Announcement PDF ENERGY TECHNOLOGIES LIMITED ABN 38 002 679 469 Annual Financial Report for the year ended 30 June 2025 Energy Technologies Limited – 2025 Annual Report Corporate Information ABN 38 002 679 469 Directors Matthew Driscoll (Chairman, Non-Executive Director) Alfred J Chown (Executive Director) Anthony L Smith (Non-Executive Director) Company Secretary Gregory R Knoke Registered Office Unit J, 134-140 Old Pittwater Road Brookvale NSW 2100 Telephone:- (02) 8978 2600 Bankers National Australia Bank Limited NAB House, 2 Carrington Street, Sydney NSW 2000 Share Register Computershare Investor Services Pty Ltd Level 4, 44 Martin Place, Sydney NSW 2000 Telephone:- (02) 8234 5000 Facsimile:- (02) 8235 8150 Auditors Crowe Audit Australia Level 42, 600 Bourke Street Melbourne VIC 3000 Telephone:- (03) 9258 6700 Facsimile:- (03) 9258 6722 2 Energy Technologies Limited – 2025 Annual Report Contents Chairman’s Report 4 Directors’ Report 6 Remuneration Report (audited) 12 Auditor’s Independence Declaration 17 Consolidated Statement of Profit or Loss 18 Consolidated Statement of Comprehensive Income 19 Consolidated Statement of Financial Position 20 Consolidated Statement of Changes in Equity 21 Consolidated Statement of Cash Flows 22 Notes to the Financial Statements 23 Consolidated Entity Disclosure Statement 52 Directors’ Declaration 53 Independent Auditor’s Report 54 ASX Additional Information 57 Corporate Governance Statement 59 3 Energy Technologies Limited – 2025 Annual Report Chairman’s Report Dear Shareholder, I am pleased to present the Chairman’s Report for Energy Technologies Limited (EGY) for the financial year ended 30 June 2025. This past year has been one of transition and resilience, as your company has continued its strategic realignment to strengthen long-term growth and reduce risk exposure. Financial Performance For FY2025, the Group recorded a consolidated loss after tax and minorities of $10,991,225 (FY2024: loss of $10,537,212). Our wholly owned subsidiary, Bambach Wires & Cables Pty Limited (Bambach), reported a loss after tax of $8,490,112 (FY2024: loss of $9,002,326). While the reported losses reflect the short-term impact of restructuring, they also mask the operational improvements and margin gains achieved in the latter part of the year. Importantly, the Group reduced cash outflows by 26% compared with FY2024, demonstrating disciplined cost management and a sharper focus on financial sustainability. Strategic Progress During FY2025, the Board continued to execute on the revised business plan announced in late 2024. This plan recognised the challenges of relying on manufacturing alone and repositioned the company to capture highermargin opportunities through distribution, renewables, and purchased sales. Key achievements included:  Expansion into renewable energy: Our Renewable Energy Division delivered its first sales of $328,000 to a major EPC contractor for a utility-scale solar project in Western Australia;  Distribution agreements: The Company secured distribution rights with Tratos Group and Gantner Instruments Environment Solutions GmbH, broadening our access to new products and markets;  Infrastructure tender success: The award of the Siemens Mobility contract added $0.86m to our order book, confirming the competitiveness of our revised business model; and  Capital management: During the year, the Company raised $8.175m in debt funding and refinanced maturing convertible notes to support operations while pursuing a sustainable longer-term capital structure. This includes $3.5m drawn down from a $6.0m credit standby arrangement now in place. Operational Review Despite the deliberate transition in sales mix, the Group achieved a number of operational milestones:  Cash receipts of $1.6m were recorded in 4QFY2025, closing out the year with stable cash generation; and  The order book was rebuilt to $1.55m, at margins significantly higher than prior years. The Board remains encouraged that the revised business model has not only stabilised revenues but also positioned EGY to compete in higher-margin markets. 