Directly from the Annual General Meeting
Many listed companies complete their annual general meetings as a tedious obligation. For the young Australian wastewater specialist Parkway Corporate (ASX: PWN; FRA: 4IP), however, the AGM traditionally holds great importance. This year, investors were once again able to learn important new details about the commercialization of Parkway’s wastewater technology, which were disclosed to the public in this form for the first time.
Meanwhile, the operational business is growing and providing an increasingly solid financial basis with healthy organic growth. The first quarter of the 2025 fiscal year shows a strongly positive trend. Revenues of 4.04 million AUD are approaching nearly half of the revenue for the entire 2024 fiscal year. In the following, we highlight what we consider to be the most important charts from the AGM presentation to briefly comment on them. At this point, we strongly recommend the shortened video recording of the annual general meeting with the presentation by Managing Director Bahay Ozcakmak. You can find the link to the PDF of the presentation here: https://goldinvest.de/wp-content/uploads/2024/12/2024-11-27-AGM-Presentation.pdf (especially pages 27 and 28).
Figure 1: Revenue is growing. The trend is towards profitability despite further investments related to Parkway’s technology.
Figure 2: Current examples of larger industrial projects demonstrate Parkway’s significantly increased technical capabilities for handling large-scale projects. The project pipeline is well-filled. .
Figure 3: The operational business (Parkway Process Solutions) forms the launch pad for Parkway Process Technologies’ market entry, including wastewater solutions for the multi-billion dollar CSG industry in Queensland. As the graph indicates, Parkway management expects the group’s revenue to multiply by fiscal year FY26. At the same time, the high-margin technology business with recurring revenues is expected to make an increasing contribution by then.
Figure 4: With its subsidiary Queensland Brine Solutions (QBS), Parkway aims to gradually transform the problematic wastewater from the CSG industry into a true circular economy. The keyword for the three-stage solution to the problem is Integrated Brine Management Solutions (“IBMS”). In principle, Parkway wants to divide the problem into an upstream and a downstream area: for the pre-concentration of the residual brine, an initial central upstream hub (QBS-U1) is planned. Later, a downstream processing plant (QBS-D) near the coast is to follow.
As QBS owns the fundamental process technologies, Parkway emphasizes that QBS will lead the implementation of the Integrated Brine Management Solutions (“IBMS”) to ensure successful project execution. More capital is needed at each stage of the IBMS. Parkway is confident that it can gradually sell shares to third parties at the project level or at the subsidiary level when important milestones are reached before development. The individual phases include, firstly, the pre-treatment plants at around 10 sites with investment costs of less than $10 million per site. QBS wants to own and operate these plants itself. For the central upstream hubs, 2 locations are under discussion with investment costs of less than $100 million per hub. For these facilities, QBS is willing to sell minority stakes. For the central downstream hub, Parkway has just secured a site near the coast through a letter of intent. The investment costs for this plant are estimated at more than $200 million. Therefore, Parkway intends to sell majority stakes in this operation.
The specialty chemicals division of Worley, a strategic partner of Parkway, is closely involved in the planning. In parallel with discussions with potential partners and leading global OEMs, Parkway is already in talks with potential chemical off-takers for the project. MD Bahay Ozcakmak confirmed that Parkway is negotiating with a number of parties interested in supporting the development, financing and/or operation of key elements of IBMS, including potentially strategic investments in QBS.
