Key Highlights

  • First-half FY26 revenue increased 63% to AUD 66.81 million.
  • Statutory NPAT more than doubled to AUD 7.25 million.
  • Vysarn raised about AUD 65.3 million at AUD 1.05 per share to support growth and the Welltech transaction.
  • Management retained a full-year FY26 net-profit-before-tax target of AUD 20 million.

Vysarn Limited (ASX:VYS) has combined rapid earnings growth with an acquisition-led expansion across mining, civil and urban water services. The record first half provides an operating foundation, while the NewGround and Welltech transactions increase both the scale opportunity and integration demands.

A Vertically Integrated Water Platform

Vysarn operates across industrial drilling and test pumping, managed aquifer recharge, engineering and advisory services. Its core customers include Pilbara mining groups that require dewatering and water supply.

Newer activities extend into wastewater, asset management, urban irrigation and civil water services.

Record First-Half Earnings

For the six months ended 31 December 2025, revenue rose 63% to AUD 66.81 million and EBITDA increased 71% to AUD 13.87 million. Net profit before tax climbed 92% to AUD 10.05 million and statutory NPAT more than doubled to AUD 7.25 million.

Operating cash flow declined to AUD 9.48 million from AUD 14.81 million because of collection timing and the first material tax payment.

A Net-Cash Position Supports Expansion

At 31 December 2025, Vysarn held AUD 13.77 million in cash and AUD 0.18 million in borrowings, with net assets of AUD 107.71 million. No interim dividend was declared.

NewGround and Welltech Broaden Exposure

NewGround adds irrigation and water infrastructure for government, developers and sporting facilities. Consideration includes up to 33 million Vysarn shares and AUD 25 million in cash, with part linked to future EBIT.

Welltech provides construction water, bypass operations, drilling, groundwater management and rental equipment. Vysarn raised approximately AUD 65.3 million through 62,211,962 shares at AUD 1.05 to support the transaction and Kariyarra development.

What May Be Watched Next

Completion and integration of both acquisitions, Kariyarra progress and the FY26 net-profit-before-tax target of AUD 20 million are the main markers.

Key Risks

Integrating two businesses quickly creates operational and cultural risk. The placement dilutes existing holdings, acquisition costs may vary with performance, and earnings retain exposure to large mining customers.

What services does Vysarn provide?

It provides drilling, test pumping, engineering, advisory and broader water-management services.

What revenue did Vysarn report in HY26?

Revenue reached AUD 66.81 million.

How much did the placement raise?

The placement raised approximately AUD 65.3 million.

What is the FY26 profit target?

Management targeted AUD 20 million in net profit before tax.