VEEM LTD — AGM Information 2025

Nov 26, 2025

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AGM Presentation

26 November 2019

Managing Director Presentation Annual General Meeting 27 November 2025

THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR ADVERTISEMENT

This document, including the information contained in this disclaimer, is not a prospectus, product disclosure statement or other disclosure document and does not constitute, or form any part of, an offer to sell, or a solicitation of an offer to buy, the Shares. This document does not constitute an invitation, offer or recommendation to apply for or purchase the Shares and does not contain any application form for the Shares. This document does not constitute an advertisement for an offer or proposed offer of the Shares. Neither this document nor anything contained in it shall form the basis of any contract or commitment and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction. No person is authorised to give information or make any representation in connection with any Public Offer which is not contained in this document. Any information or representation not so contained may not be relied on as being authorised by the Company, the Lead Manager or any person associated with them.

This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States absent registration under the Securities Act or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable U.S. state securities laws.

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NO LIABILITY

The Company has prepared this document based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this document. To the maximum extent permitted by law, Limited Parties accept no responsibility or liability for the contents of his document and make no recommendation or warranties concerning any Public Offer. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions and conclusions contained in this document. To the maximum extent permitted by law, none of the Limited Parties accepts any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of this document or its contents or otherwise arising in connection with it.

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PAST PERFORMANCE

Past performance information in this document is given for illustration purposes only and should not be relied upon as (and is not) an indication of future performance. Actual results could differ materially from those referred to in this document. FORWARD-LOOKING STATEMENTS

Certain statements, beliefs and opinions contained in this document, particularly those regarding the possible or assumed future financial or other performance of the Company, industry growth or other trend projections are or may be forward looking statements. Forward-looking statements can be identified by the use of 'forward-looking' terminology, including, without limitation, the terms 'believes', 'estimates', 'anticipates', 'expects', 'predicts', 'intends', 'plans', 'propose', 'goals', 'targets', 'aims', 'outlook', 'guidance', 'forecasts' , 'may', 'will', 'would', 'could' or 'should' or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future, assumptions which may or may not prove correct, and may be beyond the Company's ability to control or predict which may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward-looking statements. Forwardlooking statements are based on assumptions and contingencies and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved.

Similarly, no representation is given that the assumptions upon which forward looking statements may be based are reasonable. None of the Company, the Lead Manager or any other Limited Party, makes any representation or warranty as to the accuracy of any forward looking statements contained in this document. Forward-looking statements speak only as at the date of this document and the Limited Parties disclaim any obligations or undertakings to release any update of, or revisions to, any forward-looking statements in this document. All dollar values contained in this document are in Australian dollars (A$) unless otherwise stated.

NOT FINANCIAL PRODUCT ADVICE

No attempt has been made to independently verify the information contained in this document. You should make your own assessment in considering an investment in the Company and should not rely on this document. In all cases, you should conduct your own investigations and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of the Company and its business, and the contents of this document. This document is not, and should not be construed as, a recommendation by the Company, related bodies corporate (as that term is defined in the Corporations Act), or any of their respective officers, employees, directors, shareholders, partners, representatives, agents, consultants or advisers or any other party referred to in this document (each a Limited Party and, together, the Limited Parties ) to invest in the Company. The information in this document is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this document constitutes legal, financial, tax or other advice. The information in this document does not take into account the particular investment objectives, financial situation or needs of any person. You should seek legal, financial, tax and other advice appropriate to your jurisdiction.

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1. VEEM – Who we are

2. FY25 Summary

3. Defence

4. Propulsion

5. Gyrostabilisers

6. Engineering Products and Services

7. Corporate

8. Trading Update

9. Q & A

10. Appendices

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Demonstrated long term growth – Defence and New Products will drive future
Annual Revenue Since Listing
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
$
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• VEEM’s FY25 had a strong second half with increased revenue and profitability with FY26 expected to be the same.

• Revenue was $68.6m with 2HFY25 revenue of $35.1m up 4% on 1HFY25 but FY25 was down 15% on FY24.

• EBITDA was $9.2m with 2HFY25 EBITDA of $5.3m up 36% on 1HFY25 but FY25 was down 38% on FY24.

• NPAT was $3.0m with 2HFY25 NPAT of $2.0m up 100% on 1HFY25 but down 57% on FY24.

