Trading

Position · Why EBITDA missed · Profit and margin

Revenue$29.41m

+12.3% on prior yearFY26

Revenue$2.87m

+10.7% on prior JuneJune 2026

EBITDA$3.55m

12.1% marginprior 14.1%

EBITDA$356k

12.4% marginprior June 14.8%

EBITDA margin12.1%

prior 14.1%FY26

EBITDA margin12.4%

prior June 14.8%June 2026

Miss against budget-$1.11m

24% of budgetFY26

Miss against budget-$1.11m

24% of budgetFY26

Largest single cause-$850k

direct-cost rate76% of the miss

Largest single cause-$850k

direct-cost rate76% of the miss

Cash breaches the floor in week 9The 13-week forecast bottoms at $880k in week 11 against a $1.20m floor; the breach opens in week 9, where the $395k loan repayment lands.Next: Agree facility headroom or reschedule the week-9 repayment with the bank before week 6.

Delivered margin is 4.8pt below quote18.1% won, 13.3% delivered: $1.4m of FY26 margin lost between estimate and completion, and no job-level forecast catches it in flight.Next: Job-cost review on both Mackay jobs now; estimator sign-off on any forecast 2.5pt under.

Covenant headroom is 0.38x and closingLeverage 2.37x against a 2.75x covenant with EBITDA margin falling. A soft half-year puts the bank in the room.Next: Model the covenant on the FY27 budget before committing capex; talk to the bank at 2.5x.

Mackay runs at half Karratha's margin7.8% against Karratha's 15.2%, on 58% utilisation. One site is diluting the whole group's economics.Next: Lift Mackay rates at renewal, move crew or cut the cost base; report monthly.

Growth is rate-led, and margin still fellRevenue +12.3% splits into +9.4% rate and +2.6% hours. Pricing works; direct-cost creep (79% to 81%) is eating it.Next: Set the FY27 rate card with an 18% floor; aim the margin fix at delivery cost, not price.

Trading performance

Revenue $29.41m, 12.3% against FY25; EBITDA margin 12.1% against 14.1%.

	Last three months			Year to date - FY26				FY25
	Apr 26	May 26	Jun 26	Actual	Budget	Variance	% of plan	Actual
Revenue	$2.38m	$2.52m	$2.87m	$29.41m	$30.29m	-$876k	97%	$26.19m
Direct costs	-$1.94m	-$2.06m	-$2.34m	-$23.85m	-$23.69m	-$165k	101%	-$20.65m
Gross profit	$438k	$458k	$529k	$5.56m	$6.60m	-$1.04m	84%	$5.54m
Gross margin	18.4%	18.2%	18.4%	18.9%	21.8%	-2.9pt	—	21.2%
Overheads	-$168k	-$169k	-$172k	-$2.01m	-$1.94m	-$71k	104%	-$1.85m
EBITDA	$270k	$289k	$356k	$3.55m	$4.66m	-$1.11m	76%	$3.69m
EBITDA margin	11.3%	11.5%	12.4%	12.1%	15.4%	-3.3pt	—	14.1%

Revenue, direct cost, overhead and what is left

Direct costs absorbed 81.1% of revenue against 78.8% previously; EBITDA margin closed at 12.1%.

Actual against budget, by month

FY26 finished -$876k against budget; Jun 26 was -$15k.

EBITDA by site

Mackay margin is 7.8% against Karratha at 15.2%; site EBITDA ranges from $551k to $1.88m.

EBITDA margin - 24 months

Jun 26 closed at 12.4% against the FY25 margin of 14.1%.

Cash

Cash · Cash flow · Working capital

13-week low$880k

week 11floor $1.2m

13-week low$880k

week 11floor $1.2m

13-week floor headroom-$320k

low less floorweek 11

13-week floor headroom-$320k

low less floorweek 11

Average weekly burn$497k

direct costs plus overheadFY26 weekly average

Average weekly burn$580k

direct costs plus overheadJune weekly average

Free cash flow$1.49m

operating less capexFY26

Free cash flow$90k

operating less capexJune 2026

Debtor days54 days

year-end 58 daysFY26 average

Debtor days57 days

creditor days 39.9June 2026

$1.08m held in retentions: half your cash balanceUnpaid but not overdue, so standard ageing hides it; Bowen Basin's $230k release needs a completion certificate still outstanding.Next: Run a retention register with release dates; chase the Bowen Basin certificate this month.

Keep the 13-week forecast liveIt shows the week-9 breach two months out; the runway measure reads healthy on averages and would have missed it.Next: Owner reviews the rolling 13-week every Monday; it is the early-warning system.

$1.08m sits in the 61-90 and 90+ bucketsDSO has drifted from 44 to 58 days; the oldest bucket alone is $470k.Next: Weekly collection cycle with stop-work triggers on 90+; DSO back under 50 frees $640k.

Forward cash against the floor

The 13-week forecast first breaches the $1.20m floor in week 9 and bottoms at $880k in week 11. The next lump payment is $640k in week 5; debt drawn is $8.40m.

Where the cash went - operating, investing, financing

Operating cash flow is $2.52m; free cash flow is $1.49m after $1.03m of capex.

