SHAPE Australia (SHA) investor relations material

Deal rationale and strategic fit

• Acquisition of APS aligns with a diversification and growth strategy, expanding into repeatable, program-based retail work and enhancing cross-selling opportunities with existing businesses.

• APS brings vertically integrated shopfitting and manufacturing capabilities, strong client relationships, and a national reach, complementing existing operations and enabling broader sector application.

• The deal provides access to new retail brands and strengthens the ability to deliver end-to-end solutions from design to installation.

• APS’s culture and management team are highly compatible, with long tenures and a strong focus on employee engagement.

• Reduces reliance on any single sector, supporting long-term growth and sector resilience.

APS business overview

• Vertically integrated shopfitting business established in 1998, specializing in design, manufacture, and delivery for national retailers.

• Operates a 5,000m² manufacturing facility in Melbourne with established offshore procurement.

• 80% of projects are valued under $500,000, with FY25 revenue of $32.5m and expected EBITDA of $5.3m.

• Experienced in-house project management, manufacturing, and logistics teams, supported by subcontractors.

• Strong alignment with diversification strategy and complements existing retail capabilities.

Customer relationships and market position

• Trusted partner to major Australian retail brands for over 28 years.

• Top five clients have an average tenure of approximately 12 years.

• Acquisition introduces new retail clients and cross-selling opportunities.

• APS operates in a fragmented shopfitting market, competing with firms like Ramvek and Johns Lyng Group.

• Focus on repeat business and rapid client response supports strong pipeline visibility.