SRG Global (SRG) H2 2025 earnings summary

Executive summary

• Achieved record FY25 financial results with revenue of $1,323.3m, up 24% year-over-year, EBITDA of $127.1m (up 29%), and EBIT(A) of $93.8m (up 43%).

• EPS(A) increased 34% to 10.3cps; NPAT(A) reached $61.0m, up 52% year-over-year.

• Transitioned from proforma net debt of $38.2m post-Diona acquisition to net cash of $16.2m.

• Work in hand reached a record $3.6b, up 20% on FY24, with 80% annuity/recurring earnings profile.

• Diona acquisition fully integrated as SRG Global Utilities, delivering above business case on all metrics.

Financial highlights

• Revenue of $1,323.3m, EBITDA margin 9.6%, EBIT(A) margin 7.1%, and NPAT(A) margin 4.6% for FY25.

• EPS(A) up 34% to 10.3cps; total FY25 dividend of 5.5cps, up 22% from FY24.

• EBITDA to cash conversion at 102%; strong operating cashflow before interest and tax of $123.7m.

• Net cash position of $16.2m and available liquidity of $228.9m.

• Free cash flow of $74m and capital expenditure of $20.9m support a capital-light model.

Outlook and guidance

• FY26 guidance targets ~10% EBITDA/EBIT(A) growth over FY25, above consensus.

• Three to five-year earnings growth outlook in the 8%-10% range annually, with strong sector tailwinds and pipeline.

• $3.6b work in hand and $8.5b opportunity pipeline support long-term sustainable growth.

• Earnings profile expected to remain at ~80% annuity/recurring in FY26 and beyond.

• Positive exposure to growth sectors including water, energy, resources, transport, defence, health, education, data centres, and ports/marine.