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SCIDEV LTD Investor Presentation 2026

Feb 24, 2026

65761_rns_2026-02-24_d6e9d1bc-b42f-4b31-8f29-cffe458dc2fb.pdf

Investor Presentation

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1H FY26 Results Investor Presentation FEBRUARY 2026

Seán Halpin CHIEF EXECUTIVE OFFICER Todd Scott CHIEF FINANCIAL OFFICER

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Challenges Addressed;
Returning to Growth
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48$m

Revenue Gross Margins $47.9m 28% ( 1H FY25 $49.9m) (1H FY25 33%) Reported EBITDA Underlying EBITDA $0.4m $1.1m (1H FY25 $3.4m) (1H FY25 $3.4m) Net Cash at 31 Dec 25 Recurring Revenue $4.4m 54%

SciDev Ltd | FY25 Results

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1H FY26 Highlights
Broadened customer base and operating model shift in international Water Technologies
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Strategic Initiatives

Financial

Energy

  • 75% increase in the number of CatChek customers.

  • 25 new branded ISOs deployed, strengthening on-site delivery and lower distribution costs.

International Water (PFAS)

  • Implemented lower cost channel partner model for expansion into the US and Europe. The change in model is expected to reduced overhead costs nearly $3.0m pa.

Recurring Revenue

  • Increased to 54% of total revenue (from 48%), driven by a growing book of O&M contracts, long duration chemical contracts, and high proportion of CatChek sales.

Process Chemistry

  • Record revenues of $14.5m in 1H FY26 on high demand from mining and construction on longer-term contacts.

Water Technologies

Mining

  • $19.5 million Rum Jungle contract win, leveraging tier 1 capability set for solving complex water issues.

Data Centres

  • Established relationships with major Data Centre developers to deliver critical Reclaimed Water solutions.

  • Highest EBITDA since 2H FY24 due to improvement in the core APAC business, and positive mix of higher value technology hardware and services.

Cost Actions

  • Decreased total SG&A expenses by $0.7m YoY, with a forecast annualised reduction of ~$1.3m by end of FY26.

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Why SciDev
Proprietary technologies targeting high-value solutions, with a low-cost supply chain
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Energy Mining Construction &
Infrastructure
FluorofIX® & RegenIX ® : Industry
High-performance chemistry Targeted and optimized
High-Value leading regenerable ion
that outperform alternatives. flocculant & coagulants
Proprietary Technology exchange process that achieves
CatChek®, CarrySlik®, EnFlow® MaxiFlox®, MaxiDry®
non-detectable PFAS levels.
Digital & Automated Telemetric monitoring of OptiFlox®: Hydra-IQ®:
Services inventory levels and injection The "Autopilot" for thickeners. 24/7 "Sentinel" monitoring.
rates during completions.
Full cycle technical support
Application specific End to end support from
Bespoke including frac water sample
optimization of chemistry and process design to onsite water
Technical Support analysis, product optimisation &
supply chain management. management.
last mile delivery.
Total Addressable US: ~US$5 billion APAC: ~US$3 billion DC: ~US$2.5 billon [4]
Markets Global: ~US$12 billion [1] Global: ~US$12 billion [2,3] PFAS: ~US$2 billion [5]
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1) Specialty Oilfield Chemicals, Source: Grand View Research. 2) Flocculants & Coagulants (Mining), Source: 360iResearch. 3) Water Treatment Systems & PFAS (Mining), Source: Future Market Insights & Data Insights. 4) Reclaimed Water Systems, Source: Mordor Intelligence. 5) PFAS Remediation Market Revenue in 2026, Source: Verified Market Research. Total long-term cleanup liabilities are estimated to exceed $400 billion

