Announcement PDF 2025 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2025 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN: 62 147 346 334 ABOUT PARKWAY CORPORATE LIMITED Parkway is a leading Australian water and wastewater treatment and process technology company. Parkway is focused on the commercialisation of a portfolio of innovative process technologies in key industrial markets, as Parkway believes this is an important and effective strategy for addressing various global water related sustainability challenges. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 2 TABLE OF CONTENTS Corporate Directory 4 Chairman’s Letter 5 Directors’ Report 6 Auditor’s Independence Declaration 29 Consolidated Statement of profit or loss and other Comprehensive Income 30 Consolidated Statement of Financial Position 31 Consolidated Statement of Changes in Equity 32 Consolidated Statement of Cash Flows 33 Notes to the Consolidated Financial Statements 34 Consolidated Entity Disclosure Statement 68 Directors’ Declaration 69 Independent Auditor’s Report 70 Shareholder Information 74 Parkway Corporate Limited | 2025 ANNUAL REPORT Page 3 CORPORATE DIRECTORY Directors Ayten Saridas Bahay Ozcakmak Penelope Creswell Stephen van der Sluys Company Secretary Amanda Wilton-Heald Michael Hodgkinson Registered and Principal Office Warehouse 5 45 Bunnett Street Sunshine North VIC 3020 Australia Telephone: +61 (0) 3 9069 3200 Website: www.pwnps.com Email: ir@pwnps.com Share Registry Xcend Pty Ltd Level 2, 477 Pitt Street Haymarket NSW 2000 Australia Telephone: +61 (2) 7208 8033 Email: support@xcend.co Auditor Nexia Perth Audit Services Pty Ltd 4/88 William St Perth WA 6000 Australia Telephone: +61 (0) 8 9463 2463 Email: info@nexiaperth.com.au Stock Exchange Listing Parkway Corporate Limited shares are listed on the Australian Securities Exchange (ASX: PWN) and the Frankfurt Stock Exchange (FSE: 4IP). Parkway Corporate Limited | 2025 ANNUAL REPORT Page 4 CHAIRMAN’S LETTER Dear Shareholder, On behalf of the board of Parkway Corporate Limited (“Parkway”), I am pleased to present the Parkway 2025 Annual Report to shareholders. Although recent geopolitical developments combined with increased emphasis on more traditional financial metrics have impacted ESG related industry drivers, we are nonetheless observing strong interest in water and sustainable wastewater management. Given the importance of water, as a board we believe the urgency of addressing these challenges will not only persist but accelerate in the future. In order to address these long-term challenges, during the year, Parkway continued to establish itself as a leading Australian industrial water treatment technology company. During the year, Parkway continued to execute its dual-pronged approach of providing proven water treatment solutions through its Industrial Operations division, whilst developing highly innovative solutions through the Industrial Technology division. As the operations of Parkway continue to grow, Parkway is increasingly involved in the engineering, fabrication and installation of complex water and wastewater treatment related infrastructure. Our operating business continued to grow strongly, generating revenues of $15.14 million for FY25 (FY24: $8.90 million) resulting in a maiden full year net profit after tax of $0.02 million (FY24: $0.73 million loss). Parkway continues to invest in growth and has recently made significant investments in new vehicles, equipment as well as state-of-the-art automated welding technology. These enabling investments will support continued safety and efficiency improvements as well as provide Parkway with additional project delivery related capabilities. Building these project delivery capabilities continues to be an important aspect of Parkway’s broader priorities in providing integrated industrial water treatment solutions, including solutions incorporating Parkway technologies. Whilst the operations of Parkway continue to grow, the development and commercialisation of a portfolio of proprietary process technologies remains an important priority for Parkway, with a range of ongoing activities focused on realising the substantial advantages of this proprietary technology portfolio. Although these technology development related activities are currently being advanced in the context of the coal seam gas (“CSG”) industry, these technologies have broader applications, which Parkway is also concurrently pursuing, particularly given Parkway’s growing project delivery capabilities. Implementation of Parkway’s business plan for the CSG industry through the Queensland Brine Solutions (“QBS”) division is continuing to build momentum. QBS representatives have been actively participating in industry events across Central Queensland and continue to receive strong feedback on the QBS roadmap for delivering brine management solutions for the CSG industry. QBS is also making progress in relation to securing strategic