Acrow (ACF) H1 2026 earnings summary

Executive summary

• Revenue grew 23% year-over-year to $156.0m, driven by industrial access, now 62% of group revenue, with recent acquisitions fully integrated and performing ahead of expectations.

• Industrial access revenue surged 54% to $96.8m, nearly tripling over two years, aided by acquisitions and organic growth.

• Construction services revenue declined 7% to $59.1m, mainly due to weak Queensland market and project delays.

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

• Major capital investment in Jumpform technology and proprietary product launches support long-term growth.

Financial highlights

• EBITDA fell 3% to $38.0m, with margin down to 24.4% from 30.8%.

• Underlying NPAT dropped 22% to $12.9m; reported NPAT down 30% to $6.6m.

• EPS (underlying) fell 23% to 4.16c; interim dividend reduced to 2.0cps, fully franked.

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

• Gross profit margin declined to 50% from 56% year-over-year.

Outlook and guidance

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

• Q4 FY26 expected to deliver the largest quarterly EBITDA, with momentum into FY27.

• Industrial access division targeted to reach $200m revenue, with aspirations to double in 2–3 years.

• Queensland formwork revenue projected to rise 25% in H2 vs H1, with major project commencements.

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