Advanced Innergy Holdings Ltd (ASX:AIH) has reported a robust FY25 performance highlighted by a successful IPO and strong growth across its core segments, setting a confident tone for FY26.
- FY25 proforma revenue up 16% to $335.5 million
- NPAT soars 134.5% to $25.8 million
- Successful $78.5 million IPO completed in October 2025
- Strategic acquisitions of CAPSE and Ovun expand battery and marine capabilities
- FY26 guidance reaffirmed with $387.9 million revenue forecast and $62.3 million EBITDA
A Transformative Year for Advanced Innergy
Advanced Innergy Holdings Ltd (ASX:AIH), a global leader in advanced materials science, marked FY25 as a milestone year with its first full year as a publicly listed company following its October 2025 IPO. The company’s Chairman highlighted the successful transition to the ASX, underpinned by a 20-year track record and a clear strategy to scale operations to meet the demands of blue-chip customers in critical energy and industrial sectors.
FY25 proforma revenue reached $335.5 million, a solid 16% increase on the prior year, while net profit after tax (NPAT) surged by an impressive 134.5% to $25.8 million. This leap in profitability was driven by disciplined cost management and operational leverage, reflecting the company’s growing efficiency and market traction.
Segment Growth and Strategic Acquisitions
Advanced Innergy’s business is organised into three key segments: Subsea, Thermal, and Marine. The Subsea segment, accounting for nearly half of revenue, benefited from expanded manufacturing capacity in Brazil and the UAE, as well as engineering growth in Malaysia. Repeat orders from major customers and diversification into offshore wind cable protection further bolstered this segment.
The Thermal segment, representing about 35% of revenue, showed promise with new battery protection products aimed at the burgeoning electric vehicle market. The acquisition of CAPSE, one of Europe’s largest battery testing facilities, enabled the launch of Advanced Innergy Testing (AIT), strengthening the company’s foothold in EV battery safety and performance.
Marine remains an emerging but strategically important segment, tripling in size following the acquisition of Norwegian polymer specialist Ovun. This move not only expanded product offerings but also opened doors to the fast-growing aquaculture market and defence applications, validated by a recent contract with a leading global defence contractor estimated to generate over $20 million in revenue over three years.
Robust Orderbook and Future Outlook
With a current orderbook of approximately $220 million, covering about 57% of FY26’s forecast revenue, Advanced Innergy enters the new financial year with strong visibility. The company’s pipeline exceeds $2.4 billion in bid opportunities, reflecting confidence in its diversified portfolio and long-term framework agreements that underpin roughly 70% of its revenue.
FY26 guidance remains firm, with expected underlying revenue of $387.9 million and EBITDA of $62.3 million. The company anticipates revenue to be weighted towards the second half of the year, consistent with historical patterns, and excludes potential upside from further acquisitions.
Governance and Shareholder Engagement
In preparation for its public listing, Advanced Innergy strengthened its governance framework, expanding its board with experienced non-executive directors bringing expertise in equity capital markets and financial management. The AGM also saw the re-election of director Abigail Cheadle, approval of performance rights for key executives, appointment of Grant Thornton Australia as auditor, and the insertion of proportional takeover provisions to safeguard shareholder interests.
With $78.5 million in net IPO proceeds, the company is well capitalised to pursue its disciplined M&A strategy, targeting accretive acquisitions to complement organic growth. The management team emphasised their commitment to innovation, product development, and expanding market share across core and adjacent sectors.
Bottom Line?
Advanced Innergy’s strong FY25 foundation and strategic acquisitions set the stage for ambitious growth, but execution risks and market dynamics will be closely watched.
Questions in the middle?
- How will the integration of CAPSE and Ovun impact margins and revenue growth in FY26?
- What are the key risks to achieving the FY26 revenue and EBITDA guidance amid global market uncertainties?
- Will Advanced Innergy pursue further acquisitions aggressively, and how might this affect shareholder value?