Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

18 February 2021

2021 HALF YEAR RESULTS – PRESENTATION OF HALF YEAR RESULTS

Seven Group Holdings Limited (ASX: SVW) attaches the results presentation slides for the half year ended 31 December 2020.

This release has been authorised to be given to ASX by the Board of Seven Group Holdings Limited.

Ends.

For more details:

Lauren Thompson +61 438 954 729 Courtney Howe +61 404 310 364

Seven Group Holdings Limited | ABN 46 142 003 469 Level 30, 175 Liverpool Street | Sydney NSW 2000 Australia | Postal Address: PO Box 745 | Darlinghurst NSW 1300 Australia Telephone +61 2 8777 7574

STRENGTH, COMMUNITY, RESILIENCE INVESTOR PRESENTATION FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

18 FEBRUARY 2021

GROUP OVERVIEW

Our purpose is to recognise and serve exceptional businesses

Our objective is to maximise return to stakeholders through long term sustainable value creation

GROUP OVERVIEW PEOPLE, SAFETY AND CULTURE

Keeping our 5,800+ people safe is our top priority

Strong safety culture across all operating businesses
- Significant improvement in safety statistics over the past few years
- Reduction in LTIFR and TRIFR year on year
- WesTrac NSW almost two years LTI-free
Agile and timely response to COVID-19
- SGH nerve centre established
- Crisis management teams across our workplaces

Building capability and a positive culture to support growth

Skilled labour programs (training, apprenticeships, trade upgrades) to improve capability and address shortage of skilled labour
WesTrac Technology Training Centre for technicians and operators of autonomous vehicles
Values-led culture to build depth in leadership capability
- Improvement >10% in WesTrac's employee engagement
- 23.6% average reduction in voluntary turnover across operations
Providing indigenous employment opportunities
- Programs, partnerships and initiatives across our workplaces
- Launch of the Coates Hire Reconciliation Action Plan

	LTIFR			TRIFR
	Dec 2020	Dec 2019	Dec 2020	Dec 2019
WesTrac WA	1.1	0.8	5.9	7.8
WesTrac NSW	0.0	0.6	5.2	8.2
Coates Hire	0.6	1.2	5.6	9.8
Group Total	0.7	1.0	5.6	8.8

Lost time injury frequency rate (LTIFR) = number of lost time injuries per million hours worked
Total recordable injury frequency rate (TRIFR) = number of recordable injuries per million hours worked
Statistics are calculated on a rolling 12 months basis
Results for previous periods may be adjusted following post incident investigation and review

GROUP OVERVIEW ESG & EMISSIONS COMMITMENT

Formal commitments on climate change

Commitment that SGH and our current operating businesses, Coates and WesTrac, will achieve net zero greenhouse gas emissions by 2040
Support Paris Agreement goal to limit temperature rises to below 2°C
Disclose medium-term targets for our current businesses this year

Part of a broad step-up in our approach to sustainability

Adopt GRI reporting approach and framework
Follow TCFD recommendations for climate disclosure

Building on our traditional commitments to social responsibility

Safety: embed LTIFR/TRIFR gains; emphasise proactive reporting
Training: trade upgrade programs; sustainability training
Community: bushfire relief and rebuild $5m committed in FY21 and matched by major shareholder
Diversity: Reconciliation Action Plans, gender parity targets further into businesses
Waste: further minimisation; supplier partnering for circular design
Technology: hybrid equipment; alternative fuels

