• Successful leadership transition with new MD & CEO
• Diversified business with strong fundamentals despite challenging FY25
• Acquisition of Aqua Metro expands Victorian footprint and water capability

Saunders International Ltd presented its FY2025 Annual General Meeting, highlighting a smooth leadership transition with the appointment of Angelo De Angelis as the new MD & CEO, while Mark Benson stepped down after a decade of outstanding leadership. The Board has been strengthened with the addition of Andrew Bellamy, former CEO of Austal Ltd. Despite the challenges faced in FY25, including delayed project awards, weather, and cost pressures, Saunders maintained strong momentum with a 17% compound annual growth rate over the past decade. The company took swift action to mitigate headwinds, including efficiency measures, stronger delivery controls, and a disciplined focus on safety and client outcomes. The acquisition of Aqua Metro in July 2025 was a major step in Saunders' growth strategy, expanding its Victorian footprint and deepening its capability in the Water sector. This has added long-term utility contracts, strengthening recurring earnings and diversification.Saunders continues to demonstrate strong performance across complex, high-compliance environments, achieving zero Lost Time Injuries (LTIs) and a TRIFR of 4.91 in FY25. The company has also advanced its environmental, social, and governance (ESG) practices, including the launch of its first Reconciliation Action Plan.Looking ahead, Saunders is confident in its medium-term outlook, with a record $4 billion pipeline reflecting strong government and private sector investment and demand for its integrated delivery solutions. The company is focused on market growth strategies, systems and process improvements, and strengthening customer insight and value propositions.

H1 FY26 revenue above prior corresponding period; adjusted EBITDA circa breakeven for H1 FY26. FY26 revenue forecast: $315-$345m. FY26 adjusted EBITDA margin: 3.5%-4.5%, reflecting improved conditions in H2 FY26 and into FY27.

Strong momentum, uplift in market activity, diversified growth and a record pipeline strengthens confidence in a stronger second half and in Saunders' trajectory. Operational efficiencies and Aqua Metro integration are strengthening capability and delivery consistency. The company is focused on repeat clients, new relationships, and long-term annuity-style agreements, with $81m of projects won current YTD and a further $94m in Preferred Contractor status.