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 recent acquisitions, offset by a 7% decline in construction services revenue due to Queensland market weakness and project delays.

• Industrial Access now represents 62% of group revenue, with recent acquisitions fully integrated and performing ahead of expectations.

• Screens and Jumpform order books are at record levels, with Screens revenue budgeted to grow 40% in FY26 and Jumpform revenue increasing to $5.9m.

• Diversification into Industrial Access, Jumpform, and Screens businesses has offset regional market weakness.

• Underlying NPAT dropped 22% to $12.9m and EPS decreased 23% to 4.16 cps; interim dividend reduced to 2.0 cps.

Financial highlights

• Group revenue: $156.0m, up 23% year-over-year; gross profit: $78.0m, up 10%, but gross margin declined to 50% from 56%.

• Underlying EBITDA: $38.0m, down 3% year-over-year; EBITDA margin dropped from 30.8% to 24.4%.

• Underlying NPAT fell to $12.9m; reported NPAT down to $6.6m.

• EPS (underlying) dropped to 4.16c; interim dividend of 2.0cps, down 31%.

• Net debt increased to $151.5m, mainly due to CapEx and working capital for growth; net debt/EBITDA at 2.2x.

Outlook and guidance

• FY26 guidance: revenue of $315–325m (+21% YoY), EBITDA of $80–84m (+2% YoY); Industrial Access division expected to approach $200m in annual 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.