AnnuAl RepoRt 2025

A BLUEPRINT FOR GROWTH

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ouR VAlueS

We live by these values to strengthen our relationships with our clients and within the communities in which we operate. They define who we are.

protect the environment

We are dedicated to reducing harm and protecting our environment for future generations.

02 About SciDev
03 Why SciDev?
04 2025 Highlights 06 Chair & CEO Letter
10 Strategic Overview 11 Strategy for Growth 12 Operations Review
18 Project Spotlights
22 SciDev Innovators Spotlight
26 Sustainability Report
32 Corporate Governance Overview

everyone Safe, every Day

People are the heart of our business and nothing is more important than ensuring everyone goes home safely every day.

38 Board and Leadership Team 39 Financial Report
101 Consolidated Entity Disclosure Statement
102 Directors’ Declaration
103 Independent Auditor’s Report
108 Additional ASX Information
111
Corporate Directory

Achieve More together

We achieve better outcomes when we work together.

Challenge Boundaries

We discover more possibilities when we challenge what’s possible.

Go the last Mile

We deliver more by exceeding client benchmarks and adding value to everything we do.

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SciDev Limited Annual Report 2025

DRIVEN BY INNOVATION This year’s Annual Report marks a turning point for SciDev, spotlighting our innovation and emerging opportunities. With a focus on our growth strategy, this report highlights how we are driving change, investing for the next phase of growth and shaping our future.

SciDev Limited Annual Report 2025

About SciDev

85+ Employees

11+

Delivering innovative solutions to solve industries’ most complex water problems.

Patents

Billion litres PFAS contaminated water treated

Business Units

our solutions allow clients to recycle and reuse water, improve operational efficiencies and reduce their environmental footprints.

SciDev consists of two core divisions:

Chemical Services

Water technologies

Improving operational and environmental outcomes with worldleading chemistry. Servicing a range of heavy industries.

Innovative water treatment solutions solving complex contamination issues. World leading PFAS treatment technology.

SciDev areas of operation

Asia – Pacific North America South America

UK and Europe Middle East

380+

Wells treated with CatChek™

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SciDev Limited Annual Report 2025

Why SciDev?

Growth drivers for long-term shareholder return

leading Market technology

Diversified Strong Revenue Streams Financials

Global pFAS opportunity

World-leading proprietary technologies.

Diversified business servicing a wide range of industries.

Robust balance sheet and healthy cash flow.

Fully commercialised world-leading tech to tackle global PFAS problem.

Improving operational outcomes for our clients.
Reducing water footprint of global clients operating in mining, construction, oil & gas and water treatment.
Agile, client centric, proactive approach to technology development.
Annual revenue of $103m, underlying EBITDA $7.1m; Operating Cash Flow Positive.
Multiple distinct business units with technical synergies operating across a diverse range of end markets.
Sustainable cashflow generation to support ongoing organic growth.
Scalable business model.
Growth focused, positioned to take Secured $10.0 million advantage of Finance facilities regulatory tailwinds agreement with and business trends. Westpac; providing balance sheet flexibility to drive future growth.
US$250.0 billion addressable market.
Rapidly developing global market driven by growing regulation.
FluorofIX™ Best-inClass technology removes high-level PFAS to below limits of detection.

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RETURNS
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SciDev Limited Annual Report 2025 03

2025 Highlights

2025 was a pivotal year for SciDev, marked by strategic progress and disciplined investment in our future growth. $103m REVENUE

04 SciDev Limited Annual Report 2025

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FInAnCIAl

$7.1m Underlying EBITDA

28%

Gross margin

$2.9m

Positive operating cashflow

$9.7m

Cash and cash equivalents

$10m

Financing facility

opeRAtIonS

46% increase in CatChek™ sales year on year

First international PFAS contracts in Europe and the US

Operated across six major oil and gas basins in the US

Nuoer-SciDev joint venture secures first revenues

Named on the AFR Fast 100 and Financial Times High-Growth Companies Asia-Pacific list

SciDev Limited Annual Report 2025

Chair & CEO Letter

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$103m Revenue $7.1m Underlying EBITDA

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Mike Utsler Seán Halpin
Chair Managing Director & CEO
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Dear Shareholders,

on behalf of the Board, we are pleased to present SciDev’s Annual Report for the 2025 financial year (FY25).

For SciDev, this past year unfolded against a backdrop of ongoing global complexity, where geopolitical developments and inflationary trends continue to shape the business landscape. Amidst these challenging global market conditions, we have remained focused and agile, executing our strategy with discipline and positioning SciDev to deliver ongoing, sustainable growth.

A Disciplined Strategy Driving Results

Responding to this global complexity, the Board and Executive team have focused on refining our strategy. We sharpened our portfolio focus, strengthened our core capabilities, and maintained a disciplined approach to capital allocation. Our strategic priorities – geographic expansion, differentiated technology, and balanced revenue diversity – are translating into operational momentum.

In FY25, our revenue remained steady as we made strategic advancements into high-growth markets, expanded our market share, and grew our operational footprint. Our achievements during this period reflect the rising demand for our proprietary technologies, with several new contracts secured in Q4 alone, highlighting SciDev’s increasing relevance in critical sectors.

Building a Scalable, Diversified Growth platform

We are executing on a clearly defined vision: to build a globally significant, water-centric business providing innovative solutions to high-demand markets. With strong foundations in North America and the Asia-Pacific region, our next growth phase is underway in Europe – the world’s largest addressable water market.

Our deliberate diversification across geographies, technologies and end markets reduces risk while enabling scale. Our agile operating model and technical synergies across our business units are enabling efficient expansion across our core verticals, enhancing both earnings quality and client value.

As global demand for sustainable water solutions accelerates, SciDev is well-positioned to be a long-term partner of choice, delivering operational, environmental, and financial performance for our clients and enduring returns for our shareholders.

SciDev Limited Annual Report 2025

STRATEGY

Strategy in Action: Sector Momentum and Commercial Wins

In the US oil and gas sector, we expanded our market share while reducing client concentration. Our proprietary chemistries are uniquely suited to helping our clients meet shifting regulatory requirements while delivering enhanced oil recovery, prolonging well lifecycles, and reducing water intensity. Through the strength of our technology and collaborative partnerships with our clients, we continue to improve operational and environmental outcomes.

Our joint venture with Nuoer continues to gain traction in the global mining market. It recorded its first US sales and continued to supply distributors and end-users in Europe and South America.

Our Water Technologies business delivered innovative solutions across Australia, North America, and Europe, demonstrating an increasing demand for our FluorofIX™ and RegenIX™ PFAS treatment technologies as global

regulations tighten. Highlights included multiple contract wins in Europe and our first engagement to treat PFAS-contaminated water for the US Department of Defense. These contract wins position us as a global player in PFAS treatment as we continue to work with clients worldwide to solve their PFAS contamination issues.

Financial Discipline and operational Resilience

Throughout the year, we demonstrated a commitment to operational and financial discipline, embedding resilience and agility across our business. We strengthened our supply chain to better navigate macroeconomic and geopolitical uncertainty, while maintaining a relentless focus on cost efficiency to lower breakeven thresholds and protect against market volatility.

Strategic capital allocation

remained a priority, building our organisational capability to deliver broader, customer-driven solutions. At the same time, we selectively expanded our marketing reach

and client footprint, establishing sustainable business development pipelines that underpin our core operations and set the foundation for long-term growth.

Despite macroeconomic volatility, SciDev delivered improved gross margins and positive operating cash flow.

We ended the year with $9.7 million in cash, up from $9.4 million in FY24, enabling us to continue to fund our growth trajectory. One-off costs were incurred exploring a material acquisition that did not proceed, reflecting our appetite for strategic inorganic growth and commitment to disciplined M&A, firmly aligned with shareholder returns.

We delivered steady top-line performance, expanded our footprint across key geographies, and advanced technologies to address industries’ most pressing and complex water challenges. We concluded the financial year on a strong note, securing a substantial $21 million in contracts in the final quarter, which highlights the ongoing demand for our solutions

SciDev Limited Annual Report 2025 07

in a recovering market and, importantly, our ability to convert opportunities across each of our Business Units.

Industry Advocacy and leadership

This year, we made a concerted effort to promote our world-leading PFAS capability. To this end, we were proud to appear before the Australian Senate Select Committee on PFAS, following our formal submission outlining critical challenges and opportunities in PFAS water remediation. As Australia’s foremost PFAS expert, we submitted to advocate for evidence-based policy and to share our frontline experience in removing harmful contaminants from groundwater, surface water and industrial liquid waste. It reflects our commitment not only to technological leadership but to shaping public policy in a way that protects human health and the environment.

our Commitment

Our primary responsibility to our communities, clients, and employees is to operate safely, responsibly, and reliably. In FY25, we continued our strong track record in health, safety, and environmental performance, recording zero Lost Time Injuries and just one medical treatment case across all operations. These results reflect the maturity of our safety culture and the effectiveness of our systems.

We also maintained a strong focus on workforce wellbeing, supported by targeted health and wellness initiatives designed to foster a safe, healthy, and engaged workplace.

Our environmental performance also remained strong, with continued success in reducing operational incidents such as spills. Just as importantly, our people remain passionate and committed to making a positive impact in the communities where we live and work, demonstrating the values that define us.

SciDev Limited Annual Report 2025

Together, we are building a more sustainable future.

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looking Ahead

We matured as a global player in FY25, proving the versatility of our platform and strengthening the resilience of our business. We are proud of what we’ve achieved and excited by what lies ahead.

We enter FY26 with a clear growth agenda, a highly capable team, and the operational discipline to capitalise on the many opportunities that lie before us. We will continue to build upon our strategic platform, investing in innovation and expanding our footprint in key markets.

Yours sincerely,

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Seán Halpin Managing Director & CEO

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Mike Utsler Chair

On behalf of the Board and the Executive team, we’d like to extend our appreciation and congratulations to the wider SciDev team who work tirelessly to deliver results for our clients and shareholders. To you, our shareholders, we sincerely thank and appreciate your continued support, trust and confidence that SciDev will continue to deliver outstanding value.

SciDev Limited Annual Report 2025

Strategic Overview

SciDev’s strategy is to build a globally significant, diversified portfolio of water-centric businesses that generate long-term, sustainable value for shareholders.

We partner with industrial clients to address complex water challenges – optimising processes, improving operational outcomes, unlocking profitability, and minimising environmental impact.

The strength of our approach lies in diversification around a single water thematic. Our businesses operate across multiple geographies, end-markets, and technologies, reducing exposure to individual market cycles and providing multiple growth pathways—both organic and through acquisitions. This balanced model supports stable earnings and sustained growth.

Capital is deployed with discipline, guided by strict return thresholds and strategic fit. We focus resources on opportunities that strengthen earnings quality, expand margins, generate free cash flow, and position the business for long-term growth. Our values, technical excellence, and commercial discipline underpin every investment.

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Strategic Market Focus

We have identified the following sub-markets to structure the investment thesis. All share the following attributes:

Expanding addressable markets, often driven by regulatory change;
Industrial or government clients with multi-site operations; and
Demand for innovative, technology-driven solutions to current and emerging water issues.

As we grow, we will maintain focus on four specific areas of the broader Water market.

Our focus areas are:

Specialty Water Chemistries – Proprietary chemistries that reduce water consumption, improve performance, and minimise contaminated water. Target markets: US oil & gas, global mining, major construction, and infrastructure.
Water Treatment Technologies – Advanced treatment solutions to meet regulatory standards and remediate environmental damage. Key markets: mining, oil & gas, construction & infrastructure, defence, waste management.

PFAS Treatment –

Industry-leading solutions addressing the global PFAS challenge, supported by tightening regulations and rapidly growing demand.
Industrial Water Processes – End-to-end, technologydriven water management solutions that improve efficiency, compliance, and profitability.

SciDev Limited Annual Report 2025

Strategy for Growth

How we will win

operating Model

Our operating model is guided by four principles:

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1. Owner’s Mindset –

Embedding accountability and value creation at every level.

2. Clear Unit Leadership – Business units with defined boundaries, dedicated leadership, and alignment to corporate strategy.

3. Governance Excellence – Strong frameworks for transparency, risk management, and disciplined decision-making.

4. Scalable & Agile – Lean, adaptable structures that respond quickly to opportunities and challenges.

enterprise Capabilities

We are strengthening Group-wide capabilities that underpin our growth ambitions:

Technology Development – Continuous innovation to stay ahead of regulatory and environmental shifts.
Disciplined Capital Management – Balancing investment with financial stability.
Operational Excellence – Driving efficiency, scalability, and consistency across all operations.
M&A Execution – Expanding markets, capabilities, and synergies in aligned sectors and geographies.

These capabilities are embedded across the Group to deliver scale, discipline, and performance.

Strategic priorities – FY26 and Beyond

Looking ahead, our focus is on delivering strong returns from FY25 investments, growing market share, and reinforcing our competitive position.

Operating Leverage – Growing earnings by maximising the use of existing infrastructure and maintaining a disciplined cost base.
Market Share Growth – Capitalising on expanded sales capability to deepen penetration in core markets and convert pipeline opportunities.

Technology & Innovation – Advancing our portfolio of industry-leading technologies to meet evolving client needs and strengthen market leadership.

Margin Expansion – Prioritising higher-margin proprietary offerings while optimising cost structures.

SciDev enters FY26 with a clear strategy, strong market positioning, and the capabilities to deliver sustained growth. Our diversified water-focused portfolio, disciplined execution, and commitment to innovation position us to create enduring value for shareholders.

SciDev Limited Annual Report 2025

Operations Review

In FY25, SciDev continued to execute its strategy of becoming a globally significant water technology business with a clear mission: to drive long-term growth while solving some of the world’s most complex water problems.

Across our core business units – Energy Services, Process Chemistry and Water Technologies we delivered scalable, high-performance solutions for our clients. Our deep industry expertise enables us to navigate complex challenges and deliver practical solutions that drive real operational outcomes. Our operational footprint expanded meaningfully this year. In addition to strengthening our position across North America and the Asia-Pacific, we accelerated our entry into Europe – one of the fastest-growing markets for sustainable water solutions. This strategic geographic mix and business unit diversification has created a more resilient revenue base and positioned SciDev to scale with demand while navigating changing market conditions.

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Financial Review

In FY25, SciDev delivered revenue of $103.4 million, representing a 5% decrease on FY24. Importantly, the business continued to be profitable generating $7.1m in underlying EBITDA and maintaining positive operating cashflow for the year.

We ended the financial year with a robust balance sheet, including $9.7 million in cash and cash equivalents and $7.4 million in inventory as at 30 June 2025. This financial strength provides a solid foundation to support future growth, working capital requirements, and strategic investment.

While revenue phasing was impacted by turbulent market conditions, client-led 28% scheduling changes, and extended delivery windows Gross margin — pushing some revenue into early FY26 — the underlying demand for SciDev’s solutions remains strong. These timingrelated deferrals do not reflect a loss of business but rather $9.7m a shift in the delivery pipeline. Cash and cash equivalents We remain confident in the resilience of our business model and the increasing relevance of our solutions across target sectors. $2.9m Positive operating cashflow

12 SciDev Limited Annual Report 2025

Chemical Services

SciDev’s proprietary chemistry platform remained the cornerstone of our operations, delivering tailored, high-performance solutions across oil & gas, mining, and infrastructure.

During the year, we invested in expanding our sales team to accelerate growth across all target markets and regions, positioning the Chemical Services division for long-term success.

energy Services

In FY25, our Energy Services business continued its strategic pivot away from commodity chemistry, strengthening its focus on the sale of proprietary, specialised chemistry tailored to the specific needs of our Exploration & Production (E&P) clients. A key priority for the team was diversifying their client base. In FY24, a single E&P client accounted for 80% of Energy Services revenue; in FY25, this was reduced to 63% through the successful onboarding of multiple new E&P clients.

The business also further increased the share of innovative chemistry in its sales mix, contributing to an improvement in gross profit margin. This uplift was driven by both stronger top-line pricing and a reduction in product cost, achieved through continued optimisation of the supply chain and scale efficiencies in production.

To support growth, targeted investments were made throughout FY25. These included expanding the sales team growth to create in-basin presence in

the Permian, Oklahoma and Houston enhancing our ability to service clients and grow market share. A full-time marketing resource was added to support the sales team and lead initiatives to improve brand awareness. In addition, 25 new branded ISOs were deployed to strengthen on-site product delivery capability.

Product development remained a priority. The next generation of CatChek™ was developed and trialled on a well site in FY25. To support commercialisation, third-party research into the efficacy of CatChek™ was commissioned, providing independent validation to help E&P Operators quantify its value across the well lifecycle.

outlook

In Q4, FY25, SciDev announced the commercial arrangement to supply CatChek™ to a new E&P client following a successful field trial. This marks an important milestone in the product’s commercialisation and sets the foundation for broader market penetration.

That said, market volatility continues to shape activity across the sector, with several E&P operators announcing gaps in their completions scheduled in H1 FY26 in response to lower oil prices. This is likely to impact the first half.

Despite this, SciDev remains confident in the value proposition of our chemistry portfolio across both oil and gas well completion and production. Looking further ahead, US shale gas production is forecast to increase significantly as gas infrastructure comes online in the next 12-18months, providing a growth opportunity for our business.

In FY26, we will continue to explore opportunities to support operators in the Beetaloo Basin in the Northern Territory, several of whom are existing clients of our US operation.

As the product mix continues to evolve with the addition of new clients, we expect margin mix to remain dynamic, with ongoing efforts to maximise profitability as we scale.

SciDev Limited Annual Report 2025

opeRAtIonS ReVIeW (ContInueD)

process Chemistry

Process Chemistry (formally Mining & Construction) revenue remained stable in FY25 compared to the prior year. The impact of mine standdown in late FY24, which led to the loss of several nickel clients, was offset by the successful onboarding of new clients in the construction and mineral sands sectors. These wins reflect the underlying strength of SciDev’s value proposition and the ability to pivot into adjacent markets. While the top line held steady, gross margins remained under pressure throughout the year. This was primarily due to unfavourable foreign exchange pressures and tight market conditions. In addition, delays in on-site trials and contract negotiations have constrained revenue growth this year.

To support long-term expansion, SciDev made targeted investments for growth made in FY25. An international business development team was established in North America to drive growth across the mining

and environmental remediation sectors, with a focus on both the US and Canadian markets. This strategic investment enables deeper customer engagement, faster trial execution, and increased responsiveness to market opportunities.

SciDev’s Singapore-based joint venture with Nuoer secured its first revenue contracts in FY25. The JV model provides access to a competitive cost structure, which has opened new international opportunities and enhanced the business’s ability to bid in cost-sensitive markets.

outlook

Looking ahead, the outlook for Process Chemistry in FY26 is positive. Several well-advanced sales opportunities delayed in FY25 are expected to convert in the coming year, with several contract wins already secured in Q4 FY25. The sales pipeline remains strong, with growth expected across both domestic and international markets in FY26.

SciDev Limited Annual Report 2025

Water technologies

This year, SciDev continued to strengthen its position as a leader in sustainable water treatment by delivering tailored, scalable water treatment solutions across a growing global client base.

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Through flexible delivery models – Build-Own-Operate (BOO) and Design & Construct – and rapid deployment infrastructure, including both mobile and permanent treatment plants, we help clients meet regulatory requirements and operational goals with greater speed and efficiency. Our technologies provide the adaptability and reliability necessary to address the increasing complexity of water management across diverse industries and geographies.

Our proprietary FluorofIX™ and RegenIX™ technologies continued to set a global benchmark in PFAS remediation by significantly reducing by-product waste, the largest cost driver over the lifecycle of PFAS treatment. These advantages have helped establish SciDev as a market leader in Australia while driving international expansion.

Australia-pacific

In FY25, the Australia-Pacific Water Technologies business continued its transition from Build-Own-Operate (BOO) to a more diverse portfolio of Design & Construct and BOO offerings. This shift is designed to broaden the addressable market and provide access to a greater range of opportunities across the infrastructure, industrial, and environmental sectors.

The strategic shift in the business model, combined with the completion of two legacy, operationally challenging projects, positions the business for improved financial performance in FY26. The business unit is forecast to return to EBITDA profit as delayed revenue-generating contracts commence.

The business entered FY26 with enhanced capability in contract management and design engineering, underpinned by targeted FY25 investment in team development, improved internal systems, and key hires. These initiatives have strengthened project execution and delivery capacity.

SciDev Limited Annual Report 2025

opeRAtIonS ReVIeW (ContInueD)

europe and north America

SciDev continued to invest in international business development during FY25, targeting key growth markets in Europe and the United States, with a primary focus on PFAS treatment technologies.

