Announcement PDF Emeco Holdings Limited EMECOGROUP.COM 1H26 Results 19 February 2026 EMECOGROUP.COM IMPORTANT NOTICES AND DISCLAIMERS Reliance on third party information The information and views expressed in this Presentation were prepared by Emeco Holdings Ltd (the Company) and may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. No responsibility or liability is accepted by the Company, its officers, employees, agents or contractors for any errors, misstatements in or omissions from this Presentation. Presentation is a summary only This Presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with the Company’s FY25 Annual Report and the Company's Interim Financial Report for the half year ended 31 December 2025. Any information or opinions expressed in this Presentation are subject to change without notice and the Company is not under any obligation to update or keep current the information contained within this Presentation. Not investment advice This Presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. The information provided in this Presentation has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. No offer of securities Nothing in this Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction. Forward looking statements This Presentation may include forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this Presentation. Investors are cautioned that statements contained in the Presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements. No liability To the maximum extent permitted by law, neither the Company nor its related bodies corporate, directors, employees or agents, nor any other person, accepts any liability, including without limitation any liability arising from fault or negligence, for any direct, indirect or consequential loss arising from the use of this Presentation or its contents or otherwise arising in connection with it. Non-IFRS Financial Information This Presentation may use non-IFRS financial information including Operating EBITDA, Operating EBITDA margin, Operating EBIT, Operating EBIT margin and Operating NPAT, net debt and return on capital (ROC). These measures are used to measure both Group and operational performance. A reconciliation of non-IFRS financial information to IFRS financial information is included in the presentation. Non-IFRS measures have not been subject to audit or review. Certain of these measures may not be comparable to similarly titled measures of other companies and should not be construed as an alternative to other financial measures determined in accordance with Australian accounting standards. 2 AGENDA EMECOGROUP.COM PRESENTERS Ian Testrow Managing Director & CEO 3 Theresa Mlikota Chief Financial Officer BUSINESS HIGHLIGHTS 4 - 7 OPERATIONAL OVERVIEW 8 - 11 FINANCIAL RESULTS 12 - 17 STRATEGY 18 - 23 SUSTAINABILITY 24 - 25 2H26 OUTLOOK 26 - 27 ADDITIONAL INFORMATION 28 - 30 RECONCILIATIONS STATUTORY TO NON-IFRS DISCLOSURE 31 - 34 EMECOGROUP.COM BUSINESS HIGHLIGHTS 44 EMECOGROUP.COM 1H26 KEY HIGHLIGHTS Strategic priorities refocused on growth  Emeco continues to deliver strong financial performance, earnings continue to grow, while cash generation has improved for six consecutive half-year periods  Balance sheet and key financial metrics in great shape and refinancing successfully executed, providing Emeco with flexibility to grow, with a continued focus on our 20% ROC target  Strategic priorities refocused on:  Growing portfolio of fully maintained rental projects  Expansion of low-capital maintenance services offering, now ~50% of our revenue base and growing  Further development of artificial intelligence and operational technology to expand competitive advantage and to expand customer service offering  Actively monitoring competitors for consolidation opportunities 5 Operating NPAT1 +21% 1H26 $46M 1H25 $38M Operating EBITDA1 +7% 1H26 $155M 1H25 $146M Operating EBIT1 +13% 1H26 $77M 1H25 $68M Op. Free Cash Flow1,3 +37% 1H26 $67M 1H25 $49M EMECOGROUP.COM 1H26 FINANCIAL HIGHLIGHTS Continued earnings growth and strong cash generation, ROC up 230 bps to 18% Emeco delivered another solid half of earnings growth:  Strong revenue growth v pcp, up 9% to $421M (1H25: $387M)  Robust earnings growth v pcp, with Operating EBITDA up 7% to $155M (1H25: $146M) Operating NPAT up 21% to $46M (1H25: $38M)  Improved cash generation, with Operating Cash Flow up 37% to $67M (1H25: $49M). Improved cash conversion of 110%  Stronger balance sheet and cash flow – net leverage improved to 0.5x (from 0.6x at FY25)5  Returns improved, with ROC up 230 bps to 18% (1H25: 16%) Notes: 1. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 2. Excludes discontinued underground contract mining services revenue 3. Operating free cash flow before growth capex 4. Return on capital calculated as LTM Operating EBIT over average capital employed 5. Net debt / RTM Operating EBITDA (excludes supply chain funding) 6 Revenue2 +9% 1H26 $421M 1H25 $387M Operating EBITDA Margin1 -90 bps 1H26 37% 1H25 38% Operating EBIT Margin1 +10 bps 1H26 18% 1H25 18% Return on Capital4 +230 bps 1H26 18% 1H25 16% EMECOGROUP.COM PERFORMANCE HISTORY – HALF ON HALF Higher contribution from capital light maintenance services supports rising ROC and cash flow Revenue ($M) 1 Operating EBITDA ($M) 2 Operating EBIT ($M) 2 Operating NPAT ($M) 2 Notes: 1. Excludes discontinued underground contract mining services revenue 2. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 3. Net debt / Operating EBITDA (excludes supply chain funding) 4. Operating free cash flow before growth capex 5. Return on capital (ROC) calculated as LTM Operating EBIT over average capital employed 137 143 146 155 155 1H24 2H24 1H25 2H25 1H26 61 65 68 77 77 1H24 2H24 1H25 2H25 1H26 33 35 38 46 46 1H24 2H24 1H25 2H25 1H26 1.06 1.00 0.84 0.65 0.46 1H24 2H24 1H25 2H25 1H26 40 47 49 65 67 1H24 2H24 1H25 2H25 1H26 15 15 16 17 18 1H24 2H24 1H25 2H25 1H26 7 32% 37% 38% 39% 37% 14% 17% 18% 19% 18% 1H24 2H24 1H25 2H25 1H26 EBITDA Margin EBIT Margin Net Leverage (x) 3 Operating Free Cash Flow ($M) 4 Operating EBITDA & EBIT Margin ROC (%) 5 348 383 387 398 421 1H24 2H24 1H25 2H25 1H26 EMECOGROUP.COM OPERATIONAL OVERVIEW 8 8 EMECOGROUP.COM  Disciplined focus on continuous safety improvement across the Group  Total Recordable Injury Frequency Rate has improved to 2.5  FY26 HSET focus areas:  Ongoing uplift in critical risk and control assurance  Continued enhancement of workshop safety controls  Expand role-based leadership and workforce training SAFETY Safety remains our key priority 1.9 3.2 2.8 3.4 2.5 0.0 0.3 0.0 0.0 0.0 FY22 FY23 FY24 FY25 HY26 TRIFR = Total recordable Injury frequency rate LTIFR = Lost time Injury frequency rate 9 EMECOGROUP.COM RENTAL HIGHLIGHTS Rental remains the driving force behind Emeco’s earnings and cash flow growth, with robust production outlook Financial Operations Outlook  Revenue and earnings growth driven by increase in maintenance services across fully maintained projects  Successful ramp-up of new large fully maintained projects – including maintenance of customer-owned fleet  Surface fleet utilisation remains healthy at 85%  Underground utilisation increased to 69%, now running at 75%  Operational leverage within current fleet limits requirement for growth capex to increase earnings  Continued roll out of in-field digital tools to enhance service offering  Integration of surface and underground rental now complete  Disciplined capex and a lean cost structure create cost advantage for fleet redeployment  Wet weather remains challenging in QLD, impacting utilisation in early 2H26  Medium term production outlook remains robust Notes: 1. Excludes discontinued underground contract mining services revenue 2. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 10 Australia’s largest provider of mining rental equipment and value-added services Highlights 120 projects 840 fleet size 480 employees $892M net assets Revenue1 Operating EBITDA2 Operating EBIT2 +14% +6% +9% 1H26 $342M 1H26 $168M 1H26 $94M 1H25 $300M 1H25 $159M 1H25 $86M EMECOGROUP.COM FORCE HIGHLIGHTS Our Force workshop and field service capabilities are our competitive advantage – delivering cost-efficient maintenance and rebuilt equipment for our customers and our rental business Financial Operations Outlook  Gross revenue largely steady at $141M (1H25: $143M), with the reduction in external revenue largely offset by the proactive redeployment of available capacity to support the Group’s internal fleet  Gross earnings growth driven through strong overhead cost control  Trade labour utilisation remains high  Completed higher portion of internal works supporting national rental fleet and providing a cost and quality competitive advantage  84 (1H25: 66) machine rebuilds delivered  Continued to provide support services to XCMG for their battery-powered fleet, in preparation for delivery to FMG  Business development focus is on maintaining a pipeline of offsite rebuild and heavy fabrication works  Integration of underground capability now complete – providing new avenues to grow workshop and maintenance services  Seeking opportunities to expand field-based services 11 Notes: 1. Gross Revenue, Gross Operating EBITDA and Gross EBIT represent the total activities of the Force business, before intercompany eliminations. 2. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure Mining equipment maintenance and rebuild service provider - component and asset rebuild and fabrication Highlights 7 workshops across Australia 350 employees 84 projects $3M net assets Gross Revenue1 Gross Operating EBITDA1,2 Gross Operating EBIT1,2 -1% +2% +4% 1H26 $141M 1H26 $18.3M 1H26 $15.0M 1H25 $143M 1H25 $17.9M 1H25 $14.4M EMECOGROUP.COM FINANCIAL RESULTS 12 EMECOGROUP.COM OPERATING PROFIT AND LOSS Earnings growth with resilient margins and improving returns 13 $M Unless otherwise stated 1H25 2H25 FY25 1H26 External revenue 387.3 398.1 785.4 420.8 Operating EBITDA1 145.8 155.3 301.1 155.5 Operating EBITDA margin1 38% 39% 38% 37% Operating EBIT1 68.3 77.4 145.7 77.0 Operating EBIT margin1 18% 19% 19% 18% Operating NPAT1,2 38.3 46.2 84.5 46.5 Return on capital (ROC)3 16% 17% 17% 18% Highlights  Revenue and earnings growth driven by an increase in maintenance service offering  Revenue up 9% to $421M on pcp  Operating EBITDA up 7% to $155M on pcp  Operating EBIT up 13% to $77M on pcp  Margins stable reflecting change in revenue mix  Operating EBITDA margin resilient at 37%  Operating EBIT margin stable at 18%  Operating NPAT up 21% to $46M on pcp due to lower finance costs, a result of lower debt levels and lower base rates in 1H26  ROC up 230 bps on pcp, 100 bps on 2H25, driven by growth in lower capital intensity maintenance service earnings Notes: 1. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 2. Operating NPAT assumes 30% notional tax expense on non-operating items 3. Return on capital (ROC) calculated as LTM Operating EBIT over average capital employed. EMECOGROUP.COM CASH FLOW Strong growth in cash flow, up 37% on pcp, driven by a 110% cash conversion1. Cash tax nil through utilisation of carried- forward tax losses ($74M at 31 December 2025) 155.5 11.3 ( 13.0 ) ( 86.7 ) 67.1 ( 8.6 ) 44.8 ( 13.7 ) 1H26 Cash Flow ($M) Operating EBITDA Working Capital Finance Costs Sustaining Capex Operating Free Cash Flow Loan/ Lease (Repay)/Draw Non-Op. Costs Net Cash Flow Notes: 1. Cash conversion: Statutory cash generated from operations / Statutory EBITDA 14 EMECOGROUP.COM BALANCE SHEET & CAPITAL MANAGEMENT Strong balance sheet provides flexibility for growth $M 30 June 2025 31 December 2025 Plant & equipment 803.9 805.4 Right-of-use asset 79.6 79.8 Intangibles 8.2 8.1 Fixed asset and intangibles 891.7 893.3 Receivables 138.7 124.2 WIP, inventory, prepayments, other 90.2 128.4 Payables, provisions & taxes (210.9) (247.5) Working capital 18.0 5.1 Cash 126.4 171.2 Interest bearing liabilities (250.0) (250.0) Leases and other (71.3) (64.5) Net debt (194.9) (143.3) Equity 714.8 755.5 Net leverage1 0.6x 0.5x Notes: 1. Net Debt / RTM Operating EBITDA (excludes supply chain funding) 2. Numbers may not add due to rounding 15 Overview Balance Sheet  Strong cash generation continues to drive deleveraging of the business  Net leverage 0.5x, liquidity strengthened to ~$270M  Refinancing successfully delivered with 2030 maturity  Earnings performance creating good value for shareholders  Equity up $39M, net working capital - reduced to $5M, driven by good debtor collections and payables management  Disciplined investment in fleet provides strong asset backing - NTA now $1.44 per share, up 8 cps (FY25: $1.36 per share)  Moody’s credit rating Ba3, Fitch BB- Capital Management & Growth  Actively assessing low capital intensity vertical and horizontal opportunities to complement core business  Actively monitoring competitors for consolidation opportunities  Preserve capital to prioritise growth EMECOGROUP.COM DEBT MATURITY PROFILE AND LIQUIDITY Recent refinancing strengthens liquidity and extends debt tenor EBITDA 1. On 28 November 2025, the Group executed a new A$355M syndicated facility ($350M RCF plus $5M guarantee facility) that matures in December 2030. The facility was applied toward refinancing the Group’s existing financial indebtedness, including the replacement of the existing RCF and redemption of the A$250M AMTN (2026 Notes), which occurred on 19 January 2026 16 $M 30 June 2025 31 December 2025 AMTN AUD Notes1 250.0 250.0 Term facilities - RCF1 (excludes bank guarantee facilities) 95.0 - Leasing facilities 69.0 65.9 Total committed facilities 414.0 315.9 Undrawn debt facilities at period end 95.0 350.0 Less: Repayment of AMTN1 - (250.0) Cash 126.4 171.2 Total liquidity 221.4 271.2 FY24 ROC FY25 ROC 1H26 ROC Growth in maintenance services Equipment Utilisation & Fleet Optimisation Target ROC EMECOGROUP.COM Return on Capital1 drivers % 87 111 140 Op. Free Cash Flow $M (before growth capex)2 FY24 FCF FY25 FCF Projected FY26 FCF @ 18% ROC Projected FCF @ Target 20% ROC Notes: 1. ROC – LTM Operating EBIT / Average Capital Employed 2. FCF before growth capex FY26/FY27 17% 20% 17 18% TARGETING 20% ROC AND IMPROVED CASH GENERATION Good progress on our journey to deliver ROC target 15% 67 120 EMECOGROUP.COM 18 STRATEGY 18 EMECOGROUP.COM EMECO’S STRATEGIC PILLARS Emeco’s strategic pillars ensure a sustainable and resilient business and the creation of long-term value for shareholders OBJECTIVE 1 EBIT EBITDA  Enhance Emeco’s core capabilities in equipment rental through technology  Develop Emeco’s skilled workforce, rebuild capability and strategic workshop network  Leverage Emeco’s position as the largest provider of rental equipment to the mining sector 01 Be Australia’s lowest cost, highest quality, technology-driven mining equipment rental provider  Target a balanced portfolio by service offering, customer, project, commodity and region  Maintain flexibility to service a broad range of customers and sectors via a highly diversified fleet portfolio and maintenance service offering  Achieve ESG priorities and support the energy transition  Target net debt / EBITDA range between 0.5 - 1.0x to provide flexibility  Disciplined capital allocation to maintain free cash flow and target 20% ROC  Retain flexibility to reinvest in the business, pursue inorganic growth or return capital to shareholders 02 Grow a balanced and diversified portfolio 03 Deliver strong shareholder returns through disciplined capital management 19 EMECOGROUP.COM EBITDA ~950 Employees ~840 Fleet Size ~240 Projects ~200 Customers Mid-life Rebuild Capability Asset Management and Condition Monitoring Technology EBITDA Revenue by commodity Diversified Revenue Base 20 Emeco Rental Force Workshop Corporate Office Rental Workshop Australia’s largest provider of open cut and underground rental equipment and value- added services Equipment and component maintenance and rebuild services, asset management, condition monitoring and reliability 840 Fleet size 7 workshops across Australia. Full field service capability. Line boring