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Financial Performance

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Key Financial Metrics
Stronger earnings in 2Q, following a challenging 1Q
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Profit & Loss (A$m) 1H FY26 1H FY25 VAR %
Revenue 47.9 49.9 -4%
Gross Margin 13.8 16.9 -18%
EBITDA
EBITDA Underlying
0.4
1.1
3.4
3.4
-89%
-68%
NPAT -2.1 -0.1 NM
NPAT Underlying -1.4 -0.1 NM
By Quarter (A$m) 2Q FY26 1Q FY26 VAR %
Revenue 24.9 22.9 9%
EBITDA Underlying 1.1 0.0 NM
Other Items (A$m) 1H FY26 1H FY25 VAR %
SG&A expenses Underlying 12.9 13.6 -5%
Net Cash 4.4 8.3 -47%

1H FY26 vs 1H FY25

▪ Revenue declined 4% YoY, driven by Water Technologies in APAC and Energy Services, partially offset record revenues for Process Chemistry.

▪ Gross Margin was 18% lower YoY, due primarily to weaker margins in Energy Services, which itself was impacted by lower xSlik sales.

▪ Underlying EBITDA of $1.1m, down $2.3m YoY. Two factors caused the variance: frac schedule disruption at a key Energy Services customer ($3.6m impact) and international Water Technologies investment-phase costs (.$0.7m impact) Excluding these two items, all other divisions and corporate improved YoY.

  • Reported EBITDA includes $0.7m of one-off costs related to redundancies & restructuring, and ISO asset rectification.

2Q FY26 vs 1Q FY26

▪ Revenue improved 9% QoQ, while underlying EBITDA improved by $1.1m, with higher gross margins across all businesses.

Other Key Items

  • A focus cost reduction program, initiated in 2Q, drove a $0.7m reduction in underlying SG&A YoY, with a total of $1.3m in annualised fixed costs removed.

▪ Net Cash remained a healthy $4.4m positive as at 31 Dec 2025.

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Earnings Bridge: EBITDA Underlying
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6.0
0.4
0.8
5.0
0.4
4.0 0.4
3.4
3.0
2.0
-3.6
1.1
1.0 -0.7
0.0
1H FY25 Corporate Process Chemistry Water Technologies Energy Services Energy Services Water Technologies 1H FY26
(APAC) (CatChek & Other) (xSlik) (International)
Driven by cost Growth in higher Assisted by lower xSlik sales down 74% Impacted by slow
Record sales &
reduction program margin technology SG&A and sales & due to disruption of a regulatory adoption
stronger margins
initiated in 2Q & services margins resilience key frac schedule in US / EU
A$ million
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Earnings by Business Unit
Outside of frac schedule disruption and overseas water, all other BUs improved
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A$ million 1H FY26 1H FY25 VAR %
Revenue
Energy Services 25.9 27.6 -6%
Process Chemistry 14.5 12.5 16%
Water Technologies – APAC 7.0 9.4 -25%
Water Technologies – International 0.4 0.3 19%
Total 47.9 49.9 -4%
EBITDA Underlying
Energy Services 3.3 6.5 -49%
Process Chemistry 1.1 0.7 58%
Water Technologies – APAC 0.2 -0.6 NM
Water Technologies – International -1.5 -0.8 NM
Corporate -1.9 -2.4 -19%
Total 1.1 3.4 -68%

Negative Drivers

Underlying EBITDA of $1.1 million was $2.3 million below the prior corresponding period. Two factors account for the entire variance:

  • Energy Services: ($3.6m lower YoY) A single key customer changed their frac schedule during the half, materially impacting sales of xSlik®, our premium specialty friction reducer. Moving forward, the customer relationship remains intact with opportunities for sales resume in FY27.

  • International Water Technologies: ($0.7m lower YoY) Direct investment costs grew faster than revenues. Actions were taken to restructure the business, replacing a direct-investment model with a channel partner approach, materially lowering fixed costs, saving up to $3 million pa from 2H FY26.

Positive Drivers

Excluding the two items above, all other business units improved:

  • Process Chemistry: Record revenue of $14.5 million, up 16% and underlying EBITDA up 58%, driven by tunnelling infrastructure contracts.

  • APAC Water Technologies: Returned to profitability with underlying EBITDA of $0.2 million, up $0.8 million YoY. The improvement reflects a positive shift to higher-margin technology services, and O&M contract revenues.

