Announcement PDF EMECOGROUP.COM Emeco Holdings Limited EurozHartleysConference–RottnestIsland 18 March 2026 EMECOGROUP.COM 2 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. EMECOGROUP.COM 3 EMECO – MORE THAN EQUIPMENT HIRE EMECOGROUP.COM 4 ~950 Employees ~840 Fleet Size ~240 Projects ~200 Customers Mid-life Rebuild Capability Asset Management & Condition Monitoring Technology EMECO – MUCH MORE THAN EQUIPMENT HIRE 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 50% 50% Gross Revenue1 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. Full in-field service offering. Line boring services 840 Fleet size 7workshops across Australia 80field service vehicles 750 employees Equipment Hire Maintenance 34% 66% Gross Operating EBIT2,3 Workshop & Maintenance Services Equipment Hire Notes: 1. Gross revenue includes internal and external revenue before intercompany eliminations. Refer to Appendix slide Reconciliations – statutory to non-IFRS disclosure. 2. Gross operating EBIT includes internal and external earnings before intercompany eliminations. Refer to Appendix slide Reconciliations – statutory to non-IFRS disclosure. 3. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure EMECOGROUP.COM Off-site Workshops, Inventory & Logistics Field Service Full Suite of Services Asset Management & Condition Monitoring 5 Enhanced Value for Clients Integrated Service Solutions Longer-Term Contracts Fully Maintained Equipment Service Model Integrated Solutions for Long-Term Partnerships Equipment Rental On-Site Maintenance • High-Performance Fleet • Guaranteed Availability & Reliability • Access to Australia’s largest rental fleet • Fleet Optimisation • Cost and Capital Control • Predictive Maintenance • Real-Time Data • Customer Decision Support • Driving Availability & Reliability • Diagnostic specialists • Supports Emeco and customer-owned fleet • Major repairs & rebuilds • Component rebuild facilities • Distribution centres • Located in Australia’s major mining regions • Full on-site maintenance services and personnel • Allows customer to focus on production • Customer-owned fleet as well as Emeco rental fleet CUSTOMER VALUE PROPOSITION – FULLY MAINTAINED SERVICE MODEL EMECOGROUP.COM PERFORMANCE HISTORY – HALF ON HALF Higher contribution from capital light maintenance services supports rising ROC and cash flow 6 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 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 ($M) 2,4 Operating EBITDA & EBIT Margin 2 ROC (%) 5 348 383 387 398 421 1H24 2H24 1H25 2H25 1H26 Revenue ($M) 1 Operating EBITDA ($M) 2 Operating EBIT ($M) 2 Operating NPAT ($M) 2 EMECOGROUP.COM 7 7 DELIVERING STRONG FINANCIAL PERFORMANCE After resetting its strategy, Emeco has delivered stronger returns, significant free cash flow generation and a substantially stronger balance sheet over the past 2 – 3 years (since FY23). Return on Capital1 Operating Free Cash Flow2,3 Net Leverage4 • 500 bps improvement in ROC • High quality earnings • Robust business model 13% 18% $52M $ 120M5 1.1x 0.46x • 230% increase in OFCF • Disciplined cost and capital management • ~$130M reduction in net debt • Successful refinancing delivered • Well-positioned for growth with strong liquidity position Notes: 1. Return on capital (ROC) calculated as LTM Operating EBIT over average capital employed 2. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure 3. Operating free cash flow before growth capex 4. Net debt / Operating EBITDA (excludes supply chain funding) 5. Forecast projection assuming 18% ROC EMECOGROUP.COM 8 MAINTENANCE SERVICES GROWTH 1H26 Low-capital workshop & maintenance services earnings have doubled over the last 12 months. Workshop and maintenance services now represent 50% of gross revenue1 and ~35% of gross operating EBIT2 and have been a key driver of stronger ROC and cash flow due to their low-capital nature. 1H25 2H25 1H26 201 204 241 1H25 2H25 1H26 21 23 40 1H25 2H25 1H26 18 19 37 Maintenance Services Gross Revenue ($M) 1 Maintenance Services Gross Operating EBITDA ($M) 2,3 Maintenance Services Gross Operating EBIT ($M) 2,3 Notes: 1. Gross revenue includes internal and external revenue before intercompany eliminations. Refer to Appendix slide Reconciliations – statutory to non-IFRS disclosure. 2. Gross operating EBITDA and gross operating EBIT include internal and external earnings before intercompany eliminations. Refer to Appendix slide Reconciliations – statutory to non-IFRS disclosure. 