services (Borex) c. 950 employees 32% 27% 10% 17% 4% 10% Gold Met Coal Iron Ore Thermal Coal Copper Other OUR SCALE AND COMPETITIVE ADVANTAGE Our mid-life rebuild model and onsite service capability, combined with our asset management and condition monitoring technologies are our competitive advantage. Delivered through our national footprint of workshops and field service units, Emeco provides industry-leading, cost-effective rental services for our customers EMECOGROUP.COM Strengthen and optimise the core Extend core capabilities into adjacent low-capital verticals Diversify earnings while staying true to our core capabilities  Grow fully maintained rental projects, including customer fleets  Expand low-capital earnings - maintenance services, field services  Actively monitoring competitors for consolidation opportunities  Scale AI / OT digitalisation to lower unit cost and increase reliability  Adjacent acquisitions in maintenance services and asset management  Commercialise AI / OT through customer offerings  Form partnerships to accelerate entry into adjacencies (OEMs, technology partners)  Expand existing capabilities into new industries/sectors  Strategically scale-up digital service offerings  Position business for energy transition Key Enablers Deep customer relationships Large-scale fleet National footprint and logistics capability Quality maintenance services + rebuild capability Fleet optimisation technology + condition-monitoring Disciplined portfolio management Skilled workforce Discipled capital management & M&A readiness Investment in AI / OT Safety + decarbonisation roadmap Investment Criteria: Capability Fit | Meets Financial Hurdles| Growth Driver STRATEGIC PRIORITIES Build on and grow our core. Diversify through capability-led expansion 21 EMECOGROUP.COM 22 Notes: 1. Gross revenue includes internal and external revenue before intercompany eliminations 2. Gross operating EBITDA and gross operating EBIT include internal and external earnings before intercompany eliminations 3. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 1H25 2H25 1H26 201 204 241 MAINTENANCE SERVICES GROWTH 1H26 Low-capital workshop & maintenance services earnings have doubled over the last 12 months. Workshop and maintenance services now represent 50% of gross revenue1 and ~35% of gross operating EBIT and have been a key driver of stronger ROC and cash flow due to their low-capital nature. Maintenance services is a key focus to grow the business organically and through M&A Gross Revenue ($M) 1 Gross Operating EBITDA ($M) 2,3 Gross Operating EBIT ($M) 2,3 1H25 2H25 1H26 21 23 40 1H25 2H25 1H26 18 19 37 Workshop & Maintenance Services 241 242 Gross Revenue $M1 37 72 Gross Operating EBIT2,3 ($M) Rental Maintenance Workshop Internal Workshop External Equipment Hire EMECOGROUP.COM Condition Monitoring & Predictive Maintenance | ACTIVE  AI/ML-enhanced oil sample analysis  Active telemetry and condition monitoring across 200+ machines Equipment Reliability Intelligence | ACTIVE  First-generation in-house agentic reliability solution  Pattern analysis, root cause investigations and automated analytical workflows  Drives improved decision-making and response times Digitisation of Work Management | ROLLING OUT  Digitising all paper-based field and workshop activities  Standardised work practices driving improved maintenance and decision making  Foundation for broader AI application across the business Building AI/ML Capability | EXPLORING  Investigating applications of AI/ML across asset knowledge, field quality, services delivery and commercial processes  Early proof-of-concept work underway to assess feasibility and business value 23 TECHNOLOGY-ENABLED ASSET MANAGEMENT Our Asset Management, Reliability, and Field Service teams are applying AI and machine learning to drive better equipment reliability, lower cost and longer asset life for our customers EMECOGROUP.COM 24 SUSTAINABILITY 24 EMECOGROUP.COM  Climate Change  See Emeco’s website for full Position Statement  