SRG Global (SRG) investor relations material

Deal rationale and strategic fit

• Acquisition of a leading marine infrastructure services provider with over 25 years of experience, a strong management team, and a workforce of 500+ specialists, offering full self-perform capability and a diversified service portfolio.

• Highly complementary fit, combining land-to-sea and sea-to-shore infrastructure expertise, enabling end-to-end delivery and unlocking cross-selling and new market opportunities, especially in defense.

• Diversifies revenue streams and client base across resources, energy, transport, water, and defense sectors, enhancing exposure to high-growth markets.

• Provides a competitive advantage through a strategic geographic footprint with six critical shore-bases, difficult for competitors to replicate.

• Aligns with long-term strategy to build a diversified infrastructure services business focused on recurring, annuity earnings.

Financial terms and conditions

• Acquisition price of $85 million (AUD 85 million) on a cash-free, debt-free basis with normal working capital, funded by $57.3 million in cash/debt and $27.7 million in shares/scrip escrowed for two years.

• Implied acquisition multiples: 2.7x FY26 EBITDA and 3.2x FY26 EBIT.

• Two-year earnout: 100% of annual EBITDA above $30 million and below $40 million, 50% above $40 million.

• No capital raising from institutional or retail shareholders; deal funded through debt and scrip.

• Completion anticipated on or around 31 October 2025.

Synergies and expected cost savings

• Not a cost synergy play; minimal cost benefits expected, with some marginal property elements.

• Expected to deliver circa 25% EPS accretion in FY26 (pre-synergies).

• Revenue synergies anticipated through cross-selling and expanded service offerings, especially in defense and new geographies.

• EBITDA margin to increase from 9.7% to 10.6%, EBIT margin from 7.2% to 8.2%.

• Capital-light business model with capex of 2–3% of revenue.