GR Engineering Services (GNG) H2 2025 earnings summary

Executive summary

• FY25 revenue reached $479.0 million, up from $424.1 million in FY24, with EBITDA at $57.2 million, an increase from $50.9 million year-over-year.

• Profit before tax for FY25 was $51.1 million, up from $46.1 million, and net profit after tax reached $34.2 million, compared to $31.2 million in FY24.

• Major projects delivered included Mungari Future Growth, Kathleen Valley Lithium Backfill, and Woodlawn Restart, with ongoing work on King of the Hills, Eloise Copper Expansion, and Kainantu Gold.

• Strong project execution and a growing pipeline support medium to long-term visibility.

• GR Production Services secured contract extensions, increasing revenue and earnings visibility, while Mipac and Paradigm delivered control systems for global clients.

Financial highlights

• Net cash balance at 30 June 2025 was $70.9 million, with no borrowings, and $33.4 million in fully franked dividends paid out during FY25.

• Total equity increased to $68.8 million from $66.3 million year-over-year.

• Basic EPS improved to 20.5 cps from 18.9 cps.

• FY25 dividends totaled 22.0 cents per share fully franked, up from 19.0 cents per share in FY24.

• Final dividend declared at 12.0 cps, fully franked.

Outlook and guidance

• Contracted and near-term pipeline remains solid and is growing, with high medium to long-term project and production services visibility.

• FY26 guidance to be provided at the November 2025 AGM, pending project timing clarity.

• GRPS is actively bidding on new O&M contracts; Mipac and Paradigm forecast higher utilisation and revenue growth in FY26.

• Strong balance sheet supports delivery of the work pipeline and assessment of strategic growth opportunities.