SRG Global Posts 29% EBITDA Growth to $127 Million in FY25
SRG Global has posted a record FY25 financial performance, driven by strong organic growth and strategic acquisition integration, setting the stage for continued expansion in FY26.
- FY25 revenue climbs 24% to $1.32 billion
- EBITDA rises 29% to $127.1 million; EBIT(A) up 43%
- Net cash position of $16.2 million achieved post-Diona acquisition
- Work in hand grows 20% to $3.6 billion, with $8.5 billion opportunity pipeline
- FY26 guidance targets ~10% earnings growth with 80% recurring revenue
Record Financial Performance
SRG Global has delivered a standout FY25 result, reporting revenue of $1.32 billion, a 24% increase year-on-year, alongside a 29% rise in EBITDA to $127.1 million. EBIT(A) surged 43% to $93.8 million, while net profit after tax (NPAT) grew by 52% to $61 million. Earnings per share climbed 34% to 10.3 cents, reflecting the company’s robust operational momentum and strategic execution.
Notably, the company declared a 20% higher second-half dividend of 3.0 cents per share, underscoring its commitment to returning value to shareholders amid strong cash generation.
Strategic Acquisition and Balance Sheet Strength
The successful acquisition and integration of Diona has been a pivotal factor in SRG Global’s growth story. The business was fully integrated during FY25 and delivered results above the initial business case, contributing $19 million to EBITDA and $18 million to EBIT(A) over 10 months. This acquisition has helped transition SRG Global from a proforma net debt position of $38.2 million to a net cash position of $16.2 million by year-end, providing significant financial flexibility.
With $111.9 million in cash on hand and undrawn facilities totaling $117 million, the company is well-positioned to fund further growth opportunities and strategic initiatives.
Robust Backlog and Growth Outlook
SRG Global’s work in hand increased 20% to $3.6 billion, supported by a diverse portfolio spanning maintenance, industrial services, engineering, and construction across Australia and New Zealand. The company’s opportunity pipeline stands at an impressive $8.5 billion, reflecting strong demand in sectors such as water security, energy transition, transport, and resources.
Looking ahead, SRG Global has provided FY26 guidance targeting approximately 10% growth in EBITDA and EBIT(A), driven by its 80% annuity and recurring earnings profile. This diversified revenue base offers resilience and predictability, underpinning sustainable long-term growth.
Sustainability and Innovation Focus
Beyond financial metrics, SRG Global continues to embed environmental, social, and governance (ESG) principles into its operations. The company has implemented the Workiva Carbon software platform in preparation for FY26 climate reporting and is advancing sustainability initiatives such as e-waste recycling and solar-powered site facilities.
Socially, SRG Global has launched an Innovate RAP and supports various community partnerships, while governance enhancements include risk management framework upgrades and supply chain oversight improvements. These efforts position the company as an ESG leader within the infrastructure services sector.
Strategic Transformation and Market Position
SRG Global’s transformation into a diversified infrastructure services business is well underway, with a clear strategy to grow recurring maintenance and industrial services, expand engineered products, and leverage capabilities in water security and energy transition. The company’s early contractor engagement model and strong client relationships across blue-chip sectors provide a competitive advantage.
With a capital-light investment profile and a scalable business model, SRG Global is poised to continue delivering consistent above-market shareholder returns, supported by a robust balance sheet and a strong pipeline of work.
Bottom Line?
SRG Global’s record FY25 results and net cash position set a confident tone for FY26 growth, but execution on its sizable pipeline will be key to sustaining momentum.
Questions in the middle?
- How will SRG Global manage integration risks and costs from future acquisitions?
- What impact will rising input costs or supply chain disruptions have on margins?
- Can the company sustain its high annuity earnings ratio amid evolving market conditions?