Good morning, welcome to Symal Group's First Half of Financial Year 2026 Results Call. Speaking today from the company will be Group Managing Director, Joe Bartolo, CEO, Nabeel Sadaka, and CFO, Geoff Trumbull. A reminder, following the conclusion of the presentation, attendees are invited to submit questions through the Q&A chat function on the right-hand side of your browser. When you go to enter a question, please enter your name, followed by your question. I'll now hand it over to Joe to go through the presentation. Thanks, Joe.
Good morning, thank you for joining us today as we present Symal's Results for the First Half, ending 31st of December, 2025. I'm Joe Bartolo, Group Managing Director, I'm pleased to be joined by our CEO, Nabil Sadaka, who will share some operational insights, our CFO, Geoff Trumbull , who will walk through our financial performance. We're also joined by our Interim CFO, David Gill. The first half has been busy. Yet again, exciting start to our second year as a listed company, as you can see, we haven't been sitting still. We've announced five strategic acquisitions and built a robust work in hand and ECI pipeline. Our momentum continues to accelerate, today's results further reflect the strength of our diversified model and disciplined growth strategy. As always, we continue to deliver on our promises. Let's get straight into the numbers.
This half, we've delivered normalized revenue of AUD 504.2 million, an increase of 21% for the same period of FY 2025. Normalized EBITDA of AUD 51.4 million, representing 6% growth and normalized NPAT A of AUD 20.9 million, an increase of 4% for the same period. Revenue growth outpaced EBITDA slightly this half, it reflects project mix and a deliberate investment in capability and overhead support to scaling. Importantly, margins remain within our 10%-12% target range. We finished the half with net cash of AUD 6.1 million. This reflects disciplined cash management, including dividends and acquisitions, while maintaining balance sheet strength. Our cash conversion remains robust at 108%, well ahead of our long-term average.
Given our ongoing solid financial performance, the board has declared that we'll be distributing an interim dividend of AUD 0.033 per share, representing 40% of NPAT. This represents the midpoint of our 30%-50% range. Tended conversion rates remain in line with historical performance. Given the large demand across our core end markets, we continue to see healthy opportunities flow through all entities and nationally. As of December 31, our work in hand sat at AUD 1.64 billion, with the majority of wins in data centers, solar and BESS, water infrastructure, defense, and community infrastructure. In addition, our ECIs sit at approximately AUD 1.4 billion, with more opportunities to come. As mentioned previously, we're building the book for FY 2027 and beyond.
We also reaffirmed guidance of EBITDA at $117 million-$127 million. We will provide a further update upon the completion of Timms, L&D, and Davisons. This slide summarizes the core foundation of Symal's long-term value creation. We are founder-led and management aligned with deep sector experience and a structured approach to capital allocation and risk. We have a 25-year track record of sustained growth and remain committed to delivering results. Our revenue base is diversified across contract models, geographies, and resilient end markets, including infrastructure, power and renewables, data centers, utilities, building and facilities, and defense, all supporting our earnings stability. We have consistent cash generation and maintain a prudent balance sheet, providing capacity to fund both organic growth and targeted acquisitions. Overall, our strategy is centered on disciplined execution, margin protection, and scalable growth across our end markets.
This slide highlights the operational momentum across the group. We have a clear focus of investment into AI-enabled productivity and innovation. We believe this will drive efficiency and improve project delivery. As always, safety remains paramount, with industry-leading performance underpinning operational excellence and risk management. Our national platform continues to gain scale. This is supported by a clear strategic roadmap and a focus on execution across the regions. We have a substantial pipeline across work in hand and ECIs, strengthening forward revenue visibility beyond this financial year, while having a clear focus to expand our recurring revenue base. At the same time, we're investing in long-term margin expansion, progressing an M&A pipeline, and aligning workforce capacity with our growth. Collectively, these levers position the business to scale in a controlled and sustained manner. We see growth in all our end markets and geographies.
However, over the next few slides, I've focused on where we see the greatest opportunities. The first theme is technology and data center demand. These are both important growth areas for Symal. Technology is not slowing down. In fact, it's moving faster than ever. Everyone sees the opportunities in this space, and Symal are perfectly positioned for growth in this area. In the first half, we secured four new data centers and continue to build trusted relationships with our clients and our global sponsors.... This gives us exposure to a multi-year pipeline supported by ongoing hyperscale expansion. Advanced technology is increasing demand for capacity, which in turn provides opportunity to increase our scope on these projects. These facilities require high compliance and surety of delivery, which suits our integrated self-performing model.
