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Tasmea Limited AUGUST 2026 FY26 Results Presentation
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▪ 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 FY26 RESULTS PRESENTATION TASMEA LIMITED2 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 ▪ +523% 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) Upgrading 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. Commenced FY27 strongly ROCE 38% and ROE 32% FY26
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FY26 financial highlights FY26 RESULTS PRESENTATION TASMEA LIMITED3 ORGANIC GROWTH Underlying EBIT FY26 $m 118.1 Less: In-period M&A completed (WorkPac) $m 8.0 Underlying EBIT FY26 excl. WorkPac $m 110.1 Pro-forma Underlying EBIT FY25* $m 93.2 Organic EBIT growth $m 16.9 Organic growth % 18.1% Strong organic growth delivery of 18% in FY26, accelerating in 2H26 with all segments growing vs 1H26 Key financial performance highlights Unit FY26 FY25 Change Revenue $m 1,293.3 547.9 136% Underlying EBITA $m 118.1 76.5 54% Underlying EBIT $m 118.1 76.5 54% Underlying NPAT $m 73.7 51.7 42% Underlying EPS cps 28.8 22.6 27% Dividends excl. special cps 14.5 11.0 32% Underlying EBIT Margin incl. WorkPac gross revenue % 9.1% 14.0% Underlying EBIT Margin incl. WorkPac net revenue % 16.2% 14.0% Underlying EBIT Margin excl. WorkPac % 16.3% 14.0% ROCE % 37.8% 31.7% ROE % 32.0% 39.5% *Note: Pro-forma Underlying FY25 EBIT includes pre- acquisition EBIT of acquisitions completed in- period during FY25 to compare like for like against a full year of Underlying EBIT performance in FY26 excluding WorkPac which was acquired on 1 Dec. 2025.
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FY26 financial performance FY26 RESULTS PRESENTATION TASMEA LIMITED4 ✓ Strong organic growth delivered of 18.1% in FY26 vs FY25, accelerating in 2H26 ✓ Delivered a strong specialist EBIT margin of 16.3% in FY26 (excl. WorkPac), with record 2H26 performance ✓ Positioned for growth in FY27, following strong momentum in 2H26 which has continued into 1H27 UNDERLYING EBIT ($M) & EBIT MARGIN (%) 1H vs 2H FY26 A year of strong delivery, especially 2H26 executing our twin pillar growth strategy: organic growth + programmatic acquisitions Forecast FY27 Underlying EBITA Margin of ~14%* *Note: On a WorkPac net revenue basis. 44.3 73.8 118.1 13.4% 18.5% 16.2% 0% 5% 10% 15% 20% 0 40 80 120 160 1H26 2H26 FY26 Underlying EBIT $m EBIT Margin % (WorkPac Net Revenue) ▪ Segment mix skewed to more higher margin businesses in 2H26 ▪ Higher level of specialist labour in 2H26 vs increased materials sales in 1H26 ▪ Increased specialist self-perform and cross sell amongst Tasmea Group subsidiaries ▪ Price escalations and higher labour utilisation in 2H26 ▪ Increased operating leverage ▪ Efficiency improvement & cost reduction program executed across a number of subsidiaries, including 49 headcount reduction ▪ Use of AI across the Group, streamlining processes WHAT DROVE 2H26 MARGIN PERFORMANCE
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17.9 22.6 28.8 ~47 0 10 20 30 40 50 FY24A FY25A FY26A FY27E PRO-FORMA UNDERLYING EBIT ($m) ~56% CAGR since IPO Execution Delivery: Strong & consistent growth UNDERLYING EPS (cps) 5 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 amortization of customer contracts resulting from M&A) as announced on 25 June 2026 and upgraded as per this announcement. CAGR reflects forecast growth rate from FY24a-FY27e guidance.FY26 RESULTS PRESENTATION TASMEA LIMITED ~38% CAGR since IPO COMPOUNDING SHAREHOLDER VALUE, DELIVERING TSR OF 523% 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: ✓ 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
