Service Stream Limited · ASX:SSM
Service Stream — Merger or Acquisition (November 2026)
52 slides from Service Stream's merger presentation, Nov 9, 2026
Slide 1: Acquisition of Programmed
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Service Stream Acquisition of Programmed 1
Slide 2: Important Notice & Disclaimer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Notice & Disclaimer The following important notice and disclaimer applies to this investor presentation (Presentation) and you should read this carefully before reading or making any other use of this Presentation or any information cont
Slide 3: Important Notice & Disclaimer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Notice & Disclaimer NOT FINANCIAL PRODUCT ADVICE Service Stream is not licensed to provide financial product advice in relation to Service Stream shares. This Presentation is for information purposes only and is not a disclosure document
Slide 4: Important Notice & Disclaimer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Notice & Disclaimer DETERMINATION OF ELIGIBILITY Investors acknowledge and agree that determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including legal and regulato
Slide 5: Important Notice & Disclaimer
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Notice & Disclaimer SERVICE STREAM AND THE UNDERWRITER Neither the Underwriter, nor any of its Extended Parties, nor the advisers to Service Stream, have authorised, permitted or caused the issue, lodgement, submission, dispatch or provi
Slide 6: Contents
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Contents Acquisition of Programmed and Equity Raising Section rsonal use only 1. Transaction Overview 7 2. Overview of Programmed 12 3. Strategic Rationale 18 4. Service Stream FY27 Trading Update & Outlook 27 5. Acquisition Funding & Terms 29 6.
Slide 7: Transaction Overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Transaction Overview 7
Slide 8: Key Messages
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Messages Service Stream has entered into a binding agreement to acquire Programmed for $975m rsonal use only 1 Leading platform • A prominent facility management, asset management and infrastructure services provider across Australia and New Z
Slide 9: Transaction overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transaction overview • Service Stream (ASX:SSM) has entered into a binding agreement to acquire 100% of Programmed1 for a purchase price of $975m2, implying a post-AASB 16 Enterprise Value (EV) of $1,092m3, before adjusting for debt and debt-like
Slide 10: Transaction overview (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transaction overview (cont.) • Transaction is expected to be highly EPS-A accretive: − EPS-A accretion of 20%+ on a pro forma FY27F basis, including $30m of initial run-rate cost synergies1,2 − Mid single-digit EPS-A accretion on a pre-synergies b
Slide 11: Overview of combined group post-acquisition
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of combined group post-acquisition Diversified multi-network infrastructure services provider across Australia and New Zealand Our Vision rsonal use only To be the Leading Essential Network Services Provider across Australia and New Zeala
Slide 12: Overview of Programmed
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Overview of Programmed 12 12
Slide 13: Programmed overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Programmed overview Leading provider of Facility Management, Industrial Maintenance and Staffing solutions – partnering with state and federal governments and Tier 1 asset owners across Australia and New Zealand Business overview Key statistics Fo
Slide 14: A substantial asset and facility management platform
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES A substantial asset and facility management platform Strong in-demand capabilities across government and a range of Tier 1 asset owners and network operators Facility Management Property Services Industrial Maintenance Staffing rsonal use only Com
Slide 15: Comprehensive suite of capabilities
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Comprehensive suite of capabilities Broad suite of in-demand capabilities enables Programmed to offer end-to-end lifecycle management services rsonal use only Facility Management Property Services Industrial Maintenance Staffing • Comprehensive fa
Slide 16: Long-term O&M-centric contract base
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Long-term O&M-centric contract base Blue-chip customer base underpinned by long-tenure contracts, a high degree of recurring revenue and exposure to Minor Capital Works (MCW) expenditure programs Forward earnings visibility from Highly tenured, bl
Slide 17: Historical financial performance
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Historical financial performance Programmed has a track record of revenue and earnings growth Revenue ($m) EBITDA ($m) EBIT-A ($m)1 rsonal use only % margin % margin 3.5% 3.9% 4.0% 2.2% 2.4% 2.5% 148 138 91 3,680 86 3,540 3,260 113 72 LTM LTM LTM