We bring an integrated solution with our brands, along with a proven track record of delivering complex projects on program, especially in a market where capacity is tight and program is crucial. Overall, data centers and AI facilities represent a long-term, technically demanding market aligned with our strengths and growth strategy. Next, we turn to the energy transition. The demand for power that's required to fuel our data centers are enough reason to be buoyant about this market. We're seeing sustained demand across transmission, wind, solar, and battery infrastructure. Today, we have a long history of civil construction in this space, and we've now added new electrical capabilities with CROE. The investment in CROE is delivering results. We've secured our first high-value, utility-scale electrical contract and a strong pipeline of further opportunities behind it. This is positioning Symal as a credible, full-wrap delivery partner in this space.
Over the next few months, we have more than 20 renewable projects we're awaiting decision on. This is a $2 billion opportunity. These will include sizable civil and electrical contracts. Now let's move to defense, an increasingly important growth platform for Symal. We have established a defense presence that's building momentum. We currently are delivering 10 civil and infrastructure packages across four states, with a total value of $220 million. We're seeing consistent repeat engagement across programs, supporting a multi-year revenue visibility. Our national footprint allows us to participate in major defense infrastructure programs aligned with long-term federal investment. This gives us scalable capability across multiple states rather than a single project exposure. Importantly, in addition to organic opportunities, we're evaluating acquisitions that will deepen our capability and enhance our margins while strengthening credentials and client access in defense.
Overall, defense represents a structurally supported multi-year opportunity where we can scale through capability, relationships, and disciplined capital allocation. Now let's talk about the Olympics. Brisbane 2032 represents a significant multi-year infrastructure opportunity for Symal. There is AUD 22.9 billion of committed government-backed infrastructure investment through to 2032, covering Olympics-related infrastructure. This provides a long-term procurement pipeline rather than a short-term activity. In addition to the Olympics, the major project pipeline across Queensland is estimated at over AUD 100 billion over the next five years. We're well-positioned to capture this growth. Our recent acquisitions of McFadyens, Timms, and L&D, coupled with our existing Symal businesses, provides us an established platform in Queensland, supported by well-established local relationships and a proven delivery track record. Overall, Brisbane 2032 strengthens our forward visibility and supports disciplined expansion in key growth market. These are just some of the markets we service.
Overall, the industry remains buoyant, with opportunities for all parts of the group. Now to our aspirational slide. This slide outlines how we are building towards a AUD 200 million earnings platform. Since listing, we've added meaningful EBITDA through organic growth and disciplined acquisitions, increasing our annualized EBITDA from approximately AUD 102 million at IPO to over AUD 130 million on a pro forma basis. Each acquisition has been targeted to strengthen capability, expand geography, and enhance scale whilst remaining earnings accretive and aligned with our internal return criteria. Our 2030, AUD 200 million target is aspirational and reflects our ambition to continue scaling the business in a controlled and value-focused way. Overall, this demonstrates a clear pathway of building earnings through both organic execution and targeted inorganic growth. Now I'll provide an M&A update.
Since listing, we've announced five separate acquisitions: Ascot Bins, Locale Civil, McFadyens, Timms Group and L&D, and Davison. Each has added scale and strengthened capability, all with a clear focus across our priority and markets. Together, they've expanded our footprint, enhanced vertical integration, and supported earnings growth. I'll provide more detail on the latest acquisitions in the following slides. Looking ahead, our M&A strategy remains disciplined and targeted. We are focused on increasing capacity, deepening vertical integration, and strengthening our national footprint across power and renewables, data centers, utilities, and defense. The emphasis is on acquiring capability, enhancing margin accretive businesses that expand scope, improve incumbency, and position us to capture greater market share in these long-term growth sectors. Let's dive a little deeper into the two acquisitions we announced in December.
