Slides
Page 1
Tasmea Limited OCTOBER 2026 T asmea Investor Presentation – TIP Group Conference
Page 2
Tasmea Limited (ASX: TEA) INVESTOR PRESENTATION OCTOBER 20262 Stephen Young | Founder & Managing Director • Founded Tasmea in 1999 • 26+ years leading group strategy and growth • 45+ years experience in corporate advisory, restructuring and governance • Former Managing Partner, Arthur Andersen Adelaide • Fellow of the Institute of Chartered Accountants, and AICD • Executive Chair of Tasmea subsidiaries Mark Vartuli | Founder & CEO • Founder and CEO of Tasmea • Board member across all group subsidiaries • 29+ years experience in M&A, commercial advisory and business scaling • Equity Partner of boutique corporate advisory firm, Equity & Advisory • Fellow of the Institute of Chartered Accountants; Masters in Commerce Jason Pryde | Executive Director & COO – Western Australia • Chief Operating Officer leading Tasmea’s Western Australian operations • Appointed to the Board in September 2021 • Founder & CEO of Tasman Power (sold the business to Tasmea in FY14) • Founder of Tasman Rope Access (a Tasmea start-up) • Proven track record scaling services in WA mining sector • Trade-qualified electrician with strong operational leadership Trent Northover | Executive Director and COO – Eastern Australia • Chief Operating Officer leading Tasmea’s Eastern Australian operations • Appointed to the Board in February 2025 • CEO of ICE Engineering & Construction • Former COO & EGM at KAEFER • 15+ years leadership across oil & gas, construction and industrial services • MBA; extensive operational & contract management experience & industry relationships Founder-led, 28 maintenance-focussed specialist trade services subsidiaries operating across key industries in Australia
Page 3
Tasmea’s Unique Compounding Structure 3 Key business characteristics ✓ We only operate in key industries with strong structural tailwinds (Iron Ore, LNG, Copper, Gold, Data Centres, Infrastructure) ✓ We serve blue-chip fixed plant asset owner customers ✓ We offer high margin specialist maintenance services (maintenance not construction, production not exploration) ✓ We maintain a decentralised owner-manager business model, acquiring #1 or #2 operators in their geographic market ✓ Our recurring revenues are underpinned by Master Services Agreements (>125 executed MSAs) ✓ We focus on schedule of rates work, not hard money construction ✓ Our capability to deliver specialist services at speed & scale is our principal competitive advantage ✓ Our management team are incentivised to align with shareholders ✓ >90 senior personnel on LTI target: double Group EBIT to $110m & each subsidiary to deliver 15% p.a. organic EBIT growth (FY24–FY27) ✓ TEA delivers high ROCE (38%), high ROE (32%), & strong cash generation (avg. ~100% OCF/EBIT conversion) ✓ As founders, we focus on equity risk mitigation (TEA is a holding co. & does not contract/trade; subsidiaries do not cross-guarantee) ✓ TEA is in the top quartile across all measures (EBIT Margin, EBIT growth, EPS growth, low-risk) vs peers Founder-led Executive directors own ~54% of the equity Entrepreneurial, but strategically risk- adverse to protect shareholder equity Decentralised model 28 interdependent leading Australian diversified specialist trade skill services businesses Specialist services Maintenance, shutdown, breakdown, brownfield upgrade services & labour hire to fixed plant asset owner blue-chip clients INVESTOR PRESENTATION OCTOBER 2026
Page 4
1 ACQUIRE Buy #1 or #2 specialist operators in their geographic market at 4–5x EV/EBIT 2 RETAIN LEADERSHIP Founder leadership, brand retention, CEO, CFO, COO & operating methodology remain 3 GROW EARNINGS Organic growth complemented by collaborative cross-sell via our low-risk contracting model, including MSA’s 4 GENERATE CASH Recurring maintenance focussed revenue converts to operating cash at close to 100% of EBIT 5 RE-INVEST CAPITAL Re-invest capital into high growth opportunities, with strong structural tailwinds, compounding growth WHAT IT DELIVERS Compounding growth 38% EPS CAGR since IPO Compounding EPS growth at ~38% p.a. since IPO (FY24A to FY27e NPATA guidance midpoint) High return on capital 38% ROCE 30 June 2026 Generating high returns on capital employed, well above our cost of capital, and reinvesting cash flows into programmatic acquisitions, further compounding shareholder returns Diversification Lower risk Diversification across 28 subsidiaries that individually contract & trade; no parent guarantee (other than with our financier); diversified exposure across key industries lowers portfolio risks Cross selling & organic growth acceleration Expanding Tasmea’s specialist services capabilities, geographies and customers, opening new markets and driving cross sell & organic growth opportunities 4 Our Compounding Strategy is Delivering Value → TEA’s growth in shareholder value enabled entry into the FTSE All World Index and the ASX 300 Index in September 2026 Twin pillar, high growth model, continuing to generate significant shareholder value, including +574% TSR since IPO INVESTOR PRESENTATION OCTOBER 2026 Note: TSR of 574% is based on the TEA share price as at the close on 16 October 2026.