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FY26 RESULTS PRESENTATION TASMEA LIMITED6 Note on charts: Operating Cash Flow is before interest and taxes. Free Cash Flow is calculated as Operating cash flow after interest, tax, SIB capex (payments for PP&E excluding amounts capitalised for lease-hold improvements / property fit-out and Capital WIP) and payments for lease liabilities. High cash conversion Operating cash flow • Strong cash conversion rates driven by Tasmea’s low-risk recurring maintenance focussed business model (schedule of rates / predictable regular invoicing) Investing cash flow • $20.9m paid for acquisitions and earn out payments in FY26, and $22.2m SIB capex Financing cash flow • Net decrease in financing activities is after dividend payments, lease repayments & funding programmatic acquisitions offset by capital raise in Sep-25 101% average since IPO OPERATING CASH CONVERSION OPERATING & FREE CASH FLOW 92% 85% 125% FY24A FY25A FY26A OCF / Underlying EBIT Average since IPO Unit FY26A FY25A Change Operating cash flow (before interest & tax) $m 147.1 65.2 126% Investing cash flow $m (42.3) (77.2) 45% Financing cash flow $m (2.2) 25.9 (108%) Net increase/(decrease) in cash $m 46.6 (4.8) Underlying EBIT $m 118.1 76.5 54% OCF (before interest & tax) / EBIT % 125% 85% Operating cash flow (after interest & tax) $m 91.0 46.5 96% SIB capex $m (22.2) (14.5) (53%) Leases $m (10.0) (7.1) (41%) Free Cash Flow $m 58.9 25.0 136% Free Cash Flow / Underlying NPAT 80% 48% Revenue (WorkPac Net Revenue) $m 728.1 547.9 33% SIB Capex as a % of Revenue % 3.0% 2.6% 49 65 147 21 25 59 FY24A FY25A FY26A Operating Cash Flow $m Free Cash Flow $m
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Strong balance sheet, with capacity to fund growth FY26 RESULTS PRESENTATION TASMEA LIMITED7 Capacity to fund programmatic acquisitions remains strong • Strong operating cash conversion: EBIT/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 our 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 $m 59.6 110.9 Leverage (Net debt / Pro-forma EBITDA) x 0.4x 1.0x Interest rate (on total borrowings) % 6.2% 5.9% Bank guarantees drawn / pro forma revenue % 1.3% 2.2% Operating working capital efficiency % 4.4% 11.4%
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Australian Data Centre Supply Outlook DC Byte forecasts Data Centre operational capacity growth of 128% by 2030 vs 2025; Victorian capacity to grow at a 22% CAGR in the 5 years to 2030 0.8 1.0 1.2 1.5 1.7 2.00.4 0.5 0.6 0.7 0.9 1.1 1.4 1.7 1.9 2.3 2.7 3.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2025 2026F 2027F 2028F 2029F 2030F Operational capacity (GW) AUSTRALIAN DATA CENTRE CAPACITY OUTLOOK (GW) Sydney (GW) Melbourne (GW) Other Australia (GW) National (GW) Source: DC Byte / Data Centres Australia, Australian Data Centre Forecast Report Issue 1, April 2026 (data as at 31 March 2026) 3.2 GW National capacity by 2030F: 18% CAGR to 2030 2.0 GW Sydney: 20% CAGR to 2030F (63% of national) 1.1 GW Melbourne: 22% CAGR to 2030F (34% of national) 128% National capacity growth 2025 → 2030F IREN Limited1 has announced a new data centre investment in Northern South Australia; Firmus2 is planning to invest in two new AI Factory sites in Regional SA FY26 RESULTS PRESENTATION TASMEA LIMITED8 Maxim has won 2 new data centre contracts in Victoria with existing customer We see the power constraints in the National Electricity Market are likely to provide opportunities to T asmea who has one of Australia’s largest remote specialist electrical workforces AEMO3 forecasts data centres to consume ~13% of NEM electricity demand by 2035, from ~3% today, with 225 data centres in development in 2026 up from 97 in 2025 Source: 1IREN Limited, June 2026; 2Firmus, June 2026; 3AEMO, August 2026