4 Energy Technologies Limited – 2025 Annual Report Chairman’s Report (continued) Outlook Looking ahead, EGY enters FY2026 with a strengthened order book, renewed distribution partnerships, and clear opportunities to scale its Renewable Energy and Purchased Sales divisions. The Board is currently finalising a capital management process to underpin the Company’s next phase of growth. We have adequate resources to support current operations, but we are also pursuing funding solutions aligned with the larger-scale opportunities now available to us. We remain confident that the actions taken during FY2025 have set a solid foundation for revenue growth, improved margins, and a pathway back to profitability. Closing Remarks On behalf of the Board, I wish to thank our shareholders for their patience and support as we reposition EGY for long-term success. I also acknowledge the dedication of our employees and management team, whose commitment has been instrumental during this year of transition. FY2025 was a year of resetting and rebuilding. FY2026 will be a year of executing on that foundation to deliver tangible growth. Thank you for your continued trust and support. Matthew Driscoll Chairman 30 September 2025 5 Energy Technologies Limited – 2025 Annual Report Directors’ Report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group’) consisting of Energy Technologies Limited (referred to hereafter as the ‘Company’) and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The names and details of the Company's Directors in office during the year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Names, qualifications, experience and special responsibilities Matthew Driscoll, (Chairman - Non-Executive Director) Appointed 20 December 2016 Mr Driscoll has significant experience across several industries, including online technologies, financial services, fintech, property and resources. He has more than 40 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies. He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances, and remains committed to ethical, commercial and consumer-based outcomes. Other Current Directorships: Chair Carbonxt Group (CGI) and Chair Smoke Alarms Holdings. Mr Driscoll is a member of the Audit and Risk Committee and the Remuneration and Nomination Committee. Anthony Lloyd Smith (Non-Executive Director) Appointed 24 December 2020 Mr Smith has over 30 years’ experience in finance with a variety of firms concentrating on small to medium sized companies in regard to corporate finance, institutional research sales and private wealth advice. During this time, he was charged with running these businesses along with titles of Head of Securities and Country Director of Austock Group and Phillip Capital. Mr Smith is currently a Portfolio Manager with Equitable Investors, a Melbourne based fund manager. Mr Smith is a member of the Audit and Risk Committee and the Remuneration and Nomination Committee. Alfred John Chown, B.Econ, (Executive Director) Appointed 10 August 2023. Mr Chown has extensive experience in building businesses across Australasia. He returned to Australia in 2012 after residing in Hong Kong from 1987-2012. In 1987 he co-founded E.L. Consult Ltd an executive search provider that prior to being sold to the Clarius group (ASX:CND) in 2007, had an extensive network of offices throughout Hong Kong, China, Singapore and Malaysia. In the early 1990’s Mr Chown co-founded what became the Dulhunty Power Group, under Dulhunty Power Limited (formerly ASX:DUL), a manufacturer of line fittings for the electric power transmission and distribution industry with factories in Australia, China, Malaysia and Thailand and offices in New Zealand and the USA. The Dulhunty Power Group was sold to Maclean Power Systems of the USA in 2012. Mr Chown is a former Chairman of the Australian Chamber of Commerce in Hong Kong and has extensive commercial experience in both Australia and Asia. Mr Chown was formerly Chairman and Director of Energy Technologies Limited (EGY), resigning on 24 December 2020 and remaining as CEO of the group and director of subsidiary Bambach Wires & Cables Pty Limited (Bambach). Following his re-appointment as a director of EGY, Mr Chown remains as a director of Bambach. Mr Chown is a member of the Audit and Risk Committee and the Remuneration and Nomination Committee. 6 Energy Technologies Limited – 2025 Annual Report Directors’ Report (continued) COMPANY SECRETARY Gregory R Knoke, B. Com, CA (Company Secretary and Chief Financial Officer) Appointed 30 April 2003 Director of Cogenic Pty Limited. Mr Knoke was a director of Energy Technologies Limited from May 2000 until 30 April 2003, resigned upon acceptance of the position of CFO and Company Secretary. Born in 1952, educated at University of NSW and graduated in 1973 with major in accountancy, he holds a Bachelor of Commerce degree with merit. Mr Knoke is a Chartered Accountant and Associate member of Chartered Accountants Australia and New Zealand since 1979, and an affiliate member of Chartered Secretaries of Australia. Business consultant and advisor, with extensive work experience throughout Asia and Europe, Mr Knoke spent 13 years in Hong Kong as Asian Group Financial Controller and Director for BIL Asia Holdings Limited and subsidiaries of the Brierley Investments Limited Group. PRINCIPAL ACTIVITIES EGY’s principal activities during