Timms Group, L&D provide us with a strategic foothold in the Brisbane market, giving us immediate access to the Southeast Queensland civil and infrastructure pipeline ahead of the 2032 Olympic Games. The AUD 28 million upfront purchase price is supported by plant and equipment, making it a tangible asset-backed transaction, and the businesses together contribute approximately AUD 8 million in annualized EBITDA, with earnings accretion expected from year one. They bring civil contracting, plant hire, haulage, and recycling capabilities that fit naturally within our integrated model. Their teams are experienced, commercially prudent, and trusted by clients across the state. Most importantly, these businesses, together with the scale of Symal, give us a scalable platform that allows us to expand with speed and confidence in one of Australia's highest growth infrastructure markets. On to Davison Earthmovers.
They provide us with an established platform in South Australia, giving immediate access to the region's growing infrastructure, renewables, and defense pipeline. The transaction is supported by a significant fleet of plant and equipment, strengthening our asset base and delivery capability in the state. The business contributes approximately AUD 7 million in annualized EBITDA, with earnings accretion expected in the first year. Davison is a well-regarded local brand with deep client relationships and a multi-generational operating history of nearly 40 years. It's a founder-led business with a strong cultural alignment to Symal. Importantly, this acquisition allows us to scale our delivery model in South Australia, creating a platform for long-term growth and expanding our national footprint. As you can see, we're delivering exactly like we said we would. We've expanded our scale, capability, and footprint through disciplined execution and targeted acquisitions. We have strengthened the platform and not just growing revenue.
Our ambition for growth is clear, but it's balanced with a strong focus on margin expansion, capital management, and consistent cash generation. We are building a larger, more integrated business with control and long-term value for our shareholders. Enough from me. I will now pass you over to Nabil to provide some operational insights, and Geoff, who will dig down into the financials.
Thanks, Joe, and good morning, everyone. Our people are the foundation of our success, and our culture is what takes us to the next level. During the period, we completed over 9,200 hours of facilitated training, supported by our in-house learning and development team, with 55 graduates currently being developed in our system. We supported local communities with social investments into grassroots sports and community programs, and for the 10th year in a row, we trumped our previous record, raising $280,000 for the Fight Cancer Foundation. We also grew our meaningful Indigenous employment, with Wamarra being recognized with two industry awards. Following the recent bushfires last month, we supported Operation Veteran Assist by providing tools and equipment to armed services veterans who were assisting Victorians to get back on their feet.
We also had the opportunity to pilot a variety of hybrid equipment, which was powered by Searo. Sending our people home safely every day remains our number one priority. Our self-performing workforce is the core of who we are, and our safety culture continues to be something we're deeply proud of. With the 12 months to December 31, our total recordable injury frequency rate and lost time injury frequency rate were at historical lows. Our TRIFR of 1.76 compares very favorably to the industry average of 6. These results reflect strong planning, care, and discipline from our teams in the field. That said, we're not taking this for granted and will never stop pushing for improvement. During the period, our workforce grew beyond 1,500 people, making this result even more meaningful. On integration, acquisitions only create value if they're integrated well.
We apply a structured integration framework with clear executive oversight from day one, ensuring alignment on objectives, risk management, and value creation. Cultural alignment is equally important. We work closely with founders and leadership teams throughout the process to preserve what makes each business successful while strengthening it with Symal's systems, client networks, safety standards, and commercial discipline. This approach allows us to scale confidently while protecting performance and culture. Since completing the integration process, Locale has expanded its service offering and increased its capacity to deliver works on larger, more complex projects. The team has also been awarded an emergency works contract with Powercor and also established itself at the Mildura Depot, strengthening its regional footprint. Locale was recently also an important part of Powercor's disaster recovery response after the Victorian bushfires. We are now working on our strategy to broaden the Locale offer. Moving on to delivery profile.
You'll note the market opportunities we're seeing are aligned to the themes Joe touched on earlier, with Symal increasing its exposure to power and renewables, defense, data centers, and AI. Our work is also more geographically spread, with over 30% of our work in hand now in Queensland, New South Wales, and South Australia. As we've always done, we've invested in positioning Symal to take advantage of the next wave of growth opportunities, and you've seen this through our investment in Timms & L&D in Queensland, along with McFadyen, in South Australia with Davisons, and through Locale and Searo, which expand our vertically integrated electrical solutions. In defense, Symal and Wamarra are continuing to grow our reputation as a reliable partner, and we're being rewarded with a broader range of opportunities to participate in.
