VERIS LIMITED — AGM Information 2020

Oct 20, 2020

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Annual General Meeting

21 October 2020

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Our profile

2 OPERATING DIVISIONS OUR INDUSTRIES Veris Australia is a leading national Aqura Technologies surveying, digital and spatial and in the provision of innovative technology planning business. solutions. OUR SERVICES Property Infrastructure Government Engineering survey Industrial wireless Property survey Content Access Networks Digital and spatial Industrial IoT Mining and Utilities Defence Planning and urban design Unified communications Resources Autonomous Rapid Comms (ARC)

Aqura Technologies is an industry leader in the provision of innovative technology solutions.

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Veris Limited Financials

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Veris Limited - FY20 financial dashboard

FY20 FY19	Revenue $94.1m $125.9m	Underlying EBITDA $1.9m $6.5m	Operating cash flow $5.9m $6.2m	Net debt $5.1m $18.0m

• Continued strong growth by Aqura Technologies offset by a decline in revenue in Veris Australia.

• Group Earnings impacted by gross margin delivery in Veris Australia due to bushfires, floods, COVID-19.

• Stronger focus on project delivery and cash management delivered stronger cash from operations.

• Proceeds from sale of Elton Consulting resulted in improved net debt position with $16m reduction in gross debt.

• Detailed review of balance sheet categories at 30 June 2020 year end resulted in:

• $3.1m impairment of intangibles;

• $2.1m accelerated depreciation of PP&E in Veris Australia; and

• more conservative provisioning against WIP and debtors balances.

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Veris Australia

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Focus and actions taken

• FY21 objective is to deliver a stable, profit generating business.

• Four key focus areas:

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People
Profitable and
Smart
Internal execution culture
growth
efficiency
 Build staff engagement
 Simplicity and efficiency in through a fantastic
 Execute national key our internal operating employee experience.
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  - Simplicity and efficiency in our internal operating model.

• Execute national key account approach and focus on profitable growth.

• Re-organisation and simplification of the operating model.

• Improved employee conditions.

• Project delivery focus.

  • National integrated business and culture.

• Opportunities in engineering and property survey to capitalise on post COVID-19 economy.

• Simplification and improvement on pipeline generation.

• Execute on strategy – ‘ Do what you said you would do, and do it when you said you would ’.

• Recruitment and talent management focus.

• National business.

• Growth to embed through our digital and spatial strategy.

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People and culture first

We are committed to creating better experiences together.

• Highly skilled and motivated employees.

• Attracting and retaining the best.

• Work arrangements that support diversity and inclusion, build trust and promote flexibility.

• A culture of continuous improvement and innovation.

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Building on our core business and why our digital strategy is different!

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CLIENTS Value
DELIVERING Knowledge
BUILDING Information
LEVERAGING Data
CONSOLIDATING People
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Making progress for growth in digital and spatial

• Leverage existing strengths in geospatial data collection and interpretation.

• Work with our existing strong client base.

• Capture demand from clients to provide data driven insights into their infrastructure.

• Relationship based model delivering strong margins rather than low margin retail offering.

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Build data management and
analytics solutions
Establish advanced
analytics and visualisation
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Grow capability and
subscriptions services
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Veris Australia Q1 and Outlook

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Pipeline – strong outlook

• Despite the current economic uncertainty due to COVID-19, our secured forward workload is in excess of $40m .

• In addition to our forward workload, we anticipate ongoing project variation and direct assignment works.

• Healthy, unsecured project pipeline has a weighted value of over $80m to be converted in FY21.

• Strong focus on conversion of identified infrastructure opportunities.

Assumptions

• Secured forward workload includes work under contract but not earned.

• Unsecured pipeline is also individually weighted by opportunity.

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$8M
$8M
$10M
$9M
$4M
$27M
$19M
$35M
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Pipeline

Secured forward workload.

Identified pipeline of tendered projects and prospects (unsecured).

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Veris Australia Q1 FY21 unaudited pro forma results

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$000s Revenue EBITDA EBITDA %
Q1 FY21
20,616 1,962 9.5%
Q4 FY20
18,732 995 5.3%
PCP Q1 FY20
23,155 1,639 7.0%
results
Unaudited pro forma
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Q1 FY21 underlying proforma EBITDA results reflect the net impact of costs associated with being a JobKeeper employer and exclude any uplift arising from JobKeeper payments.

Q4 FY20 proforma underlying results reflect the reported results for Veris Australia adjusted to reflect the net impact of JobKeeper employment related costs and the addition of corporate overhead costs previously incurred and reported in Veris Limited.

Q1 FY20 results reflect the proforma inclusion of corporate overhead costs previously incurred and reported in Veris Limited.

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Aqura Technologies

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Aqura Technologies

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$000s Revenue EBITDA EBITDA %
Q1 FY21
5,617 675 12.0%
Q4 FY20
4,027 27 0.1%
PCP Q1 FY20
4,570 265 5.8%
results
Unaudited pro forma
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Q1 FY21 underlying proforma unaudited EBITDA results reflect the net impact of costs associated with being a JobKeeper employer and exclude any uplift arising from JobKeeper payments. On 31 July 2020, Aqura reported Q4 FY20 EBITDA of $444,000 which included the impact of JobKeeper receipts to 30 June 2020 (ASX Announcement: “Aqura Q4 FY2020 Update”). Q4 FY20 proforma underlying results reflect the reported results for Aqura Technologies adjusted to reflect the net impact of JobKeeper employment related costs and the addition of corporate overhead costs previously incurred and reported in Veris Limited.

Q1 FY20 proforma results reflect the proforma inclusion of corporate overhead costs previously incurred and reported in Veris Limited.

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Key contract wins

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LTE deployments – Pilbara iron ore mines (x7), WA ARC trailer supply

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LTE deployment - North Queensland

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ARC trailer supply WAIO IRCES – Pilbara, WA Global Wi-Fi project – Yandi Managed services – Pilbara, WA

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LTE supply contract – Ironbridge Magnetite Project – Pilbara, WA

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CAN deployment – Prominent Hill, SA LTE deployment – Prominent Hill, SA Managed services

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CAN supply contract - Northern Territory

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National unified communications 5 x year contract

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CAN deployment – Pilbara, WA LTE deployment – Pilbara, WA

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CAN deployment – Midwest, WA

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Remote connectivity review - Pilbara, WA

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FY21 pipeline – diverse work in hand

• Current WIH $10.8m at the commencement of Q2 FY21.

• Healthy, unsecured project pipeline has a weighted value of over $60m .

• Contract awards on the back of the Aqura product suite.

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$10.8M $8M $53M
Secured Unsecured
Current WIH Proposals Prospects
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Assumptions

• Secured forward workload includes work under contract but not earned. Unsecured opportunities are all weighted by proposal stage.

Work in hand is diverse and spread across a range of Tier 1 clients

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Utilities Retail Defence Resources
Industrial
wireless
Unified
communications
Content access
networks
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Year ahead – FY21 and summary

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Strong work in hand and pipeline

Continued focus on strong and resilient team

Continued development of product suites

Leverage expanded geographical and market reach

• Strong work in hand, both deferred and new committed works.

• Continue product development within our as-a-service model and grow annuity based revenue within the business.

• Capitalise on the FY20 strategic investment of geographical expansion, marketing and sales.

• Leverage enhanced financial controls to support balance sheet.

• Expand share of wallet with new and established customers with complementary offerings.

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Veris Limited - summary

• The Group delivered quarter on quarter growth in revenue and EBITDA and generated an unaudited PBT of $1.05 million for Q1 FY21.

• The Group has benefited from its national footprint and diverse customer base.

• Demonstrated agile and innovative working practices continue to deliver safely for our clients whilst keeping our people and the community safe.

• Veris Australia fast tracked its change programs, including the completion of structural and operational enhancements.

• Aqura Technologies continued its strong growth in FY20, delivering year on year revenue growth of 32% whilst increasing annuity revenue with our as-a-service model.

• Both Veris Australia and Aqura are well positioned with a strong outlook underpinned by a healthy identified pipeline of tendered projects & prospects.

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Disclaimer

This Document should not be considered as an offer or invitation to subscribe for or purchase any securities in Veris Limited (“Veris” or the “Company”) or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Veris should be entered into on the basis of this Document.

This Document contains high level information only and does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Veris and its prospects. Any forecasts and forward-looking information contained in this Document are subject to risks and uncertainties and are not a guarantee of future performance. Actual performance will almost certainly differ from those expressed or implied.

Veris makes no representation or warranty, express or implied, as to the accuracy, currency or completeness of the information presented herein. Information contained in this Document may be changed, amended or modified at any time by Veris. Veris is under no obligation to update any information or correct any error or omission which may become apparent after this Document has been issued.

To the extent permitted by law, Veris and its officers, employees, related bodies corporate and agents (‘Associates’) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Veris and/or its Associates) for any loss or damage suffered by recipients of this Document or other persons arising out of, or in connection with, any use of or reliance on this Document or information contained herein. By accepting this Document, the recipient agrees that it shall not hold Veris or its Associates liable in any such respect for the provision of this Document or any other information provided in relation to this Document.

Recipients of this Document must make their own independent investigations, consideration and evaluation of the information contained herein. Any recipient that proceeds further with its investigations, consideration or evaluation of the information described herein shall make and rely solely upon its own investigations and inquiries and will not in any way rely upon this Document. Recipients of this Document should not act or refrain from acting in reliance on material in this Document.

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