Perenti (PRN) H2 2025 earnings summary

Executive summary

• Achieved record FY25 revenue of $3.5 billion, up 4% year-over-year, and EBITDA of $333 million, up 6%, with margin improvement to 9.6%.

• Free cash flow reached a record $286 million, including $92 million from asset sales in Botswana; normalized free cash flow was $195 million.

• EPS increased despite a higher share count post-DDH1 transaction; final dividend declared at $0.0425 per share, total $0.0725 for FY25, up 21%.

• Net leverage reduced to 0.5x, a historic low, supporting future growth and resilience.

• Underlying NPAT(A) rose 8% to $178 million, and underlying EPS increased 1% to 19.1cps.

Financial highlights

• Underlying NPAT rose 8% to $178 million, with NPAT margin at 5.1%.

• Reported NPAT was $138 million, up 29% year-over-year; statutory EPS increased 19%.

• Cash conversion remained strong at 99%, with operating cash flow before interest and tax at $659 million.

• Gross debt reduced by 15.3% to $786 million; gearing down to 14%, with liquidity of $850 million at year-end.

• Dividend payout ratio at 38%, within the 30–40% target range.

Outlook and guidance

• FY26 revenue guidance: $3.45–$3.65 billion; EBITDA/EBIT(A): $335–$355 million, with further margin improvement expected.

• CapEx guidance for FY26 is ~$340 million to support growth; free cash flow expected to exceed $160 million.

• Results expected to be second-half weighted, consistent with prior years.

• 95% of FY26 contract mining revenue already secured; growth capital allocated for new project wins.

• Work in hand increased to $6.5 billion, with a $17.4 billion pipeline identified across all regions.