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  • Corporate costs: Down 19% year-on-year to $1.9 million through headcount and administration savings. Reductions are expected to be maintained.

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Energy Services
Isolated impact from scheduling disruption; CatChek client base +75% strengthens
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A$ million 1H FY26 1H FY25 VAR %
Revenue 25.9 27.6 -6%
EBITDA Underlying 3.3 6.5 -49%
EBITDA Margin 12.9% 23.7% -45%

Highlights

  • Revenue $25.9m down 6%, due to primarily to frac schedule disruption at a key customer.

  • Underlying EBITDA $3.3m (vs $6.5m in 1H FY25): Margin compression reflects xSlik® volume loss and fixed distribution cost absorption at lower revenue.

  • CatChek® client base +75%: CatChek® customers grew materially following Permian Basin expansion, with additional business development resources added to target the market.

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CatChek Customers (#)
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8
7
6
5
4
3
2
1
0
1H FY22 1H FY23 1H FY24 1H FY25 1H FY26
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  • Energy market context: WTI pricing has generally been supportive of completion activity. Management notes the key 1H FY26 headwind was customer-specific scheduling, not commodity-driven.

  • Integration of 25 new branded ISOs deployed to strengthen on-site delivery and lower distribution costs.

Strategy & Outlook

  • Increasing presence in target basins, supported by additional business development resources, creates potential for new customer acquisitions in 2H.

  • Medium-term growth: US shale gas production expected to rise significantly as infrastructure comes online in 12–18 months.

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Process Chemistry
Record sales with growing book of multi-year contracts and new mining customer trials
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A$ million 1H FY26 1H FY25 VAR %
Revenue 14.5 12.5 16%
EBITDA Underlying 1.1 0.7 58%
EBITDA Margin 7.3% 5.3% 36%

Highlights

  • Revenue of $14.5m, up 16% driven by multi-year tunnelling and infrastructure projects.

  • Underlying EBITDA $1.1m, up 58%: Revenue growth and improved gross margin were both contributors.

  • Multi-year supply contract re-signed with Process Chemistry’s largest mining customer, at slightly improved margins and volumes.

  • International field trials progressing: Conversion to long-term supply agreements targeted in 2H FY26.

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Revenue (A$m)
16
14
12
10
8
6
4
2
0
1H FY22 1H FY23 1H FY24 1H FY25 1H FY26
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Strategy & Outlook

  • Growing number of active field trials for mining customers in APAC and overseas including in PNG, New Caledonia, the Philippines, Dominican Republic, and Zambia.

  • Positive traction from cross selling into the Energy Services customers in the US sand mining market (frac proppant), with first revenues generated in January.

  • Targeted efforts on domestic & international field trials, should see conversion into long term supply agreements.

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Water Technologies
Cross industry solutions spanning Mining, Energy, Construction, and Data Centres
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A$ million 1H FY26 1H FY25 VAR %
APAC
Revenue 7.0 9.4 -25%
EBITDA Underlying 0.2 -0.6 NM
International
Revenue 0.4 0.3 19%
EBITDA Underlying -1.5 -0.8 NM

Long-term O&M Contracts (#)

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1H FY22 1H FY23 1H FY24 1H FY25 1H FY26
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Highlights

APAC

  • Revenue of $7.0m, down 25%, as several D&C contracts rolled off, and prior to ramp up of the new Rum Jungle contract ($1.0m in related revenues in 1H).

  • Underlying EBITDA improved $0.8m YoY, due to a positive mix of higher margin technology-based revenues, including remote WQMS devices and IoT linked Hydra-IQ portal in the period.

International

  • Revenue increased 19% YoY off a low base, from PFAS projects in Europe.

  • Underlying EBITDA declined to a loss of $1.5m, as cost growth outpaced earlystage revenues.

Strategy & Outlook

  • Revenues expected to grow substantially as work on the $19.5m Rum Jungle contract picks up, with the project scheduled to finish in September 2026.

