SHAPE Surges with Record $960M Revenue and $4B Project Pipeline
SHAPE Australia reports a robust FY25 with revenue nearing $960 million and a historic project pipeline of $4 billion, signaling strong growth ahead.
- Revenue forecast between $950M and $960M, up 14% from FY24
- EBITDA expected to rise 25% to $32M-$33M
- Net profit after tax (NPAT) estimated to grow 31% to $20.5M-$21.5M
- Backlog orders slightly increased to $460M with strong project wins
- Modular project wins more than doubled to over $70M
Strong Financial Momentum
SHAPE Australia Corporation Limited (ASX, SHA) has delivered a standout performance for the financial year ending June 30, 2025. The company forecasts revenue between $950 million and $960 million, marking a significant 14% increase over the previous year’s $839 million. This growth is complemented by an expected 25% rise in EBITDA to between $32 million and $33 million, and a 31% jump in net profit after tax to an estimated $20.5 million to $21.5 million.
These figures, though unaudited, reflect SHAPE’s strongest financial showing in its 35-year history, underscoring the company’s operational excellence and strategic execution.
Record Project Wins and Backlog
SHAPE’s project wins have reached unprecedented levels, with backlog orders edging up slightly to approximately $460 million. The company anticipates several pre-construction fee engagements will convert into full project wins within the next six months, potentially boosting this backlog further. Notably, modular project wins have more than doubled to over $70 million, highlighting SHAPE’s growing footprint in this expanding segment.
Strategic Expansion Driving Growth
The company’s growth strategy focuses on three pillars, geographic expansion, capability enhancement, and sector diversification. In FY25, SHAPE opened new offices in Geelong and Townsville, building on previous regional expansions into Gold Coast, Newcastle, and Tasmania. Regional revenue more than doubled to over $115 million, validating the company’s national reach.
Capability expansion was driven by scaling modular operations in Victoria and South Australia, which contributed significantly to the surge in modular project wins. Meanwhile, sector diversification delivered over 30% growth, broadening SHAPE’s service offerings and client base, which supports a more resilient business model.
Culture and Workforce Strength
SHAPE’s workforce grew by 7% to 680 employees, reflecting ongoing investment in talent to support its expanding operations. The company’s culture remains a standout asset, with an 86% engagement score from the latest Culture Amp survey, well above industry averages. This strong internal culture is credited with enabling rapid integration of new team members and sustaining operational excellence.
Looking Ahead
CEO Peter Marix-Evans expressed optimism about the future, citing a robust $4 billion forward pipeline that provides clear visibility into FY26 and beyond. He highlighted particularly strong prospects in Victoria, where the pipeline is expected to more than double over the next 18 months. With a solid foundation of project wins, a growing workforce, and a healthy culture, SHAPE appears well-positioned to maintain its growth trajectory.
Bottom Line?
SHAPE’s record-breaking FY25 sets the stage for continued expansion, but execution of its sizeable pipeline will be key to sustaining momentum.
Questions in the middle?
- How will SHAPE convert its substantial $4 billion pipeline into actual revenue in FY26?
- What risks could affect the conversion of pre-construction engagements into full project wins?
- How will regional expansions in Geelong and Townsville impact long-term profitability?
