Austin Engineering (ANG) H1 2026 earnings summary

Executive summary

• Revenue for the first half of FY 2026 was $170.3 million, down 3% year-over-year, with declines in APAC and South America partially offset by growth in North America.

• Statutory net profit after tax was $2.0 million, a significant decline from $13.4 million in the prior period, with total comprehensive income at $382,000.

• Free cash flow turned positive at $3.1 million, supporting a fully franked interim dividend of 0.3 cents per share.

• Workforce was reduced to 1,222 by December 2025 to align with activity levels and improve efficiency.

• Operational improvement and restructuring plans are underway in Chile and the US, targeting efficiency gains and cost control.

Financial highlights

• EBITDA declined 63% to $8.0 million, and EBIT was $3.0 million, both down sharply from the previous year.

• Operating cash flow improved to $6.6 million, an $11 million turnaround from the prior year.

• Net debt increased to $18.2 million, with a net debt to equity ratio of 11.5%.

• Dividend payout for the period was $5.6 million, fully franked.

• Basic earnings per share from continuing operations fell to 0.31 cents from 2.21 cents.

Outlook and guidance

• FY26 revenue guidance revised to greater than $350 million.

• FY26 EBIT guidance lowered to $14–$16 million, excluding FX, with a stronger second half anticipated.

• No material items from the first half expected to repeat in the second half.

• Chile expected to return to profitability in the fourth quarter.

• Directors believe the group remains a going concern with sufficient funds to meet obligations.