Energy One (EOL) Investor presentation summary

Strategic rationale and growth acceleration

• Acquisition of GMSL positions the group as the leading European software and services platform for energy market operations, accelerating European growth through expanded capabilities, customer access, and market reach.

• The transaction is a transformational step, creating a clear leader in short-term energy trading operations, software, and services, with immediate revenue synergies and operational leverage.

• Strategic partnership with Fluxys brings deep industry expertise, market access, and new opportunities across Europe.

Transaction structure and financial impact

• The acquisition is structured as an all-scrip deal, with 7,089,780 shares issued, implying an enterprise value of A$99.824m and expected to be materially EPS accretive (35% pro forma EPS accretion).

• Fluxys will own 18.26% of the combined group post-transaction, with a 12-month escrow on consideration shares.

• Estimated potential EBITDA synergies of up to A$4.1m, with full realisation targeted by end of FY28 and one-off integration costs of ~A$2.5m.

• Pro forma FY26A combined revenue is A$102.5m, EBITDA A$29.9m, and underlying EPS of 0.397 (+35%).

Operational strengths and market positioning

• The combined entity will serve 500 clients with 322 FTEs, offering a comprehensive, enterprise-grade solution for gas and power market operations.

• GMSL brings mission-critical software and services embedded in Europe's energy infrastructure, with 134 customers, 400+ connected counterparties, and a 33% EBITDA margin.

• Revenue is highly resilient, with a 7% CAGR, strong retention, and diversified by geography and client size; revenue churn remains below 1%.

• The platform enables cross-sell and upsell opportunities, deeper 24/7 operational support, and broader multinational coverage.