SYMAL GROUP LIMITED — M&A Activity 2025

Dec 9, 2025

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Acquisition of Timms Group and L&D Contracting

10 December 2025

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Expanding Symal’s east coast capability through strategic acquisitions in our QLD market.

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Symal Group Limited Timms Group / L&D Contracting acquisition

Transaction overview

Symal Group to acquire 100% of the assets of Timms Group and L&D Contracting Overview → Upfront: $28 million at completion → Earnout: Stretch target of circa 2.0x incremental FY26 EBITDA above target

Rationale

→ Immediate expansion into Queensland civil and infrastructure market ahead of 2032 Olympics → Expands access to Tier 1 and Tier 2 contracting opportunities → Material earnings uplift: $8 million in annualised, normalised EBITDA[1] to Symal

• → Asset-backed transaction: more than $28 million of assets acquired as part of the transaction

• → Platform to replicate Symal’s integrated model in Queensland (contracting, plant and equipment hire and partial C&D[2] repurposing)

• → Strengthens Symal’s ability to capture major / minor infrastructure and building and facilities pipeline to expand market share

Funding

The acquisition is to be funded 100% from existing cash reserves.

Timing

A conditional agreement was signed on 9 December 2025. Settlement is targeted for Q3 FY26, subject to satisfaction of completion conditions.

(1) $8 million EBITDA represents annualised (i.e., full year) FY26 earnings, not Symal’s share from financial close. Figure is normalised to exclude transaction costs. (2) Construction and demolition.

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Symal Group Limited Timms Group / L&D Contracting acquisition

Business overview

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Timms Group

Timms Group is a successful civil haulage, recycling and materials business that owns a significant fleet of plant and equipment

• → Fleet comprises prime movers, tipper trucks, and a selection of trailers dedicated to heavy haulage operations

• → Robust EBITDA margins due to operational efficiencies and high levels of asset utilisation

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L&D Contracting

A Brisbane-based civil contractor, operating since the 1980s, recognised for delivering large, complex projects and trusted client relationships in Queensland

• → Strong reputation for major infrastructure and civil projects, backed by an experienced team

• → Steady revenue growth, supported by a robust pipeline of civil works and repeat business from key clients

• → Consistent margins reflect disciplined project management and stable pricing, maintaining profitability with increasing volumes

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Symal Group Limited Timms Group / L&D Contracting acquisition

Strategic foothold in Brisbane market

Immediate access to Southeast Queensland’s civil and infrastructure market ahead of the 2032 Olympics, adding capability, a skilled workforce, and strong local reputation.

Asset-backed transaction

The $28 million upfront purchase is underpinned by more than $28 million in plant and equipment.

Secured and scalable pipeline

An established and scalable pipeline ensuring revenue stability and positions Symal for future opportunities in a high-growth region.

Earnings accretion

Symal gains ~$8 million annualised EBITDA in FY26 with normalised EPS accretion expected from the first year of ownership.

Integrated delivery platform

Enables Symal to replicate its integrated delivery model in Queensland, creating a scalable ecosystem for long-term growth.

Enhanced capability and presence

Adds a credible, well-regarded brand to Symal’s portfolio, enhancing capability and strengthening its Queensland market position.

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Symal Group Limited Timms Group / L&D Contracting acquisition

Geographic coverage

2032 Olympic Games

The Brisbane 2032 Olympic and Paralympic Games are a major driver, with the Queensland Government's $22.9 billion expected capital expenditure.[1]

Notable upcoming projects

$103.9 billion major projects pipeline over five years, which will necessitate significant end market uplift.[1]

Growing Symal’s footprint

Enhances Symal’s position in Queensland providing increased geographic diversification and an increased market share.

(1) Queensland Major Projects Pipeline 2025 (Queensland Major Contractors Association).

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Symal Group Limited Timms Group / L&D Contracting acquisition

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symal.com.au

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