• Cashflow from operations was $4.3m with 2HFY25 cash flow from operations of $2.5m up 39% on 1HFY25 due to increased profitability but FY25 was down 49% on FY24.

• Defence revenue accelerated in 2HFY25 to $8.3m (+$0.9m compared to 1HFY25) despite the continued reduction in ASC revenue which reduced to $2.0m (-$2.4m compared to 1HFY25). Orders received Q2 FY26 underpinning strong 2HFY26.

• Propulsion revenue overall (including Shaftlines and defence) for the year was $35.0m (2024: $35.3m) consolidating FY24 which was a record year.

	FY25 A$mil.	FY24 A$mil.
Revenue	68.6	80.6
EBITDA*	9.2	14.8
Profit before Tax	3.1	8.1
Net Profit after Tax (NPAT)	3.0	7.0
Earnings Per Share (EPS)(cents)	2.22	5.15
Cash Flow from Ops	4.3	8.4
Net Assets	54.3	52.3

• 13 gyros sold for $9.6m (FY24: 18 for $12.3m) expanding customer base.

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• Overall defence revenue was $15.6m, down $5.2m on FY24 due to the cyclical nature of the ASC contract noting ASC revenue was down $9.6m with other Defence revenue ( up $4.3m ) partially compensating.

• 6 year- $65m contract signed with ASC (Announced 12 August 2025), revenue expected to increase in FY26 in particular 2HFY26 as orders are received.

• VEEM is developing demonstrator blades for BAE Systems Australia's Hunter Class Frigate Program under a $1.7m contract. Successful completion (expected by end of 2025) will confirm VEEM as a qualified supplier, making it one of only two global companies capable of this level of precision.

• Success with this project and subsequent high-level defence supplier qualification is expected to lead to further Australian defence work as well as the potential to export equipment for other naval shipbuilding programs around the world, including other Type 26 frigate programs.

• VEEM joined the HII AUSSQ Pilot Program to accelerate qualification for the US Submarine Industrial Base, specifically for the Virginia-class submarine and aircraft carrier programs and achieved approved supplier status in August 2025. First purchase order received.

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Image courtesy Austal Ships
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• VEEM signed a 9-year MLA with Northrop Grumman in September 2025 valued up to US$33m which qualifies VEEM to tender for manufacture of predetermined Virgina Class submarine parts.

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• Subsequent to signing the ASC contract, orders were slower to arrive than anticipated but have been begun to be received underpinning significant 2HFY26 revenue growth.

• Post qualification for the Hunter Class Frigate Program, which is expected by end of 2025, manufacturing is anticipated to begin in 2HFY26.

• MLA with Northrop Grumman combined with HII approved supplier status to level 1 provides access to two of the largest US defence contractors and entry into the US defence supply chain for the Virgina Class submarines and aircraft carrier programs. A significant milestone.

• First purchase order received from HII.

• First RFQ from Northrop Grumman imminent.

• Current rate of production of Virginia Class submarines is 1.2 per year with US Navy working to increase to 2.0 per year by 2028 and subsequently to 2.33 per year.

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• VEEM also continues to be awarded contracts for numerous other defence projects including army vehicles and naval projects such as patrol boats (eg. Austal’s Evolved Cape Class Patrol Boats, ANZAC Frigates).

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• Propulsion revenue continued to be strong in FY25 coming off a record year in FY24 which had a backlog to clear. Total propulsion revenue (incl Defence) was $35.0m compared to $35.3m for FY24.

• Overall global demand for inboard powered marine vessels is expected to remain steady - continuing to monitor impact of tariffs.

• VEEM’s traditional propeller business is expected to grow due to continued marketing and additional awareness VEEM Extreme will bring, with automation continuing to drive efficiencies and protect margins.

• Expansion of facility is underway and will provide additional capacity in Q3 FY26 with the arrival of 3 additional machines over calendar year 2026.

• VEEM positive about Sharrow by VEEM as trials have indicated significant acoustic noise reductions and enhanced maneuverability. VEEM Extreme alloys applicable to Sharrow as well.

• During the year VEEM acquired further robotics and tooling as it continues to optimize and automate the propeller process.

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• In FY25 VEEM sold 13 gyros (FY24: 18) generating revenue of $9.6m (30 June 2024: $12.3m).

• FY25 saw the introduction of new and repeat customers from both the commercial and recreational segment.

• FY24 was particularly strong due to acceleration of the Strategic Marine contract with 11 sold to Strategic in FY24 compared to 2 in FY25 under this contract.

