Tasmea (TEA) Investor Presentation summary

Investment highlights

• Record $600m order book for FY26, with NPAT guidance of $70m, up 32% from FY25.

• Industry-leading EBIT margin forecast of ~15% for FY26, with high cash conversion rates averaging 101% over five years.

• Consistent growth: 53% NPAT CAGR, 47% EPS CAGR, and 53% DPS CAGR since FY21.

• Expanded MSA/FMA contracts from 41 to over 70 since IPO, supporting recurring revenue.

• Strong pipeline for organic growth and acquisitions, supported by a $43m capital raise and new banking facilities.

Financial performance and growth

• FY25 statutory revenue of $547.9m (+37%), pro-forma revenue $620.8m (+52%).

• FY25 statutory EBIT $74.4m (+60%), pro-forma EBIT $93.2m (+70%), with EBIT margin improving to 13.6% (pro-forma 15%).

• Statutory NPAT $53.1m (+74%), exceeding guidance; pro-forma NPAT $62.5m (+69%).

• Statutory EPS 23.2c (+53%), final dividend 6.0c (+50% YoY), total FY25 dividends 23.0c including special dividend.

• Pro-forma EBIT and NPAT CAGRs of 33% and 36% since FY21, with margin expansion driven by self-performed specialist services.

Business model and margin drivers

• High-quality, specialist services enable significant cost savings and efficiencies for clients.

• Self-perform capability across 25 subsidiaries retains value in-house and minimizes subcontractor leakage.

• Cross-selling and organic growth in higher-margin businesses drive further margin upside.

• Margin-accretive acquisitions, especially in electrical services, support ongoing margin expansion.

• 94% of work from repeat blue-chip customers, with >70 MSAs/FMA contracts and presence on >74 sites.