• Binding agreement to acquire 100% of Elphinstone Mechanical Services (EMS)
• Combined pro forma FY25 revenue of $76.3 million, materially increasing SSH's scale
• Immediately earnings and margin accretive, with clear pathway to margin expansion

SSH Group Ltd (ASX: SSH) has announced that it has entered into a binding share sale agreement to acquire 100% of the shares in Elphinstone Mechanical Services (EMS), a well-established mining services business with over 20 years of operating history. EMS is an Australian-owned mechanical services and workforce solutions provider specializing in heavy diesel maintenance, shutdown support, and field services to the mining sector. The acquisition will deliver several key strategic benefits to SSH, including expansion of its Hire vertical, geographic growth into Queensland and the East Coast, complementary services across the mining value chain, and operational synergies. On a pro forma FY2025 basis, the combined group would have generated revenue of approximately $76.3 million and EBITDA of approximately $8.2 million, materially increasing the scale of SSH's operations. The acquisition is expected to be immediately earnings and margin accretive to SSH, with a clear pathway to improving EMS's margin profile through integration, procurement and supply chain efficiencies, removal of duplicated overhead functions, and improved asset and workforce utilization. The transaction will be funded through a combination of existing cash reserves and equity, with total consideration linked to EMS's FY27 revenue performance and ranging from $2.5 million to $3.0 million, representing an attractive entry multiple of up to 2.3x FY25 EBITDA. The existing EMS leadership team will remain in place to drive operational performance, supported by SSH's broader platform and executive team.

On a pro forma FY2025 basis, the combined group would have generated revenue of approximately $76.3 million and EBITDA of approximately $8.2 million.

The acquisition of EMS represents another step in SSH's strategy to build a diversified, scalable mining services and asset business. By integrating EMS into the SSH platform, the Company expects to increase revenue scale and earnings capability, strengthen recurring revenue streams, expand service capability across the mining sector, and deliver improved margins through operational leverage and synergies.