Update on Performance of McConnell Dowell

• Aveng reported a loss due to underperforming Batangas LNG terminal project in the Southeast Asia business unit of McConnell Dowell, resulting in the client calling on project guarantees for AUD 43 million.
• The BLNG project suffered significant delay and disruption caused by the COVID-19 pandemic, related supply chain disruptions, and the Russia-Ukraine war, with negotiations ongoing with the client for completion later in 2023.
• McConnell Dowell’s Australian and New Zealand & Pacific business units continue to perform well with high levels of work in hand, representing 92% of planned revenue for the next financial year, providing a strong platform for continued profit generation.