  • High confidence in replenishment of our D&C order book, including Rum Jungle, based on sole-source engagement for design work with major mining clients.

  • Transition to a new low-cost operating model for the International businesses in the US and UK expected to reduce fixed costs by up to $3.0m annually.

  • Growing interest from major Data Centre developers to deliver critical Reclaimed Water solutions.

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Balance Sheet & Cashflow
Robust net cash and access to utilised debt facilities
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A$ million 1H FY26 1H FY25 VAR %
Working Capital 4.5 4.6 -3%
Property, Plant and Equipment 9.9 10.2 -3%
Total Assets 71.2 75.6 -6%
Total Liabilities 23.8 23.9 0%
Total Equity 47.4 51.7 -8%
Net Cash 4.4 8.3 -47%

Underlying Operating Cashflow Bridge (A$m)

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1.0
0.8
0.6
0.7
0.4 0.8
0.2
0.0
-0.2
0.8
-0.7
-0.4
-0.6
-0.8
Reported FY25 Abnormal Underlying
Operating Cashflow Due Diligence Costs Expenses Operating Cashflow
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Balance Sheet

  • Working capital 3% lower YoY, broadly inline with change in revenues.

  • Property, plant, and equipment (PPE) down 3% YoY, reflective the low sustaining capital needs of the business. Capex for PPE in the period related primarily to investment in ISO tanks for Energy Services, moving from rental to ownership.

  • Net cash of $4.4m as at 31 Dec 2025 remained healthy, albeit impacted lower earnings during the period and

  • Unutilised debt facilities of $6m as of 31 Dec 2025.

Cashflow

  • Reported operating cashflow of ($0.7m) included several abnormal items in the period including due diligence cost paid, but incurred in FY25, and several abnormal expenses relating to redundancies & restructuring and ISO repairs.

  • Capex for PPE of $0.5m, half was comprised of a broad range of small projects distributed across the group.

  • Sustaining capex is expected to run well below headline depreciation rates due to the long-lived nature of BOO assets which form the majority of PPE.

  • Positive operating cashflow in 2Q FY26 expected to continue into 2H FY26.

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Revenue by Source
Recurring Revenue now exceeds 50%, improving the quality of earnings
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Revenue by Industry (1H FY26)

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2%
14%
54%
30%
Energy Mining Construction Other
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Recurring Revenue as % of total[1]

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30 60%
54%
48%
25 50%
40%
20 40%
33%
15 30%
26
24
10 20 20%
16
5 10%
0 0%
1H FY23 1H FY24 1H FY25 1H FY26
A$ million
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1) Includes O&M (Water Technology), LT contracts (Process Chemistry), and CatChek (Energy Services)

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Strategy & Outlook

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Strategic Initiatives
Next generation innovation, existing market penetration, and growing recurring revenues
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Energy Services Process Chemistry Water Technologies Technology & R&D for the next generation of Automate supply chain processes Scale up of Innovation advanced specialty chemicals for efficient operations & scalability Hydra-IQ cloud platform Existing Market Prioritise Permian & Haynesville Expand domestic and target high Cross-sell water management Penetration basins for growing gas demand volume global mining opportunities services into existing mining clients Drive Recurring Target long-term Leverage access to low-cost Nueor Expand O&M and BOO to be Revenue Master Service Agreements supply chain to secure LT contracts majority of revenues over time

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Outlook – FY26
Guidance revised reflecting recent challenges, with upside potential retained
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Revised Guidance

Downside Risks

  • The revised guidance reflects the company’s view of reasonable downside risk.

FY26 Revenue guidance revised to $100m - $110m, reflecting:

  • Recently confirmed delay in sales opportunity for xSlik® pushed into FY27.

  • Delays to trial conversions in Process Chemistry confirmed in February.

  • $3 million negative impact from higher AUD:USD on forecast USD revenue.

  • Downside risks included in the guidance cover key items such as one month movement of revenues from Rum Jungle into FY27, and delays to onboarding new Energy Services customers scheduled in 4Q FY26.