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9 ~4 ~4 ~3 ~4 ~4 ~3 0 4 8 12 BHP FY27e Rio Tinto 2026/27 Capital expenditure (US$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 it’s 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. FY26 RESULTS PRESENTATION TASMEA LIMITED 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, Aluminium) 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
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>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 & 2040’s 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 10 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 FY26 RESULTS PRESENTATION TASMEA LIMITED
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FY26 RESULTS PRESENTATION TASMEA LIMITED 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 complimented 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 NPAT 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 11 Our Compounding Strategy is Delivering Value → We anticipate TEA’s growth in shareholder value will enable 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 +523% TSR since IPO
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12 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 Share/Options Package 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 4,500,000 options that vest only as EBIT climbs from $200m to the $600m FY31 target requiring 10% organic growth per annum $200m $300m $400m $500m $600m 900 1,800 2,700 3,600 4,500 - 1,000 2,000 3,000 4,000 5,000 0 200 400 600 800 1000 FY27 FY28 FY29 FY30 FY31 (Target EBIT) OPTIONS ENTITLEMENT ('000) EBIT HURDLE TARGET $M EBIT Hurdle ($M) - LHS Options Balance ('000) - RHS TRENT NORTHOVER E X E C U T I V E D I R E C T O R Performance options, aligned to the FY31 EBIT target Financial year EBIT hurdle including 10% organic growth on prior year Number of Options FY27 $200m 900,000 FY28 $300m 900,000 FY29 $400m 900,000 FY30 $500m 900,000 FY31 (Target) $600m 900,000 Total 4,500,000 Each tranche vests only on achievement of the financial-year EBIT hurdle. No options vest without performance. Full terms and conditions of the plan will be set out in detail in a notice to shareholders for the upcoming 2026 AGMFY26 RESULTS PRESENTATION TASMEA LIMITED
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Conversion of FY27 pipeline FY27 REVENUE PIPELINE (CURRENT VS GUIDANCE ISSUED 25 JUNE 2026) 13 FY26 RESULTS PRESENTATION TASMEA LIMITED Highest level of revenue pipeline visibility this early into the financial year, experiencing record demand for our portfolio of specialist trade services businesses $0 $500 $1,000 $1,500 FY27 Guidance (25 June 2026) Current (25 Aug 2026) Secured Recurring customers Tendered Identified Blue Sky 85% 90% Notes: Tendered revenue is the probability weighted revenue of tenders submitted based on historical win rates. FY27 Current Revenue Pipeline illustrated in the chart includes WorkPac on a net revenue basis, consistent with the FY27 Earnings Guidance released to the ASX on 25 June 2026. HIGHEST LEVEL OF VISIBILITY SINCE INCEPTION 85% → 90% Secured + recurring + tendered, % of pipeline, since 25 June 2026 $1.21bn → $1.31bn Secured + recurring + tendered, since 25 June 2026 >125 MSAs on foot, with 5 recently executed and a number under negotiation CONTRACTS UPDATE ▪ Maxim awarded 2 x Data Centre contracts in Victoria ▪ Maintenance contracts >$80m won at BHP Copper sites undergoing expansion ▪ Tasman Power RTIO and Fortescue MCA/ MSA wins ▪ SPS record order book ▪ Future Power BHP Ministers North awarded ▪ Forefront MSA win in USA ▪ JPS is currently pursuing numerous opportunities in USA ▪ GMS rig hire contract executed ▪ TRA Fortescue MSA win ▪ Flanco portfolio of contract wins in Goldfields ▪ NWMC RTIO Rail contract/ MMWA
