Symal Group Limited · ASX:SYL
Symal — H1 2025 Earnings Presentation
36 slides from Symal's earnings presentation, Feb 24, 2025
Slide 1: 1H FY25 Results Presentation
1H FY25 Results Presentation For the half year ended 31 December 2024 24 February 2025
Slide 2: Contents
Contents Business overview 4 Operational update 13 Group financial results 22 Outlook 28 Q&A 30 Appendix 31 Joe Bartolo Nabeel Sadaka Geoff Trumbull Group Managing Director Chief Executive Officer Chief Financial Officer
Slide 3: 1H FY25 Results Highlights
1H FY25 Results 1H FY25 Normalised Revenue¹ FY25 secured revenue2 Highlights $416.7m 91% Symal is on track to meet its FY25 prospectus ↑ 12% on $371.3m in 1H FY24 ↑ 30% vs. 61% at 30 June 2024 pro forma revenue and EBITDA forecast of 43% of FY25 Prospectus forecast $961.1m and $102.3m respectively.
Slide 4: Business overview
overview» a &ySymal — Ne
Slide 5: A founder-led, diverse and vertically integrated construction group
A founder-led, diverse and vertically integrated construction group, driving growth, innovation and strategic expansion. 5
Slide 6: Our success drivers
Our success drivers An aligned and founder-led business with clear A diversified business with services across direction and growth aspirations. contracting, plant and equipment hire, material sales and recycling, all spanning multiple sectors. A self-performing operating model, with in-house A team
Slide 7: Our operational pillars
Our operational pillars Plant and Recycling and Contracting equipment hire repurposing Material sales 7
Slide 8: Our vertical integration model
Our vertical integration model Symal's vertically integrated model ensures we’re able to remain highly competitive yet provide solutions that achieve the best performance outcomes for our clients. This model gives Symal greater control over program, costs, risks and delivery. 8
Slide 9: Built for Scale & Growth
Townsville Built for Scale & Growth Current office location Upcoming office location Brisbane Gold Coast Symal delivers projects across the Nation with Yatala strategic office and yard locations along the East and South coasts of Australia. We have a strategic Newcastle Tomago plan to further expand
Slide 10: Growth strategy
Growth strategy Organic runway Inorganic opportunities Innovation Continue to build market share in Accelerate growth and market entry through Develop Sycle, Searo and identify other existing and new geographies targeted acquisitions commercial innovation opportunities Strategic • National growth dr
Slide 11: Sycle: Waste reinvented
Sycle: Waste reinvented Sycle is a vertically integrated recycling and repurposing offering, delivering services such as waste management, transportation, processing and recycling of C&D and C&I waste. Sycle will unlock the potential of the circular economy by investing in Greentech product developm
Slide 12: Searo: Redefining energy
Searo: Redefining energy The introduction of an electrical services offering represents a natural and organic progression in Symal’s diversification strategy, enhancing its ability to service infrastructure and energy markets. Powering today, building for tomorrow Searo is actively delivering small-
Slide 13: Operational update
Operational update fy Symal
Slide 14: Delivering Results: Operational Overview
Delivering Results: Operational Overview Work in Hand (WIH) constantly being replenished with new projects1 ~$870m of FY25 revenue secured (91% of FY25 forecast) at 21-Feb-25 1.6 1,000 Get & Do 1.4 89.7 800 Secured 1.2 (0.42) 2H Actual 1 0.23 600 454.7 1H Actual 384.2 $bn $m 0.8 1.30 1.37 961.1 0.6
Slide 15: Early contractor involvement (ECI) model
Early contractor involvement (ECI) model Symal boasts a highly experienced Precontract and Our approach Design Management Team, specialising in Early Utilising in-house capabilities derived from decades of experience Contractor Involvement (ECI) services for design to include constructability and li
Slide 16: Early contractor involvement (ECI) projects
Early contractor involvement (ECI) projects Gawara Baya Wind Farm Ballan Road Upgrade Moonee Valley Racecourse ECI complete, main project awarded to Symal(1) Commenced Project Development Phase with ECI nearing completion(2) MRPV(2) • Redevelopment of Moonee Valley Race Club • Located Northwest of T
Slide 17: Continued Growth Through Strategic Project Wins
Continued Growth Through Strategic Project Wins Energy and renewables Data centres Community infrastructure • 50+ Projects Wins in Energy in YTD FY25 adding • 12 data centre wins for YTD FY25 adding to our 30+ Community Infrastructure projects, YTD FY25 to our long history in the sector. already imp
Slide 18: Operating segments
