VOLT GROUP LIMITED — Annual Report 2025

Mar 2, 2026

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AS X : V P R

FY25 FULL YEAR RESULT March 2026

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Disclaimer

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Important notices

This document is for informational purposes only. This document does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Volt. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, will not be lodged with the Australian Securities and Investments Commission, and may not be relied upon by any person in connection with an offer or sale of Volt securities. This presentation has been approved for release by the Board of Volt Group Limited.

Summary information

This document contains a summary of information about Volt and its activities that, unless otherwise stated, is current as at the date of this document. The information in this document is general in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in Volt or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act or the securities laws of any other jurisdiction.

No liability

The information contained in this document has been prepared in good faith by Volt, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Volt and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. No person other than Volt is responsible for the preparation of this document.

To the maximum extent permitted by law, Volt and its affiliates and their directors, officers employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by Volt or any of its affiliates for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Volt and any of its affiliates or advisers may become aware.

by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Volt. Actual results, performance, actions and developments of Volt may differ materially from those expressed or implied by the forward-looking statements in this document.

Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Volt and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;

• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and

• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Not financial product advice

This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation of a statement of opinion in respect of whether to buy, sell or hold a financial product.

An investment in Volt is considered to be speculative in nature. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document.

Acceptance

Each recipient of this document is deemed to have accepted the qualifications, limitations and disclaimers contained herein.

Forward looking statements

Certain information in this document refers to the intentions of Volt, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause Volt’s actual results, performance or achievements to differ from those referred to in this document. Accordingly, Volt and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated.

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of Volt, industry growth or other projections and any estimated company earnings are forward looking statements. Forward-looking statements can generally be identified

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FY25 Snapshot

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$5.1M $1.4M $2.1M $7.25M
Ordinary Revenue Adj. EBITDA Net Op. Cashflow 4D Delta Acquired
▼ 8% vs FY24 ▼ 17% vs FY24 ▲ 10% vs FY24
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Key FY25 Developments

• Revenue decline reflects Wescone Africa distribution partner transition (now resolved)

• Adj. EBITDA includes non-recurring costs: (i) $0.22M 4D Delta transaction costs & (ii) $0.25M product development costs

• Operating cashflow growth of 10% demonstrates underlying cash generation improvement

• 4D Delta acquisition completed 7 January 2026 inclusive of $4.0M equity capital raising

• 4D Delta: Perth-based digital asset inspection provider to Rio Tinto, BHP, Alcoa, South32 and US cement producers

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FY25 Financial Result Overview

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Description	12-months ended 31 December 2025 ($'000)	12-months ended 31 December 2024 ($'000)	Change
Ordinary Revenue	5,101	5,564	(8%)
Other Revenue	338	332	2%
Total Revenue	5,439	5,895	(-8%)
EBITDA	1,348	2,286	(41%)
Adjusted EBITDA#	1,405	1,700	(17%)
Profit Attributable to Members	454	1,352	(66%)
Net Operating Cashflow	2,085	1,902	10%

excluding $0.06 million (FY25) non-cash executive option issue expense and $0.59 million (FY24) non-cash executive option issue expense reversal.

Context

• Ordinary Revenue was impacted by the FY25 transition to a new Wescone Africa Distribution Partner

• Adjusted EBITDA was $1.4M impacted by non-recurring costs totaling $0.47M comprising $0.22M 4D Delta transaction costs and $0.25M non-recurring Product Development (BESS) costs.

• Results achieved whilst executing share consolidation, board appointment of Hon. Bill Johnston, 4D Delta acquisition and $4.0M capital raising

• Underlying cash generation continues to strengthen with 10% growth in net operating cashflow

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MOBILE SOLAR LIGHT & COMMUNICATIONS TOWERS

Zero-emission mobile power solutions delivering superior PV performance and 40-50% cost savings across the global resources sector.

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FY25 Highlights

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$1.8M 30 Ordinary Revenue New MSLTs Built ▲ 6% vs FY24 Fleet Expansion

5+ Active Clients Tier-1 Resources

Operational Highlights

• Consistent MSLT hire revenue underpinned by fleet deployed at Chevron Gorgon (Barrow Island, WA)

• Gorgon 5-year master hire agreement expires April 2026; extension and fleet refurbishment being advanced

• Active fleet with Thiess Contracting, Westgold Resources, Macmahon Contracting and Evolution Mining

• Fleet expansion negotiations with Westgold and Thiess are the most advanced in EcoQuip's commercial history

• If concluded, these negotiations would represent a step change in deployed fleet size and hire revenue

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DIGITAL ASSET INSPECTION & CONDITION MONITORING

Powerful insights for asset integrity management across the global resources sector