3. Operating financial metrics are non-IFRS measures. Refer to Appendix slide Reconciliations - Statutory to non-IFRS disclosure EMECOGROUP.COM OUR MAINTENANCE SERVICES OFFERING 9 Asset Management & Condition Monitoring Workshops Field Services On-site Maintenance • 7 Workshops across Australia • National mining footprint • Equipment & component rebuilds • Equipment maintenance (incl. Battery powered) • Fabrication • Electrical services • Dyno Tuning • Paint & Blast • Drill specialists • Line Boring • 110 people • 80 field service vehicles • 35 projects • Product support/advice • Mechanical services • Boilermakers • Mobile line boring • Breakdown response • Shutdown trailer and containers • Smart technology Machine Learning/AI • Asset planning and condition monitoring services • Equipment monitoring technology, development and support • Data analytics • Reliability engineering • Equipment maintenance compliance • Inventory and rebuild forecasting • Full on-site maintenance services and personnel • Allows customer to focus on production • Customer-owned fleet as well as Emeco rental fleet • On-board equipment monitoring • Asset management & reliability engineering services • Inventory procurement & logistics Corporate Office Force Workshop Emeco Rental Expert review EMECOGROUP.COM 10 STRATEGY & CAPITAL MANAGEMENT PRIORITIES EMECOGROUP.COM 11 Strengthen and optimise the core (Target 20%) Grow business and extend core capabilities (Target +20%) Diversify earnings while staying true to our core capabilities • Use operating leverage to target 20% ROC and increased cash generation • Maximise competitive advantage to increase equipment utilisation to 90% • Leverage asset management and condition monitoring to organically grow fully- maintained rental projects and stand-alone maintenance projects • Scale AI / Operational Technology digitalisation to lower unit cost and increase reliability • Opportunistically expand fleet when utilisation >90% • Evaluate competitor rental businesses for consolidation – prioritising those with potential to add maintenance service offering • Adjacent low-capital vertical acquisitions • Commercialise AI / OT through customer offerings • Form partnerships with Chinese OEMs and tech. partners to expand services • 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 EMECOGROUP.COM 12 OUR CAPITAL MANAGEMENT PRIORITIES TARGET: NET DEBT / EBITDA 0.5 – 1.0x • Disciplined capital allocation • Flexibility to: • Invest in business • Pursue inorganic growth • Return capital to shareholders Strengthen Core Organic Growth Shareholder Returns Strategic Growth • M&A • Consolidation of targeted competitors • Develop adjacencies/diversify earnings base – build core maintenance capability • Share buy-backs • Special dividends • Considered where leverage less than 0.5x, subject to competing capital priorities • Maintenance capex • Balance sheet strength • High return initiatives • Increased productivity/cost efficiency • Fleet core purchases and rebuilds EMECOGROUP.COM 13 1H26 Equipment Utilisation @ 90% Target ROC FY27 Organic Growth Maintenance Services Inorganic Growth Rental & Maintenance Services Target ROC Beyond FY27 Return on Capital1 drivers % 140 >140 Op. Free Cash Flow $M (before growth capex)2 Projected FCF @ 18% ROC Projected FCF @ 20% ROC Projected FCF @ +20% ROC Notes: 1. ROC – LTM Operating EBIT / Average Capital Employed 2. Operational FCF before growth capex +20% 20% TARGETING +20% ROC AND IMPROVED CASH GENERATION Good operational leverage within the business to achieve 20% ROC target and increased free cash flow. ROC capable of exceeding 20% through organic maintenance services growth and inorganic growth in rental and maintenance services. 18% 67 120 EMECOGROUP.COM 14 2H26 OUTLOOK EMECOGROUP.COM 15 2H26 OUTLOOK • 2H26 will focus on: • Continued strong safety record • Ongoing improvement of financial metrics – ROC, cash flow • Increasing fleet utilisation • 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 • FY26 SIB capex expected to be circa $170 – 175M ($155 – 160M net disposals). • 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. EMECOGROUP.COM 16 APPENDICES: RECONCILIATIONS STATUTORY TO NON-IFRS DISCLOSURE EMECOGROUP.COM 17 RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE $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% EMECOGROUP.COM 18 RECONCILIATIONS – STATUTORY TO NON-IFRS DISCLOSURE $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 $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 Notes 1. Figures may not add due to rounding EMECOGROUP.COM 19 RECONCILIATION: MAINTENANCE EARNINGS 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 20 Thank You Investor enquiries: Theresa Mlikota Chief Financial Officer Investor.relations@emecogroup.com emecogroup.com