Duratec (DUR) H2 2026 earnings summary

Executive summary

• FY26 saw stable revenue at $570.3m, with improved EBITDA, NPAT, and EPS, driven by disciplined execution, margin expansion, and integration of four strategic acquisitions and two new business units across energy, inspection, coatings, and facades.

• Record order book of $650.8m, up 66.9% year-over-year, provides strong revenue visibility and positions the business for growth in FY27.

• Safety performance remained strong with zero lost-time injuries and progress in sustainability and workforce development.

Financial highlights

• Revenue for FY26 was $570.3m, broadly flat year-over-year.

• Normalised EBITDA rose 10.5% to $58.5m; EBITDA margin increased to 10.3%.

• NPAT increased 4.1% to $23.8m; EPS rose to 9.25c; fully franked dividend for the year was 4.25c per share.

• Gross margin expanded to 20.5%; gross profit reached $116.9m.

• Cash balance at 30 June 2026 was $78.8m; operating cash flow before interest and tax was $37.3m (74% cash conversion).

• Net assets increased 26% to $93.8m; total assets rose to $302m.

Outlook and guidance

• FY27 revenue visibility is high, with 70–80% of the record order book expected to be delivered, plus recurring MSA revenue.

• Tender pipeline stands at $1.3b, with a broader opportunity pipeline of $4.8b.

• Margin expansion is expected to be sustainable, supported by higher-margin acquisitions and increased self-perform work.

• Major projects entering execution phase provide a strong platform for growth into FY27 and beyond.

• Medium to long-term outlook supported by significant investment programs across Defence, Energy, Mining & Industrial, and infrastructure markets.