MADER GROUP LIMITED — AGM Information 2023

Nov 22, 2023

==> picture [596 x 124] intentionally omitted <==

Annual General Meeting – CEO’s Address

Perth, Australia – 23 November 2023

WELCOME

Good morning everyone, and welcome to Mader Group’s fifth Annual General Meeting as a publicly listed business, it is a pleasure to have you with us today.

It has been another incredible year for the business, driven by the Mader team. Our achievements would not be possible without our dedicated global workforce who work day in, day out, to deliver exceptional services to our valued network of customers.

Before I commence, I too, would like to express my gratitude to the board -- Luke, Pat, and Craig. Each one of you brings an abundance of knowledge to the business and together you serve as the foundation of our business.

WHO WE ARE

Mader is a leading provider of specialist technical services across multiple industries. Now operating across the globe, the graph on this slide highlights the compounding effect of the Group’s entry into new addressable markets.

Closing out the financial year, we were active in eight countries and serviced 380 customers in more than 530 locations. Our team continues to grow, and we now have a global workforce of over 2,900 employees who support customers in more regions and industries than ever before.

SPECIALISED WORKFORCE

Moving on to the next slide, we provide a breakdown of our specialised workforce. You’ll notice that just over half our business is made up of heavy duty diesel technicians - this reflects the evolution of the Group into a diversified services business.

The suite of other qualified technicians includes; auto and high voltage electricians, boilermakers and fabricators, light vehicle technicians and road transport specialists.

On the left, we have highlighted the age of our workforce. 66% of our workforce are under the age of 35. Whilst we encourage applicants at any stage in their life, and build meaningful careers for all ages, our company culture and the lifestyle we offer typically attracts an adventure-driven demographic.

We invest in our people heavily and are proud to build careers that offer flexibility, variety and career opportunities that are unparalleled in the industry. We can offer varied rosters, site variety and wide equipment exposure across multiple industries and geographies, whilst working alongside your mates.

Our two culture focused programs, Global Pathways and Three Gears, are deeply embedded across our operations and designed to attract and retain the world’s best talent. Global Pathways allows our people to access work opportunities around the world, whilst our adventure division, Three Gears creates bespoke, meaningful experiences for our people

==> picture [249 x 47] intentionally omitted <==

2 George Wiencke Drive T: +61 (08) 9353 3393 Perth Airport WA 6105 madergroup.com.au MADER GROUP LIMITED ABN: 51 159 340 397 ASX: MAD

==> picture [596 x 124] intentionally omitted <==

and their loved ones – from camping to hiking, canyoning, biking, yachting, 4WD’ing and much more! Building a culture-led business is key to our success, and we will continue to place a strong focus on growing as an employer of choice.

Our goal of ‘zero harm’ remains an absolute priority across our business, and we’re pleased that our Total Recordable Injury Frequency Rate improved, with 3.91 recordable injuries per million hours worked.

The improved figure is a testament to our continued investment in our leadership as well as enhancing our safety systems, processes and targeted safety focused campaigns for our large, remote workforce. While there has been a definite improvement, we will continue our unwavering commitment to achieving zero harm across our operations.

FY23 HIGHLIGHTS

I was really pleased to deliver our full year financial results at the end of August. The highlights for FY23 included delivering $608.8 million in revenue, an increase of 51% from $402.1 million in FY22.

We also surpassed $600 million in annual revenue, and twice upgraded guidance throughout the year – which I’m sure you can agree is an incredible achievement for the Group. We delivered a 57% increase in EBITDA, delivering $75.1 million, with NPAT closing out at $38.5 million, an increase of 48% on FY22.

We closed the year at $42.7 million in net debt, which was in line with expectations given the year of significant growth. Finally, we’ve declared a final FY23 dividend of 3.4 cents per share, taking total dividends declared for the period to 5.8 cents per share fully franked. This represents an underlying NPAT payout ratio of 30% and an increase in dividend payments of 45% versus the previous financial year. All of these financial results demonstrate outstanding value for our shareholders.

