Symal Group Limited · ASX:SYL
Symal — H1 2026 Earnings Presentation
34 slides from Symal's earnings presentation, Feb 23, 2026
Slide 1: 1H 2026 Results Presentation
1H 2026 Results Presentation For the half year ended 31 December 2025
Slide 2: 1H26 Results highlights
Business overview 1H26 Results highlights 1H26 Normalised Revenue1 1H26 Normalised EBITDA1 1H26 Normalised NPAT-A1 $504.2m↑ $51.4m↑ $20.9m↑ ↑ 21% on $417.8m in 1H25 ↑ 6% on $48.7m in 1H25 ↑ 4% on $20.1m in 1H25 Net cash position2 Normalised cash conversion3 Interim dividend declared $6.1m↓ 108% 3.3c
Slide 3: Positioned for long-term value creation
Business overview Positioned for long-term value creation Founder-led and History of high growth management aligned and strong margins Highly experienced, ambitious and passionate 25-year history of sustained growth. Committed leaders and staff. to continuing to deliver 10 – 12% EBITDA margins as we
Slide 4: Momentum across every lever
Business overview Momentum across every lever Investing in AI-enabled Industry-leading safety Clear strategic roadmap in productivity and performance execution innovation National platform gaining Robust pipeline across Expanding recurring scale WIH and ECIs revenue base Investing to support long- S
Slide 5: Technology
Business overview Technology Driving data centre demand Growth in data centre demand • Secured four new data centre projects in 1H26. • Strong relationships with tier-1 global sponsors. • Exposure to multi-year, recurring project pipeline with demand underpinned by hyperscale expansion. AI Infrastru
Slide 6: Energy
Business overview Energy A scaled national platform Major power infrastructure • Searo delivering major utilities-scale electrical contracts validating our organic entry into major power infrastructure. • Symal’s active pipeline across ~20 major power and renewable projects valued at ~$2 billion. Co
Slide 7: Defence
Business overview Defence Scaling exposure Established defence platform • Symal and Wamarra currently delivering 10 civil and infrastructure packages across four states with a total value of ~$220 million. • Strong repeat engagement across programs. • Multi-year project delivery. National capability
Slide 8: Brisbane 2032
Business overview Brisbane 2032 Driving multi-year infrastructure opportunities Committed Government investment • ~$20 billion infrastructure program through 2032 including stadiums, villages and broader supporting infrastructure.1 • Multi-year procurement pipeline. Significant addressable pipeline
Slide 9: Building a $200m+ earnings platform
Business overview Building a $200m+ earnings platform Annualised EBITDA additions by acquisition since listing1,2,3 200m+ Organic & inorganic growth 7.0m 130m+ 8.0m 8.0m 3.0m 102.3m 2.5m 1 3 FY25 prospectus Ascot Locale McFadyen Timms / L&D Davison Pro-forma Ongoing growth FY30 1) Based on annualise
Slide 10: Targeted acquisitions driving growth
Business overview Targeted acquisitions driving growth Five acquisitions announced since listing Acquisition EBITDA by state1,3 at an average multiple of ~4x EBITDA1,2,3 Future focus → SA 24% Core end markets of acquisitions VIC 37% Infrastructure ✓ ✓ ✓ Power and $28.5m ✓ ✓ → renewables Data centres
Slide 11: Acquisition - Timms and L&D
Business overview Acquisition - Timms and L&D1 Purchase price2: $28m EBITDA3: ~$8m Strategic foothold in Earnings Brisbane market accretive Immediate access to Southeast Queensland’s Symal gains ~$8 million annualised EBITDA with civil and infrastructure market ahead of the 2032 normalised EPS accre
Slide 12: Acquisition - Davison Earthmovers
Business overview Acquisition - Davison Earthmovers1 Purchase price2: $23.2m EBITDA3: ~$7m Established platform in Earnings South Australia accretive Provides Symal with immediate access to the Symal gains ~$7 million annualised EBITDA with region’s expanding infrastructure, renewables normalised EP
Slide 13: Our culture in action
Operational update Our culture in action Elevating Championing Cultural Nurturing local Innovating careers social causes inclusion connections with intent 9,200+ hours ~$300,000 26%↑ ~300 hours Reducing emissions Facilitated training and development. In social investment through grass- Aboriginal em
Slide 14: Safety performance
Operational update Safety performance Group 12-month rolling safety statistics3 TRIFR1 8 5.88 5.63 Industry average 6.0 6 Our Group rolling 3.41 4 2.89 1.76 TRIFR remains well 2 below the industry 0 FY22 FY23 FY24 FY25 1H26 average of over 6.04 LTIFR2 1.50 1.04 1.00 0.90 0.50 0.41 0.40 0.35 0.00 FY2
Slide 15: Disciplined integration approach
Operational update Disciplined integration approach Governance Alignment Structure Integration steering committee oversees Vendor involved in planning and execution Clear structuring and phasing of milestones program, consisting of senior executives. phases to ensure cultural alignment. ensures time
Slide 16: Locale
Operational update Locale Building a national utilities platform Higher-value capability Secured contract build expansion • Expanding into major projects such as data • Awarded emergency call-out and fault centres and other facilities. response contract across the PNS1 network. • Broadening scope in
