Announcement PDF Australia’s future in bioenergy and renewables Annual Report 2025 Delorean Corporation Limited ACN 638 111 127 Table Of Contents Contents Company Overview ............................................................................................................................................. 3 Corporate Directory ............................................................................................................................................ 4 About This Report ............................................................................................................................................... 5 Investment Highlights ......................................................................................................................................... 6 Delorean Results in FY2025 ................................................................................................................................. 7 Chairman’s Address ............................................................................................................................................. 8 FY2025 at a Glance ............................................................................................................................................ 12 Directors’ Report ............................................................................................................................................... 16 Auditor's Independence Declaration................................................................................................................ 62 Comprehensive Income ..................................................................................................................................... 63 Consolidated Statement of Cash Flows .............................................................................................................. 67 Notes to the Consolidated Financial Statements ............................................................................................... 68 Directors’ Declaration ...................................................................................................................................... 128 Independent Auditor s Report........................................................................................................................ 129 DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 2 Company Overview Yarra Valley Water Bioenergy Plant Annual Report Vision This annual report provides a summary of our activities and performance for the financial year ended 30 June 2025. To be recognised as Australia and New Zealand’s leading emerging renewable energy generator Mission Delorean Corporation We are a leading bioenergy company in Australia, committed to sustainability and innovation. Our projects are paving the way towards a greener future, reducing environmental burdens and powering a cleaner, more sustainable Australia. To build, own and operate the largest portfolio of commercially successful renewable energy infrastructure in Australia and New Zealand, measured by value of developed assets and quantity of renewable electricity, heat and renewable gas produced. renewable energy generator d retailer, led by its fastgrowing bioenergy infrastructure footprint. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 3 Corporate Directory Directors Mr Hamish Jolly Mr Joseph Oliver Mr Stephen Gostlow Mr Michael Phillip Ms Surena Ho ASX Code Shares: DEL Company Secretary Mr Aidan Flynn Country of Incorporation and Domicile Australia Legal Form of Entity Public Company Contact Details www.deloreancorporation.com.au info@deloreancorporation.com.au +61 8 6147 7575 Registered and Principal Office Ground Floor 1205 Hay Street WEST PERTH WA 6005 Corporate Governance Statement https://investorhub.deloreancorporation.c om.au/governance Postal Address Ground Floor 1205 Hay Street WEST PERTH WA 6005 Auditors BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street PERTH WA 6000 Bank Commonwealth Bank of Australia Level 14B, 300 Murray Street Perth WA 6000 DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 4 About This Report The 2025 Annual Report of Delorean Corporation Ltd presents a comprehensive overview of the Group’s financial, operational and sustainability performance for the financial year ended 30 June 2025. This Report presents the Operating and Financial Review, Directors’ Report, and Financial Statements, providing stakeholders with a comprehensive overview of Delorean’s performance, governance, and progress over the financial year. Unless stated otherwise, references to ‘Delorean’, ‘the Group’, ‘we’, ‘us’ and ‘our’ throughout this report refer to Delorean Corporation Ltd, encompassing the ASX-listed entity and its subsidiaries. This report is intended for a broad range of stakeholders, including investors, employees, customers, partners, regulators, and the communities in which we operate. Our Annual Report outlines how Delorean’s business operations, strategic direction, governance, and risk management approach underpin the Group’s role in advancing Australia’s sustainable future through the development and operation of bioenergy projects. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 5 Investment Highlights Delorean Corporation (Delorean) is Australia’s leading bioenergy infrastructure developer, builder, owner and emerging operator. Delorean is a vertically integrated business operating in two high growth investment sectors – renewable energy (particularly biomethane) and the circular economy (in the form of organic waste management). Delorean is building a network of assets across Australia using mature in-vessel anaerobic digestion technology to produce renewable gas, renewable electricity and biogenic carbon dioxide from organic waste diverted from landfill. Delorean has pioneered this sector in Australia and built a track record delivering high-yielding projects helping to transform and decarbonise Australia’s energy sector. $30.0M Project Development Invested to date on Balance sheet in Delorean’s Project Development portfolio $50.0M Grants Applied Grants Awarded $11.1M (subject to conditions precedent) $80.0M 4 Projects Completed Jandakot, Blue Lake Milling, Ecogas and Yarra Valley Water construction value $51.5M Debt Funding Secured $32M For Delorean Owned SA1 Project Blue Lake Milling Bioenergy Plant $10.7M Cash at Bank As at 30/6/2025 $500M+ Development Portfolio 5x Current Development Projects & 9x Long-Term Projects Unique high yielding investment opportunity in the bioenergy sector ✓ Delorean is the only Build-Own-Operate (BOO) Bioenergy developer in Australia with a strong track record of delivering successful projects in ANZ ✓ Delorean is uniquely positioned to develop its strategic portfolio of BOO projects with significant industry partners Long-term value upside ✓ High margin business with contracted revenue flows – predictable and stable income once assets are operational, underpinned by long-term contracts and attractive project economics ✓ Unique proposition on the ASX providing equity exposure to shovel ready projects that demonstrate significant project-level IRRs Attractive industry dynamics with strong growth potential ✓ Bioenergy industry has significant ‘green’ tailwinds driven by demand for renewable energy production and waste diversion ✓ Use of organic waste to create gas enables sale of gas at a ‘green’ premium and at a time of significant undersupply DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 6 Delorean Results in FY2025 Pivot to Build-Own-Operate Infrastructure FY2025 marked Delorean’s successful pivot towards owning, building, and operating renewable gas infrastructure. This next phase drives long-term, multi-revenue growth, supported by locked in investment-grade partners and offtakers. While this infrastructure portfolio comes onstream, revenue continues to be underpinned by active construction projects, contracts for operation and maintenance, and consulting services. While the company reported a net loss after tax of $9 million, this reflects a transformational strategy to reinvest costs, capabilities, and learnings into building our Build-Own-Operate infrastructure platform. • Strong Asset Growth – Total assets increased to $46.4 million (FY2024: 27.6 million) • Stable Revenue – Long-term O&M contracts, including $8 million YVW contract • Future Earnings Upside – BOO projects are set to deliver recurring income from FY2026 • Strong Partnerships – Backed by investment-grade partners and offtakers Delorean is building the infrastructure platform to lead Australia’s renewable gas sector. KEY HIGHLIGHTS ($’000) FY2025 FY2024 CHANGE Receipts from Customers 25,910 29,549 Down 12% Revenue - Infrastructure - Construction - Energy Retail 19,523 726 18,798 - 27,882 1,245 26,557 80 Down 30% COS (22,818) (20,053) Up 14% Gross Profit (3,295) 7,829 Down 142% EBITDA (6,606) 5,021 Down 232% Net Loss / Profit after tax (8,980) 4,762 Down 289% Total comprehensive (loss) / income (6,579) 6,289 Down 205% EBITDA margin -34% 18% Basic (loss) / earnings per share (cents per share) (4.10) 2.21 Down 324% Cash Position 10,659 8,842 Up 21% Total Assets 46,415 27,553 Up 68% DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 7 Chairman’s Address FY2025: A Pivot Year for Delorean Corporation Delorean Corporation Ltd continues to lead the development of bioenergy in Australia, deploying commercial-scale anaerobic digestion assets that produce renewable biomethane and generate a range of other green revenues. Delorean remains the only ASX-listed company operating in this sector, alongside established landfill gas operators which are adjacent in the renewable gas market. Financial Year 2025 was the year in which the Company executed a successful pivot in its business model — from delivering bioenergy construction projects for others to