OPERATIONAL REVIEW

Active in eight countries, we diligently expanded our operations geographically to support our large and growing customer base. A high-level view of our operations demonstrates our ability to apply our service delivery model across different markets; a strategic approach that has enabled us to achieve unprecedented growth in FY23.

Strong growth was evident in Australia, with revenue up 37% versus the last financial year. The core mechanical business performed well, with the outlook of the segment bolstered by continued demand for both our core and ancillary services.

In North America, our revenue grew an incredible 164%. Our organic start-up in Canada was a large contributor to this growth, exceeding expectations as we delivered mechanical services across five provinces and territories, and multiple commodities.

Across the rest of the world, we provided specialist support and training to customers in five countries across Africa, Asia and Oceania. Despite the decline in revenue, the business unit is operating steadily and plays an essential role in providing exciting overseas opportunities to our adventure-driven workforce.

==> picture [249 x 47] intentionally omitted <==

2 George Wiencke Drive T: +61 (08) 9353 3393 Perth Airport WA 6105 madergroup.com.au MADER GROUP LIMITED ABN: 51 159 340 397 ASX: MAD

==> picture [596 x 124] intentionally omitted <==

MULTIPLE BEACHHEADS TO TARGET GROWTH

Moving onto our outlook for the new financial year, our geographical footprint will continue to be central to our growth strategy.

We are excited to have multiple geographical beachheads driving our expansion and look forward to further growth as we enter new localities and diversify our commodity exposure.

As you can see, North America now contributes 22% of Group revenue. We have established strong foundations in the USA and Canada with our business model well-received to date. Demand remains largely unfulfilled, presenting significant opportunities for the business.

Our Australian business continues to generate a large portion of revenue for the Group. We are continuing to see structural skilled labour shortages in the industries we operate in and have confidence in our ability to increase our market share in this segment.

Our Rest of World segment contributed 1% to revenue across the business. Whilst this is a modest number, we believe in the value this segment brings to our adventurous workforce and we will continue to support customer requests in this area. If we circled the globe, you would find someone proudly wearing a Mader shirt on four continents and we intend to ensure that such opportunities remain available to our people.

THE BUILDING BLOCKS

Our financials are supported by a solid foundation of building blocks that continue to drive our growth trajectory forward. This multidimensional approach to growth extends beyond financial metrics.

As Luke mentioned earlier, the most significant growth driver behind our business today is our company's culture. A laser focus on culture, allows us to reward our people with exciting global opportunities and incredible lifestyle experiences that are unmatched in the industries we operate in.

Other building blocks for our business stem from our diversification across various industries and services. This approach allows us to fortify our resilience and bolster our portfolio to stand strong again macro market influences.

In the resources sector, our core mechanical service offerings are in high demand, and in the infrastructure space, we are still largely supporting customers in the mining industry, however we have the ability to win market share both within and beyond this sector.

Some of our other primary growth drivers include; the energy market, in which we have entered the industry delivering maintenance for natural gas compressor stations. This entry point is just the tip of the iceberg, with several stages of the upstream and midstream sectors also requiring equipment support.

We have also repositioned our service offering within the transport and logistics industry, providing maintenance for rail and road transport. We are now supporting customers in several states across Australia for these services and look forward to the expansion of our operations in this area.

==> picture [249 x 47] intentionally omitted <==

2 George Wiencke Drive T: +61 (08) 9353 3393 Perth Airport WA 6105 madergroup.com.au

MADER GROUP LIMITED ABN: 51 159 340 397 ASX: MAD

==> picture [596 x 124] intentionally omitted <==

Last but certainly not least, an integral building block involves the deliberate entry into emerging markets. We are currently conducting market research into new industries to assess the suitability for the Mader business model to be deployed. We will continue to do this, exploring opportunities that will allow us to penetrate large addressable markets, some of which are directly relevant to our existing operations, and others further removed.

