• Babylon to acquire 100% of Blue Hire, a WA-based specialist in pumping and hydrotesting solutions
• FY24 pro forma group revenue of ~$54 million, EBITDA of ~$14 million
• Acquisition consolidates a competitor and expands Babylon's rental fleet

Babylon Pump & Power Limited (ASX: BPP) is pleased to announce it has entered into a binding agreement to acquire 100% of Blue Hire, a Western Australian-based specialist in pump hire, hydrotesting, and water project solutions. This acquisition enhances Babylon's position in the high-margin rental segment and demonstrates continued execution of Babylon's growth strategy following its recent announcement of the proposed acquisition of Matrix. Blue Hire is a specialist provider of high-performance pump hire, hydrotesting, and water project services, servicing clients across the mining, industrial, marine and agricultural sectors. The acquisition consolidates a competitor and expands Babylon's rental platform with a highly complementary rental fleet. On a pro forma basis, including the contributions from both Matrix and Blue Hire, Babylon's FY24 group revenue would have been approximately $54 million with EBITDA of approximately $14 million. Blue Hire's strong EBITDA margin is expected to provide an immediate uplift to Babylon's overall profitability. The acquisition will be funded through a new debt facility with NAB, positioning Babylon for material growth. Blue Hire founder Byron Ynema will join Babylon's leadership team, responsible for management of the combined rental fleet, ensuring operational continuity and leadership strength as Babylon integrates and scales its rental platform.

On a pro forma basis, including the contributions from both Matrix and Blue Hire, Babylon's FY24 group revenue would have been approximately $54 million with EBITDA of approximately $14 million.