• Revenue of $1,144m, a decrease of 6.4% compared to 1H25
• Underlying EBITDA from Operations up 2.3% to $75.3m
• NPAT-A down 3.0% to $36.6m due to one-off tax refund in prior period

Service Stream Limited reported a 6.4% decrease in revenue to $1,144m for the half-year ended 31 December 2025, primarily due to the Telecommunications segment cycling off a strong 1H25 with a number of work programs completed, and transition to new contracts during 1H26. Underlying EBITDA from Operations was $75.3m (up 2.3%), with the Utilities segment having a strong half reflecting ongoing strategic repositioning, disciplined execution and continued margin uplift, and the Transport segment uplift due to non-recurring contract mobilisation costs incurred in the prior comparative period. These gains were partially offset by lower Telco earnings. NPAT-A was $36.6m (down 2.9%) for the half year due to a prior comparative benefit from a one-off tax refund of $2.7m. Operating cash flow for the period was $63.6m, underpinned by strong operational cash conversion, though reduced by higher tax payments and increased investing cash flows to support the mobilisation of the new Defence PAS contract and IT system investments.