Tasmea (TEA) Investor presentation summary

Business model and alignment

• Founder-led, decentralised structure spans 28 specialist trade-services subsidiaries serving fixed-plant asset owners across key Australian industries.

• Subsidiaries contract and trade individually; the holding company does not trade or provide parent guarantees except to financiers, containing operating risk below the parent.

• Founders hold ~54% of equity; more than 90 senior employees participate in the LTI plan, and 14 of 28 subsidiaries remain led by their original founders.

• Services focus on maintenance, shutdowns, breakdowns, brownfield upgrades and labour hire, using recurring MSAs and schedule-of-rates work rather than hard-money construction.

• More than 125 MSAs, FMAs and long-term contracts are on foot, up from 41 at IPO; the portfolio spans mining, oil and gas, power, data centres, infrastructure, water, telecom and defence.

Growth strategy and returns

• The twin-pillar strategy combines organic growth with programmatic acquisitions of #1 or #2 local operators, retaining leadership and brands while building cross-sell opportunities.

• Acquisitions target 4–5x EV/EBIT; recurring maintenance revenue converts to operating cash at close to 100% of EBIT, funding reinvestment into growth opportunities.

• Since IPO, reported TSR was 574%; FY24A–FY27e underlying EPS CAGR was ~38%, with FY26 ROCE of 38%.

• FY26 delivered 18% organic growth, 101% EBIT-to-operating-cash conversion since IPO over FY24–FY26, and 56% pro forma underlying EBIT CAGR for FY24–FY27e.

• FY26 total dividends rose 32% YoY excluding special dividends; the final dividend was 8.5 cps and underlying EPS was 28.8 cps, up 27% YoY.

FY26 performance and balance sheet

• FY26 underlying EBIT was $118.1m, up 54% YoY, and underlying NPAT was $73.7m, up 42% YoY; both exceeded guidance.

• Operating cash flow was $147.1m, up 126% YoY, with 125% FY26 OCF/underlying EBIT conversion; the three-year average conversion was >100%.

• FY26 ROCE was 38% and ROE was 32%; free cash flow was ~$59m and average EBIT-to-operating-cash conversion since IPO was 101%.

• At 30 June 2026, net debt was $59.6m and net debt/pro forma EBITDA was 0.4x, rising to ~0.8x after Maxim and JPS acquisitions; target leverage is <1.0x.

• FY26 dividends paid, including special dividends, represented a 46.6% effective cash payout ratio; the stated target range is 30–50% of NPAT.