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Service Stream (SSM) H1 2025 earnings summary

Event summary combining transcript, slides, and related documents.

Logotype for Service Stream Limited

H1 2025 earnings summary

23 Dec, 2025

Executive 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.

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