We finished the half with a strong AUD 1.6 billion of work in hand, and despite this move away from traditional infrastructure, our contractual mix remains consistent. On the right-hand side, you can see that over the past six months, we added a further AUD 380 million worth of work in hand and completed around AUD 500 million of work during that time. As we've explained previously, work in hand is a point-in-time measure that can fluctuate significantly as projects move from either ECIs or tenders into executed contracts. It's safe to say, this remains an absolute strength of the business, and we have a great deal of visibility for years ahead. ECIs play a significant role in that visibility, with circa AUD 1.4 billion worth of ECIs in hand.
Remembering, these are only the formal paid engagements where we partner with clients to develop projects and finalize pricing. These do not form part of our work in hand until they have converted into signed construction contracts. We also work on a variety of informal ECIs that also do not form part of this metric. Historically, we've been successful in converting 90% of ECIs. However, even if we convert 50%, this will materially grow our position. You can see on this slide, we're working on a variety of ECI opportunities, including a solar farm and battery storage system. This is actually one of the largest opportunities in our pipeline and a great example of how we leverage our vertical integration by bringing Searo and our other civil businesses into large subcontracting opportunities.
In the middle of the page, you can see we're working on two wind farm ECIs for the 1 client in Victoria and New South Wales, both representing exciting opportunities. In Queensland, we're working on a regional airport opportunity where we're in a competitive ECI process and one of two. Now on to operational performance for the half. We look at Symal as a holistic operation. However, for the purposes of reporting, we break it into three segments: contracting services, plant and equipment, and other. In contracting services, we deliver engineering and construction projects as both a head contractor and a subcontractor under a variety of contract models. In plant and equipment, we deliver internal and external plant hire, conduct quarry operations, and perform some regional civil projects. In our other segment, we house our fledgling strategic companies, such as SYCLE and Group Eliminations and Corporate Services.
In contracting services, we delivered 83% of the group's revenue for the half and 52% of the EBITDA, while P&E accounted for 17% of the revenue and 42% of the EBITDA. Our other segment accounted for 6% of EBITDA. It's important to recognize that the group's integration sometimes leads to each of the segments working on the same projects and for one another. It is often the contracting services business which brings through the other segments, such as plant and equipment, SYCLE, and Ascot. While these businesses predominantly deliver out to market, it's our integration which often delivers the greatest value outcomes. Diving now into contracting services. Normalized revenue grew by 26.5% against the first half last year to AUD 419.3 million, driven by continued ramp-up across major projects, including our data centers and roads portfolios.
Normalized EBITDA grew by 8.4% to AUD 26.9 million, and the EBITDA margin was 6.4%, which was down 1.1 percentage points. This reflects a greater contribution from relatively lower-margin projects, as well as our continued investment as we expand into the northern states. We've also added Locale Civil to the segment and welcomed continued growing contribution from Searo. The overhead investment in Searo and Locale, as well as the integration teams working on Davisons, Timms, and L&D, will provide strong benefit over coming years. Turning to plant and equipment, normalized revenue grew by 5% against the prior corresponding period to AUD 87.3 million, with a normalized EBITDA of AUD 21.3 million and an EBITDA margin of 24.4%.
You'll notice the difference from the prior corresponding period, which was largely due to some exceptional outcomes this time last year. EBIT fell to AUD 8.6 million, with the EBIT margin coming in at 9.8%, which is broadly consistent with the second half of FY 2025. Our underlying fleet utilization remains strong across the portfolio. However, we've invested in plant and equipment ahead of time, causing some softness in EBIT. This fleet will provide competitive advantage as the market continues to expand for us in Queensland ahead of the Olympics. It's been another productive half for the business. We've continued to invest in our future and build a strong platform from which to support our next phase of growth. I'll now pass you over to Geoff to provide further details on the financials.