In Europe, the business secured its first commercial contracts for PFAS treatment across airport, landfill, and industrial remediation applications. These contracts validate SciDev’s technical capability in complex environmental projects. The goal for FY26 is for the business to fund ongoing business development activities through revenue generated from secured and upcoming projects.

Progress in the United States has been more gradual but continues to move forward. Pilot-scale projects commenced in Q4 FY25 at Department of Defense sites in Texas and Oklahoma. In parallel, SciDev commissioned third-party validation of its proprietary PFAS treatment technologies – FluorofIX™ and RegenIX™ – to support client decision-making by demonstrating lifecycle cost advantages and treatment efficacy.

Total investment in international activities in FY25 included $2 million in operating expenditure and $0.5 million in capital expenditure. With the pipeline continuing to build and early-stage projects underway, these investments are expected to yield revenue opportunities in FY26, with a corresponding reduction in operating expenditure.

outlook

The outlook for Water Technologies in FY26 is positive, underpinned by a strengthened operational base and a growing pipeline of project opportunities in both domestic and international markets. The business is expected to return to EBITDA profitability, supported by the completion of legacy projects, the commencement of delayed revenue contracts, and improved execution capability.

As momentum builds across key markets and early-stage investments begin to yield returns, SciDev expects the Water Technologies segment to make a growing contribution to group earnings in the medium term.

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SciDev Limited Annual Report 2025
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Inorganic Growth

SciDev has actively pursued opportunities to accelerate growth through acquisition, both domestically and internationally. Management assessed several potential transactions aligned with the Company’s strategic objectives.

In November 2024, SciDev entered into an exclusive non-binding arrangement to purchase the shares of a diversified European water business. Transaction advisory and due diligence carried out over six months, resulting in a one-off expense of $0.9m in FY25. After consideration, the purchase was not completed due to the Board’s concerns over the funding impacts of the proposed acquisition, specifically the potentially dilutive impact on existing shareholders due to the adverse movement in SciDev’s share price over the second half of FY25.

While this particular transaction did not proceed, inorganic growth remains a key pillar of SciDev’s strategy. The Company will continue to evaluate opportunities that complement our existing portfolio, enhance our offering, and deliver long-term shareholder value.

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We were recognised on the AFR Fast 100 as one of Australia’s fastest-growing companies, and on the FT High-Growth Asia-Pacific list for the second consecutive year. In addition, being named finalists in the InnovationAus Awards highlights the impact of our technologies and our commitment to innovation, performance, and sustainability.

SciDev Limited Annual Report 2025

Project Spotlights

enhancing process efficiency and Sustainability in Gold Mining operations

Location: Western Australia Client: Tier 1 Gold Producer Product: MaxiFlox® 505R Flocculant

SciDev was engaged by a leading gold mining operator in Western Australia to improve the density of thickener underflow – an essential factor in efficient tailings management and water recovery. operating in a region where freshwater availability is limited, the goal was to enhance operational performance while reducing water consumption and chemical use.

Targeted Chemical Strategy with Proven Results

Using SciDev’s MaxiFlox® 505R flocculant, the team implemented a site-specific optimisation program focused on the mine’s Float Tails Thickeners (FTTs). The trial delivered:

19% reduction in chemical consumption, reducing chemical waste and treatment costs;
0.7% w/w increase in underflow density, enhancing dewatering efficiency and enabling more effective tailings management; and
Reduced rake torque, lowering mechanical wear and energy demand on thickener equipment.

Sustainability and Efficiency Combined

Delivering Value to the Client and the Environment

This optimisation not only enhanced operational throughput but also supported key sustainability outcomes:

By combining technical expertise with innovative chemistry, SciDev delivered measurable performance gains aligned with the client’s ESG objectives. The successful outcome further strengthens SciDev’s role as a trusted partner in sustainable mineral processing.

Reduced chemical footprint, minimising waste generation;
Improved water recovery, lowering reliance on freshwater supply; and
Extended equipment life, supporting more reliable and energy-efficient processing.

“This trial proves that with advanced flocculants and technical support, we can optimise treatment efficiency while driving down costs and environmental impact.”

Daan Loohuys, Sales Manager – Australia & Oceania, Process Chemistry

18 SciDev Limited Annual Report 2025

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Addressing Complex Challenges in uS Shale production

Location: South Texas, United States Client: Blue Chip Oil and Gas Operator Product: CatChek™

SciDev developed CatChek™, a multifunctional shale inhibitor designed to tackle key production challenges in the uS upstream Chemical Market. Focused on prolific formations like the eagle Ford Basin, CatChek™ targets geological issues such as clay swelling and fines migration, which can significantly hinder well productivity.

Proprietary Chemistry Driving Measurable Production Gains

Using proprietary surfactants to optimise proppant-formation interaction, SciDev conducted a comprehensive field study involving 1,735 wells across Dewitt, Karnes, La Salle, and McMullen counties between 2021 and 2023.

“CatChek™ is more than a chemical treatment – it is a strategic enabler of long-term well productivity, profitability, and sustainability”

Chris Dartez, President, Energy Services

Key outcomes from the study included:

Up to 42% increase in oil production over 12 months in treated wells;
51% higher barrels of oil production rate at three months compared to offset wells;
Reduced water production and fines migration, improving overall well productivity; and
Lower corrosion rates and enhanced biocide performance.

High Return, Low Cost Solution

CatChek™ represents just 1.4% of total well cost but delivers significant and sustained asset value by maximising production efficiency and reducing operational risks. This solution provides operators with a clear competitive advantage and strong return on investment potential.

Ongoing Innovation for Enhanced Production

Building on this success, SciDev is advancing CatChek™ ENFLOW PM, an enhanced formulation designed to unlock even greater production efficiencies. An updated case study is underway to validate its expanded applications and impact.

SciDev Limited Annual Report 2025

pRojeCt SpotlIGHtS (ContInueD)

Modernising environmental Compliance in large-Scale Mining

Location: Western Australia Client: Blue-Chip Mining Company Technology: Water Quality Monitoring System (WQMS)

In one of the world’s largest mining regions, a tier 1 mining company partnered with SciDev to transform how it monitors water quality across a site spanning thousands of square kilometres. With natural water sources nearby – including a drinking water catchment – the challenge was to ensure continuous environmental compliance while reducing the cost and complexity of traditional sampling methods.

The Challenge

Manual Sampling in a High‑Risk Environment

The mine’s existing approach relied on manual water sampling and lab analysis, requiring frequent site visits, safety resources, and significant operational costs. This method also delays the detection of water quality changes, increasing the risk of environmental non-compliance, particularly after heavy rainfall events that could elevate turbidity levels in nearby waterways.

The Solution

System benefits included:

Real‑Time Water Quality Automated, continuous Monitoring System data capture replacing manual sampling;

SciDev deployed 140 Water Quality Monitoring Units across the site to Real-time alerts for enable real-time monitoring of key turbidity and other water quality parameters, including threshold exceedances; turbidity, total suspended solids, Customised compliance pH, and dissolved oxygen. Each unit dashboards, tailored to is solar-powered and equipped regulatory and internal with multi-parameter sensors reporting requirements; and that transmit data to a secure Remote access and cloud platform every six minutes. monitoring, even in off-grid or hard-to-reach areas.

Setting a New Benchmark in Environmental Monitoring

By integrating WQMS, the mining company replaced a resource-heavy, reactive process with a scalable, digital monitoring system. This deployment not only ensured alignment with strict Australian environmental standards but also reinforced the company’s commitment to operational excellence and environmental stewardship.

Results:

Operational Efficiency, Compliance, and Sustainability;
Significant cost savings through reduced labour, travel, and lab analysis;
Improved risk management, with proactive responses to turbidity spikes before environmental impact occurred;
Streamlined compliance reporting, with automated reports replacing manual data compilation; and
Enhanced sustainability performance, with continuous protection of nearby water systems and ecosystems.
“SciDev’s WQMS is helping redefine environmental monitoring in mining – enabling real-time insight, lowering operational costs, and supporting long-term sustainability goals”.

– Nick O’Reilly, Plant Equipment & Logistics Manager, Water Technologies

SciDev Limited Annual Report 2025

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Managing persistent pFAS Location: Londonderry,
Greater Western Sydney, Australia
Contamination through Innovative Client: TestSafe
Water treatment Technology: FluorofIX™ Water Treatment System
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In response to growing environmental concerns around per – and poly-fluoroalkyl substances (pFAS), SciDev was engaged by the testSafe facility in londonderry to remediate stormwater dams contaminated by historical firefighting activities. With pFAS concentrations averaging 85 µg/l, the site presented a significant environmental challenge requiring advanced and sustainable treatment solutions.

Targeted Water Treatment and Site Remediation Strategy

SciDev designed and deployed a Temporary Water Treatment Plant (WTP) using its proprietary FluorofIX™ technology. The WTP was mobilised and demobilised six times, successfully treating more than 20 megaliters of contaminated water without requiring replacement of filtration media.

Key system features and outcomes included:

Integrated Earthworks and Environmental Restoration

Comprehensive PFAS removal, including both long-chain and short-chain compounds;

Beyond water treatment, SciDev led extensive site remediation:

Two contaminated dams were dewatered, capped, and decommissioned, using Geosynthetic Clay Liners and clean fill;
Advanced filtration using zeolite, Granular Activated Carbon (GAC), and dual ion exchange resins;
Regulatory-compliant discharge, with treated water safely released via drip irrigation under EPA licensing; and
The remaining dam was upgraded to triple its capacity and lined with high-density polyethylene to prevent future leaching; and
Post-treatment PFAS levels reduced to <0.001 µg/L.
Local restoration included grass seeding and ecosystem protection measures.

Delivering Long‑Term Environmental Value

This project showcases SciDev’s capability to deliver innovative, turnkey PFAS remediation solutions. The collaboration between TestSafe and SciDev not only resolved a critical contamination issue but also set a benchmark for sustainable PFAS treatment in Australia.

“PFAS is one of the most complex environmental challenges we face. FluorofIX™ allowed us to achieve world-class treatment outcomes while supporting long-term site rehabilitation”.

– Todd Placek, Operations Manager, Water Technologies

SciDev Limited Annual Report 2025 21

SciDev Innovators Spotlight

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Steve Becker

Steve Becker is passionate about solving some of the toughest environmental challenges of our time.

“At SciDev, we’re not just meeting today’s challenges; we’re anticipating tomorrow’s.”

Global technical Director, Water technologies

With over 30 years of experience across government, academia, Indigenous governance, and the private sector, Steve brings a unique perspective to his role, one grounded in service, science, and innovation.

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Based between Alaska and California, Steve is leading SciDev’s research into PFAS and other emerging contaminants. One of his most impactful projects involved adapting a patented soil washing process to treat PFAS-contaminated soil at a U.S. Air Force site, where he managed the U.S.’s first field-scale pilot study for PFAS soil washing. This led to the successful deployment of a mobile treatment facility now processing over 100,000 m³ of soil, setting a new benchmark for remediation.

At SciDev, Steve is focused on improving existing water treatment technologies and exploring new solutions for PFAS and other emerging contaminants. He believes that every challenge is an opportunity to innovate, and he encourages his team to think creatively and push boundaries.

22 SciDev Limited Annual Report 2025

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Aaron Kavanagh

Aaron’s journey reflects SciDev’s culture of innovation. one that encourages creative problem-solving and encouraging his team to challenge conventional approaches.

“SciDev’s PFAS treatment technologies are a testament to the companies’ culture of innovation. We are certainly ahead of the curve in treating PFAS.”

Head of engineering, Water technologies – europe

His leadership has been instrumental in fostering this mindset, both in Australia and now in Europe. Aaron has been involved in several key projects, including a complex PFAS leachate treatment project in Queensland and the development of SciDev’s Water Quality Monitoring System for a major mining client, both of which underscore his technical acumen and commitment to excellence.

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In late 2024, Aaron transitioned to Europe to spearhead SciDev’s expansion into the European market, working alongside John Wilson to introduce the Company’s cutting-edge PFAS treatment technologies, FluorofIX™ and RegenIX™. With a strong foundation in controls and automation, Aaron has successfully led multiple PFAS treatment projects in Europe, leveraging his engineering expertise and leadership to position SciDev at the forefront of the region’s emerging contaminants water treatment sector.

As Europe faces increasing regulatory pressure around PFAS, Aaron’s move marks a strategic step in SciDev’s global growth. His vision and experience are key to establishing SciDev as a leader in sustainable water treatment solutions across new markets.

SciDev Limited Annual Report 2025 23

SCIDeV InnoVAtoRS SpotlIGHt (ContInueD)

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Daan loohuys

Daan’s role encompasses both sales and technical management where he’s tasked with driving growth and supporting clients in diverse regions across Australia.

“The tightening of regulations around tailings deposition has been a major driver of innovation in process chemistry.”

Sales Manager, process Chemistry – Australia-pacific

With over 25 years of experience behind him, Daan has played a pivotal role in optimising metallurgical processes through reagent programs that have delivered substantial value to clients while fostering growth for SciDev. One project at SciDev that stands out for Daan was his involvement in a detailed test program that focused on understanding the impact of variable water quality on flocculant efficiency. The client was facing challenges related to inconsistent water conditions, which were affecting thickener performance. By modifying the treatment program to accommodate higher total dissolved solids, particularly divalent cations, Daan was able to increase thickener throughput and drive down treatment costs for the client.

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As the mining industry faces stricter environmental regulations, the demand for sustainable practices grows. Daan highlights innovation’s key role in driving product development, with advanced flocculants and coagulants at the heart of reducing environmental impact and ensuring the long-term stability of tailings management.

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“Minimising environmental footprint is one of the most important targets in the industry. I am excited to be contributing to this project.”

Katerina newman

Senior technical Consultant, Chemical Services – north America

Katerina newman embodies the spirit of innovation. Her journey seamlessly blends academic research in biochemistry, physical chemistry, and microbiology with impactful contributions across the global oilfield.

In her five years at SciDev, Katerina has been instrumental in developing cutting-edge products for a major operator. She’s particularly proud of her work on a Carbon Capture and Storage (CCS) project with ExxonMobil, helping to develop innovative technology for improving CO[2] injection processes.

Katerina champions the application of existing technologies in novel ways to address industry challenges, emphasising that innovation lies in applying what we know in new contexts. She believes that while advanced computational tools are vital, human intelligence remains crucial for selecting proper information and making informed decisions, highlighting the collaborative synergy between technology and expertise.

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Sustainability Report

SciDev’s Commitment to Sustainability, Safety, Diversity, and Community engagement

Responsible Business, Sustainable outcome

SciDev is committed to delivering long-term value through responsible, sustainable operations. We actively minimise our environmental footprint while supporting economic and social outcomes that benefit our stakeholders, clients, and the communities in which we operate. Our solutions are engineered to improve water efficiency, reduce waste, and optimise industrial processes, enhancing environmental performance without compromising productivity.

our eSG priorities focus on:

Tackling the growing challenge of emerging contaminants, including per- and polyfluoroalkyl substances (PFAS).

Reducing freshwater consumption and minimising wastewater generation across industry

Supporting and investing in the communities where we live and work.

Fostering a safe, inclusive, and respectful workplace that reflects the diversity of our people and partners.

Embedding sustainability into strategic and operational decision-making across the organisation.

Pursuing continuous improvement in our ESG performance and transparency

everyone Safe, every Day: embedding a Culture of Safety

The health, safety, and well-being of our people are a core priority. Our value of “Everyone Safe, Every Day” reflects our deep and ongoing commitment to making sure every team member returns home safely.

Throughout the year, we sharpened our focus on clarity and simplicity in hazard identification and risk management. We placed greater emphasis on lead indicators to support prevention and introduced a harm-based lens on lagging indicators (Mining the Diamond), ensuring incidents with potential for serious harm are thoroughly investigated and lessons are shared across the Group, regardless of outcome.

In FY25, we recorded zero Lost Time Injuries and just one medical treatment injury across all operations – demonstrating the strength of our safety culture and the effectiveness of our systems.

In Q4, we began a full review of our integrated management system. This project will continue into FY26, helping us ensure our governance and operational systems remain fit-for-purpose and scalable as we grow.

Our safety-first approach is built on a thorough understanding of our operational and critical risks, as well as our ability to manage them consistently across the business. Leaders at every level foster a culture grounded in accountability, competence, continuous learning, and collaboration.

SciDev Limited Annual Report 2025

These solutions reflect SciDev’s commitment to delivering measurable environmental outcomes, protecting vital water resources, whilst supporting the sustainability goals of our clients and heavy industry.

Delivering Measurable environmental outcomes Across Industry

Environmental stewardship is core to how we operate and innovate. Our technologies are designed not only to optimise industrial performance but to minimise environmental impact across heavy industries. Through a combination of advanced chemistry, sustainable engineering, and innovation, we help our clients achieve measurable environmental improvements and support long-term ESG goals.

In the oil and gas sector, our CatChek™ chemistry supports more sustainable production by improving reservoir efficiency and reducing water cuts, fines migration, and corrosion. These benefits enable operators to lower water usage and waste, enhance chemical performance, and minimise environmental impact.

In the mining and industrial sectors, MaxiFlox® , our proprietary range of high-performance polymers, plays a critical role in tailings management and water recovery. By improving solid-liquid separation, MaxiFlox® helps reduce waste volume, enhances water recycling, and lowers the environmental footprint of resource-intensive operations.

We continue to lead in the remediation of emerging contaminants, particularly PFAS, through our advanced FluorofIX™ technology. FluorofIX™ removes PFAS to below the lowest commercially available limit of reporting, while also minimising waste. In FY25, we treated more than 600 million litres of PFAS-contaminated water across seven operational sites, helping safeguard the environment and reduce long-term environmental and health risks.

SciDev Limited Annual Report 2025 27

SuStAInABIlItY RepoRt (ContInueD)

our people: leadership, Inclusion, and Workforce Wellbeing

At SciDev, our people are at the heart of everything we do. Their expertise, commitment, and drive enable us to deliver exceptional value to our clients and make a real difference across the industries we serve.

leading with an owner’s Mindset

Our success is built on a culture of high performance, personal accountability, and ownership. We encourage every team member to think and act like an owner, and provide meaningful opportunities to share in the value we create.

We continue to invest in developing our people capability with leaders across the group attending a series of in-house workshops centred around the linked themes of accountability, trust, performance and emotional intelligence.

Diversity, equity and Inclusion

We recognise that our people are essential to driving innovation, operational excellence, and sustainable growth. We are committed to building inclusive, high-performing teams where diverse perspectives are valued and individuality is respected.

In FY25, women comprised 30% of our workforce, a 5% increase from the previous year. Notably, our Energy Services division achieved gender parity, with 50% female representation in technical roles – a significant milestone that

reflects the impact of our sustained efforts to embed inclusion across the business.

We continue to foster a workplace free from discrimination and grounded in respect and equity. We actively seek diverse perspectives throughout our operations to gain value in our decision-making and execution.

Gender-decoded job ads, structured pay equity reviews, and formalised flexible work options help ensure fairness and access across the board.

FY25

Level Number of Women	Proportion of Women
Board 0 of 5	0%
Senior Managers/Managers* 10 of 37	27%
Whole of Organisation** 26 of 86	30%
FY24
Level Number of Women	Proportion of Women
Board 1 of 5	20%
Senior Managers/Managers* 8 of 39	21%
Whole of Organisation** 22 of 89	25%

Senior Managers/managers include Executive Director of SciDev as well as other managers as defined by WEGA

** Whole of Organisation excludes the Non-Executive Board Members

28 SciDev Limited Annual Report 2025

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Attracting, Retaining and Developing talent

We’re focused on building a future-ready workforce – one that’s skilled, agile, and aligned with our purpose.

We are committed to providing career paths for our people that enthuse and challenge them. We constantly challenge boundaries to identify growth opportunities tailored to the individual strengths and development needs of our individuals.

We understand that the best talent attracts the best talent. Our commitment to ensuring that our team members have the opportunity to influence the success of our outcomes through their unique talent offerings is central to our people strategy. When this occurs, we recognise it.

psychosocial Safety and Mental Health

We recognise that safety extends beyond the physical. In line with evolving health and safety regulations, we’ve strengthened our approach to psychosocial safety – ensuring risks such as stress, fatigue, and workplace behaviours are actively identified and managed.

This includes regular reviews of psychosocial risks, updated hazard controls, and ongoing leader-led engagement on respectful behaviours, mental health, and inclusion.

Our teams are provided with regular resources to address mental health considerations and our EAP is available to all staff to provide tailored support to all team members, wherever they are based.

We also offer flexible working arrangements, and Senior leaders make regular check-in calls with members of staff across the group throughout the year.

Manic, a retired Belgian Malinois, served 6 years with Australia’s Special Forces, aiding missions in the Middle East, supporting the Tactical Assault Group and now serves as an ambassador for Military Working Dogs.

