Slide 1: FY26 Full Year Results Presentation
Service Stream FY26 Full Year Results Presentation For the year ended 30 June 2026
Slide 2: Acknowledgment of Country
Acknowledgment of Country Service Stream acknowledges the traditional custodians of country throughout Australia and their continuing connections to land, water and communities. We pay our respects to their elders past and 2 present.
Slide 3: Service Stream
Service Stream Keeping Communities Connected to essential infrastructure networks 6,500+ Employees 12,500+ Specialist Subcontractors 16 markets Supporting essential infrastructure Engineering and Network Services Strategic Asset & Facility Management Defence & Social Telecommunications Utilities Tra
Slide 4: Shareholder Value Creation
Shareholder Value Creation Creating long-term shareholder value through an owner's mentality EPS-A Growth +118% 3 years FY23 to FY26 EBITDA-A ($m) 43.2% Increase 12.7% CAGR 163.4 146.1 129.2 114.1 FY23 FY24 FY25 FY26 EPS-A (cps) Exposure Blue Chip Client Base Expanded Strong forward across growing c
Slide 5: Performance Highlights
Performance Highlights 5
Slide 6: Key Messages
Key Messages A successful year headlined by the entry into Defence and step-change improvement in quality of earnings Enhanced financial • Further improvement in Group profitability 1 results • Another period of exceptional cashflow generation Step-change in • Group EBITDA margin up 60 bps to 6.6% 2
Slide 7: Group Financial Highlights
Group Financial Highlights Delivering improved financial performance and enhanced shareholder returns Total Revenue EBITDA from Operations NPAT-A $ 2,475m $ 163.4m $ 81.1m Up 2.3% on pcp Up 11.8% on pcp Up 18.4 % on pcp OCFBIT Cashflow Net Cash FY26 Total Dividend Conversion 113.9% $ 80.7m 6.5cps Up
Slide 8: Operational & Strategic Highlights
Operational & Strategic Highlights Creating value through disciplined execution of the Group’s strategy Utility Margin Performance Improved Group Margin 5.8% EBITDA 6.6% EBITDA Margin Margin FY26 H2 exit rate of 6.0% Up 60 basis points Strategic Diversification Secured Contract Works Defence Market
Slide 9: High Quality Diversified Revenues
High Quality Diversified Revenues Group earnings underpinned by a high-quality portfolio of long-term, lower-risk revenues Work Type Commercial Model • ~90% of Group revenue operating under lower-risk, schedule of rates or cost reimbursable commercial models 2% 25% • Group revenue underpinned by str
Slide 10: Major Contract Renewals and New Agreements
Major Contract Renewals and New Agreements Secured $3.2bn+ in major multi-year agreements, further enhancing a diversified portfolio Major Renewals \ \ \ \ Renewing and expanding core Telstra Telstra Greater Western Water Energy Queensland agreements, Evolve Wireless Metering Services Metering Servi
Slide 11: Work In Hand
Work In Hand High-quality, low risk, well diversified order book underpinning the Group’s future growth • Strong period of securing new incremental multi-year contracts and renewal of existing Total Group WIH Exceeding agreements as they proceeded to market $ 8.2bn Secured over the initial contract
Slide 12: Reporting Segment Insights
Reporting Segment Insights Telecommunications Utilities Asset & Facility Management • Successfully transitioned new field services • Segment repositioning objectives set ~3 years have • New reporting segment incorporating Transport agreement and steady progress made on executing been achieved; now f
Slide 13: Defence Operations
Defence Operations Successful mobilisation and initial operational performance providing confidence in contribution targets in FY27 • Successful transition with ‘Go Live’ occurring on 1 February 2026 • Mobilisation completed in-line with program timeline and internal budget • 1,600+ resources on-boa
Slide 14: Sustainability
Sustainability Delivering a meaningful contribution across the Group’s 5 Sustainable Pathways Safety The wellbeing of our workforce, clients and communities we operate across First Nations Procurement Electricity Usage 179% YoY 100% Offset People Improving how we attract, retain and develop our empl
Slide 15: Safety
Safety Proudly differentiating through our strong safety culture and industry leading performance Total Recordable Incident Rate • Maintained or delivered further improvement across major safety 2.55 performance metrics 1.95 • Future focus continues across: FY25 FY26 ‒ Higher risk work activities an
Slide 16: Financial Performance
Financial Performance
Slide 17: Financial Headlines
Financial Headlines Total Revenue1 Underlying EBITDA EBITDA from Adjusted NPAT Operating Cashflow FY26 Total Dividend from Operations2 Operations (OCFBIT) $2,475m $163.4m $63.4m $81.1m $186.0m 6.5 cps +15.2% vs pcp +2.3% vs pcp +11.8% vs pcp +18.4% vs pcp +24.9% vs pcp +18.2% vs pcp • Group EBITDA m
Slide 18: Asset & Facility Management
Asset & Facility Management Highlights • Revenue of $367.4m which includes $88m from the new Defence PAS contracts: ‒ Strong start to Defence operations with volumes reaching a run-rate supportive of the $240m pa announced by June ‒ PAS contract is based on a blend of recurring programmed maintenanc
Slide 19: Utilities
Utilities Highlights • Segment has achieved a step-change improvement in quality of earnings over recent consecutive reporting periods ‒ EBITDA margin uplift of ~3% over past 3 years through portfolio repositioning, disciplined bidding controls and work execution • Revenue of $1,050.4m up $42.2m (4.
