SGH (SGH) H2 2025 earnings summary

Executive summary

• Achieved record FY25 revenue of A$10.7 billion, up 1% year-over-year, with EBIT up 8% to A$1.54 billion and NPAT up 9% to A$924 million, driven by strong industrial services and disciplined execution.

• Operating cash flow increased 49% to A$1.95 billion, with EBITDA cash conversion over 90% in all Industrial Services businesses.

• Total FY25 fully franked dividend increased 17% to $0.62 per share, supporting a 46% total shareholder return.

• Completed full acquisition of Boral, reinforcing position as a leading diversified operating company.

Financial highlights

• Revenue up 1% to A$10.7 billion; EBIT up 8% to A$1.54 billion; EBITDA up 6% to A$2.1 billion; EBIT margin expanded to 14.3%.

• NPAT up 9% to A$924 million; statutory NPAT up 5% to A$486 million due to impairments.

• Operating cash flow up 49% to A$1.95 billion; EBITDA cash conversion at 95%.

• Dividend payout increased 17% year-over-year to $0.62 per share.

• Net debt reduced to A$4.2 billion, leverage below 2x Net Debt/EBITDA.

Outlook and guidance

• FY26 guidance targets low to mid single-digit EBIT growth, supported by margin expansion and robust customer activity.

• WesTrac expects continued services growth, with capital sales normalizing.

• Boral anticipates further earnings growth via operational momentum and efficiency.

• Coates faces near-term variability but is positioned for medium-term rental demand uplift with Grow30 strategy.

• Beach Energy production guidance for FY26 is 19.7–22.0 MMboe.