Decarbonisation transition plan in development - targeting lower Scope 1, Scope 2 and Scope 3 emissions  Scenario analysis undertaken to identify potential physical impacts of climate change on our people, equipment and operations  Preparations for reporting under AASB S2 Climate-related disclosures well advanced, with oversight through the ESG Committee and Audit and Risk Management Committee  HSET - continued focus on strengthening workplace health, safety, wellbeing and training through targeted initiatives and improved execution  Governance Assurance - ongoing assessments and compliance monitoring to validate policy effectiveness and drive continuous improvement 25 ENVIRONMENTAL, SOCIAL & GOVERNANCE Our focus continues to ensure that our business model drives creative solutions for our customers, in a safe and thriving environment for our employees, whilst supporting the communities in which we operate and delivering sustainable returns for our shareholders EMECOGROUP.COM 26 2H26 OUTLOOK 26 EMECOGROUP.COM 2H26 OUTLOOK  2H26 will focus on:  Continued strong safety record  Ongoing improvement of financial metrics – ROC, cash flow  Increasing existing fleet utilisation and optimising fleet configuration  Growth in our fully maintained rental projects  Expansion of our maintenance services offering  Continuing to build our competitive advantage - improving cost and operational performance, further digitisation of the business  Actively assessing low-capital vertical opportunities to complement core business  Actively monitoring competitors for consolidation opportunities  FY26 SIB capex expected to be circa $170 – 175M. Limited growth capex for fleet until fleet util > 90%.  FY26 depreciation expected to be circa $160 – 165M  FY26 non-recurring cash expenditure circa $15M – ERP, takeover defence, restructuring, refinancing 0 200 400 600 800 1000 1200 Iron Ore (WMT) Met Coal (Mt) Thermal Coal (Mt) Gold (T) 2024 2025 2026F 2027F Source: Department of Industry Science and Resources Quarterly Report – December 2025 27 Mine Production Outlook EMECOGROUP.COM 28 APPENDIX: ADDITIONAL INFORMATION 28 EMECOGROUP.COM EMECO INVESTMENT HIGHLIGHTS Australia’s largest mining equipment rental provider with national footprint Focused on delivering strong returns and free cash flow generation Scale and asset management expertise provide cost and quality advantage Diversified by customer, project and commodity Strong balance sheet and low leverage Positive equipment industry demand outlook 1 2 3 4 5 6 29 EMECOGROUP.COM REVENUE ANALYSIS Revenue by commodity Revenue by geography Revenue by type Revenue by customer – Top 10 1H26 1H26 1H26 1H26 FY25 FY25 FY25 FY25 30 25% 26% 22% 18% 4% 5% Gold Met Coal Iron Ore Thermal Coal Copper Other 53% 30% 12% 5% WA QLD NSW SA 75% 3% 22% Rental Surface Rental Underground Force 15% 15% 11% 11% 6% 5% 4% 4% 4% 3% 22% Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Customer 6 Customer 7 Customer 8 Customer 9 Customer 10 Other customers 52% 32% 13% 3% WA QLD NSW SA 77% 4% 19% Rental Surface Rental Underground Force 32% 27% 10% 17% 4% 10% Gold Met Coal Iron Ore Thermal Coal Copper Other 24% 10% 9% 5% 5% 4% 4% 4% 3% 2% 30% Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Customer 6 Customer 7 Customer 8 Customer 9 Customer 10 Other customers EMECOGROUP.COM 31 RECONCILIATIONS STATUTORY TO NON-IFRS DISCLOSURE 31 EMECOGROUP.COM RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE OBJECTIVE 1 Revenue EBIT EBITDA $M NPAT EBIT EBITDA Statutory 38.7 65.8 144.9 Tangible asset impairment 0.5 0.5 - Long-term incentive expense 2.0 2.0 2.0 Restructuring costs 0.4 0.4 0.4 Corporate and strategic costs 7.6 7.6 7.6 Gain or loss on sale of equipment 0.6 0.6 0.6 Tax effect on non-operating items (3.3) - - Operating 46.5 77.0 155.5 1H25 Statutory to operating reconciliation $M NPAT EBIT EBITDA Statutory 33.6 61.5 139.3 Tangible asset impairment 0.3 0.3 - Long-term incentive expense 1.8 1.8 1.8 Restructuring and sale completion costs 2.5 2.5 2.5 Corporate