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SciDev Limited Annual Report 2025

SuStAInABIlItY RepoRt (ContInueD)

Supporting the Communities Where We live and Work

We are committed to creating long-term positive impacts in the communities where we operate. Supporting initiatives that strengthen education, cultural identity, and economic opportunity, we aim to create a lasting legacy for future generations.

One such initiative is our partnership with Schools Plus to support the Two-way Science program across the Anangu Pitjantjatjara Yankunytjatjara (APY) Lands. Over the past three years, our support has helped embed Two-way Science into the everyday teaching practices of ten schools in the region. This culturally responsive education model integrates Western science with Anangu knowledge, grounding scientific learning in students’ cultural identity, language, and connection to Country.

The program now reaches over 300 students, 100 educators, and 100 community members, building a shared foundation for academic success and cultural strength. Elders and Anangu Educators lead learning on Country, then extend it into the classroom, strengthening both scientific understanding and Standard Australian English skills. Community participation in schools has grown significantly through initiatives such as bush planning sessions, which bring families, educators, and communities together to co-design locally relevant learning priorities.

The outcomes are clear: Anangu families are confidently shaping educational goals that prioritise both academic achievement and cultural grounding. Students are empowered to walk confidently in two worlds – strong in language and culture, and equipped for future learning and employment.

Beyond education, SciDev also supports the Krait Foundation, which assists veterans of Australian special operations forces as they transition into civilian life. Through vocational training and career development, the program supports meaningful post-service pathways, reflecting our broader commitment to inclusion, respect, and opportunity.

In the Americas, our support for Texas Children’s Hospital provides crucial funding for life-saving treatments, cutting-edge research, and compassionate care for young patients. Collaborating with industry partners like Devon Energy and Baker Hughes, we also empower organisations such as CASA of Oklahoma County, Inc., amplifying vital advocacy for vulnerable children. These meaningful partnerships reflect SciDev’s global approach to strengthening communities and building a lasting positive legacy.

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SciDev Limited Annual Report 2025

“At SciDev, Sustainability is action – measured by outcomes that benefit people, industry, and the environment.” – Sarah Stewart, Head of Client Experience and Marketing

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Governance that Supports Sustainable and ethical Growth

We continue to strengthen our systems and readiness as expectations evolve across regulatory and stakeholder landscapes.

ethics and Whistleblowing

ethical Sourcing and Modern Slavery

SciDev is firmly committed to ethical, transparent, and responsible business practices across our operations and supply chains. We recognise the importance of protecting human rights and take proactive measures to identify and prevent modern slavery and human trafficking.

At SciDev, we are committed to maintaining a workplace culture founded on integrity, transparency, and ethical behaviour. We encourage all employees to report any concerns related to unethical conduct, breaches of policy, or suspected misconduct to senior management or the Board.

Employees can raise concerns confidentially, and we are committed to ensuring that all matters are handled sensitively and fairly. We have clear internal procedures in place to support the reporting process, and we do not tolerate any form of retaliation, intimidation, or disadvantage against individuals who come forward in good faith.

We have established systems and controls to detect, manage, and mitigate risks of modern slavery within our business and among our suppliers. These include robust supplier due diligence, contractual obligations, and regular assessments of labour practices and working conditions.

Respect for human rights is foundational to our values, and we remain steadfast in our efforts to eliminate modern slavery and uphold fair and ethical treatment of all workers connected to our business.

Our approach fosters open communication and reinforces our commitment to corporate compliance and ethical decision-making at all levels of the organisation.

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preparing for Mandatory Climate-Related Reporting

SciDev continues to make progress in preparing for mandatory climate-related financial disclosures under the Australian Treasury’s proposed reporting framework. While formal reporting will commence in FY2028, we are building the systems, processes, and data capabilities needed to meet these future requirements.

Over the past year, we have advanced internal readiness by engaging regularly with our external Auditors, EY, on the deliverables and timing issues to ensure compliance with the new reporting regime. A steady increase in tempo up to the commencement of reporting in FY2028 is expected and we will provide regular updates on progress as we work towards that date. SciDev continues to closely monitor developments to ensure our approach remains current, compliant, and aligned with stakeholder expectations. Our proactive preparation reflects our broader commitment to transparency, good governance, and long-term sustainable value creation.

SciDev Limited Annual Report 2025

Corporate Governance Overview

this Corporate Governance overview outlines the Company’s main corporate governance practices that were in place throughout the financial year.

The Company’s complete 2025 Corporate Governance Statement, which sets out the Company’s level of compliance with the 4th edition of the ASX Corporate Governance Council Corporate Governance Principles and Recommendations (ASX Recommendations), is available in the “Corporate Governance” section of the Company’s website at www.scidevltd.com/governance. The Company has also released an Appendix 4G Notice to ASX, which summarises these issues. SciDev’s Board and Committee Charters, as well as several corporate governance policies referenced in the 2025 Corporate Governance Statement, are also available at the above link.

Role and Responsibilities of the Board

The Board is empowered to manage the business of the Company subject to the Corporations Act and the Company’s Constitution. The Board is responsible for SciDev’s overall corporate governance and has adopted a Board Charter. The Board Charter outlines the role and responsibilities of the Board, as well as the functions delegated to Management, and can be viewed at the link provided above.

Delegation to Management

Management supplies the Board with information in a form, timeframe and quality that enables the Board to discharge its duties effectively, including information concerning the Company’s compliance with material legal and regulatory requirements, financial performance and emerging issues and any conduct that is materially inconsistent with the values or Code of Conduct of the Company. This information is supplied through formal Board Meetings, ad hoc informal meetings and regular one-on-one sessions between the Chair and the Managing Director & CEO.

Subject to oversight by the Board and the exercise by the Board of functions which it is required to carry out under the Company’s Constitution, Board Charter and the law, it is the role of management to carry out functions that are expressly delegated to Management by the Board, as well as those functions not specifically reserved to the Board, those pertaining to the day-to-day management of the operations and administration of the Company.

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32 SciDev Limited Annual Report 2025

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Board Composition

The Company’s Constitution provides for a minimum of three Directors and a maximum of seven Directors on the Board. As at the date of this statement, the Board comprises five Directors, including four Non-Executive Directors.

The Independent Directors in office are:

Michael Utsler, Non-Executive Chairman Johannes Risseeuw, Non-Executive Director Dan O’Toole, Non-Executive Director Jon Gourlay, Non-Executive Director

The Executive Director in office is:

Seán Halpin, Managing Director & CEO.

The qualifications, experience, expertise and period in office of each Director of the Company at the date of this report are disclosed in the Board of Directors section of this Annual Report on pages 44-48.

Chairman

Board Independence

The roles of the Chairman and MD & CEO are separate. Mr Michael Utsler is Non-Executive Chairman of the Company.

In accordance with ASX Recommendations, the Board has a majority of Independent Directors (4/5). The Managing Director and CEO, Seán Halpin, is not Independent.

The Chairman is responsible for leading the Board, facilitating the effective contribution of all Directors and promoting constructive and respectful relations between Directors and between the Board and Management.

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Appointment of Directors

The policy and procedure for the selection and appointment of new Directors is set out in an attachment to the Board Charter. Appointed Directors receive a formal letter of appointment which sets out the terms of their appointment. The date at which each Director was appointed to the Board is announced to the ASX and is provided in this Annual Report on pages 44-48.

Directors appointed to fill casual vacancies hold office until the next Annual General Meeting and are then eligible for election by shareholders. In addition, each Director must stand for re-election at the third Annual General Meeting of the Company since their last election, and then on a three-year cadence. The Board has an internal policy of limiting tenure to a maximum of three three-year terms (maximum nine years), unless special circumstances apply.

The Notice of Meeting for the Annual General Meeting discloses material information about Directors seeking election or re-election including appropriate biographical details, qualifications and other key current directorships.

SciDev Limited Annual Report 2025

CoRpoRAte GoVeRnAnCe oVeRVIeW (ContInueD)

Composition of Board

In determining the composition of the Board, consideration is given to whether the composition and mix remain appropriate and cover the skills needed to position the Company in respect of existing and emerging business risks, opportunities, strategy and governance issues.

The Board has developed a Board Skills Matrix, which is reviewed and updated annually to reflect the desired skills and experience required to deliver the Company’s strategic objectives. The Board believes that these skills and experiences are well represented by its current composition, which provides a mix of Directors with specialised knowledge relating to particular industries and geographies in which the businesses operate, as well as general corporate, executive, and Director experience that is appropriate for the Company. The table below also outlines the percentage of current Directors possessing those skills and experience.

Board Diversity

The Board values diversity, including in relation to age, gender, cultural background and ethnicity and recognises the benefits it can bring to the organisation. The Board will continue to review its composition to ensure that it remains appropriate for the Company, as it manages succession on the Board.

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Gender Age
30–39
40–49
50–59
Male 60–69
Cultural Diversity Board tenure
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Cultural Diversity

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0–1
USA 1–2
Australia 2–3
Ireland 5–6
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SciDev Limited Annual Report 2025

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SciDev Directors Skill Matrix

Skills and Experience

Directors with Primary skills

Leadership and Governance

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1 Executive Leadership
Significant business experience and success at a senior executive
level, including in the ASX listed, public company environment
2 Corporate Governance, Regulatory
and Sustainability Experience
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5/5

Demonstrable commitment to the highest standards of corporate governance (including sustainability and community and stakeholder relations) and Executive or Board level experience with organisation/s subject to rigorous governance and regulatory standards 3 Strategy and Planning 5/5

Strong track record in identifying, developing and implementing a successful strategy, including appropriately probing and challenging Management on the delivery of strategic objectives and developing a business, asset or investment over the long-term

Finance and Risk Management

4 Financial Analysis, Risk Management and Reporting

3/5

Executive or Board level experience in financial accounting and reporting, corporate finance and internal financial controls and an ability to probe the adequacies of financial and risk controls

Industry Experience

5 Industrial Services

4/5

Executive or Board level experience in the industrial services industry, including aspects such as mining and commodities, infrastructure, construction/building materials and in-depth knowledge of the legislative and regulatory framework governing this industry

6 Chemical Industry	2/5
Executive or Board level experience in the chemical industry, including in-depth knowledge of the legislative and regulatory framework governing this industry
7 Oil & Gas Industry	2/5

Executive or Board level experience in the oil & gas industry, including in-depth knowledge of the legislative and regulatory framework governing this industry

Business Operations

8 People, Culture and Safety

5/5

Executive or equivalent experience in financial accounting and reporting, corporate finance and internal financial controls and an ability to probe the adequacies of financial and risk controls

9 Information Technology and Cyber Security

2/5

Executive or Board level experience in the strategic use and governance of information management, information technology, cyber security as well as the oversight of implementation of major technology projects

International Experience

10 International Experience 5/5

Executive or equivalent experience in establishing and operating companies operating outside of Australia. Experience in new venture development

SciDev Limited Annual Report 2025

CoRpoRAte GoVeRnAnCe oVeRVIeW (ContInueD)

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Board

Committees

The Board is assisted in carrying out its responsibilities by the Audit & Risk Committee and the Nomination & Remuneration Committee. Currently, all non-executive directors are members of each committee.

In accordance with ASX Recommendations, each Committee has a majority of Independent Directors (4/5). The Managing Director and CEO, Seán Halpin, is not Independent.

Director performance evaluation

In early FY26, Directors will complete a Board Evaluation questionnaire regarding Board, Committee, and Director (including Chairman) performance. The aggregated data and responses will be provided to the Chairman and then presented to the Board for discussion and feedback.

The aggregated questionnaire results also provide the basis of individual discussions between Directors and the Chairman. The Chairman and each Board member will consider the performance of that Board member in relation to the expectations for that Board member and consider any opportunities for improving future performance.

Assessment of

Management performance

The performance of the Managing Director & CEO is formally reviewed by the Board against the achievement of strategic and budgetary objectives in respect of SciDev’s operations and investments, while also taking into account his performance in leading the Company. The Board’s review is carried out annually in regard to certain goals against which he is assessed, and throughout the year in regard to others, and forms the basis of the determination of the Managing Director & CEO’s performancebased remuneration.

The performance of senior

executives of the Company are reviewed on an annual basis in a formal and documented interview process with the Managing Director & CEO who evaluates performance against agreed performance goals and assessment criteria in relation to the senior executive’s duties and areas of responsibility, including management of relevant Business Units within budget, motivation and development of staff and achievement of, and contribution to, the Company’s objectives. A performance evaluation of the Managing Director & CEO, as well as other senior executives, took place during the year in accordance with this process.

Code of Conduct and other Company policies

The Board regularly reviews and approves the Code of Conduct, including for Directors, which is available on the Company’s website. This Code establishes guidelines for their conduct in matters such as ethical standards and the disclosure and management of conflicts of interest.

The Board has implemented a number of other policies and procedures to maintain confidence in the Company’s integrity and promote ethical behaviour and responsible decision-making, including the following policies:

Continuous Disclosure policy;
Share Trading policy;
Whistleblower policy;
Fraud and Corruption policy;
Modern Slavery statement;
Diversity and Equal Employment Opportunity; and
Workplace Health and Safety policy.

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Risk oversight and Management

The Board requires Management to design and implement a risk management and internal control system to manage the Group’s material business risks and report to it on the management of those risks. During the reporting period, Management reported to the Board on the effectiveness of the Company’s management of its material business risks. In parallel with this and as part of this process, the Board has established a Risk Appetite Statement, which identifies the appetite, tolerance and capacity for different types of risk within the business.

Material Risks

Under the risk framework described above, the Company has identified investment, financial, operational and environmental risks which it manages and mitigates. Each of the foregoing material business risks is monitored and managed by appropriate senior management within the Company, who are delegated the responsibility to manage or escalate issues to the Company’s senior executive team. More detail concerning these risks, and how the Company manages these risks is set out in the Operating and Financial Review of this Annual Report on pages 12–17.

external Audit Function

The Audit & Risk Committee meets periodically with the External Auditor without Management being present. Each reporting period, the External Auditor provides an independence declaration in relation to the audit. Additionally, the Audit & Risk Committee provides advice to the Board in respect of whether the provision of non-audit services by the External Auditor is compatible with the general standard of independence of auditors imposed by the Corporations Act.

The Company’s External Auditor attends all Annual General Meetings and is available to answer shareholders’ questions about the conduct of the audit and the preparation and content of the Auditor’s report.

Market Communication and Continuous Disclosure

The Company is committed to providing all shareholders timely and equal access to information concerning the Company.

The Company has developed policies and procedures to ensure Directors and management are aware of, and fulfil, their obligations in relation to the timely disclosure of material price-sensitive information. Information must not be selectively disclosed prior to being announced to the ASX.

Declarations by the Managing Director & Ceo and Chief Financial officer

Before the Board approves the financial statements for each of the half-year and full year, it receives from the Managing Director & CEO and the Chief Financial Officer a written declaration that, in their opinion, the financial records of the Company have been properly maintained and the financial statements are prepared in accordance with the relevant accounting standards and present a true and fair view of the financial position and performance of the consolidated group. These declarations also confirm that these opinions have been formed on the basis of a sound system of risk management and internal compliance and control, which is operating effectively.

The required declarations from the Managing Director & CEO, and the Chief Financial Officer, have been submitted to the Board for the half-year ended 31 December 2024 and the financial year ended 30 June 2025.

SciDev Limited Annual Report 2025

Board and Leadership Team

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Board
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Seán Halpin Mike Utsler Jon Gourlay Managing Director Non‑Executive Chairman Non‑Executive Director and CEO

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Dan O’Toole Johannes Risseeuw Non‑Executive Director Non‑Executive Director

leadership team

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Seán Halpin Managing Director and CEO

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Chris Dartez Executive Vice President – North America

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Anna Hooper Chief Financial Officer

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Jamiel Muhor Head of Process Chemistry

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Sarah Stewart Head of Client Experience and Marketing

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Mick Cox Head of Water Technologies, APAC

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Ollie Kelly Head of People and Culture

Heath Roberts General Counsel and Company Secretary

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John Wilson Quinn Smith Vice President – Vice President – Water Technologies, Water Technologies, Europe North America

SciDev Limited Annual Report 2025

FINANCIAL REPORT CONTENTS

40 Directors’ Report 61 Auditor’s Independence Declaration 62 Consolidated Statement of Profit or Loss and Other Comprehensive Income

63 Consolidated Statement of Financial Position 64 Consolidated Statement of Changes in Equity 65 Consolidated Statement of Cash Flows 66 Notes to the Consolidated Financial Statements 101 Consolidated Entity Disclosure Statement 102 Directors’ Declaration 103 Independent Auditor’s Report 108 Additional ASX Information 111 Corporate Directory

SciDev Limited Annual Report 2025

Directors’ Report

30 June 2025

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of SciDev Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the year ended 30 June 2025.

Directors

The following persons were directors of SciDev Limited during the whole of the financial year, except where noted below, and up to the date of this report:

Michael Utsler

Seán Halpin (appointed effective 1 April 2025)

Jon Gourlay

Dan O’Toole

Johannes Risseeuw (appointed effective 1 April 2025) Vaughan Busby (resigned effective 1 April 2025) Simone Watt (resigned effective 21 November 2024)

Principal activities

SciDev is a leader in the environmental solutions market focused on water‑intensive industries. SciDev brings together world‑class technology, chemistry and application to solve pressing operational and environmental issues for the water, oil and gas, mining and construction markets.

Financial & operating review

Financial year FY25, was a year of consolidation for SciDev with increased investment in initiatives to deliver long term sustainable growth. In FY25, the Company delivered revenue of $103,386,000, representing a 5.4% decrease on the FY24. The business delivered $7,130,000 of Underlying EBITDA and remained operating cashflow positive for the year ($2,866,000).

Reconciliation of profit before income tax to EBITDA and Underlying EBITDA (unaudited):

	2025	2024
	$’000	$’000
Profit before income tax	1,456	4,102
Depreciation and amortisation	4,168	4,092
Finance costs	568	650
EBITDA	6,192	8,844
Significant Item: Transaction costs includingdue diligence	938	–
UnderlyingEBITDA	7,130	8,844

EBITDA and Underlying EBITDA are non‑IFRS earnings measures which do not have any standardised meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies. These measures, which are unaudited, are important to management as an additional way to evaluate the consolidated entity’s performance. Underlying EBITDA excludes the effects of significant items of income and expenditure which may have an impact on the quality of earnings because of isolated or non‑recurring events.

40 SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

The statutory loss was impacted by the inclusion of costs related to advisory services and due diligence incurred in relation to a potential transaction of a European Industrial Water business. The transaction did not go ahead in FY25. The loss after tax for the consolidated entity, after providing for income tax amounted to $878,000 (30 June 2024: profit of $2,175,000).

SciDev maintained a robust balance sheet with cash and cash equivalents of $9,683,000 on 30 June 2025 and a further $7,417,000 in inventory.

Property, plant and equipment decreased by 2% with owned equipment additions of $2,081,000 and extensions to lease commitments of $1,354,000 more than offset by depreciation in the year. Additions in the year included ISO containers for use in the Energy Services business.

In August 2024, SciDev entered a financing arrangement with Westpac for borrowings of up to $10,000,000. In September 2024, the settlement of the final instalment of the Haldon transaction was made ($2,320,000). This was funded by a non‑revolving credit facility.

Trade receivables at 30 June 2025 has increased 103% versus prior year. This is as a result of credit terms extended to new customers in the Energy Services business, partially offset by improved terms with suppliers.

Operating cashflow in FY25 was $2,866,000, lower than in the prior year reflecting both higher US tax payments in the year and lower EBITDA. The underlying EBITDA cash conversion remains strong. US tax payments in FY25 were $3,013,000 (FY24 $1,142,000). The FY25 tax payment included $663,000 deferred from FY24 due to Hurricane related emergency tax provisions in effect in Texas during FY24 and early FY25.

Business strategy and outlook

Information on SciDev’s operations and the results from those operations, business strategy and outlook for future financial years has been included in the Operations Review (see page 12).

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Risk factors

The business activities of SciDev are subject to various risk factors that may impact on its future performance and financial position. These risks are both specific to SciDev’s activities as well as general commercial and economic risks.

Risk management framework

The Board has established a risk management framework to identify, monitor and manage risks across the Company. The framework is administered by the Audit and Risk Committee. The Committee is responsible for assisting the Board in identifying and managing financial and non‑financial risks. The Committee maintains a Risk Assessment Register and evaluates the potential impact and likelihood of each risk occurring and ranks them accordingly. The Risk Assessment Register is evaluated through the lens of the Company’s Risk Appetite Statement and both these documents are regularly reviewed. The responsibility to manage, monitor and report on each risk is delegated to the CEO and senior management.

