Full Year 2025 Perenti Ltd Earnings Call Transcript
Key Points
- Perenti Ltd (AUSDF) achieved record revenue of $3.5 billion in FY25, up 4% from FY24, demonstrating strong operational performance.
- EBITDA increased by 4% to $668 million, with EBITA rising by 6% to $333 million, reflecting improved margins and operational efficiency.
- Free cash flow reached a record $286 million, driven by excellent operating performance and strategic asset sales.
- Leverage reduced to below 0.5 times, marking a historic low and showcasing a strong balance sheet.
- The company declared a final dividend of $0.0425 per share, resulting in a total FY25 dividend increase of 21% from FY24.
- The financial underperformance of the underground contract in Botswana impacted results, although the company has exited this contract.
- Lower utilization for BTP and below-average levels of exploration activity for Drilling Services posed challenges.
- The Mining & Technology Services division saw a 5% decline in revenue and a decrease in EBITA to $12 million.
- Interest expenses slightly increased due to additional interest on the 2029 unsecured notes.
- The company faces challenges in maintaining consistent cash flow generation, with a historical skew towards the second half of the fiscal year.
Thank you for standing by, and welcome to the Perenti Limited FY25 results presentation. (Operator Instructions)
I would now like to hand the conference over to the company. Please go ahead.
Good morning, and thank you for joining the Perenti financial-year 2025 results call. My name is Mark Norwell, and I'm the Managing Director and CEO of Perenti. Presenting alongside me today is Michael Ellis, our Chief Financial Officer. Please note the disclaimer on slide 2.
Slide 3. Before e get into the numbers, I'd like to begin with an overview of our business and what we do. At Perenti, our purpose is to create enduring value and certainty for our stakeholders. We empower our people, care for our communities, and collaborate with our clients to deliver smarter solutions for a better future. We believe that over time this will sustainably deliver value for our shareholders.
In FY25, we simplified our structure to three operating divisions:
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