SSH GROUP LTD — Interim / Quarterly Report 2025

Oct 30, 2024

Quarterly Activities Report and Appendix 4C

Quarterly Activities Report and Appendix 4C

$46.2m	80%	Positive

HIGHLIGHTS

POSITIVE FINANCIAL RESULTS FOR THE QUARTER

SSH Group is pleased to provide an update on operational activities from the September 2024 quarter.

The Group generated cash receipts of $46.2m for the 12 months ending 30 September 2024, an increase of 5% from the 12 months up to the June 2024 quarter.

Quarter	Cash Receipts
Q2 FY24	$10,346,180
Q3 FY24	$11,213,817
Q4 FY24	$12,529,961
Q1 FY25	$12,133,122
4 Quarters Total	$46,223,080

SSH Group achieved its sixth quarter with a positive operating cash flow of $0.9m, which is up 80% on the prior quarter, of $0.5m.

DEBT REDUCTION AND NEW GROWTH FINANCING FACILITY

As part of the Group's ongoing capital management plan, the Company delivered a significant debt reduction, reflecting its commitment to managing its operating leverage and strengthening its balance sheet. As announced on 29 October 2024, over the six months from 1 April 2024 to 30 September 2024, SSH successfully reduced the Group's total debt by $3.8 million, or 12%.

Of this reduction, $3.3 million relates to equipment finance debt, with the remaining $0.5 million attributed to other finance facilities and accounts. As of 30 September 2024, 93% of the Group's financed liabilities are connected to operating assets within the Mining and Civil sector, all of which are asset-backed and insured.

During the quarter, the SSH Group was pleased to advise that it had paid out early the remaining $1,380,400 balance of a term loan initially established for the acquisition of Karratha Machinery Hire (KMH) in May 2022.

SSH Group has partnered with ScotPac Business Finance to facilitate a restructure of the Company's working capital funding arrangements. The restructure allows the SSH Group to better support significant future growth opportunities and provide financial flexibility across the group of companies.

OPERATIONAL DEVELOPMENTS FOR THE QUARTER

SSH Group is continuing to pursue growth in the mining sector with both existing Tier 1 mines and development projects. SSH Group has continued its focus on creating value accretive project partnerships and bespoke service offerings for mid-tier and junior minors.

SSH Group's Equipment and Workforce Solutions verticals have performed exceptionally well, working together to cross sell their service offerings to the Group's customer base within the Mining and Civil market segments.

SSH Group's operating subsidiaries currently providing equipment and workforce solutions are beginning to pivot the Group towards becoming a "Turnkey Mining and Civil Resource Provider", with an emphasis on Equipment Rental and Transport, Maintenance, and Personnel.

SSH Group management is evaluating potential efficiency creation across the four trading subsidiaries and a strategic pivot to a one team approach.

CORPORATE

Following the resignation of Mr Sonu Cheema, Ms Carly Terzanidis (AGIA AGC (CS) BCom) was appointed Company Secretary effective 30 August 2024. The Board expressed its sincere gratitude to Sonu for his contribution since appointment and welcomed Carly to the role.

Quarterly Activities Report and Appendix 4C 31/10/2024

An amount of 7 million unquoted options expired during the period.

Subsequent to the end of the quarter, the Company lodged its Notice of Annual General Meeting (AGM) to be held at 1.00pm AWST on Friday, 29 November 2024. The Notice of AGM can be found on the SSH Group website at https://sshgroup.com.au/investors/asx-announcements/.

ADDITIONAL INFORMATION

The SSH Group provides the following additional information relating to expenditure during the quarter and since listing:

1. ASX Listing Rule 4.7C.3: Payments to related parties of the SSH and their associates during the quarter: $120,422. These payments relate to executive and non-executive directors' fees and remuneration payments for executive directors and related parties as per the Executive Service Agreements.

ASX ANNOUNCEMENTS

This Quarterly Activities Report contains information reported in the following announcements released during the period:

Date	ASX Release Title
31/07/2024	KMH Acquisition Term Loan Repaid Early
31/07/2024	Quarterly Activities Report & Appendix 4C Cashflow Report
29/08/2024	Appendix 4G
29/08/2024	FY24 Appendix 4E and Annual Report
29/08/2024	Corporate Governance Statement
29/08/2024	FY24 Results Presentation
30/08/2024	Change of Company Secretary
09/09/2024	Notification of cessation of securities - SSH
02/10/2024	AGM Date and Director Nominations
29/10/2024	Significant $3.8m (12%) Group Debt Reduction
30/10/2024	Notice of Annual General Meeting/Proxy Form

AUTHORISATION

ABOUT SSH GROUP

FORWARD LOOKING STATEMENTS

FURTHER DETAILS

Investor Information	Registered Office	Company Secr
ASX Market Data	SSH Group Ltd	Email:
	Level 3,88 William Street,Perth WA 6000	cosec@sshgro
		Post:
		PO Box 189WELSHPOOL D

Appendix 4C

QUARTERLY CASH FLOW REPORT FOR ENTITIES

subject to Listing Rule 4.7B

Name of entity

SSH Group Limited

ABN

Quarter ended ("current quarter")

79 140 110 130

30 September 2024

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(12$ months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	12,133	12,133
1.2	Payments for
	product manufacturing and operating costs	(7, 844)	(7, 844)
	advertising and marketing	(16)	(16)
	leased assets	(155)	(155)
	staff costs	(2,057)	(2,057)
	administration and corporate costs	(514)	(514)
1.3	Dividends received (see note 3)
1.4	Interest received
1.5	Interest and other costs of finance paid	(660)	(660)
1.6	Income taxes paid
1.7	Government grants and tax incentives
1.9	Net cash from / (used in) operating activities	887	887

