Austal (ASB) AGM 2026 summary

Opening remarks and agenda

• In-person shareholders and proxies attended; webcast viewers could listen and view materials but could not ask questions, comment, or vote.

• FY2026 reports were reviewed before resolutions were considered by poll, with shareholder questions invited before each vote.

Financial performance review

• FY26 revenue was AUD 2.03bn, up 11% YoY; EBIT loss was AUD 125.2m, NPAT loss AUD 53.6m, and net cash AUD 186.3m.

• The order book, including options, reached AUD 16.5bn, up 27% YoY; ~75 ships were under construction or scheduled.

• US segment revenue was AUD 1,382.6m with an EBIT loss of AUD 202.8m; Australasia revenue rose 49% to AUD 650.7m, with EBIT of AUD 85.3m.

• Australasia shipbuilding revenue was AUD 447.9m and support revenue AUD 202.7m, with EBIT margins of 12.4% and 14.7%, respectively.

• Liquidity included AUD 435m in cash and undrawn facilities; management forecast Australasia EBIT growth above 30% and withheld US guidance amid contract issues.

Board and executive committee updates

• Richard Spencer introduced directors Lee Goddard, Kath Toohey, Brent Cubis, Richard Gibb and Sue Murphy, along with CEO Paddy Gregg; Goddard stood for reelection.

• Sue Murphy chairs the Risk and Audit Committee; Kath Toohey chairs the Nomination and Remuneration Committee.