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 29.6% to $48.7m, positioning to meet full-year forecasts of $961.1m revenue and $102.3m EBITDA.

• Statutory revenue was $403.6m, up 10.8% year-over-year; statutory EBITDA fell 26.8% to $33.9m due to non-recurring items.

• Net profit after tax (normalised) increased 72.3% to $19.6m, while statutory NPAT dropped to $7.0m due to one-off IPO and restructuring costs.

• Secured 91% of FY25 revenue, with $1.37bn work-in-hand, reflecting a robust project pipeline and successful new wins, especially in energy and renewables.

• IPO completed in November 2024, with significant group restructuring and acquisitions, resulting in 100% ownership of all subsidiaries except Wamarra (49% owned).

Financial highlights

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

• Statutory revenue: $403.6m (up 10.8%); statutory NPAT: $7.0m (down 62.8%).

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

• Net cash position at 31 Dec 2024: $32.6m, up $6.8m from June 2024 pro forma; gross debt: $125.0m.

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

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, up from 61% at the start of the year.

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

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

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