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Edge20 Feb 2026
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PWR
PWR (PWH) investor relations material
PWR H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Feb, 2026
Executive summary
Revenue increased 27.8% year-over-year to $80.4 million, driven by strong growth in Motorsports and Aerospace & Defence segments, with NPAT up 38.6% to $5.7 million and EBITDA up 47.6% to $16.2 million, reflecting improved operating leverage and higher labor utilization.
Completion and transition to the new Stapylton headquarters increased capacity and operational capability, supporting larger and more complex opportunities and future growth.
Order book momentum supported by increased adoption of advanced cooling solutions, customer diversification, and new supplier relationships, including repeat US government orders.
The business is now operating on a more consistent and scalable footing, with strong cash conversion supporting ongoing strategic investment.
Strategic diversification into defence and aerospace continued, with recertification to AS9100 and Nadcap post-relocation.
Financial highlights
Revenue for H1 2026 was $80.4 million, up 27.8% year-over-year, with EBITDA up 47.6% to $16.2 million and NPAT up 38.6% to $5.7 million.
EBITDA margin improved to 20.2% from 17.5%, and NPAT margin reached 7.1% (+0.6ppts YoY).
Cash conversion ratio at 102.7% for the rolling 12 months, with operating cash flow (excluding interest and tax) at $12.1 million.
Net debt at period end was $13.4 million, with cash of $10.6 million and borrowings of $24.0 million.
Interim dividend of 3.00 cents per share declared, fully franked, with a 53% payout ratio.
Outlook and guidance
Modest statutory NPAT margin improvement expected in FY 2026, with pathway to margin recovery over 3–5 years as operating leverage builds.
Motorsports H2 growth to moderate; FY 2027 revenue expected to match elevated FY 2026 levels.
Aerospace & Defence revenue to remain strong, supported by follow-on US government orders and even revenue split between halves.
Aftermarket revenue growth to remain muted due to sales mix reshaping and economic conditions.
Ongoing investment in capacity, automation, and technical expertise underpins medium-term growth.
How does repeat US govt order de-risk A&D growth?
What is the repayment schedule for the new asset finance?
Detail the product mix shift driving PWR C&R EBIT.
Detail the path to NPAT margin recovery
A&D growth drivers beyond US programs
Future capacity utilization and constraints
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Next PWR earnings date
H2 202620 Aug, 2026
PWR
Next PWR earnings date
H2 202620 Aug, 2026
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Frequently asked questions
PWR Holdings Limited is an Australian company specializing in the design, manufacturing, and supply of high-performance cooling solutions primarily for the automotive, motorsports, and aerospace sectors. The company's product range includes radiators, oil coolers, intercoolers, and custom cooling systems that are engineered to enhance vehicle performance under extreme conditions. PWR serves clients globally, including automotive manufacturers, racing teams, and defense contractors, providing advanced thermal management solutions tailored to demanding environments. The company is headquartered in Ormeau, Queensland, Australia, and its shares are listed on the Australian Securities Exchange.
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