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✓ 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. Underlying EBITA and NPATA exclude non-underlying items and are stated before amortisation of acquired customer contracts. 14 FY26 RESULTS PRESENTATION TASMEA LIMITED Strong Outlook: Upgrading FY27 Guidance Civil ✓ Flanco portfolio of contract wins in Goldfields ✓ NWMC RTIO Rail contract/MMWA
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Appendices AUGUST 2026 FY26 Results Presentation Appendices
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16 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. FY26 RESULTS PRESENTATION TASMEA LIMITED 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 & Retail Waste & Water
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Electrical segment performance HIGHLIGHTS • A strong FY26 delivered across our electrical segment, with growth driven by electrification demand, services to mining, resources and infrastructure industries, with revenue increasing 35% in FY26 vs FY25 to $302m • Electrical comprised 43% of Group Underlying EBIT in FY26, and is expected to increase to more than 50% in FY27 with the inclusion of Maxim into the Group • Electrical margin of 16.6% was strong in the period due to higher margin specialist services delivered in the second half of the year, increased self perform and cross sell amongst the Group, accelerated delivery of client-delayed works from 1H into 2H26, improved productivity and greater operating leverage OUTLOOK • Significant step up expected given the Maxim contribution in FY27 from 1 July 2026 • In the first 2 months of FY27, Maxim has secured two data centre contract wins in Victoria which it had previously tendered for • Portfolio of maintenance contracts >$80m won at BHP Copper sites undergoing expansion • Tasman Power RTIO and Fortescue MCA/ MSA wins • Future Power BHP Ministers North awarded UNDERLYING EBIT AND MARGIN ($M) 17 +33% vs FY25 +89% 2-year CAGR FY26 UNDERLYING EBIT $50.2m FY26 RESULTS PRESENTATION TASMEA LIMITED 14.1 37.7 50.2 110.0 11.0% 16.8% 16.6% 0 20 40 60 80 100 120 FY24 FY25 FY26 FY27e
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Civil segment performance HIGHLIGHTS • Revenue increased by 41% to $146m with the integration of Flanco into the Group • Underlying EBIT increased by +81% to $32.0m with strong performance by Flanco in the period, which achieved its outperformance acquisition targets, exceeding its maximum earnout threshold • NWMC impacted by client work deferrals in the first half, and steadily improved performance across 2H26. NWMC has secured a record order book for delivery in FY27 • EBIT margin improved in the period due primarily to outperformance of Flanco OUTLOOK • Civil order book is continuing to grow with high demand for civil works in mining related sectors including Gold and Iron Ore • Flanco portfolio of contract wins in Goldfields • NWMC RTIO Rail contract/MMWA FY26 RESULTS PRESENTATION TASMEA LIMITED18 UNDERLYING EBIT AND MARGIN ($M) +81% vs FY25 +75% 2-year CAGR FY26 UNDERLYING EBIT $32.0m 10.5 17.7 32.0 35.5 18.9% 17.2% 22.0% 0 5 10 15 20 25 30 35 40 FY24 FY25 FY26 FY27e
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Mechanical segment performance HIGHLIGHTS • Revenue grew by 8% YOY to $157m in FY26, whilst Underlying EBIT increased 9% to $17.6m • GMS had a stronger 2H26 performance notwithstanding the forecast rig sale did not occur in Q4 FY26, however pleasingly, it has entered into an agreement for a 12 month hire arrangement commencing late Q1 FY27 • Rollwell experienced client deferrals of pole construction for electrification projects into 2H26. Rollwell’s order book entering FY27 has improved on FY26 levels OUTLOOK • Forefront, after a subdued 1H26 performance, has performed stronger in 2H26 and has secured a number of new work packages, balancing historical high Gold exposure with future focussed Copper related growth and now has its order book at record levels entering