total assets	923	1,154		‒	Competitive interest rate of sub 3% plus swap rate
Payables	155	219
Borrowings	203	312	•	Borrowings comprise:
Other liabilities	67	77		‒	Equipment leases $201m
Total liabilities	425	608		‒	Equipment finance $33m
Total Equity Net Debt1	498 61	546 130		‒	Bank finance $65m (undrawn $105m)
Net Tangible Assets (NTA)	22.1 cps	23.6 cps		‒	Property leases $13m
Gearing2	10.9%	19.3%	•	Subsequently signed new syndicated asset finance facility of $145m
ND/EBITDA3	0.3 x	0.5 x
ROACE4	14.8%	13.5%	•	ROACE of 13.5% impacted by upfront growth capex from new awards
ROE5	14.6%	14.5%

1. Includes AASB 16 Leases

2. Net Debt / (Net Debt + Equity)

3. Net Debt / Underlying EBITDA

4. Underlying EBIT (A) / Average (Total Assets – Current Liabilities )

5. Underlying NPAT (A) / Average Equity

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30 June 2021 Full Year Results

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Strategy and Outlook

Strategic Overview Building a diversified scalable business

• Improve Invest Diversify Margins and execution Relevance and competitive advantage Build scalability • Systems and processes • Advanced contractor • Mining Support Services • Contract management • Structure and capability • Underground • Operational excellence • Sustainability

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• Expand Growth in current markets • Additional services with existing clients

• • Grow market share

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30 June 2021 Full Year Results

Diversify and expand Focused on growing adjacent services to deliver higher returns

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7% [4%] 3%
22%
FY18 [1] FY21 [1] Target
75%
89%
EBITDA EBIT(A) ROACE EBITDA EBIT(A) ROACE EBITDA EBIT(A) ROACE
Margin Margin Margin Margin Margin Margin
16.8% 5.8% 12.1% 18.5% 7.0% 13.5% p 20% p 8% p 15%
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Surface Underground Mining Support

1. Based on Revenue

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30 June 2021 Full Year Results

Order Book[1] $5.0bn & Tender Pipeline $7.1bn Significant contract awards bolster order book and provides a high level of secured revenue

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$5.0bn – Order Book [1 ] Tender Pipeline
plus ~$820m of extensions and a
preferred project
428
19%
36%
58
128
$7.1bn
205 1,956
1,266
1,104
45%
659
FY22 FY23 FY24 FY25+
Secured Telfer, Tropicana & Warrawoona Surface Underground Mining Support
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• $1.3bn of FY22 revenue secured

• $5.0bn order book[1] secured – represents 3.7x FY21 revenue

• Additional work of ~$820m relates to:

• Confirmed extensions: Telfer and Tropicana

• Preferred project: Warrawoona

• Order book excludes short term civil and underground churn work, which historically delivers $100-150m annual revenue

• Tender pipeline reflects strategy to grow mining support services and underground business

• As at 30 June 2021; excludes Batu Hijau Phase 8 (preferred), Warrawoona (preferred), Telfer extension, Tropicana extension

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30 June 2021 Full Year Results

Priorities and Outlook FY22 set for continued growth

FY22 PRIORITIES

FY22 GUIDANCE[1]

• Improve safety performance

• Effectively manage COVID-19

• Finalise Batu Hijau Phase 8 extension

• Improve scalability through diversifying earnings in underground and other mining support services

• Maintain disciplined management of capital

Revenue EBIT(A) $1.4 – $1.5bn $95 – $105m ($1.3bn secured[2] )

• Invest in mining technology and digital transformation

POSITIVE OUTLOOK

Order book of $5.0bn[3] High level of secured revenue and earnings Tender pipeline of $7.1bn

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$1.4–$1.5bn $95–$105m
$95.2m
$1.35bn
FY21 FY22 Guidance FY21 FY22 Guidance
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1. Guidance assumes an exchange rate of AUD:USD 0.75, and excludes one-off items and amortisation related to the GBF Group acquisition

2. Excludes Warrawoona (preferred) and excludes short term civil and underground churn work

3. As at 30 June 2021; excludes Batu Hijau Phase 8 (preferred), Warrawoona (preferred), Telfer extension, Tropicana extension

