• Saunders acquires leading water industry delivery partner Aqua Metro
• Acquisition supports Saunders' strategy to expand presence in water sector
• Total purchase price of up to $30 million, with initial $18 million payment

Saunders International Limited (ASX: SND) has completed the acquisition of Aqua Metro, a leading end-to-end delivery partner for design, engineering and project execution in the water industry with broad Victorian reach in both urban and rural areas. Aqua Metro has established long-term relationships with leading utilities and government agencies, and a diversified customer base complementary to Saunders. The acquisition supports Saunders' long-term strategy to increase its presence in the water sector, one of its key growth markets. By combining Aqua Metro's capabilities with Saunders' expertise in tank construction, pipework and control systems, Saunders expects to enhance its multidisciplinary project delivery, adding complementary capabilities across hydraulics, mechanical, civil and water infrastructure. The total purchase price for the acquisition of Aqua Metro is up to $30.0 million, payable as an initial $18.0 million on completion, comprising $11.0 million in cash and $7.0 million in Saunders shares, and a potential second instalment of up to $12.0 million based on Aqua Metro's financial performance during an earn-out period ending on 30 June 2026.