GROUP OVERVIEW BUSINESSES AND MARKETS

Industrials	Industrials	Industrials	Energy	Media

WesTrac (100% owned) isone of the largest CATdealers globally (by sales)and supports customers inAustralia's rich iron ore andthermal coal regions	Coates Hire (100% owned) is thelargest nationwide industrial andgeneral equipment hire companywith complementary SpecialistServices including engineeringsolutions for propping, shoringand dewatering.	Boral (20% owned) is aninternational building productsand construction materialsgroup with three divisions: theleading integrated constructionmaterials business of BoralAustralia, USG Boral andBoral North America	Beach Energy (28.5%owned) is a leading mid-capE&P business and a keysupplier to a growing EastCoast gas market	Seven West Media (40%owned) is a leading diversifiedmedia company in Australia
28 branchesCY20 $3.6 bn revenueFocus on parts supply,component rebuilds, partsexchange and autonomousmining	157 branchesCY20 $939m revenueFocus on large tier onecustomers, mid-tier and trade,engineering solutions	Over 783 sitesCY20 $5.4 bn revenueFocus on constructionmaterials and buildingproducts for the infrastructure,commercial and residentialconstruction markets.	SGH Energy (100% owned)holds operated and nonoperated oil and gasinterests including 15% ofthe Crux LNG Project	Monthly Australia-wideaudience reach of:-17.2m in Seven Network-7.8m in 7Digital-3.3m in WAN + digital
Key customers: BHP, CIMIC,FMG, Glencore, Macmahon,Mineral Resources, Rio Tinto,Roy Hill	Key customers: BMD, CIMIC,Downer, John Holland,Lendlease	Key customers: BMD, CIMIC,John Holland, Lendlease,Seymour Whyte (VINCIGroup)	Key customers: Alinta, AGL,Adelaide Brighton, OriginEnergy	Other media investmentsinclude interests in China P/Efunds

GROUP OVERVIEW HIGHLIGHTS

Resilient performance by operating businesses

Trading revenue of $2.4bn up 4% with strong performance in WesTrac offsetting some uncertainty in some end-markets in Coates
Industrial segment EBIT of $331m up $41m or 14% with WesTrac and Coates both delivering improved contribution and margins
- WesTrac 17% growth in product sales driven by major projects entering into commissioning phase, combined with ongoing product support activity with parts lines invoiced up 6% to 3.9m for the half
- Coates Hire EBIT growth delivered through disciplined cost management following management restructure in 2H FY20
- Initial recognition of Boral equity accounted earnings from Q2
Group underlying EBIT of $396m down 5%
- SWM profitability significantly improved, however Beach earnings were impacted by lower A$ realised oil prices
Statutory EBIT up 155% and Statutory NPAT up 855% with inclusion of $115m in favourable significant items including SWM impairment reversal

Dividend increase supported by cash flow through the cycle

Interim dividend increased by 10% to 23 cps fully franked
Operating cash flow of $229m up $81m or 55% on pcp, reflecting performance of key businesses and active working capital management
Free cash flow further enhanced by $73m reduction in net capex reflecting disciplined approach to fleet reinvestment in Coates

GROUP OVERVIEW KEY FINANCIALS

Underlying Results ($m)	1H FY21	1H FY20	% Change
Trading revenue	2,357.4	2,262.8	4.2%
Earnings before interest and tax1	396.1	417.6	-5.1%
Underlying net profit after tax attributable to shareholders1	246.7	254.7	-3.1%
Underlying earnings per share1	73 cents	75 cents	-2.7%
Underlying EBITDA cash conversion1,2	69.7%	59.0%	10.7%

Statutory results ($m)	1H FY21	1H FY20	% Change
Trading revenue	2,357.4	2,262.8	4.2%
Earnings before interest and tax	511.5	200.8	155%
Net profit after tax attributable to shareholders	362.1	37.9	855%
Earnings per share	107 cents	11 cents	872%

Interim fully franked ordinary dividend	23 cents	21 cents	10%

Notes:

Excluding significant items. Refer to slide 10 for listing of significant items
Refer to slide 12 for EBITDA cash flow conversion

GROUP FINANCIALS

FINANCIALS PROFIT AND LOSS

$m	1H FY21	1H FY20	Change %
Revenue	2,357.4	2,262.8	4.2%
Other income	11.5	35.9	-68.0%
Share of results from equity accounted investees	87.2	112.4	-22.4%
Trading revenue and other income	2,456.1	2,411.1	1.9%
Expenses (excluding. depreciation, amortisation and interest)	(1,929.6)	(1,863.5)	3.5%
Underlying EBITDA	526.5	547.6	-3.9%
Depreciation and amortisation	(130.4)	(130.0)	0.3%
Underlying EBIT	396.1	417.6	-5.1%
Net finance costs	(79.9)	(76.1)	5.0%
Underlying net profit before tax	316.2	341.5	-7.4%
Underlying tax expense	(67.7)	(85.8)	-21.1%
Underlying net profit after tax	248.5	255.7	-2.8%
Significant items (including tax impact)	115.4	(216.8)	-153%
Statutory net profit after tax	363.9	38.9	835%