the year were:  The manufacture and sale of specialist industrial cables and ancillary products through wholly owned subsidiary Bambach Wires & Cables Pty Limited (Bambach);  Driving organic growth and organisational change in Bambach; and  Seeking other products, businesses and opportunities for the Group. REVIEW AND RESULTS OF OPERATIONS EGY has reported a consolidated loss after tax and minorities for FY2025 of $10,991,225 (FY2024 loss after tax and minorities $10,537,212). Wholly owned subsidiary Bambach Wires & Cables Pty Limited (Bambach) reported a loss after tax of $8,490,112 (FY2024 loss $9,002,326). The FY2025 result includes an inventory write down of $536,770 (2024: $528,409) as a result of a continued detailed review of inventory items by location and including slow moving stock. During the period, the company commenced the execution on the strategic change to its business practices. During this period of repositioning, the company moved to change both the offering and revenue profile of Bambach. This stance changed both the product mix and margin on product sold and product accepted into the order book. This transition resulted in a reduction in sales by 37.4%. Pleasingly, operationally, both value and margin have been maintained resulting in a slight improvement at the Bambach end of year net loss. However, the lack of take up in the rights issue during the period greatly affected the ability to access required working capital to test this change in a meaningful way. Due to this, the board has reviewed and been working toward finalising a strategy and capital management process from a number of opportunities and will update shareholders when this becomes available. STATE OF AFFAIRS During the financial year, the Group repaid $2,860,866 (2024: $2,533,979) of both long and short-term interest bearing debt. In relation to the Going Concern position of the Group, please refer to the details set out in Note 1(c) to the Financial Statements and the Events After the Reporting Period Note 27. DIVIDENDS No dividends were paid or recommended by the parent company EGY this financial year. NON-AUDIT SERVICES During the year the Company’s auditor, Crowe Audit Australia, performed no other services in addition to their statutory duties. Details of the amounts paid to the auditors and their associates for audit services provided during the year are set out in note 6 to the financial statements. In addition, amounts paid to other auditors for other statutory audit services have been disclosed in that note. 7 Energy Technologies Limited – 2025 Annual Report Directors’ Report (continued) EVENTS SUBSEQUENT TO REPORTING DATE The following matters have occurred post reporting date: (i) Unsecured short term loans of $2,250,000, were raised subsequent to year end. These loans incur an interest rate of 18% per annum; (ii) On 23 July 2025, issue of 53,705,288 fully paid ordinary shares in Energy Technologies Limited under a share placement, in settlement of $1,545,000 of short term loans and interest accrued of $66,159; and (iii) Repayment of short term loan of $400,000. Other than what is noted per above, there have been no other matters that have arisen since the end of the financial period any other matter of circumstance which, in the opinion of the directors of the Company, significantly affects the operations of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial years. LIKELY DEVELOPMENTS AND EXPECTED RESULTS Refer Events Subsequent to Reporting Date above. Future Developments and Risks Opportunities Energy Technologies Limited (EGY) 100% owned subsidiary, Bambach Wires & Cables Pty Limited (Bambach) manufactures Low Voltage electric cables at its 13,000 sqm Rosedale, Victoria facility. Bambach has a substantial range of cable making equipment manufacturing a large range of both specialised and nonspecialised low Voltage cables. The company also has warehouses in Dandenong, Victoria, Brookvale, New South Wales and Perth, Western Australia, as well as Sales Offices in Newcastle and Adelaide. Despite the challenges experienced over the period, the fundamentals of the business remain strong. The Company is well-positioned to deliver significant value as it transitions into its next phase of growth:  Scalable Production Capacity: Our manufacturing facility in regional Victoria is capable of processing up to ~250 tonnes of copper per month — a key competitive advantage that remains underutilised. With appropriate capital support, there is a clear pathway to increasing output and improving margins;  Supportive Market Conditions: Demand for electrical cabling remains strong, driven by infrastructure investment, energy transition projects, and increased electrification across multiple sectors;  Regional Advantage: Operating from regional Victoria provides long-term cost efficiencies, a reliable workforce, and strategic proximity to key customers in construction, energy, and utilities;  Growth Through Capitalisation: The Company is actively exploring capitalisation options to strengthen its balance sheet, unlock working capital, and enable investment in people, product development, and customer growth; and  Strategic Expansion Opportunities: Adjacent product lines and new sector opportunities — including renewable energy and infrastructure — offer promising avenues for diversification and revenue growth. 