Operating segments Operating segments have been revised to align with Symal’s operating model: Contracting Services Plant and Equipment Other • Delivery of engineering and construction on various • Wet or dry plant hire throughout Australia. • Aggregation of other Symal Group services that are not p
Slide 19: Contracting Services
Contracting Services 1H FY25 Normalised Revenue 1H FY25 Normalised EBITDA 1H FY25 highlights $331.6m $24.8m • Normalised Revenue increased by 8.0% and EBITDA increased by 8.2% versus pcp. • Growth underpinned by new project wins and the ramp up of existing ↑ 8.0% on 1H FY24 ↑ 8.2% on 1H FY24 major p
Slide 20: Plant and Equipment
Plant and Equipment 1H FY25 Normalised Revenue 1H FY25 Normalised EBITDA 1H FY25 highlights $83.1m $23.0m • Revenue increased by 34.3% and EBITDA grew by 53.0% versus pcp. • There was no normalisation adjustments applied to this segment. ↑ 34.3% on 1H FY24 ↑ 53.0% on 1H FY24 • This growth was underp
Slide 21: Safety and our workforce
Safety and our workforce Symal’s 12-month rolling safety statistics (1H25) 1H FY25 highlights 0.22 3.30 • ~1,200 employees, up approximately 13% over the last six months • ~2,000 subcontractors from all over Australia. LTIFR ↓ 74.7% on 1H24 TRIFR ↓ 31.4% on 1H24 • Highly trained internal workforce p
Slide 22: Group financial results
Group financial results 22
Slide 23: Normalised financial performance
Normalised financial performance Symal delivered strong year on year revenue growth with further • Revenue growth of 12.2%, driven by growth in both the Contracting improvement in EBITDA margins above historical averages. Services and Plant and Equipment segments. • EBITDA growth of 29.6%, supported
Slide 24: Statutory financial performance
Statutory financial performance Statutory $m 1H FY25 1H FY24 Change $m Change % Statutory results include the impact of the pre-IPO restructure, IPO process and a material commercial settlement that inflated earnings in Revenue 403.6 364.3 39.3 10.8% the prior corresponding period. Operating expense
Slide 25: Cash flow
Cash flow Statutory $m 1H FY25 1H FY24 1H FY25 cash conversion $m Normalised Statutory EBITDA 33.9 46.3 EBITDA 48.7 33.9 Interest paid (3.3) (2.3) Remove non-cash items 0.4 6.7 Non-cash items (incl. share based payments) 6.7 (10.0) Income taxes paid (20.3) (10.4) Remove loss on sale of PP&E 0.2 0.2
Slide 26: Balance sheet
Balance sheet 31-Dec-24 30-Jun-24 30-Jun-24 Working capital $m 1H FY25 1H FY24 Change $m Statutory Statutory Pro Forma Trade and other receivables 96.0 140.0 (44.0) Cash and cash equivalents 157.6 87.7 146.5 Trade and other receivables 96.0 140.0 134.4 Excl. related party loan receivables (4.5) (17.
Slide 27: Capital management
Capital management 31-Dec-24 30-Jun-24 30-Jun-24 • Symal remains well capitalised, with an improved net cash position of $m Statutory Statutory Pro Forma $32.6m compared to June 2024 pro forma of $25.8m (as presented Drawn debt (108.7) (91.6) (106.2) in the Prospectus). Lease liabilities (16.2) (8.7
Slide 28: Outlook
Outlook 28
Slide 29: Outlook
Outlook Strong delivery in 1H FY25 Maintaining momentum in 2H FY25 and beyond Strong revenue and profitability, ahead On track to meet FY25 prospectus pro of 1H FY25 expectations. forma revenue and EBITDA forecast of $961.1m and $102.3m respectively. Continuing to win work and replenish work in hand
Slide 30: Questions and answers
Questions and answers 30
Slide 31: Appendix
Appendix 31
Slide 32: Important notice
Important notice This document is dated 24 February 2024 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 33: Statutory to pro forma results reconciliation
Statutory to pro forma results reconciliation Statutory Pre-IPO IPO costs / Pro-forma FY23 project Normalised $’000 1H FY25 restructure1 ASX listing costs2 1H FY25 settlement3 1H FY25 Revenue 403.6 13.2 - 416.8 (0.1) 416.7 Operating expenses (369.7) (11.9) 10.3 (371.4) 3.4 (368.0) EBITDA 33.9 1.3 10
Slide 34: Operating segments
Operating segments Revenue EBITDA Normalised $000 1H FY25 1H FY24 FY25 Prospectus 1H FY25 1H FY24 FY25 Prospectus Contracting Services 331.6 307.1 835.6 24.8 22.9 53.1 Plant and Equipment 83.1 61.9 143.6 23.0 15.0 43.3 Other / Eliminations 2.1 2.4 (18.1) 1.0 (0.3) 5.9 Group 416.7 371.3 961.1 48.7 37
Slide 35: Segment reporting update
Segment reporting update Operating segments have been refined to align with Symal operating model Operating segments Prospectus operating segments (driven by historical legal structure) Major Construction Asset Plant, People and Other Infrastructure Services Management Logistics Major infrastructure
Slide 36: symal.com.au
Building. Better. cymatcomay Together.