SRG Global (SRG) H2 2025 earnings summary

Executive summary

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

• EPS(A) increased 34% to 10.3cps; full-year dividend up 22% to 5.5cps.

• Work-in-hand reached a record $3.6b, up 20% from the prior year, with 80% annuity/recurring earnings profile.

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

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

Financial highlights

• Revenue rose 24% year-over-year to $1,323.3m; EBITDA margin improved to 9.6%.

• EBIT(A) margin increased to 7.1%; NPAT(A) up 52% to $61.0m; NPAT(A) margin at 4.6%.

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

• Free cash flow of $74m; net cash position of $16.2m and available liquidity of $228.9m.

• Dividend payout increased to 5.5cps, up 22% year-over-year.

Outlook and guidance

• FY26 guidance targets circa 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, industrial/resources, transport, defence, health, education, data centres, and ports/marine.