Service Stream (SSM) H1 2025 earnings summary
Event summary combining transcript, slides, and related documents.
H1 2025 earnings summary
23 Dec, 2025Executive summary
Strong start to FY 2025 with revenue, earnings, and profit growth driven by strategic focus, disciplined execution, and positive momentum across all divisions.
Expanded work in hand to AUD 5.9 billion, up 17% year-over-year, with 99% of FY25 WIH secured under contract or extension options.
Exceptional cash flow generation and strengthened balance sheet, with net cash up AUD 52.1 million year-over-year.
Renewed 94% of existing contracts that proceeded to market, securing AUD 1.1 billion in major multi-year agreements.
Workforce safety improved, with a 20% reduction in total recordable injury rates.
Financial highlights
Group revenue for the half was AUD 1.27 billion, up 7.9% year-over-year, with growth across all segments.
Underlying EBITDA rose 16.4% to AUD 73.6 million; group EBITDA margin improved to 5.8%.
NPATA increased 49.9% to AUD 37.7 million; statutory NPAT was AUD 33.1 million, including a AUD 2.7 million one-off tax benefit.
Operating cash flow before interest and tax (OCFBIT) reached AUD 90.6 million, with a conversion rate of 126%.
Interim fully franked dividend increased by 25% to AUD 0.025 per share, payable April 2025.
Outlook and guidance
Solid earnings growth and improved quality of earnings expected for FY 2025, with consensus-aligned outlook and strong order book.
99% of second-half revenue is secured, minimizing risk and reducing need for new business wins.
Utilities segment expected to continue incremental margin improvement, targeting 5% EBITDA margin in FY 2026.
Expect further improvements in Utility operations and a first-half earnings bias due to strong Telco contributions.
Strong pipeline of opportunities across current and adjacent markets to support medium- and long-term growth.
Latest events from Service Stream
- EBITDA margin rose to 6.3%, work-in-hand up 55%, and dividend increased 20% to 3.0cps.SSM
H1 202625 Feb 2026 - Double-digit growth, strong cash flow, and a robust order book drive positive FY25 outlook.SSM
H2 202423 Jan 2026 - Revenue and dividends surged, all resolutions passed, and major contract wins secured.SSM
AGM 202419 Jan 2026 - EBITDA up 13.1%, WIH up 40% to $7.6bn, and margins improved across all segments.SSM
H2 202523 Nov 2025