Lycopodium (LYL) H2 2025 earnings summary

Executive summary

• Achieved record FY25 revenue of $339.6 million and NPAT of $42.2 million, both at the top end of guidance, driven by strong operational performance and significant project wins.

• Expanded global footprint through the acquisition of SAXUM, opening new offices in Argentina, Brazil, the US, and Vancouver, and rebranding African operations.

• Maintained excellent safety record and invested in systems, processes, and people to support global growth.

• Managed over 15.7 million man-hours and worked on more than 70 resource projects globally.

• Maintained a high-quality, diversified project portfolio across resources, industrial processes, and rail infrastructure.

Financial highlights

• FY25 revenue reached $339.6 million, with NPAT of $42.2 million, EBITDA of $68.7 million, and EPS of 106.2cps.

• NPAT margin was 12.4%, exceeding the 10% target, and ROE was 30.4%.

• Cash at bank increased to $79.0 million, supporting the SAXUM acquisition without new debt.

• Fully franked dividend of 35cps declared, with a normalised payout ratio of 60% including SAXUM-related allocation.

• Sundry income increase mainly due to a contract provision with Barrick, contributing $2 million.

Outlook and guidance

• Demand for engineering and delivery solutions expected to grow, especially in critical minerals and gold, with strong outlook for industrial processes and rail infrastructure.

• FY26 guidance to be provided at AGM in November; current outlook indicates another strong financial year.

• Anticipates headcount growth to support ramp-up on multiple projects.