8 Energy Technologies Limited – 2025 Annual Report Directors’ Report (continued) LIKELY DEVELOPMENTS AND EXPECTED RESULTS (continued) Risks As with all manufacturing businesses, the Company is subject to a number of operational and market risks. Key areas of focus during the reporting period included:  Working Capital Constraints: Limited access to growth capital has impacted the Company’s ability to operate at full capacity. This has, in turn, affected sales conversion and operational flexibility;  Commodity Price and Input Cost Volatility: Copper remains a significant input cost, and fluctuations in global commodity markets and exchange rates continue to influence margins;  Supply Chain and Logistics: Global and domestic supply chain pressures have created cost and timing challenges, particularly in securing raw materials and managing freight to and from our regional location; and  Customer and Sector Concentration: Revenue remains concentrated in a small number of key customers and sectors, which increases sensitivity to any contract or demand changes. Outlook The business is at a critical inflection point. With a proven product, strong customer relationships, and significant unused capacity, the Company is well placed to capitalise on market opportunities. Addressing the immediate capital needs through the right recapitalisation strategy will allow the business to scale, improve profitability, and deliver sustainable long-term value to shareholders. ENVIRONMENTAL REGULATION AND PERFORMANCE The group operates a factory in Rosedale, Victoria which is required to comply with local planning laws, and with State and Commonwealth Environmental laws. The company considers that the factory operations are currently compliant and is not expecting any adverse impact as a result of the environmental regulation. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS Indemnification The Company has entered into Deeds of Indemnity and Access with persons who are an Officer or Director of the Company or a related body corporate, indemnifying such persons against a liability incurred by them in their capacity as an Officer or Director, including costs and expenses of defending legal proceedings and providing them with access to company records where a claim is made or threatened against such Officer or Director. Insurance Premiums The Company has not, during or since the end of the financial year, in respect of any person who is or has been an auditor of the Company or a related body corporate paid or agreed to pay a premium in respect of a contract insuring against a liability for costs or expenses of defending legal proceedings. The Company has paid insurance premiums in respect of Directors' and Officers' liability and legal expense insurance for Directors and Officers of the Company. In accordance with subsection 300(9) of the Corporations Act 2001, further details have not been disclosed due to confidentiality provisions contained in the insurance contract. 9 Energy Technologies Limited – 2025 Annual Report Directors’ Report (continued) PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year. EMPLOYEES The Group employed 69 employees as at 30 June 2025 (2024: 73 employees). REMUNERATION REPORT The remuneration report is set out on page 12 and forms part of the Directors’ Report for the financial year ended 30 June 2025. DIRECTORS' MEETINGS The numbers of meetings of Directors (including meetings of Committees of Directors) held during the year and the number of meetings attended by each director were as follows: Board of Directors Audit and Risk Committee Remuneration and Nomination Committee 14 4 - Matthew Driscoll 14 4 - Anthony L Smith 14 4 - Alfred J Chown 14 4 - Number of meetings held: Number of meetings attended: Committee Membership Audit and Risk Committee: Matthew Driscoll Alfred J Chown Anthony L Smith Remuneration and Nomination Committee: Anthony L Smith Alfred J Chown Matthew Driscoll INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE The relevant interest of each director in the shares, and options over such instruments, issued by the