investing in, building and operating its own renewable gas infrastructure assets. This transformation represents the next stage in Delorean’s growth: creating long-term, multi-revenue streams backed by investment-grade partners and offtakers such as Origin Energy and Supagas. During the year, Delorean substantially completed the $51 million construction phase of the Lilydale bioenergy facility for Yarra Valley Water in Victoria — the Company’s largest construction project to date — extending a proven track record to four major projects across Australia and New Zealand. At the same time, Delorean moved decisively into construction of its first BOO project, the SA1 Salisbury bioenergy facility in South Australia, which is scheduled to deliver first gas in April 2026. SA1 is more than just a green energy project. It represents the template for Delorean’s BOO future infrastructure assets: a single facility with five integrated revenue streams — organic waste tipping fees, biomethane sales and certificates, contracted liquid carbon dioxide, Australian Carbon Credit Units, and potential biofertiliser products. Behind SA1, the Company has built a pipeline of approximately $200 million in green BOO projects, including NSW1 (with Brickworks) and VIC1, both expected to move into construction during FY2026. FY2025 Results: Reinvesting for Growth The reported net loss after tax of $9 million (FY2024: $4.8 million profit) is a temporary reflection of this deliberate transition. While Delorean’s engineering division has delivered accumulated profitable earnings from the Lilydale bioenergy facility to date, more importantly those profits and those learnings and capabilities are reinvested into scaling engineering and business capacity to deliver BOO infrastructure. In short, whilst the FY2025 result is a loss, that is not reflective of the underlying long term BOO business that Delorean is building. This capability reinvestment strategy drove total assets to grow to $46.4 million ($27.6 million FY2024), supported by corporate level infrastructure debt. Cash reserves and guarantees were $10.7 million at 30 June 2025, with net assets at $5.1 million. Importantly, the operational base remains strong, with the company poised to reap the benefits of the contracted Operation and Maintenance (O&M) revenues — including an $8 million initial contract for Lilydale — underpinning stable income as separate BOO earnings also begin to flow in FY2026. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 8 Financing Growth The SA1 project is being delivered with a $32 million corporate debt facility from Tanarra Restructuring Partners and a $6.1 million grant commitment from ARENA. The Tanarra facility is designed to recycle funds into subsequent BOO projects and to be refinanced with lower-cost project-level debt upon commissioning. With Tanarra also holding a material equity interest through options, the financier is aligned with shareholder value creation. Consistent with this strategy, on 23rd September 2025 subsequent to FY2025 end, Delorean announced Delorean has executed project finance documentation with National Australia Bank Limited (“NAB”) for loan facilities of $14.5 million to support the underway construction of the SA1 Salisbury Bioenergy Project. The NAB project finance facilities will refinance $14.5 million of Tanarra facility funds at a lower cost of debt, with Tanarra facility funds available to be redeployed towards financing construction of Delorean’s shovel-ready project portfolio. Securing this facility marks the first step with a big 4 retail bank in Australia and the first step to a broader banking relationship with NAB to support financing and refinancing opportunities across Delorean’s infrastructure portfolio directly in the project companies, like SA1. Meantime, Delorean continues to actively pursue further government grant opportunities for the BOO portfolio. Policy Tailwinds and Market Demand Recent regulatory reforms have strengthened the renewable gas sector in Australia. Biomethane is now formally recognised as a natural gas equivalent under updated standards and the NGER Scheme enables Renewable Gas Guarantee of Origin (RGGO) certificates for abatement of Scope 1 emissions. SA1 is in the final stage of being registered under the GreenPower program and will be able to issue RGGOs upon first biomethane delivery. Additionally, landfill diversion policies and rising landfill levies continue to validate and improve Delorean’s BOO portfolio. Within the backdrop of growing industrial demand for renewable gas in Australia, Delorean has established partnerships with leading corporates and energy providers. These range from strategic agreements with Brickworks for joint project development, to pipeline operators such as AGIG and ATCO for network access, to offtake arrangements with Supagas for long-term purchase of biogenic liquid carbon dioxide and a long-term biomethane offtake with Origin