COMPLETION OF $200M INSTITUTIONAL PLACEMENT AND RESUMPTION OF TRADING

COMPANY ANNOUNCEMENT

12 MARCH 2025

COMPLETION OF $200M INSTITUTIONAL PLACEMENT AND RESUMPTION OF TRADING

Austal (“Austal” or the “Company”) (ASX:ASB) is pleased to announce that it has successfully completed its institutional placement to raise A$200 million (before costs) at $3.80 per share (“Placement”) to fund expansion of its US shipbuilding capability, along with the $50 million sell down of shares by Austro Pty Ltd (an entity associated with Austal’s former Chairman and current Non-executive Director, Mr John Rothwell).

Highlights
• Austal has received strong support for the placement from both existing shareholders as well as new domestic and international investors
• Austal’s largest shareholder, Tattarang, participated in the Placement to its full pro rata allocation retaining their ownership of 19.6%, demonstrating their continued support for the Company
• Net proceeds from the Placement will be used to fund the FA2 infrastructure expansion project that will enable delivery of current and future pipeline of large steel vessels in the USA

The Placement was strongly supported by both the Company’s existing shareholders and new domestic and international investors.

Approximately 52.6 million New Shares will be issued under the Placement. New Shares will be issued in accordance with Austal’s placement capacity under ASX Listing Rule 7.1. Settlement of New Shares will occur on Friday, 14 March 2025 and will rank equally with existing shares on issue.

Austal Chief Executive Officer Patrick Gregg commented: “we thank our shareholders for their strong support for the Placement. The support from Austal’s investors highlight the continued investor confidence in Austal’s growth strategy and vision.

The success of this Placement ensures that Austal is appropriately funded for the FA2 steel expansion shipbuilding expansion project, which once complete, will facilitate the delivery of large steel vessels in the current pipeline for the US Navy and US Coast Guard, well positioning Austal for the upcoming period of growth and execution.”

Share Purchase Plan Details
As previously announced on Tuesday, 11 March 2025, Austal will offer eligible existing shareholders of Austal with a registered address in Australia or New Zealand on Austal’s register at 5.00pm (AWST) on 10 March 2025, the opportunity to apply for up to $30,000 of new fully paid ordinary shares under the SPP at the Offer Price and free of any brokerage, commissions or transaction costs. The SPP will be capped at a maximum of $20 million.
Further information in relation to the SPP will be set out in the SPP Offer Booklet, which will be released to the ASX and made available to eligible shareholders in Australia and New Zealand on or around Tuesday, 18 March 2025, at which time the SPP will be open to eligible shareholders. The SPP is expected to be open for 2 weeks, however, Austal may close the SPP early in the event that the SPP is fully subscribed.

John Rothwell sell down
In conjunction with the Placement and as part of the institutional bookbuild, Austro Pty Ltd (an entity associated with Austal’s former Chairman and current Non-executive Director, Mr John Rothwell) has sold 13.2 million shares, each at the Offer Price of A$3.80 per share, representing approximately 41.4% of Mr. Rothwell’s holding in Austal.
Mr. Rothwell continues to be a non-executive director on the Austal board with a remaining holding of 18.6 million shares or 4.9% of shares on issue following the allotment of placement shares and has committed to not sell any further shares he holds in Austal for a period of 6 months (the moratorium).

Timetable
An indicative timetable for the Placement and SPP is shown in the table below:

These dates are indicative only and are subject to change without notice. All times and dates refer to times and dates in Sydney, Australia unless otherwise stated. Subject to the requirements of the Corporations Act, the ASX Listing Rules and any other applicable laws, Austal reserves the right to amend the timetable, including extending the SPP offer period or accepting late applications (either generally or in particular cases) without notice.

Resumption of trading
Austal is currently in a trading halt, having requested that trading halt pending an announcement in relation to an equity raising. That announcement was made on 11 March 2025 and this announcement confirms completion of the equity raising, hence Austal now requests an end to the trading halt.

Important Notices
This announcement should be read subject to the disclaimer in the investor presentation released by Austal to the ASX today (as if references in that disclaimer to “this presentation” were to “this announcement”). The information contained in this announcement does not constitute investment or financial product advice (nor taxation, accounting or legal advice), is not a recommendation to acquire Austal shares and is not intended to be used or relied upon as the basis for making any investment decision. The information in this announcement does not contain all the information necessary to fully evaluate an investment in Austal. It should be read in conjunction with the other materials lodged with ASX in relation to the equity raising (including the investor presentation and the key risks set out therein), and Austal’s other periodic and continuous disclosure announcements. This announcement has been prepared without taking into account the investment objectives, financial situation or needs of any individuals. Before making any investment decisions, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and should seek legal, accounting and taxation advice appropriate to their jurisdiction. Austal is not licensed to provide investment or financial product advice in respect of Austal shares. Cooling off rights do not apply to the acquisition of Austal shares pursuant to the Placement or SPP.
All dollar amounts in this announcement are in Australian dollars unless otherwise indicated.

Forward Looking Statements
This announcement contains certain forward-looking statements. These forward-looking statements are based on Austal's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Austal, which could cause actual results to differ materially from such statements.

Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of Austal’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are strongly cautioned not to place undue reliance on forward-looking statements. Austal makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this announcement.

Not for release to US wire services or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The distribution of this announcement in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities law. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

This announcement was authorised for release to the ASX by the Board of Directors.

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Media Contact:

Cameron Morse, FTI Consulting
+61 433 886 871
cameron.morse@fticonsulting.com