By capitalising on emerging opportunities, we plan to leverage our proven business model to foster sustainable growth and create more opportunities for our people than ever before.

JUST GETTING STARTED

As a business, we continually seek to improve the diversity of our revenue profile. This is a pivotal step toward achieving our ambitious 2026 fiscal year target of $1 billion in revenue.

Through the strategic enhancement of our service offerings, we are able to tap into new markets that allow us to expand the Group’s revenue streams. We are constantly assessing addressable markets that we can apply our culture-led business model to.

Having successfully launched over 40 organic startups throughout our 18-year history, we have developed a tried and tested formula that gives us access to new opportunities, new customers, and new talent pools that significantly widen the network of potential candidates that can join the Mader family.

This is key to driving future growth and ensuring long-term sustainability of the business. Our diversified operations will create compounding returns for our shareholders, with our historical growth rate of around 30% year on year expected to continue into FY24 and beyond.

HIGH GROWTH AGENDA

We’re pleased to announce, that current market conditions and a dedicated focus on expansion have provided us with the confidence to forecast strong financial guidance for FY24. Mader anticipates achieving a revenue milestone of no less than $770 million, alongside an NPAT of at least $50 million.

These projections are a testament to the company's calculated approach to growth which is underpinned by a multidimensional diversification strategy. We take pride in our impressive track record, having achieved a 30% year on year compounding annual revenue growth rate for the last 10+ years and we anticipate this momentum to continue into the future.

INVESTMENT CASE

It is an exciting time in the growth journey of Mader, and it’s a privilege to be part of the process to get here. For current and prospective investors, Mader presents a robust investment opportunity with many prospects ahead. We have clear goals, a disciplined approach and the ability to recognise our strengths.

We have grown to a market cap of around $1.29 billion by focusing on the right things – our people. This is an outstanding effort since listing on the Australian Stock Exchange in October 2019.

==> picture [249 x 47] intentionally omitted <==

2 George Wiencke Drive T: +61 (08) 9353 3393 Perth Airport WA 6105 madergroup.com.au MADER GROUP LIMITED ABN: 51 159 340 397 ASX: MAD

==> picture [596 x 124] intentionally omitted <==

Today, we remain committed to achieving our vision of becoming a global diversified services business. Our eyes are firmly set on the future and we are ready to embrace the road ahead with the confidence to seize new opportunities, disrupt markets and continue to provide a culture-led workplace worthy of our people. Thank you to everyone that has supported us from day one, and to those who have jumped on board along the way.

On behalf of the entire Mader Group, I would like to extend our sincerest gratitude to our team, shareholders, customers and suppliers.

• end –

About Mader Group Limited

Mader Group Limited (ASX:MAD) is a global leader in the provision of specialist technical services across multiple industries. Today, the Company’s well-established labour market platform allows it to connect a global network of over 350 customers to a skilled in-house workforce of approximately 2,900+ personnel on flexible, fit for purpose, and costeffective terms. Mader was named Large Business of the Year at the 2022 RISE Business Awards, 2022 Employer of Choice by the Australian Business Awards, received an excellence award for Workplace Flexibility at the 2022 Australian HR Awards and were named finalists for Best Candidate Experience Initiative at the 2023 SEEK STAR Awards.

Chief Executive Officer Chief Financial Officer Investor Relations & Media Justin Nuich Paul Hegarty Natasha Marti justin.nuich@madergroup.com.au paul.hegarty@madergroup.com.au natasha.marti@madergroup.com.au

Approved for release by the Executive Director and CEO of Mader Group Limited.

2 George Wiencke Drive T: +61 (08) 9353 3393 Perth Airport WA 6105 madergroup.com.au MADER GROUP LIMITED ABN: 51 159 340 397 ASX: MAD

==> picture [249 x 47] intentionally omitted <==