companies within the Group and other related bodies corporate, as notified by the directors to the Australian Securities Exchange in accordance with S205G(1) of the Corporations Act 2001, at the date of this report is as follows: Dulhunty Engineering Limited Energy Technologies Limited Ordinary Shares Listed Options Unlisted Options Ordinary Shares Matthew Driscoll 6,560,277 - - - Alfred J Chown 8,243,575 - - 59,724 Anthony L Smith 1,241,147 - - - Gary A Ferguson – director of Bambach 1,154,044 - - - 10 Energy Technologies Limited – 2025 Annual Report Directors’ Report (continued) SHARES UNDER OPTION During the period under review, no options were exercised nor were any new tranches of options issued under the share option plan. Shares issued under the non-renounceable rights issue 14 October 2021 had 25,000,058 attaching listed share options. The offer price for these options was $NIL and the options had an exercise price of $0.20. During the current period to 30 June 2025 these options expired. Shares issued on the exercise of options There were no ordinary shares of EGY issued on the exercise of options during the year ended 30 June 2025 and up to the date of this report. AUDITOR’S INDEPENDENCE DECLARATION A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act 2001 is included on page 17 of this financial report and forms part of this Directors’ Report. CORPORATE GOVERNANCE STATEMENT Energy Technologies Limited and the Board of Directors are committed to achieving and demonstrating the highest standards of corporate governance. Energy Technologies Limited has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th Edition) published by the ASX Corporate Governance Council. Details of the corporate governance report is available on the Group website at https://www.energytechnologies.com.au and pages 59 to 71 of the annual report. Signed in accordance with a resolution of the Directors. Anthony L Smith Director 30 September 2025 11 Energy Technologies Limited – 2025 Annual Report Remuneration Report (audited) The Remuneration Committee of the Board of Directors is responsible for determining and reviewing compensation arrangements for the directors and the executive team. Remuneration levels are set to attract and retain appropriately qualified and experienced Directors and senior executives. The Remuneration Committee obtains independent advice on the appropriateness of remuneration packages, given trends in comparative companies both locally and internationally. The Remuneration Committee also assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive team. Such officers are given the opportunity to receive their base emolument in a variety of forms including cash and fringe benefits such as motor vehicles. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the company. Executive remuneration packages include a mix of fixed remuneration and performance-based remuneration. Fixed Remuneration Fixed remuneration consists of base remuneration as well as employer contributions to superannuation funds. Remuneration levels are reviewed annually by the Remuneration Committee through a process that considers individual, segment and overall performance of the consolidated and operating entity. A senior executive’s remuneration is also reviewed on promotion. Performance – linked Remuneration The Remuneration Committee links the nature and amounts of executives’ emoluments to the company’s financial and operational performance. All senior executives have the opportunity to qualify for participation in the Employee Bonus Plan, which currently provides incentives where specified criteria are met including criteria relating to profitability. Performance linked remuneration includes both short term and long-term incentives and is designed to reward executive directors and senior executives for meeting or exceeding financial and personal objectives. The short-term incentive is an at-risk bonus provided in the form of cash and is based on the relevant operating subsidiaries’ results and on achieving a pre-set target. The long-term incentive is provided as ordinary shares of Energy Technologies Limited or options over ordinary shares of Energy Technologies Limited under the rules of the Energy Technologies Limited Share Option Plan. The remuneration structures result in and take into account:  The overall level of remuneration for each director and executive;  The executive’s ability to control performance; and  The amounts of incentives within each executive’s remuneration. Short term incentive Each year the remuneration committee sets the key performance indicators, which generally include measures relating to the operating group, the relevant segment and the individual, and are based