Thanks, Nabil, and good morning, everyone. Slide 22 talks to our normalized financial performance for the first half of FY 2026. Consistent with our prior results, we've chosen to highlight normalized figures to exclude the non-recurring impacts of the IPO and other one-off items. A breakdown of these items is included in the next slide and in the appendix of the presentation. Symal delivered strong revenue and earnings growth compared to the prior corresponding period, with normalized revenue increasing by 20.7% to AUD 504.2 million, and normalized EBITDA growing by 5.5% to AUD 51.4 million. Our EBITDA margin came in at 10.2%, lower than prior corresponding period, but still within our guided target range of 10%-12%.
The lower margin was driven by a combination of project margin mix and investment in overheads to support future growth, particularly in new regions, as previously flagged. Depreciation and Amortization expenses have increased circa 40% versus the first half of last year to AUD 20.5 million. This is due to both our investment in plant and equipment and incremental lease asset depreciation associated with new leases at South Melbourne, Brisbane, Adelaide and Avalon. We expect this to continue to trend up slightly in the second half as the depreciation on current year fleet investment starts to flow through. We may also see higher amortization of acquired intangibles as M&A transactions are completed. However, we plan to pull that out as part of the NPAT A metric. Interest expenses increased to AUD 5.4 million for the half.
Once again, this reflects both a greater average debt balance during first half FY26, associated with the investment in plant and equipment, as well as AASB 16 interest charges on new leases, which represented the majority of the uplift. Interest costs will continue to trend up as we draw on the new debt facilities to fund future M&A activities. That is dependent on completion timing. You'll see at the bottom of the table that we have also introduced the NPAT A metric, which we'll continue to report going forward. This excludes the non-cash impacts of the amortization on acquired intangibles, such as the Locale customer contract. NPAT A for the half was AUD 20.9 million, up 3.9% on the prior corresponding period. The next slide presents our statutory results for the half and provides a reconciliation between statutory and normalized net profit after tax.
You will see in the table on the right-hand side of the slide that there are four things we have normalized for across the two periods: The impacts of the pre-IPO restructure, including a one-off tax benefit in the current period, the impacts of the IPO process itself, a historical project settlement which impacted the prior period, and the non-recurring costs associated with acquisitions and other one-off projects in the current period. The net impact of these normalizations on net profit after tax is immaterial overall for the current half year. Turning to Slide 24 and our cash flow for the period. Operating cash flows for the half were AUD 37.7 million. After normalizations, this provides a cash conversion of 108%, which is above our target and historical average of over 100%. Total investment cash outflow for the period was AUD 76 million.
AUD 36 million of this was associated with the upfront payments for the acquisitions of Locale and McFadyen. AUD 40 million was the net investment in property, plant, and equipment, after taking into account some asset sales during the period. Within this PPE figure, approximately AUD 29 million related to plant and equipment, which was broadly in line with expectations for the half. We are expecting full-year CapEx on plant and equipment to land closer to AUD 50 million, including some additional CapEx for Locale and McFadyen. The balance of approximately AUD 11 million related to leasehold improvements across our new office and plant yard locations, which was partially offset by lease incentives. In line with past practice, the plant and equipment expenditure was largely funded through additional debt drawdowns. The ending debt balances from June to December 2025 have remained fairly flat after installments on existing asset finance arrangements.
Turning now to the balance sheet on slide 25. We closed the half with a cash balance of AUD 126.1 million, compared to AUD 169 million at 30 June last year, largely due to the acquisitions of Locale and McFadyen during the period. Intangible assets have grown to AUD 75.4 million, driven primarily by the recognition of goodwill and other intangible assets as part of these acquisitions. As flagged earlier, we have invested in several new growth locations, resulting in an increase in both right of use assets and lease liabilities. On to slide 26 and the summary of our funding position. We closed the half with a net cash position of AUD 6.1 million, excluding lease liabilities. During the period, we established AUD 300 million of new revolving corporate debt and bank guarantee facilities.
The amount drawn as of 31 December relates primarily to bank guarantees, including a rollover of all existing bank guarantees from our historical facilities. Additionally, we continue to have asset financing of approximately AUD 120 million, which is expected to remain in place for the duration of each loan. We expect to see the benefits of improved interest costs as these asset financing facilities roll off and new capital expenditure is funded by the new group facilities. We also took the opportunity to increase the size of our bonding facilities by AUD 50 million, taking the total facility to AUD 100 million. Combined with the group debt facilities, this provides significant headroom to fund organic and inorganic growth moving forward. The board declared an interim dividend of AUD 0.033 per share.
