How Symal Group Exceeded IPO Expectations with $106M EBITDA and $1.76B Work in Hand

Strong Debut as an ASX-Listed Entity

Symal Group Limited marked a significant milestone by completing its first full financial year as a publicly listed company on the Australian Securities Exchange (ASX). The Group reported statutory revenue of $888.6 million for FY25, representing a 17.6% increase over the prior year, alongside a normalised EBITDA of $106.1 million, which notably surpassed the prospectus forecast of $102.3 million.

This performance underscores Symal’s successful transition to a listed entity and validates its vertically integrated business model that combines contracting, plant and equipment hire, and recycling services across resilient sectors such as infrastructure, power and renewables, and utilities.

Strategic Acquisitions Fuel Growth and Diversification

During FY25, Symal expanded its footprint through key acquisitions, including the purchase of the Sycle Group and Ascot Bin Hire. These acquisitions have enhanced the Group’s capabilities in waste management and recycling, with Sycle’s resource recovery operations and Ascot’s skip bin fleet significantly increasing Symal’s sustainable construction inputs and circular economy initiatives.

Post-year-end, Symal entered into a conditional agreement to acquire Locale Civil for $35 million, a move expected to add $230 million in contracted revenue over six years, further strengthening the Group’s utilities and civil contracting portfolio.

Robust Project Pipeline and Operational Excellence

Symal closed FY25 with a record $1.76 billion in work in hand, up 35% from the previous year, providing strong revenue visibility into FY26 and beyond. Approximately $800 million of this work is expected to be delivered in FY26, supported by major projects such as the Pakenham Roads Upgrade and renewable energy contracts including the Gawara Baya Wind Farm and Melbourne Renewable Energy Hub.

The Group’s self-performing model and early contractor involvement (ECI) approach have contributed to disciplined execution, cost control, and margin stability, with a normalised EBITDA margin of 8.1% in the contracting segment consistent with prior periods.

Commitment to Safety, Sustainability, and Governance

Symal maintained a strong safety record with a Total Recordable Injury Frequency Rate (TRIFR) of 3.41, well below industry averages. The Group also advanced its environmental, social, and governance (ESG) commitments, including commissioning a state-of-the-art recycling recovery line and trialling renewable diesel alternatives to reduce operational emissions.

Governance structures were strengthened with the appointment of an experienced Board and the implementation of robust risk management and capital allocation frameworks, positioning Symal for sustainable long-term growth.

Shareholder Returns and Outlook

Reflecting its strong financial performance, Symal declared a fully franked final dividend of 5.9 cents per share, consistent with its policy to distribute 30-50% of net profit after tax. The Group ended the year with a net cash position of $46.1 million, maintaining a solid balance sheet to support ongoing growth initiatives.

Looking ahead, Symal expects normalised EBITDA for FY26 to range between $115 million and $125 million, driven by organic growth, further acquisitions, and innovation-led efficiencies. Despite macroeconomic uncertainties, the Group’s diversified portfolio and disciplined execution provide confidence in its growth trajectory.