project site/s to develop key brine management and processing related infrastructure. In addition to important site acquisition related activities, internal feasibility related studies are continuing to be performed in parallel and provide strong encouragement on the merits of the roadmap being advanced by QBS. We continue to engage with a range of important stakeholders, including in relation to the potential adoption of our various technologies, which present significant opportunities to not only improve the sustainability of industry, but also provide attractive strategic opportunities for Parkway. On behalf of the board, I would like to take this opportunity to thank you for your continued support as a shareholder of Parkway and to welcome all new shareholders. Yours Sincerely, Mr. Stephen van der Sluys Non-Executive Chairman 23 September 2025 Parkway Corporate Limited | 2025 ANNUAL REPORT Page 5 DIRECTORS’ REPORT The Directors present their report on Parkway Corporate Limited (ACN 147 346 334) (“Parkway”, or the “Company”), and its controlled entities (the “Group”), for Parkway’s financial year ended 30 June 2025 (“FY25”). Directors The names and details of Parkway’s Directors in office, for some or all of the financial year, and to the date of this report unless otherwise stated, are set out below. During FY25 there were no changes to the Board of Directors. Name Tenure During Financial Year Stephen van der Sluys (Non-executive Chairman) 1 July 2024 to 30 June 2025 Bahay Ozcakmak (Group Managing Director & CEO) 1 July 2024 to 30 June 2025 Penelope Creswell (Non-executive Director) 1 July 2024 to 30 June 2025 Ayten Saridas (Non-executive Director) 1 July 2024 to 30 June 2025 Names, qualifications, experience and special responsibilities Stephen van der Sluys – Non-executive Chairman Qualifications BBuild, FAusIMM, FAICD Mr van der Sluys is a highly credentialed investment banker and business executive, with extensive international experience in capital markets and strategic transactions, including mergers & acquisitions. Mr van der Sluys has held a number of senior investment banking roles (predominantly in Australia and the United States of America), including with Citibank, JP Morgan Chase & Co, Bank of New Zealand and as CEO of CIBC Wood Gundy Australia. In addition to his investment banking experience, Mr van der Sluys has also held various senior executive roles, at a range of large companies which operate in the mining and resources industry, including as Executive Director of Queensland Nickel at the time during which Parkway successfully listed as an ASX company. More recently, Mr van der Sluys has assisted a number of junior resources companies achieve corporate success. Mr van der Sluys has extensive experience in the project and structured financing of Queensland mining and infrastructure projects over several decades. He was directly involved in QAL (Gladstone)and QNI expansion projects (Yabulu), as well as in the financing of major base metal and coal projects for the former MIM Limited (Glencore). His project experience extended to mineral sand production at Southport, fertilizer production at Gibson Island and the early attempts to develop major oil shale projects given Queensland's extensive hydrocarbon resources. Other listed company directorships during the last 3 years: None. Mr van der Sluys is a member of the Audit & Risk Committee, Remuneration Committee (Chairman), and the Nomination Committee. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 6 DIRECTORS’ REPORT Bahay Ozcakmak – Group Managing Director & CEO Qualifications BSc, MABus, DipFin(Inv.), MAICD Mr Ozcakmak is a highly experienced executive having been engaged as a corporate adviser by a large number of companies operating in a range of sectors, during the last 20 years. Mr Ozcakmak has extensive corporate development expertise, including M&A experience in the technology, energy and mining sectors, where he has led the successful acquisition, development and/or commercialisation of several flagship projects, including major corporate transactions, mostly with publicly listed companies. In addition to extensive corporate experience in business and corporate strategy development in the energy and mining sectors, including in a diverse range of commodities, Mr Ozcakmak has also been focused on creating value through the commercialisation of innovative and sustainable technologies in these sectors. During two decades of successful technology commercialisation experience, Mr Ozcakmak has also founded several technology companies, including Activated Water Technologies (“AWT”) and was the CEO of AWT’s parent company, Consolidated Potash Corporation, up until its acquisition by Parkway. Mr Ozcakmak is considered a technology commercialisation expert, having successfully led the commercialisation of numerous technologies in the agtech, biotechnology, water, energy and mining sectors. Since 2015, Mr Ozcakmak has