• Managing Director Mark Benson to step down on 31 December 2025
• Board commences recruitment process for new Managing Director
• FY25 Revenue guidance revised to $206-$216 million (from $210-$225 million)
• FY25 Adjusted EBITDA guidance revised to $9-$10 million (from $14-$16 million)

Saunders International Limited (ASX: SND) today announced the resignation of Mr Mark Benson as Managing Director and Chief Executive Officer, effective 31 December 2025. Mr Benson will continue in his role until the end of 2025 and be available for any transition requirements to the new Managing Director. The Board has commenced the recruitment process for Mark's successor and will provide a market update once the appointment is finalised. In the announcement, Managing Director Mark Benson said that after 10 years with Saunders, he has decided to step down from the role. He noted that in consultation with the Board, they have been working on a structured transition plan to appoint a new Managing Director who will lead the business through its next phase of growth. Saunders International also announced that it has revised its guidance for Revenue and Adjusted EBITDA for FY25. FY25 Revenue is now expected to be in the range of $206 million to $216 million, compared to the previous range of $210 million to $225 million. FY25 Adjusted EBITDA has been revised to $9 million to $10 million, down from the previous range of $14 million to $16 million. These revisions are based on year-to-date performance and updated forecasts, which take into account multiple recent flood events, weather disruptions and ongoing related delays, as well as delays in anticipated project awards during H2 FY25, particularly within the Defence and Resources sectors.The company noted that it has already completed cost reduction measures and will continue to align the cost base with revenue projections and the timing of project awards. Tender activity remains strong, with Defence and Resources sectors remaining key growth drivers, and tenders under evaluation increasing to $1.5 billion, up from $1.3 billion at 31 December 2024. Saunders has also secured multiple projects worth over $23 million in the last three months, in addition to the recently announced $27 million Kalgoorlie CIL4 project.

FY25 Revenue expected to be $206-$216 million (previously $210-$225 million) FY25 Adjusted EBITDA expected to be $9-$10 million (previously $14-$16 million)

Despite market conditions that have tempered growth and impacted profitability in FY25, Saunders' pipeline of opportunities continues to be strong and tender activity remains high. The company's strategic diversification, along with its past success in securing projects in key markets, gives it confidence in its medium to long term outlook.