• FY25 saw the introduction of new and repeat customers from both the commercial and recreational segment.

• Next generation Mark III gyro launched – refer next slide.

• Purchasing hesitancy in 1HFY26 due to anticipated Mark III expected to lead to accelerating orders and sales in 2HFY26.

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New Product Launch. Gyro – MARK III
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• VEEM’s EP&S (excl defence) revenue for FY25 was $16.7m up $0.8m (+5%) on FY24 as demand remained strong and additional work used some capacity left by reduction in defence work.

• Repeat orders in H2FY25 of complex work achieved the margins expected.

• VEEM’s traditional engineering business focuses on foundryled, precision-engineered products, including custom designs and its own hollow bar products (e.g., Forever Pipe).

• Steady demand for the traditional engineering products and services is expected to continue.

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• VEEM successfully completed a $14m capital raising (before costs) subsequent to the end of the FY25 financial year.

• $1m of the $14m in relation to the Miocevich Family participation is subject to shareholder approval at the AGM.

• The proceeds will be used for working capital and to strengthen VEEM’s balance sheet in anticipation of new purchase orders from leading defence customers.

• Board succession with David Singleton joining the Board in September 2025 and Michael Bailey retiring today at the AGM.

• Expansion of Baile Rd facility by approx. 1,000m[2 ] is ongoing and expected to be complete in Q4 FY26. Three additional machines and one 3D sand printer are on order with a combined $3m government grant contribution.

• VEEM’s formal R&D expense for FY25 was $4.1m.

• VEEM will continue to commit to research and development projects as it sees necessary to remain at the forefront of the markets in which its products are sold and potentially enter new markets.

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• 1HFY26 has been slower than anticipated due to a delay in receipt of ASC orders post signing the contract and security clearance delays for the Hunter class propeller project. The Company has begun to receive the ASC orders and this is expected to continue to the end of calendar year 2025 setting up a very strong 2HFY26 in defence.

• Anticipated launch of the Mark III gyro led to purchase hesitancy in 1HFY26 which is expected to turn around in 2HFY26 with numerous strong leads being pursued including in the defence space for large frame gyros.

• VEEM expects to report revenues for 1HFY26 in the range of $24m to $26m with EBITDA in the range of -$1m to $1m and a Net Loss After Tax in the range of $2m to $3m.

• The second half of FY26 is expected to be stronger than the first half (which is normal), with significant contributions from defence and in particular ASC.

• New U.S. defence opportunities are also potentially going to provide revenue as early as 2HFY26. These opportunities were delayed six weeks due to the US Government shutdown but activity is ramping back up.

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• Propulsion is expected to pick up with strong leads to date for the VEEM .

• Extreme range in the order of $3m so far

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Q & A

Contacts

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Appendices

Corporate Snapshot
ASX Code	VEE
Share Price(26 Nov 2025)	$1.12
Market Capitalisation(26 Nov 2025)	$163m
Shares on Issue(26 Nov 2025)	146.0
Net Debt(Pro-forma post capital raise)	$0.6m
Substantial Shareholders
Miocevich Family	46.7%
Perennial Value Management	14.8%

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VEE Share Price History
2 2.5
1.8
1.6 2
1.4
1.2 1.5
1
0.8 1
0.6
0.4 0.5
0.2
0 0
Volume Close $
Vol. - Million
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• VEEM Extreme range launched which is VEEM’s most efficient propulsion package yet with up to 18.1 % fuel efficiency gains.

• VEEM Extreme propulsion package consists of VEEM propeller, twisted rudder and fully flow-aligned shaft line package including V and P bracket made in VEEM’s new proprietary high-tensile alloy.

• Efficiency gains compared to standard set up are as follows:  VEEM Extreme Propellers 11.9% efficiency gain.

• VEEM Extreme flow-aligned rudder 6.2% efficiency gain.

• VEEM Extreme shaftline and brackets – testing underway.

• Successful VEEM Extreme propeller only trial on a Manly Fast Ferry (MFF) has resulted in a $312k contract for 6 further vessels, providing early validation for the product.

• Testing of rudders by MFF to commence shortly with successful testing to lead to a contract for purchase of rudders for above vessels.

• VEEM Extreme propellers at a higher price point are expected to displace some existing sales leading to a net increase in sales and anticipated margin increase.

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VEEM Extreme Propeller

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