FINANCIALS SIGNIFICANT ITEMS

$m	1H FY21	1H FY20
Share of results from equity accounted investees attributable to significant items –SWM	11.9	(48.3)
Impairment reversal / (impairment) –SWM equity	104.0	(64.4)
Impairment of producing and development asset –Bivins Ranch	-	(104.1)
Share of results from equity accounted investees attributable to significant items –Boral	(0.5)	-
Significant Items –EBIT	115.4	(216.8)
Tax benefit relating to significant items	-	-
Significant Items –NPAT	115.4	(216.8)
Statutory net profit after tax	363.9	38.9
Net profit after tax excluding significant items	248.5	255.7

Notes:

– Reclassification of 1H FY20 significant items due to SWM recognising a deferred tax liability on its indefinite life intangibles in accordance with AASB 112: Income Taxes has resulted in SGH's share of results from equity accounted investees attributable to significant items restatement from $(55.9)m to $(48.3)m and impairment of equity accounted investee restatement from $(56.8)m to $(64.4)m

– Mark-to-market value of SWM investment was $328 million as at 17 February 2021

FINANCIALS EARNINGS SUMMARY

$m	TotalGroup	WesTrac	Coates	Boral	AllightSykes	Energy	Media	Investments	Corporate
Trading revenue	2,357.4	1,847.4	468.7	-	37.7	1.2	-	2.4	-
Statutory EBIT	511.5	211.4	105.3	14.9	(1.1)	35.5	154.0	2.7	(11.2)
Add unfavourable significant items
Share of significant items from equity accounted investees	0.5	-	-	0.5	-	-	-	-	-
Subtract favourable significant items
Impairment reversal –SWM equity	(104.0)	-	-	-	-	-	(104.0)	-	-
Share of significant items from equity accounted investees	(11.9)	-	-	-	-	-	(11.9)	-	-
Total significant items –EBIT	(115.4)	-	-	0.5	-	-	(115.9)	-	-
Underlying EBIT –1H FY21	396.1	211.4	105.3	15.4	(1.1)	35.5	38.1	2.7	(11.2)
Underlying EBIT –1H FY20	417.6	186.0	104.2	-	(0.1)	77.4	46.2	14.6	(10.7)
Change %	-5.1%	13.6%	1.1%	n/a	n/a	-54.1%	-17.5%	-81.5%	-4.7%

FINANCIALS CASH FLOW

$m	1H FY21	1H FY20
Underlying EBIT	396.1	417.6
Add: depreciation and amortisation	130.4	130.0
Underlying EBITDA	526.5	547.6
Operating cash flow	228.9	147.8
Add: net interest and other costs of finance paid	64.0	68.1
Add: net income taxes paid	74.1	106.6
Underlying operating cash flow	367.0	322.5
Underlying EBITDA cash conversion	70%	59%
Operating cash flow	228.9	147.8
Investing cash flow	(504.3)	(147.6)
Financing cash flow	258.1	1.8
Net increase / (decrease) in cash and cash equivalents	(17.3)	2.0
Opening net debt	2,364.3	1,996.1
Movement in net debt	281.0	103.7
Closing net debt	2,645.3	2,099.8

Note: interest and other costs of finance paid includes interest on lease liability payments

Continued positive trend in underlying operating cash flow conversion through net working capital release
Net inventory investment of $33m to meet the growing customer demand
Investing cash flow includes: $422m investment in Boral during the half and $84m in net capex ($69m Coates, $13m WesTrac, $2m energy/other), and $1m other net investment proceeds
Financing cash flow includes $71m ordinary dividend paid, $359m in debt drawn (net) and $29m lease liabilities repaid

FINANCIALS BALANCE SHEET

$m	As at31 Dec 20	As at30 Jun 20	Change %
Trade and other receivables	701.2	775.4	-10%
Inventories	869.3	836.8	4%
Net assets held for sale	2.9	4.7	-38%
Investments	2,554.2	1,853.6	38%
Property, plant and equipment	965.7	981.9	-2%
Oil and natural gas assets	349.3	347.9	0.4%
Intangible assets	1,625.9	1,624.9	0.1%
Other assets	88.1	60.2	46%
Trade and other payables	(383.7)	(449.2)	-15%
Provisions	(190.5)	(190.9)	-0.2%
Deferred income	(167.6)	(216.0)	-22%
Net tax assets (liabilities)	(260.8)	(296.9)	-12%
Derivative financial instruments	32.7	125.9	-74%
Net lease liabilities	(234.7)	(227.0)	3%
Net debt (excluding leases)	(2,645.3)	(2,364.3)	12%
Total shareholders equity	3,306.7	2,867.0	15%

