AUSTAL LIMITED ANNUAL

Risk Management

Austal Limited (ASX: ASB) Corporate Governance Statement - 2026 Introduction Austal Limited (Austal or the Company), its Board of Directors (the Board or Directors) and senior management are committed to the best practices of corporate governance, ethical standards, corporate social responsibility and risk management. This Corporate Governance Statement sets out the Company’s approach to corporate governance. In reporting on corporate governance for the financial year ended 30 June 2026, the Company has elected to place this Corporate Governance Statement on its website. Further information about the Directors and the Company’s approach to corporate governance can be found elsewhere on the Company’s website and in its Annual Report. The Board of Austal is responsible for guiding and monitoring of the consolidated entity on behalf of shareholders. Oversight and management of the Company’s corporate governance policies and procedures is shared between the Board’s Audit & Risk and Nomination & Remuneration subcommittees. This Corporate Governance Statement is structured to specifically align with the fourth edition of the ASX Corporate Governance Council’s (the Council) Principles and Recommendations (the ASX Recommendations), which are as follows: Principle 1 Lay solid foundations for management and oversight Principle 2 Structure the Board to be effective and add value Principle 3 Instil a culture of acting lawfully, ethically and responsibly Principle 4 Safeguard the integrity of corporate reports Principle 5 Make timely and balanced disclosure Principle 6 Respect the rights of security holders Principle 7 Recognise and manage risk Principle 8 Remunerate fairly and responsibly In accordance with the Listing Rules (ASX Listing Rules) of the Australian Securities Exchange Limited (ASX), this Statement also reports on: • the extent to which the Company has followed the Corporate Governance Recommendations contained in the ASX Recommendations; and • the reasons for any departures from the ASX Recommendations, in compliance with the “if not, why not” regime. The Company complies with the majority of the ASX Recommendations. In addition to setting out the particular ASX Recommendations addressed at the top of each section, a checklist summarising the Company’s compliance with those ASX Recommendations and cross-referencing to the relevant sections of this Corporat