Risks that are identified as material to SciDev are summarized below. This information should not be regarded as exhaustive, and the items have not been presented in priority order.

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DiRECTORS’ REPORT (CONTiNUED)

Material business risks

Each year, SciDev carries out a comprehensive assessment of the business risks that the Company and its operations are exposed to. This review, carried out in H2FY25, takes the form of a management‑led initial risk analysis process, drawing on the experience and knowledge of the business’s Executive Leadership Team and Business Unit Heads; then progresses through review/refinement by the Company’s Audit & Risk Committee prior to Board review, refinement and adoption.

Aside from the risk review process outlined above, in FY25 the Company also considered and adopted a Risk Appetite Statement, which operates alongside the risk assessment process and identifies the appetite, tolerance and capacity for different types of risk within the business.

Risk and risk management is a constantly evolving business issue and aside from the annual processes outlined above, the Board has identified a clear process for early identification and escalation of emerging risk profiles. The key risk areas identified in the H2FY25 risk review are outlined below.

Contract risk

SciDev is subject to the risk that material contracts with customers and others are breached, terminated, expire, or not renewed or are renegotiated on less favourable terms. This may have a negative impact on SciDev’s financial performance and position. SciDev is also exposed to the risk that it does not manage obligations in line with contractual or operational standards, which could result in customer dissatisfaction and/or financial losses. Mitigation includes disciplined contractual negotiations and project delivery, tied with comprehensive insurance.

Customer concentration risk

Certain business units within SciDev have a higher degree of customer concentration than is considered optimal. SciDev is actively mitigating this risk by working on initiatives to broaden customer bases in those business units; this is however a long‑term process and, until completed, loss of a key customer could have significant, detrimental impact on a business unit and SciDev as a whole.

Key person risk

Loss of key management and other personnel, including Board directors, could have a negative impact on the business. Aside from the ongoing delivery of competitive market tested salary and reward outcomes, SciDev has increased it’s focus on developing a stronger pipeline of talented individuals in the business that represent a robust succession plan for the business. All key employees also have appropriate restraints on post employment activities to ensure confidentiality.

Supplier concentration risk

Within SciDev there are business units that have a higher degree of supplier concentration than is considered optimal. SciDev is actively working on initiatives to broaden supplier bases in order to alleviate that risk. Pleasingly, a number of alternative chemistry providers have been identified that alleviate this risk significantly. This issue however remains an ongoing challenge and requires vigilance. Loss of a key supplier could have significant, detrimental impact on a business unit and SciDev as a whole.

Competitor action

The markets that SciDev’s businesses operate in are highly competitive. Within certain business units, industry consolidation has delivered large, vertically integrated competitors with significant market control and pricing power. SciDev’s ability to compete in this environment is thus challenged, however mitigated somewhat by strong industry intelligence and reliable, price sensitive customer supply. The competitive environment will continue to be affected by market forces including production capacity, disruptive product innovation and new entrants. An increase in competition could result in a loss of market share or downward pressure on margins over time.

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Commodity price risk

SciDev supplies products and services to a range of sectors, domestically and overseas (including the energy sector in the US). This exposes the Company indirectly to fluctuations in the price of a range of different commodities, including metals, oil and gas, as these correlate with the activity levels of our customers. Significant drops in commodity prices, which would typically lead to drops in production, could result in decreased demand for SciDev services across its business units.

Regulator activity

SciDev’s business is premised to a significant degree on Government and regulator imposition of strong environmental conditions on industry; particularly in the Water Technologies and Process Chemistry businesses. Any movement by Governments and regulators to reduce regulation could impact detrimentally on SciDev’s business units and overall financial performance.

FX exposure

SciDev is exposed to movement in exchange rates, particularly the USD to AUD exchange rate. In Australia, the Process Chemistry business (and to a lesser extent, Water Technologies business) are exposed through the purchase of inventory and equipment denominated in US dollars. Where the corresponding sale is in Australian dollars, pricing is periodically reset reflecting exchange rate, commodity pricing and shipping costs.

Energy Services is a US‑based business, hence exposing the business to foreign exchange risk through cash and inventory denominated in USD which is held on the SciDev consolidated balance sheet. Fluctuations in the AUD/USD exchange rate could have an adverse impact on SciDev’s financial condition and results of the operation that are reported in AUD.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial year.

Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years.

Environmental regulation

The consolidated entity is subject to a range of environmental regulations and licences under Australian Commonwealth or State laws. The Company is responsible for monitoring its compliance with these laws and is not aware of any breaches during the year. A key area of regulation is specific process licences: Group companies are holders of NSW Environmental Protection Agency (EPA) mobile waste processing PFAS licences 20878 and 21114. Outside of Australia, a range of environmental regulations apply to the Company’s activities; these are jurisdiction specific and, again, the Company is not aware of any breaches of such regulations during the year.

SciDev is aware of the increased climate and sustainability disclosure requirements now legislated by the Corporations Act 2001 and the Australian Accounting Standard Board (AASB) and will be required to adopt AASB S2 Climate‑related Disclosures (S2) from 1 July 2027. A significant step up in the level of disclosures will be made by the Company (supported by the associated assurance from the Company’s Auditors) as that disclosure regime is implemented.

SciDev Limited Annual Report 2025 43

DiRECTORS’ REPORT (CONTiNUED)

information on directors

information on	directors
Name:	Michael Utsler
Title:	Non‑executive Chairman (appointed to the Board 1 March 2024, appointed
	Chairman effective 31 March 2025)
Qualifications:	BSc (Ptrl Eng), GAICD, MAICD
Experience	Mr Utsler has worked in the energy industry for more than 45 years across multiple
and expertise:	companies and international locales. During his career, he has built deep knowledge
	and expertise across the energy sector and adjacent industries. He has experience
	across multiple private and publicly listed companies and brings a broad range
	of skills and experience gained through his career. Mr Utsler has particular
	expertise in building high performing businesses and organisations through the
	development of people, risk and crisis management, project delivery, technology
	solution development and application and corporate governance and leadership.
	He has continued to expand his experience in areas of low carbon and alternative
	energy solutions, sustainability, and waste management areas technologies.
	Mr Utsler has held senior and executive leadership positions with Amoco, BP,
	Woodside Energy, New Fortress Energy, and Otto Energy in multiple locations globally.
	He is currently a non‑executive director for Santos Ltd, and a former non‑executive
	director for Oil Search Ltd, Integrated Assets Solutions and a variety of not‑for‑profit
	boards includingthe West Australia Symphony.
Other current	Non‑executive Director of Santos Limited (from 3 May 2022)
directorships:
Former directorships	Oil Search (2021)
(last 3 years):	Integrated Asset Solutions (2017 to 2021)
	Otto Energy(2020 to 2023)
Special responsibilities:	Company Chairman
	Member of the Audit and Risk Committee and the Nomination
	and Remuneration Committee
Date of appointment	1 March 2024
to the Board:
Interests in shares:	62,111
Interests in options:	Nil
Interests in	Nil
performance rights:

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DiRECTORS’ REPORT (CONTiNUED)

Name:	Seán Halpin
Title:	Managing Director and Chief Executive Officer (appointed as CEO in 2022 and as
	ManagingDirector in April 2025)
Qualifications:	Bsc (EnvSci & Health), MSc (EnvEng)
Experience	Seán was appointed as SciDev’s CEO in 2022 and as Managing Director in
and expertise:	April 2025. An environmental professional with more than 15 years in the industry,
	Seán was the co‑founder and Commercial Director for Haldon Industries, which
	SciDev acquired in April 2021. During this period, Seán oversaw the strategic
	direction and significant growth of the water business to the market‑leading
	position it holds today.
	Having delivered some of the most complex water treatment projects across
	the Civil/Infrastructure, Mining, Remediation, Demolition, and Waste Management
	industries, Seán is focused on delivering high‑quality, innovative solutions for
	clients and shareholders. He has a passion for helping his teams to navigate the
	commercial and technical complexities of complex projects and achieving robust,
	sustainablegrowth at SciDev.
Other current	None
directorships:
Former directorships	None
(last 3years):
Special responsibilities:	ManagingDirector and Chief Executive Officer
Date of appointment	1 April 2025
to the Board:
Interests in shares:	3,287,500
Interests in options:	Nil
Interests in	2,056,612
performance rights:

Name:	Jon Gourlay
Title:	Non‑executive Director
Qualifications:	BCom, C.A, GAICD
Experience	Mr Gourlay is a chartered accountant with extensive experience in commercial
and expertise:	management, operational excellence, risk management and investor relations.
	He has previously served in senior roles at Glencore Zinc and Newcrest Mining,
	including at Lihir Island in Papua New Guinea. He is currently Principal Advisor
	to the Treasurer of Tasmania.
Other current	None
directorships:
Former directorships	None
(last 3years):
Special responsibilities:	Chairman of the Audit and Risk Committee and member of the
	Nomination and Remuneration Committee
Date of appointment	28 May 2019
to the Board:
Interests in shares:	1,129,885
Interests in options:	Nil
Interests in	Nil
performance rights:

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DiRECTORS’ REPORT (CONTiNUED)

Name:	Dan O’Toole
Title:	Non‑executive Director
Qualifications:	BEng(Hons), EngExec, FlEAust, MAusIMM, MAICD
Experience	Mr O’Toole brings over 35 years of experience across the engineering and
and expertise:	consulting sectors including over 18 years in executive leadership roles within
	Coffey International Limited and Pitt & Sherry. Mr O’Toole is currently the Chairman
	of Viotel Limited, a private company focused on empowering mining, transport
	and infrastructure businesses to mitigate risks better using world‑class monitoring
	technology. Prior to his current position, Mr O’Toole was the Chief Executive Officer
	of Pitt & Sherry, one of Australia’s most dynamic consulting engineering companies
	with a team of high‑calibre professional consultants servicing the Transport
	Infrastructure, Mining, Energy, Industrial, and Tourism & Recreation market sectors.
Other current	None
directorships:
Former directorships	None
(last 3years):
Special responsibilities:	Member of the Audit and Risk Committee and Chair of the
	Nomination and Remuneration Committee
Date of appointment	3 February 2021
to the Board:
Interests in shares:	328,111
Interests in options:	Nil
Interests in	Nil
performance rights:

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Name:	Johannes Risseeuw(appointed effective 1 April 2025)
Title:	Non‑executive Director
Qualifications:	Bsc., SIA
Experience	Johannes brings a wealth of leadership and corporate experience to the board.
and expertise:	He has a strong track record in corporate strategy, governance and mergers and
	acquisitions. Johannes’ most recent role was serving as the Executive Chair of
	ASX‑listed company, Damstra Technology (Damstra), where he led the company
	through its successful listing on the ASX and IPO in October 2019. Johannes
	continued as Chair of Damastra until it was acquired by Ideagen Limited in
	April 2024.
	Johannes Is presently Chairman of Synertec (ASX:SOP). Synertec listed 2017,
	is an Australian technology and engineering company specializing in delivering
	environmentally sustainable solutions across various industries, including energy,
	critical infrastructure, and advanced manufacturing.
	His previous experience includes roles such as Director of Shell Australia and
	Vice President, Mergers & Acquisitions, where he completed numerous high‑profile
	transactions across the Asia Pacific and Middle East regions. Johannes also served
	as the Chief Investment Officer of Questus Energy, where he focused on the acquisition
	of oil and gas assets, and Chief Operating Officer at Skilled Group Limited, a major
	Australian labour‑hire company.
	Johannes is also an Independent Non‑Executive Director of US‑based Data
	Analytics company, FanPlayr Inc., a technology company which optimises the
	performance of customer data traffic.
Other current	Non‑executive Chairman of Synertec Corporation Limited (from 29 October 2024)
directorships:
Former directorships	Executive Chairman of Damstra Holdings Limited (Jan 2016 to May 2024)
(last 3years):
Special responsibilities:	Member of the Audit and Risk Committee and the
	Nomination and Remuneration Committee
Date of appointment	1 April 2025
to the Board:
Interests in shares:	Nil
Interests in options:	Nil
Interests in	Nil
performance rights:

SciDev Limited Annual Report 2025 47

DiRECTORS’ REPORT (CONTiNUED)

Name:	Vaughan Busby(resigned effective 1 April 2025)
Title:	Non‑executive Chairman
Qualifications:	B.Pharm, MBA (IMD Business School Switzerland)
Experience	Mr Busby trained as a chemist and has extensive experience as a company
and expertise:	director, having sat on several private and ASX listed boards over the last 16 years.
	He currently serves as a non‑executive director for Energy Queensland Limited,
	a government‑owned corporation and the largest energy company in Australia.
	He is also a non‑executive director of EnergyCo, which is responsible for delivering
	the renewable energy zones as part of the NSW Government’s Electricity
	Infrastructure Roadmap, and a Director of Netlogix Group Holdings Limited,
	a New Zealand based companyspecialisingin supplychain logistics.
Other current	None
directorships:
Former directorships	Non‑executive Director of Energy One Limited (12 January 2007 to 13 September 2023)
(last 3years):
Special responsibilities:	CompanyChairman
Date of appointment	9 August 2021
to the Board:
Interests in shares:	199,171 (as reported at date of resignation 1 April 2025)
Interests in options:	Nil
Interests in	Nil
performance rights:

Name:	Simone Watt(resigned effective 21 November 2024)
Title:	Non‑executive Director
Qualifications:	BASc
Experience	Ms Watt is the Managing Director of Sinoz Chemical and Commodities (Sinoz),
and expertise:	a global company that supplies reagents and technology‑based improvements
	to the mining and agribusiness industries. Ms Watt is also a Director of Kemtec
	Mineral Processing and Kanins International, both parts of the Sinoz Group of
	companies. She has extensive experience in strategic sourcing and supplier
	management, business development and sales and marketing.
Other current	None
directorships:
Former directorships	None
(last 3years):
Special responsibilities:	Member of the Audit and Risk Committee and Chair of the
	Nomination and Remuneration Committee
Date of appointment	29 October 2018
to the Board:
Interests in shares:	5,313,280 (as reported at date of resignation 21 November 2024)
Interests in options:	Nil
Interests in	Nil
performance rights:

48 SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

‘Other current directorships’ quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

‘Former directorships (last three years)’ quoted above are directorships held in the last three (3) years for listed entities only and exclude directorships of all other types of entities unless otherwise stated.

Interests in the shares and options of the Company as at the date of resignation as a director.

Company Secretary

Mr Heath L Roberts (Dip Law (S.A.B.) and Grad Dip Legal Practice (UTS)) is a commercial solicitor with over 20 years of listed company experience. He has acted for SciDev in various capacities and brings strong transactional, compliance and capital raising experience to the role.

Meetings of directors

The number of meetings of the Company’s Board of Directors (‘the Board’) and of each Board committee held during the year ended 30 June 2025, and the number of meetings attended by each director were:

			Nomination and	Nomination and
	Full Board		Remuneration Committee		Audit and Risk Committee
	Attended	Held	Attended	Held	Attended	Held
Michael Utsler	9	9	1	1	3	3
Seán Haplin*	2	2	–	–	–	–
Jon Gourlay	9	9	1	1	3	3
Dan O’Toole	9	9	1	1	3	3
Johannes Risseeuw*	2	2	–	–	1	1
Vaughan Busby**	9	9	–	–	–	–
Simone Watt***	5	5	1	1	1	1

Held: represents the number of meetings held during the time the director held office or was a member of the relevant committee.

Seán Halpin was appointed Managing Director and Johannes Risseeuw was appointed as a Non‑executive Director on 1 April 2025.

** Vaughan Busby resigned on 1 April 2025.

*** Simone Watt resigned on 21 November 2024.

SciDev Limited Annual Report 2025 49

DiRECTORS’ REPORT (CONTiNUED)

Remuneration report (audited)

A. introduction

The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

This Report sets out the approach to remuneration for Key Management Personnel (KMP) and all staff. The Board intends that the Report provides clear and transparent communication of the remuneration arrangements in place for the Company’s Directors and executives. These arrangements are intended to align remuneration with the Company’s values, purpose, strategy and performance.

The Company’s remuneration arrangements are structured to attract and retain high performing people and to remunerate them for achieving our objectives and for acting consistently with our values and purpose. Remuneration arrangements are reviewed regularly by the Remuneration Committee and adjustments and redesign made where considered appropriate, balancing alignment with the Company’s circumstances, fairness to executives and considering market expectations and industry standards.

B. Persons covered by the report

This Report sets out the remuneration arrangements in place for KMP, which comprises the Directors of the Company and those members of the SciDev executive team who have authority and responsibility for planning, directing and controlling the activities of the Company (Executive KMP).

The name and position of each key management personnel of the consolidated entity during the financial year ended 30 June 2025 consisted of the following directors of SciDev Limited:

॰ Michael Utsler – Non‑executive Chairman appointed 1 April 2025, formerly Non‑executive Director;
॰ Seán Halpin – Managing Director and Chief Executive Officer, appointed Managing Director on 1 April 2025;
॰ Jon Gourlay – Non‑executive Director;
॰ Dan O’Toole – Non‑executive Director;
॰ Johannes Risseeuw – Non‑executive Director, appointed 1 April 2025;
॰ Vaughan Busby – Non‑executive Chairman, resigned effective 1 April 2025; and
॰ Simone Watt – Non‑executive Director, resigned effective 21 November 2024.

And the following executives:

॰ Anna Hooper – Chief Financial Officer; and
॰ Heath Roberts – Company Secretary and General Counsel.

C. Remuneration framework

1. Remuneration governance

The Board has a Nomination and Remuneration Committee which comprises of four non‑executive directors, and is responsible for providing advice on remuneration and incentive policies and practices and makes specific recommendations on remuneration packages and other terms of employment for the Managing Director and Chief Executive Officer, the Non‑Executive Directors and other senior executives.

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2. Remuneration objectives

The objective of SciDev’s Remuneration framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives of the consolidated entity and the creation of long‑term value for shareholders. The Board of Directors (‘the Board’) ensures that executive reward satisfies the following key criteria for good remuneration governance practices:

॰ market competitive, enabling SciDev to attract, retain and motivate high calibre people;
॰ targeted measures that drive performance and establish a clear link between executive remuneration and performance;
॰ remuneration structure that balances short‑term growth & delivery with long‑term sustainability; and
॰ reward structure that is equitable and aligned to creation of shareholder value, implementation of business strategy and delivery of results.

The framework provides a mix of fixed base pay and variable pay that includes both short and long‑term incentives, with an appropriate balance of at‑risk remuneration.

3. External advisers

The Remuneration Committee engaged Godfrey Remuneration Group (GRG) in FY24 to conduct a comprehensive review of SciDev’s executive remuneration and incentive arrangements, including the current equity component, as compared to those offered by similar competitor companies and which is tailored to the Company’s particular circumstances.

The Nomination and Remuneration Committee reviewed the reports and recommendations from GRG at various meetings during FY24. The Board is satisfied the remuneration recommendations made were free from undue influence by any member of the Key Management Personnel because of the communication arrangements established between GRG and the Remuneration Committee. Fees charged by GRG referrable to these services were $36,000 during FY24 and $25,000 in FY25.

4. Employment contracts

Remuneration and other terms of employment for key management personnel are formalised in Employment Contracts. Details of these agreements at the date of this report are as follows:

Name:	Seán Halpin
Title:	Managing Director and Chief Executive Officer
Agreement	11 November 2022
commenced:
Term of agreement:	On‑going
Details:	The contract may be terminated by six (6) months’ notice from either party.
	There are no contractual terminationpayments.

Name:	Heath Roberts
Title:	CompanySecretary& General Counsel
Agreement	1 March 2017
commenced:
Term of agreement:	On‑going
Details:	Consulting per diem rate equal to that of $240,000 for full‑time employment
	and services. The agreement may be terminated by one (1) months’ notice
	from eitherparty.

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DiRECTORS’ REPORT (CONTiNUED)

Name:	Anna Hooper
Title:	Chief Financial Officer
Agreement	6 December 2021
commenced:
Term of agreement:	On‑going
Details:	The contract may be terminated by three (3) months’ notice from either party.
	There are no contractual terminationpayments.

Key management personnel (KMP) have no entitlement to termination payments in the event of removal for misconduct.

Other Senior Executives are full‑time, permanent employees with employment contracts. Their employment contracts do not have termination dates or termination payments. However they typically specify an employee notice period of three months.

5. Remuneration voting and comments at the FY24 Annual General Meeting (AGM)

At the 2024 AGM, 99.76% of the votes received supported adopting the remuneration report for the year ended 30 June 2024. The Company did not receive any specific feedback at the 2024 AGM regarding its remuneration practices.

