Tasmea (TEA) investor relations material

Deal rationale and strategic fit

• Acquisition creates a leading national specialist electrical platform with exposure to high-growth sectors such as data centers, BESS, renewables, and infrastructure, diversifying revenue streams and expanding geographic reach, especially into Victoria.

• Maxim brings a strong Victorian presence, deep customer relationships, a scalable workforce, and a proven track record in large-scale projects, including a pipeline exceeding A$1.3 billion.

• Owner-led management team is retained, ensuring leadership continuity and alignment with long-term growth objectives.

• The deal aligns with a programmatic growth strategy, leveraging Maxim’s established customer base and workforce.

• Diversifies and strengthens the electrical segment, supporting future expansion and programmatic growth across Australia.

Financial terms and conditions

• Total consideration up to A$254 million: A$184 million upfront (A$112 million cash, A$72 million scrip via 12 million shares at A$6.00 each) and up to A$70 million earn-out over FY27–FY29, contingent on achieving at least A$50 million EBIT per annum, with a cumulative catch-up if A$150 million EBIT is reached over three years.

• Upfront scrip includes a floor price guarantee of A$6.00 per share until June 2027.

• Earn-out reduces by $2 for every $1 EBIT below A$50 million, with a cumulative catch-up mechanism.

• Transaction is fully funded from existing cash and banking facilities; no new capital raise required.

• Post-acquisition net leverage forecast at 0.75x–0.8x EBITDA, within or below target range.

Synergies and expected cost savings

• Integration expected to nearly double the number of electricians, enhancing workforce scale and enabling cross-selling of specialist services across Victoria and other states.

• Revenue synergies anticipated from cross-selling in Data Centres, Infrastructure, and Renewables.

• Operational synergies via shared corporate services and workforce solutions, with cost savings from procurement scale and rationalisation of duplicated systems.

• Combined Electrical segment EBIT expected to reach approximately A$100 million post-completion.

• Transaction is forecast to be immediately EPS accretive, with approximately 31% pro forma EPS accretion in FY26e (excluding synergies).