Announcement PDF 2025 AGM Presentation 28 October 2025 FOS Capital | 2025 AGM Presentation 2 FY25 Highlights Strong earnings growth as FOS builds out critical mass Sales $25.5m +4% vs pcp 1). Adjusted FY24 EBITDA excludes $600k restructuring cost EBITDA $2.1m +43% vs pcp Flat adjusted1 NPAT $0.9m +48% vs pcp EPS 1.72cps +47% vs pcp DPS 1cps 1cps in pcp Operating Cash Flow $2.3m +130% vs pcp Export Market Sales $2.7m +84% vs pcp, 11% of sales Aldridge Traffic Systems Attractively priced assets Expands road lighting presence Glowing Structures Design services & specification Expands lighting services presence Acquisitions FOS Capital | 2025 AGM Presentation 3 FY25 Financial Highlights Operating leverage continuing to drive strong financial outcomes Revenue ($m) EBITDA1 ($m) EBITDA margin (%) 1). FY24 EBITDA figure does not exclude $600k restructuring cost 13.5 17.1 24.5 25.5 FY22 FY23 FY24 FY25 0.6 1.0 1.5 2.1 FY22 FY23 FY24 FY25 4.2% 5.7% 6.1% 8.2% FY22 FY23 FY24 FY25 349 584 632 932 FY22 FY23 FY24 FY25 NPAT ($k) Strong financial results as FOS embeds critical mass and integrates the Aldridge Traffic Systems and Glowing Structures acquisitions, with operating leverage driving 400bp of EBITDA margin expansion since FY22 • As a leader in highly fragmented markets, FOS is able to acquire businesses and realise significant synergies, providing a base to take further market share. • The seven acquisitions executed to date have been successfully integrated and optimised, with the recent integration of Aldridge Traffic Systems and Glowing Structures continuing to improve. Management have maintained a consistent focus on business optimisation during FY25, which included the closure of the Sunshine Coast manufacturing facility (with relocation of production to Brisbane and Sydney). These actions continue to improve gross margins through scale and purchasing power. • Each of FOS’ acquisitions to date, along with ongoing core business growth, are accruing significant scale advantages and the resulting operating leverage has allowed strong top line growth to generate stronger earnings growth. • FOS remains well placed to support ongoing government infrastructure spending and is increasingly recognised as a key provider of choice for our customers. FOS Capital | 2025 AGM Presentation 4 Growth Strategy Consolidating fragmented markets via organic growth and M&A The upside from decisions and investments to date continue to accrue, and FOS maintains a strong focus on accretive & strategic acquisitions alongside realising further value from recent acquisitions. FOS Capital | 2025 AGM Presentation 5 Key Acquisitions & Agreements Track record of strategic, accretive acquisitions • The acquisition of key road-lighting player ATS strengthened FOS Capital’s existing presence in the road lighting industry, which is characterised by high barriers to entry due to stringent product approval requirements by various road authorities and the small number of approved providers. • Substantial progress has been made since the acquisition of ATS: • The business now has a dedicated team of eight key staff, most in sales functions, all of whom have significant experience in the transport & road sector; • Since acquisition orders procured to date stand at $0.75 million; • Active quotes stand at $2.7 million; • Identified upcoming projects $3 million; • The sale of non-core assets is complete for a total of $0.7 million; • Transfer of product certification and approvals to FOS Lighting mostly completed; • Meetings with key suppliers completed and replenishment stock orders are in transit. FOS Capital | 2025 AGM Presentation 6 Acquisition: Aldridge Traffic Systems Acquisition of ATS in June 2025 advances key strategic priorities The ATS assets support FOS by expanding the Group’s scale, providing access to new markets, generating operating leverage, and supporting ongoing government infrastructure spending. • In May 2025 FOS acquired Glowing Structures, a specialist lighting design consultancy based in Melbourne that provides clients across a range of sectors with innovative design services and technical advice, from conception to installation, with a focus on consistently high standards. • Glowing Structures was established in 2007 and is an international award-winning specialist lighting design consultancy, which provides high-quality services covering lighting conception through to installation. • The acquisition of Glowing Structures significantly expands FOS’ presence in the lighting services industry, with a significant opportunity to convert a high percentage of Glowing Structures’ sales specifications into sales of the lighting products FOS manufactures and distributes. In FY24 Glowing Structures’ lighting product sales specifications were $14m. FOS Capital | 2025 AGM Presentation 7 Acquisition: Glowing Structures Acquisition of specialist lighting design consultancy Unaudited FY24 Sales $1.3m EBITDA $0.3m Lighting specified $14m FOS Capital | 2025 AGM Presentation 8 FY25 Income Statement Successful execution driving earnings uplift on operating leverage A$m FY25 FY24 Sales 25.5 24.5 Gross profit 11.3 9.1 Other income 0.1 0.2 Expenses 9.3 7.9 EBITDA 2.1 1.5 EBITDA margin 8.2% 6.1% Restructuring costs - 0.6 Adjusted EBITDA1 2.1 2.1 PBT 1.2 0.8 NPAT 0.9 0.6 EPS (cps) 1.7 1.2 DPS (cps) 1.0 1.0 1). Adjusted FY24 EBITDA excludes $600k restructuring cost FOS Capital | 2025 AGM Presentation 