MONADELPHOUS GROUP LIMITED — AGM Information 2022

Nov 21, 2022

22 NOVEMBER 2022

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ACKNOWLEDGEMENT OF COUNTRY CLAUDIA BELLIS – MONADELPHOUS LOCAL CONTENT COORDINATOR

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Launch of Monadelphous’ latest Stretch Reconciliation Action Plan.

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MONADELPHOUS PROFILE

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Employees and total workforce as at 30 June 2022

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ONLINE ATTENDEES – HOW TO ASK A QUESTION

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

• Type your question in the text box and press the

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• To ask a verbal question follow the instructions

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ONLINE ATTENDEES – HOW TO VOTE

• When the poll is open, select the vote icon at the top of the screen

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• You will see a vote confirmation

• To change or cancel your vote “Click here to

• change your vote” at any time until the poll is closed

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BOARD OF DIRECTORS

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AGENDA

1. Chair’s Address

1. Managing Director’s Address

2. Items of Business

3. Other Business

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1. CHAIR’S ADDRESS

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1. CHAIR’S ADDRESS

• Celebrating 50 years in operation

• Reputation for high-quality, safe and cost-effective service solutions

• Construction contractor of choice in resources and energy and leader in maintenance and

• industrial services

• Continued to build on expansive service offering and diversify internationally

• Unprecedented industry shortfall of skilled resources

• People retention and attraction more important than ever

• Strong pipeline of opportunities in core and developing market sectors

• Board changes following AGM

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2. MANAGING DIRECTOR’S ADDRESS

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2022 FINANCIAL SNAPSHOT

REVENUE[1]

$ 1.2% 1.93 NET PROFIT AFTER TAX ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT $ 11.0% 52.2 EARNINGS PER SHARE 10.5% 54.9 FULL YEAR DIVIDEND 8.9% 49.0 CASH $ 4.3% 183.3 CONTRACTS SECURED[2] $ 1.1

NET PROFIT AFTER TAX ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

REVENUE BY DIVISION ($M)

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774.4 979.0 Engineering
Construction
Maintenance
& Industrial
1,166.0 976.9 Services
FY22 FY21
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REVENUE BY END CUSTOMER

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Iron ore 41%
Oil and gas 22%
Copper 12%
Other minerals 10%
Lithium 6%
Coal 5%
Infrastructure 4%
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1 Includes Monadelphous’ share of joint venture revenue

2 Subsequent to 30 June 2022, an additional $630 million of new contracts and extensions has been secured

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CONTRACTS SECURED

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Refer to Appendices for contract details
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SAFETY AND WELLBEING

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6
3.07
TRIFR
4
0.58
SIFR
2
0.16
LTIFR
0
2019 2020 2021 2022
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• High levels of operational activity and large number of new employees onboarded impacted performance

• Targeted safety campaigns implemented to address common operational risks

• 55% improvement in serious incident frequency rate

• Sustained focus on identification, elimination and mitigation of fatal risk hazards

• Continued application of Fatal Risk Control Standards

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SAFETY INNOVATION

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Monadelphous received an award from the WA Department of Mines Safety Excellence Awards for its Ergonomic Poly Weld Stands.

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PEOPLE

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• Extremely competitive labour market predicted to continue

• Strategic focus on people retention, attraction, development and wellbeing

• Substantial program of work to reinforce acceptable workplace behaviours

• Implemented Employee Retention Plan to support key talent retention

• Implemented new talent acquisition and performance management system

• Comprehensive organisational structural review undertaken

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2022 DIVISIONAL HIGHLIGHTS ENGINEERING CONSTRUCTION

REVENUE ($M)

REVENUE BY END CUSTOMER

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Iron ore 59%
Lithium 15%
Copper 12% 979.0
Infrastructure 8% 774.4
Oil and gas 4%
Other minerals 2%
FY22 FY21
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• Revenue of $774.4 million[1]

• Revenue declined in H2 following project completions in H1

• Successful completion of major resource construction projects, including BHP’s South Flank Project, Rio Tinto’s West Angelas Deposits C & D Project and MARBL Lithium Joint Venture’s Kemerton lithium hydroxide plant

• Successfully delivered major shutdown at BHP’s Olympic Dam mine and provided multidisciplinary services at Rio Tinto’s Gudai-Darri iron ore project

• Awarded contract for Oyu Tolgoi Underground Project in Mongolia

• Mondium completed work at Rio Tinto’s Western Turner Syncline Phase 2 Project

• Established Alevro to provide turnkey heavy lift solutions in Australia

• Zenviron secured $250 million contract to deliver Rye Park Wind Farm

1 Includes Monadelphous’ share of joint venture revenue

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2022 DIVISIONAL HIGHLIGHTS ENGINEERING CONSTRUCTION – MONGOLIA

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Rio Tinto’s Oyu Tolgoi Underground Project, South Gobi region, Mongolia. Image courtesy of Rio Tinto.

