VEEM Signs AU$65 Million Renewal Contract with Submarine Builder, Sees Lower Fiscal Year 2025 Revenue, EBITDA

MT Newswires Live

2025/08/12

VEEM (ASX:VEE) has signed an AU$65 million, six-year defense renewal contract to continue supplying certain specialized parts for a submarine maintenance program to ASC till June 27, 2031, according to a Tuesday filing with the Australian bourse.

The company also expects fiscal year 2025 revenue in the range of AU$68 million to AU$69 million, down from the actual result of AU$80.6 million last year, the filing said.

Earnings before interest, taxes, depreciation, and amortization for the fiscal year are expected to be between AU$8.5 million and AU$9.5 million, down from AU$14.8 million the previous year.

Revenue from ASC is expected to be about AU$6.5 million, compared to about AU$16.1 million in fiscal year 2024, the filing added.

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