Receivables reduction of $74m driven by customer collections for machines delivered in late FY20
Deferred income reduction of $48m mainly reflects machine deliveries on major customer projects
Investments increase of $701m includes the incremental Boral investment within the half and uplift on transition to equity accounting
Derivative financial instruments movement reflects impact of higher FX rate on cross-currency IR swap valuation, with a similar offsetting movement in the A$ value of US notes
Increase of $28m in other assets includes an increase in machine prepayments to Cat

FINANCIALS LIQUIDITY MANAGEMENT

Funding base extended and diversified

US$300m private placement completed in July across 7, 10, 12 year tranches, raising A$461m equivalent
Low-cost stand-by facilities in place to give additional flexibility
- US$200m private placement shelf facility allowing issuance of US$ and/or A$ notes over three years in maturities up to 15 years
- $200m in stock lending facilities to support future investment activity and to unlock liquidity from the portfolio

Extension of 2021 debt maturities

$400m bank facility tranche (due Sep 2021) extended by three years to Sep 2024 and limit increased to $558m
- Step-up in credit support for the Group
Increased commitment from existing banks and addition of a new lender
Opportunities to refinance $431m OEM facility (due Jul 2021) currently under consideration
Targeting diversity of funding sources, additional tenor and reduction in borrowing cost

Note: adjusted gearing ratio takes into account the mark-to-market value of derivatives, the value of the listed portfolio (ex. Beach and Boral) and the market value of listed equity accounted investments in excess of book value

Note: bank facility limits reflect new credit-approved commitments of $158m as at 31 Dec 2020

FINANCIALS CAPITAL MANAGEMENT

Disciplined approach to investment management

Deployment of capital through market dislocation to generate enhanced return for SGH shareholders
- $390m invested in Boral during the half and $854m to date
- Board representation allows SGH to support Boral management through its strategic initiatives
- Objectives are aligned with all Boral shareholders in terms of maximising return on investment
Beach share price re-rating since June, supported by high level of development activity in the period (Enterprise-1 drilling success and Waitsia Stage 2 FID) combined with recovering global energy demand
Supportive of SWM transformation process which has seen a re-rating in share price, reflecting the positive impact of new management actions and recovery in market conditions

Enhancing shareholder return

Total shareholder return of 19% per annum over past three years
- Ranked top quartile vs S&P / ASX100 ex. Financials
Interim dividend increased by 10% to 23 cents
- Reflects strong operating and cash flow performance of the business
- Confidence in outlook for key sectors through mining production, infrastructure investment and East Coast gas demand

BUSINESS REVIEW

INDUSTRIAL SERVICES WESTRAC HIGHLIGHTS

Commissioning of major fleet deliveries for BHP (South Flank) and Rio Tinto (Koodaideri)
Project pipeline includes FMG (Eliwana and Iron Bridge) and Newmont (Boddington) projects yet to ramp up and further project opportunities to capture
Strong iron ore price dynamics supporting customer activity and investment with Australian miners capturing greater share of demand
- Iron ore production guidance raised in January 2021 by BHP and Rio Tinto and maintained by FMG
- Mining production and fleet utilisation has remained strong with limited disruptions

Parts and service remains strong

4% YoY growth in product support sales, volumes broadly consistent with pcp, however some deferral seen in December due to CAT parts price reduction in January
Limited impact to parts supply chain performance and service to customers
35 AHS kits installed for key customers during the period

INDUSTRIAL SERVICES MINING MACHINE OPPORTUNITY

High utilisation across an ageing fleet delivering opportunities

Increase in average fleet age creating opportunities:
- End of life replacement and for new fleets to support future expansion
- Growing demand for parts and service needed to deliver incremental mining production, as reflected by the parts volume trajectory
- Extension of machine life, supported by innovative customer solutions such as the parts exchange program and component rebuilds
CAT technology advantage seen in contract wins to replace non-CAT fleet as miners continue to pursue productivity gains

Current fleet tender opportunities

Northern Star: recently awarded ~$250m tender for haul trucks and ancillary equipment to support mining fleet renewal program at KCGM-Super Pit
NSW coal customers: ultra-class truck & hydraulic mining shovel opportunities

