SRG Global (SRG) H1 2025 earnings summary

Executive summary

• Achieved record 1H FY25 results with EBITDA of AUD 59 million, up 31% year-over-year, and EBIT up 48% to AUD 42.1 million.

• Earnings per share increased 35% to 4.6c and interim fully franked dividend rose 25% to 2.5c per share.

• Transitioned from net debt to net cash of AUD 9.1 million post Diona acquisition.

• Fully integrated Diona acquisition, expanding presence in water security and energy transition and contributing to growth.

• Work in hand reached a record AUD 3.4 billion, up nearly 80% year-over-year, with 80% annuity/recurring earnings profile.

Financial highlights

• Revenue increased 21% year-over-year to AUD 619.7 million; EBITDA up 31%; EBIT and NPAT up roughly 50%.

• EBITDA margin improved to 9.5% from 8.8% in 1H FY24.

• NPAT(A) rose 50% to AUD 26.6 million, with NPAT(A) margin at 4.3%.

• Cash and cash equivalents at period end were AUD 105.1 million, with available liquidity of AUD 229 million.

• Dividend per share increased to 2.5c, up from 2.0c in 1H FY24.

Outlook and guidance

• Upgraded FY25 EBITDA guidance to AUD 125–128 million and EBIT to AUD 91–94 million.

• 80% annuity/recurring earnings expected to continue in FY25 and beyond.

• Work in hand of AUD 3.4 billion and AUD 8.5 billion opportunity pipeline support long-term growth.

• Targeted EBITDA growth of 8–10% for FY26 and beyond.

• Positive exposure to high-growth sectors including water, defense, energy, resources, and transport.