The Environmental Group Limited
Advanced Boiler & Combustion Acquired
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Presentation
Our Approach to Sustainability
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Annual Report 2025
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The Environmental Group Limited acknowledges the traditional owners and custodians of country throughout Australia and acknowledges their continuing connection to land, sea, and community. We pay our respects to the people, the cultures and the elders past and present.
FY25 in Review
FY25 demonstrated The Environmental Group’s ability to deliver results: driving commercial success while leading the transition to a cleaner, more sustainable future.
13.9% increase in
revenue on FY24
EBITDA up 9.9%
on FY24, before
significant items of $1.16M
EBIT up 7.8% on FY24,
before significant items of
$1.16M
NPAT up 7.3% on FY24
Recurring revenue
(% of total revenue)
Net assets increased
by $4.9M to $45.8M
Hours worked
Strategic business aquisition
All CE & ISO
Certifications maintained
“Over the four-year journey with this management team, revenue has grown from approximately $46.6M to $111.9M up approximately 140% and EBITDA $3.27M to $11.1M up 240%. This has been achieved while we have grown the business to have over 250 staff members with a great culture, safety focus and maintaining a sustainable work-life balance. “
Dear Shareholders,
I am pleased to present the Chair’s Report for the 2025 financial year–one marked by purposeful expansion, operational resilience and sustained value creation. The Environmental Group Limited (EGL) has again demonstrated its capacity to grow with discipline, invest with foresight and lead with integrity. As we advance into FY26, our commitment to engineering a sustainable future positions us well to continue delivering strong shareholder returns while contributing positively to the communities and industries we serve.
In FY25, EGL delivered revenue of $111.9 million, a 13.2% increase from the previous year, alongside a 9.9% lift in EBITDA to $11.1 million (before significant items). This performance reflects the successful execution of our three-year strategy and the strength of our diversified portfolio.
Importantly, the composition of our earnings has continued to evolve. Recurring service and spares revenue now exceeds 52% of group income—a deliberate shift that enhances earnings resilience, smooths cash flows, and deepens long-term customer relationships.
The Group has matured into a national service-led business with integrated offerings across four key pillars—EGL Clean Air, EGL Energy, EGL Waste Services and EGL Baltec (formerly known as EGL Turbine Enhancement). This structure enhances internal efficiency while delivering a unified, solutions-focused experience for our clients.
In line with our FY25 theme of ‘Growth’, we made material progress towards becoming a truly integrated national organisation. Operational hubs were consolidated in New South Wales and Queensland to complement our established presence in Victoria, enhancing both our service reach and environmental efficiency.
A significant milestone during the year was the acquisition of Advanced Boilers & Combustion Pty Ltd (Advanced). This transaction cemented EGL Energy’s leadership in the Australian boiler sector and added a further layer of recurring service capability. Advanced’s exclusive rights to Maxitherm technology and manufacturing expertise create both near-term opportunities and long-term strategic alignment.
In FY25, EGL elevated environmental, social and governance (ESG) from strategic commitment to operational practice. This was driven by three key shifts:
- Integration of ESG into core business planning: The implementation of our comprehensive ERP system will enhance our ability to track environmental and social performance metrics in real time, supporting both proactive risk management and stakeholder transparency.
- Sustainability-led innovation: We have invested in design-led product improvements, including high-efficiency baghouse systems, dust control technologies and next-generation noise attenuation systems for gas turbines. These developments contribute to cleaner air, safer workplaces and lower emissions intensity for our clients.
- Expanded ESG disclosure: In line with ASX Corporate Governance Council principles, we have bolstered our sustainability reporting to reflect best practice and investor expectations. We now report against ESG metrics in areas such as energy use, waste reduction, employee engagement and modern slavery due diligence.
Project Castlelost in Ireland exemplified our ESG philosophy in action. Delivered in partnership with Siemens Energy, the project demonstrated EGL Baltec’s capacity to meet rigorous European noise, heat and emissions requirements through world-class engineering design.