Upside Opportunities

  • Upside opportunities not included in the forecast cover:

Energy Services:

2H FY26 EBITDA expected to be higher than 2H FY25 , supported by:

  • Stronger revenues expectations vs 2H FY25.

  • Expected higher EBITDA margins vs 2H FY25.

  • Recent group-wide cost reduction initiatives.

  • Potential new customer acquisitions in 2H FY26 on increased presence in key basins. (~$3m potential)

  • Additional high volume, but low margin friction reducer sales. (>$5m potential).

  • Process Chemistry:

  • Targeted efforts on mining could see additional field trials (~$0.5m potential).

Water Technologies:

  • Several smaller scale infrastructure projects within the business development scheduled to start in 2H FY26 if tender bids are successful. (~$1.0m potential).

  • Continued discussions with major Data Centre developers for solutions to address rapidly growing demand for Water Management services. Potential for initial revenues in 2H FY26.

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Outlook – FY27 Pipeline visibility
Strong forecast 4Q FY26 exit rate and increasing confidence in FY27 revenue pipeline
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FY26 Revenue Forecast Drivers

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Forecast
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1Q FY26 (A) 2Q FY26 (A) 3Q FY26 (F) 4Q FY26 (F)
Revenue - Other Revenue - Rum Jungle
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FY26 Revenue Forecast Exit Rate

  • Revenue forecasted to continue to climb QoQ over 2H FY26, with a strong 4Q exit rate for both Rum Jungle and underlying revenue base.

FY27 Revenue Pipeline

Energy Services:

  • Recent addition of new business development resources likely to show tangible returns starting in 1H FY27 as new business prospecting begins to convert into first revenues.

  • Full year of revenue activity from 6 new customers to be onboarded in 4Q FY26.

  • Process Chemistry:

  • Potential to convert current field trials to long-term supply agreements.

  • Healthy pipeline of business development opportunities in both domestic and international mining clients.

Water Technologies:

  • High confidence in replenishment of D&C order book , including Rum Jungle, based on sole-source engagement for design work with major mining clients.

  • The recurring revenue base is expected to grow through anticipated O&M contract wins over 2H FY26 and FY27.

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  • The Company will provide more specific FY27 guidance as contracted pipeline matures.

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Questions

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About SciDev
Technology enabled water solutions for the Energy, Mining, and Construction Industries
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Energy Mining Construction &
Infrastructure
Energy Services Process Chemistry
Proprietary Chemicals Proprietary Chemicals Solutions that improve
that significantly that optimise solid- wastewater recycling,
increase oil & gas liquid separation for slurry management, lift
production while mineral recovery and throughput, and lower
reducing wastewater minimise water loss disposal costs
PFAS Remediation
Processed Water Remote Water Data Centre
Water Technologies
Reuse & Recycling Monitoring Systems Water Management
Purification
Mine Remediation
Infrastructure
Current Prospective
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Supplemental Information
Group Financial Data
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A$ ‘000 FY23 FY24 FY25 1H FY25 1H FY26
Profit & Loss
Revenue 89,841 109,236 103,386 49,927 47,868
EBITDA Reported 3,916 8,844 6,192 3,353 358
EBITDA Underlying 4,080 8,844 7,130 3,353 1,086
EBIT Reported 408 4,752 2,024 1,278 -1,731
EBIT Underlying 572 4,752 2,962 1,278 -1,003
Net interest expense -630 -650 -568 -323 -231
Income tax expense -117 -1,927 -2,334 -1,023 -178
NPAT Reported -339 2,175 -878 -68 -2,140
NPAT Underlying -175 2,175 60 -68 -1,412
EPS Reported (cents) -0.2 1.1 -0.5 0.0 -1.1
EPS Underlying (cents) -0.1 1.1 0.0 0.0 -0.7
Balance Sheet
Total Assets 67,374 72,014 75,226 75,604 71,241
Total Liabilities 19,349 21,777 25,176 23,935 23,810
Net Equity 48,025 50,237 50,050 51,669 47,431
Net Cash 7,732 7,105 6,343 8,346 4,447