Energy (announced subsequent to financial year end in September 2025). These relationships provide more than market access — they underpin bankability, facilitate co-investment, and secure binding multi-year income streams that directly enhance shareholder value. Building Capability for the Next Phase In addition to reinvestment of construction learnings and capability into scaling up its engineering, procurement and construction management capability to support BOO infrastructure, during FY2025 the Company continued to strengthen its corporate capabilities. New Non-Executive Directors Michael Philip and Surena Ho joined the Board, broadening expertise in infrastructure finance and the gas sector. Aidan Flynn was appointed Chief Financial Officer and Company Secretary, bringing more than 25 years’ financial leadership including extensive ASX experience, while Neil Conquest was appointed Chief Operating Officer. The Delorean construction and project delivery team has also grown in anticipation of the growth in the BOO phase. Delorean also maintained ISO 9001, 14001 and 45001 accreditation and issued its third annual ESG report, further embedding sustainable practices and supporting its positioning as a responsible investment. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 9 Outlook for FY2026 A key focus for FY2026 is the completion, commissioning and diversified revenue flow from the SA1 BOO bioenergy facility. Revenues are expected to come onstream from Q4 FY2026 as the facility starts accepting organic waste from the Adelaide commercial and industrial market, with first biomethane and liquid CO₂ production scheduled for April 2026. SA1 is expected to ramp up during the year, progressively delivering all five of its revenue streams. In parallel, Delorean intends to advance its VIC1 and NSW1 projects towards construction start during FY2026. The Company intends to secure long-term offtake agreements for VIC1 (consistent with the SA1 offtakes for liquid CO₂ and biomethane) and adopt a similar approach across the BOO portfolio, locking in multi-year revenues to underpin project capital recycling and debt refinance with major banks. At the same time, the Company will complete practical delivery of the Lilydale project, with O&M revenues commencing immediately thereafter. Beyond the current pipeline, Delorean will continue to assess selective third-party construction opportunities where they are complementary to the BOO strategy, supporting large industrials decarbonise in the hard to abate sector. The Board remains confident that the decisions taken in FY2025 — to reinvest capability into infrastructure, grow the team and strengthen the assets and BOO project portfolio — positions Delorean to deliver short term success and sustained long-term growth for shareholders. The whole Delorean team is working with purpose and great dedication as we close out the Yarra Valley Water project to construction completion, press on with the build of our own SA1 bioenergy facility, and work to bring VIC1 and NSW1 into build in FY2026. It is important to acknowledge in particular the commitment and efforts of our engineering, project management and onsite construction teams as we continue to scale up to build multiple-facilities in parallel in our pan-Australian asset rollout. I’d also like to welcome Michael Phillip and Surena Ho to the Delorean Board, bringing with them deep experience in finance and major gas sector depth and experience, and to thank outgoing Director David McArthur for his support and guidance as a Board Member since Delorean listed on the ASX in 2021. Delorean looks forward to FY2026 as our SA1 Salisbury facility comes onstream to deliver reliable and consistent revenues to our business, and our next projects move into build to layer up these annuitylike income streams into FY2027 and for decades beyond. Yours sincerely, Hamish Jolly Executive Chair DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 10 DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 11 YVW Project Construction in FY2025 FY2025 at a Glance SA1 Project Construction Financial Year 2025 was the year in which the Company executed a successful pivot in its business model — from delivering bioenergy construction projects for others to investing in, building and operating its own renewable gas infrastructure assets. This transformation represents the next stage in Delorean’s growth: creating long-term, multi-revenue streams backed by investment-grade partners and offtakers. Strategic Pivot strengthening its position as a frontrunner in the With a track record of developing bioenergy infrastructure as a leading bioenergy EPC contractor, Delorean is transforming into an owner and operator with 5 projects currently in the near-term pipeline. Third Party Contracts (Track as Record) Delorean strengthening its position a frontrunner in BOO Bioenergy Infrastructure Ownership (Strategic Pivot) DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 12 FY2025 at a Glance (continued) Operations Engineering Delorean is regarded as a leading contractor in the bioenergy industry. 