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It’s with pride that I present Symal Group Limited’s (“Symal”) first Annual Report as a publicly listed company. Listing on the Australian Securities Exchange in November 2024 was a defining moment in our journey – a milestone that reflects our ambition, the strength of our model, the capability of our people and our readiness to take Symal into its next chapter of growth.
Our debut on the ASX followed more than two years of preparation and culminated in a successful Initial Public Offer. Investors recognised what we know to be true – Symal is a business with a strong financial track record, a clear growth strategy, and a vertically integrated delivery model that sets us apart.
As the Chair noted in his letter, in our first year as a listed entity, we delivered a normalised FY25 EBITDA of $106.1 million¹, exceeding Prospectus guidance of $102.3 million. Normalised revenue for the year reached $901.7 million, delivered at a higher margin than forecast. While revenue came in slightly below guidance of $961.1 million due to project timing, this has shifted into FY26.
Our balance sheet remains strong, with a net cash position of $46.1 million as at 30 June 2025. Our work in hand stands at approximately $1.76 billion² – 35.4% above the prior corresponding period, providing a solid platform for the year ahead.
FY25 was another year of disciplined growth. We secured $1.34 billion of new work, extending our record work in hand and demonstrating the breadth of our capability and the resilience of our end markets. These end markets span the southern and eastern coasts of Australia, with the majority of work won and delivered in these regions.
We continue to have strong momentum in power and renewables, energy, data centres, infrastructure and defence, with many notable project wins and ECI participation.
None of this happens without our people. With 1,300 staff across 14 locations and over 20,000 training hours invested this year, our people are our competitive advantage. Whether delivering complex scopes, managing plant and materials, or driving circular outcomes, their care and capability power every milestone, making Symal a business grounded in teamwork and driven by impact.
Safety remains our highest priority. With an industry TRIFR average above 6.0, our FY25 result of 3.41 reflects the strength of our culture and systems.
Our ability to grow consistently across new and established markets comes from the strength of our diversified model. Symal brings together specialist companies delivering end-to-end contracting services and technical expertise across Australia’s most critical industries, from infrastructure and data centres to power and renewables, utilities, defence and building and facilities. By uniting this capability, we deliver projects faster, safer and more sustainably, while achieving strong margin outcomes.
As promised, FY25 was about disciplined growth – and FY26 will be no different. We are guided by three growth pillars that expand our scale, diversify our markets and strengthen performance, all with a clear focus on long-term investor returns:
Organic growth: Focused on resilient sectors with sustained demand, we are scaling nationally through new offices and yards, strengthening regional capability and deepening client relationships. In February 2025, we launched Searo, our in-house electrical contracting business, positioning Symal at the centre of the energy transition.
Inorganic growth: Targeted acquisitions accelerate growth and expand the Group’s diversified offering, strengthening entry into resilient markets. In FY25, Ascot Bin Hire was acquired, expanding waste recovery and recycling. After the reporting period, Locale Civil³, an aligned founder-led business was welcomed to the Group, bringing a minimum $230m of recurring revenue over an initial six-year contract period at guaranteed margins with blue chip utilities clients and a further contract extension option.
Innovative growth: We continue to invest in technology and sustainability to deliver efficiencies today and position Symal for tomorrow. In FY25, Sycle advanced its resource recovery and alternate fuels capability, progressed design of a commercial-scale remanufacturing facility, and- together with Searo- delivered innovation across power, renewables and recycling. We also commenced AI integration to streamline processes and unlock new insights
We’ve made strong progress in our environmental, social and governance commitments. Across the Group, we continued to create positive impact through sustainability outcomes, Indigenous engagement, social procurement and workforce diversity initiatives.
Our efforts to build a safe, inclusive and future-ready workplace included investing in learning and development programs, cultural awareness initiatives, gender equity partnerships, early career development, and meaningful community engagement. These commitments aren’t separate from our business strategy – they’re fundamental to how we operate and grow.
With a record $1.76 billion in work-in-hand and clear visibility through FY27, Symal enters FY26 with confidence and strategic focus on disciplined execution, margin protection and scaling with purpose.
Guided by our diversified model, resilient end markets and three growth pillars, we will continue to expand nationally, invest in our people and capabilities, and deliver sustainable long-term value.
To our people – thank you. Whether you’ve been with us from the beginning or joined more recently, your integrity, care and commitment continue to shape who we are.
And to our shareholders, thank you for your trust and belief in Symal. We’re proud of what we’ve achieved in our first year as a listed company and excited about what’s next.
Together, we’re building better.
Read Symal’s full FY25 annual report.
Joe Bartolo
Group Managing Director - Symal Group
1. Normalised results include pro forma adjustments for IPO impacts, pre-acquisition Sycle earnings and normalisation adjustments for a historical commercial claim which resulted in one-off profits in FY24. Refer to “Statutory to normalised results reconciliation” slide in the appendix for the accompanying FY25 results presentation.
2. Represents estimated aggregate value of contracted yet-to-be completed projects as at 30 June 2025 plus minimum guaranteed revenue of $230m with the Locale Civil acquisition.
3. Symal announced the signing of a purchase agreement for Locale Civil on 21 August 2025, subject to customary closing conditions.
