Symal, an Australian infrastructure services platform, reported fiscal 2026 revenue of $1.135 billion on Monday, a 25.9% increase from $901.7 million in the prior year, driven by 10.4% organic growth and 6.8% from acquisitions. Normalized EBITDA rose 17.2% to $124.3 million, within the guidance range of $120–126 million, while EBITDA margins contracted by 80 basis points to 11.0% despite second-half improvement to 11.5%.
Net profit after tax increased 7.4% to $49.0 million, with EPS up 6.5% to 20.6 cents. The company’s shares rose 3.99% to $2.87 in early trading following the presentation. Work-in-hand grew 8% to $1.9 billion, while the tendered pipeline expanded to $9.1 billion, including $1.45 billion in early contractor involvement agreements. Combined work-in-hand and pipeline totaled $11.0 billion, up from $3.8 billion at listing.
Symal’s operating cash flow conversion stood at 95%, within its 90–110% target range, with ROIC at 23% and ROE at 29% over the trailing twelve months. Net debt shifted from a $46.1 million cash position in June 2025 to a $51.4 million net debt position in June 2026, supported by a $300 million debt facility with net leverage of 0.4 times EBITDA. Liquidity totaled $259 million, comprising $82 million in cash and $177 million in undrawn facilities. Capital expenditure for the year reached $64 million.
Dividends totaled 8.2 cents per share for FY2026, including a final dividend of 4.9 cents, reflecting a 40% payout ratio against a 30–50% target. The company returned $21.6 million to shareholders via dividends during the fiscal year.
Segment performance showed contracting services generating $936 million in revenue with $73.6 million in EBITDA at a 7.9% margin, while plant and equipment contributed $207 million in revenue and $45.5 million in EBITDA at a 22.0% margin. Owned plant and equipment were valued at $200 million.
Symal completed four acquisitions in FY2026—Locale, McFadyen, Timms Group/L&D Contractors, and Davison—at an average multiple of roughly 4 times EBITDA, deploying $81.5 million. The Shamrock Civil acquisition, announced for $51.0 million (80% cash, 20% scrip) with earnouts capped at $28.4 million, is expected to add approximately $100 million in annual defense revenue.
The company employs over 1,800 people across 22 offices and 12 integrated brands, with a 90% repeat customer rate and an average contract size of around $20 million across more than 200 live projects. Safety performance improved, with a Total Recordable Injury Frequency Rate of 1.4, 76% below the industry benchmark, and $2 million in annual workers' compensation premium savings.
Digital infrastructure contributed $820 million in combined work-in-hand and pipeline, with the Australian data center market projected to grow from 1.5 gigawatts in 2026 to 7.5 gigawatts by 2030, representing a $150 billion investment opportunity. Energy and utilities contracts secured during the year totaled $200 million, with a $6 billion active project pipeline. Traditional infrastructure work-in-hand remained at $870 million, while defense work-in-hand grew from $40 million to $100 million.
For FY2027, Symal guided normalized EBITDA to $153–163 million, a 23–31% increase over FY2026, including a $16 million pro-rata contribution from Shamrock Civil. EBITDA margin guidance was maintained at 10–12%, with D&A expected at $55–60 million and capex guided down to $25–30 million. Dividend policy remains unchanged at 30–50% of NPAT, while management elevated its $200 million EBITDA target for 2030 from an aspiration to an expectation.
