Symal Group (SYL) H1 2026 earnings summary

Executive summary

• Normalised revenue for 1H FY26 was $504.2 million, up 21% year-over-year, with normalised EBITDA of $51.4 million (up 6%) and normalised NPAT-A of $20.9 million (up 4%).

• Five strategic acquisitions completed or announced, expanding scale, capability, and national footprint, with robust work-in-hand and ECI pipeline supporting future growth.

• Interim dividend of 3.3 cents per share declared, representing 40% of normalised NPAT, fully franked and in line with dividend policy.

• Net cash position of $6.1 million at period end, after significant investments in acquisitions and dividends.

• Strong operational momentum driven by investment in AI-enabled productivity, safety, and workforce expansion to over 1,500 employees.

Financial highlights

• Statutory revenue grew 24.6% to $504.2 million; normalised EBITDA up 5.5% to $51.4 million; normalised NPAT-A was $20.9 million, up 4%.

• EBITDA margin at 10.2%, within the 10–12% target range but down from prior period due to project mix and overhead investment.

• Net cash position of $6.1 million at period end, with cash conversion at 108%.

• Operating cash flows of $37.7 million; total investment cash outflow of $76 million, mainly for acquisitions and plant/equipment.

• Net assets increased to $179.3 million as of 31 Dec 2025, reflecting investments in plant, equipment, and intangibles.

Outlook and guidance

• FY26 normalised EBITDA guidance reaffirmed at $117–127 million, excluding contributions from pending acquisitions.

• Significant pipeline in data centres, renewables, defence, and infrastructure, with $1.64 billion work-in-hand and $1.4 billion ECIs as of 31 December 2025.

• Targeting $200 million EBITDA platform by 2030 through organic and inorganic growth.

• High visibility for H2 revenue and EBITDA, with continued focus on disciplined execution and margin protection.