Dealership excellence

WA and NSW both ranked in CAT's global Top 5 dealers for Parts Excellence
WA ranked 1st and NSW ranked 2nd for CI Services Growth for CAT
Investment in facilities to ensure capacity to meet rising demand
Demonstrates clear WesTrac / CAT alignment through the dealer model

>180t active Cat mining truck population (# units)

		uldss -2
	Model	B	C	D	F	n/a	Total
WA	789	25	120	88			233
	793	22	96	81	477	2	678
	794					4	4
	MT3300					10	10
	MT4400					81	81
	MT6300					15	15
		47	216	169	477	112	1,021
NSW	789	13	160	66		10	249
	793	9	44	146	31	1	231
	795				17		17
	797				30		30
	MT4400					6	6
		22	204	212	78	17	533
WesTrac		69	420	381	555	129	1,554

INDUSTRIAL SERVICES WESTRAC FINANCIALS

Ongoing momentum delivering revenue and margin growth

Revenue up 8% on pcp driven by project deliveries with product sales up $88m or 17% and product support up $48m or 4%
New and used construction industry sales boosted by accelerated write-off stimulus measures announced in the Federal Budget
Strong mining and construction demand in WA, coal export activity in NSW remains near record levels
EBIT growth of 14% or $25m on pcp coupled with margin improvement of 0.6% to 11.4%

Reinvestment in the business

Continued investment in parts exchange program to support major fleet deliveries and customers' expanding fleet
Construction will complete end of Feb 2021 at expanded Welshpool rebuild facilities; South Guildford expansion underway; new facility and development agreed at Perth Airport
Pursuing vertical integration by insourcing activities e.g. HVOF, metrology, laser cladding and advanced robotic machining

Response to market conditions

Employee value proposition has enabled WesTrac to attract and retain staff in a tight and less-mobile labour market
Cross-dealership labour and facility optimisation, overcoming any disruptions and optimising capacity

INDUSTRIAL SERVICES COATES

Strong focus on costs and dynamic response to conditions

Experiencing some impact on customer activity in certain geographic markets and segments
Social distancing and prolonged lockdown in VIC impacted construction across East Coast, however WA remains resilient
Diversified revenue base and exposure to upside in infrastructure, residential building and construction
Restructured cost base in FY20 has allowed overall net margin expansion during the half

Well positioned for new opportunities and recovery

Governments focused on accelerating "shovel-ready" projects, adopting use it or lose it funding, with bias to regional areas where Coates has a strong network
Engineering & Construction demand remains strong and poised to benefit from expected acceleration of projects by Government
Acceleration of value-add specialist services including engineering solutions for propping, shoring and dewatering

Fleet management optimised

• Slowdown in the rate of asset disposal, ensuring fleet is retained in place to meet available opportunities

Note: chart is based on projects with over $2 billion in construction work done Source: BIS Oxford Economics – Sep 2020

INDUSTRIAL SERVICES COATES FLEET OVERVIEW

Driving fleet utilisation and return on assets

Fleet age, composition and location is actively managed to optimise the rate of return and to capture opportunities in targeted growth segments and markets
Transformation initiatives over time have improved fleet availability through reduction in turnaround times following R&M and improved logistics
Average fleet age reduced through the cycle
Greenline increased from 25% to 27% reflecting an installed fleet ready to deploy

Focus areas

Right-sizing the fleet to match demand including the timing of asset disposals
Driving asset utilisation to best practice benchmarks
Building a market leading position in digital capability, both customer facing and internal systems and processes

INDUSTRIAL SERVICES COATES FINANCIALS

EBIT growth achieved during the half

1H FY21 EBIT of $105m was up 6% against the immediately preceding half (2H FY20: $99.5m) showing a positive trend
1H FY21 EBIT up 1.1% against pcp (1H FY20: $104m)
Revenue of $469m down 7% on pcp, however margin defended through 15% reduction in cost of sales and 12% reduction in other expenses

WA activity strengthening, East Coast metro areas impacted

Increased level of activity in Pilbara region for the foreseeable future and stronger WA Industrial Services result
Metro areas on East Coast impacted by disruptions to customer activity, however regional areas are performing well

Priorities and focus

Continuing to improve cost efficiency and capturing scale
- Refining the cost base to improve margins and profitability
- Optimising the capital expenditure / R&M cycle to enhance return
- Investing in technology and digital capability
Strengthening the sales team and customer relationships
- Increasing engagement with mid-tier and trade customers
Supporting shovel-ready projects coming on stream

