Slide 1: HY26 Results Presentation
Tasmea Limited HY26 Results Presentation FEBRUARY 2026
Slide 2: Delivering on our organic & acquisition strategy
Delivering on our organic & acquisition strategy Underlying EBIT Underlying EBIT margin Growing EBIT organically $44.3m 13.7% +12% • +36% growth vs $32.6m HY25 • +50 bps vs 13.2% HY25 (Underlying excl. WorkPac) • Underlying Organic EBIT growth +12% in HY26 vs PCP excluding Flanco, Vertex Group & Wor
Slide 3: HY26 Results Highlights
HY26 Results Highlights Revenue (Statutory) EBIT (Statutory) NPAT (Statutory) EPS (Statutory) Interim dividend (Fully Franked) $400.5m $40.0m $22.3m 8.9cps 6.0cps • +62% growth vs HY25 of $246.7m • +12% growth vs HY25 of $35.6m • -20% vs HY25 of $27.9m • -28% vs HY25 of 12.3cps • +20% growth vs HY25
Slide 4: Advancing WorkPac Integration
Advancing WorkPac Integration On Track to Deliver EBIT Target Executing new MSAs & Extensions Integration Progressing to Plan $18m EBIT 20 MSA’s Integration • Expect to meet or exceed pro-forma WorkPac • 15 acquired MSA’s and executed 5 new MSA’s • Integration sub-committees established Maintainable
Slide 5: Organic Growth Accelerating in 2H26
Organic Growth Accelerating in 2H26 Strong run rate of organic growth into FY27 FY26 REVENUE PIPELINE KEY HIGHLIGHTS Tasmea’s portfolio is deliberately weighted to recurring, essential 100% maintenance-led services, supporting earnings resilience and predictability $526m $663m Record FY26 revenue pi
Slide 6: Electrical segment performance
Electrical segment performance HIGHLIGHTS UNDERLYING EBIT AND MARGIN ($M) • Continued strong demand for our electrical services 20 • Underlying Electrical EBIT increased +29% to 18.6 $18.6m in HY26 with organic growth contributing strongly 16 • Electrical segment Revenue increased 57% vs 14.4 HY25 t
Slide 7: Civil segment performance
Civil segment performance HIGHLIGHTS • Revenue increased by 57% to $69m in 1H26 vs UNDERLYING EBIT AND MARGIN ($M) 1H25 15 • Underlying EBIT increased by +92% to $13.9m 13.9 in 1H26 driven by strong growth in Flanco Group which is outperforming acquisition 12 targets • NWMC impacted by client works
Slide 8: Mechanical segment performance
Mechanical segment performance HIGHLIGHTS • Revenue grew by 1% vs HY25 to $70m, whilst UNDERLYING EBIT AND MARGIN ($M) Underlying EBIT declined 24% to $5.6m with EBIT margin impacted by below: 10 • GMS recovery progressing with significant orders secured in December 2025 for delivery 7.9 in CY26 8 7
Slide 9: Water and fluid segment performance
Water and fluid segment performance HIGHLIGHTS • 1H26 Water & Fluid Revenue of $38m was UNDERLYING EBIT AND MARGIN ($M) broadly flat vs 1H25 5 • Underlying EBIT increased +11% from $3.6m to $4.0m driven by organic growth from 4.0 higher-margin subsidiaries 4 3.6 • Laptek continues to outperform targ
Slide 10: Sustainable shareholder returns policy
Sustainable shareholder returns policy The Board remains committed to a disciplined 6.0c +20% capital allocation framework balancing sustainable dividends with reinvestment in organic growth & programmatic acquisitions Fully Franked Interim dividend Interim Dividend growth in HY26 vs 1H26 HY25 Divid
Slide 11: High cash conversion
High cash conversion 122% OPERATING CASH CONVERSION Average ~103%* 130% 113% 106% 108% 91% 75% • Cash conversion remains strong and consistent with our long-term cash discipline focus • Strong cash conversion rates with Underlying EBIT to Operating Cash Flow of 130% in 1H26 FY21 FY22 FY23 FY24 FY25
Slide 12: De-risked 2H26 earnings
De-risked 2H26 earnings • Tasmea’s historical EBIT skew in FY25 was 44%/56% 140 FY26 UNDERLYING EBIT BRIDGE ($M) 1H25/2H25 120 • 2H26 tracking in-line with historical skew: Tasmea delivered 100 ✓ FY26 guidance $117m ~$44m EBIT in 1H26, implying 2H26 EBIT for delivery excluding Organic ✓ Increased MS