into FY27; Forefront has recently won an MSA in the USA • Tasman Rope Access performance improved in 2H26, and commenced FY27 strongly with a record month in July 2026; TRA Fortescue MSA won • JPS Group acquisition settled on 3 Aug. 2026 and contributes to a significant step up in Mechanical segment forecast earnings in FY27; JPS is currently pursuing numerous opportunities in USA; FY26 RESULTS PRESENTATION TASMEA LIMITED19 UNDERLYING EBIT AND MARGIN ($M) 9% vs FY25 0.5% 2-year CAGR FY26 UNDERLYING EBIT $17.6m 17.4 16.2 17.6 31.0 12.3% 11.2% 11.2% 0 5 10 15 20 25 30 35 FY24 FY25 FY26 FY27e
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Water and fluid segment performance HIGHLIGHTS • Revenues decreased by 9% in FY26 driven by Fabtech, offset by strong performance in AusPress and Laptek • Underlying EBIT increased 19% year on year to $10.3m in FY26 driven by AusPress and Laptek performance OUTLOOK • We expect improved performance from our lining businesses, Fabtech and WCLS in FY27 and continued organic growth from AusPress and Laptek FY26 RESULTS PRESENTATION TASMEA LIMITED20 UNDERLYING EBIT AND MARGIN ($M) +19% vs FY25 +31% 2-year CAGR FY26 UNDERLYING EBIT $10.3m 6.0 8.6 10.3 11.5 8.1% 9.9% 12.9% 0 2 4 6 8 10 12 14 FY24 FY25 FY26 FY27e
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8.0 19.5 0 5 10 15 20 25 FY26 FY27e Workforce solutions segment performance HIGHLIGHTS • WorkPac delivered Gross Revenue for the 7 months of Tasmea ownership of $619m, and after wages pass through costs, generated Net Revenue of $53.4m • EBIT Margin as a % of Net Revenue for the 7 months of FY26 was 14.9% • Strong delivery ahead of plan on integrating WorkPac into the Tasmea Group • Supporting growth: WorkPac recruitment is enabling the 27 other Tasmea specialist subsidiaries to grow • Tasmea subsidiaries are seeing increased demand for specialist services as a result of WorkPac entering the Group as our customers have higher certainty that Tasmea subsidiaries can deliver skilled labour at speed and scale, which is being supplied via our portfolio of specialist subsidiaries • Cost synergies being realised greater than $2m run rate, ahead of expectations, and internal labour hire synergies across a number of Tasmea subsidiaries OUTLOOK • Secured a portfolio of new contract wins and extended a number of existing MSAs with zero cancellations of existing contracts FY26 RESULTS PRESENTATION TASMEA LIMITED21 UNDERLYING EBIT ($M) 7 months of Tasmea ownership due to completion of acquisition on 1 Dec 2025 Acquisition completed 1 December 2025 FY26 UNDERLYING EBIT $8.0m Note: Tasmea’s acquisition of WorkPac completed on 1 December 2025, and the FY26 result incorporates 7 months of WorkPac earnings. EBIT margin has been presented as a % of net revenues, due to the labour wages pass through cost within gross revenue distorting the margin profile.
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1.0 1.2 1.5 2.5 5.0 6.0 1.0 1.3 2.0 4.0 6.0 8.5 12.0 10.0 2.0 2.5 3.5 6.5 23.0 24.5 FY21 FY22 FY23 FY24 FY25 FY26 Interim Final Special Consistent & sustainable shareholder dividend policy 22 The Board remains committed to a disciplined capital allocation framework balancing sustainable dividends with reinvestment in organic growth & programmatic acquisitions Dividend (cps) Dividend Reinvestment Plan Founders & Executive Directors have reinvested a substantial portion of their dividends in Tasmea shares, with an estimated ~$50m+ reinvested since IPO 49% CAGR ex. Special FY21-26 8.5c Fully Franked Final FY26 Dividend 30-50% Target dividend payout ratio as a % of NPAT. 49% 5-year CAGR excl. special +32% Year on Year Total Dividend Growth Excl. Special (11.0cps in FY25 to 14.5cps FY26) FY26 RESULTS PRESENTATION TASMEA LIMITED Note: Effective cash payout was 46.6% for dividends paid during FY26.