and strategic costs 2.1 2.1 2.1 Gain or loss on sale of equipment - - - Tax effect on non-operating items (2.0) - - Operating 38.3 68.3 145.8 1H26 Statutory to operating reconciliation  Tangible asset impairments: Net impairments totalling $0.5M were recognised across the business on assets held for sale  Long-term employee incentive program: $2.0M of non-cash expenses in 1H26 (1H25: $1.8M)  Restructuring costs: Relate to termination costs on overhead reduction  Corporate and strategic costs: $7.6M in 1H26 (1H25: $2.1M)  Tax effect of adjustments: Notional tax on above adjustments at 30% 32 EMECOGROUP.COM RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE OBJECTIVE 1 Revenue EBIT EBITDA $M 1H25 1H26 Operating EBITDA 145.8 155.5 Working capital (9.7) 11.3 Net financing costs (12.6) (13.0) Cash from operating activities (non-IFRS) 123.5 153.8 Net sustaining capex (74.7) (86.7) Operating free cash flow (non-IFRS) 48.8 67.1 Non-operating costs (4.7) (8.6) Free cash flow (non-IFRS) 44.1 58.5 Net debt and lease repayments (12.2) (13.7) Capital management activities - - Financing cash flows (statutory) (12.2) (13.7) Growth capex - - Investing cashflows (excl sustaining capex) - - Net cash movements 31.9 44.8 Opening cash 78.3 126.4 Closing cash 110.2 171.2 Cash flow reconciliation Revenue $M 30 June 2025 31 December 2025 AMTN AUD secured notes 250.0 250.0 Revolving credit facility - - Lease liabilities and other 71.3 64.5 Total debt 321.3 314.5 Cash (126.4) (171.2) Net debt 194.9 143.3 Operating EBITDA (Rolling 12 months) 301.1 311.1 Leverage ratio 0.6x 0.5x Net debt and leverage reconciliations 33 Notes 1. Figures may not add due to rounding EMECOGROUP.COM RECONCILIATION: MAINTENANCE EARNINGS 34 Revenue FY22 FY23 FY24 1H25 2H25 FY25 1H26 Force - External [A] 90.6 156.5 166.2 87.1 82.9 170.0 78.5 Force - Internal [B] 83.1 90.2 116.2 55.5 48.0 103.5 62.1 Force Gross Revenue 173.7 246.7 282.4 142.6 130.9 273.5 140.5 Elimination - 83.1 - 90.2 - 116.2 - 55.5 - 48.0 - 103.5 - 62.1 Force Segment 90.6 156.5 166.2 87.1 82.9 170.0 78.5 Rental - Maintenance [C] 62.2 79.1 90.9 58.6 72.7 131.3 100.3 Rental - Equipment Hire 615.6 639.3 566.1 241.4 242.3 483.7 241.9 Rental Segment 677.8 718.4 657.0 300.0 315.0 615.0 342.2 Maintenance [A] + [B] +[C] 235.9 325.8 373.3 201.2 203.6 404.8 240.9 Op. EBITDA FY22 FY23 FY24 1H25 2H25 FY25 1H26 Force - External [A] 9.0 11.8 15.8 7.8 7.6 15.4 6.5 Force - Internal [B] 11.3 13.2 21.8 10.1 8.7 18.8 11.9 Force Gross Op. EBITDA 20.3 25.0 37.6 17.9 16.3 34.2 18.3 Elimination - 11.3 - 13.2 - 21.8 - 10.1 - 8.7 - 18.8 - 11.9 Force Segment - Operating 9.0 11.8 15.8 7.8 7.6 15.4 6.5 Non-operating items 0.0 - 0.0 0.0 0.0 - 0.6 - 0.6 0.0 Force Segment - Statutory 9.0 11.8 15.8 7.8 7.0 14.8 6.5 Rental - Maintenance [C] 1.6 13.8 8.2 3.5 6.2 9.7 21.8 Rental - Equipment Hire 271.3 263.1 300.9 155.5 163.8 319.3 146.2 Rental Segment - Operating 272.9 276.9 309.1 159.0 170.0 329.0 168.0 non-operating items 0.0 - 23.0 - 2.1 - - 2.9 - 2.9 - 1.1 Rental Segment - Statutory 272.9 253.9 307.0 159.0 167.1 326.1 166.9 Maintenance [A] + [B] +[C] 21.9 38.8 45.8 21.4 22.5 43.9 40.1 Op. EBIT FY22 FY23 FY24 1H25 2H25 FY25 1H26 Force - External [A] 5.6 7.3 9.4 4.3 4.0 8.3 3.1 Force - Internal [B] 11.3 13.2 21.8 10.1 8.7 18.8 11.9 Force Gross Op. EBITDA 16.9 20.5 31.2 14.4 12.7 27.1 15.0 Elimination - 11.3 - 13.2 - 21.8 - 10.1 - 8.7 - 18.8 - 11.9 Force Segment - Operating 5.6 7.3 9.4 4.3 4.0 8.3 3.1 Non-operating items - 0.0 - 0.0 0.0 - 0.0 - 0.6 - 0.6 0.0 Force Segment - Statutory 5.6 7.3 9.4 4.3 3.4 7.7 3.1 Rental - Maintenance [C] 1.6 13.8 8.2 3.5 6.2 9.7 21.8 Rental - Equipment Hire 146.4 125.2 153.3 82.5 88.8 171.3 72.2 Rental Segment - Operating 148.0 139.0 161.5 86.0 95.0 181.0 94.0 non-operating items 0.0 - 24.0 - 18.3 - 0.7 - 2.1 - 2.8 - 2.1 Rental Segment - Statutory 148.0 115.0 143.2 85.3 92.9 178.2 91.9 Maintenance [A] + [B] +[C] 18.5 34.3 39.4 17.9 19.0 36.8 36.8 Notes 1. Figures may not add due to rounding EMECOGROUP.COM Thank You Investor enquiries: