MACMAHON : EUROZ HARTLEYS CONFERENCE PRESENTATION

EUROZ HARTLEYS

9 March 2022

ersonal use only

1

Important Notice and Disclaimer

ersonal use only

Disclaimer as to forward looking statements

This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. These forward looking statements are based on, among other things, Macmahon Holdings Limited's ACN 007 634 406 (Macmahon) assumptions, expectations, estimates, objectives, plans and intentions.

Forward looking statements are subject to inherent risks and uncertainties. Although Macmahon believes that the expectations reflected in any forward looking statement included in this presentation are reasonable, no assurance can be given that such expectations will prove to be correct. Actual events, results or outcomes may differ materially from the events, results or outcomes expressed or implied in any forward looking statement.

Except as required by applicable law or the ASX Listing Rules, Macmahon does not undertake to update or revise these forward looking statements, nor any other statements whether written or oral, that may be made from time to time by or on behalf of Macmahon, whether as a result of new information, future events or otherwise.

None of Macmahon (nor any of its officers and employees), or any other person named in this presentation, or any person involved in the preparation of this presentation makes any representation or warranty (express or implied) as to the accuracy or likelihood or fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward looking statement.

The forward looking statements in this presentation reflect views held only as at the date of this presentation.

The directors of Macmahon consider that they have used reasonable care in preparing forward looking financial information (Guidance) in this presentation. However, the Guidance is not fact, rather it is predictive in character and there are margins of uncertainty surrounding any assumptions about future conditions and anticipated performance.

The Guidance may differ materially from results ultimately achieved and does not take into account the potential impact of some risks, such as the unquantified contingent liabilities noted in Macmahon's Annual Report. You are cautioned not to place undue reliance on the Guidance. Forward looking information is by its very nature subject to uncertainties and can be affected by unexpected events, many of which are outside the control of Macmahon's directors. Any variation

to the assumptions on which the Guidance has been prepared could be materially positive or negative to actual financial performance. Therefore Macmahon's directors cannot guarantee the achievement of the Guidance.

The Guidance should not be regarded as a representation or warranty with respect to its accuracy or the accuracy of the best estimate assumptions or that Macmahon will achieve,

or is likely to achieve, the particular results.

This presentation does not take into account the individual investment objectives, financial or tax situation or particular needs of any person. It does not contain financial advice. You should

consider seeking independent legal, financial and taxation advice in relation to the contents of this presentation.

Non-IFRS Financial Information

This presentation uses non-IFRS financial information including EBITDA and EBIT which are used to measure both group and operational performance. Non-IFRS measures have not been subject to audit or review.

References to "Macmahon", "the Company", "the Group" or "the Macmahon Group" may be references to Macmahon Holdings

Limited or its subsidiaries.

Not a disclosure document

This presentation is not a disclosure document and should not be considered as investment advice or an offer or invitation to subscribe for or purchase any securities in Macmahon, or an inducement to make an offer or invitation with respect to such securities. This presentation does not purport to cover all relevant information about any potential investment in Macmahon or any decision relating to Macmahon.

MACMAHON - EUROZ HARTLEYS

2

Our Business

use only

• Comprehensive range of integrated mining services in Australia and Southeast Asia
• Extensive track record in surface, underground mining and mining support services
• Long term relationships with clients - transparent, flexible alliance style approach

Established		FY22 Secured Revenue1
1963		$1.6bn
FY22 Revenue Guidance1		1H22 ROACE3
$1.6bn - $1.7bn		12.9%
FY22 EBIT(A) Guidance2		Order Book4
$95m - $105m		$5.2bn

ersonal

Civil Mining	Surface Mining	Underground Mining	Rehabilitation

Mining Support Services

Engineering • Plant & Maintenance • Performance Enhancement

1.Excludes short term civil and underground churn work	3.ROACE: Underlying EBIT(A) annualised / Average (Total Assets - Current payables - Cash)
2.Guidance excludes one-off items and amortisation related to customer contracts recognised on acquisitions	4.As at 31 December 2021; excludes Batu Hijau Phase 8 (preferred contractor status)
MACMAHON - EUROZ HARTLEYS

3

Our Strategic Journey

Relative performance: Share Price vs EPS(A)1

only

EBIT(A)

3. Diversify and grow with new and existing clients

250%

200%

150%

100%

50%

0%

FY18

FY19

FY20

FY21

FY22 2

ersonal use

1. Achieve scale

FY17

Revenue: $360m

EBIT(A): -$2m

EPS(A)1		Share Price3

1. Underlying earnings from continuing operations
2. FY21 EPS(A) actual used as a proxy for FY22
3. Share price as at results release date

2. Extend order book		Majority assets deployed on
	3+ year contracts
with existing clients
FY22 (Guidance)	Time	Year-on-year EPS(A) growth
Revenue: $1.6bn-1.7bn
EBIT(A): $95m-105m		not reflected in Share Price

MACMAHON - EUROZ HARTLEYS

4

ersonal use only

Delivering Sustainable Growth

		Updated
Revenue ($m)		Guidance1
1,600 - 1,700

CAGR2 24%

									1,600
									Secured
	Guidance		Guidance		Guidance		Guidance
	620-680		950-1,050		1,300-		1,300-
					1,400		1,400
	710		1,103		1,380		1,351
	FY18		FY19		FY20		FY21		FY22

Guidance

Underlying EBIT(A) ($m) unchanged1

95 - 105

CAGR2 24%

									95
	Guidance		Guidance		Guidance		Guidance
	40-50		70-80		85-95		90-100
	42		75		92		95
	FY18		FY19		FY20		FY21		FY22

1. Subject to no material COVID-19 or other significant disruptions
2. CAGR assumes midpoint of FY22 guidance

MACMAHON - EUROZ HARTLEYS

Underlying EBITDA ($m)

CAGR 28%

	181	239	250
119
FY18	FY19	FY20	FY21

• 5 year CAGR of 24% across revenue and underlying EBIT(A)
• 4 year CAGR of 28% for underlying EBITDA
• FY21 growth pause due to full-yearCOVID-19 impact
• Proven record of meeting or exceeding guidance
• On track to deliver guidance for FY22
  FY21 and FY22 investment in $300m growth capex to support strong earnings growth from FY22

5