Page 5
Risk is contained where it is created — at the operating company level — while capital allocation decisions are made at the Holding Company level STRUCTURAL SEPARATION • Tasmea Limited (a Holding Company) does not trade and gives no parent guarantees, other than to financiers • 28 subsidiaries (Operating Companies) contract and trade individually, containing risk below the parent • Decentralised / conglomerate-like structure directs capital to the highest return opportunities, and enables portfolio renewal and pivots where performance lags • Diversification across key industries EARNINGS RESILIENCE • Specialist maintenance services, not construction • Production exposure, not exploration • Recurring revenue through the cycle • Blue-chip client base • MSAs, FMAs and long-term contracts on foot have grown from 41 at IPO to >125 • Low-risk, schedule of rates contracting model with minimal fixed price lump sum hard money contracting risk OWNER ALIGNMENT • Founder-led, with founders holding approximately 54% of Tasmea • More than 90 employees participating in the long-term incentive plan • Employee-owner operator culture, with founder mentality and ownership thinking embedded across the group 28 Operating companies individually contract & trade 41 → >125 MSAs, FMAs and long-term contracts on foot since IPO ~54% Founder-Director owned, with embedded owner- operator culture; >90 senior employees on LTI plan Equity protection strategy 5 INVESTOR PRESENTATION OCTOBER 2026
Page 6
We treat our people as owners, because owners behave differently to employees CULTURE EATS STRATEGY FOR BREAKFAST Decentralised decision making gives us the agility of a speedboat with the scale of a tanker, and keeps our operators close to their customers and employees. >90 employees on the LTI plan ~54% Founder-Director ownership 28 operator-led businesses O W N E R S , N O T E M P L O Y E E S Substantial autonomy at the operating company. Calculated risk taking, rapid response times, frugality and a small-business feel preserved at scale F O U N D E R S W H O S T A Y Culture and incentives keep founders leading the businesses they built, well beyond their earn-out periods – 14 of 28 subsidiaries are still led by the original founders T A S M E A A S T H E B O A R D The parent acts as board to each operating company, supporting and challenging founders on strategy, profit growth, cash generation and succession A L I G N E D F O R T H E L O N G T E R M >90 person LTI plan with lock-ups, rewards high performance (100% EBIT growth over 3 years, driven by 15% organic growth) while preserving a frugal ethos, backed by a bench of skilled and experienced operators ready to step up to leadership Our people strategy 6 INVESTOR PRESENTATION OCTOBER 2026
Page 7
77 ELECTRICAL MECHANICAL CIVIL WATER & FLUID 10 yrs 29 yrs 9 yrs 12 yrs 16 yrs 10 yrs 12 yrs 4 yrs 2 yrs 10 yrs 19 yrs 5 yrs 36 yrs 10 yrs Yrs: Denotes CEO/GM years of service in the role. Specialist trade skilled services operating segments WORKFORCE SOLUTIONS 49% TEA OWNERSHIP Existing customers ✓ Fourteen of our CEOs founded the business they still lead ✓ Skin in the game → All our CEOs and nearly all of their direct reports own equity in TEA, with >90 senior employees on the LTI plan ✓ Consolidation and cost out executed in FY26 across a number of subsidiaries 29 yrs 18 yrs 25 yrs 21+ yrs 19 yrs10 yrs4 yrs 13 yrs 15 yrs 8 yrs 30 yrs INVESTOR PRESENTATION OCTOBER 2026
Page 8
8 WORKPAC LOCATION TASMEA LOCATION CO-LOCATION KARRATHA TOM PRICE PERTH COOPER BASIN ROXBY DOWNS WHYALLA ADELAIDE MELBOURNE HOBART BRISBANE GLADSTONE MACKAY MT ISA MCARTHUR RIVER DARWIN PARABURDOO SYDNEY KALGOORLIE ORANGEBROKEN HILL BURONGA CAIRNS WEIPA TOWNSVILLE BOWEN MORANBAH BLACKWATER BILOELA SUNSHINE COAST GOLD COAST CHINCHILLA GUNNEDAH SINGLETON NEWCASTLE WOLLONGONG ROCKINGHAM Geographic footprint nation-wide KEY INDUSTRIES TELECOM & DEFENCE WASTE & WATER POWER & RENEWABLES OIL & GAS MINING (iron ore, gold, copper, coal) DATA CENTRES & INFRASTRUCTURE INVESTOR PRESENTATION OCTOBER 2026
