• EBITDA from Operations up 2.3% to $75.3 million
• EBITDA-A Margin improved by 50 basis points to 6.3%
• NPAT-A up 4.6% on prior year, normalised for one-off tax benefit
• Exceptional cash flow generation, with EBITDA to OCFBIT conversion of 148.4%
• Secured over $2.2 billion of new contracted works, boosting Work-In-Hand by 55%

Service Stream Limited (ASX: SSM) has reported its financial results for the half-year ending 31 December 2025, highlighting improved operational and financial performance. The Group's EBITDA from Operations increased by 2.3% to $75.3 million, while the EBITDA-A margin improved by 50 basis points to 6.3%. This was driven by a meaningful step change in Utility performance, which delivered a 130-basis point improvement in EBITDA margin to 5.5%. The Group's Adjusted Net Profit After Tax (NPAT-A) increased by 4.6% on the prior year, normalised for a one-off tax benefit in FY25. Service Stream generated exceptional cash flow, with an EBITDA-A to OCFBIT conversion rate of 148.4%, further strengthening the balance sheet with net cash increasing to $87.6 million. The company also secured over $2.2 billion of new contracted works during the period, bolstering the Work-In-Hand by 55% to $9.2 billion. This includes a multi-year Defence agreement, expanding the Group's addressable market. The results position Service Stream to confidently deliver earnings growth across the full year, supported by the mobilisation of recently secured agreements, ongoing operational improvements, and sustained demand for critical infrastructure upgrade and maintenance works.

Service Stream is confident of delivering earnings growth in FY26, supported by the successful performance across the first half, sustained improvement in Utility margins, contributions from new contract mobilisations and ongoing optimisation across existing operations.