Service Stream (SSM) AGM 2026 summary

AGM and resolutions

• Quorum was confirmed, with an acknowledgment of the Wurundjeri people of the Kulin Nation; shareholders could ask questions and vote by poll on six items.

• Resolutions covered the remuneration report, Brett Gallagher and Sylvia Wiggins’ re-elections, FY27 STI and LTI securities acquisitions by Leigh Mackender, and renewal of the ESOP 15% threshold exemption.

• All six resolutions provisionally passed; results were to be verified and released on the stock exchange later that day.

• The remuneration report resolution was advisory and did not bind directors or shareholders.

FY26 financial performance

• Revenue was $2.475bn, up 2.3% YoY; EBITDA from operations was $163.4m, up 11.8%; NPATA/adjusted NPAT was $81.1m, up 18.4%.

• Group EBITDA margin rose 60 bps to 6.6%; utility margin increased 130 bps to 5.8%, with a 6.0% H2 exit rate.

• OCFBIT was $186m, with operating cash flow conversion of 113.9%; net cash reached $80.7m, up $7.1m YoY.

• FY26 fully franked dividends totaled 6.5 cps, up 18.2% YoY; adjusted EPS was 13.1 cps, up 18.0%.

• FY23–FY26 EPS increased 118%; TSR was 207.2%, ranking #2 among ASX 200 Industrials for FY24–FY26.

Work in hand and contract wins

• Work in hand exceeded $8.2bn, with a further $6bn in extension options; 85% of the order book was high-quality, annuity-style O&M work.

• Contract awards totaled $3.2bn over initial terms; 93% of existing contracts that proceeded to market were retained.

• Wins and renewals included Telstra Evolve and wireless, Greater Western Water and Energy Queensland metering, Yarra Valley Water network operations, and Defence property and asset services.

• Additional awards included Millmerran Power Station shutdown work and Telstra/Ausgrid intercity fibre deployments.