Seqwater's operating expenditure reached A$471.8 million in FY 2025-26, up from A$299.8 million in FY 2020-21, an increase of about 57%. Operating income rose about 20% over the same years, from A$1,039.2 million to A$1,247.9 million. Net profit after tax was A$51.0 million in FY 2025-26, down from A$86.7 million a year earlier.
Contractors doubled in a year
Supplies and services rose to A$331.2 million in FY 2025-26 from A$253.7 million in FY 2024-25. Consultancies and contractors doubled to A$73.0 million from A$36.5 million. Profit still came in close to its A$49.4 million budget.
Debt above its benchmark
Net debt was A$8.6 billion at June 30, 2026, 79% of the Regulated Asset Base against a 60% benchmark. Seqwater drew the full A$500 million approved under the 2025-26 State Borrowing Program. Its weighted average borrowing rate rose to 4.93% from 4.77%, and interest paid or payable to Queensland Treasury Corporation was A$377.5 million. All profit goes to the State: the annual return payable in 2026 is A$51 million.
Prices on hold until 2028
The Queensland Government froze the bulk water price for South East Queensland councils at A$3.517 a kiloliter for 2026-27 and 2027-28. Grid bulk water sales made up about 99.7% of Seqwater's A$1,223.0 million of water sales in FY 2025-26. Capital expenditure reached A$534.8 million, the largest in Seqwater's history.
The profile sets out what Seqwater supplies and to whom, the assets it runs, how its debt is structured, how irrigation prices change from July 1, 2027, and which projects and decisions are dated to 2032. The full report, Utility Intelligence Profile: Seqwater, is available for USD 99 at https://ourfuturewaterintelligence.com/reports/seqwater-utility-intelligence-profile. For a free overview, read the Seqwater Utility Snapshot at https://ourfuturewaterintelligence.com/utilities/seqwater.