Acrow (ACF) H2 2026 earnings summary

Executive summary

• FY26 revenue reached $336.0m, up 27% year-over-year, driven by strong growth in Industrial Access and record Jumpform and Screens performance.

• Industrial Access revenue exceeded $200m, up 53% year-over-year, now representing over 60% of group revenue, with growth split between organic and acquisition-driven expansion.

• Completed acquisitions of Preston SuperDeck and Ausgroup, expanding national presence, recurring revenue base, and service offerings.

• Underlying NPAT declined 20% to $27.6m, impacted by margin pressure, higher depreciation, interest, and a one-off rise in bad debts.

• Final dividend reduced to 1.42cps (full year 3.42cps, 100% franked), down 42% year-over-year, reflecting a reset to support reinvestment.

Financial highlights

• Revenue: $336.0m (+27% year-over-year); EBITDA: $80.3m (flat); EBIT: $51.3m (-9%).

• EBITDA margin declined from 34.5% to 23.9%, reflecting a higher contribution from lower-margin Industrial Access.

• Underlying NPAT: $27.6m (-20%); Reported NPAT: $17.8m (-24%).

• EPS dropped 21% to 8.86cps, in line with lower profitability; DPS: 3.42c (-42%).

• Net debt at 30 June 2026 was $133.0m, with net debt/EBITDA at 1.9x, expected to reduce to 1.6x pro forma post-acquisitions.

Outlook and guidance

• FY27 revenue guidance: $410m–$430m (+30%); EBITDA: $105m–$115m (+37%), with Industrial Access forecast at $280m.

• Underlying NPAT expected to rise over 50%, and EPS to increase by more than 20% despite a 32% increase in shares on issue.

• 1H FY27 revenue expected to rise 31% and EBITDA 39% year-over-year, supported by acquisitions and strong order book.

• No revenue from Brisbane Olympics included in guidance; potential upside if major contracts are won.