Ann: Investor Presentation - Euroz Hartleys Conference, page-15

Thanks for the interesting views. I am somewhat more bullish which is probably my character but also based upon some management guidance. Jules is already pointing towards the top end of guidance for FY 24 so my expectations for FY25 are buoyed and I believe we will see modest increase in revenue, however I will be disappointed if we do not achieve a material improvement in margin based upon consistent commentary from Jules around bidding higher, on better terms and executing well. I like this focus. So I have increase rev by less than 10% but increased my views on margin as follows;
Civils at 5% EBITA on $640m rev.
Mining at 10% EBITA ON $1700m rev.
Mets at 7% EBITA ON $$860m rev.
If we use the identical 0.6297 conversion factor to NPAT that results in an NPAT of $165m being $262m EBITA x 0.6297.
The above margins are far from unrealistic and current guidance is based upon zero margin improvement which I don’t like at all. I think the market doesn’t like it either which is why we haven’t seen stronger price movement. Just my musings. in short I see upside potential. DYOR.