Slide 13: High quality returns and balance sheet strength
High quality returns and balance sheet strength ROCE ROE Low risk business model ~38% ~35% 1.7% Bank Guarantees / Pro forma Revenue • Maintained high returns on capital employed on a pro • Clear capital allocation framework delivering strong and • Revenue weighted to recurring, essential maintenance
Slide 14: Outlook & momentum in growth strategy
Outlook & momentum in growth strategy FY26 Guidance Reconfirmed Strong order book $117m EBIT & $72.5m NPAT >100 MSAs executed • Guidance for FY26 excludes non-underlying impacts, with earnings • 15 additional MSA’s executed, with total now at a new record >100 growth delivered by executing our organ
Slide 15: Appendices
Appendices I. Reconciliation of Statutory to Underlying earnings II. Free Cash Flow III. Pro Forma FY26 forecasts IV. Strategy V. Market outlook VI. Tasmea subsidiaries VII. Safety VIII. Disclaimer HY26 Results Presentation Appendices FEBRUARY 2026
Slide 16: Reconciliation of Statutory to Underlying earnings
Reconciliation of Statutory to Underlying earnings Notes: HY26 HY25 Change 1. Derivative Fair Value Gains – Share Price Guarantees (FEG, Flanco, Vertex, WorkPac) Notes $m $m % Non-cash fair value movements on share price guarantee arrangements issued as part of prior Statutory EBIT 40.0 35.6 12% acq
Slide 17: Free Cash Flow
Free Cash Flow Underlying Cash Conversion HY26 HY25 Change • Underlying Free Cash Flow of $26.5 million in 1H26 is Underlying EBIT $m 44.3 32.6 45% +261% higher than the PCP driven by strong growth in OCF (before interest & tax) $m 74.9 33.4 124% earnings and high cash conversion rates Less: WorkPac
Slide 18: Pre-and-post WorkPac Pro forma FY26 forecasts
Pre-and-post WorkPac Pro forma FY26 forecasts Pro forma FY26 EBIT $m Pro forma FY26 EBIT Margin % Pro forma FY26 NPAT $m Pro forma FY26 EPS cps 128 ~15% ~16% 78 30.0 70 27.4 110 TEA Pro forma TEA Pro forma TEA Pro forma TEA Pro forma Gearing (Net debt / Pro forma EBITDA) Pro forma FY26 EBIT share %
Slide 19: Tasmea's twin-pillar strategy
Tasmea’s twin-pillar strategy We remain focused on executing our twin-pillar strategy Organic Growth ✓ 15% YoY growth ✓ Deep, recurring ✓ Service ✓ Strong financial ✓ Geographic and target customer expansion & discipline industry relationships cross-selling expansion Supported by disciplined Secured
Slide 20: Market Outlook – Australia's Skilled Labour Challenge
Market Outlook – Australia’s Skilled Labour Challenge WA: half of QLD: The Big Build $107bn Australia’s total WA: Asset Investment investment program to QLD: ranks globally Program projected to 2027–28 in health, exports, top 10 in key mineral 2027-28 $107B transport, education, globally in housing
Slide 21: Founder-led, shareholder-management aligned
Founder-led, shareholder-management aligned Tasmea is led by its founder Directors who collectively ~58% of Tasmea Strategically aligned senior management team with ~100 employees identified to participate in long-term incentive plans (LTI) and focused on delivery of LTI earnings target of $110m EBI
Slide 22: Tasmea subsidiaries with new Workforce Solutions segment
Tasmea subsidiaries with new Workforce Solutions segment WORKFORCE ELECTRICAL SOLUTIONS 17 yrs 3 yrs 24 yrs 9 yrs 20+ yrs 18 yrs 12 yrs MECHANICAL 100% TEA OWNERSHIP 9 yrs 28 yrs 8 yrs 11 yrs 15 yrs 9 yrs CIVIL Existing 11 yrs 3 yrs 1 yrs 9 yrs customers WATER & FLUID 18 yrs 7 yrs 35 yrs 28 yrs 9 yr
Slide 23: Health, Safety & Wellbeing Performance
Health, Safety & Wellbeing Performance Safety Culture Talent Retention & Attraction High Safety Performance Operational Reliability Strong Client Relationships Recurring Revenue Retention TRIFR Safety is a top priority across all Tasmea subsidiary’s operations • 3.18 in 1H26 excluding WorkPac Integr
Slide 24: 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