Tasmea Limited · ASX:TEA
Tasmea — H1 FY25 Earnings Presentation
24 slides from Tasmea's earnings presentation, Mar 12, 2025
Slide 1: Tasmea Limited Investor Roadshow Presentation
ASX Announcement ASX: TEA 12 March 2025 Tasmea Limited Investor Roadshow Presentation Tasmea Limited (ASX: TEA) provides the attached presentation, which will be delivered by Managing Director Stephen Young, alongside Executive Directors Mark Vartuli, Jason Pryde and Trent Northover, during Tasmea’s
Slide 2: Roadshow Presentation H1 FY25 Results
Roadshow Presentation H1 FY25 Results Delivering Value. Always!
Slide 3: H1 FY25 Key Highlights
H1 FY25 Key Highlights Another Half Year Performance in line with our ethos of: Delivering Value. Always! Delivering Results Growing Our Team Scaling Up H1 Revenue Completed & integrated acquisition Actively pursuing earnings accretive $247m28% on $193m in H1 FY24 Future Engineering Group Programma
Slide 4: Group Financial Performance
Group Financial Performance Tasmea delivered strong financial growth in comparison to H1 FY24 across gross profit, EBIT and NPAT margin growth $m H1 FY23 H1 FY24 H1 FY25 Revenue 150.0 193.3 246.7 28% 77% Gross Profit 38.5 56.2 75.1 Revenue increase NPAT increase Gross Profit % 25.7% 29.1% 30.5% on H
Slide 5: FY25 NPAT Guidance Upgrade & Reconciliation
FY25 NPAT Guidance Upgrade & Reconciliation Real Earnings Growth through delivering on organic and programmatic acquisition growth strategy FY25 Statutory NPAT Upgrade Delivering Delivering Delivering $52 million Earnings Growth Returns FY25 NPAT Broker Consensus Aug’24 $46.5m Guidance for FY25 Sust
Slide 6: Indicative NPAT based on Q2 Run Rate
Indicative NPAT based on Q2 Run Rate Successfully integrated acquisitions of Future Engineering Group and West Coast Lining Systems acquired during Q1. Q2 earnings are reflective of underlying run rate with new acquisitions contributing from the start of Q2. INDICATIVE GROUP EBIT ($M) Q2 EARNINGS IN
Slide 7: Comparison to Prior Periods
Comparison to Prior Periods Delivering Revenue, NPAT and Dividend Growth Group Revenue ($m) Group NPAT ($m) Fully Franked Interim Dividend (cents) 28% 60% 83% CAGR CAGR CAGR 246.7 27.9 5.0 193.3 150.0 15.8 2.5 10.9 1.5 H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25 6 H1 FY25
Slide 8: Group Financial Position
Group Financial Position KEY HIGHLIGHTS Tasmea has a strong financial position with an efficient working capital profile Working capital / revenue Q2 annualised ROCE Balance Sheet ($m) Jun 2024 Dec 2024 Trade and other receivables Inventories and contract assets Other assets 53.9 43.2 15.9 55.0 39.2
Slide 9: Cashflow
CONSISTENTLY STRONG OPERATING CASHFLOW Cashflow GENERATING BUSINESS Average: 102.2% Tasmea has a disciplined approach to cash management delivering high OCF to EBIT conversion rate 112.5% 122.1% 75.2% 107.3% 93.7% $m H1 FY24 H1 FY25 FY21 FY22 FY23 FY24 H1 FY25 Operating cashflow (before interest & t
Slide 10: High growth company
High growth company Strategically aligned senior management team with more than 60 employees identified to participate in long-term incentive plans (LTI) and focused on delivery of LTI earnings target LTI target Group Statutory EBIT ($m) FY27 EBIT 120 $110m 100 80 FY21A – FY25F 60 CAGR: 45% ✓ Target
Slide 11: Low risk diversified earnings business
Low risk diversified earnings business In order to protect our equity, Tasmea Limited does not trade and does not offer Parent Company Guarantees other than to its financiers Each of our 22 subsidiaries operate and contract independently, minimising risk whilst maintaining their owner operator cultu
Slide 12: Strong pipeline of sustainable recurring revenue