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30 June 2021 Full Year Results

Thank You

CONTACT

Chris Chong Investor Relations and Corporate Development cchong@macmahon.com.au Mick Finnegan CEO & MD mfinnegan@macmahon.com.au

Peter Pollard CFO ppollard@macmahon.com.au

www.macmahon.com.au

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30 June 2021 Full Year Results

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Appendix

Corporate Overview

Capital Structure
Share Price1 (ASX:MAH)	$0.235
Fully paid ordinary shares (m)	2,155
Market Capitalisation	$506.4m
Cash (30 June 21)	$182.1m
Debt (30 June 21)	$312.4m
Enterprise Value	$636.7m
Net Tangible Assets per share(30 June 21)	$0.236
Analyst Coverage
Argonaut– Ian Christie
Canaccord– Cameron Bell
Euroz Hartleys– Trent Barnett
Jarden– James Wilson
Macquarie– Jon Scholtz
Moelis– Sean Kiriwan
Substantial Institutional Shareholders
Paradice Investment Management	6.5%
Liquidity – Daily Average Value	$500k
1.As at 24 August 2021

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Share Price ($) – 3 years
0.35
0.30
0.25
0.20
0.15
0.10
Aug-18 Aug-19 Aug-20 Aug-21
Register – Top 20 account for 81%
21%
Australian Funds 26%
Overseas Funds
PT AMNT
9%
Retail/Other
44%
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30 June 2021 Full Year Results

Corporate Overview - Directors

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EVA SKIRA Independent Non-Executive Chair

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ARIEF SIDARTO Non-Independent, Non-Executive Director

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MICHAEL FINNEGAN Managing Director and Chief Executive Officer

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HAMISH TYRWHITT Independent, Non-Executive Director

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BRUCE MUNRO Independent, Non-Executive Director

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VYRIL VELLA Independent, Non-Executive Director

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ALEX RAMLIE Non-Independent, Non-Executive Director

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DENISE McCOMISH Independent, Non-Executive Director

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30 June 2021 Full Year Results

Map of Operations

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30 June 2021 Full Year Results

- COVID 19

PROTECTING OUR PEOPLE, COMMUNITY AND CLIENTS

• Communication and education

• Health screening and physical distancing protocols

• Sanitation and cleaning

• Travel restrictions

• Remain vigilant whilst acknowledging COVID-19 environment continues to evolve and has the potential to impact the business

ENSURING BUSINESS CONTINUITY

Australia

• Relocation of some interstate workers

• Employee assistance programs

• Mental and Physical Health initiatives:

• Strong Minds, Strong Mines program implemented online

• Fatigue management program

Indonesia

• Batu Hijau:

• Facilitating COVID-19 vaccination for all employees

• Accommodating workforce on Lombok for a two-week quarantine period before transferring to mine site on Sumbawa Island

• Face masks mandatory

• Stringent screening and frequent testing

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• Site hospital: 160 beds including 40 ICU units

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30 June 2021 Full Year Results

Cash Flow

$ Millions FY20 FY21 Underlying EBITDA 238.7 249.9 Movement in receivables 4.7 (37.1) Movement in inventory (4.4) 9.0 Movement in payables and provisions (21.7) 50.9 Other 1.1 (3.7) Net Interest and tax (paid) / received (23.4) (26.3) M&A costs and earn-out related to previous acquisitions (1.3) (3.2) Net operating cash flow 193.7 239.5 Capital expenditure (cash) (75.4) (204.2) Payment of software (6.1) (6.1) Proceeds from sale of assets 4.0 9.9 Net (repayment)/proceeds of financial & lease liabilities (53.3) 19.7 GBF acquisition (net of cash acquired) (18.9) (2.0) Dividends (15.7) (13.7) Other movements 0.4 (3.0) Net cash flow 28.7 40.2 Underlying Operating cash flow1 218.4 269.0 EBITDA conversion 91% 108% Capex 141.6 296.1 Free cash flow2 76.8 (27.0) Columns may not add up due to rounding 1.Net Operating cash flow excluding interest, tax and M&A costs 2.Underlying operating cash flow less Capex

