Acrow (ACF) Investor presentation summary

Acquisition overview

• Announced acquisition of Ausgroup Industrial Services (AGIS) and Preston SuperDeck® for a combined enterprise value of $54.5m, funded by $47.79m cash and $6.75m in scrip, subject to ACCC approval for AGIS.

• AGIS is a Queensland-based industrial services provider with a strong blue-chip client base and expected FY26 revenue of $40m and EBITDA of $6.5m.

• Preston SuperDeck® is a market leader in retractable loading platforms, with 70%+ market share, ~900 decks, and expected FY26 revenue of $11m and EBITDA of $6.3m.

• Both acquisitions are highly complementary, expanding market reach and capabilities, and are expected to deliver synergies of $1.25m in the first 12 months.

• The acquisitions align with a proven acquisition and integration strategy, with experienced management teams retained for continuity.

Funding and financial impact

• Funded by a fully underwritten $70m two-tranche institutional placement at $0.85 per share and a $10m Share Purchase Plan (SPP) for eligible shareholders.

• $19.5m of the funds raised will be allocated to debt reduction, reducing net debt/EBITDA from 2.4x to 1.5x by June 2027.

• If AGIS is not approved by the ACCC, excess funds will be used for further debt reduction.

• Pro forma net debt will decrease from $165m to $146m post-transaction, with a targeted net debt/EBITDA range of 1.0x to 1.5x.

• The equity raising represents approximately 26% of existing shares, with new shares issued at a 6.6% discount to last close.

Strategic rationale and business mix

• AGIS acquisition strengthens the industrial access platform, expands exposure to resources and maintenance sectors, and introduces new capabilities.

• Preston SuperDeck® fills a key product gap, enhances cross-selling, and provides access to Tier 1 customers and structural growth tailwinds in high-rise construction.

• Post-acquisition, the business mix will be 65% industrial access and 35% construction services by revenue, with EBITDA split 55% construction services and 45% industrial access.

• The company has a strong track record of integrating acquisitions, with significant revenue lifts from previous deals.

• Strategic focus remains on diversification, disciplined investment, and maintaining a stable capital structure to support growth opportunities.