Page 9
9 Revenue synergy realisation strategy New Customer Existing Customer Existing Service New Service New customer 1 Securing new MSAs New customer 2 Reaching new geographic regions • Growing with customer into new sites • MSA extensions • Geographical expansion • Sub specialist services to other portfolio companies’ customers • Expanding market share dislodging competitors New specialist service 2 Service / product innovation New specialist service 1 Introducing complementary services Increasing revenue opportunities between Tasmea subsidiaries as our portfolio of specialist services grows INVESTOR PRESENTATION OCTOBER 2026 Tasmea subsidiaries are increasingly generating cross-sell revenue synergy opportunities with our growing portfolio of specialist service providers
Page 10
10 Diversified specialist segments revenue exposure • Increased exposure to key growth thematics in Data Centres & Infrastructure via Maxim acquisition with strong pipeline & data centre contract conversion • Copper exposure increased with recent BHP contract wins announced and strong pipeline • Oil & Gas exposure increased via JPS acquisition providing specialist services to long life critical energy infrastructure FY26 Pro-Forma Specialist* Revenue Exposure by Industry FY26 Pro-Forma Specialist* Revenue Exposure by State FY26 Pro-Forma Specialist* Revenue Exposure by Commodity 40% 27% 16% 7% 9% 1% WA VIC SA QLD NSW Other *Note: FY26 Pro-forma Specialist Revenue for illustrative purposes of ~$1b includes a full 12 months of revenues from Tasmea’s specialist operating subsidiaries ( excludes WorkPac revenues) during FY26 and includes acquisitions completed after year end including Maxim and JPS. 21% 9% 6% 11% 9%5% 6% 33% Iron Ore Gold Copper Rare earths & other minerals Oil & Gas Energy & Renewables Water Other 48% 29% 9% 5% 3% 6% Mining & Resources Data Centres & Infrastructure Oil & Gas Power & Renewables Telecom & Defence Waste & Water INVESTOR PRESENTATION OCTOBER 2026
Page 11
▪ Exceeded FY26 guidance of $117m ▪ +54% growth vs $76.5m in FY25 ▪ Outperformance notwithstanding budgeted GMS rig sale not achieved in Q4 FY26 Underlying EBIT $118.1m 11 Executive Summary: FY26 Results ▪ Exceeded FY26 guidance of $72.5m ▪ +42% growth vs $51.7m in FY25 Underlying NPAT $73.7m ▪ +27% Underlying EPS growth vs 22.6cps in FY25 ▪ Final dividend of 8.5 cps declared, total FY26 dividends +32% vs FY25 excl. special dividends ▪ +574% Total Shareholder Return since IPO in Apr-2024 Delivering Shareholder Returns 28.8 cps EPS 8.5cps Final Dividend ▪ +126% growth vs $65.2m in FY25 ▪ 125% FY26 OCF/Underlying EBIT conversion ▪ High cash yielding business model: >100% 3 year average Operating Cash Flow $147.1m ▪ A number of specialist programmatic acquisition opportunities are under live negotiation ▪ Note: FY27 guidance only reflects announced or completed acquisitions to date Programmatic Acquisitions ✓ WorkPac (completed Dec-25) ✓ Maxim Group (completed Jul-26) ✓ JPS Group (completed Aug-26) Upgraded FY27 Guidance $205m – $210m EBITA Prior: $202m – $208m $130m – $133m NPATA Prior: $128m – $132m Note: Underlying EBIT and Underlying NPAT exclude the non-cash P&L impact from amortisation of acquired intangible assets expense which arise due to the acquisitive nature of our business model. These non-cash expenses amounted to $1.4m in FY26 and $0.8m in FY25. Going forward, we will reference as Underlying EBITA and Underlying NPATA. Note: TSR of 574% is based on the TEA share price as at the close on 16 October 2026. Commenced FY27 strongly ROCE 38% and ROE 32% FY26 INVESTOR PRESENTATION OCTOBER 2026