4 $51M Bioenergy infrastructure projects completed – 3 Award-winning Tier 1 Yarra Valley Water bioenergy project constructed 70,000 Safe Work Hours Without lost time injury (LTI) Build-Own-Operate Infrastructure Delorean is the only Build-Own-Operate bioenergy developer in Australia, actively expanding its strategic portfolio of BOO projects in collaboration with key industry partners. 7 SA1 Brickworks First BOO Project construction commenced Strategic Partnerships AGIG, Origin, ARENA, QLD Govt., Brickworks, ATCO, Supagas $51.5M $50M DEL BOO Grants applied (Grants awarded to date $11.1 million) portfolio significant advancement with the focus on securing projects finance financing package $14.5M – NAB $37M - Tanarra 5x Current Development Projects NSW1 Joint Venture project development approval received $200M 1,100 TJs 37,500tpa Portfolio Value Green Gas p.a. Biogenic CO₂ ACCU’s – 80K+ RGGO’s – 1100K 420Ktpa 120Ktpa Waste Capacity Biofertiliser Concentrate Carbon Credits DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 13 FY2025 at a Glance (continued) Operations (continued) Operational Excellence Delorean has solidified its market position as the leader in the rapidly growing bioenergy sector, enhancing both its operational efficiency and strategic capabilities to drive continued growth and innovation. IP Developed design and process intellectual property ISO certification Strategic Hires Completed audit to ensure continued compliance in Engineering and Infrastructure teams Sustainability strengthening its position as a frontrunner in the Climate and Emissions • • • 4 award winning bioenergy projects constructed, showcasing industry leadership Expanded renewable energy portfolio, accelerating renewable gas uptake in hard-to-abate sectors Ongoing ESG and Scope 1 & 2 GHG emissions reporting, ensuring transparency and accountability Circularity and Waste • Strengthened partnerships with local feedstock providers, advancing circular economy solutions that reduce waste and drive community impact Economic Contribution 1) $3.7m in wages paid, supporting families and local economies 2) New jobs created, growing regional employment 3) Graduate Engagement Program launched, investing in the next generation of skilled professionals 4) Regional supply chains supported, boosting local businesses and fostering long-term economic resilience Health, Safety and Wellbeing • • • • • • 0 high risk incidents, promoting strong safety culture 100 % employee job satisfaction, reflecting positive culture ISO accreditation compliance, upholding best-practice standards Ongoing investment in employee wellbeing initiatives Fostered skill-building opportunities Strengthened management systems to enhanced operational efficiency DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 14 DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 15 SA1 Tank Farm Construction Directors’ Report The Directors’ present their report together with the financial statements of Delorean Corporation Limited (“Delorean” or “the Company” or “DEL”) and its subsidiaries (“the Consolidated Entity”) for the financial year ended 30 June 2025 and the auditor’s report thereon. Our Board Delorean’s Board comprises a balance of strong and committed executive leadership through its Co-founders, Executive Chair Hamish Jolly and Managing Director Joseph Oliver, matched with Steve Gostlow’s deep experience and company growth track record in the Australian waste sector with Tox Free Solutions Ltd, David McArthur’s decades of experience in the complexities of ASX-listed businesses (retired at the date of this report), Michael Phillip’s extensive finance and investing background across various industries and continents and newly appointed Surena Ho’s deep expertise in the gas industry. The Board functions well with the Non-Executive Directors providing guidance on finance, performance management and M&A strategy. Together, the Directors hold 43.17% of DEL’s issued capital and are motivated to guide the Company to meet its growth and profitability targets and realise the Company’s vision. Strong Leadership Hamish Jolly Executive Chair & Co-Founder Hamish is a seasoned executive and holds a Bachelor of Business (Business Law and Accounting) and is a Member of the Institute of Chartered Accountants in Australia and New Zealand. He is a former Director of Strategy and Ventures at Bankwest, and former CEO of Greening Australia, one of Australia’s largest environmental NGO’s. Joseph Oliver Managing Director & Co-Founder Joe has over 15 years’ experience in engineering, power generation and renewable energy across both Australasia and Europe. Prior to Delorean, Joe worked for Edina Ltd, specialising in power generation. Joe has been involved in developing the UK Anaerobic Digestion sector, delivering