This equates to 40% of normalized Net Profit After Tax, which is in the middle of our stated dividend policy of 30%-50%. I'll now hand you back to Joe.
As we look ahead, we do so with confidence in what we've built and the opportunities in front of us. We again reaffirm our guidance of AUD 117 million-AUD 127 million EBITDA, supported by substantial work in hand and clear visibility across our markets. The demand across our key end markets remains elevated, supported by government investment and private sector expansion. What gives us confidence is not just the pipeline, but the capability of our people, our integrated approach, and our discipline in where we go. We're building a business with greater scale, deeper capability, and a national footprint. We're remaining focused on delivery, profitability, and long-term value for our shareholders. On behalf of the board and leadership team, I want to thank our people for their commitment, our clients and partners for their trust, and our shareholders for their continued support.
We're excited about the path ahead and remain focused on delivering sustainable growth and enduring value. We will now open to questions.
Great. Thanks for that, Joe. Just first question from Darcy White at Jarden: just on D&A and net finance, do we take the first half run rate and take those through the second half, please?
Thanks, Darcy. I'll, I'll take that one. Maybe just to, to recap on the movements year-on-year, and then I'll talk to run rate. Starting with depreciation, probably the, the two, two key factors driving this. Firstly, the step up in underlying depreciation, which is probably up around AUD 3.8 million, and that's really reflective of our ongoing CapEx investment in the fleet. As, you know, really to set ourselves up for, for forward growth. There is quite a substantial step-up in AASB 16, right of use asset depreciation, and that's, that's reflective of a number of new locations being set up, both second half last year and first half of this year. That's about AUD 2.5 million or the balance of that step.
In terms of run rate going forward, we, we expect that sort of core depreciation on fleet to continue to increase slightly as we continue to invest in our fleet. But the AASB 16 depreciation we expect first half is, is pretty much gonna be run rate moving forward. Finance cost is a pretty similar story. More than half of the uplift in finance costs was related to lease accounting. Again, that's gonna be a pretty good run rate for the second half. The underlying borrowing costs were probably up around 19% year on year, and, you know, that will tick up slightly as we close on M&A moving forward.
Great. Thanks for that, Geoff. Just a question from Liam Schofield at Morgans: Talk through the margin decline at the EBIT level?
Yeah, Liam, I, I think I, I referred to my earlier, earlier comment. I think some of these impacts in terms of investments for future is really what has impacted EBIT in terms of that D&A line and the interest line. You know, that's setting us up for what we see as a real boom opportunity in the northern states. We, we think, you know, that, that sets us up well for growth moving forward.
Great. Thanks, Geoff, and just, another question from Darcy at Jarden: You've re-reiterated a 40-60 EBITDA split for the financial year. With the first half tracking towards the top end of guidance, can you outline the key considerations and major swing factors for Locale and McFadyen?
I mean, Locale and McFadyen, they're, they're largely performing as expected. We, we announced our sort of annualized EBITDA numbers when we, when we announced those transactions. They're delivering in line with expectations, and they'll continue to, to contribute in the second half. Importantly, that was part of our initial guidance, and we, we updated that pretty early on for McFadyen, so that was reflective of our 40-60 split. You know, basically delivering in line with, with expectations.
Great. Thanks for that. Just a question from Liam at Morgans: Just across the data center projects, what components are you working on?
Yeah, thank you. Look, with the data centers, we're obviously doing all in-ground works. We're doing concrete works, all the in-ground services as well, precast installation. What I alluded to as well before is that we've got a clear focus on increasing scope in that data center space over the next sort of 6-12 months. That's a key focus for us. Again, that data center space is very exciting for us, and we'll, we'll continue to focus in that area.
Great. Thanks, Joe. Just a question from Ben Yun at Ords: Just given the size of EBTA and your geographic expansion strategy, how should we think about EBITDA margins in the near term as you execute this strategy?
Thanks, Ben. It's Nabeel here. As Eastern BTA progresses, it progresses at about AUD 200 million a year, and so replacing that work is relatively easy. We're doing that through the geographical expansion. You know, the EBTA project gives us really strong margin stability, and we hope that will change towards the back end of the project in a positive way.