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Reconciliation of Reported to Underlying earnings FY26 RESULTS PRESENTATION TASMEA LIMITED23 Notes (a-h) are detailed on slide 24. Numbers in the table may not add due to rounding. *Corporate overheads are allocated to each operating segment on a fair and reasonable basis in FY26. FY26 FY25 Variance $m $m % Reported EBIT 115.3 74.4 55% Amortisation of acquired intangible assets (a) 1.4 0.8 Reported EBITA 116.7 75.2 55% Derivative fair value losses/(gains) (b) (7.5) (6.9) Share based payments (c) 5.0 2.0 Business acquisition costs/(income) (d) (1.6) 2.8 Non-recurring expenses (e) 5.4 3.4 Underlying EBITA 118.1 76.5 54% Underlying EBIT 118.1 76.5 54% Electrical Underlying EBIT 50.2 37.7 33% Mechanical Underlying EBIT 17.6 16.2 9% Civil Underlying EBIT 32.0 17.7 81% Water & Fluid Underlying EBIT 10.3 8.6 19% Workforce Solutions Underlying EBIT 8.0 0.0 N.M. Corporate* 0.2 (3.7) N.M. Sum of segments Underlying EBIT 118.1 76.5 54% Reported NPAT 71.3 53.1 34% Reported NPATA 72.7 53.9 35% Underlying adjustments (per above) 1.4 1.4 Unwinding of discount on contingent consideration (f) 1.0 Tax effect of the adjustments above (g) (1.4) (1.8) Non-recurring deferred tax asset recognition (h) 0.0 (1.8) Underlying NPATA 73.7 51.7 42% Underlying NPAT 73.7 51.7 42%
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Reconciliation of Reported to Underlying earnings FY26 RESULTS PRESENTATION TASMEA LIMITED24 Notes: (a) Amortisation of customer contracts recognised on the acquisition of businesses. Excluded from EBITA and NPATA because the charge arises from acquisition accounting rather than from the trading performance of the businesses acquired and is non-cash in nature, and because the amount is not comparable between periods due to the Group’s programmatic acquisition strategy. Amortisation of all other intangible assets is not excluded. (b) Non-cash movements in the fair value of the purchase price guarantee derivatives issued as part of the consideration for the Future Engineering Group, Flanco Group, Vertex Group and WorkPac Group acquisitions. The movements arise from changes in Tasmea’s share price between completion of each acquisition and the end of the financial year. The FY26 gain arose principally on the WorkPac Group derivative; the Flanco Group and Vertex Group derivatives were closed out during the year. Excluded because the movements are non-cash, are driven by the Company’s share price rather than by trading performance, and do not recur on a predictable basis. (c) Non-cash expense recognised under the Group's equity incentive plans, calculated in accordance with AASB 2 Share-based Payment. The FY26 charge is driven by the options granted to an Executive Director in FY25, which vest across three tranches subject to Tasmea and Tasman Power EBIT and growth hurdles through to FY30, together with the second year of the Long Term Incentive Program. This adjustment is made on the same basis as FY25, when equity incentive expense was similarly excluded from underlying earnings, ensuring consistency in the definition of underlying profit period on period. The charge is non-cash, was not contemplated in the FY26 budget, and its recognition in the period reflects the timing of grants and the accounting standard's requirement to recognise fair value over the vesting period and probability of meeting long-dated performance hurdles — rather than the trading performance, cash generation, or operational delivery of the Group during the period. Excluding this item therefore provides a more meaningful basis for assessing the underlying trading result and for comparison with prior periods. (d) Transaction and integration costs incurred on acquisitions, principally due diligence, legal, advisory costs on the WorkPac Group acquisition, less net credits arising on the remeasurement of contingent consideration payable on earlier acquisitions. Excluded because the costs are incurred only at acquisition or transition, and because the earn-out remeasurements reflect revisions to the estimated consideration payable on completed transactions rather than the trading performance of the period. (e) Redundancy and restructuring costs arising from the corporate restructuring program to merge selected subsidiaries and streamline reporting structures following recent acquisitions, including redundancies resulting from the elimination of duplicated roles where acquired businesses' corporate, finance, and support functions overlapped with the Group's existing structure. The program also includes headcount reductions associated with consolidating overlapping operational and back-office functions into a single Group structure, the alignment of WorkPac Group's lease accounting on acquisition, business integration costs on the rollout of common operating software and AI tools across the enlarged Group, and legal costs on non-recurring matters, net of the gain on