• Challenging FY25 with revenue of $214.5M and adjusted EBITDA of $9.3M
• Acquisition of Aqua Metro expands water capabilities and adds recurring revenue
• Strong pipeline growth across Defence, Water, Energy and Resources & Industrials

Saunders International Ltd has reported its FY25 results, with revenue of $214.5 million, slightly below the previous year's record, and an adjusted EBITDA of $9.3 million. The company acted swiftly to mitigate headwinds such as delayed project awards, weather impacts and cost pressures, resetting operating and cost structures, tightening delivery controls and enhancing business forecasting. A key highlight was the acquisition of Aqua Metro in July 2025, which expanded Saunders' footprint in Victoria, deepened capability in the Water sector and introduced long-term utility contracts that strengthen recurring revenue. The company's $4 billion pipeline reflects the depth of opportunity and confidence in Saunders' capabilities, with the tenders and project awards that were delayed in FY25 now coming to market. Saunders sees strong growth opportunities across its four key markets - Defence & Government, Water, Energy, and Resources & Industrials. The company is focused on deepening market and client relationships, leveraging supply chain partners, and pursuing long-term, annuity-style earnings from multi-year agreements.

Saunders expects to see growth in Defence and Government earnings, with $52 million of projects currently in Preferred Contractor status that are expected to be awarded by the end of H1 FY26. In the Water sector, the company has been awarded two 10-year Sydney Water Delivery Contractor Panel Agreements, which are part of a framework valued at approximately $14 billion over that period. The Program of Works from Sydney Water is expected to become clearer in H2 FY26.

Saunders remains confident in the company's future, with a strong $4 billion pipeline reflecting the depth of opportunity and client confidence in its capabilities. The company is focused on deepening market and client relationships, leveraging supply chain partners, and pursuing long-term, annuity-style earnings from multi-year agreements across its four key markets of Defence & Government, Water, Energy, and Resources & Industrials.