6. Remuneration framework

The remuneration framework is designed to align executive interests with Company success and long‑term shareholder value. The structure consists of several components:

For Non‑Executive Directors, there are the directors fees. These are annual fees paid monthly (together with a superannuation guarantee payment).

For Executive KMP, for FY25 this is made up of three components:

॰ Fixed Remuneration – comprising of base salary and superannuation guarantee payments.
॰ Short‑Term Incentives (STI) – at risk and based upon performance on key performance measures. This award is normally paid in cash at target.
॰ Long‑Term Incentives (LTI) – this is a long‑term three‑year equity plan under which Performance Rights are granted annually and are subject to performance conditions. In FY25, the rights are granted subject to relative Total Shareholder returns and Earnings per Share (EPS) performance hurdles. The rights are tested against performance hurdles at the end of three years, once the financial results have been released for the relevant year.

The following factors have been taken into account when determining the proportion of at‑risk remuneration including STI and LTI components for each role:

॰ the objectives the Board seeks to achieve and the behaviours that support those outcomes;
॰ the desire that key executives have equity interest in the Company, to better align with shareholders; and
॰ market practice.

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DiRECTORS’ REPORT (CONTiNUED)

7. Group performance

The STI and LTI are linked to performance against Key Performance Measures (KPM), these are detailed in Section E.

Performance measures are linked to financial performance of the Company along with, implementation of Company Strategy and creation of shareholder value. The STI is focussed on short‑term performance over the preceding 12 months. The KPM under the LTI is measured at the end of the three‑year measurement period. The following table includes the consolidated financial KPM used executive remuneration in FY25, along with the results for the previous periods.

the results for the previous periods.
	2025	2024	2023	2022	2021
	$’000	$’000	$’000	$’000	$’000
Sales revenue	103,386	109,236	89,841	55,597	42,525
Profit/(loss) after income tax	(878)	2,175	(339)	(616)	3,453
Share price at financial year end ($)	0.36	0.37	0.33	0.18	0.85
Basic earnings/(loss) per share
(centsper share)	(0.5)	1.1	(0.2)	(0.4)	2.3

D. Non‑Executive Directors remuneration arrangements

Non‑executive Directors’ fees are determined within an aggregate Non‑executive Directors’ cash remuneration limit, which was approved by shareholders at the 2007 Annual General Meeting. The current limit is $400,000. Fees and payments to the Non‑executive Directors reflect factors such as time commitment, participation in Committee work and fees paid to directors of comparable companies. The Board undertakes a periodic review of Non‑executive Directors’ fees and payments.

The amount paid to Non‑executive Directors of SciDev Limited during the year to 30 June 2025 was $337,325 (2024: $327,450). Details in the Remuneration table below.

Following approval at the November 2024 AGM, Directors elected to have the Company grant shares to Non‑executive Directors, in lieu of directors fees in the second half of FY25.

E. Executive remuneration

Short‑term incentive

Before any awards accrue under the STI, a minimum financial performance “gate” must be achieved by the SciDev Group. Group Net Profit after tax (NPAT) must be above a target and underlying EBITDA must be at least 85% of target.

Executives participate in an STI plan which assesses achievement against a balance scorecard of key performance measures (KPM). An STI bonus is awarded to the extent that target performance is achieved or exceeded against KPM set at the start of the financial year, as appropriate to the relevant company, business unit and individual performance.

STI payments are based upon key performance measures and weightings below. These targets, along with individual KPIs are set by the Remuneration Committee and align with the Group’s strategic & business objectives. In FY25, Key Performance Measures included:

॰ Financial – Measures including Profit After Tax & EBITDA, Revenue and Return on Capital Employed;
॰ Strategic – Delivery of and against the 5‑year Strategic plans;
॰ Operational – Measures including business operational efficiency, product innovation, staff retention and business sustainability; and
॰ Individual – assessment of effectiveness against SciDev values.

SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

Performance against KPI for each Executive were considered by the CEO with his recommendations provided to the Remuneration Committee. The Committee separately considered the CEO’s performance.

The table below provides an overview of the STI weightings against key financial and non‑financial performance measures and the relative weightings. It should be noted that targets applicable to all business unit executives include Group financial results.

include Group financial results.
	Financial	Operational	Strategic	individual
CEO	70%	–	20%	10%
CFO	70%	–	20%	10%
Other Executives	60%	30%	–	10%

The Remuneration Committee can adjust the STI upwards or downwards at their discretion.

Long‑Term incentives

LTI grants are made to executives who can significantly impact the Group’s performance and create shareholder value over the long‑term. In FY25 LTI participants included the CEO, CFO and business unit heads.

LTI remuneration is provided by the issue of performance rights with performance conditions. As the LTI Plan is a rights plan, participants do not receive dividends or voting rights on performance rights until the rights have vested. The rights are subject to forfeiture during the vesting period. If the conditions of vesting are not met upon testing, the rights are immediately forfeited.

Performance rights issued in relation to FY25 will be tested following the results in September 2027. The measurement period is from 1 July 2024 to 30 June 2027. The vesting criteria will consider the Company’s relative total shareholder return (rTSR) and EPS performance over the last two years of the measurement period.

Performance Level	Company’s TSR Compared to the total return of the S&P/ASX Small industrials index Over Measurement Period	Vesting % of Tranche
Stretch	Index Movement Plus 10% CAGR	100%
Between Threshold & Stretch	Greater than Index Movement Plus 5% CAGR & Less than Index
	Movement Plus 10%	Pro Rata
Target	index Movement Plus 5% CAGR	50%
Between Threshold & Stretch	Greater than Index Movement & Less than Index Movement
	Plus 5% CAGR	Pro Rata
Threshold	Equal to Index Movement	25%
Below Threshold	Less than Index Movement	0%

EPS in lastyear of measurementperiod	EPS Performance Rights that vest %
Equal to or above the stretch EPS	100%
Between the threshold and the stretch EPS	straight line vestingbetween 25% and 100%
Equal to target EPS	50%
At the threshold EPS	25%
Below threshold	Nil

In addition, vesting is dependent on a service condition where the LTI is to be seen as remuneration for the 3‑year measurement period. If terminated during the measurement period, LTI will have pro‑rata forfeiture between start and the end of the measurement period. Otherwise LTI will be retained and subject to be measured at the end of the measurement period with other participants.

54 SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

Clawback and malus provisions

The Company maintains clawback and malus provisions within the variable pay plans. If in the Board’s opinion, an employee:

॰ acts fraudulently or dishonestly;
॰ is in breach of their obligations to the Company; or
॰ receives awards based on financial statements with a later restatement;

then the Board may determine that unvested performance rights should lapse.

F. Remuneration table

2025	Short‑term Post‑ employment benefits Share‑based payments
	Salary & fees (cash) $ Shares issued in lieu of fees(c) $ Super‑ annuation $ Performance rights $ Total $ Proportion of remuneration performance related %
Michael Utsler Seán Halpin Jon Gourlay Dan O’Toole Johannes Risseeuw(a) Vaughan Busby(a) Simone Watt(b) Heath Roberts Anna Hooper	38,750 30,745 7,906 – 77,401 –
	377,650 – 29,932 124,436 532,018 23
	30,000 30,745 6,900 – 67,645 –
	30,000 30,745 6,900 – 67,645 –
	15,000 – 1,725 – 16,725 –
	47,500 24,340 8,194 – 80,034 –
	25,000 – 2,875 – 27,875 –
	240,000 – – – 240,000 –
	352,220 – 29,932 88,882 471,034 19
	1,156,120 116,575 94,364 213,318 1,580,377

(a) Johannes Risseeuw was appointed a Non‑executive Director on 1 April 2025 and Vaughan Busby resigned on the same date.

(b) Simone Watt resigned on 21 November 2024.

(c) At the November 2024 AGM, shareholders approved the issue of 284,676 fully paid ordinary shares to Messrs Busby, Gourlay, O’Toole and Utsler. These shares reflect one half of the ordinary cash based remuneration that each Director would normally receive in the financial year. The shares vested on a quarterly basis, provided the Director continued to serve as a Director at the end of the relevant quarter. The value of the shares issued to Directors was based upon the fair value of the shares at grant date. Following Vaughan Busby’s resignation on 1 April 2025, 49,172 of the ordinary shares were cancelled ($24,340).

SciDev Limited Annual Report 2025 55

DiRECTORS’ REPORT (CONTiNUED)

2024	Short‑term Post‑ employment benefits Share‑based payments
	Salary & fees $ Bonus $ Super‑ annuation $ Performance rights(b) $ Total $ Proportion of remuneration performance related %
Vaughan Busby Simone Watt Jon Gourlay Dan O’Toole Michael Utsler(a) Seán Halpin Heath Roberts Anna Hooper	95,000 – 10,450 – 105,450 – 60,000 – 6,600 – 66,600 – 60,000 – 6,600 – 66,600 – 60,000 – 6,600 – 66,600 – 20,000 – 2,200 – 22,200 – 360,500 93,348 27,399 58,333 539,580 28 205,000 – – – 205,000 – 336,225 55,870 27,399 41,666 461,160 21
	1,196,725 149,218 87,248 99,999 1,533,190

(a) Michael Utsler was appointed a Non‑executive Director on 1 March 2024.

(b) Performance rights issued in August 2024. For accounting purposes the deemed grant date is 22 February 2024.

Share‑based compensation

issue of shares

Shares were issued to non‑executive directors in lieu of directors fees during the year ended 30 June 2025, see remuneration table above for details. No shares were issued to directors or key management personnel in FY24.

Options

There were no options over ordinary shares issued to directors and other key management personnel as part of compensation that were outstanding as at 30 June 2025.

Performance rights

In March 2025, the Board approved the issuance of 2,732,919 performance rights in relation to the FY25 LTI. The number of LTI performance rights issued was based upon executive contracts and the 10‑day VWAP following the release of the FY24 financial results (48.8c). These rights vest based on a three‑year service period, a rTRS and a EPS target and will only vest if the hurdles and the service conditions have been met.

Due to the applicable three‑year service period, the fair value of the rights will be expensed over the measurement period, 1 July 2024 – 30 June 2027. A third of the performance rights are subject to a market‑based vesting condition and have been valued using a Monte Carlo simulation, two thirds of the FY25 performance rights vest based on non‑market‑based vesting conditions, these vesting conditions have been taken into account by adjusting the number of equity instruments that are expected to vest. This estimate will be reviewed annually.

In August 2024, the Board approved the issuance of 2,234,636 performance rights in relation to the FY24 LTI. The number of LTI performance rights issued was based upon executive contracts and the 10‑day VWAP following the release to market of the FY23 financial results (48.3c). These rights vest based on a three‑year service period, an EPS target and will only vest if the hurdles and the service conditions have been met.

56 SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

For valuation purposes, the FY24 performance rights have been valued at the share price when the rights were deemed to have been granted at the February 2024 Board meeting. Due to the applicable three‑year service period and the EPS target period, the fair value of the rights will be taken to account over the measurement period, 1 July 2023 – 30 June 2026. As these are non‑market based vesting conditions, these vesting conditions have been taken into account by adjusting the number of equity instruments that are expected to vest. This estimate will be reviewed annually.

G. Additional disclosures relating to key management personnel

Shareholding of KMP

The number of shares in the Company held during the financial year by each director and other key management personnel of the consolidated entity, including their personally related parties, is set out below:

	Balance at			Balance at
	the start of the year	Additions/ other(4)	Disposals/ other(5)	the end of the year
Michael Utsler	–	62,111	–	62,111
Seán Halpin(1)	6,100,000	–	(2,812,500)	3,287,500
Jon Gourlay	1,067,774	62,111	–	1,129,885
Dan O’Toole	266,000	62,111	–	328,111
Heath Roberts	–	–	–	–
Johannes Risseeuw(2)	–	–	–	–
Anna Hooper	–	–	–	–
Vaughan Busby(2)	150,000	49,171	–	199,171
Simone Watt(5)	5,313,280	–	–	5,313,280
	12,897,054	235,504	(2,812,500)	10,320,058

(1) Mr Halpin is a director and part‑owner of Haldon Industries Pty Ltd (HIPL), which was the holder of 5,100,000 shares at the commencement of the year. These were subject to escrow until 15 September 2024. On completion of that escrow period, but prior to Mr Halpin joining the Board, 2,821,500 of those shares were disposed of by HIPL. Mr Halpin has an interest in 2,821,500 shares remaining in the name of HIPL and also has a further interest in 1,000,000 shares. Refer Appendix 3X Notice dated 1 April 2025 for further details.

(2) Mr Risseeuw was appointed a Non‑executive Director on 1 April 2025 and Mr Busby resigned on the same date.

(3) Ms Watt resigned on 21 November 2024.

(4) Includes shares issued in lieu of fees.

(5) Shares shown as held by Ms Watt and Mr Busby at 30 June 2025 are their balances at the date they ceased being KMP on 21 November 2024 and 1 April 2025, respectively.

SciDev Limited Annual Report 2025 57

DiRECTORS’ REPORT (CONTiNUED)

Performance rights holding of KMP

The number of performance rights in the Company held during the financial year by each director and other key management personnel of the consolidated entity, including their personally related parties, is set out below:

	Balance at the start of	Granted as	Expired/ forfeited/	Balance at the end of
	the year	remuneration	Exercised other	the year
Michael Utsler	–	–	– –	–
Seán Halpin	1,303,538	753,074	– –	2,056,612
Jon Gourlay	–	–	– –	–
Dan O’Toole	–	–	– –	–
Heath Roberts	–	–	– –	–
Johannes Risseeuw	–	–	– –	–
Anna Hooper	931,098	537,910	– –	1,469,008
Vaughan Busby	–	–	– –	–
Simone Watt	–	–	– –	–
	2,234,636	1,290,984	– –	3,525,620

Loans to key management personnel and their related parties

There were no loans owing by key management personnel of the group, including their close family members and entities related to them, during the financial year ended 30 June 2025.

Other transactions with key management personnel and their related parties

Seán Halpin, Managing Director and CEO is also a director of Haldon Industries Pty Limited (HIPL). On 12 May 2021, SciDev Limited acquired the assets and business of Haldon Industries Limited. In relation to that transaction, during the financial year 2025, SciDev Limited paid a consideration of $2,320,000 (2024: $1,300,000) and $59,494 (2024: $287,207) of interest was paid in FY25 relating to the outstanding balance on the final acquisition payment.

As at 30 June 2024, SciDev has a payable balance of $nil to HIPL (2024: $2,320,000). There is also a trading balance owing by SciDev to HIPL of $55,940 at 30 June 2025 (2024: $77,940).

There were no other transactions with key management personnel of the group, including their close family members and entities related to them, during the financial year ended 30 June 2025.

Aggregate amounts of each of the above types of other transactions with key management personnel of SciDev:

of SciDev:
	2025	2024
	$’000	$’000
Amounts recognised as expenses
Finance costs	59,494	287,207
Amounts recognised as liabilities
Current liabilities:
Trade and other payables	55,940	77,940
Interest bearingliabilities	–	2,320,000

This concludes the remuneration report, which has been audited.

58 SciDev Limited Annual Report 2025

DiRECTORS’ REPORT (CONTiNUED)

Shares under option

There were no unissued ordinary shares of SciDev Limited under option outstanding at the date of this report.

Shares under performance rights

There are 4,967,555 ordinary shares of SciDev Limited under performance rights outstanding at the date of this report.

Refer to Section F of the Remuneration Report for the issuance of performance rights in relation to the FY24 and FY25 LTI schemes.

Shares issued on the exercise of options

There were no ordinary shares of SciDev Limited issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report.

Shares issued on the exercise of performance rights

There were no ordinary shares of SciDev Limited issued on the exercise of performance rights during the year ended 30 June 2025 and up to the date of this report. At the date of this report there are no shares under performance rights.

indemnity and insurance of officers

The Company has indemnified the directors and executives of the Company for costs incurred in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001 . The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

indemnity and insurance of auditor

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.

SciDev Limited Annual Report 2025 59

DiRECTORS’ REPORT (CONTiNUED)

Non‑audit services

Details of the amounts paid or payable to the auditor for non‑audit services provided during the financial year by the auditor are outlined in note 26 to the financial statements.

The directors are satisfied that the provision of non‑audit services during the financial year, by the auditor (or by another person or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 .

The directors are of the opinion that the services as disclosed in note 26 to the financial statements do not compromise the external auditor’s independence requirements of the Corporations Act 2001 for the following reasons:

॰ all non‑audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and
॰ none of the services undermines the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a management or decision‑making capacity for the Company, acting as an advocate for the Company or jointly sharing economic risks and rewards.

Officers of the Company who are former partners of Ernst & Young

There are no officers of the Company who are former partners of Ernst & Young.

Rounding of amounts

The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding‑off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Auditor’s independence declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

Auditor

Ernst & Young continues in office in accordance with section 327 of the Corporations Act 2001 .

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001 .

On behalf of the directors

==> picture [92 x 29] intentionally omitted <==

Michael Utsler

Chairman

27 August 2025 Sydney

60 SciDev Limited Annual Report 2025

Auditor’s independence Declaration

==> picture [157 x 25] intentionally omitted <==

----- Start of picture text -----

Ernst & Young Tel: +61 2 9248 5555
200 George Street Fax: +61 2 9248 5959
Sydney NSW 2000 Australia ey.com/au
GPO Box 2646 Sydney NSW 2001
----- End of picture text -----

Auditor’s independence declaration to the directors of SciDev Limited

As lead auditor for the audit of the financial report of SciDev Limited for the financial year ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

This declaration is in respect of SciDev Limited and the entities it controlled during the financial year.

Ernst & Young Siobhan Hughes Partner 27 August 2025

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

SciDev Limited Annual Report 2025 61

Consolidated Statement of Profit or Loss and Other Comprehensive income

For the year ended 30 June 2025

		2025	2024
	Note	$’000	$’000
Revenue	5	103,386	109,236
Other income		117	5
Expenses
Changes in inventories, and raw materials and consumables
used		(68,842)	(75,119)
Contractors and consultants		(1,275)	(1,262)
Depreciation and amortisation expense		(4,168)	(4,092)
Employee benefits expense		(18,042)	(16,106)
Employee related expenses		(855)	(1,051)
Insurance		(1,004)	(714)
Foreign exchange losses		–	(21)
Transaction costs including due diligence		(938)	–
Professional fees		(1,021)	(1,049)
Travel and accommodation		(1,543)	(1,564)
Other expenses		(3,791)	(3,511)
Finance costs	6	(568)	(650)
Profit before income tax expense		1,456	4,102
Income tax expense	7	(2,334)	(1,927)
(Loss)/profit after income tax expense for the year attributable
to the owners of SciDev Limited		(878)	2,175
Other comprehensive income/(loss)
Items that will not be reclassified subsequently to profit or loss
(Gain)/loss on the revaluation of equity instruments at fair value
through other comprehensive income, net of tax		(55)	41
Items that may be reclassified subsequently to profit or loss
Foreign currencytranslation		261	(104)
Other comprehensive income/(loss) for theyear, net of tax		206	(63)
Total comprehensive (loss)/income for the year attributable
to the owners of SciDev Limited		(672)	2,112
		Cents	Cents
Basic (loss)/earnings per share	35	(0.5)	1.1
Diluted (loss)/earningsper share	35	(0.5)	1.1

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

62 SciDev Limited Annual Report 2025

Consolidated Statement of Financial Position

As at 30 June 2025

		2025	2024
	Note	$’000	$’000
Assets
Current assets
Cash and cash equivalents	8	9,683	9,425
Trade and other receivables	9	15,000	7,355
Contract assets	10	635	4,930
Inventories	11	7,417	7,529
Income tax refund due	7	79	3
Other	13	1,009	798
Total current assets		33,823	30,040
Non‑current assets
Contract assets	10	134	157
Financial assets at fair value through other comprehensive income	12	397	452
Property, plant and equipment	14	11,275	11,514
Intangibles	15	24,740	25,047
Deferred tax	7	4,135	4,113
Other	13	722	691
Total non‑current assets		41,403	41,974
Total assets		75,226	72,014
Liabilities
Current liabilities
Trade and other payables	16	18,062	15,031
Contract liabilities	17	208	395
Interest bearing liabilities	18	1,527	2,320
Lease liabilities	19	1,309	1,166
Income tax	7	–	570
Employee benefits	20	644	656
Total current liabilities		21,750	20,138
Non‑current liabilities
Interest bearing liabilities	18	1,813	–
Lease liabilities	19	1,613	1,639
Total non‑current liabilities		3,426	1,639
Total liabilities		25,176	21,777
Net assets		50,050	50,237
Equity
Issued capital	21	119,606	119,489
Reserves	22	(183)	(757)
Accumulated losses		(69,373)	(68,495)
Total equity		50,050	50,237

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

SciDev Limited Annual Report 2025 63

Consolidated Statement of Changes in Equity

For the year ended 30 June 2025

	issued		Accumulated
	capital	Reserves	losses	Total equity
	$’000	$’000	$’000	$’000
Balance at 1 July 2023	119,489	(794)	(70,670)	48,025
Profit after income tax expense for the year	–	–	2,175	2,175
Other comprehensive loss for theyear, net of tax	–	(63)	–	(63)
Total comprehensive (loss)/income for the year	–	(63)	2,175	2,112
Share‑basedpayments (note 36)	–	100	–	100
Balance at 30 June 2024	119,489	(757)	(68,495)	50,237

	issued		Accumulated
	capital	Reserves	losses	Total equity
	$’000	$’000	$’000	$’000
Balance at 1 July 2024	119,489	(757)	(68,495)	50,237
Loss after income tax expense for the year	–	–	(878)	(878)
Other comprehensive income for the year,
net of tax	–	206	–	206
Total comprehensive income/(loss) for the year	–	206	(878)	(672)
Contributions of equity, net of transaction
costs (note 21)	117	–	–	117
Share basedpayments (note 36)	–	368	–	368
Balance at 30 June 2025	119,606	(183)	(69,373)	50,050

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

64 SciDev Limited Annual Report 2025

Consolidated Statement of Cash Flows

For the year ended 30 June 2025

		2025	2024
	Note	$’000	$’000
Cash flows from operating activities
Receipts from customers (inclusive of GST)		104,221	109,244
Payments to suppliers and employees (inclusive of GST)		(97,892)	(101,259)
		6,329	7,985
Interest and other finance costs paid		(450)	(363)
Income taxespaid		(3,013)	(1,142)
Net cash from operatingactivities	34	2,866	6,480
Cash flows from investing activities
Loan to joint venture	30	(152)	–
Payments for property, plant and equipment	14	(2,081)	(2,002)
Payments for intangibles	15	(40)	(63)
Payments for security deposits		(151)	(180)
Payments for business acquisitions	18	–	(1,587)
Proceeds from disposal ofproperty,plant and equipment		78	123
Net cash used in investingactivities		(2,346)	(3,709)
Cash flows from financing activities
Proceeds from bank loans		4,000	–
Principal elements of lease payments		(1,292)	(1,065)
Repayment of bank loans		(500)	–
Transaction costs related to bank loans		(219)	–
Repayment of relatedpartyloans	18	(2,379)	–
Net cash from/(used in) financingactivities		(390)	(1,065)
Net increase in cash and cash equivalents		130	1,706
Cash and cash equivalents at the beginning of the financial year		9,425	7,732
Effects of exchange rate changes on cash and cash equivalents		128	(13)
Cash and cash equivalents at the end of the financialyear	8	9,683	9,425

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

SciDev Limited Annual Report 2025 65

Notes to the Consolidated Financial Statements

30 June 2025

Note 1. General information

The financial statements cover SciDev Limited as a consolidated entity consisting of SciDev Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is SciDev Limited’s functional and presentation currency.

