• Lindsay Australia to acquire Tasmania's largest refrigerated supply chain provider SRT Logistics
• SRT Logistics to continue operating as a wholly owned subsidiary of Lindsay Australia
• Acquisition expected to be 15% EPS accretive in FY25 before synergies

Lindsay Australia Limited (Lindsay Australia or Lindsay) has executed a Share Purchase Agreement to acquire 100% of SRT Logistics Pty Ltd (SRT) for a purchase price of approximately $108.2 million on a cash-free debt-free basis. SRT Logistics is Tasmania's largest provider of refrigerated supply chain solutions, servicing the inbound and outbound horticultural, wholesale and retail food industries. The acquisition will provide Lindsay a compelling entry point into the attractive Tasmanian road freight and Trans Bass Strait shipping markets, with SRT's logistics network highly complementary to Lindsay's existing operations. The combined entity will become a truly integrated national refrigerated transport player, creating end-to-end opportunities for customers seeking full road, rail and sea refrigerated logistics solutions nationally. The acquisition is expected to be approximately 15% EPS accretive on a FY25 pro forma basis before realisation of cost and revenue synergies. Lindsay's CEO, Clay McDonald, stated that the acquisition demonstrates disciplined execution of Lindsay's 'Grow the Network' strategy and will be a transformative event, creating compelling opportunities for growth, synergy realisation and competitive advantage. SRT CEO and majority shareholder, Robert Miller, will join the Lindsay Board following completion of the acquisition.

Based on current trading conditions, Lindsay confirms guidance for FY25 of underlying pre-AASB 16 EBITDA in the range of $80.0 million to $82.5 million, excluding contributions from the SRT Logistics acquisition.

The acquisition of SRT Logistics represents a logical and highly compelling next step in SRT's commercial evolution, enhancing operational efficiencies and expanding Lindsay's geographic footprint. Lindsay's clear track record of strategy execution and leading market position have forged a strong operating platform with a highly attractive outlook.