Korvest (KOV) H2 2025 earnings summary

Executive summary

• Achieved record earnings and strong cash generation for FY25, with significant increase in major project revenue, especially in 2H.

• Finalised insurance claim related to galvanising operational issue; Kilburn expansion approved.

• Improved safety performance, with FY25 being LTI free.

Financial highlights

• Sales rose 16.2% to $119.57m compared to FY24; EBIT up 19.5% to $18.91m.

• NPAT increased 19.2% to $13.16m year-over-year; EPS up 18.3% to 112.0¢.

• Operating cash flow surged to $18.69m from $10.35m in FY24.

• Total dividend for FY25 is 75¢ per share, including a 10¢ special dividend.

Outlook and guidance

• Solid pipeline of major infrastructure projects secured or at bid stage for FY26 and beyond.

• FY26 major project activity expected to be below FY25 levels; day-to-day and small project markets to remain stable or slightly improve, subject to economic conditions.

• Working capital levels remain well managed.