SciDev Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:

Registered office	Principal place of business
Level 8	Building G
210 George Street	22 Powers Road
Sydney	Seven Hills
NSW 2000	NSW 2147

A description of the nature of the consolidated entity’s operations and its principal activities are included in the directors’ report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 August 2025. The directors have the power to amend and reissue the financial statements.

Note 2. Material accounting policy information

The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended accounting standards and interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period.

A number of new standards, amendment to standards and interpretations were effective for the current reporting period. The most relevant to the consolidated entity being Amendment to AASB 101 – Classification of Liabilities as Current or Non‑Current (Deferred amendments). The amendment to AASB 101 clarifies requirements for the presentation of financial liabilities in the Consolidated Statement of Financial Position as current or non‑current depending on the rights that exist at the end of the reporting period. The amendment requires a liability to be classified as non‑current if at the end of the reporting period the entity has the right to defer settlement of the liability for at least 12 months. The right must exist, have substance, and no longer needs to be unconditional. The classification is now based on rights to defer settlement rather than intention. The amendments also clarify what it means when it refers to the ‘settlement’ of a liability. These amendments applied from 1 July 2024, and did not have a material impact on the financial statements.

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001 , as appropriate for for‑profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’).

Historical cost convention

The financial statements have been prepared under the historical cost convention, except for, where applicable, financial assets and liabilities at fair value.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Parent entity information

In accordance with the Corporations Act 2001 , these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 31.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SciDev Limited (‘company’ or ‘parent entity’) as at 30 June 2025 and the results of all subsidiaries for the year then ended. SciDev Limited and its subsidiaries together are referred to in these financial statements as the ‘consolidated entity’.

Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de‑consolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non‑controlling interest acquired is recognised directly in equity attributable to the parent.

Non‑controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non‑controlling interest in full, even if that results in a deficit balance.

Where the consolidated entity loses control over a subsidiary, it derecognises the assets, including goodwill, liabilities and non‑controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

Functional and presentation currency

The financial statements are presented in Australian dollars, which is SciDev Limited’s functional and presentation currency.

Current and non‑current classification

Assets and liabilities are presented in the statement of financial position based on current and non‑current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non‑current.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

A liability is classified as current when: it is either expected to be settled in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non‑current.

Deferred tax assets and liabilities are always classified as non‑current.

investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Financial assets at amortised cost

A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.

Financial assets at fair value through other comprehensive income

Upon initial recognition, the consolidated entity can elect to classify irrevocably its equity investments as equity instruments designated at fair value through Other Comprehensive Income (OCI) when they meet the definition of equity under AASB 132 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument‑by‑instrument basis.

Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

The consolidated entity elected to classify irrevocably its non‑listed equity investments under this category.

impairment of financial assets

The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are measured at amortised cost. The measurement of the loss allowance depends upon the consolidated entity’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12‑month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

impairment of non‑financial assets

Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non‑financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Recoverable amount is the higher of an asset’s fair value less costs of disposal and value‑in‑use. The value‑in‑use is the present value of the estimated future cash flows relating to the asset using a pre‑tax discount rate specific to the asset or cash‑generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash‑generating unit.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding‑off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

New accounting standards and interpretations not yet mandatory or early adopted

The following Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2025. The consolidated entity has not yet completed a detailed review of these, however does not expect any of them to have a material impact on the financial results upon adoption.

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2025. The consolidated entity’s assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.

AASB 18 Presentation and Disclosure in Financial Statements

This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces AASB 101 ‘Presentation of Financial Statements’ , with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub‑totals in the statement: ‘Operating profit’ and ‘Profit before financing and income taxes’. There are also new disclosure requirements for ‘management‑defined performance measures’, such as earnings before interest, taxes, depreciation and amortisation (‘EBITDA’) or ‘adjusted profit’. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 July 2027 and it is expected that there will be a change to the layout of the statement of profit or loss and other comprehensive income.

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

SciDev Limited Annual Report 2025 69

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Carrying value of goodwill and non‑financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the consolidated entity is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash‑inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognised by the consolidated entity. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in note 15.

Recovery of deferred tax assets

Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future profits and the availability of past losses for use.

Note 4. Operating segments

identification of reportable operating segments

Operating and business segments are reported in a manner consistent with the internal reporting provided to the chief operating decision‑maker. The chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Board of Directors.

Types of products and services

The principal products and services of each of these operating segments are as follows:

Chemical Services	Develop, manufacture and supply a range of chemistries and performance
	solutions that improve operational efficiencies, reduce waste and minimise
	water consumption across industry.
Water Technologies	Specialised water treatment and remediation technologies that remove harmful
	contaminants from groundwater, surface water and industrial liquid waste
	allowingwater to be recycled or safelydischarged to the environment.
Corporate	Includes Head Office andgroupservices.

intersegment transactions

Intersegment transactions were made at market rates. Intersegment transactions are eliminated on consolidation.

intersegment receivables, payables and loans

Intersegment loans are initially recognised at the consideration received. Intersegment loans receivable and loans payable that earn or incur non‑market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Major clients

During the year ended 30 June 2025, revenue from two clients amounted to $38,150,711 and $12,130,053, respectively, arising from sales in the Chemical Services segment.

During the year ended 30 June 2024, revenue from one client amounted to $45,368,000, arising from sales in the Chemical Services segment.

No other client contributed 10% or more to the consolidated entity’s revenue for both 2025 and 2024.

Operating segment information

				Eliminations
	Chemical	Water		and
	Services	Technologies	Corporate	Adjustments	Total
2025	$’000	$’000	$’000	$’000	$’000
Revenue
Sales to external clients	86,679	16,551	–	–	103,230
Intersegment sales	34	–	–	(34)	–
Total sales revenue	86,713	16,551	–	(34)	103,230
Other revenue	–	–	156	–	156
Total revenue	86,713	16,551	156	(34)	103,386
Underlying EBITDA*	11,323	(775)	(3,418)	–	7,130
Depreciation and amortisation					(4,168)
Finance costs					(568)
Transaction costs including due
diligence					(938)
Profit before income tax expense					1,456
Income tax expense					(2,334)
Loss after income tax expense					(878)
Assets
Segment assets	43,687	22,013	9,526	–	75,226
Total assets					75,226
Liabilities
Segment liabilities	17,982	1,679	5,515	–	25,176
Total liabilities					25,176

This is a non‑IFRS measure, reconciled above to Profit before income tax expense.

SciDev Limited Annual Report 2025 71

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

				Eliminations
	Chemical	Water		and
	Services	Technologies	Corporate	Adjustments	Total
2024	$’000	$’000	$’000	$’000	$’000
Revenue
Sales to external clients	86,551	22,541	–	–	109,092
Intersegment sales	89	–	–	(89)	–
Total sales revenue	86,640	22,541	–	(89)	109,092
Other revenue	–	–	144	–	144
Total revenue	86,640	22,541	144	(89)	109,236
EBITDA*	11,952	(335)	(2,848)	75	8,844
Depreciation and amortisation					(4,092)
Finance costs					(650)
Profit before income tax expense					4,102
Income tax expense					(1,927)
Profit after income tax expense					2,175
Assets
Segment assets	34,612	27,361	10,041	–	72,014
Total assets					72,014
Liabilities
Segment liabilities	13,811	5,729	2,237	–	21,777
Total liabilities					21,777

This is a non‑IFRS measure, reconciled above to Profit before income tax expense.

Note 5. Revenue

Note 5. Revenue
	2025	2024
	$’000	$’000
Revenue from contracts with customers
Treatment fees andproduct sales	103,230	109,092
Other revenue
Rent	156	144
Revenue	103,386	109,236

72 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Disaggregation of revenue

The disaggregation of revenue from contracts with clients is based on the location of the clients as follows:

	2025	2024
	$’000	$’000
Geographical regions
Australia	41,668	45,333
United States	60,681	61,224
Asia	387	572
Other	494	1,963
	103,230	109,092
Timing of revenue recognition
Goods transferred at a point in time	85,550	84,710
Services transferred over time	17,680	24,382
	103,230	109,092

Accounting policy for treatment fees and product sales

Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand‑alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Variable consideration within the transaction price, if any, reflects concessions provided to the client such as discounts, rebates and refunds, any potential bonuses receivable from the client and any other contingent events. Such estimates are determined using either the ‘expected value’ or ‘most likely amount’ method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability.

For design and construction contracts with clients, revenue is recognised over time, typically based on an input method using an estimate of costs incurred to date as a percentage of total estimated costs. These contracts are typically executed on the customer’s site so they control the assets as they are being built. Differences between amounts recognised as revenue and amounts billed to customers are recognised as contract assets or liabilities in the Statement of Financial Position.

The measurement of revenue is an area of accounting judgement. Management uses judgement to estimate:

(i) Progress in satisfying the performance obligations within the contract, which includes estimating contract costs expected to be incurred to satisfy performance obligations; and
(ii) The probability of the amount to be recognised as variable consideration for approved variations and claims where the final price has not been agreed with the customer.

Revenue is invoiced based on the terms of each individual contract, which may include a periodic billing schedule or achievement of specific milestones.

Any warranties associated with contracts, that give rise to financial obligation, are recorded as provisions.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 6. Expenses

Note 6. Expenses
	2025	2024
	$’000	$’000
Profit before income tax includes the following specific expenses:
Finance costs
Interest and finance charges paid/payable on lease liabilities	230	349
Interest paid/payable on amount due to the vendors of Haldon Industries	59	287
Interest and finance charges paid/payable on bank loan facilities	322	–
Interest on insurance premium funding and other finance costs	16	14
Interest received	(59)	–
Finance costs expensed	568	650

Note 7. income tax

Note 7. income tax
	2025	2024
	$’000	$’000
Income tax expense
Current tax	2,356	1,905
Deferred tax – origination and reversal of temporarydifferences	(22)	22
Aggregate income tax expense	2,334	1,927
Deferred tax included in income tax expense comprises:
Decrease/(increase) in deferred tax assets	(22)	22
Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense	1,456	4,102
Tax at the statutory tax rate of 30%	437	1,231
Tax effect amounts which are not deductible/(taxable) in calculating
taxable income:
Non‑deductible expenses	127	262
	564	1,493
Tax losses not recognised	2,671	1,139
Current year temporary differences not recognised	(290)	89
Difference in overseas tax rates	(611)	(794)
Income tax expense	2,334	1,927

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

	2025	2024
	$’000	$’000
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised	66,448	55,167
Potential tax benefit	19,709	16,440

Management has recognised prior year tax losses in the amounts included above and are in the process of assessing the availability of other historical tax losses.

Tax losses will only be recognised and obtained if it is probable:

(i) the consolidated entity will derive future assessable income of a nature and an amount sufficient to enable the benefit from the deductions for the losses and temporary difference to be realised;
(ii) the consolidated entity complies with the conditions for deductibility imposed by the tax legislation such as continuity of ownership and same business test; and
(iii) no changes in tax legislation adversely affect the consolidated entity in realising the benefit from deductions for the losses and temporary differences.

for the losses and temporary differences.
	2025	2024
	$’000	$’000
Deferred tax asset
The net deferred tax asset comprises temporary differences attributable to:
Breakdown of closing deferred tax balances:
Tax losses	4,760	4,758
Employee benefits	136	136
Accrued expenses	598	598
Share issue costs	172	172
Property, plant and equipment	(124)	(144)
Prepayments	(144)	(144)
Customer contracts	(569)	(569)
Trademark and intellectualproperty	(694)	(694)
Deferred tax asset	4,135	4,113
Movements:
Opening balance	4,113	4,135
Credited/(charged) toprofit or loss	22	(22)
Closingbalance	4,135	4,113
	2025	2024
	$’000	$’000
Income tax refund due
Income tax refund due	79	3
	2025	2024
	$’000	$’000
Provision for income tax
Provision for income tax	–	570

SciDev Limited Annual Report 2025 75

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Accounting policy for income tax

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

SciDev Limited (the ‘head entity’) and its wholly‑owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the ‘separate taxpayer within group’ approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.

Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.

Note 8. Cash and cash equivalents

Note 8. Cash and cash equivalents
	2025	2024
	$’000	$’000
Current assets
Cash at bank	9,633	9,375
Cash on deposit	50	50
	9,683	9,425

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 9. Trade and other receivables

	2025	2024
	$’000	$’000
Current assets
Trade receivables	15,058	7,355
Less: Allowance for expected credit losses	(141)	–
	14,917	7,355
Receivable fromjoint venture (refer to note 30)	83	–
	15,000	7,355

Movements in the allowance for expected credit losses are as follows:

	2025	2024
	$’000	$’000
Opening balance	–	–
Additionalprovisions recognised	141	–
Closingbalance	141	–

Accounting policy for trade and other receivables

The consolidated entity calculates its expected credit losses (ECL) based on the consolidated entity’s historical credit loss experience, adjusted for forward‑looking factors specific to its receivables and the economic environment.

The consolidated entity does not have any history of impairment of its trade receivables. The consolidated entity transacts with a limited number of established clients and operates under strict credit policies approved by the Board of Directors.

Note 10. Contract assets

Note 10. Contract assets
	2025	2024
	$’000	$’000
Current assets
Contract assets	635	4,930
Non‑current assets
Contract assets	134	157
	769	5,087

Contract assets represent amounts unbilled at the reporting date for work performed and recognised as revenue. The change in the balance at 30 June 2025 can be largely attributed to the timing of project completion in the Chemical Services segment.

SciDev Limited Annual Report 2025 77

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 11. inventories

Note 11. inventories
	2025	2024
	$’000	$’000
Current assets
Stock in transit – at cost	2,041	916
Stock on hand – at cost	5,376	6,613
	7,417	7,529

Accounting policy for inventories

Stock in transit is stated at the lower of cost and net realisable value. Cost comprises of purchase and delivery costs, net of rebates and discounts received or receivable.

Stock on hand is stated at the lower of cost and net realisable value. Cost comprises of purchase and delivery costs, net of rebates and discounts received or receivable.

Cost is based on the weighted average cost principle including expenditure incurred in acquiring the inventories and bringing them to their existing condition and location. In the case of manufactured inventories, cost includes an appropriate share of production overheads.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No inventory on hand at 30 June 2025 is being recorded at net realisable value.

Note 12. Financial assets at fair value through other comprehensive income

comprehensive income
	2025	2024
	$’000	$’000
Non‑current assets
Unlisted equity securities	3	3
Listed equitysecurities	394	449
	397	452
Reconciliation
Reconciliation of the fair values at the beginning and end
of the current and previous financial year are set out below:
Opening fair value	452	411
Revaluation (decrements)/increments recognised in other
comprehensive income	(55)	41
Closingfair value	397	452

Refer to note 25 for further information on fair value measurement.

78 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 13. Other

Note 13. Other
	2025	2024
	$’000	$’000
Current assets
Prepayments	713	539
Security deposits	236	116
Other current assets	60	143
	1,009	798
Non‑current assets
Securitydeposits	722	691
	1,731	1,489

Note 14. Property, plant and equipment

Note 14. Property, plant and equipment
	2025	2024
	$’000	$’000
Non‑current assets
Office buildings and warehouses – at cost	3,026	2,970
Less: Accumulated depreciation	(2,091)	(1,285)
	935	1,685
Plant and equipment – at cost	18,074	15,368
Less: Accumulated depreciation	(8,826)	(6,942)
	9,248	8,426
Motor vehicles – at cost	2,032	1,879
Less: Accumulated depreciation	(1,139)	(748)
	893	1,131
Office equipment – at cost	508	456
Less: Accumulated depreciation	(309)	(184)
	199	272
	11,275	11,514

SciDev Limited Annual Report 2025 79

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

are set out below:
	Office
	buildings and	Plant and	Motor	Office
	warehouses	equipment	vehicles	equipment	Total
	$’000	$’000	$’000	$’000	$’000
Balance at 1 July 2023	2,301	8,982	1,127	317	12,727
Additions	–	1,878	58	66	2,002
Disposals	–	(136)	–	–	(136)
Lease termination	–	–	(63)	–	(63)
Write‑offs	–	(5)	(6)	–	(11)
Exchange differences	–	4	–	–	4
Rent adjustments	154	7	11	–	172
Recognition of right‑of‑use assets	–	–	364	–	364
Depreciation expense	(770)	(2,304)	(360)	(111)	(3,545)
Balance at 30 June 2024	1,685	8,426	1,131	272	11,514
Additions	–	2,029	–	52	2,081
Disposals	–	(57)	–	–	(57)
Transfer to inventory	–	(38)	–	–	(38)
Exchange differences	12	13	10	1	36
Rent adjustments	40	–	–	–	40
Recognition of right‑of‑use assets	–	1,216	138	–	1,354
Depreciation expense	(802)	(2,341)	(386)	(126)	(3,655)
Balance at 30 June 2025	935	9,248	893	199	11,275

Included in the above line items are right‑of‑use assets over the following:

	Office
	buildings and	Plant and	Motor
	warehouses	equipment	vehicles	Total
	$	$	$	$
Balance at 1 July 2023	2,301	309	795	3,405
Recognition of right‑of‑use asset	–	–	364	364
Exchange differences	–	2	–	2
Lease termination	–	–	(63)	(63)
Rent adjustments	154	7	11	172
Depreciation expense	(770)	(197)	(247)	(1,214)
Balance at 30 June 2024	1,685	121	860	2,666
Recognition of right‑of‑use asset	–	1,216	138	1,354
Exchange differences	12	3	10	25
Rent adjustments	40	–	–	40
Depreciation expense	(802)	(152)	(264)	(1,218)
Balance at 30 June 2025	935	1,188	744	2,867

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Accounting policy for property, plant and equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Right‑of‑use assets are measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. The consolidated entity has elected not to recognise a right‑of‑use asset and corresponding lease liability for short‑term leases with terms of 12 months or less and leases of low‑value assets. Lease payments of $1,748,000 on short‑term and low value leases were expensed to profit or loss as incurred (2024: $1,769,000).

