Austal (ASB) investor relations material

Executive summary

• Achieved a transformational year with FY25 revenue of $1.8bn, up 24.1% year-over-year, EBIT doubling to $113.4m, and NPAT surging to $89.7m, reflecting strong operational execution and new contract wins.

• Order book reached $13.1bn, growing at a 25% CAGR since FY20, underpinned by major US and Australian defence contracts and the Strategic Shipbuilding Agreement.

• Significant cash generation and strengthened balance sheet, with net cash of $453.1m and net assets up 30% year-over-year.

• Major expansion in manufacturing capacity underway, including new facilities in the US and Australia to support future growth.

• Leadership changes and turnaround in underperforming areas contributed to business momentum.

Financial highlights

• Revenue increased to $1,823.3m from $1,468.9m (+24.1%); EBIT rose to $113.4m from $56.5m (+100.8%).

• NPAT jumped to $89.7m from $14.9m (+503.2%); EPS up to 23.6cps from 4.1cps.

• Operating cashflow of $406.3m, a turnaround from negative $13.0m in FY24.

• EBIT margin improved to 6.2% (up 240bps); EBITDA margin at 10.2%.

• Group balance sheet strengthened by over 30% to $1.3B, with significant cash reserves.

Outlook and guidance

• Continued revenue and earnings growth expected, supported by a robust order book, government contracts, and strategic agreements.

• Additional growth opportunities seen through AUKUS agreement and global defense trends.

• Ongoing investment in modern facilities and technology, with up to $1.2bn in capex planned for US shipyard expansion.

• U.S. and Australasia segments expected to see increased profitability as legacy programs wind down and new contracts ramp up.

• Steady profit growth projected in Australasia as landing craft programs come online.