25 August 2021

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

PRESENTERS’ NOTES

Seven Group Holdings Limited (ASX: SVW) attaches the speakers’ notes for the FY21 Full Year Results Investor Presentation.

This release has been authorised to be given to ASX by the MD & CEO of Seven Group Holdings Limited.

For more details:

Jim Kelly +61 412 549 083 Lauren Thompson +61 438 954 729

Seven Group Holdings Limited is a leading Australian diversified operating and investment group with market leading businesses and investments in industrial services, media and energy. In industrial services, WesTrac Group is the sole authorised Caterpillar dealer in Western Australia, New South Wales and the Australian Capital Territory. WesTrac is one of Caterpillar's top dealers globally (by sales value). SGH owns Coates, Australia’s largest nationwide industrial and general equipment hire business. SGH also has a 69.9% shareholding in Boral, an international building products and construction materials group. In energy, SGH has a 30.0% shareholding in Beach Energy and has interests in oil and gas projects in Australia and the United States. In media, SGH has a 40.2% shareholding in Seven West Media, one of Australia’s largest multiple platform media companies, including the Seven Network, 7plus and The West Australian.

Seven Group Holdings Limited | ABN 46 142 003 469

Level 30, 175 Liverpool Street, Sydney NSW 2000 | Postal Address: PO Box 745, Darlinghurst NSW 1300 Telephone +61 2 8777 7574

Results Release – Year Ended 30 June 2021

Slide 1 – Ryan Stokes

Opening Slide

Good morning and welcome to the presentation of the Seven Group Holdings results for the year ended 30 June 2021.

I am Ryan Stokes, Managing Director and CEO. With me today is Richard Richards, Group CFO, who will present the financial results for the year.

Slide 2 – Ryan Stokes

Group Overview

Today, we report another strong result, driven by our operating businesses WesTrac and Coates, the inclusion of Boral as an equity accounted investment, and the successful transformation of Seven West Media.

We continue to execute on our growth agenda and have an exciting opportunity to create significant value through the transformation of Boral.

WesTrac and Coates delivered strong performances, with both meeting earnings guidance, and, together with Boral, are well positioned to benefit from the robust outlook for mining production, construction and infrastructure activity.

Our investments in Energy and Media are also well positioned to continue making important contributions to the Group.

In addition, we announce a 10 per cent increase in the final dividend to 23 cents to take the total dividend to 46 cents, reflecting the confidence we have in our businesses.

Slide 3 – Ryan Stokes

Group Overview – People & Safety

Ensuring the Group’s nearly 6,000 employees remain safe is our top priority. We maintain a constant focus on achieving positive safety outcomes and culture.

We continue to invest in specialised training and initiatives to further improve safe working practices and have made progress in reducing Group LTIFR and TRIFR in recent years.

In relation to COVID-19, given the importance of vaccinations for both employees and community, we have established a vaccination recognition program to acknowledge our people who choose to be fully vaccinated.

The Group invested $10 million in training during the year as we build capability and increase capacity to manage demand for skilled labour, particularly in WA.

Diversity is a key objective and WesTrac and Coates are targeting increased female participation in trades and management, with an aspirational goal of having 25 per cent female representation in our workforce by 2025.

Slide 4 – Ryan Stokes

Emissions and Community

Our commitment to net zero greenhouse gas emissions for WesTrac and Coates by 2040 is part of a broader set of commitments to provide more transparency and accountability to stakeholders. We are proud of our history in this area. This includes our dedication to staff well-being and safety, innovations within our businesses to re-use equipment and minimise waste, and our actions in the community.

Next month, we will publish our first stand-alone Sustainability Report which will also include additional details and metrics relating to our sustainability initiatives.

Over the last 18 months SGH contributed $4.9 million through our Bushfire Assistance Program to support impacted communities and to assist in recovery and restoration work. As well, I would like to acknowledge the incredible efforts of our people who actively supported this program.

We will continue to focus on helping local communities, including providing career opportunities for indigenous workers and safe work environments for our teams.

Slide 5 – Ryan Stokes

Group Overview – Businesses and Markets

This slide provides some perspective of the strength and diversity of the Group.

The SGH portfolio includes exceptional businesses across industrials, energy, and media.

WesTrac is one of the world’s leading Caterpillar dealers supporting customers across mining and construction.

Coates is the largest equipment rental services company in Australia and an important provider of end to end solutions in temporary works engineering, and industrial shuts.