Page 12
17.9 22.6 28.8 ~47 0 10 20 30 40 50 FY24A FY25A FY26A FY27E PRO-FORMA UNDERLYING EBIT ($m) ~56% CAGR since IPO Execution Delivery: Strong & consistent growth UNDERLYING EPS (cps) 12 Notes: Pro-forma assumes a full 12 months earnings of acquisitions completed in the respective period. Underlying measures exclude non-recurring and non-operating items. FY27e shown for illustrative purposes only, reflecting TEA underlying earnings guidance for EBITA and NPATA (excludes amortisation of customer contracts resulting from M&A) as announced on 25 June 2026 and upgraded on 27 August 2026. CAGR reflects forecast growth rate from FY24a-FY27e guidance. Note: TSR of 574% is based on the TEA share price as at the close on 16 October 2026. ~38% CAGR since IPO COMPOUNDING SHAREHOLDER VALUE, DELIVERING TSR OF 574% since IPO April 2024 Continuing to execute our twin pillar growth strategy: organic growth + programmatic acquisitions, maintaining our culture in order to deliver compounding shareholder returns: ✓ 18% Organic Growth in FY26 vs FY25 ✓ 56% Pro-forma Underlying EBIT CAGR (FY24-27e) ✓ 101% EBIT to Operating Cash Conversion since IPO (FY24-26) driving high reinvestment rates ✓ 38% Underlying EPS CAGR (FY24-27e) 55 93 128 206-211 0% 5% 10% 15% 20% 0 50 100 150 200 FY24A FY25A FY26A FY27E Pro-forma EBIT Margin incl. WorkPac Pro-forma EBIT Margin excl. WorkPac INVESTOR PRESENTATION OCTOBER 2026
Page 13
Strong balance sheet, with capacity to fund growth 13 Capacity to fund programmatic acquisitions remains strong • Strong operating cash conversion: EBIT to operating cash flow avg. 101% since IPO • Free cash flow generation of ~$59m in FY26 • Balance sheet capacity: Net debt/pro-forma EBITDA of ~0.4x as at 30 June 2026 (and ~0.8x post-Maxim & JPS Group acquisitions) • Target leverage: <1.0x Net Debt / Pro-Forma EBITDA • Low-risk business model: limited cash-backed bank guarantee exposure, with 1.3% of bank guarantees drawn / pro-forma revenue Dividend Reinvestment Plan active, with strong take up • Effective cash dividend payout ratio of 46.6% for all dividends paid during FY26 including special (within target payout ratio of 30-50% of NPAT) • Retaining cash for reinvestment into programmatic acquisitions generating high returns on capital employed and compounding value for shareholders Programmatic Acquisition Pipeline • A number of specialist programmatic acquisition opportunities under live negotiation. FY27 guidance only reflects announced or completed acquisitions to date. Unit 30-Jun-26 30-Jun-25 Term loans $m 100.6 111.2 Equipment finance $m 24.3 17.6 Other short-term loans $m 1.5 2.4 Total borrowings $m 126.4 131.3 Cash and cash equivalents $m 66.9 20.3 Net debt $m 59.6 110.9 Leverage (Net debt / Pro-forma EBITDA) x 0.4x 1.0x Interest rate (on total borrowings) % 6.2% 5.9% Bank guarantees drawn / pro-forma revenue % 1.3% 2.2% Operating working capital efficiency % 4.4% 11.4% INVESTOR PRESENTATION OCTOBER 2026
Page 14
14 ~4 ~4 ~3 ~4 ~4 ~3 0 4 8 12 BHP FY27e Rio Tinto 2026/27 Capital expenditure (US$bn) Sustaining and asset integrity Non-recurring sustaining / replacement Growth and exploration AUSTRALIA FOCUSSED SPEND (OUR CORE MARKETS) BHP ▪ Copper SA: Prominent Hill expansion, Smelter and Refinery Expansion Phase 1, Carrapateena Block Cave, Olympic Dam ▪ WAIO: Car Dumper 6 ▪ Copper SA growth (one of Tasmea’s core markets), includes an estimated US$13.5–17.4bn capex for Phase 1 and Phase 2 subject to Final Investment Decisions over CY27-32) ▪ BHP flagged Copper SA as its most expandable/ scalable major asset with ~80 years asset life; bringing long-term recurring maintenance opportunities for Tasmea to support BHP via our specialist subsidiaries RIO TINTO ▪ Pilbara mine system and port