Quarterly Activities/Appendix 4C Cash Flow Report

• Total revenue increased 9% year-over-year
• Plastics business saw 35% revenue growth
• Refresh Waters business grew 4% across all regions
• Further investments made in equipment, maintenance, and vehicles

Eneco Refresh Ltd (ASX: ERG) has released its Quarterly Activity Report for the first quarter ending September 2025. The company reported a 9% year-over-year increase in total revenue, with the Plastics business delivering an impressive 35% revenue growth. The Refresh Waters business also saw a 4% increase in revenue across all regional operations, with the Western Australia, Victoria, and Northern Territory sites performing particularly well. To support the continued growth, Eneco has made further investments in equipment, maintenance, and vehicles to ensure it is well-positioned to capitalize on the upcoming peak demand period. The New South Wales and Queensland operations also exhibited modest growth, with the new management team in NSW settling in well and the Queensland sites benefiting from the recent equipment and vehicle upgrades.Overall, Eneco is pleased with its Q1 performance and is optimistic about the company's prospects as it progresses through the spring and summer trading periods.

As we exit the winter trading period and progress through Spring into Summer, we see good upside in our performance as we roll forward into Quarters 2 and 3 of the year.