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Acquisition Update

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730 1,968
Assets on Platform Total Inspections
▲ 56% YoY ▲ 54% YoY
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10+
Active Clients
Tier-1 Resources
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Integration & Growth

• Integration progressing well since acquisition completion on 7 January 2026

• Long-term Tier-1 client relationships including Rio Tinto, BHP, Alcoa and South32 driving asset inspection growth

• Repeat asset inspections remain a key contributor to strong total inspections growth

• US market expansion via alliance partner Wingfield Scale & Measure; early results with major cement and lime producers

• FY26 focus; scale digital asset inspection solutions across Australian and US markets

• FY26 Revenue & EBITDA Budget: $4.2 - $4.7M and $1.3 - $1.6M respectively

• Assessing additional alliance partnerships in priority geographic markets for developed technology solutions

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PROPRIETARY SAMPLE CRUSHING SOLUTIONS

High-performance sample crushers delivering up to 20:1 reduction ratios for the global mining and assay laboratory industries.

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FY25 Highlights

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$3.3M 4 Ordinary Revenue Patent Regions ▼ 14% vs FY24 AU, AF, EU, NA

100 - 200% Service Cycle Ext. High Moisture Prototype Trial

Operational Highlights

• Revenue decline due to Africa distribution partner transition; new partner MIT now active / secured Anglo vendor status

• MIT exclusive Wescone supplier status with Anglo for Kumba Iron Ore mines advanced (Northern Cape, SA)

• High moisture prototype crusher trial: feed moisture specification increased from 6% to ~10% (PCT patent filed)

• Expands W300 serviceable market into below-water-table Pilbara ore bodies

• North American patent secured for W300 Series 4, completing comprehensive global IP coverage

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WASTE HEAT TO POWER

Zero-emission baseload electricity from industrial waste heat, delivering proven cost savings and emissions reductions for power generation and industrial facilities.

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FY25 Highlights

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20 - 80MW $76/MWh ATEN Capacity Range ATEN LCOE Net ATEN Output vs $122/MWh OCGT

~4 yrs CAPEX Payback Concept Study

Concept Study & Commercialisation

• ATEN Waste Heat to Power System can increase OCGT capacity & generation by 15 – 35%

• Marginal ATEN generation cost: A$25/MWh Vs OCGT A$122/MWh. Reduces combined OCGT/ATEN facility generation cost by ~15%

• 20MW ATEN – equiv. annual output 60MW PV & 200MWh BESS at ~$170M lower CAPEX @94% utilisation

• Concept Study completed for WA Government-owned Synergy; submitted February 2025

• SWIS Priority Power Stations: Volt initiated OCGT Power Station owner ATEN engagement during Q3 FY25

• ATEN complementary to solar and wind hybrid networks supported by gas-fired OCGT infrastructure

ATEN performance capabilities and cost estimates confirmed by feasibility study reports completed by Volt in co-operation with Mitsubishi Heavy Industries, GenusPlus, NRW Primero and OCGT historical performance data provided by OCGT OEMs and OCGT power station owners (ATEN Feasibility Studies).

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Volt’s medium-term earnings targets

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Medium term target to create a +$10m EBITDA proprietary technology equipment and service company to resource and energy markets

			to resource and	energy markets
	Business Unit	FY26 Revenue Target	FY26 EBITDA Target1	Medium-Term EBITDA Target1	Medium-Term Drivers
	Wescone	3.2 - 3.5	2.3 - 2.6	2.8 - 3.2	Africa Growth / Iron Bridge
	EcoQuip	3.6 - 4.0	2.0 - 2.4	3.8 - 4.2	~120 light/comms towers deployed
	ATEN	-	(0.1 - 0.2)	1.5 - 2.1	1 x 15MW opportunity
	4D Delta	4.2 - 4.7	1.3 - 1.6	2.5 - 3.0	40% revenue growth target
	Corporate	-	(1.4 - 1.6)	(2.2 - 2.5)	Sales & management resources
	Total	11.0 - 12.2	4.1 - 4.8	8.4 - 10.0
	FY26 EBITDA Target $4.1M - $4.8M Medium-Term EBITDA Target $8.4M - $10.0M

Note 1: Normalised EBITDA estimates.

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4D Delta Integration
Scaling digital inspection solutions across Australian
and US markets; continuing seamless integration
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Sales & Commercialisation
Shifted focus from development to sales execution;
expanded client deployment across all business units
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Volt enters FY26 with a strengthened balance sheet, a diversified platform, and a clear growth pathway

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More Information

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Contact

6 Bradford Street, Kewdale WA 6105 | Email: info@voltgroup.com.au | Phone: + 61 8 9350 6880

https://voltgroup.com.au/

https://www.4ddelta.com/

https://www.ecoquipaustralia.com/

https://wescone.com.au/

Website coming soon

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AS X : V P R

voltgroup.com.au