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Acrow (ACF) investor relations material
Acrow H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record FY25 revenue of $265.1m, up 23% year-over-year, driven by Industrial Access, jump forms, and screens.
Industrial Access now contributes 50% of group revenue, reflecting successful diversification and major contract wins.
Four acquisitions completed in 18 months, funded primarily by debt, supporting expansion in industrial sectors.
Maintained a disciplined 40% hurdle rate for capital investments and acquisitions.
Safety performance improved significantly, with zero lost time injuries and a 100% reduction in total recordable injuries.
Financial highlights
Underlying EBITDA increased 8% to $80.2m; EBITDA margin declined to 30.3% from 34.7% due to revenue mix shift.
Underlying NPAT rose 4% to $34.3m; EPS down 3% due to increased share count; DPS flat at 5.85c, fully franked.
Net debt increased to $123.3m, with net debt/EBITDA at 1.8x.
Cash conversion rate at 71%, impacted by record sales in the last two months.
Contribution margin declined to 54.5% from 62.1% due to mix shift.
Outlook and guidance
Industrial Access revenue expected to approach or exceed $200m in FY26, with strong contract pipeline and further growth from recent acquisitions.
Screens and jump forms forecasted for continued national expansion, especially in WA.
Formwork business to remain soft in the near term, with recovery anticipated in 18–24 months; QLD subdued and Olympic-related revenues not expected this year.
No major M&A planned for FY26; focus on organic growth, integration, and consolidation.
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