on financial, customer and strategy measures. The measures directly align the reward to the key performance indicators and the operating group performance. The financial performance objectives are operating group turnover and EBIT to working capital ratio analyses compared to budgeted amounts on a regional and consolidated basis. The nonfinancial objectives vary with position and responsibility and include measures such as achieving strategic outcomes, safety and business development. The remuneration committee approves the cash incentive to be paid to the individuals. Long term incentive Options are available to be issued under the Energy Technologies Limited Share Option Plan (made in accordance with thresholds set in plans approved by shareholders at the 2021 AGM), and it provides for directors, executives and employees to receive options in total limited to 15% of the issued ordinary capital and exercisable strictly under the terms of the Plan. 12 Energy Technologies Limited – 2025 Annual Report Remuneration Report (audited) The Board considers that the above remuneration structure is adequate given the major restructuring of the operations required under the Business Plan, and secondly, the performance linked element appears to be appropriate because the executives strive to achieve a level of performance which qualifies them for bonuses. The remuneration for all non-executive directors, last voted upon by shareholders at the 2007 AGM, is not to exceed $500,000 per annum. During the 2025 financial year Director’s fees were $50,000 per annum for Mr Anthony L Smith and Mr Matthew Driscoll. Mr Alfred J Chown is remunerated under the terms of his contract as CEO of the group. Names and positions held of Group key management personnel in office at any time during the financial year are: Key Management Person Position (s) Held during the Year Matthew Driscoll Chairman – Non-Executive Director of EGY Anthony L Smith Director – Non-Executive of EGY Alfred J Chown CEO/Director – Executive Director of EGY and of Bambach Gary A Ferguson Director – Non-Executive of Bambach Gregory R Knoke CFO/Company Secretary of EGY and Bambach Nicholas Cousins Chief Operating Officer of Bambach and Interim CEO Ordinary Shares Balance Received as Number of Shares held by 30 June 2024 Remuneration Key Management Personnel Purchases Balance 30 June 2025 Disposals Specified directors Matthew Driscoll 6,560,277 - - - 6,560,277 Anthony L Smith 1,241,147 - - - 1,241,147 Alfred J Chown 8,243,575 - - - 8,243,575 Gregory R Knoke 207,887 - - - 207,887 Nicholas Cousins 95,238 - - - 95,238 16,348,124 - - - 16,348,124 Specified executives 13 Energy Technologies Limited – 2025 Annual Report Remuneration Report (audited) Listed Options Balance Received as Number of Options held by 30 June 2024 Remuneration Key Management Personnel Acquired Balance 30 June 2025 Forfeited Specified directors Matthew Driscoll 889,921 - - 889,921 - Alfred J Chown - - - - - Anthony L Smith 169,036 - - 169,036 - 14,760 - - 14,760 - 1,073,717 - - 1,073,717 - Specified executives Gregory R Knoke Shares issued under the non-renounceable rights issue 14 October 2021 had 25,000,058 attaching listed options. The offer price for these options was $NIL and the options had an exercise price of $0.20. During the current period to 30 June 2025 these options expired. Voting and comments made at the Company’s last Annual General Meeting Energy Technologies Limited received 100% of ‘yes’ votes on its Remuneration Report for the financial year ending 30 June 2024. The Company received no specific feedback on its Remuneration Report at the Annual General Meeting. Use of remuneration consultants Energy Technologies Limited did not employ the services of any remuneration consultants in FY2025. Employment agreements Remuneration and other terms of employment for the Executive Director and other Key Management Personnel are formalised in an employment agreement. The major provisions of the agreements relating to remuneration as set out below: Employee Base Salary (per annum) Term of Agreement Notice Period Alfred J Chown $296,804 Unspecified 3 months Gregory R Knoke $192,877 Unspecified 1 month Nicholas Cousins $250,000 Unspecified 3 months Other transactions with key management personnel 1) A loan of $190,000 remains outstanding from Director and CEO Alfred Chown. The interest rate is 10% and during the period $19,000 of interest was accrued. 2) Included in Payables and accrued expenses are unpaid Directors fees of $50,000. Details of the nature and amount of each element of the remuneration of key management personnel including each director of the company and each of the specified executive officers of the company and the consolidated entity for the f