Highlights

  • COS’s FY25 revenue rose 15% to AUD 116.8 million, supported by organic growth and acquisitions.
  • First-half FY26 revenue is expected to decline due to weaker coal demand and delayed government spending.
  • COS shares declined 55.97% year-on-year and is currently trading near the 52-week low of AUD 0.38.

COSOL Limited (ASX:COS) provides technology-based asset management solutions for industries such as natural resources, energy, water utilities, public infrastructure, and defence. The company offers operational insights, advice, and business optimisation services. Using proprietary software and solutions, COS delivers end-to-end outsourced asset management through its Asset Management as a Service model.

Financial Update

For the financial year 2025 (FY25), revenue increased to AUD 116.8 million from AUD 101.9 million in FY24, representing a 15% YoY rise, driven by 10.7% organic growth and the Toustone acquisition. Underlying EBITDA for the period rose to AUD 16.8 million from AUD 15.7 million in FY24, despite margin pressure. Underlying NPATA grew 3% YoY to AUD 9.9 million in FY25 compared with AUD 9.6 million in FY24.

Business Update
On 27 November 2025, COS reported a change of director’s interest notice stating that Managing Director Scott McGowan received 1.6 million performance rights under the employee incentive plan, adding to his existing shares and options.

On 30 October 2025, the company noted a slow start to FY26, with first-half revenue expected to be AUD 7–8 million lower due to weaker coal demand and delayed government spending. Gross margins were reported at 29–30%, supported by cost controls and internal restructuring, while first-quarter AMaaS contract wins in North America totalled AUD 11.1 million, including AUD 4.9 million in software.

Key Positives and Negatives
For FY25, the company’s cash receipts rose 10.7% YoY and the current ratio increased to 1.49x from 1.38x in FY24. Meanwhile, EBITDA margin declined to 13.5% in FY25 from 22.2% in FY24 and return on equity decreased to 10.8% from 15.2% in FY24.

Business Outlook

COS indicated that second-half performance in FY26 may improve if opportunities in the current pipeline convert into signed contracts, offsetting first-half revenue pressure from macroeconomic conditions and lower coal and government sector activity.

The company noted that operational restructuring and increased CFO oversight are intended to improve internal efficiency, manage costs, and support a greater share of Asset Management as a Service and digital solutions contracts. FY26 growth is expected to be supported by organic expansion, AMAaS contracts, and AI-enabled digital transformation services, contributing to recurring revenue.

Share Performance of COS
COS’s shares were trading at AUD 0.405 per share on 28 November 2025, with an intraday gain of 3.85%. COS’s stock has declined by 32.49% in the last three months, down by 48.40% over the six months and dropped by 55.97% over the past year. COS’s 52-week high is AUD 1.090, recorded on 04 December 2024, and the 52-week low is AUD 0.380, recorded on 27 November 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 28 November 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.