The year was not without challenge. Our EGL Baltec division experienced a cost overrun on a major international project, prompting an internal review and the implementation of strengthened project governance protocols. The lessons learned have reinforced our risk management culture and will support more robust execution as the business continues to scale.
Our Enterprise Risk Management Framework continues to evolve, reflecting the complexity of the sectors we operate in. We recognise that climate-related transition risks, information security threats and regulatory uncertainty are growing concerns for stakeholders. Our approach is aligned with ASX200 best practices, focusing on scenario planning, board oversight and integration of sustainability-related risks into strategic decision-making.
Strong governance continues to underpin EGL’s performance. In September 2024, we welcomed Lucia Cade to the Board as an Independent Non-Executive Director. Lucia brings deep expertise across infrastructure, utilities and advanced manufacturing, with a strong track record of delivering board-level impact through ESG leadership and commercial acumen.
Lucia’s appointment aligns with our commitment to board diversity, succession planning and enhanced capability in environmental and social impact governance.
ONE EGL
One purpose, shared across our group: to engineer a sustainable future, year upon year.
In FY25, The Environmental Group Limited (EGL) has taken a significant step forward in realising our vision of becoming One EGL—a united, national organisation that delivers integrated environmental and engineering solutions across the full spectrum of the circular economy.
This year, we proudly expanded our national footprint by establishing joint operational hubs in New South Wales and Queensland, complementing our Head Office and operational hub in Victoria.
By consolidating our physical presence, we’re not only reducing our environmental footprint but also ensuring that clients benefit from our collective expertise—regardless of location or needs.
As we move into FY26, our national footprint, group-wide capabilities and client-first approach will continue to set us apart as a leader in environmental engineering.
Together, we are One EGL. One vision. One future.
During the year, we farewelled Non-Executive Director Graeme Nayler. Graeme’s contribution over his tenure helped guide EGL through a transformative growth phase, and we thank him sincerely for his service.
In July, we announced the appointment of Gareth Nicholls as incoming Chief Financial Officer (CFO), effective October 2025. Gareth joins with two decades of senior finance experience, most recently with Visy Industries. His expertise in analytics, corporate finance and systems transformation will support EGL’s scale ambitions. Outgoing CFO Andrew Bush will remain in a part-time company secretary and finance role to support the ERP transition. We thank Andrew for his significant contributions over the past eight years and look forward to his ongoing support to the company.
Our people remain the cornerstone of our success. Over 250 employees now call EGL home, and we are proud of the strong, values-driven culture we continue to foster.
In FY25, we maintained a lost time injury frequency rate (LTIFR) 74% lower than our reference industry, despite one minor injury event. With over 381,000 hours worked across complex project environments, this result reflects our relentless commitment to safety leadership.
Employee wellbeing, development and diversity remain core priorities. We have expanded training programs and introduced refreshed employee engagement tools to ensure the voice of our workforce informs continuous improvement.
Looking ahead, EGL is well placed to capitalise on the global trends driving demand for environmental solutions—decarbonisation, resource recovery, energy transition and the circular economy.
Our pipeline across waste treatment, PFAS (per- and polyfluoroalkyl substances) remediation, renewable infrastructure, and industrial decarbonisation is stronger than ever. The Board has endorsed a strategy for continued organic and inorganic growth, with a priority focus on scalable service offerings, market-leading IP and responsible innovation.
We anticipate continued EBITDA growth in the range of 15% to 20% in FY26, underpinned by margin expansion, disciplined execution and a culture of operational excellence.
FY25 has been a defining year. We delivered a strong financial result, integrated a major acquisition, and commercialised our most advanced environmental technologies to date. We grew our national footprint, reduced our environmental impact, and maintained our focus on recurring service excellence.
As Chair, I am proud of the achievements delivered throughout FY25 and deeply grateful to those who made them possible—our executive team, led by CEO Jason Dixon, our general managers and frontline staff, and our valued partners and shareholders.
