Symal delivers record FY26 revenue above $1.14 billion as guidance met
In its FY26 full-year results presentation for the year ended 30 June 2026, Symal Group (ASX: SYL) outlined a record annual performance, with revenue climbing 25.9% to $1.14b and normalised EBITDA rising 17.2% to $124.3m, landing in the upper half of guidance.
Management highlighted a year of organic momentum layered with disciplined acquisitions, positioning the diversified infrastructure services group for continued expansion. Key headline metrics included:
- Revenue: $1.14b, up 25.9%
- Normalised EBITDA: $124.3m, up 17.2%
- Normalised NPAT: $49.0m, up 7.4%
- Total dividends: 8.2 cents per share (cps)
- FY27 EBITDA guidance: $153m – $163m
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FY26 results: double-digit growth and margins held
Symal recorded revenue that, per the presentation, “exceeded $1 billion for the first time.” The result was driven by 10.4% organic growth combined with 6.8% acquisitive growth, reflecting the group’s dual-track expansion approach.
Normalised EBITDA of $124.3m carried an 11.0% margin, with the second half strengthening to 11.5% against 10.2% in the first half. Earnings per share rose 6.5% to 20.6 cps.
The full-year result builds on momentum established in the 1H FY26 results, when Symal reported revenue of $504.2 million at a 10.2% EBITDA margin while reaffirming guidance, with three further acquisitions pending at that stage.
All headline figures are presented on a normalised, non-IFRS basis. On a statutory basis, EBITDA was $108.4m and NPAT was $42.7m, with the difference reflecting normalisation adjustments for M&A costs, IT projects, restructuring, and a bargain acquisition, as detailed in the statutory-to-normalised reconciliation.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue ($m) | 1,135.0 | 901.7 | 25.9% |
| Normalised EBITDA ($m) | 124.3 | 106.1 | 17.2% |
| EBITDA margin | 11.0% | 11.8% | (0.8%) |
| Normalised NPAT ($m) | 49.0 | 45.7 | 7.4% |
| EPS | 20.6 cps | 19.3 cps | 6.5% |
| Dividends | 8.2 cps | 5.9 cps | 39% |
Five years of consistent growth
Management pointed to sustained compound growth across the group over a five-year horizon:
- Work-in-hand (WIH): 28% CAGR
- Revenue: 18% CAGR
- EBITDA: 27% CAGR
- NPAT: 23% CAGR
- Operating cash flow: 20% CAGR
What “work-in-hand” means for infrastructure investors
For infrastructure services businesses, two metrics offer a window into future earnings. Work-in-hand (WIH) refers to contracted projects that have been won but are yet to be completed, providing forward revenue visibility. The tendered pipeline captures bids and early contractor involvement (ECI) works that have not yet been secured, signalling the potential growth runway ahead.
Symal reported WIH of $1.9b, up 8%, and a tendered pipeline of $9.1b (including $1.45b of ECIs), for a combined $11.0b, compared with $3.8b at listing.
The WIH figures include Shamrock Civil, for which Symal announced a conditional purchase agreement on 17 June 2026, subject to closing conditions.
Diversification reduces concentration risk
Management highlighted a deliberate broadening of the group’s geographic and end-market exposure. WIH outside Victoria now represents 35%, up from 5% at listing, while WIH outside traditional infrastructure has reached 54%, up from 21% at listing.
Concentration risk remains contained, with an average contract size of approximately $20m spread across more than 200 live projects and a 90% repeat customer base.
| End Market | Work-in-hand | Tendered pipeline | % of WIH |
|---|---|---|---|
| Infrastructure | $870m | $1.7b | 46% |
| Energy & resources | $570m | $6.0b | 30% |
| Utilities | $210m | $55m | 11% |
| Digital infrastructure | $80m | $740m | 4% |
| Defence | $100m | $230m | 5% |
The presentation also set out the platform’s differentiators:
- Founder-led, with 69% of issued capital held by executives and management
- 12 integrated brands delivering nationally
- $200m of plant and equipment
- 8+ years average executive leadership tenure
A conservative balance sheet built to fund growth
Symal ended the year with available liquidity of $259m, comprising $82m in cash and $177m in undrawn facilities. Net leverage stood at a conservative 0.4x, while return on invested capital reached 23%, described as well above the group’s weighted average cost of capital.
During the period, Symal established a $300m cash advance and multi-use facility, characterised in the presentation as offering “low margins, multi-use, trusted lenders.” Cash conversion held at 95%.
FY26 was a year of investment, with $81.5m deployed across four acquisitions alongside significant non-recurring plant and equipment spend. FY27 estimated capex is guided at $25m – $30m.
Capital returns to shareholders
Symal declared a final dividend of 4.9 cps, taking total FY26 dividends to 8.2 cps at a 40% payout ratio, within the group’s 30–50% target for a third consecutive period. A dividend reinvestment plan (DRP) was initiated.
The $21.6m returned in FY26 represents cash paid to shareholders, comprising the FY25 final and FY26 interim dividends. The FY26 payout itself was $19.6m.
Sector tailwinds and the Shamrock defence acquisition
Management mapped the group’s positioning to several structural growth themes. In digital infrastructure, Symal has delivered 18 data centres to date and carries $820m in combined WIH and pipeline, against a forecast $150b of required investment to FY30. Energy exposure sits at $6.6b in WIH and pipeline within an addressable market cited at $500b+. In defence, WIH more than doubled from $40m to $100m across FY26, set against $425b in committed federal spend over the coming decade.
Shamrock Civil expands the defence platform
The presentation detailed the conditional Shamrock Civil acquisition, signed on 17 June 2026, subject to closing conditions, with estimated financial close in Q1 FY27. Upfront consideration comprises $40.8m cash and $10.2m scrip (excluding earn-outs), of which $16.1m is deferred pending commercial and legal matters. The acquisition is expected to add approximately $16m in annualised normalised EBITDA (an estimate, not guidance) and $130m in work-in-hand.
Strategically, Shamrock extends Symal’s footprint into the Northern Territory and brings a pipeline that is approximately 70% defence-weighted.
Management vision
Symal reiterated its stated ambition to become “Australia’s most trusted and capable infrastructure services partner.”
FY27 outlook: guidance points to continued double-digit growth
Management set out FY27 guidance anchored on normalised EBITDA of $153m – $163m at a 10–12% EBITDA margin, with depreciation and amortisation of $55m – $60m and capex of $25m – $30m. The dividend policy remains at 30–50% of NPAT. The EBITDA guidance includes an assumed pro-rata contribution from Shamrock Civil, based on a proforma annual EBITDA estimate of approximately $16m.
The FY26 guidance tightening in May 2026, which narrowed the EBITDA range to $120-$126 million and confirmed fuel and materials cost headwinds as immaterial, established the cost-control credibility that underpins the upper-half delivery reported today.
Key strategic priorities outlined for FY27 include:
- Continue winning and diversifying WIH across resilient end markets
- Grow recurring revenue via Locale and electrical diversification via Searo
- Implement a new operating model and leverage AI to drive efficiency
- Complete Shamrock and build a leading national defence contractor
- Maintain prudent leverage while delivering consistent shareholder returns
The guidance range implies continued double-digit EBITDA growth into FY27, framing the coming year as the next phase of the platform’s expansion.
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