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Supplemental Information
Divisional data
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A$ ‘000 FY23 FY24 FY25 1H FY25 1H FY26
Energy Services
Revenue 56,453 61,031 60,244 27,581 25,889
EBITDA Underlying 5,953 11,501 13,337 6,548 3,330
EBIT Underlying 5,424 10,822 12,685 6,222 2,945
Process Chemistry
Revenue 21,292 25,289 26,077 12,520 14,520
EBITDA Underlying 992 2,644 1,342 669 1,056
EBIT Underlying 634 2,180 922 449 939
Water Technologies
Revenue 11,972 22,541 16,910 9,747 7,372
EBITDA Underlying 850 -1,421 -2,752 -1,475 -1,352
EBIT Underlying -1,119 -3,776 -5,217 -2,699 -2,608
Corporate
Revenue 123 375 156 78 86
EBITDA Underlying -3,713 -3,882 -4,802 -2,386 -1,948
EBIT Underlying -4,366 -4,477 -5,431 -2,691 -2,278

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Supplemental Information
Abnormal Items
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A$ ‘000 1H FY25 1H FY26
ISO asset rectification 0 346
Restructuring including redundancies 0 382
Total 0 728

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Commercial Models & Markets
Business units operate across several markets deploying various commercial models
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Energy Services Process Chemistry Water Technologies
Commercial Model ▪Input based – gallons supplied ▪Input based – kilos supplied ▪Build, Own, Operate (BOO)
▪Design and Construct (D&C)
▪Operate & Maintain (O&M)
Primary Markets ▪Oil and gas ▪Mineral processing ▪Mining
▪US Shale ▪Coal preparation ▪Infrastructure
▪Construction ▪Defence
Contract Structure ▪Under Master Service Agreement ▪1 – 3 year supply contracts ▪D&C – 6-18 months
▪Purchase order 6-week supply, ▪BOO – 6 weeks – 5+ years
visibility of completion schedule up
to 6 months
Business Development Model ▪New basins, gas in addition to oil ▪Tailor product to application, ▪Trusted supplier with numerous
▪Product reputation, technical sale improving process and resulting in multi-year contracts
▪Upsell from existing products to savings ▪Involvement from concept through
proprietary chemistry ▪Existing customers, new sites design to commission and
operate.
▪Rapid deployment of BOO
Market Drivers ▪Commodity oil price ▪Mining activity ▪Infrastructure spend
▪Drilling and completion activity ▪Infrastructure spend (tunnels) ▪Regulation
Key Technologies ▪CatChek ▪MaxiFlox® ▪FluorofIX
▪RegenIX

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Seán Halpin

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Seán Halpin

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Heath Roberts
General Counsel
and Company
Secretary
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Mike Utsler

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Todd Scott

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John Gourlay

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Chris Dartez

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Dan O’Toole

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Jamiel Muhor

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Johannes Risseeuw

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Ronan Duffy

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Disclaimer

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Forward-Looking Statements Disclaimer

This presentation may contain certain ‘forward-looking statements’ with respect to the financial condition, results of operations, and business of SciDev Limited and certain of the plans and objectives of management. Forwardlooking statements can generally be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘expect,’ ‘intend,’ ‘estimate,’ ‘may,’ ‘will,’ ‘should’ and similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of SciDev Limited, which may cause actual results to differ materially from those expressed or implied in such statements. Past performance is not a reliable indicator of future performance.

Financial Information Disclaimer

All financial information in this presentation is based on publicly available information or management estimates. This presentation does not constitute financial advice and should not be relied upon as the sole basis for any investment decision.

Not an Offer

This presentation is for information purposes only and is not an offer, invitation, solicitation, or recommendation with respect to the subscription for, purchase or sale of any security in any jurisdiction.

ASX and Regulatory Compliance

This presentation has been prepared in accordance with the requirements of the ASX Listing Rules. Any information provided herein should be read in conjunction with the Company’s periodic and continuous disclosure announcements lodged with the ASX.

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