Slide 18: Strategic Rationale
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Strategic Rationale 18
Slide 19: Strategic rationale
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Strategic rationale Further enhances Service Stream’s operations as a market-leading Australian and New Zealand essential infrastructure services business Enhances Service Stream’s capabilities through significant end-to-end asset & facility rsona
Slide 20: Establishes an ANZ essential services champion
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Establishes an ANZ essential services champion A transformational transaction creating a leading multi-disciplinary services provider across an expanded Tier 1 client base rsonal use only Combined Group ServiceStream LTM Jun-26 $2,475m $3,680m $6,
Slide 21: Enhances Service Stream's capabilities
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 1 Enhances Service Stream’s capabilities Combines highly complementary capabilities to deliver a compelling full-service offering across an expanded market rsonal use only Contribution Combined Segment Capabilities Revenue1 Service Stream / Progra
Slide 22: Expands Service Stream's Total Addressable Market
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 2 Expands Service Stream’s Total Addressable Market Expands Service Stream’s exposure to a $179bn and growing TAM supporting essential infrastructure across attractive markets Asset Management & Infrastructure Services Market Size ($bn) Expands Se
Slide 23: Materially diversifies Service Stream's operations
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 3 Materially diversifies Service Stream’s operations Materially diversifies Service Stream’s end-market exposure, enhancing resilience across economic and industry cycles Limited end-market overlap… …creates a highly diversified platform rsonal us
Slide 24: Highly synergistic transaction
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 4 Highly synergistic transaction Initial cost synergies will be delivered over a 36-month period INITIAL SYNERGIES DELIVERY TIMELINE EPS-A ACCRETION FURTHER SYNERGIES $30m 20%+ rsonal use only 36 Months post Completion Pro forma FY27F basis post r
Slide 25: Track record of sustainable value creation
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 5a Track record of sustainable value creation Lendlease Services acquisition in 2021 demonstrated Service Stream’s significant capabilities and proven frameworks to realise long-term sustainable value rsonal use only Value creation case study from
Slide 26: Pathway to earnings improvement over time
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 5b Pathway to earnings improvement over time Material value creation has been identified and will be driven under Service Stream’s proven Reposition | Optimise | Grow approach rsonal use only Strategic focus on driving quality of earnings and cr
Slide 27: Service Stream FY27 Trading Update & Outlook
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Service Stream FY27 Trading Update & Outlook 27
Slide 28: Service Stream FY27 Trading Update & Outlook
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Service Stream FY27 Trading Update & Outlook rsonal use only FY27 is expected to deliver a step change in revenue and earnings growth on FY26, supported by continued positive momentum, scaling operations and contributions from recently mobilised a
Slide 29: Acquisition Funding & Terms
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Acquisition Funding & Terms 29
Slide 30: Key acquisition terms and funding
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key acquisition terms and funding Key acquisition terms • Purchase price of $975m excluding transaction costs of $40m Enterprise value of $1,092m inclusive of lease liabilities of $117m as at 30 June 2026 rsonal use only • Acquisition • Purchase p
Slide 31: Overview of the equity raising
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Overview of the equity raising • $475m fully underwritten Equity Raising comprising:1 − 1 for 4.9 pro rata accelerated non-renounceable entitlement offer to raise approximately $256 million; and Offer Structure − An institutional placement of appr
Slide 32: Offer timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Offer timetable Event Date Trading halt and announcement of the Acquisition and Equity Raising, Placement and Institutional Entitlement Offer opens Monday, 9 November 2026 rsonal use only Placement and Institutional Entitlement Offer closes Tuesda
Slide 33: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Key Risks 33
Slide 34: Key risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks Service Stream’s financial position and performance, Service Stream’s ability to pay dividends and the market price of Service Stream’s shares may be adversely affected, sometimes materially, by a variety of risk factors. Holders of Serv
