VERIS LIMITED — Capital/Financing Update 2023

Nov 8, 2023

ASX / MEDIA RELEASE – VRS 9 November 2023

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Veris commercialises digital and spatial solutions through successful contract wins

• Veris secures key contract wins across its digital solutions and infrastructure service offerings

• New contracts represent commercialisation of internally developed data-led solutions

• Continued growth in Digital and Spatial business line

• Core engineering survey project wins delivering large-scale, long-life infrastructure construction works across Australia

• $9 million in new project works in Q1 FY24

• Continued growth of order book and pipeline

Veris Limited (ASX: VRS) (“Veris” or “the Company”) is pleased to provide an update on the continued progress of its spatial data strategy and announce key contract wins across its Digital & Spatial and Engineering Survey business lines. These contract wins have contributed to the Company securing over $9 million in new project work and variations across its infrastructure market sector in 1Q FY24 and in the current quarter, which are due for delivery in the next 3-6 months. Furthermore, several of these projects represent key milestones in the commercialisation of a number of internally developed digital and spatial and data-led solutions.

Digital and spatial solutions and technology

Veris continues to accelerate towards becoming a leading spatial data business through the commercialisation of its investment in its digital and spatial capabilities. Significant investment has been made across the FY21 – FY23 period in state-of-the-art 3D data capture technology and artificial intelligence capabilities. In addition, the Company has recruited and invested in skilled digital and spatial specialists to drive the successful development of these platform-based solutions that make it simpler for clients to access, share, model and gain insights from the data obtained regarding their assets and operations.

These modern digital services are helping clients to drive efficiency, safety and faster insights that support productivity outcomes.

Veris is demonstrating clear progress against key elements of its spatial data strategy with the service line now representing approximately 15% of total revenue in the year to date, up from 4% in FY21. This is as a result of the organic growth of the Digital and Spatial service line coupled with the new project wins outlined below.

• WaterNSW’s Warragamba Pipeline - Veris has been awarded a contract by WSP for the ongoing work on critical infrastructure supplying 80% of Sydney’s untreated water. The contract encompasses the 3D laser scanning and modelling of 25km of twin pipelines.

• Warringah Freeway Upgrade, NSW: Veris has been engaged by CPB and Downer JV for the project which is a key component of Sydney’s major transport infrastructure improvements. Veris is providing mobile laser scanning (MLS) in combination with the deployment of the internally developed 3SiDe spatial data platform to host and provide analytics to assess road conditions for dilapidation and expedited remediation.

• Digital Engineering Roadmap, QLD: Veris has been selected to provide consultancy services to support the development of a Digital Strategy and Digital Engineering Roadmap for a Queensland company with a large geographic spread and diverse asset base.

• International Terminal Security & Retail Upgrade Project, QLD: Veris has been engaged as part of the $5+ billion development program at Brisbane Airport known as Future BNE. Veris has been awarded

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a contract by the Keyframe Services team to provide 3D laser scanning and joint modelling services to support the development of a Digital Twin. Veris is well-positioned to provide further support in relation to subsequent phases of digital and spatial works for Future BNE.

• Infrastructure Early Works, NSW: Veris has been engaged to undertake MLS data capture and the deployment of 3D ground penetrating radar (3D GPR) in connection with a large infrastructure project in NSW. 3D GPR is an innovative technology that captures high-accuracy, high-definition subsurface data and can rapidly detect utilities and other underground assets for smarter decision making and ultimately assist with less-invasive and more-cost effective early-stage construction methods.

• Building Monitoring / Digital Twin: Veris has been engaged by three clients in NSW to monitor five buildings across Sydney, for potential movement during neighbouring construction projects. These projects include investigation surveys, installation, and ongoing monitoring.

Infrastructure

The core engineering survey service offering of Veris has secured a number of strategic and longer-term projects wins across Australia recently in both the infrastructure and resources sectors. These include:

• Rollaway Controls Project, WA: Veris has been awarded a contract by John Holland which encompasses 15 sites across a private Pilbara rail network. The works to be performed by Veris include engineering surveys for targeted rail and earthworks maintenance programs. In addition, Veris is continuing to work closely with John Holland on the current delivery and pipeline of rolling maintenance works on the West Australian rail networks.

• Western Sydney Airport SSTOM Package, NSW: Following on from the Company’s work on numerous packages for Sydney Metro, Veris has been awarded the Stations, Systems, Trains, Operations and Maintenance (SSTOM) Package, by Parklife Metro, a consortium of Plenary, WeBuild, Siemens and RATPS Dev. The scope of work includes engineering surveying on up to three new metro train stations. This project is also expected to bring further opportunities for Veris with future growth in scope coupled with Parklife Metro’s contract to operate and maintain the Sydney Metro, over the next 15 years.

Importantly, all of these new project wins represent engagements with key national and large-scale clients consistent with Veris’ Key Account Program.

Pipeline and outlook

Veris continues to see a strong outlook into the remainder of FY24. The Company’s committed backlog has grown from $55m to $60m since the end of FY23 on the back of continuing to reposition the business’s priorities including the focus on its key client strategy. Meanwhile, the unsecured project pipeline has increased from $190m to $200m.

In a constrained market for key technical resources, Veris is attracting critical talent and at the same time enhancing productivity. The Company’s strength of pipeline performance and its investment in capabilities, technology, and safety for its employees underpins the successful delivery of outcomes for clients.

Veris has retained a strong net cash balance, which supports the continued growth and expansion of its strategy.

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Michael Shirley, Managing Director and CEO commented:

“These recent contract wins demonstrate the continued pivot of the business towards an industry-leading digital and spatial solutions offering that our clients see as vital to the smarter delivery of their projects.

“It’s testament to the large effort the Company has put in to reposition the business over the last few years with an eye on the future. Our strategy has been focused on positioning ourselves uniquely as the leading provider in the industry that can offer our clients the ability to capture the data, hold the data, analyse the data and provide valueadded data-driven solutions to their asset-related issues. The deliberate investment in both skilled staff and technological capability means we are now offering our clients market-leading solutions that are solving their real world, asset-related problems more rapidly.

“It’s also fantastic to see our traditional engineering survey business line, which supports large-scale construction projects and maintenance across a spread of sectors including infrastructure, mining and resources continue to be trusted to deliver on some of these longer-term projects.”

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About Veris Limited

Veris Limited is the holding company that is listed on the ASX under the code VRS.

Veris Australia is Australia’s leading provider of spatial data services across the infrastructure, property, resources, defence, utilities and government sectors. Veris Australia provides an end-to-end spatial data solution for its clients that not only includes data collection, analysis, interpretation but also data hosting and access, modelling, sharing and insights for clients with large-scale data requirements.

Authorised for release by the Board of Veris Limited.

Issued by Veris Limited For further information please contact: Veris Corporate Office - Telephone: (08) 9317 0600

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