Tasmea Limited (ASX:TEA) released its FY26 full year results and an upgrade to FY27 guidance on 27 August 2026. The announcement reported Revenue of $1,293.3 million, up 136% from $547.9 million in FY25, and underlying EBITA of $118.1 million, up 54% from $76.5 million. The company also declared a final fully Franked Dividend and updated its FY27 Earnings guidance.

WHAT TASMEA LIMITED DOES

Tasmea owns and operates 28 individual brands that it describes as independent but collegiate. These businesses provide specialist trade skill services focused on essential shutdown, programmed maintenance, emergency breakdown and brownfield upgrade services for fixed plant, along with labour hire for essential asset owners.

Customers are outsourced maintenance and labour hire clients in industry sectors including Mining and resources, oil and gas, data centres, infrastructure, power and renewable energy, telecommunications, defence, retail facilities, aged care, and waste and water. The group operates a five-segment platform with a national footprint and more than 8,000 people.

FY26 FINANCIAL RESULTS AND SEGMENTS

Underlying EBIT was $118.1 million, up 54% and ahead of FY26 guidance of $117 million. Underlying net profit after tax (NPAT) was $73.7 million, up 42% from $51.7 million and ahead of guidance of $72.5 million. Underlying Earnings Per Share were 28.8 cents, up 27% from 22.6 cents. On a reported basis, EBIT increased 55% to $115.3 million, NPAT grew 34% to $71.3 million and earnings per share rose 20% to 27.8 cents.

Second half underlying EBIT of $73.8 million was approximately 67% higher than the $44.3 million delivered in the first half. Operating Cash Flow before interest and tax was $147.1 million, representing 125% conversion of underlying EBIT, and free cash flow was $58.9 million, up 136%.

By segment, Electrical underlying EBIT rose 33% to $50.2 million on revenue of $302 million. Civil rose 81% to $32.0 million on revenue of $146 million, with a contribution from Flanco and partly offset by client work deferrals at NWMC in the first half. Mechanical rose 9% to $17.6 million on revenue of $157 million, and the company noted that an anticipated drill rig sale forecast for the fourth quarter did not eventuate. Water and Fluid rose 19% to $10.3 million. Workforce Solutions contributed $619 million of revenue and $8.0 million of underlying EBIT in the seven months following the WorkPac Acquisition on 1 December 2025. Organic underlying EBIT growth was 18.1%.

DIVIDENDS, ACQUISITIONS AND FY27 GUIDANCE

The Board declared a final fully franked dividend of 8.5 cents per share, up 42% from 6.0 cents. Full year fully franked dividends were 14.5 cents per share excluding a Special Dividend of 10.0 cents paid in June 2026, bringing total dividends to 24.5 cents per share. The Dividend reinvestment Plan applies to the final dividend with a 5% discount to the five day VWAP, a Record Date of 30 September 2026 and a payment date of 30 October 2026. Election notices must be lodged by 5pm AEST on 2 October 2026.

Since year end, Tasmea completed the acquisition of Maxim Group on 1 July 2026 for total consideration of up to $254 million, with an expected FY27 EBITA contribution of approximately $50 million. It also completed the acquisition of JPS Group on 3 August 2026 for up to $75 million, with an expected FY27 EBITA contribution of $11 million.

FY27 guidance was upgraded to underlying EBITA of $205 million to $210 million and underlying NPATA of $130 million to $133 million, described as minimum growth of 74% and 76% on FY26. The company had provided guidance of $202 million to $208 million and $128 million to $132 million on 25 June 2026. The upgraded guidance assumes a full 12 months of Maxim, 11 months of JPS and 10% to 15% organic growth, and is supported by a record order book providing visibility over more than 90% of the revenue pipeline, more than 125 executed Master Service Agreements and contract wins including maintenance contracts of more than $80 million at BHP Copper sites.

RISKS AND WHAT TO WATCH

Underlying results are non-IFRS financial measures that have not been audited or reviewed, and reported figures were lower than underlying figures. The FY27 guidance depends on the assumed contributions from Maxim and JPS and on organic growth of 10% to 15%. Both acquisitions completed after 30 June 2026, so integration and delivery remain ahead. The Mechanical segment result was affected by a drill rig sale that did not occur, and the Civil segment was affected by client work deferrals in the first half.

NEXT MILESTONES

Key dates include the Dividend Reinvestment Plan election deadline on 2 October 2026, the record date on 30 September 2026 and the dividend payment on 30 October 2026. Further milestones include the first full year contributions from Maxim and JPS during FY27, the outcome of acquisition opportunities under negotiation and progress against the upgraded FY27 guidance.