Acquisition of Programmed and $475m Equity Raise

• Service Stream to acquire Programmed for $975 million
• Acquisition expected to deliver over 20% EPS-A accretion in FY27
• $475 million equity raising to fund acquisition and transaction costs
• Completion expected around 1 March 2027, subject to conditions

Service Stream Limited has announced its intention to acquire Programmed, a prominent facility management and asset management services provider, for $975 million. This acquisition is expected to significantly enhance Service Stream's capabilities and expand its total addressable market. The acquisition is anticipated to deliver strong earnings per share accretion exceeding 20% on a pro forma FY27 basis, including $30 million of run-rate cost synergies. The transaction will be funded through a combination of debt facilities, an equity raising, and existing cash reserves. The equity raising comprises a $219 million placement and a $256 million entitlement offer. The acquisition is expected to close around 1 March 2027, subject to regulatory approval and other customary conditions.

FY27 expected to deliver over 20% EPS-A accretion, including $30 million of run-rate cost synergies

Service Stream expects a step change in revenue and earnings growth in FY27, supported by positive momentum and contributions from recently mobilized agreements.