Acrow (ACF) H1 2026 earnings summary

Executive summary

• Revenue grew 23% year-over-year to $156.0m, driven by strong industrial access division performance and acquisitions, now representing 62% of group revenue.

• Underlying NPAT declined 22% to $12.9m, mainly due to subdued Queensland construction market, margin pressure, and higher depreciation.

• Underlying EBITDA decreased 3% to $38.0m, with margin down to 24.4% from 30.8%, reflecting a higher mix of lower-margin industrial access revenue.

• Screens and Jumpform order books at record levels, with Screens revenue budgeted to grow 40% in FY26.

• Diversification into Industrial Access, Jumpform, and Screens businesses offset weakness in Queensland formwork market.

Financial highlights

• Group revenue increased 23% to $156.0m; gross profit rose 10% to $78.0m, but gross margin declined to 50% from 56%.

• Underlying NPAT fell to $12.9m; reported NPAT down to $6.6m; EPS (underlying) dropped to 4.16c.

• Interim dividend reduced to 2.0cps, down 31%, fully franked.

• Net debt increased to $151.5m from $123.3m, with net debt/EBITDA at 2.2x.

• Operating cash flow was $27.6m with a 73% conversion rate.

Outlook and guidance

• FY26 revenue guidance is $315–325m (+21% YoY); EBITDA guidance is $80–84m (+2% YoY).

• Industrial Access division expected to approach $200m in annual revenue and increase its share of group revenue.

• Q4 FY26 anticipated to be the strongest quarter, with momentum expected to continue into FY27.

• Continued subdued trading in QLD formwork expected in Q3 FY26, with recovery signs in Q4.

• Strategic positioning for major infrastructure opportunities, especially ahead of the 2032 Brisbane Olympics.