IPD Group Ltd Acquisition of Platinum Cables Pty Ltd Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Joseph House - Bell Potter Securities Ltd - Analyst : Hi, Michael and Jason. Congratulations on the acquisition. Happy New Year. Just a question from me. Are you able to unpack that value engineering capabilities of Platinum Cables a bit more? Just, how is the point of differentiation?

Question: Joseph House - Bell Potter Securities Ltd - Analyst : Excellent. That's great to hear. Just one more question. It sounds like there's a fair bit of compliance and regulations, I think, as you pointed out earlier, just keen to better understand the market. Like, is it a fragmented market? What's the possibility of entrants coming in?

Question: Joseph House - Bell Potter Securities Ltd - Analyst : That's very clear. It sounds like you've got a sticky customer base. So well done. I'll leave it there.

Question: Adam Dellaverde - Taylor Collison Ltd - Analyst : Hi, Michael and Jason. Thanks for giving us a few days off over the new year to do just this one. I imagine it was a pretty busy year end for you guys. Just a quick one on the rapid completion. We saw a press release and then, all of a sudden, the deals closed the next day. Is there any story around that or any information around that, with knowing that timeline?

Question: Adam Dellaverde - Taylor Collison Ltd - Analyst : Okay. Great. Just on the manufacturing side, supply chain side, you mentioned the Bambach family and there's a big Bambach manufacturing business, I think, for cables. Is that related to the vendor here? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 05, 2026 / 11:30PM, IPG.AX - IPD Group Ltd Acquisition of Platinum Cables Pty Ltd

Question: Adam Dellaverde - Taylor Collison Ltd - Analyst : Just on the quality control manufacturing of these cable supply chain, is it offshore? Or is it a local manufactured solution?

Question: Adam Dellaverde - Taylor Collison Ltd - Analyst : Yeah. Yeah. Okay. A couple more for me. They're simple ones for you, I reckon. Very, very high revenue per employee. When I think about trailing cables and I think about all the durability and the harsh conditions, I'm imagining there's a very fast replacement cycle. Maybe talk through, like, once you get specked into these mines, over the mine life, do you just keep resupplying these cables as they -- like, is that a big part of the business, almost the recurring revenue part? Or is win on new mine formation the key catalyst for revenue growth in this business?

Question: Adam Dellaverde - Taylor Collison Ltd - Analyst : That's really helpful. On the other side of that then -- and this is the last thing I'm trying to understand. In that $44 million of revenue, which is a pretty decent number for what I thought would be a smaller niche, how much of that would be single large projects in a given year, say, more than $5 million from a big project? Is it the nature of the business where you have two or three large projects every year? Or is it more diverse?

Question: Nick Maxwell - PAC Partners Pty Ltd - Analyst : Hi, Michael and Jason. Just a couple from me. Just following on from Adam's question earlier, obviously, it's a nice quick settlement over the break. Just wondering, how long the process has gone forward with you guys and Platinum? What were the reasons for them getting out? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 05, 2026 / 11:30PM, IPG.AX - IPD Group Ltd Acquisition of Platinum Cables Pty Ltd

Question: Nick Maxwell - PAC Partners Pty Ltd - Analyst : We see the heavy mining focus. Is there any commodity concentration or any risk there?

Question: Nick Maxwell - PAC Partners Pty Ltd - Analyst : Just like, yeah, a specific commodity. Like, are they focused on any -- like, is Platinum focused on any specific, like, commodity or are they exposed to any specific (inaudible)?

Question: Nick Maxwell - PAC Partners Pty Ltd - Analyst : Yeah. Perfect. And then, just one last question, just on revenue growth for Platinum. You talked to the 10% CAGR over between '21 and '25. How does it look, the last couple of years, from their point of view?

Question: Nick Maxwell - PAC Partners Pty Ltd - Analyst : Yeah. Perfect. Awesome. Thanks for the time. I appreciate you taking my questions.