also led a highly successful collaboration with leading researchers at Victoria University. In recognition of the contributions made by Mr Ozcakmak to the Institute of Sustainable Industries & Liveable Cities at Victoria University, in May 2020, the honorary title of Adjunct Associate Professor was conferred upon Mr. Ozcakmak. Mr Ozcakmak has extensive equity capital market experience, is currently a director of several private companies and has previously held directorships and C-suite roles with numerous companies listed in Australia (“ASX”), Canada (“TSX”) and the UK (“AIM”). Other listed company directorships during the last 3 years: None. Ayten Saridas – Non-executive Director Qualifications CPA Australia, BComm, MAppFin Ms Saridas is a results-driven finance executive with over 30 years of international experience across a broad range of industries including in oil and gas, mining, retail, infrastructure, property, and financial services. Ms Saridas is a proven leader with an established reputation in the financial markets, with a solid track record in the investment community and brings commercial acumen and strength in strategic thinking and delivering solutions for complex financial situations. Ms Saridas has until recently held CFO and executive roles with Coronado Global Resources, Santos Ltd, AWE Limited and Woolworths amongst other ASX listed companies. Ms Saridas’s core strengths include working with companies to develop disciplined capital allocation strategies, drive growth through strategic positioning and execution of business plans to deliver sustainable profits. Ms Saridas has led the development of corporate strategy, M&A and IPO transactions, corporate defence and multi-billion dollar capital raisings in support of these achievements. Other listed company directorships during the last 3 years: Australian Pacific Coal Ltd (Director November 2022 – 29 November 2024). Ms Saridas is a member of the Audit & Risk Committee, Remuneration Committee, and the Nomination Committee. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 7 DIRECTORS’ REPORT Penelope Creswell – Non-executive Director Qualifications BA, LLB (Hons), MAICD Ms Creswell is a highly experienced lawyer, with 25+ years of professional experience, including ~10 years at Allens (one of Australia’s most prestigious top-tier law firms) and most recently ~7 years as the leading in-house legal counsel for all planning and environmental legal matters at Cleanaway Waste Management Limited (ASX:CWY), Australia’s largest waste management company. Ms Creswell is currently the Head of Environment and Regulatory Compliance at Cleanaway, a national role she has held since December 2021. Ms Creswell also brings ~4 years of experience at the Northern Land Council in the Northern Territory, as well as experience as a secondee General Counsel at Melbourne Water, to her role with the Group. While her professional career has spanned diverse areas of law, her key focus over the last 15 years has been infrastructure projects, planning and environmental law, including in the waste and water sectors. Other listed company directorships during the last 3 years: None. Ms Creswell is a member of the Audit & Risk Committee, Remuneration Committee, and the Nomination Committee. Joint Company Secretaries Amanda Wilton-Heald Ms Wilton-Heald is a Chartered Accountant with over 20 years of accounting, auditing (of both listed and non-listed companies) and company secretarial experience within Australia and the UK. Amanda has been involved in the listing of junior explorer companies on the ASX and has experience in corporate advisory and company secretarial services. Michael Hodgkinson Qualifications CPA Australia, BEc, LLB (Hons), EMBA – Global (LBS & Columbia) Mr Hodgkinson was appointed joint company secretary on 25 October 2024 and is also the Chief Financial Officer, having been with Parkway since 29 May 2023. Mr Hodgkinson is a commercially focused executive with extensive finance experience supporting high growth businesses across industrial, energy, finance and infrastructure sectors. Over the course of his career Mr Hodgkinson has overseen numerous acquisitions, capital raises, and major IT and construction projects. His experience includes infrastructure development, complex service contracting, and the strategic use of systems and data to integrate businesses and drive sustained operational performance and efficiency. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 8 DIRECTORS’ REPORT Interests in the shares and options of Parkway and related bodies corporate As at 30 June 2025, the interests of the Directors (including related parties) in the shares and options of Parkway were: Number of ordinary shares Number of Performance Rights over ordinary shares 12,237,500 Number of options over ordinary shares Bahay Ozcakmak 222,070,534 - Penelope Creswell - - - Stephen van der Sluys - - - Ayten Saridas - - - Dividends No dividend has been paid or declared for the year ended 30 June 2025 (30 June 2024: nil) and the Directors do not recommend the payment of a dividend in respect of the financial year. OPERATING AND FINANCIAL REVIEW Principal activities The principal activities of the Group during FY25 include: • • the commercialisation of proprietary water, wastewater and brine processing technologies, with applications in the energy and mining sectors (“Industrial Technology Division”); and the development of an integrated water treatment project delivery capability (“Industrial Operations Division”), to complement and support the Group’s Industrial Technology Division. Operating results for the year The Group’s profit after income tax expense for its FY25 was $15,915 (2024 loss: $734,406). Financial Performance 2025 $ Sales revenue Total income Profit / (Loss) before tax Profit / (Loss) after income tax expense Profit / (Loss) per share (cents) 15,144,043 15,260,674 21,169 15,915 0.001 2024 $ % Increase/ (Decrease) 8,898,333 9,627,625 (734,406) (734,406) (0.03) 70.2% 58.5% 102.9% 102.2% 102.2% The financial position of the Group is presented in the attached Consolidated Statement of Financial Position. As of 30 June 2025, the Group had a net asset balance of $15,730,793 which is an increase of $237,182 from $15,493,611 as of 30 June 2024. The cash balance decreased from $3,492,197 as of 30 June 2024 to $2,580,193 as of 30 June 2025. For further details, refer to the Consolidated Statement of Financial Position. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 9 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW (continued) INTRODUCTION Parkway is a leading Australian water and wastewater treatment and process technology company. Parkway is focused on the commercialisation of a portfolio of innovative process technologies in key industrial markets, as Parkway believes this is an important and effective strategy for addressing various global water related sustainability challenges. In recent years, Parkway has made significant investments in groundbreaking Research and Development (“R&D”) related activities, including in the acquisition, development, validation and optimisation of a comprehensive portfolio of cutting-edge industrial water treatment related process technologies. In support of Parkway’s accelerated technology commercialisation strategy, Parkway primarily operates through two strategically integrated capacities: § Industrial Operations business division is focused on the provision of conventional water and wastewater treatment related products and services, incorporating engineering, fabrication as well as project delivery related services including installation, for a broad range of predominantly commercial, industrial and municipal clients. § Industrial Technology business division is primarily focused on innovative process technology related R&D, including process development, evaluation, optimisation and piloting, as well as a range of technology commercialisation related activities. As the Industrial Operations division continues to grow and build critical mass, it is increasingly important in providing Parkway with a suitable project delivery platform to commercialise its portfolio of proprietary process technologies, being developed by the Industrial Technology division. Integrated Water Treatment Capabilities Parkway has systematically assembled a fully integrated inhouse project delivery capability, including for the innovative process technologies being developed and commercialised by Parkway’s Industrial Technology division. As a result of these integrated water treatment related capabilities, Parkway is increasingly capable of delivering a diverse range of industrial water, wastewater treatment and infrastructure related projects on a turnkey (Engineering, Procurement and Construction – “EPC”) basis. INDUSTRIAL OPERATIONS DIVISION Parkway’s Industrial Operations are performed through Parkway Process Solutions Pty Ltd (“PPS”) and are predominantly focused on the provision of conventional water and wastewater treatment related products and services, including specialty project execution related services. In addition, PPS is increasingly involved in integrated project delivery related services including engineering, specialised fabrication and installation services for a diverse range of commercial, industrial and municipal clients. Project Delivery Capabilities As the Industrial Operations of Parkway continue to grow, Parkway is increasingly involved in the engineering, fabrication and installation of complex water and wastewater treatment related infrastructure. As outlined above, building these project delivery capabilities, is an important aspect of Parkway’s broader priorities in providing integrated industrial water treatment solutions, including solutions incorporating Parkway Process Technology Pty Ltd (“PPT”) technologies. In the ordinary course of operations, Parkway collaborates closely with leading industrial companies including with energy, mining and major engineering contractors as well as municipal water authorities, to provide a range of water infrastructure related engineered solutions. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 10 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW (continued) INDUSTRIAL OPERATIONS DIVISION (continued) Operating Performance During the year, PPS generated increasing operating revenues of $4.22 million, underpinned by a strong contribution from project execution related activities, predominantly delivered by the Tankweld business division. The ongoing focus on targeting more specialised projects requiring engineered solutions, continued to support the transition to profitability with $0.47 million in EBITDA generated during the year. Further financial details are provided in the Corporate section of this report. Business Development & Growth Outlook Parkway continues to expand its market penetration by securing new business from a diverse range of clients, for the provision of industrial water and wastewater treatment related products, services, and solutions. The growing PPS client base provides a strong foundation and supports future revenue growth as these commercial relationships continue to grow and mature. Despite limited marketing and business development related activities the PPS project pipeline is growing strongly. As part of ordinary operations, Parkway secured the award of several water infrastructure related projects, including the successful award of ~$12.85 million contract with a major (tier-1) engineering and construction contractor. The Parkway scope for the contract is predominantly focused on delivering Structural, Mechanical and Piping (“SMP”) related scope, from fabrication through to site installation, specialised and project management related services to support the development of a high-profile wastewater treatment complex incorporating innovative resource recovery functions. The growth outlook for the Industrial Operations division of Parkway remains encouraging, as Parkway has a growing project backlog as well as a substantial pipeline of project opportunities. In addition to the award of the contracts outlined above, Parkway anticipates the award of several additional contracts which will further underpin the continued growth of Parkway. Project Delivery Related Investments Parkway continues to invest in growth and has recently made significant investments in new vehicles, equipment as well as state-of-the-art automated welding technology. These enabling investments will also drive continued safety and efficiency improvements as well as provide Parkway with additional project delivery related capabilities. INDUSTRIAL TECHNOLOGY DIVISION Parkway’s Industrial Technology related activities are performed through PPT and predominantly focused on innovative process technology related R&D, including process development, evaluation, optimisation and piloting, as well as a range of technology commercialisation related activities. Technology Development By leveraging the process engineering capabilities of Parkway, PPT continues to build a portfolio of proprietary technologies, capable of providing highly integrated process solutions, for a range of complex wastewater and industrial process streams traditionally considered difficult to treat. PPT has developed innovative applications for these technologies, including applications resulting in improvements in the processing and treatment of challenging industrial wastewater streams, particularly for large scale industrial, oil & gas, mining and mineral processing related operations. PPT Technology Priorities The development and commercialisation of a portfolio of proprietary process technologies remains an important priority for Parkway, with a range of ongoing activities focused on realising the substantial advantages of the PPT technology portfolio. Although these technology development related activities are currently being advanced in the context of Coal Seam Gas (“CSG”) related solutions for Queensland Brine Solutions Pty Ltd (“QBS”), a wholly owned subsidiary of Parkway, these technologies have broader applications, which Parkway is also concurrently pursuing, particularly given Parkway’s growing project delivery capabilities. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 11 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW (continued) INDUSTRIAL OPERATIONS DIVISION (continued) Technology Commercialisation – QBS Since the large-scale development of the CSG industry in Queensland in 2010 and the corresponding establishment and subsequent transition to the export of Liquified Natural Gas (“LNG”) commencing in 2015, the CSG industry has been a significant part of the Queensland economy. In addition to supplying a significant proportion of East Coast gas production, according to estimates from Australian Energy Producers1, in FY24 the Queensland CSG industry generated $22.4 billion in LNG export revenue and $2.4 billion in local and state government revenues, highlighting the scale of the industry. Waste Brine Related Challenges Notwithstanding the significant scale and importance of the Queensland CSG industry, over the life of currently operating CSG projects in Queensland, an estimated 6 million tonnes of waste salts are forecast to be produced by these projects. A significant proportion of these salts have already been produced, in the form of waste brine and are currently being stored in regulated waste brine storage ponds, awaiting a viable long-term disposal solution. The disposal of waste brine and salts, as contemplated by the CSG industry, present extensive environmental risks and challenges, and remains deeply unpopular, with significant opposition from a range of stakeholders. Recognising these significant challenges, in recent years, Parkway has methodically developed a portfolio of proprietary process technologies, to specifically address the waste brine and salt management and disposal related challenges facing the CSG industry. These technologies have undergone extensive process optimisation, piloting and technoeconomic evaluations, providing a high level of confidence in the value proposition presented by these technologies, particularly in comparison to the industry’s proposed approach of sophisticated salt disposal (salt encapsulation). Importantly, the encapsulation of waste salts from the CSG industry remains unproven, is inconsistent with the longestablished regulatory (waste management hierarchy) and policy framework and no disposal plans and/or facilities have been permitted in Australia, highlighting the enduring waste management related challenges facing the industry. QBS Master Plan As part of a long-term strategy to address the significant CSG derived waste brine and salt challenges in Queensland, on 22 June 2023, Parkway released 2 the QBS Master Plan, an innovative, sustainability driven concept based on providing an industry-wide solution. Parkway’s CSG brine processing and commercialisation related activities in Queensland are being conducted through QBS, a wholly owned subsidiary of Parkway. The primary objective of the QBS Master Plan is to utilise the proprietary process technologies developed by Parkway, to convert CSG derived waste brine and salts produced in Queensland, into valuable industrial chemical products. This proposed approach is intended to improve the sustainability of the Queensland CSG industry, by addressing significant community concerns and by providing a permanent waste “disposal” (convert waste-to-products) solution. Developing an Integrated Solution Following a series of comprehensive assessments including technoeconomic evaluations and feedback from industry and other stakeholders, Parkway has developed a roadmap for providing an industry-wide solution to the waste brine and salt related challenges facing the Queensland CSG industry, based on the Best Available Technology (“BAT”) being commercialised by Parkway. 1 Australian Energy Producers (“AEP”), Queensland’s natural gas: A plan for energy and economic security. Published by AEP in October 2024. 2 Refer to 22 June 2023 ASX announcement, available at Parkway Investor Hub: https://investorhub.pwnps.com/announcements/4372527. Parkway Corporate Limited | 2025 ANNUAL REPORT Page 12 DIRECTORS’ REPORT OPERATING AND FINANCIAL REVIEW (continued) INDUSTRIAL OPERATIONS DIVISION (continued) As part of this roadmap, Parkway recently disclosed it intends to lead the development of several strategic brine processing related projects in Queensland, by leveraging its proprietary technologies to address significant industry challenges (provision of liquid waste management services), whilst concurrently creating significant value through the production of industrial chemicals. This industry-leading approach enables Parkway, through QBS, to leverage a range of strategic advantages and create significant value. The QBS brine management solution consists of the following key components: § The upstream pre-treatment and stage 1 concentration of brine (depending on the specific CSG project, this may occur at the client project site), which is then transported to QBS Brine Management Complex (“QBMC”); § QBMC, where regional upstream brines are consolidated, undergo processing and stage 2 concentration, before the now much smaller volume of brine and/or salts are transported to QBS Brine Electrochemical Complex (“QBEC”); § QBEC, where the brine and/or salts are converted into valuable green industrial chemicals based on state-ofthe-art technology. An overview of the integrated brine management solution being developed by QBS is outlined below. QBS – Liquid Waste Management Services Logistics Operations QBS – Industrial Chemical Complex CSG Brine Transport brine direct to QBMC for processing Product 1 Caustic soda (NaOH) CSG Brine Pre-concentrated on-s