Cash on hand - actual and projected

Cash closes the actual period at $2.10m and reaches a projected low of $1.01m against the $1.20m floor. Runway remains Positive: avg FCF +$89k/mo (6m).

Cash conversion cycle

58 days plus 22 days less 41 days gives a 39 days point-in-time cycle; the FY average is 35 days.

Owed to you, by age

Receivables total $5.30m; the two oldest buckets hold $1.08m and the oldest bucket alone holds $470k.

Debtor days against creditor days

Year-end debtor days are 58 days against 41 days of creditor days, a spread of 17 days.

Expected collections

$4.54m is expected within 60 days, leaving $760k still outstanding after that point.

Winning work

Order book · Won against delivered · Winning work

Backlog at year end$18.40m

7.5 months covercontracted

Backlog at year end$18.40m

7.5 months covercontracted

Quotes out38

$9.8m quotedat year end

Quotes out38

$9.8m quotedat year end

Quote win rate31.2%

prior 34.8%target 35.0%

Quote win rate30.6%

June monthly conversiontarget 35.0%

Enquiry to signed FY2624 days

prior 19 daysFY26

Enquiry to signed FY2624 days

prior 19 daysFY26

Utilisation68.0%

target 78.0%FY26

Utilisation66.9%

target 78.0%June 2026

Win rate 31% and falling, tender-heavy pipeline63 of 144 quotes went to tender portals at a 17% win rate, against 58% on repeat clients. Estimating effort points at the worst channel.Next: Stop quoting tender portals below 18% margin; weight effort to repeat and referral work.

Utilisation 68% against a 78% targetTen points of idle capacity is $4.0m a year at the $148 charge rate, $2.6m at cost.Next: Weekly utilisation by site to the owner; redeploy before hiring.

Pipeline by stage - full value

Enquiry is the largest stage at $14.20m; full pipeline value totals $33.70m.

What the book covers, month by month

Cover starts at 7.5 months, crosses the warning level of 4.0 months after month 4, and the target of 3.0 months after month 5 if no work is added.

Won against delivered - 24 months

Across 24 months, $58.10m was signed against $55.60m delivered; backlog moved from $15.90m to $18.40m.

Pipeline value by stage, weighted

Probability weighting reduces $33.70m of full value to $11.19m; Quoted contributes the largest weighted amount at $2.94m.

Pipeline detail

The stage register reconciles full pipeline value $33.70m to weighted value $11.19m.

Stage	Full value	Probability	Weighted value
Quoted	$9.80m	30%	$2.94m
Shortlisted	$5.10m	55%	$2.81m
Preferred	$2.90m	80%	$2.32m
Awarded	$1.70m	100%	$1.70m
Enquiry	$14.20m	10%	$1.42m

Win rate by where the work came from

Repeat client wins 58.0% of quotes against 17.0% from Tender portal.

Quotes issued, by source

144 quotes were issued; Tender portal accounts for 63, or 43.8% of the total.

Win rate - 24 months against a 35% target

The current-period monthly average is 32.3% and the latest month is 30.6%, against a 35.0% target.

Delivery & clients

Delivery · Delivery detail · Clients · Client detail

Margin at completion13.3%

quoted 18.1%slippage 4.8%

Margin at completion13.3%

quoted 18.1%slippage 4.8%

On-time delivery72.0%

target 90.0%FY26

On-time delivery71.9%

target 90.0%June 2026

Top client share28.5%

Pilbara Iron Holdings$8.9m revenue

Top client share28.5%

Pilbara Iron Holdings$8.9m revenue

Average client margin14.1%

revenue weightedFY26

Average client margin14.1%

revenue weightedFY26

Client count42

5 named plus other clientsat year end

Client count42

5 named plus other clientsat year end

WIP over 60 days is $780kUnbilled work is unfunded work. A quarter of WIP is aged past 60 days while cash tests the floor.Next: Certify and claim everything past 60 days this month; bill or write down.

On-time delivery is 72% against a 90% targetLate completion drives rework, retention delays and margin slip. Rework is already 3.8% of revenue.Next: Root-cause last quarter's late jobs; tie shutdown scheduling to crew availability.

Bowen Basin: 6.1% margin, paid in 88 days$5.4m of revenue earning almost nothing after funding cost, the biggest single client risk on the book.Next: Reprice or restructure at the next variation; new payment terms before any new scope.

Every job - quoted margin against delivered

6 jobs compare 13.3% completion margin with 18.1% quoted; the widest gap is 14.0 pts.

On time - 24 months against a 90% target

The latest month is 71.9% against the 90.0% target.

Work in progress, by age

The oldest ageing buckets total $780k of $3.24m work in progress.

Job margin detail

Jobs are ranked by the gap between quoted and delivered margin.

