Service Stream Limited · ASX:SSM
Service Stream — H1 FY2026 Earnings Presentation
26 slides from Service Stream's earnings presentation, Feb 25, 2026
Slide 1: FY26 Half Year Results Presentation
Service Stream FY26 Half Year Results Presentation For the six months ended 31 December 2025
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 present.
Slide 3: Key Messages
Key Messages Delivering higher quality of earnings, substantial increase in WIH and diversification into growing markets Enhanced financial • Further improvement in Group profitability 1 results • Exceptional cashflow generation Significant WIH • 55% increase in multi-year WIH order book 2 Expansion
Slide 4: Group Financial Highlights
Group Financial Highlights Improved financial performance and enhanced shareholder returns Total Revenue EBITDA from Operations $ 1,194m $ 75.3m Down 5.8% on pcp Up 2.3% on pcp NPATA OCFBIT Cashflow Conversion $ 36.6m 148.4% Down 3.02 % on pcp Up on the 126.3% delivered in the pcp Net Cash Interim D
Slide 5: Operational & Strategic Highlights
Operational & Strategic Highlights Group strategy delivering enhanced performance and a major expansion of Group’s total addressable markets Improved Group Margin Utility Profitability Step-change Net Cash Balance Sheet 6.3% EBITDA-A 5.5% EBITDA-A Strategic Margin Margin Optionality 50 basis point
Slide 6: 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 3% • ~91% of works delivered under lower-risk, schedule of rate or cost reimbursable commercial models 24% 25% • H1 Revenue underpinned by strong annu
Slide 7: Safety
Safety Proudly differentiating through our strong safety culture and industry leading performance Total Recordable Injury Frequency Rate • Maintained or delivered further improvement across 2.15 2.15 major safety performance metrics 1H25 1H26 • Future focus continues across: ‒ Higher risk work activ
Slide 8: Segment Insights
Segment Insights Telecommunications Utilities Transport • Successfully transitioned to new nbn Field Services • Segment EBITDA margin now exceeding the 5% • Core O&M contracts performing solidly contract with exclusive coverage of VIC, SA, WA & NT segment repositioning target set ~24 months ago • St
Slide 9: Secured Contract Awards
Secured Contract Awards Secured $2.2bn+ in major multi-year O&M agreements, further strengthening the Group’s diversified portfolio MAJOR NEW AGREEMENTS CONTRACT EXTENSIONS Strategic Contract Retention 93% Department of Defence Property & Asset Services Telstra Evolve Telecommunications of existing
Slide 10: Expanded Work In Hand
Expanded Work In Hand High-quality, low risk, well diversified order book underpinning the Group’s future growth • Strong period of securing $2.2bn in new incremental multi-year contracts and ‘selective’ retention Total Group WIH Exceeding of existing agreements as they proceeded to market $ 9.2bn S
Slide 11: Strategic expansion into the Defence sector
Strategic expansion into the Defence sector Achieved long-term strategic objective to establish Service Stream as a Tier 1 Defence contractor Operational Update Property & Asset Services (PAS) • Successful Transition with ‘Go • 6 Year + 2 x (1-3 year options) Live’ occurring on 1 February 2026 as pl
Slide 12: Financial Performance
Financial Performance tA =
Slide 13: Financial Headlines
Financial Headlines Total Revenue1 Underlying EBITDA EBITDA from Adjusted NPAT Operating Cashflow Interim Dividend fromOperations Operations2 (OCFBIT) $1,194m $75.3m $63.4m $36.6m $109.0m 3.0cps +15.2% vs pcp -5.8% vs pcp +2.3% vs pcp -3.02% vs pcp +20.4% vs pcp +20% vs pcp • Group EBITDA margin of
Slide 14: Utilities
Utilities Highlights • A strong first half result, with the segment’s strategic repositioning delivering a demonstrable lift in the quantum and quality of earnings • 1H26 results marks the 7th consecutive half of improved EBITDA and EBITDA margin • Revenue of $530.9m up slightly $0.8m (0.1%): ‒ Prio
Slide 15: Telecommunications
Telecommunications Highlights • Segment cycling off a strong 1H25 with a number of programs completed, and transition to new contracts including nbn field services and fibre upgrades • Revenue of $538.2m, down $87.8m (14.0%): ‒ Slower ramp up of next tranche of nbn fibre upgrade program through desi
Slide 16: Transport
Transport Highlights • Revenue of $124.2m, up $13.7m (12.4%): ‒ Additional pavement repair funding works across the Connect Sydney JV ‒ Pull through benefit from the Victorian Roads Maintenance contract which mobilised last July • EBITDA of $9.2m, up $3.2m (52.7%) from 1H25: ‒ EBITDA margin increase
Slide 17: Group Profit and Loss
Group Profit and Loss Comparison of results for the period ended 31 December 2025 $m 1H26 1H25 Change $ Comparatives impacted by 1H skew across Telco and Utility segments in FY25. Total Revenue 1,193.6 1,266.7 (73.1) EBITDA from Operations 75.3 73.6 1.7 FY26 reflects normal H2 bias, with the additio
Slide 18: Cashflow
Cashflow Comparison of results for the period ended 31 December 2025 $m 1H26 1H25 Change $ EBITDA from Operations 75.3 73.6 1.7 Net cash improvement of $14m from June Operating OCFBIT 109.0 90.6 18.4 • Exceptional half year OCFBIT conversion of 148% 1 EBITDA to OCFBIT % 148.3% 126.3% • Working capit
Slide 19: Balance Sheet & Capital Management
Balance Sheet & Capital Management Re-investing in the business to support improved performance and sustainable growth Maintain balance sheet strength Capital lite business model and consistent, full OCFBIT conversion Supporting optimisation & organic growth Increased investments in FY26 support
Slide 20: Group Outlook
Group Outlook
Slide 21: Market Growth
Market Growth Positive market fundamentals expected to support ongoing growth across the Group’s expanded addressable market • Strong levels of investment associated with the upgrade and maintenance Australian Maintenance Market of critical infrastructure Annual Expenditure ($bn) • Ageing infrastruc
Slide 22: FY26 Trading Update & Outlook
FY26 Trading Update & Outlook Group performance during H1 reflects a positive start to FY26 The Group is confident of delivering earnings growth in FY26, supported by H1 performance, sustained improvement in utility margins, contributions from new mobilisations and ongoing optimisation across existi
Slide 23: Appendices
Appendices 23
Slide 24: Reconciliation of statutory to adjusted profitability measures
1. Reconciliation of statutory to adjusted profitability measures Reconciliation of EBITDA from Operations to NPAT $m 1H26 1H25 $ EBITDA from Operations 75.3 73.6 1.7 Investments in SaaS (7.3) - (7.3) Joint venture adjustments (1.8) (1.9) 0.1 EBITDA 66.2 71.7 (5.5) Depreciation and amortisation (28.
Slide 25: Other information
2. Other information Reconciliation of Total Revenue to Revenue $m 1H26 1H25 $ Total Revenue 1,193.6 1,266.7 (73.1) Joint venture adjustments (50.0) (44.3) (5.7) Revenue 1,143.6 1,222.4 (78.8) Amortisation of Customer Contracts & Relationship Balance 31 $m FY26 FY27 FY28 FY29 Dec 25 Comdain In
Slide 26: 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