Our purpose—engineering a sustainable future, remains our guiding force. On behalf of the Board, I thank our executive team, employees and shareholders for your trust and support. Together, we are One EGL. One vision. One future.
Lynn Richardson
Non-Executive Chair
CEO's Report 2025
“Over the four-year journey with this management team, revenue has grown from approximately $46.6M to $111.9M, up approximately 140%, and EBITDA $3.27M to $11.1M, up 240%. This has been achieved while we have grown the business to have over 250 staff members, with a great culture, safety focus and maintaining a sustainable work–ife balance.”
Jason Dixon
Chief Executive Officer
Dear Shareholders,
Each year, I get to report to you on the progress of The Environmental Group Limited, which is a great pleasure, again producing strong financial results and driving our strategic goal of increasing the amount of recurring revenue and services work throughout the business, which has now grown to approximately 57% of our revenue by the end of the financial year. Selling new products is very rewarding but looking after those assets in the long term through services is a strong business model, and one we continue to pursue growth in. As we continue to expand, process improvement and risk controls are a key feature of sustainability. Our Enterprise Resource Platform (ERP) system is being implemented later this year and will be a major step forward.
Our culture is based on integrity and trust; the stakeholders we deal with know that our word is our bond and we will strive to get the best outcome for our shareholders and all those we deal with. This is also reflected in the way we deal with our people in providing rewarding careers, always promoting internally if possible, and providing a working environment that is balanced and flexible. Without great people the business cannot succeed, and I thank them for their outstanding efforts again this year.
Unfortunately, we had one lost time injury for the year, thankfully a minor shoulder strain with no major injury suffered by the employee. To achieve a Lost Time Injury Frequency Rate (LTIFR) 74% lower than our reference industry, with 381,000 hours worked, is a reflection of our safety culture and how we put safety as the pinnacle of what we do. However, there is always room for improvement. With good reporting procedures we can identify areas of risk and eliminate them as much as possible.
From a financial perspective the business continued to perform well, having now achieved a four-year compound average growth rate in normalised EDITDA of 35.8%. This is an outstanding achievement, given a modest economic environment while dealing with significant cost inflation pressures. It is very pleasing that the second half of the financial year was an ex-ceptionally strong result.
For the Financial Year 2025, revenue was $111,921,268, up 13.2% (FY24 $98,251,869). EBITDA increased to $11,101,394 (FY24 $10,101,890), an increase of 9.9%, before significant items (acquisition and integration costs $808,060, restructuring costs $96,771, FX gains $213,995 and performance rights $163,047, ERP $306,799). It was very pleasing to note the second half of FY25 was exceptionally strong, with EBITDA before significant items up 86% on the first half to $7,215,225.
One of the key highlights this year was the acquisition of Advanced Boilers & Combustion (Advanced) for $5.5 million, cementing EGL Energy as the number one player in the boiler industry in Australia. This acquisition represents a major expansion in EGL’s sales and service offering to the industrial boiler industry, complementing EGL Energy’s existing business. Advanced has expertise in fabrication, boiler fit out, economisers, pipe welding, skid manufacture and control panels, broadening EGL’s current capability. Advanced also owns exclusive intellectual property rights to Maxitherm boiler technology, which is particularly relevant to larger industrial uses and complements EGL’s existing range of boilers. Approximately 60% of Advanced Boilers & Combustion’s revenue is service revenue, which is recurring in nature, and aligns with EGL’s strategic growth plans.
The strong financial result was driven by our growth strategy, offering all the services of The Environmental Group to our client base, broadening our offering through increased services, spares, licensing distribution agreements such as Turmec, Fulton’s and Kadant PAAL. The waste sector is a multibillion-dollar industry in Australia and is going through significant change as part of the circular economy to lift its recycling levels of waste, derive valued products and minimise the environmental impact. We are well positioned to be part of this landmark change in the industry following the introduction of the Recycling and Waste Reduction Act 2020. This targets a significant improvement in recycling rates and includes the banning of all waste being exported from Australia.
Financial Position
The financial position of the Group has strengthened over the period, with net assets increasing by $4.9 million to $45.8 million. Our debt facility was increased to $8 million to provide significant working capital to fund further growth. At the end of the financial year this facility was drawn to $3.5 million. Our bonding facility has been raised to $18M to facilitate future growth.
Operating cash flow for FY25 was impacted by strong revenue growth and acquisitions, including strategic acquisition and investment. This includes the initial payment of $4.3 million for the acquisition of Advanced and $325 thousand invested in Water PFAS development. An increase in contract assets, reflecting the rapid expansion in EGL Energy, increasing from $5.3 million to $11.2 million. Contract assets represent work performed or delivered but not yet invoiced. Inventory increased by $3.5 million to support future sales of the Fulton boiler range and increased inventory levels for Airtight to mitigate long lead times for delivery from Europe and one-off costs of $1.2 million. This includes costs related to ERP implementation, restructuring and integration activities.
The outlook for FY26 remains strong with EGL again forecasting increased earnings, expecting EBITDA to grow in the range of 15% to 20%.
Each of the EGL divisions plays their role in providing ‘The One EGL Solution’ for a sustainable future. EGL Waste for recycling, sorting and bailing technologies, EGL Clean Air (TAPC and Airtight) for dust, fume, emission and odour controls and EGL Energy (Tomlinson Energy Services, Ignite Services and Advanced Boilers & Combustion) for heat exchange, biomass boilers and autoclaves. As waste treatment technologies develop further in Australia into the waste to energy industry, EGL Baltec has the expertise in intake and offtake systems for turbines and thermal dynamics to support the shift.
As we as a society continue to seek lower carbon emissions and improve environmental outcomes, the demand for our services is at a high level. We continue to be a market leader in noise attenuation for gas turbines, including peaking-load turbines, supporting the transition to renewable energy while recognising gas turbines are an essential part of energy infrastructure around the world. The commercialisation of our PFAS extraction technology was a major achievement for the year, with significant resources now being invested to penetrate the market and drive sales with our technology. We are now the house of premium brands in Australia for industry and hold premium intellectual property in the sectors we operate in to provide the best solutions for our clients.
To grow the business revenue at 24.5% compound annual growth for the last four years requires a strong balance sheet and cash flow and reinvestment into the business. We have invested significantly back into the company in FY25, relocating to much larger and combined premises, developing ERP systems for sustainability and completed an acquisition delivering on strategy, while building working capital.
The results have been delivered through the successful execution of our strategy, while not without falter, with a focus on building recurring revenue streams and expanding margin, based on good processes and valuing our intellectual property. Our EBITDA margins have improved compared to FY24, despite the cost inflation and the cost overrun on the Singapore turbine job.
Our management team continue to focus on achieving strong results for our shareholders. This has been a testament to their commitment to the company and exceptionally hard work, which I thank them for. Over the four-year journey with this management team, revenue has grown from approximately $46.6 million to $111.9 million, up approximately 140%, and EBITDA $3.27 million to $11.1 million, up 240%. This has been achieved while we have grown the business to include over 250 staff members, with a great culture, safety focus and maintaining a sustainable work–life balance.
To the board, staff members and all of our shareholders and stakeholders, I thank you for your ongoing support and look forward to another strong year. In FY26 we expect normalised EBITDA to grow again in the range of 15% to 20%.
Jason Dixon
CEO, The Environmental Group Limited
Advanced Boilers & Combustion Joins The Environmental Group
Investing in Innovation and Impact
The success of Advanced within our group highlights what we can achieve through smart, strategic growth. We are not just acquiring businesses – we are investing in the people, technologies and ideas that will carry Australia’s industries into a cleaner, more efficient future.
Our acquisition strategy clearly reflects our commitment to long-term thinking and technical excellence—delivering strong results for our shareholders, while also contributing positively to the environment and the broader community.
Positioning for Future Growth
In FY25, The Environmental Group Limited continued to strengthen its position as a leader in environmental and energy efficiency solutions. One of the standout milestones this year was the successful integration of Advanced Boilers & Combustion (Advanced) into our business – a move that has already begun delivering measurable value to our clients and stakeholders.
The acquisition of Advanced has strengthened our capability to support Australian industry with high-performance combustion solutions that aim to reduce emissions, improve efficiency and assist clients in aligning with the nation’s decarbonisation objectives. Bringing Advanced into The Environmental Group has added new depth to our technical offering and opened up fresh opportunities for collaboration, innovation and long-term client partnerships.
The integration of Advanced aligns perfectly with our long-term strategy. As ESG requirements become more stringent and energy costs continue to rise, the demand for efficient, low-emission combustion systems is growing rapidly. By combining Advanced’s deep combustion expertise with the infrastructure, resources, and reach of The Environmental Group – particularly our EGL Energy division – we are uniquely positioned to meet this demand.
Our clients now benefit from a comprehensive energy and emissions solution: from advanced boiler and burner systems to performance audits, plant upgrades, maintenance and compliance services.
The acquisition of Advanced has strengthened our capability to support Australian industry with high-performance combustion solutions that aim to reduce emissions, improve efficiency and assist clients in aligning with the nation’s decarbonisation objectives.
Real Results
In just four months, Advanced has made a strong start under The Environmental Group’s banner, with new boiler systems already delivering significant results across client sites. Together, we have:
- strengthened EGL’s internal capability across divisions by leveraging Advanced’s in-house fabrication, welding and control systems expertise—enhancing our ability to deliver integrated, turnkey solutions across energy, emissions and waste recovery projects
- accelerated delivery of EGL’s PFAS extraction plants by utilising Advanced’s specialised design and build capabilities—supporting the rapid deployment of clean technology and reinforcing our environmental leadership
- supported clients in meeting environmental compliance by lowering NOx and CO₂ emissions through retrofit and optimisation projects
- expanded national service capabilities, ensuring faster response times and more comprehensive lifecycle support.
Right Now
We’ve also expanded our local manufacturing capabilities, allowing us to deliver solutions with reduced lead times, while maintaining the highest standards of quality and compliance. By investing in Australian-based operations, we’re strengthening our supply chain resilience, supporting Australian jobs and contributing to the growth of local industry.
These milestones provide clear, measurable evidence that our acquisition strategy is generating real-time value for shareholders, while our commitment to engineering a sustainable future further strengthens long-term shareholder returns and resilience.
“Delivering strong results for our shareholders, environment and the broader community.”
Andrew Bush, CFO,
The Environmental Group
In FY25, The Environmental Group embedded sustainability more deeply into its core business strategy, aligning ESG performance with our goals of delivering long-term value, environmental leadership, and social responsibility. Building on FY24 commitments, we progressed from planning to action — developing baseline metrics, setting meaningful targets, and improving our capabilities through a new ERP system to track ESG metrics more effectively.
We prioritise sustainability by integrating environmental considerations into our design, supplier choices and daily operations.
Our people drive our success, and we focus on attracting, retaining and empowering talent whose values align with our business.
We uphold strong governance by complying with all regulations, committing to integrity and ensuring transparency and fairness in our practices.
“In FY25, we laid strong foundations for a future-focused sustainability
program—one that is measurable, accountable, and intrinsically tied to how we do business. As we continue to refine our approach in FY26, we remain committed to sustainable growth, earning trust through responsible actions, and delivering long-term value for our people, our communities and our investors.”
Brenda Borghouts, COO, The Environmental Group
Environment
Advanced Water Treatment Innovation:
Successfully developed a PFAS extraction system integrated with ammonia stripping capabilities, supporting safer wastewater discharge and aligning with emerging environmental compliance standards.
Paper & Toner Reduction:
Introduced annual monitoring; targeting measurable reductions across all sites.
Energy Efficiency:
Site-level electricity usage monitored to identify efficiency opportunities.
Design-Led Waste Reduction:
Over 750 engineering hours invested in redesigning products to use less raw material and reduce welding, directly lowering embodied energy.
Noise Pollution Mitigation:
Delivered 10 industrial silencers, reducing environmental noise at client facilities.
Next-Gen Product Innovation:
- Redesigned gas and oil boiler units:
- 11 gas units
- 17 oil units
- 3 hybrid systems
- Energy-efficient baghouse R&D underway to improve filtration performance and reduce power draw.
Site Sustainability:
All Group’s sites are equipped with recycling bins.
Consolidation of NSW and QLD operations, reduced freight, emissions and energy consumption.
We work to have a positive impact on the environment by integrating environmental considerations and management into our activities, including design, choice of suppliers and day-to-day operations of our facilities.
Quarterly HSR Engagements:
Consistent engagement, with 0.75 HSR attendance ratio.
Toolbox Talks:
Delivered 4 environment-focused training sessions.
Employee Development:
- Over 20 training sessions delivered across sites.
- Supported 2 university interns (Engineering + Airtight Solutions).
- Partnered with Victorian Chamber of Commerce for industry training, human resource support and advice.
Health & Wellbeing:
- EAP utilised in all states.
- Mental health programs embedded into workforce communication strategy.
Leadership from Within:
Internal promotions emphasised across technical and operational teams.
Certifications:
CE Compliance across divisions, including EN1090 and EN13084-7
Safe and Fair Workplace:
- No breaches of the Fair Work Act.
- Anti-discrimination and anti-harassment policies enforced.
Stakeholder Satisfaction:
- NCR (non-conformance) resolutions recorded as amicable and closed-out with clients.
WHS Performance:
- Lost Time Injury Frequency Rate 74% lower than our reference industry with 381,000 hours worked.
Our people are key to our success. We continually refine our strategy to attract and retain top talent whose values align with ours, fostering an environment where they can perform at their best.
Governance
1. Laying Solid Foundations for Management and Oversight
We have clearly defined the roles and responsibilities of the Board and executive management, ensuring a structured delegation of authority. Regular performance evaluations were conducted to assess and enhance the effectiveness of both governance and operational leadership.
2. Structuring the Board to Be Effective and Add Value
Our Board composition reflects a balanced mix of skills, experience and industry knowledge. We undertook a skills matrix review and succession planning to ensure the Board remains well-equipped to guide strategic direction and deliver long-term value.
3. Instilling a Culture of Acting Lawfully, Ethically and Responsibly
We reinforced our commitment to ethical conduct through updated codes of conduct, mandatory compliance training and regular communication of our core values. Leadership continues to model and promote a culture of integrity across all levels of the organisation.
4. Safeguarding the Integrity of Corporate Reports
Robust internal controls and verification processes were maintained to ensure the accuracy and reliability of all corporate disclosures. Our Audit and Risk Committee provided independent oversight of financial reporting and compliance.
5. Making Timely and Balanced Disclosure
We reinforced our commitment to ethical conduct through updated codes of conduct, mandatory compliance training and regular communication of our core values. Leadership continues to model and promote a culture of integrity across all levels of the organisation.
6. Respecting the Rights of Security Holders
We enhanced shareholder engagement through timely updates, accessible communication channels, and digital platforms that support participation in meetings and voting. Feedback mechanisms were also strengthened to better understand and respond to investor concerns.
7. Recognising and Managing Risk
A comprehensive risk management framework was reviewed and updated during the year. We conducted regular risk assessments and scenario planning to address emerging threats and ensure business resilience.
8. Remunerating Fairly and Responsibly
Our remuneration strategy is designed to attract and retain high-calibre directors and executives. It aligns performance incentives with long-term shareholder value and incorporates ESG and risk management objectives.
Good governance is the collective responsibility of the Board and all levels of management. The Environmental Group adopts contemporary governance standards and applies these in a manner consistent with our values. The Group’s leadership team is accountable for the safety of our people, for upholding our Values and for acting with integrity. We support the intent of the 4th Edition of the Australian Securities Exchange (ASX) Corporate Governance Council’s Corporate Governance Principles and Recommendations. Unless otherwise disclosed, we report against the requirements of these Principles and Recommendations.
The following persons were Directors of The Environmental Group Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:
Ms Lynn Richardson
Chair (Non-Executive)
Mr Michael Constable
Independent Director (Non-Executive)
Chair of Audit and Risk Committee
Mr Vincent D’Rozario
Independent Director (Non-Executive)
Ms Lucia Cade
Independent Director (Non-Executive)
Appointed to the Board on 26 September 2024
Mr Graeme Nayler
Independent Director (Non-Executive)
Resigned from the Board 23 October 2024
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group’) consisting of The Environmental Group Limited (referred to hereafter as the ‘Company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the year ended 30 June 2025.
Ms Lynn Richardson
Chair (Non-Executive)
Appointed to the Board: 22 May 2015
Elected Chairman: 23 November 2017
Ms Lynn Richardson is an accomplished non-executive director known for enhancing shareholder value through fostering a positive corporate culture, driving innovation and achieving strategic objectives. With extensive governance experience, including nine years with ASXlisted companies, Ms Richardson has successfully guided the company through a significant growth phase and has demonstrated exceptional leadership during multiple acquisitions.
Ms Richardson’s broad expertise spans ASX-listed organisations, not-for-profit entities and government boards.
A graduate of the Australian Institute of Company Directors, Ms Richardson possesses an MBA from the Australian Graduate School of Entrepreneurship and postgraduate qualifications in professional accounting and educational research from the University of Melbourne. Her 20-year career is marked by a dedication to continuous improvement and a passion for entrepreneurial leadership.
Before becoming Chair, Ms Richardson served on the executive committee of Baltec IES, where her strategic leadership significantly contributed to the company’s growth.
Mr Michael Constable
Independent Non-Executive Director Chair of Audit and Risk Committee
Appointed to the Board: 24 August 2023
Mr Michael Constable was appointed to the board as a non-executive director in August 2023. Michael has significant financial management experience and board exposure gained within large ASX-listed companies over the last 20 years. Michael is a Chartered Accountant who has had senior executive finance roles within Nylex and Programmed Maintenance Group and was CFO of Tox Free Solutions Ltd. for over 10 years. Michael was also CFO of Millennium Services Group Ltd. for 4 years.
Michael’s industry experience spans labour and equipment hire, industrial services, waste management and contracting businesses, and he has had significant experience in high-growth environments. Michael has developed and successfully executed business organic and inorganic growth strategies, governance, risk management, equity and debt funding initiatives, and has driven significant shareholder value.
Mr Vincent D’Rozario
Independent Non-Executive Director
Appointed to the Board: 9 March 2021
Vincent D’Rozario is a senior executive and non-executive director with over 25 years of experience in engineering, resources and aviation across ASX-listed and global companies. He is currently Chief Operating Officer of Austin Engineering Ltd (ASX:ANG), leading global operations for a mining equipment manufacturer, and Non-Executive Director at Environmental Group Limited (ASX:EGL), supporting strategic growth and governance.
Vincent’s executive career includes senior leadership roles with CHC Helicopter, Aker Solutions and Jacobs, where he managed large-scale operations, capital projects and business transformations across Asia-Pacific. He has extensive experience in operational turnarounds, international expansion, and building high-performance teams in safety-critical, capital-intensive industries.
He brings strong expertise in corporate governance, ESG, M&A and stakeholder engagement, with a proven track record of delivering value in both growth and restructuring environments. His board contributions reflect a pragmatic and disciplined approach to risk, strategy and long-term value creation.
Vincent holds a Bachelors Degree in Electrical Engineering and has completed the Australian Institute of Company Directors course (AICD).
Ms Lucia Cade
Independent Non-Executive Director
Appointed to the Board: 26 September 2024
Lucia is an experienced non-executive director and chair with professional engineering and commercial executive experience. Over 20 years her director portfolio has spanned utilities, infrastructure, waste recycling, advanced high-tech manufacturing, renewable energy research and investment in the private, listed and government sectors.
Lucia has a focus on board leadership that creates value through business growth, delivering both sustainable financial and societal impact, and that delivers value to customers and creates places where people want to work.
Prior to becoming a non-executive director, Lucia held engineering, executive and advisory roles in infrastructure, utilities and professional engineering services, working in global technical services, listed companies, significant government organisations and private enterprises. Lucia is a Fellow of AICD and of Engineers Australia.
Mr Graeme Nayler
Independent Non-Executive Director
Appointed to the Board: 9 March 2021
Resigned from the Board: 23 October 2024
Mr Graeme Nayler is an accomplished executive manager and board director with over 30 years’ experience across defence, government, mining, construction, emergency services, oil and gas, airports, automotive, ports and engineering consultancy. He was recently appointed regional director for BMT Asia Pacific to lead significant investment and growth in the region.
Previously, Graeme completed senior roles at Silentium Defence and Babcock, where he grew annual revenue from $30M to over $500M in eight years, serving as Managing Director, Executive Director for Strategy and Future Business and board member for the Australasian business.
With expertise in strategy, business development, operations, corporate affairs and program management–underpinned by deep technical knowledge—Graeme strengthens EGL’s governance and growth trajectory. He holds a Master of Science from the University of Kingston, London, and a Company Directors Diploma from the Australian Institute of Company Directors.
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Mr Andrew Bush has held the role Company Secretary since 1 July 2017. Andrew is a Fellow Certified Practising Accountant, Associate Member of the Institute of Chartered Management Accountants.
Ms Kate Goland of CSB Corporate Services was appointed joint Company Secretary on 27 October 2022. Kate is a BCom, CPA and a GIA (Affiliate).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year
Review of operations and material business risks
Please refer to the Review of Operations report (page 19) for the operating and financial review, including the material business risks.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.
Likely developments and expected results of operations
In the opinion of the Directors’ no other significant changes, not otherwise disclosed in this report or the consolidated financial statements, occurred in the state of affairs of the Group during the financial year under review.
Environmental regulation
The Group’s operations may have an environmental impact. Where the Group undertakes site work it is typically incumbent upon the Group to address environmental issues in relation to those sites. This usually involves the preparation and implementation of an Environmental Management Plan for the site. Activities of this nature and environmental issues generally are addressed by and carried out under The Environmental Group Management System.
No significant environmental issues were reported or recorded on any EGL sites during the financial year and the Group met all its obligations in this area.
Contact
The Environmental Group Limited
Suite 2.01, Level 2/315 Ferntree Gully Rd,
Mount Waverley, Victoria, 3149, Australia
Phone: +61 3 9541 8699
Email: admin@egl.com.au
Mount Waverley, Victoria, 3149, Australia
Phone: +61 3 9541 8699
Email: admin@egl.com.au
Shareholding Enquiries
Level 12, 225 George Street,
Sydney, NSW 2000
Web: www.boardroomlimited.com.au
Email: enquiries@boardroomlimited.com.au
Sydney, NSW 2000
Web: www.boardroomlimited.com.au
Email: enquiries@boardroomlimited.com.au
Contact
The Environmental Group Limited
Suite 2.01,
Level 2/315 Ferntree Gully Rd,
Mount Waverley, Victoria, 3149, Australia
Phone: +61 3 9541 8699
Email: admin@egl.com.au
Shareholding Enquiries
Level 12, 225 George Street,
Sydney, NSW 2000
Web: www.boardroomlimited.com.au
Email: enquiries@boardroomlimited.com.au
Sydney, NSW 2000
Web: www.boardroomlimited.com.au
Email: enquiries@boardroomlimited.com.au
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