Boral is refocusing its portfolio to Australia, where it has a national network of construction materials assets with significant potential for value creation.

Our Energy investments comprise 30 per cent of Beach Energy and 100 per cent of SGH Energy. Together, they are positioned to create value through supplying gas to domestic markets and exporting LNG.

Seven West Media is one of Australia’s leading diversified media platforms that has successfully transformed with earnings growth and an improved balance sheet.

Slide 6 – Ryan Stokes

Disciplined Value Creation

This details milestone events in our value creation journey over the past decade in which we have grown from a market capitalisation of around $2.2 billion to more than $8 billion.

During this period, we have demonstrated our ability to efficiently acquire and effectively operate businesses with a disciplined approach to value creation.

2

Slide 7 – Ryan Stokes

Key Activity and Portfolio Changes

SGH was very active during FY21.

We raised $533 million in new equity in April, providing the Group with increased capacity and flexibility.

Having increased our shareholding in Boral to 23 per cent via a creep, we launched a takeover in May. This was the culmination of a considered strategy following first identifying a value opportunity in 2019. We secured control of Boral and a 70 per cent shareholding at the conclusion of the offer in July.

Boral is a key pillar of future growth for SGH, and our experience in business transformation and disciplined capital management will help Boral to deliver improved margins and returns and realise the value creation opportunity identified.

We also took advantage of market dislocation to increase our shareholding in Beach Energy by 1.5 per cent in April. Changes at Beach will strengthen oversight and ensure clear operating accountability as it continues to expand its portfolio of producing oil and gas assets.

In July, we sold $120 million of other listed investments.

Slide 8 – Ryan Stokes

Group Overview – Earnings

Group underlying EBIT increased 7 per cent to $792 million, driven by the strong performance of our industrials businesses which delivered on guidance and collectively delivered a 13 per cent higher EBIT contribution.

WesTrac benefitted from strong customer demand across mining and construction, factors that we expect to continue into FY22. Customer machine operating activity remained strong throughout the year, driving demand for aftermarket support and rebuilds.

The Coates management team was diligent in pursuing operational efficiencies while continuing to support customers working on construction and infrastructure projects across Australia.

We also include an equity accounted contribution of $38 million from Boral, reflecting the 26 per cent ownership as at 30 June. We will consolidate Boral as a subsidiary in FY22.

Earnings growth was supported with the strong operating cash flow generation, up 16 per cent to $622 million, supporting investment into future growth.

Slide 9 – Ryan Stokes

Group Overview - Key Financials

Underlying EBIT for the year was up 7 per cent to $792 million.

Underlying net profit after tax was up 7 per cent to $501 million.

3

Underlying earnings per share was up 5 per cent to 146 cents.

Underlying EBITDA cash conversion increased by 2 percentage points to 84 per cent.

Statutory EBIT rose 143 per cent, reflecting a $93 million impairment reversal in respect of our investment in Seven West Media.

Statutory net profit after tax attributable to members was up 448 per cent to $631 million.

We declared a final dividend of 23 cents, bringing the full year dividend to 46 cents, up 10 per cent.

I will now hand over to Richard to take you through the Group’s financials for the year. Richard.

Slide 11 – Richard Richards

Profit and Loss

Thank you, Ryan and good morning.

Slide 11 provides both the underlying and statutory net profit after tax for the year.

Please note that comparatives have been restated for the application of recent IFRIC decision on cloud computing costs, resulting in a change in accounting policy by the Group and our associates and an immaterial restatement. A reconciliation of these is outlined in Note 1 of the Financial Report.

The result for the year reflects top line growth of 6 per cent, to $4.8 billion, driven by machines sales growth in WesTrac in both mining and construction, that offset the expected reduction in Coates revenue from slower project replacement rate in construction.

Underlying EBIT was up 7 per cent, benefiting from improved results from equity accounted investees, with initial equity accounted contribution of Boral and improved contribution from the transformed Seven West Media, benefiting from advertising recovery and refreshed content line up.

Ryan will discuss each segment’s specific financial result later in his presentation

Expenses, excluding depreciation and amortisation, increased 7 per cent, with materials cost increasing 12 per cent, reflecting the higher machine cost of sales, and R&M costs down 13 per cent reflecting Coates operating efficiency. Employee costs were held steady, noting current market pressure.

