Quarterly Activities/Appendix 4C Cash Flow Report

• Successful exit from hire and service model on East Coast
• Strong local and international sales momentum, supported by increased scaffold system sales
• Improved H1 financial position, setting stage for continued gains in H2

Oldfields Holdings Limited (ASX: OLH) provides its quarterly activity report and Appendix 4C for the second quarter of FY2025, covering the period ending 31 December 2024. In Q2 FY2025, Oldfields continued its transformation following the strategic realignment initiated in June 2024. The company successfully exited the hire and service model on the East Coast, sharpening its focus on sales and distribution while maintaining stable operations in South and Western Australia. The financial impact of this transition was largely realised in Q1 FY2025, with some outflows recorded in Q4 FY2024. Transition-related expenses continued to affect Q2 and are expected to taper into Q3. The product recall, initiated before Q1, significantly impacted Q1 cash flow but eased in Q2, with minimal impact projected for Q3. Despite these costs, Q2 delivered strong local and international sales momentum, supported by increased scaffold system sales and the successful disposal of ex-hire assets. These factors contributed to an improved H1 financial position, setting the stage for continued gains in H2. The December quarter and half-year results reaffirm this shift, demonstrating tangible improvements in financial performance and efficiency. By adopting a leaner, sales-driven model, Oldfields has optimised resource allocation and strengthened customer engagement. These efforts have positioned the company to deliver positive NPAT and EBITDA for H1--an impressive turnaround from the prior year--while creating a more agile and scalable business structure for sustained success. Looking ahead, Oldfields expects continued momentum, with stronger cash inflows from transition activities, ex-hire system scaffold sales, and capital raises. An increasingly efficient sales and distribution framework, alongside improved inventory management, will further strengthen financial stability.

Oldfields expects continued momentum, with stronger cash inflows from transition activities, ex-hire system scaffold sales, and capital raises. The company is well-positioned for positive NPAT and EBITDA for H1 FY2025.

Oldfields is well-positioned for sustained profitability, market growth, and long-term value creation in H2 FY2025 and beyond, supported by strong demand for paint and scaffold products across domestic and international markets, as well as the consistent performance of its SA/WA operations.