Key Highlights

  • Revenue increased 136% to $1,293.3 million, with underlying EBITA up 54% to $118.1 million, ahead of FY26 guidance of $117 million.
  • Underlying NPAT rose 42% to $73.7 million, ahead of guidance of $72.5 million, with underlying EPS up 27% to 28.8 cents.
  • Net Debt reduced to $59.6 million from $110.9 million, with net Leverage falling to 0.4 times before the Maxim and JPS acquisitions.
  • FY27 guidance was upgraded to Underlying EBITA of $205-210 million and Underlying NPATA of $130-133 million, representing minimum growth of 74% and 76% on FY26.

Tasmea Limited (ASX:TEA) share price was trading at $9.91, up 7.72% or $0.71 on the day, as at 27 August 2026, 12:17pm AEST, following the release of its FY26 full year results. Revenue rose 136% to $1,293.3 million from $547.9 million in FY25. Underlying EBITA increased 54% to $118.1 million, ahead of FY26 guidance of $117 million, while underlying NPAT rose 42% to $73.7 million, ahead of guidance of $72.5 million. Underlying Earnings Per Share increased 27% to 28.8 cents.

On a reported basis, EBIT increased 55% to $115.3 million and reported NPAT grew 34% to $71.3 million, with reported earnings per share up 20% to 27.8 cents. Underlying earnings accelerated through the year, with second-half Underlying EBIT of $73.8 million approximately 67% higher than the $44.3 million delivered in the first half, supported by improved segment mix, increased self-perform and cross-sell activity, and efficiency programs.

Cash Generation and Dividend Growth

Operating cash flow before interest and tax was $147.1 million, up 126% on FY25's $65.2 million, representing 125% conversion of Underlying EBIT. Free cash flow increased 136% to $58.9 million. This cash generation underpinned total fully franked dividends of 24.5 cents per share for FY26, including a Special Dividend of 10.0 cents paid in June 2026, and a final dividend of 8.5 cents per share declared with the results, up 42% on FY25's 6.0 cents.

Net debt was $59.6 million as at 30 June 2026, down from $110.9 million a year earlier, with net leverage reduced to 0.4 times from 1.0 times, before accounting for the subsequent Maxim and JPS acquisitions. The effective cash Payout Ratio for all dividends paid during FY26 was 46.6%, within the Group's target payout ratio of 30-50% of NPAT.

Segment Performance Across Five Divisions

Electrical segment Underlying EBIT increased 33% to $50.2 million on revenue of $302 million, representing approximately 43% of Group Underlying EBIT, driven by electrification Demand and renewables activity. Civil segment Underlying EBIT increased 81% to $32.0 million on revenue of $146 million, supported by Flanco and organic growth, partly offset by client work deferrals at NWMC in the first half. Mechanical segment Underlying EBIT increased 9% to $17.6 million on revenue of $157 million, with an anticipated drill rig sale forecast for the fourth quarter not eventuating.

Water & Fluid segment Underlying EBIT increased 19% to $10.3 million, driven by AusPress and Laptek. Workforce Solutions, established following the completion of the WorkPac Acquisition on 1 December 2025, contributed $619 million of revenue and $8.0 million of Underlying EBIT in its first seven months. Organic Underlying EBIT growth across the Group was 18.1% for the year.

Acquisitions Continue at Pace Into FY27

FY26 was one of the most active years in Tasmea's history for portfolio growth. In September 2025, the company completed a $43.0 million institutional Placement to fund its acquisition pipeline, and on 1 December 2025 completed the acquisition of WorkPac Group, establishing Workforce Solutions as a fifth segment. Since year end, Tasmea has completed the acquisition of Maxim Group on 1 July 2026, a Victorian specialist electrical contractor, for total consideration of up to $254 million, with FY27 EBITA contribution expected of approximately $50 million.

On 3 August 2026, Tasmea completed the acquisition of JPS Group, a services provider to Australia's LNG and energy sector, for total consideration of up to $75 million, expected to contribute EBITA of $11 million in FY27. As both acquisitions completed after 30 June 2026, they made no contribution to the FY26 result but are expected to materially contribute to FY27 earnings, with a number of further acquisition opportunities under live negotiation.

FY27 Guidance Upgraded on Demand Momentum

Having provided FY27 guidance of Underlying EBITA of $202-208 million and Underlying NPATA of $128-132 million on 25 June 2026, Tasmea upgraded this guidance to Underlying EBITA of $205-210 million and Underlying NPATA of $130-133 million, representing minimum growth of 74% and 76% respectively on FY26, citing unprecedented demand experienced across its specialist trade skills businesses in the 60 days since the initial guidance was released.

The upgraded guidance assumes a full 12 months' contribution from Maxim Group and 11 months from JPS Group, together with 10-15% organic growth across existing businesses. The company said this is supported by a record order book providing visibility over more than 90% of its revenue pipeline since IPO at this early stage of the year, more than 125 executed Master Service Agreements, and contract wins including maintenance contracts of more than $80 million at BHP Copper sites undergoing expansion.

Conclusion

Tasmea's FY26 results reflect a year of substantial organic and acquisitive growth, with revenue more than doubling and underlying earnings measures exceeding guidance across the board, supported by the WorkPac acquisition establishing a fifth operating segment. With net debt reduced and leverage lowered ahead of completing the Maxim and JPS acquisitions in July and August 2026, the company's upgraded FY27 guidance reflects both the anticipated earnings contribution from these transactions and continued demand momentum across its specialist trade services businesses, positioning the year ahead as one of continued scale expansion.