over 10 facilities nationwide through both Farmgen Ltd and Monsal Ltd. Steve Gostlow Non-Executive Director Steve has over 20 years’ experience in the waste management industry. He was Managing Director of Tox Free Solutions Ltd (Toxfree) for 16 years where he developed Toxfree into one of Australia’s largest waste management companies. Steve has formal governance qualifications as a Graduate of the Australian Institute of Company Directors. David McArthur (retired 1 Aug 2025) Non-Executive Director & Company Secretary David is a Chartered Accountant, with over 30 years’ experience. He is currently a director of Lodestar Minerals Ltd (ASX:LSR) and has served on the boards of several listed companies, including Xstate Resources Ltd (ASX:XST), Australian Oil Company Ltd (ASX: AOK), and Harvest Technology Ltd (ASX:HTC). Additionally, he was also Chair of the Audit and Risk Management Committee for all four companies. Michael Phillip (appointed 9 October 2024) Non-Executive Director Michael is appointed as Non-Executive Director on 9 October 2024. He has over 25 years of financial markets experience. He has an extensive finance and credit investing background across various industries and continents. Michael was also a practicing chemical engineering in various processing industries prior to entering finance. Michael holds a Master of Business Administration from the University of California at Berkeley and Bachelor of Engineering in Chemical Engineering from the University of Sydney. He is the founding Chief Investment Officer of Tanarra Capital’s special situations division. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 16 Directors’ Report (continued) Operating and Financial Review Surena Ho (appointed 1 Aug 2025) Non-Executive Director Surena brings extensive experience in the Australian and international gas industry, having held senior leadership and governance roles at organisations including Osaka Gas, Chevron, Alinta, and Woodside. With over 20 years of experience, including 15 years in the oil and gas sector, Ms Ho has held senior executive roles in financial leadership, capital planning, commercial strategy, business performance improvement (including mergers and acquisitions), and joint venture contract negotiations. Her expertise spans domestic gas retail, stakeholder engagement, and the development and commercialisation of both domestic and international gas projects. Governance Structure Delorean's governance structure is designed to oversee and manage corporate functions, including our Environment, Social and Governance (“ESG”) and climate change related topics. Our governance framework promotes accountability and clearly defines roles and responsibilities, enabling effective oversight and open communication between the Board, executive leadership, and key stakeholders. Board of Directors Audit and Risk Committee Remuneration and Nomination Committee OHS, Environment & Quality Committee The Committee plays a key role in the overview of the responsibilities of the Board relating to financial reporting, corporate governance and the external audit process. Monitors the strategic risk register which includes ESG and climate risks The Committee is to assist and advise the Board on matters relating to the remuneration of Executive Directors, NonExecutive directors and other key executives of the Company. The Committee plays a key role in identifying, recruiting, screening and interviewing candidates for board and management leadership positions. Management Committee supporting the Board, the Management committee comprises Executive Board Members and Executive Team providing oversight and active management of safety, environment (including climate change), quality and ESG Related objectives, goals, strategies, risks and activities. Our Approach Board of Directors oversight The Board of Directors is responsible for advising, monitoring and supervising the Company activities. The Board meets regularly, with 10 meetings held in the last financial year, and may also convene additional sessions as needed to assess the Company's strategy, policies, long-term plans and risks. The Board of Directors holds ultimate responsibility and accountability for overseeing safety, quality, and ESG and climate-related risks and opportunities, including how these are integrated into corporate strategy and risk management systems. DELOREAN CORPORATION LIMITED | ANNUAL REPORT 2025 17 Directors’ Report (continued) Operating and Financial Review (continued) Audit and Risk Committee While ultimate responsibility for Delorean’s risk management rests with the full Board, its Audit and Risk Committee plays a significant role. The Audit and Risk Committee has the authority and responsibility to review and discuss with Management the Board’s risk appetite and strategy relating to key risks and opportunities, including those related to climate change, as well as the guidelines, policies and processes for mon