Job	Quoted margin	Delivered margin	Margin gap
Conveyor rebuild · Mackay	18.0%	4.0%	14.0 pts
Shutdown · Mackay	16.0%	6.0%	10.0 pts
Fixed plant · Kalgoorlie	17.0%	15.0%	2.0 pts
Shutdown · Karratha	19.0%	17.0%	2.0 pts
Mobile maint · Karratha	21.0%	20.0%	1.0 pts
Plant hire · Kalgoorlie	24.0%	23.0%	1.0 pts

Revenue by client

Pilbara Iron Holdings contributes 28.5% of client revenue at a 14.8% margin.

Margin by client

Bowen Basin Coal has the lowest named-client margin at 6.1% on $5.40m revenue.

Days to pay against margin

Bowen Basin Coal is both the slowest-paying named client and the lowest-margin named client.

Client detail

Revenue share is calculated across every client row; grouped clients remain visible.

Client	Revenue	Share	Margin	Days to pay
Pilbara Iron Holdings	$8.90m	28.5%	14.8%	47 days
Goldfields Consolidated	$6.20m	19.9%	16.2%	39 days
Bowen Basin Coal	$5.40m	17.3%	6.1%	88 days
Other (37)	$5.00m	16.0%	14.1%	44 days
Northern Haulage	$3.10m	9.9%	19.5%	34 days
Murchison Minerals	$2.60m	8.3%	17.3%	52 days

People

Headcount136

year-end 142FY26 average

Headcount143

prior year-end 128June 2026

Revenue per head$207k

FY average-head basis $216kFY26

Revenue per head$241k

annualised from JuneJune 2026

Attrition FY2618.3%

prior 12.1%FY26

Attrition FY2618.3%

prior 12.1%FY26

Charge vs cost$52

$148 charge$96 cost

Charge vs cost$52

$148 charge$96 cost

Recovery53.5%

charge less cost over costat year end

Recovery53.5%

charge less cost over costat year end

Attrition 18.3%, headcount up 14Hiring is running to stand still: revenue per head is flat at $207k while 18.3% of the crew leaves each year.Next: Exit-interview leavers, fix the rosters driving it, tie leading-hand pay to margin.

Headcount and revenue per head trend

Revenue per head moved from $245k to $206k as headcount increased over the period.

Utilisation by site against 78% target

Mackay is lowest at 58% against the 78% target.

Charge against direct cost per hour

$148 charged against $96 direct cost produces 53.5% recovery.

Utilisation trend against target

Latest utilisation is 66.9% against the 78% target.

Debt & basis

Debt and covenants · Debt profile · Basis & assumptions

Leverage LTM2.37x

covenant 2.75xat year end

Leverage LTM2.37x

covenant 2.75xat year end

Interest cover LTM3.74x

covenant 3.00xat year end

Interest cover LTM3.74x

covenant 3.00xat year end

Debt drawn$8.40m

facility $12mat year end

Debt drawn$8.40m

facility $12mat year end

EBITDA$3.55m

12.1% marginFY26 LTM

EBITDA$356k

12.4% marginJune 2026

Repaid FY26$450k

scheduled amortisationFY26

Repaid FY26$450k

scheduled amortisationFY26

Leverage against covenant

Leverage is 2.37x against a 2.75x covenant, leaving 0.38x headroom.

Interest cover against covenant

Interest cover is 3.74x against a 3.00x covenant.

Repayment ladder

FY30 carries the largest scheduled maturity at $4.60m.

Leverage trend against covenant

Leverage peaked at 2.46x and closes at 2.37x against the 2.75x covenant.

Cash against debt drawn

The period closes with $2.10m cash against $8.40m debt drawn.

Facility and repayment profile

$8.40m is drawn, $3.60m remains undrawn and $450k was repaid in the year.

Basis of preparation

Assumptions and open points behind the dashboard, searchable by type, item, treatment or effect.

#	Type	Item	Treatment / basis	Effect on the numbers
S1	Assumed	Retentions	7% of certified billings on active jobs, released at practical completion; no register provided	$1.08m held outside the ageing buckets
S2	Assumed	Chargeable hours	160 hrs/head/month standard, for the rate-volume split	Sets the volume/price decomposition
S3	Assumed	Capex threshold	Purchases >$25k capitalised; below expensed	Defines investing cash flow, $1.0m FY26
S4	Assumed	Interest	Facility contract rate, paid monthly, no hedging; shown in operating cash flow	FY26 interest $948k, consistent with 3.74x cover
S5	Assumed	Runway window	Trailing 6-month average free cash flow; break-even counts as healthy	Runway reads Healthy; both forward views carry the trough
S6	Assumed	Cash flow statement basis	Derived indirect: operating = EBITDA less working-capital movement less interest; monthly working capital modelled to reconcile the P&L to the bank, anchored to actual June-26 AR, AP and inventory and held inside a 35–65 day band	Ties to bank exactly; the monthly split is modelled and gated
S7	Assumed	Projection basis	Jul–Sep 26 aggregates the 13-week forecast (no capex in the trough quarter); Oct–Dec carries the prior-year pattern forward at FY26 growth	One forward view, not two that disagree
O1	Open	Mackay rework provision	June estimate unconfirmed, awaiting site report	Could move June EBITDA −$60k
O2	Open	Disputed 90+ invoices	Two invoices, $140k, in dispute	Sits in the 90+ bucket pending resolution