Australian water and environmental technology specialist Parkway Corporate (ASX: PWN; FSE: 4IP) reports continued improvements in operating performance for the September quarter of 2025. Thanks to the continued focus on profitability and a growing project pipeline, the company achieved EBITDA of AUD 0.46 million and record free cash flow of AUD 0.62 million, with revenue of AUD 3.62 million. The recent announcement that the company has transitioned to profitability is supported by the September results and supports the encouraing outlook provided by Parkway.
Solid Operational Growth and Record Cash Flow
Parkway’s Process Solutions (PPS) division contributed the lion’s share of the result. It generated strong revenues from engineering and project services in the field of water and wastewater treatment for industrial and municipal customers. The increasing number of specialized projects with a high engineering component showcases the capabilities of the company whilst also strengthening margins and securing recurring orders.
At the end of the quarter, Parkway had AUD 3.1 million in cash reserves and a credit line of up to AUD 5 million, putting the company in a solid position for further growth. We understand the company has several undisclosed opportunities for growth but to date appears to be focused on delivering on existing priorities.
Milestone Project Secured in Queensland
A landmark milestone was the securing of a highly strategic 10-hectare development site in central Queensland for the planned QBS Brine Management Complex (QBMC) – the flagship project of the subsidiary Queensland Brine Solutions (QBS).
The QBMC will process wastewater from the coal seam gas (CSG) industry in Queensland and convert it into valuable chemicals such as caustic soda and hydrochloric acid. With this “waste-to-chemicals” strategy, Parkway is addressing one of the industry’s most pressing environmental issues while creating substantial value. When fully developed, the QBMC would provide a transformative, industry-wide solution to a long-standing problem facing the CSG industry. In addition to its existing business development projects, QBS continues to receive unsolicited inquiries from various industries for the provision of complex salt solution management services through the planned QBMC, confirming the urgent market need for the specialized services planned by QBS.
Sustainable Technology as a Growth Driver for Parkway Corporate
In parallel, Parkway is working through its Process Technologies (PPT) division to develop and commercialize proprietary processes for industrial wastewater treatment. These technologies are intended for use not only in Queensland, but also in the mining and energy industries worldwide. The goal is to establish a new generation of industrial water technology through integrated, commercially viable process solutions – a market with significant growth prospects.
Outlook: Accelerated Growth Expected
Parkway expects revenue growth to accelerate further in 2026. A number of new orders and extended framework agreements, including a three-year contract with a major water authority in Victoria, are expected to contribute to record revenue growth.
With a growing order backlog, solid cash flow, and high technological expertise, Parkway is increasingly positioning itself as a leading provider of integrated water technologies in Australia – and, looking ahead, internationally as well. These capabilities appear to be precisely what is needed to successfully deliver strategic projects like the QBMC.
Conclusion
With record results, a clear focus on profitability and progress on the QBMC project, Parkway Corporate is building momentum for the next phase of growth. Investors can look forward to the coming year with excitement as Parkway continues go from strength to strength. With the recently disclosed QBMC, Parkway appears to be pulling together all of the capabilities is has built in recent years, as the company makes the transition to industrial infrastructure developer and operator. It is now clear, that the technology development, inhouse engineering, project delivery capabilities, whilst seemingly profitable at the group level, have all been part of a strategic plan to enable the company to build and own critical infrastructure such as the QBMC. Based on the numbers outlined in the Master Plan that Parkway continues to reference, it is becoming clearer that Parkway believes it is on the cusp of delivering a project that will completely transform the company. We eagerly await further details at the upcoming AGM on 26 November where the company has indicated it will provide a strategic update as well as details on the QBMC roadmap. It appears Parkway’s day in the sun is almost upon us.