INDUSTRIAL SERVICES BORAL

Boral investment and portfolio

Focused on supporting Boral to rationalise its portfolio and improve operating performance to restore earnings and value
Strong five-year infrastructure investment growth outlook, with Boral poised to capture demand through its aggregates position, also expanding SGH's sector exposure with no engineering construction risk

Solid earnings result in challenging conditions

Australia: 1H revenue of $1.6bn down 8% and underlying EBIT of $128m down 20%; experiencing softer construction activity
- Outlook: multi-residential and non-residential weakness to continue in FY21, major projects are currently transitioning, however pipeline is more positive in FY22 and well placed to meet demand when activity picks up
North America: 1H revenue of A$1.1bn down 9% and underlying EBIT of A$100m up 14%; experiencing production disruptions
- Outlook: Building Products volume should continue to ramp up to meet strong market demand; expecting lower Fly Ash volumes and margins

Strong early progress on resetting the portfolio

$300m EBIT uplift targeted (net of inflation); $32m (net of inflation) delivered in 1H FY21 at annualised $149m run rate (before inflation)
Sale of interests in USG Boral for US$1.015bn and Meridian Brick for US$125m (Boral share), both expected to complete in FY21
Exploring third party interest in North America with advisors appointed

Seven Group Holdings 23

ENERGY BEACH ENERGY

Key milestones towards delivering 37MMboe production in FY25

FY25 growth ambition supported by Waitsia and Otway progress
Waitsia Stage 1A complete and FID taken with Mitsui on 250 TJ/day Stage 2 development; key commercial agreements in place; first LNG sales expected in H2 CY23 at 1.5Mtpa (gross) over five years
Enterprise-1 well in Victorian Otway Basin resulted in 2P reserves of 21 Mmboe (net to Beach), de-risking other prospects in the vicinity
Ocean Onyx rig on location to begin Otway offshore drilling program shortly

New assets acquired to complement development activity

Capex of $314m in 1H with 35 wells drilled at 94% success rate; 2H to focus on Otway Basin drilling program and ramp up in Waitsia Stage 2 activities
Consolidating basin positions with acquisition of Senex's Cooper Basin assets for $87.5m with annual $5m synergy and Mitsui's Bass Basin interest

Production growth achieved in uncertain environment

1H FY21 production slightly up on pcp, however revenue down 22% on pcp, impacted by weaker oil prices but supported by stable gas prices
Oil price remains subdued with OPEC+ supply uncertainty and demand recovery still ramping up

Outlook for FY21

FY21 production 26.5-27.5 MMBoe (pro-forma) and capex of $720-760m focusing on growth in East Coast supply and Waitsia development
EBITDA guidance of $900-950m and DD&A of $16.5-17.5/Boe

ENERGY SGH ENERGY

Crux development update

Crux is an attractive asset, uniquely positioned as a backfill opportunity utilising existing infrastructure
Anticipated global LNG supply gap around projected Crux start-up window
More robust LNG price outlook
Continued progress towards FID for Crux
- Progress on key regulatory approvals has continued
- Acceptance by the regulator of the Crux Offshore Project Proposal
- Crux JV is ramping up activities towards project sanction

Longtom update

Positive steps taken to enable a future restart of Longtom production
Offers a local, dispatchable energy supply to support the south-eastern domestic market

$m	1H FY21	1H FY20
Sale of oil, gas and condensate	1.2	2.1
Beach share of associate NPAT	36.7	79.5
Total revenue	37.9	81.6
Segment EBITDA	35.5	78.3
Segment EBIT	35.5	77.4

Asset value / Ownership %	Book Value31 Dec 20	Market Value31 Dec 20
Beach Energy (29%)	$911m	$1,171m
Crux (15%)	$237m	-
Longtom (100%)	$52m	-

MEDIA SEVEN WEST MEDIA

Ad spend recovering in 2Q21

TV ad market improving with Oct-Dec quarter returning to growth
Q1: total ad market -20.2%, Metro FTA -14.3%
Q2: total ad market +5.3%, Metro FTA +16.6%
New content schedule driving total TV audience and providing revenue upside given ~12mth lag between ratings and revenue
Forward bookings looking positive for February and March
7plus delivering outstanding performance with viewership up 76%, more than double the free-to-air BVOD market growth of 35%