replacement capex ▪ Copper growth project (Winu) in WA progressing ▪ Weipa bauxite capacity replacement capex ▪ Rhodes Ridge Source: TEA Analysis, BHP FY2026 Results Presentation, 18 August 2026, Rio Tinto 2026 Half Year Results Presentation, 29 July 2026. Charted category groupings are Tasmea’s, using each company’s own labels. Figures are group-wide, not Australia only, and are in US dollars. BHP and Rio Tinto have guided to ~US$22 billion of combined annual capital expenditure, of which ~US$15 billion is sustaining and replacement capex on existing operating assets. Where our major customers are spending Global megatrends & structural demand growth are driving our customers’ investment programmes → driving demand for Tasmea’s portfolio of specialist maintenance, shutdown and electrical services COPPER BHP: structural deficit could lead to a shortfall of up to ~10 Mtpa next decade BHP: aspiration of ~5% p.a. copper growth FY27–35, to ~2.5 Mtpa copper equivalent by the mid-2030s Rio Tinto: forecasts Copper demand growth of ~1.3x by 2035 vs 2025 baseline ELECTRIFICATION Rio Tinto exposure: ~45–60% of value of materials in an electric vehicle (including Copper, Lithium, Steel, Aluminum) Rio Tinto: forecasts Lithium demand growth of ~3.4x and aluminum demand to ~1.3x by 2035 vs 2025 baseline BHP: exploring renewable solutions to support mining, rail and port electrification DATA CENTRES AND AI Rio Tinto exposure: ~50–70% of value of materials in a data centre (including Aluminium, Steel, Copper, Lithium) BHP: “non-traditional” copper demand expected to grow ~6.5% p.a. 2020–2035, (including data centre investment, decarbonisation, digitisation); data centres & AI megatrend shaping BHP’s portfolio INVESTOR PRESENTATION OCTOBER 2026
Page 15
>A$300bn Capex on LNG projects last 20 years Significant long-term infrastructure investment ~20% of global LNG capacity (top 3 exporter) 88 mtpa Australian nameplate LNG capacity Contract tenor runs into 2030s & 2040s Sources: MTPA denotes Million Tonnes Per Annum; LNG denotes Liquefied Natural Gas; IBISWorld, Liquefied Natural Gas Production in Australia, Report OD5536, May 2026; IBISWorld, Oil & Gas Extraction in Australia Report B0700, March 2026; Map of Australian LNG assets in production: Office of the Chief Economist, Resources and Energy Quarterly: December 2025, DISR (Australian Government). ~75% Capacity sold on long term contracts USA growth opportunities Australian Oil & Gas Industry Industry snapshot — 10 producing LNG facilities operating across WA, the NT and Queensland - a significant, recurring operations & maintenance market 15 JPS is progressing a number of USA based growth opportunities for existing global customers who they service in Australia to assist with their operations in USA INVESTOR PRESENTATION OCTOBER 2026
Page 16
Australian Data Centre Supply Outlook DC Byte forecasts Data Centre operational capacity growth of 128% by 2030 vs 2025; Victorian capacity to grow at a 22% CAGR in the 5 years to 2030 0.8 1.0 1.2 1.5 1.7 2.00.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 1.9 2.3 2.7 3.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2025 2026F 2027F 2028F 2029F 2030F Operational capacity (GW) AUSTRALIAN DATA CENTRE CAPACITY OUTLOOK (GW) Sydney (GW) Melbourne (GW) Other Australia (GW) National (GW) Source: DC Byte / Data Centres Australia, Australian Data Centre Forecast Report Issue 1, April 2026 (data as at 31 March 2026) 3.2 GW National capacity by 2030F: 18% CAGR to 2030 2.0 GW Sydney: 20% CAGR to 2030F (63% of national) 1.1 GW Melbourne: 22% CAGR to 2030F (34% of national) 128% National capacity growth 2025 → 2030F IREN Limited1 has announced a new data centre investment in Northern South Australia; Firmus2 is planning to invest in two new AI Factory sites in Regional SA 16 Maxim has won 2 new data centre contracts in Victoria with existing customer We see the power constraints in the National Electricity Market are likely to provide opportunities to T asmea who has one of Australia’s largest remote specialist electrical workforces AEMO3 forecasts data centres to consume ~13% of NEM electricity demand by 2035, from ~3% today, with 225 data centres in development in 2026 up from 97 in 2025 Source: 1IREN Limited, June 2026; 2Firmus, June 2026; 3AEMO, August 2026INVESTOR PRESENTATION OCTOBER 2026
