External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

<ul><li>1H25 result with key highlights including revenue growth of $54m, +16% vs pcp and +15% vs MAe, while 1H25 EBITDA of $3.9m, -4% vs MAe was affected by previously announced one-off cost overrun within the Baltec segment ($1.2m).</li><li>Underlying 1H25 NPAT was $1.4m, impacted by higher than forecast D&amp;A and interest.</li><li>Segment highlights included: 1) Baltec: 1H25 revenue of $19.7m, +85% vs pcp and EBITDA +15% vs pcp, with margin down to 9.4% from 15.1% as a result of its one-off cost overrun.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H25 result with key highlights including revenue growth of $54m, +16% vs pcp and +15% vs MAe, while 1H25 EBITDA of $3.9m, -4% vs MAe was affected by previously announced one-off cost overrun within the Baltec segment ($1.2m).Underlying 1H25 NPAT was $1.4m, impacted by higher than forecast D&amp;A and interest.Segment highlights included: 1) Baltec: 1H25 revenue of $19.7m, +85% vs pcp and EBITDA +15% vs pcp, with margin down to 9.4% from 15.1% as a result of its one-off cost overrun.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Environmental Group Ltd - Opportune Entry Point, Poised for Return to Growth

<ul><li>Core business driving increasing recurring revenue profile: Strong growth history with recent successful conversion to recurring revenue – now 50%+ of the business’ revenue – provides more visible earnings certainty.</li><li>Recent history of solid growth is set to continue in core operating segments, while commercialising water treatment technology is option for potential upside in the stock.</li><li>Cash generative, profitable, and capital-light business model: Energy (boilers) and Baltec (exhaust systems) in particular provide cash generative and profitable support for the business to prosecute building out its suite of environmental engineered solutions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Core business driving increasing recurring revenue profile: Strong growth history with recent successful conversion to recurring revenue – now 50%+ of the business’ revenue – provides more visible earnings certainty.Recent history of solid growth is set to continue in core operating segments, while commercialising water treatment technology is option for potential upside in the stock.Cash generative, profitable, and capital-light business model: Energy (boilers) and Baltec (exhaust systems) in particular provide cash generative and profitable support for the business to prosecute building out its suite of environmental engineered solutions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Environmental Group Limited - Buy – Price: $0.28; TP: $0.35

Australia

The Environmental Group Limited supplies gas and vapor emission control systems, water treatment systems and engineering services to a variety of industries. The Company provides flaring systems for disposal of gases from offshore rigs and plants, provides low emission burners and combustion systems, water treatment and purification and other environmental control services.

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Environmental Group (EGL AU)

The Environmental Group Ltd - Opportune Entry Point, Poised for Return to Growth

Segment highlights included: 1) Baltec: 1H25 revenue of $19.7m, +85% vs pcp and EBITDA +15% vs pcp, with margin down to 9.4% from 15.1% as a result...

MA Moelis Australia

The Environmental Group Limited - Buy – Price: $0.28; TP: $0.35

Strong growth history with recent successful conversion to recurring revenue – now 50%+ of the business’ revenue – provides more visible earnings...

MA Moelis Australia

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