• H1 FY2026 Revenue of $143.6 million, up 13.7% on prior year
• Adjusted EBITDA of $0.37 million, in line with recent guidance
• Strong Balance Sheet with $26.7 million in cash

Saunders International Limited (ASX:SND) has released its financial results for the half-year ended 31 December 2025 (H1 FY2026). The company reported a record half-year revenue of $143.6 million, up 13.7% on the prior corresponding period (H1 FY2025). Adjusted EBITDA was $0.37 million, in line with recent market guidance. Saunders' balance sheet remained strong, with cash and cash equivalents of $26.7 million, up 20.8% on 30 June 2025. The company's contracted Work-In-Hand was valued at $549.0 million, up 3.8% on 30 June 2025, and it secured $155.8 million in key contracts across its four key markets of Defence & Government, Water, Energy, and Resources & Industrials. Saunders' pipeline of opportunities has grown significantly, reaching a record $4.9 billion as of 31 December 2025, up 22.5% from $4 billion at 30 June 2025. The company's ability to self-perform across the project lifecycle and engage early with clients through Early Contractor Involvement (ECI) continues to support sole-sourced opportunities, improved project outcomes, and enhanced earnings resilience. Saunders has also successfully integrated Aqua Metro, which has increased its exposure to annuity-style earnings through multi-year panel and framework agreements, improving earnings resilience.

Full Year FY2026 revenue is forecast to be between $315 and $345 million, delivering an adjusted EBITDA margin of between 3.5% to 4.5%.

Saunders enters the second half of the financial year with a record opportunity pipeline and improving project award velocity. The company will continue to leverage its multidisciplinary capabilities across its core markets of Defence & Government, Water, Energy, and Resources & Industrials, supported by increasing investment and demand in these sectors.