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2022 DIVISIONAL HIGHLIGHTS ENGINEERING CONSTRUCTION – MONDIUM

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Rio Tinto’s Western Turner Syncline Phase 2 Project, Tom Price, Western Australia.

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2022 DIVISIONAL HIGHLIGHTS

ENGINEERING CONSTRUCTION – ALEVRO

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Alevro, an unincorporated joint venture with global heavy lifting company Fagioli.

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2022 DIVISIONAL HIGHLIGHTS ENGINEERING CONSTRUCTION – ZENVIRON

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Crudine Ridge Wind Farm, located in Mudgee, New South Wales.

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2022 DIVISIONAL HIGHLIGHTS MAINTENANCE & INDUSTRIAL SERVICES

REVENUE BY END CUSTOMER REVENUE ($M)

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1,166.0
976.9
FY22 FY21
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Oil and gas 34%
Iron ore 29%
Other minerals 16%
Copper 11%
Coal 8%
Infrastructure 2%
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• Record revenue of $1.166 billion, up 19.4%

• Buoyant conditions across most sectors

• Increased activity in oil and gas and Chile and PNG operations

• Secured more than $850 million of new contracts and extensions

• Awarded strategically important five-year maintenance and shutdown services contract with FMG

• Expanded facilities in Pilbara region, WA

• Long-term maintenance services contracts extended; major turnarounds completed for oil and gas customers

• Chile-based business, Buildtek, awarded approximately $80 million in new contracts

• Acquired RTW Steel Fabrication and Construction in south-west WA

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2022 DIVISIONAL HIGHLIGHTS

MAINTENANCE & INDUSTRIAL SERVICES – IRON ORE

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Rio Tinto’s Cape Lambert, Karratha, Western Australia.

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2022 DIVISIONAL HIGHLIGHTS

MAINTENANCE & INDUSTRIAL SERVICES – ENERGY

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Woodside-operated Karratha Gas Plant, Karratha, Western Australia. Image courtesy of Woodside.

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2022 DIVISIONAL HIGHLIGHTS

MAINTENANCE & INDUSTRIAL SERVICES – PAPUA NEW GUINEA

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Newcrest Mining Limited’s Lihir Gold Mine, located on Niolam Island, north-east of Port Moresby in Papua New Guinea. Image courtesy of Newcrest Mining Limited.

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2022 DIVISIONAL HIGHLIGHTS

MAINTENANCE & INDUSTRIAL SERVICES – CHILE

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Codelco’s El Teniente Copper Mine, Rancagua, Chile.

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SUSTAINABILITY DIVERSITY, COMMUNITY & ENVIRONMENT

• Launched Stretch Reconciliation Action Plan 2022-2025

• Continued to deliver Indigenous Employment Pathways Program in partnership with Rio Tinto

• Renewed partnership with Polly Farmer Foundation

• Launched second Gender Diversity and Inclusion Plan, reached or exceeded all measurable targets

• Extended partnerships with universities to promote gender diversity and inclusivity within STEM career pathways

• Partnered or participated in over 100 community events and initiatives across 25 locations

• Formalised commitment to net zero emissions by 2050

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INTRODUCTION TO ZORAN BEBIC

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INDUSTRY OUTLOOK – AUSTRALIA

RESOURCES CAPEX A$B

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40
35
30
25
20 Copper
Gold
15
Other minerals
10 Coal
Iron ore
5
0
2018 2019 2020 2021 2022 2023f 2024f 2025f 2026f 2027f
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Source: BIS Oxford Economics, ABS (October 2022)

ELECTRICITY INFRASTRUCTURE CAPEX A$B

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18
16
14
12
10
8
6
4
2
0
2018 2019 2020 2021 2022 2023f 2024f 2025f 2026f 2027f
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Source: BIS Oxford Economics, ABS (October 2022)

ENERGY (O&G) CAPEX A$B

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40
35
30
25
20
15
10
5
0
2018 2019 2020 2021 2022 2023f 2024f 2025f 2026f 2027f
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Source: BIS Oxford Economics, ABS (October 2022)

TOTAL MAINTENANCE A$B

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14
12
10
Gold
8 Copper
Iron ore
6
Other minerals
4 Coal
Oil and gas
2
0
2018 2019 2020 2021 2022 2023f 2024f 2025f 2026f 2027f
Source: BIS Oxford Economics, ABS (October 2022)
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OUTLOOK

• Significant number of prospects across broad range of commodity markets

• Australian iron ore industry expected to remain buoyant

• High global demand for battery metals driving significant investment

• Favourable conditions in oil and gas sector with construction opportunities from new LNG projects and heightened demand for maintenance services

