GR Engineering Services (GNG) H2 2025 earnings summary

Executive summary

• FY25 revenue reached $479.0 million, up from $424.1 million in FY24, with EBITDA at $57.2 million, an increase from $50.9 million year-over-year.

• Multiple major projects were delivered, including Mungari Future Growth, Kathleen Valley Lithium Backfill, and Woodlawn Restart, with ongoing work on Kainantu Gold, King of the Hills, and Eloise Copper Expansion.

• GR Production Services secured contract extensions, increasing revenue and earnings visibility, while Mipac and Paradigm continued to deliver control systems for global clients.

Financial highlights

• Net cash balance at 30 June 2025 was $70.9 million, with no borrowings.

• FY25 dividends totaled 22.0 cents per share fully franked, up from 19.0 cents per share in FY24.

• PBT for FY25 was $51.1 million, up from $46.1 million in FY24.

• $33.4 million in fully franked dividends paid out during FY25.

Outlook and guidance

• Contracted and near-term pipeline remains solid and is growing, with high medium to long-term project and production services visibility.

• GRPS is actively bidding on new O&M contracts; Mipac and Paradigm forecast higher utilisation and revenue growth in FY26.

• Strong balance sheet supports delivery of the work pipeline and assessment of strategic growth opportunities.