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(12 months)$A'000
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	entities
	businesses
	property, plant, and equipment
	investments
	intellectual property
	other non-current assets
2.2	Proceeds from disposal of:
	entities
	businesses
	property, plant, and equipment	637	637
	investments
	intellectual property
	other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Other (provide details if material)
2.6	Net cash from / (used in) investing activities	637	637

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(12months)$A'000
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities(excluding convertible debt securities)
3.2	Proceeds from issue of convertible debt securities
3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of equitysecurities or convertible debt securities
3.5	Proceeds from borrowings	2,509	2,509
3.6	Repayment of borrowings	(4,940)	(4,940)
3.7	Transaction costs related to loans and borrowings
3.8	Dividends paid
3.9	Other (provide details if material)
3.10	Net cash from / (used in) financing activities	(2,431)	(2,431)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(12$ months)$A'000
4.	Net increase / (decrease) in cash and cashequivalents for the period
4.1	Cash and cash equivalents at beginning of period	2,602	2,602
4.2	Net cash from / (used in) operating activities(item 1.9 above)	887	887
4.3	Net cash from / (used in) investing activities(item 2.6 above)	637	637
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(2,431)	(2,431)
4.5	Effect of movement in exchange rates on cash held
4.6	Cash and cash equivalents at end of period	1,695	1,695

	Consolidated statement of cash flows	Current quarter$A'000	Year to date$(12$ months)$A'000
5.	Reconciliation of cash and cash equivalents at theend of the quarter to the related items in theaccounts(as shown in the consolidated statement of cash flows)
5.1	Bank balances	1,695	1,695
5.2	Call deposits
5.3	Bank overdrafts	۰
5.4	Other (provide details)	$\overline{\phantom{a}}$
5.5	Cash and cash equivalents at end of quarter(should equal item 4.6 above)	1,695	1,695

	Consolidated statement of cash flows	Current quarter$A'000
6.	Payments to related parties of the entity and their associates
6.1	Aggregate amount of payments to related parties and their associatesincluded in item $11$	120
6.2	Aggregate amount of payments to related parties and their associatesincluded in item 2
	Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include adescription of, and an explanation for, such payments.
quarter	These amounts comprise of fees paid to associated entities of the Directors of the Company during the

	Consolidated statement of cash flows	Total Facility atQuarter End$A'000	Amount Drawn atQuarter End$A'000
7.	Financing facilitiesNote: the term "facility' includes all forms offinancing arrangements available to the entity.
7.1	Loan and asset finance facilities	22,952	22,604
7.2	Credit standby arrangements
7.3	Debtor Funding Facility	9,000	4,347
7.4	Total financing facilities	31,952	26,951
7.5	Unused financing facilities available at quarter end		5,001

7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

Financier	Loan	Balance	Security	Interest rates
NAB	EquipmentFinance	$4,592,525	GSA, PPSR	6.608-8.7%
ScotPac	Debtor Funding	$4,346,705	GSA	30-day BBSY +4%
De Lage Landen	EquipmentFinance	$1,173,730	PPSR	Fixed: Various
CaterpillarFinancial Services	EquipmentFinance	$2,142,254	PPSR	Fixed: 5.80% to 7.75%
Toyota FinancialServices	EquipmentFinance	$6,982,109	PPSR	Fixed: 3.83% - 7.17%
Nissan FinancialServices	EquipmentFinance	$1,349,115	PPSR	Fixed: 3.39% to 7.49%
Daimler FinancialServices	EquipmentFinance	$5,822,980	PPSR	Fixed: 6.17% - 7.79%
Various	InsurancePremium Funding	$540,908	Nil	Simple: 3.9%

Note: In the past quarter SSH Group expanded its ScotPac facility limit from $2m to $9m and discontinued the NAB Debtor Funding facility and NAB Business Loan.

		Consolidated statement of cash flows	Current quarter$A'000
8.	Estimated cash available for future operating activities
8.1	Net cash from / (used in) operating activities (item 1.9)
8.2	Cash and cash equivalents at quarter end (item 4.6)1,695
8.3		Unused finance facilities available at quarter end (item 7.5)	5,001
8.4		Total available funding (item 8.2 + item 8.3)	6,696
8.5		Estimated quarters of funding available(item 8.4 divided by item 8.1)	N/A Cashflow positive
	Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as"N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item8.5.
8.6	If item 8.5 is less than 2 quarters, please provide answers to the following questions:
	Does the entity expect that it will continue to have the current level of net operating8.6.1cash flows for the time being and, if not, why not?
	Answer	N/A
	Has the entity taken any steps, or does it propose to take any steps, to raise further8.6.2cash to fund its operations and, if so, what are those steps and how likely does it believe thatthey will be successful?
	Answer:	N/A
	Does the entity expect to be able to continue its operations and to meet its business8.6.3objectives and, if so, on what basis?
	Answer:	N/A
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above mustbe answered.

COMPLIANCE STATEMENT

This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

This statement gives a true and fair view of the matters disclosed.

	Date: 31 October 2024	Authorised by:	The SSH Group Ltd Board of Directors
--	-----------------------	----------------	--------------------------------------

NOTES

• 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
• 1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
• 1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
• 1. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - e.g., Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
• 1. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.