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30 June 2021 Full Year Results

Reconciliation of Non-IFRS Financial Information

$ Millions	FY20	FY21
Profit for the year (as reported)	64.9	77.2
Add back:
• Share Based Payment expense	2.6	0.9
• M&A costs and earn-out related to previous acquisitions	1.3	3.2
• GBF customer amortisation(A)	0.3	0.9
Less:
• Fair value gain on JV		(6.5)
Underlying Net profit after tax (NPAT)(A)	69.2	75.9
Add back: Tax expense / (benefit)	7.5	4.7
Underlying Profit before tax (PBT)(A)	76.8	80.6
Add back: Net finance costs	14.8	14.6
Underlying earnings before interest and tax (EBIT(A))	91.6	95.2
Add back: Depreciation and amortisation expense (excluding GBF customer amortisation)	147.1	154.7
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA)	238.7	249.9
Weighted Average Number of Shares (m)	2,095	2,100
Underlying basic EPS(A) (cents)	3.31	3.61

Columns may not add up due to rounding

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30 June 2021 Full Year Results

Important Notice and Disclaimer

Disclaimer as to forward looking statements

This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. These forward looking statements are based on, among other things, Macmahon Holdings Limited's ACN 007 634 406 (Macmahon) assumptions, expectations, estimates, objectives, plans and intentions.

Forward looking statements are subject to inherent risks and uncertainties. Although Macmahon believes that the expectations reflected in any forward looking statement included in this presentation are reasonable, no assurance can be given that such expectations will prove to be correct. Actual events, results or outcomes may differ materially from the events, results or outcomes expressed or implied in any forward looking statement.

Except as required by applicable law or the ASX Listing Rules, Macmahon does not undertake to update or revise these forward looking statements, nor any other statements whether written or oral, that may be made from time to time by or on behalf of Macmahon, whether as a result of new information, future events or otherwise.

None of Macmahon (nor any of its officers and employees), or any other person named in this presentation, or any person involved in the preparation of this presentation makes any representation or warranty (express or implied) as to the accuracy or likelihood or fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward looking statement.

The forward looking statements in this presentation reflect views held only as at the date of this presentation.

The directors of Macmahon consider that they have used reasonable care in preparing forward looking financial information (Guidance) in this presentation. However, the Guidance is not fact, rather it is predictive in character and there are margins of uncertainty surrounding any assumptions about future conditions and anticipated performance.

The Guidance may differ materially from results ultimately achieved and does not take into account the potential impact of some risks, such as the unquantified contingent liabilities noted in Macmahon’s Annual Report. You are cautioned

not to place undue reliance on the Guidance. Forward looking information is by its very nature subject to uncertainties and can be affected by unexpected events, many of which are outside the control of Macmahon's directors. Any variation to the assumptions on which the Guidance has been prepared could be materially positive or negative to actual financial performance. Therefore Macmahon's directors cannot guarantee the achievement of the Guidance.

The Guidance should not be regarded as a representation or warranty with respect to its accuracy or the accuracy of the best estimate assumptions or that Macmahon will achieve, or is likely to achieve, the particular results.

This presentation does not take into account the individual investment objectives, financial or tax situation or particular needs of any person. It does not contain financial advice. You should consider

seeking independent legal, financial and taxation advice in relation to the contents of this presentation.

Non-IFRS Financial Information

This presentation uses non-IFRS financial information including EBITDA and EBIT which

are used to measure both group and operational performance. NonIFRS measures have not been subject to audit or review.

References to “Macmahon”, “the Company”, “the Group” or “the Macmahon Group” may be references to Macmahon Holdings Limited or its subsidiaries.

Not a disclosure document

This presentation is not a disclosure document and should not be considered as investment advice or an offer or invitation to subscribe for or purchase any securities in Macmahon, or an inducement to make an offer or invitation with respect to such securities. This presentation does not purport to cover all relevant information about any potential investment

in Macmahon or any decision relating to Macmahon.

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30 June 2021 Full Year Results