Focus on operational turnaround and content led growth

Revenue of $644m down 10% and SWM EBIT of $152m up 29%
Cost savings of $170m gross YTD more than offset the revenue decline; $30m new cash cost savings identified for implementation
Net debt down 42% to $329m; targeting net debt to be sustainably <2x EBITDA by end of CY21 (excluding one-off events)
- Further $150m of debt retired subsequent to 31 Dec 2020
Strong balance sheet provides optionality with ongoing asset sales
Announcement of long-term partnership with Google to provide news content, recognising the value of quality and original journalism

SWM outlook

SWM positioned to capitalise on ad market recovery while pursuing next phase of strategy and consolidation
Early bookings indicate Q3 revenue could be 7-10% up on pcp; targeting improved revenue share in FY22
FY21 opex expected to be bottom of $1.03-1.05bn analyst range (excluding $17m in net one-off benefits)

Other media investments

Contribution of offshore media funds reduced to $3.2m
Earnings are dependent on realisation of fund investments

GROUP OUTLOOK FY21

Business Outlook
Industrials expectingimprovement in	WesTrac outperforming in 1H FY21 with strong results in WA, offsetting flat performance in NSW, on-track to deliver•FY21 high single digit EBIT growth on FY20
in majority of keymarkets	Coates expected to rebound in 2H FY21 against 2H FY20 with continued focus on costs and supporting shovel•ready projects coming on stream; expecting low single digit underlying EBIT growth against FY20
East Coast gas	High proportion of gas in Beach's production mix, sold under term contracts, provides protection for the business•
demand strong and oilprice is recovering	Beach production guidance between 26.5-27.5 MMboe and Underlying EBITDA between $900-$950m•
	Continued progress on Crux projection sanction with improved LNG outlook and SGHE taking steps to enable future•restart of Longton production
SWM accelerating thetransformationstrategy	Ongoing focus on content led growth and transformation has SWM positioned to capitalise on market recovery and•industry consolidation
	Cost discipline as part of transformation actions continues to strengthen the business and refreshed content lineup•in FY21 is capturing stronger audience / revenue share
Group Outlook
Well positioned tonavigate challenges	Our three key focus areas in mining production, infrastructure investment and East Coast gas continue to provide•attractive thematics over the medium to long term, boosted by budget stimulus measures
Group EBIT guidance	Industrialsdemand and activity are robustand we expect growth in this segment in FY21•

DISCLAIMER

Basis of preparation of slides

Included in this presentation is data prepared by the management of Seven Group Holdings Limited ("SGH") and other associated entities and investments. This data is included for information purposes only and has not been subject to the same level of review by the company as the financial statements, so is merely provided for indicative purposes. The company and its employees do not warrant the data and disclaim any liability flowing from the use of this data by any party.
SGH does not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, and are subject to variation. All forward-looking statements in this document reflect the current expectations concerning future results and events. Any forward-looking statements contained or implied, either within this document or verbally, involve known and unknown risks, uncertainties and other factors (including economic and market conditions, changes in operating conditions, currency fluctuations, political events, labour relations, availability and cost of labour, materials and equipment) that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements, expressed, projected or implied by any forwardlooking statements.
Unless otherwise indicated, all references to estimates, targets and forecasts and derivations of the same in this material are references to estimates, targets and forecasts by SGH. Management estimates, targets and forecasts are based on views held only at the date of this material, and actual events and results may be materially different from them. SGH does not undertake to revise the material to reflect any future events or circumstances.
Period-on-period changes that are greater than 100%, less than (100)% or change between positive and negative are omitted for presentation purposes.

Non-IFRS Financial Information

SGH results comply with International Financial Reporting Standards ("IFRS"). The underlying segment performance is presented in Note 2 to the financial statements for the period and excludes Significant Items comprising impairment of equity accounted investees, investments and non-current assets, fair value movement of derivatives, net gains on sale of investments and equity accounted investees, restructuring and redundancy costs, share of results from equity accounted investees attributable to Significant Items, loss on sale of investments and derivative financial instruments, acquisition transaction costs, significant items in other income, remeasurement of tax exposures and unusual tax expense impacts. Significant Items are detailed in Note 3 to the financial statements and Slide 10 of this presentation.
This presentation includes certain non-IFRS measures including Underlying Net Profit After Tax (excluding Significant Items), total revenue and other income, Segment EBIT margin and Segment EBITDA margin. These measures are used internally by management to assess the performance of the business, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review.