Perenti (PRN) Investor Presentation summary

Financial performance and growth

• Achieved record FY25 revenue of $3.5B, up 4% from FY24, with EBITDA of $668M and EBIT(A) of $333M, both increasing year-over-year.

• EBIT(A) margin improved to 9.6%, and underlying NPAT(A) reached $178M, with EPS rising to 19.1cps.

• Free cash flow hit a record $286M, or $195M on a normalised basis, and leverage reduced to 0.5x, enhancing balance sheet resilience.

• FY25 dividends totaled 7.25c/share, up 21% from FY24, alongside $25M in share buybacks.

• FY26 guidance targets revenue of $3.45B–$3.65B, EBIT(A) of $335M–$355M, and >$160M free cash flow, with increased capex to support future growth.

Business operations and portfolio

• Operates in 12 countries with over 10,000 employees, focusing on underground contract mining (67% of revenue), drilling services, and mining technology.

• Major brands include Barminco, AMS, DDH1, Ausdrill, Swick, and idoba, with deep technical expertise and a strong reputation.

• FY25 revenue breakdown: 68% gold, 27% surface, 67% underground, and 6% mining services.

• Work in hand increased to $6.5B, with a $17.4B pipeline across Australia, Africa, and North America.

• North America presents significant growth opportunities, especially in underground mining and drilling.

Strategic approach and capital allocation

• Focuses on disciplined capital allocation, balancing dividends, business growth, share buybacks, and debt reduction.

• Dividend payout ratio targets 30–40% of underlying NPAT(A); leverage reduced from 1.3x in FY22 to 0.5x in FY25.

• Strategic objectives include 5–10% revenue growth, EPS growth above revenue, ROIC above WACC, and >10% ROE.

• Competitive advantages include people and culture, safety, operating excellence, disciplined investment, and active portfolio management.

• Ongoing investment in people, safety, and sustainability to support long-term growth and shareholder returns.