Great. Thanks, Nabs. Just a question from John Hynd at Petra Capital. Just on Victoria, it's still a meaningful contributor to the pipeline. Have there been any changes in the pipeline, perhaps with lower profile projects, and is pricing still favorable?
Yeah. Thanks, John. Look, the question of Victoria is always a common one, I'll touch on that again. Victoria continues to be buoyant for us, in particular in the private sector. We've seen some softness there in the infrastructure space and a few projects slowing down. Albeit we've still got quite a bit of work in infrastructure. But that private sector, you know, the power of renewable projects, a lot of data center work, a lot of work in the utility space, also a really big focus, too, on community infrastructure, which continues to deliver. Victoria, as a whole, we see is a very strong, strong state.
In terms of margin expectations, you know, that 10%-12%, it pretty much bang on where, where we see it and will continue to be. We don't see any differences between states in terms of margin profile at the moment.
Great. Thanks, Joe. Just another question from John: Given the recent investment and acquisitions and impact on cash, will you be in a position to talk to impact below the line now, or when guidance is updated sometime in Q3?
... Thanks, John. I'll talk to that one. Look, we'll, we'll, we'll update guidance when we have a better sense of completion on those two deals. As we announced at the time, I mean, there, there will be some incremental depreciation for both of those acquisitions and potentially some amortization based on where we get to with purchase price allocation. Yeah, we can, we can provide more color on that when we update guidance. As a reminder, you know, we sort of thought that the Timms and L&D on an annualized basis is probably AUD 3 million-AUD 4 million of depreciation, and Davison's about AUD 1 million-AUD 2 million of depreciation. The expectation is that that completes later this financial year, so will be a, you know, not a huge contributor to FY 2026.
Great. Thanks, Geoff, and just last question from John: What is the contracting pricing profile look like in the second half? Is there meaningful bonus potential from any large projects?
Yeah, thanks, John. Look, we don't focus. Sorry, we don't forecast bonuses until they're achieved, as you, as you're aware. That continues to be the case. There will be opportunities over the variety of projects to earn bonuses, and we'll let you know once they become real.
Great, thanks. Just questions from Megan Kirby-Lewis at Barrenjoey: How much visibility do you have for the second half in terms of revenue and EBITDA?
Yeah, look, we've got very strong visibility over our second half, at the moment, and we continue to work, work hard to hopefully, continue what we're doing at the moment. Yeah, very good visibility, very high work in hand figures, and we're very comfortable with H2.
Great. Just, another question from Megan: In terms of Brisbane Olympics 2032 opportunity, how are you seeing current levels of contract activity, and when is the peak activity expected?
Yeah, we're just starting to see the first expressions of interest come out. Tenders will probably follow over the next sort of 6 to 9 months, we'll start to see construction projects next year. We've got very strong relationships with the managing contractor, Laing O'Rourke, and Lendlease, on some of the development fronts. We've got a high degree of confidence in our ability to respond to the Olympics.
Great, and just last question from Megan: How does the level of ECIs compare of 1.4, to ECIs 6-12 months ago?
Yeah. Thanks, Megan. In terms of ECIs, they've, they've pretty much doubled since, since the, the full year. We, we continue to see more and more opportunities in that ECI space. It's a very buoyant market, especially around the power and renewable space, where the ECIs are coming from at the moment. We expect that there'll be more to announce in due course.
Great. Thanks, Joe. That concludes the Q&A. I might just hand it back to you for closing remarks.
Thanks, Simon. I, I suppose the most important part is, you know, we have this aspirational outlook of that AUD 200 million sort of business by 2030. Similar, we've always been amazing at investing forward in our people and places we work to ensure we can achieve those aspirations. You know, it's all about now as well, and we've got a clear focus on the next six months and what we want to achieve. Lots of opportunity in the market, lots of projects to be awarded. Like I said, there are just in the power and renewable space, there's circa AUD 2 billion worth of work we're awaiting decision on, so lots of real opportunities for us. Then the M&A pipeline is extremely strong as well.
You know, we're, we're working hard in that space to find the right businesses to really complement Symal as a whole and definitely, you know, give really good shareholder returns. Big focus in that space for us.
Great. Thanks, Joe, and thanks all for attending.
Thank you.