Sounds like a complementary acquisition at a decent headline revenue multiple, but further financial details are scant.

ASX Announcement

25 May 2026

SERVICE STREAM ENTERS INTO AN AGREEMENT TO ACQUIRE RIE GROUP

Leading essential network services company Service Stream Limited (ASX: SSM) is pleased to announce that it

has entered into an agreement to acquire Queensland based RIE Group (“RIE”), subject to the satisfaction of

conditions precedent usual in transactions of this nature.

RIE is a specialised high-voltage electrical and instrumentation business operating across oil and gas, power

generation and renewable sectors. The business generates approximately $13m in revenue, employs between 60-

120 employees at peak outage periods and operates across the industrial services sector spanning the Surat Basin,

Darling Downs and Gladstone regions.

The acquisition of RIE aligns with Service Stream’s ongoing strategy to grow and diversify the business’ total

addressable market. The acquisition will enhance Service Stream’s capabilities, expand the Group’s geographical

presence across adjacent markets and establish a strong relationship with blue-chip asset owners.

Service Stream will make an initial payment of $6.5 million, subject to a purchase price adjustment based on the

final net working capital position at completion. An additional cash consideration of up to $1.5 million may be paid

on a pro-rata basis if the minimum financial performance threshold for FY27 is exceeded. Service Stream

anticipates completing the transaction in or around August 2026.

Service Stream Managing Director, Leigh Mackender, said:

“We are pleased to announce the acquisition of RIE and welcome their staff into the Service Stream business.

The acquisition reflects a strategic addition to our growing utility operations at a time when the energy transition is

providing increasing opportunities. The expansion of capabilities across the industrial services sector reflects one

of many growth areas being targeted as we look to continually expand the Group’s total addressable markets.”

Service Stream Major Contracts Update

Leading essential network services company Service Stream Limited (ASX: SSM) is pleased to

announce that it has recently secured new agreements worth $455 million over their terms supporting

critical infrastructure across the utility sector.

Long-Term Agreement with Yarra Valley Water

Service Stream is proud to have secured a new contract for nine years with Yarra Valley Water under

its Maintenance Services Delivery Partners program. The contract value is estimated to be $405

million over the term.

Yarra Valley Water is Victoria’s largest water utility, servicing more than two million people across

Melbourne’s northern and eastern suburbs. Under a refreshed commercial model for maintenance

services Yarra Valley Water has divided its operational delivery areas into two regions, North and

South.

Service Stream has been selected as the Delivery Partner for the Northern Region providing

mechanical, electrical and civil maintenance services across water and sewerage networks and

treatment facilities. The scope includes both responsive maintenance and selected programmed

activities.

Mobilisation will commence immediately, with operations due to commence in October 2026.

Service Stream Managing Director, Leigh Mackender, said:

“Service Stream is delighted to be selected as a delivery partner for this long-term program. We look

forward to working closely with Yarra Valley Water and supporting the maintenance of its critical

infrastructure across Melbourne.

In alignment with our Group’s strategy, this award further strengthens and diversifies Service Stream’s

operations and maintenance portfolio, providing additional annuity‑style revenue and further

expanding our secured work‑in‑hand profile

Millmerran Operating Company

Service Stream has been awarded two key contracts with Millmerran Operating Company (MOC) at its

Power Station in Millmerran, Queensland with an estimated combined value of $50 million over the

next 3 years.

These contracts will support the delivery of both Major and Forced Outage Works over the term, with

the scope including provision of access, mechanical inspections, testing, overhaul and repair activities

on the Boiler and Balance of Plant for the 425MW units.

Service Stream Managing Director, Leigh Mackender, said:

“We are pleased to be awarded these new agreements supporting the Millmeran Operating

Company’s power station infrastructure.

The securing of these agreements strengthens Service Stream’s major outage footprint in Queensland

while reinforcing our role as a trusted partner across critical energy infrastructure assets.”

Technically, the SSM chart looks really healthy.

A new 52w high has been reached so far today, and the price is at close to 4-year highs.

Some resistance can be expected around this $1.80 mark rewinding the chart further out to 2020, but if it can continue grinding through it, $2 and beyond looks odds on.

Not a biggie, but it is good to see a director (Martin Monro) pick up 10k shares on-market at around these levels, after the nice run up.

My straws from some months ago have played out well after the company reported good earnings.

The shares have now broken above resistance close to $1, and we have also had some encouraging follow through beyond that round number $1 mark over the following few days on higher than normal volume.

The technical set up favours further upside now. The only ceveat is the shares do look short-term overbought on a number of indicators, so some pause for taking a breather or pullback to test the breakout levels around $1 wouldn't be surprising. Successful consolidation above, or a successful test of those levels is actually even more bullish longer-term if it happens.

Director Martin Monro has purchased $23k worth of shares on-market. It continues the recent trend of modest insider buys.

Technically, SSM shares are looking better placed than in quite a while. They have rotated above a double-bottom base established recently on the daily chart, and are also above an area of resistance around 75c.

Coupled with some recent director buying and a windfall refund from the ATO, it won't be surprising if the shares continue to grind higher over the coming months.