Parkway Corporate Reports Record $19.9M Revenue, Advances Brine Facility
Key Takeaways
- Parkway Corporate (ASX: PWN) delivered record group revenue of $19.9 million in FY26, a 31% year-on-year increase, while operating cash flow grew 16% to $1.7 million.
- The QBMC Brine Management Complex — described as the only regulated waste facility in Australia permitted to process waste brines into chemical products — secured its Environment Authority and Development Application approvals on 20 August 2026.
- The Process Technologies division invested approximately $2.1 million in R&D during FY26, with a strategic partnership with Hitachi focused on modular ultra-high brine concentration systems and a new R&D collaboration forming with a Queensland university and a major water utility.
- Management cited three industry benchmarks for regulated waste facilities: Global Resource Recovery received a $55 million National Reconstruction Fund investment in September 2026, and Enviropacific Services was acquired by Veolia in March 2026 for $220 million.
- Near-term catalysts include key QBMC milestones targeted before end of calendar year 2026, a strategic update at the 2026 AGM on 25 November, and active pursuit of partnering and M&A opportunities.
FY26 results presentation: record revenue and a growing technology platform
Parkway Corporate (ASX: PWN) delivered its FY26 Results Presentation via investor webinar on 30 September 2026, with Group MD & CEO Bahay Ozcakmak and CFO Mike Hodgkinson presenting alongside the release of the 2026 Annual Report. The headline result was record group revenue of $19.9 million, up 31% year-on-year. Management also flagged a strong start to FY27, describing Q1 as near-record in revenue terms.
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FY26 financial highlights
The presentation confirmed Parkway achieved the financial outlook it provided at the 2025 AGM, with revenue and operating cash flow both growing materially across the full year. Normalised EBITDA (a non-GAAP measure excluding non-recurring and non-operational items) was broadly stable, declining 6% to $1.9 million as the business continued investing in growth. Operating cash flow grew 16% to $1.7 million, reflecting disciplined financial management alongside the revenue expansion.
| Metric | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | $19.9m | $15.1m | +31% |
| Normalised EBITDA* | $1.9m | $2.0m | -6% |
| Operating Cash Flow | $1.7m | $1.5m | +16% |
*Non-GAAP measure, excluding non-recurring and non-operational items.
Two divisions driving performance
Industrial Operations: delivering major infrastructure
The presentation highlighted that Parkway’s Industrial Operations division (PPS) continued to serve as the primary structural, mechanical and piping (SMP) contractor for one of the largest municipal resource recovery projects under construction in Australia. Management described this as evidence of proven capability in delivering large, complex projects. Looking ahead, the division secured a dewatering project for a major mine rehabilitation project with an initial budget of $2 million or more, and Q1 FY27 was reported as off to a strong start with robust revenue.
Process Technologies: R&D investment and commercialisation progress
The Process Technologies division (PPT) invested approximately $2.1 million in R&D related activities during FY26, supporting a growing proprietary technology portfolio. The presentation noted a strategic partnership with Hitachi, initially focused on modular ultra-high brine concentration systems, as well as an R&D collaboration forming with a Queensland university and a major water utility.
The QBMC: what it is and why it matters
The QBS Brine Management Complex (QBMC) is described in the presentation as the only regulated waste facility in Australia permitted to process waste brines into chemical products. That distinction matters because specialised regulated waste facilities occupy a narrow and strategically significant niche, one that typically attracts major infrastructure investment and consolidation by large industry players.
The presentation outlined the following key milestones and priorities for the QBMC:
- Secured primary approvals, including the Environment Authority (EA) and Development Application (DA), on 20 August 2026
- Shortlisted sites identified for the QBMC-N hub
- Development pathway commences with a Commercial Demonstration Project (CDP)
- Core process technology has additional applications in acid mine drainage (AMD), with project evaluations underway
- Non-dilutive funding pathways being progressed for the CDP
To contextualise the category Parkway is building into, the presentation referenced three industrial benchmarks. Geocycle operates a regulated hazardous waste facility in Victoria and is owned by Cement Australia, a joint venture between global leaders Holcim and Heidelberg Materials. Global Resource Recovery, which operates a regulated waste processing facility in Darwin serving the oil and gas industry, secured a $55 million investment from the National Reconstruction Fund in September 2026. Enviropacific Services, which operates the specialised SOLVE thermal desorption facility in Victoria, was acquired by Veolia in March 2026 for $220 million. These examples illustrate how specialised regulated waste facilities attract significant strategic and financial interest; the presentation frames them as benchmarks rather than direct comparisons to the QBMC. Management also noted that Parkway’s established project delivery capability through its Industrial Operations division is directly relevant to advancing the QBMC.
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Board renewal and the road ahead
The presentation covered board changes announced on 10 August 2026, including the appointment of Ron Douglas as Non-Executive Director and Chairman, and Sylvia Tulloch as Non-Executive Director. Management highlighted that both new directors bring strong technology commercialisation and major infrastructure project delivery experience.
On the outlook, management outlined the following near-term milestones:
- Targeting key QBMC milestones before end of calendar year 2026
- Growing the project pipeline to underpin FY27 revenue
- Strategic update planned for the 2026 AGM on 25 November
- Progressing partnering and M&A opportunities to unlock the next stage of growth
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