Slide 35: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (E) INTEGRATION AND SYNERGIES The Acquisition is a complementary acquisition that will diversify Service Stream’s operations and support enhanced earnings resilience. The Acquisition is expected to support growth opportunities fo
Slide 36: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (H) RISKS ASSOCIATED WITH EMPLOYEES INCLUDING SAFETY RISKS Employees employed by Programmed at the time it is acquired will be covered by contractual terms and conditions which may differ to Service Stream’s arrangements. Service
Slide 37: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (B) CUSTOMER DEMAND Many of Service Stream’s customer contracts do not contain volume commitments and are therefore dependent on the customer’s demand requirements which can change at any time. The rate of adoption of new technol
Slide 38: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (K) WORKING WITH POTENTIAL SAFETY HAZARDS In undertaking work and delivering programs for its customers, Service Stream’s employees and subcontractors can operate in potentially hazardous environments and perform potentially haza
Slide 39: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (R) OPERATIONAL RISK Operational risk is the risk of loss resulting from inadequate or failed internal processes, people or systems (including information security systems), or from external events. Service Stream is exposed to a
Slide 40: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) OFFER AND GENERAL RISKS (A) MARKET PRICE OF ORDINARY SHARES WILL FLUCTUATE • Service Stream ordinary shares trade on ASX. The market price of ordinary shares on ASX and the shares proposed to be issued under the Entitlement Offer
Slide 41: Key risks (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont.) (F) TAXATION Any change to the current rate of company income tax in jurisdictions where Service Stream operates may impact on shareholder returns. Any changes to the current rates of income tax applying to shareholders, whether
Slide 42: Appendices
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES rsonal use only Appendices 42
Slide 43: Pro forma profit and loss
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Pro forma profit and loss Pro forma combined Pro forma combined Service Stream Programmed Acquisition $m, June year end group Run-rate synergies group (post run-rate (FY26) (LTM Jun-26) adjustments synergies) (FY26PF) rsonal use only Revenue 2,475
Slide 44: Pro forma balance sheet
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Pro forma balance sheet Total Acquisition Service Stream Impact of the Offer and debt Pro forma combined $m impact including (30 June 2026) drawdown group transaction costs Current assets Cash and cash equivalents 751,2 (1,015)3,4,5,6 9657 25 rson
Slide 45: Summary of the Sale Agreement
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of the Sale Agreement Acquisition • Service Stream, through its wholly-owned subsidiary Service Stream Holdings Pty Ltd, has agreed to acquire 100% of the issued share capital in Persol Australia Holdings Pty Ltd and Persol APAC Business S
Slide 46: Summary of the Underwriting Agreement
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of the Underwriting Agreement Service Stream has entered into an underwriting agreement with UBS Securities Australia Limited (“Underwriting Agreement”) pursuant to which UBS has been appointed to act as the Sole Lead Manager, Bookrunner a
Slide 47: Summary of the Underwriting Agreement (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of the Underwriting Agreement (cont.) In addition, the Underwriting Agreement contains a series of “Restructure Events”. Rather than conferring an outright right to terminate, the occurrence of a Restructure Event triggers an obligation on
Slide 48: Summary of the Underwriting Agreement (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of the Underwriting Agreement (cont.) The ability of the Underwriter to terminate the Underwriting Agreement (or, in the case of Restructure Events, to invoke the restructure mechanism) in respect of some of the events marked with an (*) a
Slide 49: Selling restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Selling restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of Service Stream in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the N
Slide 50: Selling restrictions (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Selling restrictions (cont.) New Zealand This document, and the offer of New Shares under the Entitlement Offer and Placement are not required to, and do not comply with, the disclosure requirements applicable under Part 3 of the Financial Markets
Slide 51: Selling restrictions (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Selling restrictions (cont.) Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document
Slide 52: Selling restrictions (cont.)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Selling restrictions (cont.) United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Tr
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