Depreciation and amortisation was down on last year by 1 per cent, reflecting the slowing of fleet investment in Coates in response to market conditions. Net finance costs have increased reflecting additional draw down of borrowings to fund growth investments.

The Group’s underlying effective tax rate at 20 per cent was also in line with FY20.

4

Slide 12 – Richard Richards

Significant items

In FY21 the Group has had significant items with a net gain of $130 million, increasing statutory net profit after tax to $635 million.

Significant items include a $93 million reversal of previous impairments of the investment in Seven West Media, following an increase in the share price during FY21 that reflects delivery against their core strategy.

The Group’s share of significant items of Beach, Boral and Seven West Media were a net gain of $44 million. This reflected loss from Beach’s impairment of Otway and Boral’s portfolio review and bid defence costs being more than offset by gains from Seven West Media’s TV licence impairment reversal and write back of provisions on the Tokyo Olympics.

The Group also incurred significant items in relation to pre year end Boral bid costs of $3.4 million and associated finance costs of $5 million.

Slide 13 – Richard Richards

Earnings Summary

Slide 13 details the revenue and underlying EBIT result across each segment and a reconciliation to statutory EBIT after allocation of the significant items from the previous slide.

WesTrac was the key driver of the Group’s result in FY21. Coates improved contribution on lower revenue was also impressive.

Slide 14 – Richard Richards

Cash Flow

Underlying operating cash flow was $885 million, an increase of 7 per cent or $61 million on prior year and Underlying EBITDA cash conversion improved by 2 per cent to 84 per cent. This reflected the Group’s on-going focus on working capital discipline whilst growing top line.

The strong operating cash flow has helped fund further investment in Boral, with $422 million cash investment in the first half, with the second half creep funded via swap and take over acceptances up to year end being accrued in other payables.

The Group also reinvested in existing businesses, with $124 million of net capex in Coates, significantly lower than $225 million in FY20 in response to market conditions and $46 million expenditure in WesTrac on capacity expansion and rent to sell assets.

Cash flow from financing included the net proceeds of the April 2021 underwritten placement and share purchase plan of $524 million, partially offset by debt and lease repayments and $149 million in ordinary dividends paid during the year.

Year-end net debt reduced to $2.3 billion, noting the debt has increased with the Boral takeover post year end.

5

Slide 15 – Richard Richards

Balance Sheet

Group net assets of $4 billion was up 42 per cent from last year, reflecting the statutory net profit including significant items of $635 million, equity raise of $524 million, plus a positive net change in fair value of financial assets measured through other comprehensive income, including revaluation of the investment in Boral on equity accounting, being offset by the ordinary dividend.

Trade and other receivables increased by $57 million, reflecting the strong sales result in WesTrac, particularly during May and June.

Inventories decreased by $33 million also reflecting strong machine sales and reduced CAT’s parts price.

The value of investments increased by $1.4 billion, reflecting improved market value of our other investments and the increased equity accounted investment in Boral and Beach, the impairment reversal of Seven West Media, along with the equity accounted share of profits for the year.

Property, plant and equipment reduced by $15 million, mainly reflecting the reduced level of investment in Coates rental fleet.

Oil and natural gas assets increased for investment in Crux.

The decrease in deferred income of $56 million related to unwind from delivery of major fleets.

Slide 16 – Richard Richards

Liquidity Management

The Group was pleased to have on-going significant support of our partner lenders, that was clearly demonstrated in the extension of and $158 million increase in commitments to Tranche A of the syndicated facility early in 2H, and in the commitment to the $6.2 billion Boral bridge facility for the takeover offer in May.

The Group continues to explore alternative sources of funding, during 2H this included the use of low-cost equity settled swaps of $264 million to fund increased investments in Boral and Beach.

At 30 June 2021, the Group held $4.2 billion in total facilities, drawn to $2.4 billion and net debt of $2.3 billion.

Since 30 June, the Group has drawn $2.97 billion under the Boral bridge facility and further $231 million in equity settled swaps to fund acceptances under the Boral takeover. The Group has also repaid the $431 million CAT facility in July and $113 million in USPP notes in August.

6

Slide 17 – Richard Richards

Capital Management

The Group has benefited from a strong balance sheet underpinned by our operating business’ ability to generate free cash flow through the cycle to support borrowing and provide us with balance sheet flexibility, enabling the Group to take advantage of market dislocation and create long-term shareholder value.

Over 10 years the Group has successfully recycled $2.7 billion in capital and has redeployed this into growth opportunities, the most recent being the investment in Boral.

The Group seeks to continually refine the balance between its credit rating, maintaining funding capacity, for both growth and to cushion against potential economic dislocation or short-term liquidity events, and funding cost.

We are proud of the share value that we delivered to shareholders during the last three years, both in terms of the price appreciation but also the reliable, fully franked dividends that we have produced over time, including the increase in dividends during the year that reflects our confidence in the on-going cash flow generation of our businesses and outlook in key sectors.

I will now hand you back to Ryan

Slide 19 – Ryan Stokes

WesTrac – Highlights

Thank you, Richard.

WesTrac is one of the world’s leading Caterpillar dealers. We support the ongoing needs of our customers with new and used equipment options with high quality product support services.

Mining production is a key driver of activity for WesTrac. During the year Iron ore exports were at record levels and NSW thermal coal shipments remained near record volumes. Construction demand in NSW and WA was strong through the year in response to residential building and major government infrastructure project activity.

Major mine expansion projects saw capital equipment delivered to customers, including Rio Tinto, BHP, Fortescue, Newmont and Mineral Resources. Our committed pipeline for new projects in WA includes deliveries to Newmont, Northern Star, and Rio Tinto. In NSW, major mining customers are considering fleet investment and replacement.

Slide 20 – Ryan Stokes

WesTrac – Financials

WesTrac’s EBIT increased by 8 per cent to $400 million, while EBIT margin remained relatively steady.

WesTrac delivered revenue growth of 9 per cent for the year, with product sales up 32 per cent. Product support revenue was down 1 per cent due to a price decrease for CAT parts in January.

7

Demand remained strong as our mining customers pushed production with their existing fleets. The resulting high machine operating hours drove strong demand for aftermarket parts, service and rebuilds. Capacity expansion activity for Tomago and Perth sites including South Guildford, will ensure WesTrac can support this ongoing demand.

Slide 21 – Ryan Stokes

Coates – Highlights

Coates is Australia’s leading equipment rental business with an extensive national network and broad range of fleet to support construction and infrastructure activity. There is a committed team of people with an increasing focus on leveraging in-house expertise to provide solutions-based offerings in specialised areas such as Engineering Solutions and Industrial Services.

Coates continued to support our customers work on major infrastructure projects across Australia, although activity was subdued as project delays impacted activity through the year. Coates management responded proactively by reducing costs and improving productivity.

Engineering and construction demand remains strong, and increased Government initiatives have boosted the already significant pipeline of infrastructure projects. Coates is also deploying more targeted marketing strategies and campaigns to grow revenue, including entering into a new strategic partnership with Bunnings to better serve the Trade segment.

Slide 22 – Ryan Stokes

Coates – Financials

While revenue was down 3 per cent, Coates’ initiatives to control costs and improve productivity allowed it to increase EBIT margin by 1.5 percentage points, and lift EBIT by 4 per cent to $212 million.

Coates’ transformation initiatives facilitated margin expansion and allowed it to deliver higher earnings from lower revenue.

Ongoing resource activity in WA provided Coates with increasing demand for its Industrial Services, although East Coast activity was hampered by COVID restrictions, wet weather and delays to project planning and approvals.

Activity levels increased through the second half and into Q4. This is also reflected in the second half revenue being 2 per cent higher than first half revenue despite the market conditions. Time utilisation was also up 1.3 per cent in 2H to 55.4 per cent at 30 June.

Slide 23 – Ryan Stokes

Boral – Highlights

Boral became a 70 per cent owned subsidiary of SGH in July. It presents a compelling growth opportunity for SGH. Boral’s Australian business comprises a unique national network of high quality strategically located construction materials assets.

We believe that with the transformation plan there is the potential to unlock material value and operating leverage. SGH’s experience in business transformation, managing industrial

8

businesses, and disciplined approach to capital management will support Boral to deliver on its transformation agenda and achieve this potential.

Almost half of Boral Australia’s revenue comes from Roads, Highways, Subdivisions, Bridges and Other Engineering, where the outlook continues to strengthen.

To date, Boral has made significant progress in portfolio realignment, it completed the sale of USG Boral and is expected to complete the sales of Meridian Brick, North American Building Products and its Timber business during the first half of FY22. A decision about divesting Fly Ash is in progress, and we expect significant capital to be released during FY22.

Slide 24 – Ryan Stokes

Boral – Financials

Revenue for Boral Australia was 6 per cent down. EBIT, excluding property, was up 11 per cent as transformation benefits offset lower volume, softer prices and an adverse mix.

Boral delivered transformation benefits of $75 million in FY21. And Boral continue to firm up initiatives to achieve the balance of the $200 to 250 million objective that is expected to be delivered over the medium term.

Boral’s underlying NPAT was 44 per cent higher at $251 million, and SGH recognised a $38 million equity accounted share.

Slide 25 – Ryan Stokes

Energy – Beach Investment

Beach’s revenue declined 8 per cent due to 4 per cent lower production and a 3 per cent lower oil price.

Our contribution from Beach was down 20 per cent to $105 million, reflecting the lower revenue and higher exploration expenses that were partially offset by a favourable gas sales agreement outcome.

Beach remains well placed to deliver gas into the tightening domestic market, with the latest AEMO forecast identifying a gas supply constraint for East and South-East markets by 2023.

Drilling success with the Enterprise and Artisan wells in the Otway Basin, and acquisitions of Cooper Basin assets from Senex Energy and Bass Basin assets from Mitsui, further enhance Beach’s ability to supply this market.

Beach has completed Waitsia Stage 1 in the Perth Basin and is now marketing up to 3.75 million tonnes of Stage 2 LNG sales from late CY23.

Beach has a strong balance sheet with $402 million of available liquidity and has 2P reserves sufficient for more than 13 years of production despite the impact of the Western Flank downgrade.

9

Slide 26 – Ryan Stokes

Energy – SGH Energy

Crux is an attractive asset and a significant value creation opportunity for SGH. It is an important backfill opportunity for the existing Shell-operated Prelude FLNG facility. Front-End Engineering and Design is complete, and the project is preparing to evaluate proposals for the Detailed Engineering and Execution phases, followed by the project sanction.

LNG outlook is positive, supported by global supply constraints, strong spot prices and increasing interest from countries seeking to transform their energy mix.

With Longtom progress has been made on securing access to infrastructure and the South- East market.

Slide 27 – Ryan Stokes

Media – Highlights

Seven West Media is now two years into its three-year transformation program and delivered a very strong FY21 result both in earnings and net debt reduction.

EBIT of $229 million was 141 per cent higher, on a revenue increase of just 3.5 per cent, reflecting $200 million of delivered transformation benefits, stronger content schedule, and a 130 per cent higher EBITDA contribution from Seven digital.

7Plus delivered revenue growth of 78 per cent and now has 9.2 million registered users. Deals for Seven West Media to provide content to Google and Facebook further affirm the quality of its news and content.

Net debt was significantly reduced by 40 per cent to $240 million and its leverage ratio is under 1x.

SGH recognised a $51 million contribution from Seven West Media, while the Group’s statutory EBIT was aided by a $93 million reversal of its previous impairment of the carrying value of Seven West Media.

Income of $6.5 million was received from our other media investments.

Slide 28 – Ryan Stokes

Outlook

Now moving to our outlook.

Mining production, infrastructure, and construction activity are robust and expected to underpin further growth for SGH’s industrial businesses in FY22, which will be significantly enhanced by the inclusion of Boral as a subsidiary.

WesTrac is expected to deliver low single digit EBIT growth on strong customer service demand supporting aged fleets and continuing fleet deliveries.

10

Coates is expected to deliver high single digit EBIT growth through its continued focus on costs and supporting delivery of key infrastructure projects and growing Industrial Services opportunities

Boral expects mixed underlying market conditions. Lower volumes due to COVID related disruptions to construction are impacting Q1 at this stage by ~$50m. Boral expects infrastructure activity to improve slightly in 2H and but more so moving into FY23

Beach has provided production guidance of 21 to 23 MMboe and capex guidance of between $900 million and $1.1 billion. It expects to increase gas volumes from the Perth Basin and achieve an uplift in Otway Basin production from mid-FY22. Oil production is expected to be lower.

Seven West Media is targeting improved revenue share in FY22 on the back of audience performance and stronger content schedule. Digital earnings expected to double to more than $120 million in FY22.

This outlook assumes COVID lockdowns and construction restrictions are neither prolonged nor pervasive.

Slide 29 – Ryan Stokes

Disclaimer

Finally, this is our standard disclaimer.

Thank you. We would be pleased to take your questions at this time.

11