Page 17
17 Founder-led, management-shareholder alignment ▪ T asmea is led by its Founder Directors who collectively own ~54% of T asmea & are aligned with shareholders ▪ Strategically aligned senior management team with >90 employees included to participate in LTI plan ▪ Executive Director Jason Pryde expected to deliver ahead of schedule on Options Package ▪ New 5-year Performance Rights Plan for Executive Director T rent Northover to commence 1 July 2026 – subject to approval at the company’s upcoming 2026 AGM → 5-year incentive plan includes 3,250,000 Performance Rights that vest only as EBITA climbs from $200m to the $600m FY31 target requiring 10% EBITA organic growth per annum TRENT NORTHOVER E X E C U T I V E D I R E C T O R Performance Rights, aligned to the FY31 EBITA target Financial year EBITA hurdle including 10% organic growth on prior year Number of Performance Rights FY27 $200m 650,000 FY28 $300m 650,000 FY29 $400m 650,000 FY30 $500m 650,000 FY31 (Target) $600m 650,000 Total 3,250,000 Each tranche vests only on achievement of the financial-year EBITA hurdle. No performance rights vest without a material increase in scale and earnings. Full terms and conditions of the plan are set out in detail in the notice to shareholders for the upcoming 2026 AGM released to the ASX on 19 October 2026INVESTOR PRESENTATION OCTOBER 2026 $200m $300m $400m $500m $600m 650 1,300 1,950 2,600 3,250 - 750 1,500 2,250 3,000 3,750 0 200 400 600 800 1000 FY27 FY28 FY29 FY30 FY31 (Target EBITA) PERFORMANCE RIGHTS ENTITLEMENT ('000) EBITA HURDLE TARGET $M EBITA HURDLE ($M) - LHS PERFORMANCE RIGHTS BALANCE ('000) - RHS
Page 18
✓ De-risking FY27 earnings through contract wins & pipeline conversion from tendered to secured ✓ Organic growth accelerated through 2H FY26, and a strong start to FY27 FY27 U N D ERLYING EBITA GU ID A N CE U P GRAD ED $205m – $210m Previous guidance $202m – $208m +74% minimum growth on FY26 $118.1m FY27 U NDERLYING NP ATA GU IDANCE U P GRADED $130m – $133m Previous guidance $128m – $132m +76% minimum growth on FY26 $73.7m D EMA N D IS S TRO N G – N A MED WIN S Electrical ✓ Maxim awarded 2 Data Centre contracts in Victoria ✓ Maintenance contracts >$80m won at BHP Copper sites undergoing expansion ✓ Tasman Power RTIO and Fortescue MCA/ MSA wins, ✓ Future Power BHP Ministers North awarded Mechanical ✓ Forefront MSA win in USA ✓ JPS currently pursuing numerous opportunities in USA; ✓ TRA Fortescue MSA win ✓ GMS contract for 1 rig executed, with potential for more during FY27 “Demand for our specialist services is as high as we have ever experienced” - Stephen Young, Managing Director & Founder Note: FY27 guidance was initiated as announced to the ASX on 25 June 2026 and upgraded on 27 August 2026 at the FY26 results release. Underlying EBITA and NPATA exclude non-underlying items and are stated before amortisation of acquired customer contracts. 18 Strong Outlook: Upgraded FY27 Guidance Civil ✓ Flanco portfolio of contract wins in Goldfields ✓ NWMC RTIO Rail contract/MMWA INVESTOR PRESENTATION OCTOBER 2026
Page 19
