Symal Group Reports Record $1.14 Billion Revenue and Expands with Four Acquisitions

Record Revenue and Earnings Mark FY26 Milestone

Symal Group Limited (ASX:SYL) shattered the $1 billion revenue barrier for the first time in its history, posting $1.138 billion in statutory revenue for FY26, a 28% jump from the previous year. Normalised EBITDA climbed 17.2% to $124.3 million, comfortably above the midpoint of the company’s guidance range. Profit after tax attributable to shareholders rose 23.9% to $42.9 million on a statutory basis and 10.7% to $49.2 million normalised, underpinning a solid earnings per share growth to 20.6 cents.

The company’s operating cash flow remained robust at $79.9 million despite significant capital deployment, including $75.4 million in plant and equipment and $81.5 million invested in four acquisitions. Net debt stood at $51.4 million excluding leases, with a conservative net leverage ratio of 0.4x, reflecting prudent capital management amid expansion.

Strategic Acquisitions Bolster Diversification and Geographic Reach

FY26 was a year of deliberate growth through acquisition, with Symal completing four key deals: Locale Civil (Victoria utilities), McFadyen Group (Queensland pipeline construction), Timms Group and L&D Contracting (Queensland civil and haulage), and an 80% stake in Davison Earthmovers (South Australian civil contracting). These acquisitions, deployed at an average EBITDA multiple of around 4x, have significantly broadened Symal’s footprint beyond its Victorian heartland into Queensland and South Australia, while enhancing capabilities across utilities, energy, and civil infrastructure.

In June 2026, Symal announced a conditional agreement to acquire Shamrock Civil for $51 million upfront, pending customary closing conditions. Shamrock’s portfolio is heavily weighted towards defence, with over 70% of its $315 million pipeline defence-related, positioning Symal to substantially grow its defence sector exposure and extend its reach into the Northern Territory and broader Pacific region. Shamrock is founder-led and expected to be earnings accretive from the first full year of ownership.

Work-in-Hand and Project Pipeline Reflect Diversified Portfolio

Symal’s secured work-in-hand rose 8% year-on-year to approximately $1.9 billion, spread across infrastructure (46%), energy and resources (30%), utilities (11%), digital infrastructure (4%), and defence (5%). This diversification reduces concentration risk and positions the company to capture growth across multiple resilient end markets. The tendered pipeline, including early contractor involvement projects, stands at $9.1 billion, underpinning earnings visibility into FY27 and beyond.

The average contract size remains modest at under $20 million, reflecting a broad and balanced project mix. Repeat business continues to be a strong revenue driver, with 90% of projects coming from existing clients, highlighting Symal’s reputation for safety, reliability, and integrated delivery.

Safety and Sustainability Credentials Strengthen Market Position

Safety remains a cornerstone of Symal’s culture, with FY26 delivering a record low Total Recordable Injury Frequency Rate (TRIFR) of 1.4, significantly below the industry average, and zero lost time injuries for over 18 months. The company’s commitment to health and safety underpins its operational excellence and client trust.

Symal also published its inaugural mandatory climate-related financial disclosures in FY26, aligning with the Australian Accounting Standards Board’s Sustainability Reporting Standards. The disclosures cover governance, strategy, risk management, and emissions data, with total Scope 1 and 2 greenhouse gas emissions reported at 35,396 tonnes CO2 equivalent. The group has yet to set formal climate-related targets but has adopted a shadow carbon price to inform future decision-making and is actively trialling low-carbon technologies such as hydrotreated vegetable oil fuels and electric plant equipment.

Robust FY27 Guidance and Capital Discipline

Looking ahead, Symal projects normalised EBITDA of $153 million to $163 million for FY27, reflecting continued organic growth and the integration of recent acquisitions including Shamrock Civil. The company plans capital expenditure of $25 million to $30 million, focused on sustaining its growing asset base and operational capacity.

The Board declared a fully franked final dividend of 4.9 cents per share, bringing total FY26 dividends to 8.2 cents per share, a 39% increase from FY25. A dividend reinvestment plan will commence with the final dividend, offering shareholders flexible participation in the company’s growth.

Symal’s founder-led management team, with significant shareholding alignment, continues to execute a disciplined growth strategy focused on diversification, operational excellence, and capital efficiency. The company’s vertically integrated, self-performing model and expanding national footprint position it well to capture Australia’s substantial infrastructure investment pipeline, including energy transition, digital infrastructure, and defence sectors.