9 FY25 Cash Flow Strong Cash Flow generation and stable capital management A$m FY25 FY24 Change Receipts from customers 28.4 24.9 +14% Payments to suppliers & employees -25.6 -23.7 +8% Other -0.5 -0.2 +150% Operating Cash Flow 2.3 1.0 +130% Strong OCF improvement on scale, earnings Capex -0.0 -0.0 Nm Acquisitions -4.3 -2.3 87% ATS and Glowing Structures key investments in FY25 Investing Cash Flow -4.3 -2.3 87% Net proceeds from borrowings 1.2 2.7 -56% Net equity issuance 3.4 - nm $3.7m equity raise to fund ATS acquisition Dividends paid -0.5 - nm Payment of lease liabilities -1.3 -1.1 +18% Financing Cash Flow 2.8 1.6 +75% Net change in cash 0.8 0.3 +167% Closing Cash 2.5 1.7 +47% FOS Capital | 2025 AGM Presentation 10 FY25 Balance Sheet Well capitalised and positioned to execute on growth plans A$m 30 Jun-25 30 Jun-24 Change Cash 2.5 1.7 +47% Receivables 3.9 4.9 -20% PP&E 1.7 1.0 +70% Other Assets 17.6 14.2 +24% Total Assets 25.7 21.8 +18% Payables 1.7 2.9 -41% Borrowings 3.9 2.7 +44% Other Liabilities 6.0 6.3 -5% Total Liabilities 11.6 11.9 -3% Net Assets 14.1 9.9 +42% 1.5 3.8 6.1 6.2 5.3 3.3 11.1 9.7 9.1 8.8 8.8 9.1 FOS Capital | 2025 AGM Presentation 11 Outlook & Trading Update FOS is well positioned to execute on a growing opportunity set Orders on Hand ($m) FOS is involved in multiple infrastructure projects and continues to take market share as new revenue streams come online. Orders on Hand provide good visibility heading into FY26 KLIK order book ~$5m at acquisition • 1Q25 Sales were $6.5m, relative to an unusually strong pcp figure of $8.3m. The high 1Q24 figure was in part due to the favourable timing of some project deliveries during the period. • Orders on Hand of $9.1m at end-Sep 2025 increased relative to recent periods, while Order Intake for 1Q25 of $7.1m is ahead of sales and provides good visibility into 2Q25. • Sep-25 Active Quotes stand at $115m, in line with June 2025 and up $5m on Sep 2024. FOS Capital | 2025 AGM Presentation 12 Appendices • FOS manufactures a range of commercial luminaires, outdoor fittings, and linear extruded lighting, and distributes a range of commercial, architectural, and road lighting solutions. • The company remains founder-led and majority founder-owned, with its 90 staff based in Australia and New Zealand. • FOS owns 17 brands and 2 manufacturing facilities located in Brisbane and Sydney, and 96% of all sales are product lines that FOS has complete control over. • Since FY22 the company has achieved annual revenue and EBITDA growth of 24% and 52%, respectively, while remaining profitable throughout this period. This growth has been achieved through a combination of considered organic expansion and strategic, accretive M&A. • FOS operates in highly fragmented markets that are worth an estimated $500m, with adjacent markets worth more than $1bn. FOS Capital | 2025 AGM Presentation 13 FOS Capital – Introduction Founder-led manufacturer & distributor of commercial LED lighting FOS is committed to increasing market share from 5% to 15% in the medium-term through a combination of continued organic growth and strategic acquisitions, at an EBITDA margin exceeding 10% FOS Capital | 2025 AGM Presentation 14 FOS Capital – Background April 2019 – FOS Lighting Group(100% ownedbyFOS Capital) founded by FOS MD Con Scrinis and ED MichaelKoutsakis to targetlighting requirements in the commercial, retail, and industrial building industries 2019 to2020 – Acquisitions of FrendLighting andJSB Lighting June2021 – ASX IPO($0.25/share) raises $3mto fund investmentin organic growth and acquisitions September 2021 – Acquisition of NZ-based lighting manufacturer& distributor Ecopoint, providing greater access to the New Zealand market October 2022 – Acquisition of Queensland-based linear lighting manufacturer Hawko Lighting Group, fundedby$1.5mshare placement (at 20cps) October 2023 – Acquisition of linear & handrail lighting manufacturer& distributor Klik Systems, with sales offices & distributors in all Australian capitals andexports to EU/US May 2025 – Acquisition of Melbourne-based lighting design consultancy Glowing Structures to strengthen presence in lighting services industry and unlock specification sales potential June2025 – Acquisition of Aldridge Traffic Systems alongside $3.7m equity raise, expanding FOS’presence in the key road lighting industry History Key Management Michael Koutsakis Executive Director (Sales & Marketing) Over 30 years of experience in the lighting industry, including in key roles at Sun Lighting, Moonlighting, Zumbtobel, WEEF, and Stokes Ltd (now SKS Technologies Ltd; SKS-ASX) Con Scrinis Managing Director Over 40 years of experience in the lighting industry, including asMD of Moonlighting, Traffic Technologies (TTI-ASX), and Stokes (now SKS Technologies; SKS-ASX) Con Scrinis and Michael Koutsakis, along with fellow Director Michael Monsonego, are the shareholders of SKM Investment Group. SKM owns 45.8% of FOS shares outstanding and has maintained its entire holding since listing over three years ago. Aligned management with successful history of integrating acquisitions FOS Capital | 2025 AGM Presentation 15 FOS Capital – Brands & Solutions FOS owns 17 brands and 96% of all sales are in fully-controlled products FOS Capital | 2025 AGM Presentation 16 Project Examples FOS supports a range of major government & corporate projects Contact Con Scrinis, Managing Director con@foslighting.com.au