sale of a property. These costs are directly attributable to the integration of businesses acquired during the period and the associated one-off restructuring of the Group's operating model, rather than to the ongoing cost base required to run the business. They are excluded as non-recurring, capable of clear identification and measurement, and not representative of the underlying, steady-state operations of the Group going forward. (f) Contingent consideration payable on business acquisitions is recognised at fair value at the acquisition date, which reflects the time value of money. The discount unwinds over the earn-out period and is recognised as a finance cost. The FY26 charge of $1.0 million is excluded from underlying results because it is a non-cash accounting charge arising from the measurement of acquisition consideration rather than from the Group’s borrowings or from trading performance, and because it arises only for so long as the related earn-out obligations remain outstanding. (g) The income tax effect of the adjustments above, calculated at the rate applicable to each item. Certain adjustments, including the movement in the fair value of the purchase price guarantee derivatives, are not assessable or deductible for income tax purposes. (h) One-off recognition in FY25 of a deferred tax asset on carried forward losses, brought to account as utilisation became virtually certain given the Group’s profitability. Excluded as non-recurring; the asset will be utilised in future financial years. No such item arose in FY26.
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2525 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 FY26 RESULTS PRESENTATION TASMEA LIMITED 30 yrs
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26 Health, Safety & Wellbeing Performance *Tasmea’s recently acquired entity, WCLS, sustained a LTI as a result of an after work hours vehicle incident inside one month of settlement. As this occurred during our operational transition phase, Tasmea safety systems were not fully integrated and therefore we have not included this incident as part of our reporting. Pleasingly, both recent acquisitions (Future Engineering Group and WCLS) have now been fully integrated into Tasmea management safety systems and performing in line with safety expectations. Safety is a top priority across all Tasmea subsidiary’s operations Integration of Tasmea’s safety ethos, commitment, policies and procedures across all recent acquisitions has been a top priority, including the execution of individual safety agreements with all new employees joining the group The group has extended its safety record to over 5,021 days* without a lost time injury Tasmea subsidiaries hold a large portfolio of licenses and accreditations which allows Tasmea’s subsidiaries to operate and ensure their workforce is as safe as possible Lost time injuries (LTI) 5,021+excl. WorkPac Zero Zero Zero Zero Zero FY22 FY23 FY24 FY25* FY26 Days without a lost time injury High Safety Performance Operational Reliability Strong Client Relationships Recurring Revenue Retention Safety Culture Talent Retention & Attraction TRIFR • 2.82 TRIFR in FY26 excluding WorkPac • 0.56 WorkPac TRIFR on a rolling 12-month basis FY26 RESULTS PRESENTATION TASMEA LIMITED
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Driven by the principle of “Delivering Value. Always!”, our core values are the foundation of our culture and guide decision-making and interactions with customers, employees and partners across the group PEOPLE People are our greatest asset. We employ a diversely expert workforce and advocate for learning through development. We foster a teamwork culture to empower and encourage accountability and respect. SAFETY Safety first in everything we do. As an organisation we are committed to disciplined implementation of the highest safety protocols. As individuals, we are accountable for our own safety and those around us. EXCEPTIONAL SKILL Our teams are skilled and experienced, forward-thinking solution providers, utilising niche sector knowledge to expertly fulfil client needs. EXEMPLARY SERVICE We listen to understand, and commit to deliver a wholesome customer experience by assigning actionable urgency. CARE Imperative to our outcome-focused operations is maintaining a human perspective. We build strong working relationships by demonstrating care in every interaction. COMMON SYSTEMS We are committed to innovative improvement in systems and processes that lead to accurate and fluent reporting, crucial for internal and external operations. FY26 RESULTS PRESENTATION TASMEA LIMITED DELIVERING VALUE. ALWAYS! 27
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Important notice FY26 RESULTS PRESENTATION TASMEA LIMITED28 • 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 2011 (Cth) and has not been lodged with the Australian Securities and Investment 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.