• Australia’s transition to clean energy continues to strengthen providing wind and hydrogen opportunities

• Strong demand for maintenance services across all sectors

• Labour shortage most significant challenge

• With capacity constrained, targeted approach to new work opportunities with focus on earnings quality

• Continue to focus on employee attraction, training and development

• Delays in timing of project awards and commencement

• Anticipating decrease in FY23 engineering construction revenue before ramp up in FY24, expecting 10-15 per cent reduction in Group revenue for 1H23 compared to pcp

• FY23 Group revenue dependent on award and commencement of new construction contracts

• Strong balance sheet to support service and market diversification

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3. ITEMS OF BUSINESS

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998.4
841.1
652.9
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Perth Freight Terminal, Perth, Western Australia.

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ANNUAL REPORT

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To receive and consider the Financial Report, 998.4 Directors’ Report 652.9 and Auditor’s 841.1 Report for the year ended 30 June 2022.

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RESOLUTION 1: RE-ELECTION OF DIRECTOR

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To re-elect a Director: Ms Sue Murphy who, 998.4 being eligible, offers herself for re-election. 652.9 841.1

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RESOLUTION 1: RE-ELECTION OF DIRECTOR

The total of valid proxies received for Resolution 1 is 52,665,934 being:

51,430,026	FOR the resolution
746,207	AGAINST the resolution
489,701	841.1 998.4 OPEN to proxy
13,383	~~652.9~~ ABSTAIN

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RESOLUTION 2: GRANT OF RETENTION RIGHTS TO MR ROB VELLETRI

To grant 43,600 Retention Rights to the Company’s Managing Director, Mr Rob Velletri (who will become Executive Chair effective from the conclusion of the Meeting), or his nominee, on the terms and conditions set out in the Explanatory Memorandum accompanying the Notice of Meeting.

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RESOLUTION 2: GRANT OF RETENTION RIGHTS TO MR ROB VELLETRI

The total of valid proxies received for Resolution 2 is 49,442,474 being:

36,283,809	FOR the resolution
12,679,208	AGAINST the resolution
479,457	841.1 998.4 OPEN to proxy
1,136,843	~~652.9~~ ABSTAIN

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RESOLUTION 3: GRANT OF PERFORMANCE RIGHTS TO MR ROB VELLETRI

To grant 29,020 Performance Rights to the Company’s Managing Director, Mr Rob Velletri (who will become Executive Chair effective from the conclusion of the Meeting), or his nominee, on the terms and conditions set out in the Explanatory Memorandum accompanying the Notice of Meeting.

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RESOLUTION 3: GRANT OF PERFORMANCE RIGHTS TO MR ROB VELLETRI

The total of valid proxies received for Resolution 3 is 50,521,480 being:

48,284,810	FOR the resolution
1,733,965	AGAINST the resolution
502,705	841.1 998.4 OPEN to proxy
57,837	~~652.9~~ ABSTAIN

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RESOLUTION 4: ADOPTION OF REMUNERATION REPORT

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To consider and adopt the Remuneration 998.4 Report for the year ended 30 June 2022. 652.9 841.1

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RESOLUTION 4: ADOPTION OF REMUNERATION REPORT

The total of valid proxies received for Resolution 4 is 49,363,752 being:

46,767,514	FOR the resolution
2,105,537	AGAINST the resolution
490,701	841.1 998.4 OPEN to proxy
1,147,792	~~652.9~~ ABSTAIN

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SHAREHOLDER QUESTIONS

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Monadelphous employees participating in the Karratha Foreshore Rehabilitation Program, Karratha, Western Australia.

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POLL

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998.4
841.1
652.9
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Rio Tinto’s Tom Price mine, Tom Price, Western Australia.

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4. OTHER BUSINESS

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Rio Tinto’s West Angelas Deposits C & D Project, Newman, Western Australia .

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FOR MORE INFORMATION:

Investor Relations Telephone: +61 8 9316 6386 Email: investor_relations@monadel.com.au www.monadelphous.com.au

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APPENDICES APPENDICES

CONTRACTS SECURED – DETAIL

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* Announced subsequent to 30 June 2022

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DISCLAIMER & IMPORTANT NOTICE

Information, including forecast financial information, in this presentation, should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in Monadelphous Group Limited or any other company. Due care and attention has been used in the preparation of forecast information, however, actual results may vary from forecast and any variation may be materially positive or negative.

Forecasts, by their very nature, are subject to uncertainty and contingencies may occur which are outside the control of Monadelphous Group Limited. Before making or varying any decision in relation to holding, purchasing or selling shares, securities or other instruments in Monadelphous Group Limited, investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

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