Slide 17: Diversified delivery portfolio
Operational update Diversified delivery portfolio 31 December 2025 Work-in-hand Work-in-hand Work-in-hand End market mix1 Contractual mix1 Bridge1 1.80 7% 1.76 13% 3% 1.70 5% 0.38 1.64 32% 1.60 13% 42% 1.50 $1.64b $1.64b $bn 1.40 30% Dec 26 1.30 Nov 25 (0.50) 1.20 30% 25% 1.10 Infrastructure Power a
Slide 18: Building revenue visibility through ECI projects
Operational update Building revenue visibility through ECI projects Solar farm and BESS Wind farms VIC & NSW QLD Regional Airport2 Joint venture with Ferrovial working for global Two ECI projects to commence during 2026 A mining hub gateway industry leader Symal is partnering in a joint venture with
Slide 19: Operating segments
Operational update Operating segments Contracting Services Plant and Equipment Other Revenue contribution 83% EBITDA contribution 52% Revenue contribution 17% EBITDA contribution 42% Revenue contribution (0)% EBITDA contribution 6% → Engineering and construction. → Plant hire. → Aggregation of other
Slide 20: Segment results - Contracting services
Operational update Segment results Contracting services 1H26 Normalised1 Revenue 1H26 Normalised1 EBITDA 1H26 highlights $419.3m↑ $26.9m↑ Growing revenue +26.5% on 1H25 +8.4% on 1H25 26.5% increase in revenue compared to the pcp with continued ramp up on major projects. Normalised $m 1H26 1H25 Chang
Slide 21: Segment results - Plant and equipment
Operational update Segment results Plant and equipment 1H26 Normalised1 Revenue 1H26 Normalised1 EBITDA 1H26 highlights $87.3m↑ $21.3m↓ Continued revenue growth +5.0% on 1H25 -7.1% on 1H25 Revenue has continued to grow against pcp. Expected to be weighted more strongly to the second half. Normalised
Slide 22: Normalised financial performance
Financial results Normalised financial performance Normalised1 $m 1H26 1H25 Change $m Change % Symal delivered strong half-on-half revenue Revenue 504.2 417.8 86.4 20.7% growth with margins in target range. Operating expenses (452.8) (369.0) (83.7) 22.7% EBITDA 51.4 48.7 2.7 5.5% • Revenue growth of
Slide 23: Statutory financial performance
Financial results Statutory financial performance Statutory $m 1H26 1H25 Change $m Change % Statutory results include the M&A and project Revenue 504.2 404.6 99.6 24.6% costs, as well as the impacts of the pre-IPO Operating expenses (460.5) (370.7) (89.7) 24.2% restructure, IPO process and a materia
Slide 24: Cash flow
Financial results Cash flow Statutory $m 1H26 1H25 1H26 cash conversion $m Normalised Statutory EBITDA 43.8 33.9 EBITDA 51.4 43.8 Interest paid (5.4) (3.3) Remove non-cash items 0.6 0.6 Non-cash items (incl. share-based payments) 0.6 6.7 Income taxes paid (4.7) (20.3) Remove gain on sale of PP&E (0.
Slide 25: Balance sheet
Financial results Balance sheet 31-Dec-25 30-June-25 Working capital $m 1H26 1H25 Change $m Statutory Statutory Trade and other receivables 155.0 122.1 32.9 Cash and cash equivalents 126.1 169.0 Trade and other receivables 155.0 122.1 Excl. related party loan receivables - (1.2) 1.2 Intangible asset
Slide 26: Capital management
Financial results Capital management Interim declared dividend of 3.3 cps $m 31-Dec-25 30-Jun-25 → Net cash position of $6.1 million (excluding lease liabilities), reduced from $46.1 million at 30 June 2025, with movement largely driven by FY25 dividend Drawn debt (120.0) (122.9) payment and complet
Slide 27: Scaling with discipline and confidence
Outlook Scaling with discipline and confidence Earnings visibility and delivery confidence Reaffirm FY26 normalised EBITDA range of $117 million to $127 million, supported by strong pipeline and conversion visibility. Structural growth drivers in place Disciplined execution and capital allocation Sy
Slide 28: Q&A
Q&A Symal Group Limited 1H26 Results 28
Slide 29: Appendices
Appendices Symal Group Limited 1H26 Results 29
Slide 30: Statutory to normalised results reconciliation
Appendix Statutory to normalised results reconciliation For the half ending 31 Dec 2025 Statutory Pre-IPO IPO costs / FY23 project M&A and Normalised $m 1H26 restructure1 ASX listing costs2 settlement3 projects4 1H26 Revenue 504.2 - - - - 504.2 Operating expenses (460.5) - - - 7.7 (452.8) EBITDA 43.
Slide 31: Statutory to normalised results reconciliation
Appendix Statutory to normalised results reconciliation For the half ending 31 Dec 2024 Statutory Pre-IPO IPO costs / FY23 project M&A and Normalised $m 1H25 restructure1 ASX listing costs2 settlement3 projects4 1H25 Revenue 404.6 13.2 - (0.1) - 417.8 Operating expenses (370.7) (11.9) 10.3 3.4 - (36
Slide 32: Operating segments
Appendix Operating segments Revenue EBITDA Normalised $m 1H26 1H25 1H26 1H25 Contracting Services 419.3 331.6 26.9 24.8 Plant and Equipment 87.3 83.1 21.3 23.0 Other / Eliminations (2.4) 3.1 3.2 1.0 Group 504.2 417.8 51.4 48.7 Symal Group Limited 1H26 Results 32
Slide 33: Important notice
Important notice This document is dated 23 February 2026 and has been prepared by Symal Group Limited ACN 130 808 276 (“Symal”). This presentation has been authorised for release by the Board of Symal. Summary information This material has been prepared only as a presentation aid and contains summar
Slide 34: symal.com.au
Building. Better. symalcom.au Together.