Depreciation is calculated on a straight‑line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows:

equipment over their expected useful	lives as follows:
Plant and equipment	4‑7.5years
Office buildings and warehouses	Lease term of 3‑5 years
(leasehold improvements)
Motor vehicles	4‑5years
Office equipment	2‑5years

Right‑of‑use assets are depreciated on a straight‑line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right‑of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

Note 15. intangibles

Note 15. intangibles
	2025	2024
	$’000	$’000
Non‑current assets
Goodwill – at cost	20,995	20,833
Trademarks and intellectual property – at cost	3,768	3,729
Less: Accumulated amortisation	(1,270)	(1,087)
	2,498	2,642
Customer contracts – at cost	2,600	2,600
Less: Accumulated amortisation	(1,353)	(1,028)
	1,247	1,572
	24,740	25,047

SciDev Limited Annual Report 2025 81

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

are set out below:
		Trademarks
		and
		intellectual	Customer
	Goodwill	property	contracts	Total
	$’000	$’000	$’000	$’000
Balance at 1 July 2023	20,861	2,864	1,897	25,622
Additions	–	63	–	63
Exchange differences	(28)	(1)	–	(29)
Write off of assets	–	(62)	–	(62)
Amortisation expense	–	(222)	(325)	(547)
Balance at 30 June 2024	20,833	2,642	1,572	25,047
Additions	–	40	–	40
Exchange differences	162	4	–	166
Amortisation expense	–	(188)	(325)	(513)
Balance at 30 June 2025	20,995	2,498	1,247	24,740

impairment testing for goodwill

The recoverable amount of the consolidated entity’s goodwill has been determined by a value‑in‑use calculation using a discounted cash flow model, based on a 1 year projection period approved by the Directors and extrapolated for a further four years (within the company’s five‑year plan) using variable rates, together with a terminal value.

Goodwill is monitored by management at the following level:

rates, together with a terminal value. Goodwill is monitored by management at the following level:
	2025	2024
	$’000	$’000
Chemical Services – Process Chemistry	3,002	3,002
Chemical Services – Energy	7,939	7,777
Water Technologies	10,054	10,054
	20,995	20,833

Key assumptions used for value‑in‑use calculations.

Key assumptions used for value‑in‑use calculations.
	2025	2025 Discount	2024	2024 Discount
	Growth rate(a)	rate (pre‑tax)	Growth rate(a)	rate (pre‑tax)
	%	%	%	%
Chemical Services – Process Chemistry	10	13.0	10	14.0
Chemical Services – Energy	10	13.0	10	14.0
Water Technologies	8	14.0	25	14.0

82 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

(a) weighted average growth rate used to extrapolate cash flows beyond the budget or forecast period

Growth rate assumptions have been determined with reference to historical consolidated entity’s experience and expectations of long‑term operating conditions. The growth rates do not exceed long‑term industry growth rates for the industry in which the business operates. Discount rate assumptions above reflect the consolidated entity’s estimate of the time value of money and specific risks to the relevant segments and the countries in which they operate. In determining appropriate discount rates, consideration has been given to the estimated Weighted Average Cost of Capital for the consolidated entity, adjusted for business specific risks to the CGU.

Sensitivity Analysis

Based on current economic conditions and CGU performances, there are no reasonably possible changes to key assumptions used in the determination of CGU recoverable amounts that would result in a material impairment to either the Chemical Services – Process Chemistry or Chemical Services – Energy CGUs.

The Water Technologies CGU operates in an emerging industry with increasing regulatory requirements surrounding water treatment and PFAS remediation solution requirements. Accordingly, long term forecasting for a business of this nature is highly subjective with minimal published industry data or directly comparable businesses. To risk adjust the cash flows, the years 1 and 2 projections adopted in the value‑in‑use calculation are based on board‑approved budgets and only include forecast sales to the extent they are contracted or deemed probable to occur. Years 3‑5 are based on a revenue growth rate in line with the actual revenue growth rates achieved by the CGU historically. The discount rate adopted also includes a risk premium to capture residual risk associated with the difficulty in accurately forecasting a business of this nature and maturity. After year 2, a 5.5% reduction in the weighted average revenue growth rate (from 8% to 2.5%) would result in impairment. Similarly, an increase in the discount rate by 170 basis points (from 14% to 15.7%) would also result in impairment.

Accounting policy for intangible assets

Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.

Goodwill

Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.

Trademarks and intellectual property

Significant costs associated with trademarks and intellectual property are deferred and amortised on a straight‑line basis over the period of their expected benefit, being their finite life of between 10 and 20 years.

Customer contracts

Customer contracts acquired in a business combination are amortised on a straight‑line basis over the period of their expected benefit, being their finite life of eight years.

SciDev Limited Annual Report 2025 83

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 16. Trade and other payables

Note 16. Trade and other payables
	2025	2024
	$’000	$’000
Current liabilities
Trade payables	18,062	14,868
Otherpayables	–	163
	18,062	15,031

Refer to note 24 for further information on financial instruments.

Accounting policy for trade and other payables

Trade payables are general due for settlement between 30‑60 days from the date of recognition, with the exception of certain suppliers with alternative settlement terms.

Note 17. Contract liabilities

Note 17. Contract liabilities
	2025	2024
	$’000	$’000
Current liabilities
Unearned revenue	208	395

Unsatisfied performance obligations

Performance obligations of contract liability balance of $395,000 recognised as at 30 June 2024 were satisfied during the current year. $395,000 was recognised as revenue in the reporting period.

The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied at the end of the reporting period was $208,000 as at 30 June 2025 ($395,000 as at 30 June 2024) and is expected to be recognised as revenue in future periods as follows:

			2025	2024
			$’000	$’000
Within	6	months	208	395

84 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 18. interest bearing liabilities

Note 18. interest bearing liabilities
	2025	2024
	$’000	$’000
Current liabilities
Secured:
Bank loans(a)	1,527	–
Unsecured:
Payable to vendors of Haldon Industries(b)	–	2,320
	1,527	2,320
Non‑current liabilities
Secured:
Bank loans(a)	1,813	–
	3,340	2,320

॰ Refer to note 24 for further information on financial instruments.

(a) Bank loans
On 23 August 2024, SciDev Limited executed a finance facility for $10.0 million with Westpac Limited which comprises: ॰ Facility A – an amortising non‑revolving variable rate bank bill business loan facility for $3.0 million;
॰ Facility B – a non‑amortising revolving variable rate bank bill business loan facility for $5.0 million; and
॰ Facility C – a revolving equipment finance facility for $2.0 million. On 29 August 2024, $3.0 million was drawn down under Facility A. This loan is repayable by $50k monthly instalments from the draw date, maturing on 23 August 2027.

On 31 March 2025, $1.0 million was drawn down under Facility B. This facility matures on 23 August 2027.

The facilities are secured by a general security deed over the assets of the consolidated entity.

The interest rate on the facility used at 30 June 2025 was 5.67%.

Under the terms of the facility agreement, the Group is required to comply with the following financial covenants:

(i) Leverage Ratio – the Leverage Ratio must be equal to or less than 2.00 times at all times;
(ii) Debt Service Cover Ratio – the Debt Service Cover Ratio must be equal to or greater than 1.50 times at all times;
(iii) Equity Ratio – the Equity Ratio must be equal to or greater than 45% at all times; and
(iv) Facility B Draw Ratio – the Facility B Draw Ratio must be equal to or less than 60% at all times.
The Group is in compliance with all of its debt covenants.
(b) Payable to the vendors of Haldon Industries
The payable to Haldon Industries represented the balance of consideration owed to Haldon Industries, a related party, and was fully paid in the 2025 financial year. The payment, inclusive of accrued interest, amounted to $2,379,000. The payable accrued interest at 12% per annum.

SciDev Limited Annual Report 2025 85

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Financing arrangements

Financing arrangements
	2025	2024
	$’000	$’000
Used at the reporting date (net of repayments)
Bank loan – amortising and non‑revolving facility*	2,500	–
Bank loan – non‑amortising revolving business loan facility	1,000	–
Bank loan – equipment finance facility	–	–
Payable to the vendors of Haldon Industries	–	2,320
	3,500	2,320
Unused at the reporting date
Bank loan – amortising and non‑revolving facility*	–	–
Bank loan – non‑amortising revolving business loan facility	4,000	–
Bank loan – equipment finance facility	2,000	–
Payable to the vendors of Haldon Industries	–	–
	6,000	–

The used bank loan facility excludes borrowing costs capitalised.

Accounting policy for interest bearing liabilities

Interest bearing liabilities are recognised initially at fair value net of directly attributable transaction costs. After initial recognition, Interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate (“EIR”) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 19. Lease liabilities

Note 19. Lease liabilities
	2025	2024
	$’000	$’000
Current liabilities
Lease liability – land and buildings	777	805
Lease liability – motor vehicles	273	254
Lease liability– equipment	259	107
	1,309	1,166
Non‑current liabilities
Lease liability – land and buildings	289	1,042
Lease liability – motor vehicles	423	582
Lease liability– equipment	901	15
	1,613	1,639
	2,922	2,805

Refer to note 24 for further information on financial instruments.

Land and buildings:

The consolidated entity has leases for warehouses and offices. Rental contracts are typically for a fixed period of 3‑5 years with options to extend. With the exception of short‑term leases and leases of low‑value underlying assets, each lease is reflected on the statement of financial position. The consolidated entity classifies its right‑of‑use assets in a consistent manner to its property, plant and equipment. Where relevant, most extension options have been included in the lease liability.

Motor vehicles and Equipment:

The consolidated entity leases motor vehicles and equipment under finance lease and hire purchase. The leases are secured over the individual motor vehicles and equipment that the lease relates to.

Note 20. Employee benefits

Note 20. Employee benefits
	2025	2024
	$’000	$’000
Current liabilities
Annual leave	622	633
Longservice leave	22	23
	644	656

SciDev Limited Annual Report 2025 87

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 21. issued capital

Note 21. issued capital
		2025	2024	2025	2024
		Shares	Shares	$’000	$’000
Ordinaryshares – fully paid		190,088,581	189,853,077	119,606	119,489
Movements in ordinary share capital
Details		Date	Shares	issue price	$’000
Balance		1 July2023	189,853,077		119,489
Balance		30 June 2024	189,853,077		119,489
Shares issued to Directors in lieu of fees
(vesting quarterly)	13	December 2024	284,676	$0.495	141
Cancellation of shares issued to a Director		1 April 2025	(49,172)	$0.495	(24)
Balance		30 June 2025	190,088,581		119,606

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Capital risk management

The consolidated entity’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings and lease liabilities (current and non‑current) less cash and cash equivalents.

In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current company’s share price at the time of the investment. The consolidated entity is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.

There are no externally imposed capital requirements.

The capital risk management policy remains unchanged from the 2024 Annual Report.

The consolidated entity monitors capital on the basis of its working capital position (i.e. liquidity risk). The net working capital (current assets less current liabilities) of the consolidated entity at 30 June 2025 was $12,073,000 (2024: $9,902,000).

88 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 22. Reserves

Note 22. Reserves
	2025	2024
	$’000	$’000
Financial assets at fair value through other comprehensive income reserve	(1,106)	(1,051)
Foreign currency reserve	40	(221)
Share‑basedpayments reserve	883	515
	(183)	(757)

Financial assets at fair value through other comprehensive income

(FVOCi) reserve

The reserve is used to recognise increments and decrements in the fair value of financial assets at fair value through other comprehensive income.

Foreign currency reserve

The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.

Share‑based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services.

Movements in reserves

Movements in each class of reserve during the current and previous financial year are set out below:

	Financial	Foreign	Share‑based
	assets at	currency	payments
	FVOCi reserve	reserve	reserve	Total
	$’000	$’000	$’000	$’000
Balance at 1 July 2023	(1,092)	(117)	415	(794)
Revaluation – gross	41	–	–	41
Foreign currency translation	–	(104)	–	(104)
Share‑basedpayments	–	–	100	100
Balance at 30 June 2024	(1,051)	(221)	515	(757)
Revaluation – gross	(55)	–	–	(55)
Foreign currency translation	–	261	–	261
Share‑based payments	–	–	368	368
Balance at 30 June 2025	(1,106)	40	883	(183)

SciDev Limited Annual Report 2025 89

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 23. Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Note 24. Financial instruments

Financial risk management objectives

The consolidated entity’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The consolidated entity’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity does not enter into or trade financial instruments, including derivative financial instruments for speculative purposes.

Risk management is carried out by company management and the Board of Directors. Financial risks are identified and evaluated and where considered necessary strategies are put in place to investigate and/or minimise such risks.

Market risk

Foreign currency risk

Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the entity’s functional currency. The consolidated entity has not entered into any foreign currency hedging contracts during the year.

The carrying amount in AUD of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the reporting date were as follows:

financial liabilities at the reporting date were as follows:
	2025	2024
	$’000	$’000
Assets – cash – US dollars	355	49
Assets – receivables – US dollars	470	597
Liabilities – US dollars	(1,972)	(2,460)
Net liabilities denominated in foreign currencies	(1,147)	(1,814)

The following table shows how profit or loss and equity would have been affected by changes in USD that were reasonably possible at the reporting date. The percentage change is the expected overall volatility of the USD, which is based on management’s assessment of reasonable possible fluctuations taking into consideration movements over the last 12 months each year and the spot rate at each reporting date.

2025	AUD strengthened AUD weakened
	% change Effect on profit before tax $’000 Effect on equity $’000 % change Effect on profit before tax $’000 Effect on equity $’000
US Dollar	10% 115 115 10% (115) (115)
2024	AUD strengthened AUD weakened
	% change Effect on profit before tax $’000 Effect on equity $’000 % change Effect on profit before tax $’000 Effect on equity $’000
US Dollar	10% 181 181 10% (181) (181)

The actual net foreign exchange gain for the year ended 30 June 2025 was $90,000 (2024 loss: $20,000).

90 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Price risk

SciDev Limited is exposed to equity price risk arising from its investment in R3D Resources Limited (R3D). A 1c (2023: 1c) change in the share price results in a $135,890 (2024: $135,890) change in the value of the investment in R3D.

interest rate risk

The consolidated entity was exposed to variable interest rate risks on cash deposits. A reasonably possible increase of 100 basis points (2024: 175 basis points) in interest rates at the reporting date would have increased the profit before tax by $31,000 (2024: $165,000).

As at the reporting date, the consolidated entity had the following balances exposed to variable interest rate risk:

	2025 2024
	Weighted average interest rate % Balance $’000 Weighted average interest rate % Balance $’000
Cash at bank and on deposit Bank loans Net exposure to cash flow interest rate risk	– 6,405 – 9,425 5.67% (3,340) – – – 3,065 – 9,425

Credit risk

The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all clients of the consolidated entity based on recent sales experience, historical collection rates and forward‑looking information that is available. The expected credit loss provision as of 30 June 2025 is $141,000 (2024: $nil). There were no debts written off during the 2025 financial year (2024: $nil).

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than one year.

The consolidated entity evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. There is no significant concentration of credit risk to any single entity. At the reporting date, the maximum exposure to credit risk for financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. There is no trade debtor or other receivable amount where collateral has been received as security or pledged.

Liquidity risk

Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) to be able to pay debts as and when they become due and payable.

The consolidated entity manages liquidity risk by maintaining adequate cash reserves, continuously monitoring actual and forecast cash flows, and by matching the maturity profiles of financial assets and liabilities.

SciDev Limited Annual Report 2025 91

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Remaining contractual maturities

The following tables detail the consolidated entity’s remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

		Between	Between		Remaining
	1 year	1 and 2	2 and 5	Over 5	contractual
	or less	years	years	years	maturities
2025	$’000	$’000	$’000	$’000	$’000
Non‑interest bearing
Trade payables and other payables	18,062	–	–	–	18,062
Interest‑bearing
Bank loans	908	868	2,342	–	4,118
Lease liability	1,520	787	1,122	–	3,429
Total non‑derivatives	20,490	1,655	3,464	–	25,609
		Between	Between		Remaining
	1 year	1 and 2	2 and 5	Over 5	contractual
	or less	years	years	years	maturities
2024	$’000	$’000	$’000	$’000	$’000
Non‑interest bearing
Trade payables and other payables	15,031	–	–	–	15,031
Interest‑bearing
Lease liability	1,402	1,095	598	–	3,095
Interest bearingliabilities	2,320	–	–	–	2,320
Total non‑derivatives	18,753	1,095	598	–	20,446

The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.

Note 25. Fair value measurement

Fair value hierarchy

The following tables detail the consolidated entity’s assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability. Other than the assets and liabilities included in the table below, other financial assets and liabilities are short term in nature and as such the carrying value approximates fair value.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

	Level 1	Level 2	Level 3	Total
2025	$’000	$’000	$’000	$’000
Assets
Equity securities – listed	394	–	–	394
Equitysecurities – unlisted	–	3	–	3
Total assets	394	3	–	397
	Level 1	Level 2	Level 3	Total
2024	$’000	$’000	$’000	$’000
Assets
Equity securities – listed	449	–	–	449
Equitysecurities – unlisted	–	3	–	3
Total assets	449	3	–	452

Management assessed that the fair values of cash and short‑term deposits, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short‑term maturities of these instruments. The fair values of borrowings is not materially different from their carrying amounts, since either the interest payable on those borrowings is close to market rates or the borrowings are of a short‑term nature.

Transfers between levels 1 and 2

There were no transfers between levels during the financial year.

Valuation techniques for fair value measurements categorised within level 2

The fair value of equity securities that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity‑specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Note 26. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

consolidated entity is set out below:
	2025	2024
	$	$
Short‑term employment benefits*	1,272,695	1,345,943
Post‑employment benefits	94,364	87,248
Share‑basedpayments	213,318	99,999
	1,580,377	1,533,190

Includes shares issued in lieu of fees.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 27. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by Ernst & Young, the auditor of the company:

the auditor of the company:
	2025	2024
	$	$
Audit services – Ernst & Young
Audit or review of the financial statements	355,581	271,420
Other services – Ernst & Young
Tax compliance services	37,465	22,301
	393,046	293,721

Note 28. Contingent liabilities

The consolidated entity did not have any contingent liabilities as at 30 June 2025 and 30 June 2024.

Note 29. Commitments

The consolidated entity did not have any commitments as at 30 June 2025 and 30 June 2024.

Note 30. Related party transactions

Parent entity

SciDev Limited is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 32.

Joint ventures

On 18 November 2023, SciDev entered into a Joint Venture Agreement with Nuoer New Material Pte. Ltd. As per this agreement, on 27 February 2024 Nuoer SciDev JV Pte Ltd was incorporated in Singapore as a private company limited by shares. Each party holds shares constituting 50% of the total shareholding of the company. On 17 December 2024, SciDev contributed capital of $29,284 (SGD$25,000). During the year, SciDev has recognised $29,284 of losses from the Joint Venture and reduced this investment to nil. At 30 June 2025, SciDev has a loan receivable of $152,429 from the Joint Venture. A provision of $69,481 has been recognised resulting in a net loan receivable of $82,498.

Key management personnel

Disclosures relating to key management personnel are set out in note 26 and the remuneration report included in the directors’ report.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Transactions with related parties

Details of transactions between the consolidated entity and related parties are disclosed below:

	2025	2024
	$	$
Payment for other expenses:
Interest payments to entity associated with key management personnel	59,494	287,207
Other transactions:
Considerationpaid to entityassociated with keymanagementpersonnel	2,320,000	1,300,000

Seán Halpin, Managing Director and CEO is also a director of Haldon Industries Pty Limited (HIPL). On 12 May 2021, SciDev Limited acquired the assets and business of Haldon Industries Limited. In relation to that transaction, during the financial year 2025, SciDev Limited paid the final consideration of $2,379,494 (inclusive of interest) (2024: $1,587,207).

At the November 2024 AGM, shareholders approved the issue of 284,676 fully paid ordinary shares to Messrs Busby, Gourlay, O’Toole and Utsler. These shares reflect one half of the ordinary cash based remuneration that each Director would normally receive in the financial year. The shares vested on a quarterly basis, provided the Director continued to serve as a Director at the end of the relevant quarter. The value of the shares issued to Directors was based upon the fair value of the shares at grant date. Following Vaughan Busby’s resignation on 1 April 2025, 49,172 of the ordinary shares were cancelled ($24,340).

Receivable from and payable to related parties

As at 30 June 2025, SciDev has nil payable balance to HIPL (2024: $2,320,000). There is a trading balance owing by SciDev to HIPL of $55,940 at 30 June 2025 (2024: $77,940).

