Chairman & Managing Director Addresses & AGM Presentation

For personal use only

11 November 2021

CHAIRMAN'S ADDRESS, MANAGING DIRECTOR'S ADDRESS AND PRESENTATION

Attached are the Chairman's address, the Managing Director's address and a presentation to be delivered at Decmil Group Limited's (ASX:DCG) Annual General Meeting scheduled to commence at 10:00am WST this morning.

Ian Hobson

Company Secretary

This ASX release was authorised by the Decmil Group Limited Board.

About Decmil

Decmil Group Limited (DGL) offers a diversified range of services to the Australian resources and infrastructure industries. Companies within the group specialise in engineering and construction; accommodation services; and maintenance. Listed on the Australian Securities Exchange (ASX Code: DCG), Decmil's goal is to maximise returns from our operations to deliver value to our shareholders, clients and other stakeholders.

For further information please contact:

For personal use only

Chairman's Address

DECMIL GROUP LIMITED

2021 ANNUAL GENERAL MEETING

11 NOVEMBER 2021

ANDREW BARCLAY

Good morning ladies and gentlemen.

Welcome to the 2021 Decmil Annual General Meeting.

My name is Andrew Barclay and I am the Chair of the Board of Directors of Decmil Group Limited.

On behalf of my colleagues, I would like to welcome you to our 2021 Annual General Meeting, which is for the first time being conducted via Web-Portal.

As it is now 10am and a quorum is present, I declare this meeting open. I propose to take the Notice of Meeting as read.

At today's meeting we have four resolutions to consider which will be put to a poll.

Decmil acknowledges the Traditional Custodians on whose lands we live and work. We recognise and respect their continuing connection to land, waters and community. We pay respect to all Aboriginal and Torres Strait Islander peoples throughout Australia, and to their Elders past, present and emerging.

Before we commence the formal part of the meeting, I would like to take this opportunity to introduce my fellow directors...Dickie Dique, Peter Thomas, Vin Vassallo, Dave Steele and Ian Hobson our Company Secretary.

I would also like to introduce you to the remainder of the Executive Leadership Team which includes…

• Alex Hall - our Chief Financial Officer,
• Damian Kelliher - our Chief Commercial Officer, and
• Lance Van Drunick - our General Manager

I will now give an overview of the Group including progress against our turnaround plan. I will then invite our Managing Director, Dickie Dique, to give you an update on recently completed projects and new contract awards.

At the conclusion of formal proceedings, we welcome you to discuss any matters regarding the Company with the directors and Executive Team members present today.

For personal use only

I now turn to the Group Overview for FY21.The 2021 financial year was a consolidation year for Decmil, resulting in a normalised EBITDA of $7.6 million and normalised revenue of $313 million for the year.

Operationally the business completed $210 million of major transport projects and completed $92 million of other projects across the balance of our sectors being Construction, Energy and Resources. These projects were delivered whilst successfully navigating COVID-19 restrictions on personnel movement, offshore manufacture and ongoing border restrictions.

With our continued focus on work winning, the business has been awarded ~$130 million in new projects since 30 June 2021.

The outlook for the business is very strong, with an order book of ~$540 million (contracted and preferred) and a project pipeline of ~ $46 billion.

Our turnaround plan is progressing well with a focus now returning to business as usual challenges.

During FY21 Decmil completed the refresh of the Board and Executive Team, delivered projects to forecast, and won key target contracts in our core market sectors and capabilities. Importantly, Decmil has also finalised legacy disputes, namely the dispute with the NZ Department of Corrections on the Rapid Prison Deployment Project, and the dispute on the Mulla Mulla Project, SBS and United Petroleum.

The ~$10 million equity raise as well as putting the sub-debt facility in place has strengthened our balance sheet. In a show of confidence, NAB extended its $40 million multi-option facility until July 2023.

We continue to be focussed on sustainable growth, by retaining commercial, legal and financial disciplines across our projects and winning sufficient work in our core sectors to achieve our revenue and profit targets.

In closing, I would again like to take this opportunity on behalf of the Board to thank our loyal shareholders for their ongoing support and of course our staff for their dedication to Decmil.

I would now like to hand over to Decmil's Managing Director, Dickie Dique to give you an overview of recently completed projects and a number of new awards.

For personal use only

Managing Director's Address

DECMIL GROUP LIMITED

2021 ANNUAL GENERAL MEETING

11 NOVEMBER 2021

DICKIE DIQUE

Thank you Andrew.

Good morning ladies and gentlemen and thank you for joining us today for our 2021 Annual General Meeting.

Today I would like to take you through a few of our recent successes, including a number of projects that have been awarded to Decmil since 30 June 2021. These projects all sit within Decmil's core capability which has been the focus of our tendering effort in recent times.

The first project relates to $88 million of infrastructure works at the Barwon Heads Road Upgrade for Major Road Projects Victoria. This is the first project Decmil has been awarded as part of MRPV's new Program Delivery Approach relating to the Suburban Roads Upgrades. This contract has already commenced and is expected to be completed in 2023.

The second project relates to the construction of road and bridge works for Roy Hill-Munjina Road alignment in the East Pilbara for Main Roads WA valued at $28 million. This contract has already commenced and is expected to be completed by mid-2022.

Other recent awards relate to the construction of the Archer River Crossing Southern Approach located in far North Queensland for Department of Transport QLD valued at $7.6 million, and a contract for Main Roads WA to replace Great Eastern Highway Coates Gully Bridges valued at $6.6 million in the East Pilbara.

I'd like to now talk about the projects completed during FY21. In the Resources sector, we have completed the accommodation camp at Carmichael Rail Network.

In the Infrastructure sector, we have completed Reid Highway widening for Main Roads WA, Warrego and Bruce Highway Upgrades for the Department of Transport QLD, Mayne Yard Brisbane depot for Queensland Rail as well as Crossings in Victoria for Department of Environment, Land, Water & Planning.

In the Energy sector we successfully achieved practical completion of the combined $151 million Yandin and Warradarge Wind Farm balance of plant projects.

With respect to the Sunraysia Solar Farm project, we are in the final stages of testing, with the regulators "Hold Point 3" testing now complete. All things being equal, this final performance testing is still on track for completion during November, with substantial completion by year end. Management does not at this stage expect there to be any negative adjustment to current forecasts on this project.

For personal use only

Turning to the outlook now, Decmil has exposure to a project pipeline of circa $46 billion within its core sectors.

Existing relationships with clients and strategic partners will assist Decmil in securing new projects and leverage our capability.

Targeted growth opportunities include Hydrogen & Lithium infrastructure construction as well as water & defence.

The outlook for the business is now very positive with a strong pipeline and work in hand of ~$540 million to FY24 on a contracted and preferred basis as at 30 September 2021. FY22 is expected to be a growth year with revenue already contracted and preferred totalling $445 million.

Resources are proving to be a bigger and bigger challenge and although our projects are currently correctly resourced, we are aligning these constraints with our targeted opportunities and planning, going forward.

With respect to Homeground, we have had fairly good occupancy since July, primarily due to the shut downs that had been delayed due to COVID restrictions over the preceding 12 months; We are expecting to at least achieve budget for FY22.

Projects like FFI and Gladstone Water Pipeline further give confidence to occupancy rates and potential buyers of the facility.

Before I conclude I would like to thank Andrew, our Chairman, and my fellow directors and executive team for your support.

I would also like to thank our dedicated staff and our loyal shareholders for the support afforded to the business, particularly through the challenging times we have recently been through.

I will now hand back to Andrew to conduct the formal business.