• Revenue up 13.7% to $143.6 million, driven by Aqua Metro acquisition
• Adjusted EBITDA of $0.4 million, down from $9.9 million in prior period
• Adjusted NPAT loss of $2.8 million, compared to $5.0 million gain in prior period

Saunders International Ltd has reported its financial results for the half-year ended 31 December 2025. Revenue for the period was $143.6 million, up 13.7% from the prior corresponding period, driven by the contribution from the acquisition of the Aqua Metro group effective 1 July 2025. Adjusted EBITDA was $0.4 million, down from $9.9 million in the prior period, while adjusted NPAT was a loss of $2.8 million compared to a $5.0 million gain in the prior period. The company's new Managing Director and CEO, Angelo De Angelis, has provided continuity of leadership and a focus on improving earnings resilience. Operating momentum improved during the period compared to the second half of FY2025, as previously delayed projects progressed to award and activity levels increased across key markets. Since the start of FY2026, Saunders has secured $155.8 million in new project awards, with a further $787.8 million of tenders under evaluation in the short to medium term. The company's total pipeline has grown to approximately $4.9 billion, up 22.5% from 30 June 2025, reflecting its expanded and diversified capabilities, particularly in the Water sector following the Aqua Metro acquisition.

With delivery momentum established in H1 FY2026, Saunders enters the second half of the financial year with increased Work-In-Hand, a record opportunity pipeline and improving project award velocity. The actions committed to in FY2025 continue to be delivered, with benefits increasingly evident through project awards, pipeline conversion and improved operational stability.