Note 31. Parent entity information

Set out below is the supplementary information about the parent entity.

Statement of profit or loss and other comprehensive income

	Parent
	2025 $’000 2024 $’000
Loss after income tax	(5,421) (3,621)
Other comprehensive (loss)/income for theyear, net of tax	(55) 41
Total comprehensive loss	(5,476) (3,580)

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Statement of financial position

Statement of financial position
	Parent
	2025 $’000 2024 $’000
Total current assets	494 377
Total non‑current assets	38,239 40,072
Total assets	38,733 40,449
Total current liabilities	3,677 1,605
Total non‑current liabilities	1,838 634
Total liabilities	5,515 2,239
Net assets	33,218 38,210
Equity Issued capital Financial assets at fair value through other comprehensive income reserve Share‑based payments reserve Accumulated losses	119,912 119,796 (1,106) (1,051) 883 515 (86,471) (81,050)
Total equity	33,218 38,210

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025, other than pursuant to the group finance facility with Westpac Banking Corporation (Westpac) announced on 23 August 2024. Under the terms of this finance facility, SciDev Limited (the parent entity) and each of its key operating subsidiaries provide cross guarantees with respect to each other in favour of Westpac under the terms of the group finance facility, which is on customary terms.

At 30 June 2024, the parent entity had no guarantees in relation to the debts of its subsidiaries, other than under the terms of the acquisition of the Haldon business by SciDev Water Services Pty Limited (SWSPL). Under that acquisition agreement, the parent entity irrevocably and unconditionally guarantees the due and punctual performance of SWSPL’s present and future obligations and the payment of all present and future liabilities of SWSPL. This obligation was discharged during the period and is no longer in place at 30 June 2025.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

Capital commitments – property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June 2024.

96 SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 32. interests in subsidiaries and joint ventures

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries and joint ventures:

and joint ventures:
Name Principal place of business/ Country of incorporation	Ownership interest
	2025 % 2024 %
Subsidiaries SciDev Developments Pty Ltd Australia SciDev Water Services Pty Ltd Australia Science Developments (NSW) Pty Ltd Australia SciDev (NT Operations) Pty Ltd Australia Intec Copper Pty Ltd Australia Intec Envirometals Pty Ltd Australia SciDev International Holdings Pty Ltd Australia SciDev (US) LLC(1) United States SciDev Energy Services Inc(2) United States SciDev Ltd United Kingdom SciDev Canada Ltd Canada Joint ventures Nuoer SciDev Pte. Ltd. Singapore	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 50%

(1) SciDev (US) LLC is a wholly‑owned subsidiary of SciDev International Holdings Pty Ltd.

(2) SciDev Energy Services Inc is a wholly‑owned subsidiary of SciDev (US) LLC.

Note 33. Events after the reporting period

SciDev Limited Annual Report 2025 97

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 34. Cash flow information

Reconciliation of (loss)/profit after income tax to net cash from operating activities

operating activities
	2025	2024
	$’000	$’000
(Loss)/profit after income tax expense for the year	(878)	2,175
Adjustments for: Depreciation and amortisation	4,168	4,092
Net gain on lease termination	–	(12)
Share‑based payments	368	100
Write off of assets	–	73
Net loss/(gain) on disposal of non‑current assets	(21)	13
Impairment provision – joint venture receivable	69	–
Other expenses – non‑cash	117	–
Finance costs – non‑cash	118	287
Foreign currency differences	(54)	(136)
Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables	(7,562)	423
Decrease/(increase) in contract assets	4,318	(4,486)
Decrease/(increase) in inventories	150	(599)
Decrease/(increase) in income tax refund due	(76)	175
Decrease/(increase) in deferred tax assets	(22)	22
Decrease/(increase) in prepayments	(174)	94
Decrease/(increase) in other operating assets	83	(143)
Increase in trade and other payables	3,031	3,881
Decrease in contract liabilities	(187)	(253)
Increase/(decrease) in provision for income tax	(570)	570
Increase/(decrease) in employee benefits	(12)	204
Net cash from operatingactivities	2,866	6,480
Non‑cash investing and financing activities
	2025	2024
	$’000	$’000
Additions to right‑of‑use assets	1,354	364

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Changes in liabilities arising from financing activities

			Payable to
			the vendors
		Lease	of Haldon
	Bank loans	liabilities	industries	Total
	$’000	$’000	$’000	$’000
Balance at 1 July 2023	–	3,479	–	3,479
Net cash used in financing activities	–	(1,065)	–	(1,065)
Lease termination	–	(75)	–	(75)
Additions	–	364	–	364
Exchange differences	–	(70)	–	(70)
Rental adjustment	–	172	–	172
Transfer from trade and otherpayables	–	–	2,320	2,320
Balance at 30 June 2024	–	2,805	2,320	5,125
Net cash from/(used in) financing activities	3,281	(1,292)	(2,379)	(390)
Accrued interest	–	–	59	59
Amortisation of borrowing costs	59	–	–	59
Acquisition of leases	–	1,354	–	1,354
Exchange differences	–	15	–	15
Rental adjustment	–	40	–	40
Balance at 30 June 2025	3,340	2,922	–	6,262

Note 35. Earnings per share

Note 35. Earnings per share
	2025	2024
	$’000	$’000
(Loss)/profit after income tax attributable to the owners of SciDev Limited	(878)	2,175
	Number	Number
Weighted average number of ordinary shares used
in calculatingbasic earningsper share	189,982,121	189,853,077
Weighted average number of ordinary shares used
in calculatingdiluted earningsper share	189,982,121	189,853,077
	Cents	Cents
Basic (loss)/earnings per share	(0.5)	1.1
Diluted (loss)/earningsper share	(0.5)	1.1

The calculation of diluted earnings per share excludes 4,967,555 performance rights on issue at the reporting date as the related performance and service conditions had not been met as at period end. These rights may potentially dilute basic earnings per share in future periods if the conditions are satisfied.

SciDev Limited Annual Report 2025

NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS (CONTiNUED)

Note 36. Share‑based payments

(a) Options

There were no options granted or exercised during the financial year ended 30 June 2025 and 30 June 2024. As of 30 June 2025, there are no options on issue (30 June 2024: nil).

(b) Performance rights

In August 2024, the Board approved the issuance of 2,234,636 performance rights in relation to the FY24 LTI. The number of LTI performance rights issued was based upon executive contracts and the 10‑day VWAP following the release of the FY23 financial results (48.3c). These rights vest based on a three‑year service period, an EPS target and will only vest if the hurdles and the service conditions have been met.

For valuation purposes, the performance rights have been valued at the share price when the rights were deemed to have been granted at the February 2024 Board meeting. Due to the applicable three‑year service period and the EPS target period, the fair value of the rights will be taken to account over the measurement period, 1 July 2023 – 30 June 2026. As these are non‑market based vesting conditions, these vesting conditions have been taken into account by adjusting the number of equity instruments that are expected to vest. This estimate will be reviewed annually.

Set out below are summaries of performance rights granted under the plan:

2025
		Exercise	Balance at the start of			Expired/ forfeited/	Balance at the end of
Grant date	Vesting date	price	the year	Granted	Exercised	other	the year
22/02/2024	30/06/2026	$0.000	2,234,636	–	–	–	2,234,636
20/03/2025	30/06/2027	$0.000	–	2,732,919	–	–	2,732,919
			2,234,636	2,732,919	–	–	4,967,555

(c) Expenses arising from share‑based payment transactions

The total expense arising from share‑based payment transactions recognised during the period as part of employee benefits expense was $368,161 (2024: $99,999).

100 SciDev Limited Annual Report 2025

Consolidated Entity Disclosure Statement

As at 30 June 2025

Basis of preparation

The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001 . It includes certain information for each entity that was part of the consolidated entity at the end of the financial year.

Determination of tax residency

Section 295 (3A) of the Corporation Acts 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997 . The determination of tax residency involves judgment as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the consolidated entity has applied the following interpretations:

(a) Australian tax residency

The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s public guidance in Tax Ruling TR 2018/5.

(b) Foreign tax residency

Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency and ensure compliance with applicable foreign tax legislation.

		Place formed/	Ownership
		Country of	interest
Entity name	Entity type	incorporation	%	Tax residency
SciDev Ltd (parent entity)	Bodycorporate	Australia		Australia
SciDev Developments PtyLtd	Bodycorporate	Australia	100%	Australia
SciDev Water Services PtyLtd	Bodycorporate	Australia	100%	Australia
Science Developments (NSW) PtyLtd	Bodycorporate	Australia	100%	Australia
SciDev (NT Operations) PtyLtd	Bodycorporate	Australia	100%	Australia
Intec Copper PtyLtd	Bodycorporate	Australia	100%	Australia
Intec Envirometals PtyLtd	Bodycorporate	Australia	100%	Australia
SciDev International Holdings PtyLtd	Bodycorporate	Australia	100%	Australia
SciDev (US) LLC	Bodycorporate	United States	100%	United States
SciDev EnergyServices Inc	Bodycorporate	United States	100%	United States
SciDev Ltd	Bodycorporate	United Kingdom	100%	United Kingdom
SciDev Canada Ltd	Bodycorporate	Canada	100%	Canada

SciDev Limited Annual Report 2025 101

Directors’ Declaration

30 June 2025

In the directors’ opinion:

॰ the attached financial statements and notes comply with the Corporations Act 2001 , the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
॰ the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements;
॰ the attached financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 30 June 2025 and of its performance for the financial year ended on that date;
॰ there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and
॰ the information disclosed in the attached consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct.

The directors have been given the declarations required by section 295A of the Corporations Act 2001 .

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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Michael Utsler

Chairman

27 August 2025 Sydney

102

SciDev Limited Annual Report 2025

independent Auditor’s Report

to the members of SciDev Limited

Ernst & Young Tel: +61 2 9248 5555 200 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au GPO Box 2646 Sydney NSW 2001

Independent auditor’s report to the members of SciDev Limited

Report on the audit of the financial report

Opinion

We have audited the financial report of SciDev Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2025 and of its consolidated financial performance for the year ended on that date; and
b. Complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

SciDev Limited Annual Report 2025 103

iNDEPENDENT AUDiTOR’S REPORT (CONTiNUED)

Impairment Assessment of Water Technologies Cash Generating Unit (“CGU”)

Why significant How our audit addressed the key audit matter In accordance with the requirements of the Australian With the assistance of our valuation specialists, our audit Accounting Standards, the Group is required to test all cash procedures included the following: generating units (CGUs) for impairment annually where • Assessed the Group’s impairment testing methodology goodwill is allocated or more frequently, if impairment against the requirements of Australian Accounting indicators are present. Standards. Indicators of impairment have been identified for the Water • Tested the mathematical accuracy of the discounted Technologies CGU. The Group assesses the recoverable cash flow model. amount of the Water Technologies CGU using a discounted cash flow forecast to determine value in use (VIU). cash flow forecast to determine value in use (VIU). • Assessed the basis of preparing the cash flow forecasts and considered the CGU’s current performance and As disclosed in Note 15 to the financial statements, no reliability of the Group’s historical cash flow forecasts impairment was identified as at 30 June 2025. and budgets for the CGU.

Indicators of impairment have been identified for the Water Technologies CGU. The Group assesses the recoverable amount of the Water Technologies CGU using a discounted cash flow forecast to determine value in use (VIU). cash flow forecast to determine value in use (VIU). As disclosed in Note 15 to the financial statements, no impairment was identified as at 30 June 2025. Assumptions used in the forecast of cash flows are highly judgmental and inherently subjective. Specifically, judgement is required to assess the reasonability of forecast revenue, growth rates, margins, operating costs, discount and terminal growth rates.

Assessed the cash flow forecasts, including forecast revenue growth and margins used by the Group, with reference to current trading performance, historical growth rates achieved, historical costs incurred, contracts and purchase orders in place or determined by the Group to be probable of occurring.

As a result of the above, the significance of the carrying value and the extent of audit effort and judgement required, we considered the Water Technologies CGU impairment assessment to be a key audit matter.

For a sample of new contracts, we obtained supporting revenue and cost estimates (over the contract life) and on a sample basis agreed the amounts to third party support such as vendor quotes. We recalculated the forecast profit margin based on the cost support and compared this recalculated amount to the margin applied in the forecasted cashflows.
Assessed the appropriateness of the discount and terminal growth rates with reference to publicly available information for comparable companies in the industry and markets in which the Group operates.
• Performed sensitivity analyses to evaluate whether reasonably possible changes in assumptions could cause the carrying amount of the CGU to exceed its recoverable amount.
Evaluated EBITDA multiples represented by the recoverable amount derived from the discounted cashflow models against a range of comparable companies and transactions.
Considered the carrying value of the Group’s net assets against its market capitalisation.
Assessed the adequacy of the financial report disclosures included in Note 15.

Information other than the financial report and auditor’s report thereon

The directors are responsible for the other information. The other information comprises the information included in the Group’s 2025 annual report, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

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SciDev Limited Annual Report 2025

iNDEPENDENT AUDiTOR’S REPORT (CONTiNUED)

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the financial report

The directors of the Company are responsible for the preparation of:

a. The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and
b. The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and

for such internal control as the directors determine is necessary to enable the preparation of:

i. The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
ii. The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

SciDev Limited Annual Report 2025 105

iNDEPENDENT AUDiTOR’S REPORT (CONTiNUED)

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the audit of the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 50 to 58 of the directors’ report for the year ended 30 June 2025.

In our opinion, the Remuneration Report of SciDev Limited for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001 .

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

106

SciDev Limited Annual Report 2025

Independent AudItor’s report (ContInued)

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Ernst & Young Siobhan Hughes Partner Sydney 27 August 2025

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

107

SciDev Limited Annual Report 2025

Additional ASX information

Shareholder information

The shareholder information set out below was applicable at 8 August 2025.

A. Distribution of equity securities

Analysis of numbers of equity securities buy size of holding

Shareholder information The shareholder information set out below was applicable at 8 August 2025. A. Distribution of equity securities Analysis of numbers of equity securities buy size of holding
Holdings Ranges	Class of Equity Security Ordinary Shares
	Number of Share holders Number of Shares
1‑1,000 1,001‑5,000 5,001‑10,000 10,001‑100,000 100,001‑999,999,999	511 175,421 636 1,679,020 286 2,256,936 586 19,840,409 167 166,087,239
Totals	2,186 190,039,025

B. Substantial holders

Substantial shareholders at 8th August 2025 as listed below:

Perennial Value Management Limited (PVM)	15.17%
Australia Super PtyLtd	8.69%

108 SciDev Limited Annual Report 2025

ADDiTiONAL ASX iNFORMATiON (CONTiNUED)

C. Quoted equity security holders

The names of the twenty largest holders of quoted equity securities at 8th August 2025 are listed below:

	Ordinary
	Shares
Names of Shareholder	Number Held	% Held
HSBC CUSTODY NOMINEES	22,992,114	12.10%
J P MORGAN NOMINEES AUSTRALIA	20,172,222	10.61%
CITICORP NOMINEES PTY LIMITED	10,064,069	5.30%
FIRST TRUSTEE COMPANY (NZ)	9,275,000	4.88%
BNP PARIBAS NOMINEES PTY LTD	8,676,019	4.57%
BNP PARIBAS NOMS	7,606,919	4.00%
KANINS AUSTRALIA PTY LTD	5,000,000	2.63%
MR ANDREW MACBRIDE PRICE	4,925,000	2.59%
TAG FAMILY INVESTMENTS PTY	3,500,000	1.84%
LYNTER PTY LTD	3,250,000	1.71%
BNP PARIBAS NOMINEES PTY LTD	2,418,233	1.27%
MR JAMES LEE PARKS	2,300,000	1.21%
HALDON WASTE PTY LTD	2,287,500	1.20%
MOORE & SOTOMI INVESTMENTS PTY	2,250,000	1.18%
NUOER CHEMICAL AUSTRALIA	2,161,137	1.14%
MR KIERAN GREGORY RODGERS &	2,006,467	1.06%
MERRILL LYNCH (AUSTRALIA)	1,777,981	0.94%
MOORE & SOTOMI INVESTMENTS	1,675,000	0.88%
CERTANE CT PTY LTD	1,493,040	0.79%
MR MARTIN EDWARD MEYER	1,466,667	0.77%
MRS KATHLEEN WATT	1,466,667	0.77%
LONGWIN CAPITAL FINANCE LTD	1,466,667	0.77%
Total Securities of Top20 Holdings	118,230,702	62.21%
Total of Securities	190,039,025

SciDev Limited Annual Report 2025 109

ADDiTiONAL ASX iNFORMATiON (CONTiNUED)

D. Unquoted equity security holders

The names of the largest holders of unquoted equity securities (performance rights) at 8th August 2025 are listed below:

listed below:
	Performance	Percentage of
	Rights Exp.	Performance
Name	2026 Held	Rights
Sean Halpin	2,056,612	41%
Anna Hooper	1,490,265	30%
Total of Securities*	4,967,549	100%

Total number of holders of performance rights is 7.

E. Voting Rights

The voting rights attached to each class of equity securities are set out below:

(a) Ordinary shares

On a show of hands, every member present at a meeting in person or by proxy shall have one vote, and upon a poll, each share shall have one vote.

(b) Performance Rights

No voting rights.

110

SciDev Limited Annual Report 2025

30 June 2025

Corporate Directory

Directors

Michael Utsler – Non‑executive Chairman

Seán Halpin – Managing Director and Chief Executive Officer

Jon Gourlay – Non‑executive Director Dan O’Toole – Non‑executive Director Johannes Risseeuw – Non‑executive Director

Share register

Boardroom Pty Limited

Level 8 210 George Street Sydney NSW 2000 Phone: 1300 737 760

Auditor

Company Secretary

Heath L Roberts

Registered office

Level 8 210 George Street Sydney NSW 2000 Phone: 1300 737 760

Ernst & Young

200 George Street Sydney NSW 2000

Stock exchange listing

SciDev Limited shares are listed on the Australian Securities Exchange (ASX code: SDV)

Website

Principal place of business

Building G 22 Powers Road Seven Hills NSW 2147 Phone: (02) 9622 5185

www.scidevltd.com

Corporate governance statement

www.scidevltd.com/governance

colliercreative.com.au #SDV0009

111

SciDev Limited Annual Report 2025

scidevltd.com

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AI assistant

SCIDEV LTD — Annual Report 2025

65761_rns_2025-08-26_95522435-5467-412e-86fb-b287606fc440.pdf

A BLUEPRINT FOR GROWTH

ouR VAlueS

protect the environment

ContentS

everyone Safe, every Day

Achieve More together

Challenge Boundaries

Go the last Mile

About SciDev

SciDev areas of operation

Why SciDev?

Growth drivers for long-term shareholder return

leading Market technology

Diversified Strong Revenue Streams Financials

Global pFAS opportunity

2025 Highlights

FInAnCIAl

Chair & CEO Letter

Dear Shareholders,

A Disciplined Strategy Driving Results

Building a Scalable, Diversified Growth platform

STRATEGY

Strategy in Action: Sector Momentum and Commercial Wins

Financial Discipline and operational Resilience

Industry Advocacy and leadership

our Commitment

Together, we are building a more sustainable future.

looking Ahead

Strategic Overview

Strategic Market Focus

PFAS Treatment –

Strategy for Growth

operating Model

enterprise Capabilities

Strategic priorities – FY26 and Beyond

Operations Review

Financial Review

Chemical Services

energy Services

outlook

process Chemistry

outlook

Water technologies

Australia-pacific

europe and north America

outlook

Inorganic Growth

Project Spotlights

Targeted Chemical Strategy with Proven Results

Sustainability and Efficiency Combined

Delivering Value to the Client and the Environment

Proprietary Chemistry Driving Measurable Production Gains

Key outcomes from the study included:

High Return, Low Cost Solution

Ongoing Innovation for Enhanced Production

pRojeCt SpotlIGHtS (ContInueD)

The Challenge

Manual Sampling in a High‑Risk Environment

The Solution

System benefits included:

Setting a New Benchmark in Environmental Monitoring

Results:

Targeted Water Treatment and Site Remediation Strategy

Key system features and outcomes included:

Integrated Earthworks and Environmental Restoration

Delivering Long‑Term Environmental Value

SciDev Innovators Spotlight

Sustainability Report

Responsible Business, Sustainable outcome

everyone Safe, every Day: embedding a Culture of Safety

Delivering Measurable environmental outcomes Across Industry

our people: leadership, Inclusion, and Workforce Wellbeing

leading with an owner’s Mindset

Diversity, equity and Inclusion

FY25

Attracting, Retaining and Developing talent

psychosocial Safety and Mental Health

SCIDEV LTD Annual Report 2025