57% EBIT CAGR FY22a – FY27e ▪ Consistent execution of our twin pillar strategy: organic growth and programmatic acquisitions 46% EPS CAGR FY22a – FY27e ▪ Disciplined capital allocation, delivering earnings growth per share and creating shareholder value ▪ Issuing TEA scrip in our acquisition transaction structure model aligns sellers with shareholders 38% ROCE FY26 ▪ Capital-light business model and high return on capital employed; 574% total shareholder return since IPO ▪ ~100% EBIT to OCF cash conversion funds high reinvestment rates into new programmatic acquisitions ▪ Compounding growth model driven by acquisitions and organic growth & accelerated cross sell synergies 1.3% BANK GUARANTEES % of pro-forma revenue ▪ Low-risk, Maintenance-led, schedule of rates work — not hard money construction ▪ Diversified across industries, commodities, customers and geographies ▪ Deep customer relationships with >125 Master Services Agreements creating high barriers to entry 8,000+ SKILLED EMPLOYEES national footprint ▪ Significant scale nationally, with one of Australia's largest electrical fly-in fly-out skilled labour workforce ▪ Australia has a skilled labour shortage projected over the next 5+ years with significant structural demand ▪ Tasmea subsidiaries are well-positioned to grow in industries with strong structural tailwinds Note: CAGR denotes compound annual growth rate. EBIT and EPS CAGRs are calculated from FY22 actuals to the midpoint of FY27 guidance. Note: TSR of 574% is based on the TEA share price as at the close on 16 October 2026.19 Compounding growth, with a maintenance-led, schedule of rates business model with minimal contracting risk High growth performance, relatively low risk INVESTOR PRESENTATION OCTOBER 2026
Page 20
Q&A OCTOBER 2026 T asmea Investor Presentation – TIP Group Conference
Page 21
Important notice 21 • This document has been prepared by Tasmea Limited (ABN 22 088 588 425) (“Tasmea” or “the Company”). No other party other than Tasmea has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this document. • Presentation of general background: This document contains general background about Tasmea’s activities current as at the date of this presentation. It is information in summary form only, does not purport to be exhaustive and may not contain all the information necessary to fully evaluate any transaction or investment. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. • Not a prospectus: This document is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investments Commission (“ASIC”). • Financial data: All dollar values are in Australian dollars ($A) unless otherwise stated. Non-IFRS information has been reported in this presentation in order to improve the users’ understanding of Tasmea’s performance compared to the prior year. Underlying and Pro-Forma results are non-IFRS financial measures and are presented to assist investors in understanding the underlying performance of the Group’s ongoing operations. They have not been audited or reviewed and should not be considered a substitute for statutory results. Some numbers in this presentation have been rounded. As a result, some total or percentage movement figures may differ insignificantly from those obtained by arithmetic calculation from full form source documents. • Forward looking statement: This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Tasmea. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place undue reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Tasmea does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based. • Tasmea, its officers, employees, agents and advisers make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation and accept no responsibility for any errors or omissions from this presentation and to the fullest extent permitted by law disclaim all and any liability for any loss arising directly or indirectly, as a result of reliance by any person on this presentation. INVESTOR PRESENTATION OCTOBER 2026