Slide 20: Telecommunications
Telecommunications Highlights • Segment cycling off a strong FY25 with a stable base of core O&M and minor capital works across fixed line and wireless programs. • Revenue of $1,056.8m, down $109.1m (9.4%): ‒ Revenue reduction reflects a number of programs completed in FY25, and the transition to ne
Slide 21: Group Profit and Loss
Group Profit and Loss Comparison of results for the period ended 30 June 2026 $m FY26 FY25 $ Total Revenue growth 2.3%: Total Revenue 2,475.0 2,420.1 54.9 • New Defence PAS revenue offsetting Telco reduction EBITDA from Operations 163.4 146.1 17.3 • FY27 will benefit from Defence contract pull throu
Slide 22: Cashflow
Cashflow Comparison of results for the period ended 30 June 2026 $m FY26 FY25 $ EBITDA from Operations 163.4 146.1 17.3 Net cash improvement of $7m driven by continuing strong cash flow conversion despite higher tax and investing outflows Operating OCFBIT 186.0 148.9 37.1 • Full year OCFBIT conversi
Slide 23: Balance Sheet & Capital Management
Balance Sheet & Capital Management Prioritising growth and transformative investment Maintain balance sheet strength Capital lite business model and consistent, high OCFBIT conversion $445m of debt / bonding facilities; $126m drawn for bonding at June Supporting optimisation & organic growth O
Slide 24: Trading Conditions & Group Outlook
Trading Conditions & Group Outlook 24
Slide 25: Market Dynamics
Market Dynamics Driving sustainable growth and diversification in support of improved Shareholder returns • Strong levels of investment associated with the upgrade and maintenance of Australian Maintenance Market critical infrastructure continuing, driven by: Annual Expenditure ($bn) • Ageing infras
Slide 26: Growth Agenda
Growth Agenda Driving sustainable growth and diversification in support of improved Shareholder returns Organic Growth • Group strategy continues to focus on driving sustainable growth and diversification in support of improved Shareholder returns • Group continues to target annual growth of 5-10% i
Slide 27: Group Outlook
Group Outlook • Strong diversified WIH balance exceeding $8.2bn (initial contract terms only), with an additional $6bn in extension options • Order book reflects lower risk, annuity style O&M works • Positive momentum during FY26 on mobilisation of new contracts across Defence, Water and Industrial
Slide 28: Appendices
Appendices
Slide 29: Reconciliation of statutory to adjusted profitability measures
1. Reconciliation of statutory to adjusted profitability measures $m FY26 FY25 $ EBITDA from Operations 163.4 146.1 17.3 Joint venture adjustments (4.2) (3.5) (0.7) Investments in SaaS (21.2) - (21.2) EBITDA 138.0 142.6 (4.6) Depreciation and amortisation (59.1) (59.5) 0.4 Gain/(Loss) on sale of ass
Slide 30: Other information
2. Other information Reconciliation of Total Revenue to Revenue $m FY26 FY25 $ Total Revenue 2,475.0 2,420.1 54.9 Joint venture adjustments 121.3 91.6 29.7 Revenue 2,353.7 2,328.5 25.1 Amortisation of customer contracts & relationships Balance $m FY26 FY27 FY28 FY29 FY30 30-Jun-26 Comdain Infrastruc
Slide 31: Disclaimer
Disclaimer This Presentation contains summary information about the current activities of Service Stream Holdings Limited (Service Stream). It should be read in conjunction with the Service Stream’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange