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Highlights

  • FY2025 Normalised EBITDA expected to reach ~$105 million, exceeding prospectus guidance.

  • Major contract wins and work-in-hand boost growth outlook; WIH rises to $1.46 billion.

  • Continued expansion in recycling business Sycle, with new investments and acquisitions underway.

Symal Group Limited (ASX:SYL) has provided an update on its business performance and key projects, revealing that the company is on track to deliver a Normalised EBITDA of approximately $105 million in FY2025. This result surpasses the FY2025 prospectus forecast of $102.3 million.

While revenue is expected to come in at approximately $900 million—6.3% below the prospectus guidance of $961.1 million—the company noted that the shortfall is due to the timing of several projects, with revenue now anticipated to shift into FY2026. These include adjustments in phasing for the Eastern BTA (North East Link), re-sequencing of current projects, and later-than-expected commencements of recent project wins.

Symal’s Normalised EBITDA margin is forecasted at around 11.7%, consistent with 1H FY2025 performance and above previous expectations. The Group attributes its margin outcome to its self-performing model, procurement efficiencies, and favourable on-site conditions.

Major Progress Across Key Projects

Symal has made notable advancements on several large-scale Early Contractor Involvement (ECI) projects. The company secured a ~$70 million contract for civil works at the Moonee Valley Racing Club (MVRC), following a successful ECI phase that delivered cost savings and improved technical design ahead of main works commencing post-2025 Cox Plate.

In the renewable energy space, Symal continues progressing the $347 million Gawara Baya Wind Farm project, awarded in February 2025. The company expects all contractual conditions for the Civil Balance of Plant (CBoP) works to be met soon, with a notice to proceed anticipated in the coming months. Major construction is scheduled for the second half of FY2026, with the project expected to span two years.

Symal is also engaged in feasibility and value-for-money discussions with clients on the Springvale Battery Energy Storage System (BESS) project.

Work-in-Hand and Expansion Across Sectors

As of May 2025, Symal's work-in-hand (WIH) stood at approximately $1.46 billion, up from $1.37 billion as of February 2025. The company noted tender conversion rates and continued replenishment of the order book. Recent contract wins span Defence, Renewable Energy, Road Infrastructure, Community Facilities, and Data Centres.

A notable milestone includes a ~$40 million Defence contract awarded to Wamarra, Symal's First Nations partner, in collaboration with Symal as Head Contractor. This award aligns with the Group's strategy to expand its Defence sector presence.

Progress in Recycling Division and M&A Strategy

Symal is advancing its inorganic growth strategy through investments in its recycling and repurposing division, Sycle. Following the $12 million acquisition of Ascot Bin Hire in April 2025, the Group has expanded its bin fleet to accommodate new clients. Additionally, orders have been placed for a new resource recovery sorting and fuel production line, expected to be commissioned in late calendar year 2025.