Symal Group (SYL) H1 2025 earnings summary

Executive summary

• Achieved strong 1H FY25 results, with normalised revenue up 12.2% to $416.7m and normalised EBITDA up 30% to $48.7m, ahead of expectations and representing 43–48% of full-year forecasts.

• Statutory revenue was $403.6m (up 10.8%), while statutory NPAT declined to $7.0m due to one-off IPO and restructuring costs.

• IPO completed in November 2024, raising $136m and resulting in significant group restructuring and acquisitions, including Sycle Group.

• Secured 91% of FY25 revenue, with $1.37bn work-in-hand and major wins in energy, renewables, and data centers.

• Launched Searo electrical contracting and advanced Sycle recycling initiatives, supporting diversification and growth.

Financial highlights

• 1H FY25 normalised revenue: $416.7m (up 12.2%); normalised EBITDA: $48.7m (up 29.6–30%); normalised NPAT: $19.6m (up 72–72.3%).

• Statutory EBITDA: $33.9m (down 26.8%); statutory NPAT: $7.0m (down 62.8%).

• EBITDA margin improved to 11.7% from 10.1% in 1H FY24; EBIT margin rose to 8.2%.

• Net cash position of $32.6m as of 31 Dec 2024, up $6.8m from June 2024 pro forma.

• Operating cash flow: $52.2m, with a normalised cash conversion of 182%.

Outlook and guidance

• On track to meet FY25 prospectus pro forma revenue and EBITDA targets of $961.1m and $102.3m.

• 91% of FY25 forecast revenue secured as of February 2025.

• Strong work-in-hand and pipeline for FY26 and beyond, with several acquisition opportunities progressing.

• Second half of FY25 expected to be a stronger trading period.

• Continued focus on Sycle’s growth and expansion of Searo’s offerings.