Strong pipeline of sustainable recurring revenue Tasmea has a very high level of annuity / recurring revenue driven through its subsidiaries Master Service Agreements Revenue pipeline overview Recurring revenue from loyal customers 100% 80% 6% 60% 70% 73% 84% FY24 40% 20% 94% 0% Commencement FY24 Co
Slide 13: Successful acquisition integration
Successful acquisition integration Future Engineering Group has been successfully integrated into Tasmea in FY25 and delivering ahead of plan revenue synergies $35m New New joint tenders customer 1 customer 2 submitted with New Securing new Reaching new Tasman Power Customer MSAs geographic Sigma Po
Slide 14: Strong market fundamentals
Strong market fundamentals Rising tide floats all boats Electrification opportunity pipeline Iron Ore production in Australia (mt) Capacity, National Energy Market (GW) 350 1,100 Historical 300 Capacity (GW) 1,000 250 200 900 150 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 100 Copper productio
Slide 15: Investment Case
Investment Case Tasmea is a unique diversified specialist trade skill business with high recurring revenue, low-risk profile, focused on organic growth complemented by programmatic acquisitions HIGH RECURRING REVENUE WITH RISK-AVERSE BUSINESS MODEL STRONG SHAREHOLDER RETURNS SPECIALIST MARGINS H1 FY
Slide 16: Important Notice
Important Notice • This document has been prepared by Tasmea Limited (ABN 22 088 588 425) (“Tasmea” or “the Company”). No other party other than Tasmea has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this d
Slide 17: Appendix
Appendix 2024 RESULTS PRESENTATION TASMEA LIMITED FUTURE ENGINEERING GROUP
Slide 18: Who We Are
Who We Are Tasmea owns and operates 22 inter-dependent leading Australian diversified specialist trade skill services businesses focusing on maintenance, shutdown, breakdown and brownfield upgrade services of fixed plant for blue chip essential asset owner customer base 1,600+ 40+ Skilled employees
Slide 19: Tasmea Subsidiaries
Tasmea Subsidiaries ELECTRICAL MECHANICAL CIVIL WATER & FLUID Tasmea has increased our service offerings across all four segments since the IPO. Our subsidiaries remain strongly founder led with 12 founders and 4 continuing executive employees remaining in the business since being acquired by Tasmea
Slide 20: Electrical Segment
Electrical Segment Statutory revenue ($m) 95.5 Tasmea’s electrical segment had exceptional revenue and EBIT growth in H1 FY25 compared to H1 FY24 67.3 H1 FY25 revenue H1 FY25 EBIT $95.5m $18.6m 41.9% on H1 FY24 H1 FY24 H1 FY25 152.6% on H1 FY24 Statutory EBIT ($m) and margin (%) 18.6 KEY HIGHLIG
Slide 21: Mechanical Segment
Mechanical Segment Statutory revenue ($m) 66.7 68.5 Tasmea’s mechanical segment experienced a small revenue increase in H1 FY25 H1 FY25 revenue H1 FY25 EBIT $68.5m $6.8m H1 FY24 H1 FY25 2.7% on H1 FY24 ▼ 19.8% on H1 FY24 Statutory EBIT ($m) and margin (%) KEY HIGHLIGHTS 8.4 • H1 FY25 revenue of $6
Slide 22: Civil Segment
Civil Segment Statutory revenue ($m) 44.3 Tasmea’s civil segment showed strong growth in revenue and EBIT in H1 FY25 26.3 H1 FY25 revenue H1 FY25 EBIT $44.3m $7.2m 68.6% on H1 FY24 H1 FY24 H1 FY25 34.5% on H1 FY24 Statutory EBIT ($m) and margin (%) 7.2 KEY HIGHLIGHTS • H1 FY25 revenue of $44.3m,
Slide 23: Water & Fluid Segment
Water & Fluid Segment Statutory revenue ($m) 38.3 Tasmea’s water & fluid segment grew 16% at the 33.1 revenue level in H1 FY25 compared to H1 FY24 H1 FY25 revenue H1 FY25 EBIT $38.3m $3.1m H1 FY24 H1 FY25 15.9% on H1 FY24 ▼ 15.5% on H1 FY24 Statutory EBIT ($m) and margin (%) 3.7 KEY HIGHLIGHTS 3.1
Slide 24: What We Do
What We Do We deliver specialist maintenance, shutdown, emergency breakdown and sustaining capital services to fixed plant for essential asset owners OPERATING SEGMENTS KEY INDUSTRIES STRATEGIC PILLARS Electrical Organic focus Programmatic acquisitions Industrial Electrical Instrumentation, Communic