Gamuda (GAMUDA) Q2 2026 earnings summary

Executive summary

• 1HFY26 revenue was broadly flat at RM8.3b, with net profit up 5% to RM445m, driven by strong domestic construction and resilient property contributions.

• Order book reached a record RM44b, with major new wins in Australia and Vietnam, and record unbilled property sales of RM8b.

• Domestic construction momentum and solid Vietnam property performance offset early-stage overseas construction and softer Malaysia property.

Financial highlights

• Revenue for 1HFY26: RM8,301.6m (+1% YoY); Net profit: RM444.6m (+5% YoY); EBIT: RM683.8m (+19% YoY); profit before tax: RM577m (+9% YoY).

• Net profit margin stable at 5.4% (5.2% YoY); EBIT margin at 8.2% (7.0% YoY); operating margin at 8.4% (7.2% YoY).

• Fully diluted EPS at 7.4 sen; basic EPS at 7.58 sen; dividend per share maintained at 5.0 sen.

• Net gearing increased to 68% (from 53%); net assets per share at RM2.13.

• Cash and marketable securities at RM3,171.5m; cash and cash equivalents at RM2.82b; total borrowings at RM11,842.3m.

Outlook and guidance

• Order book target of RM40-45b met; pathway to RM50b by CY26 supported by ongoing tenders and major project wins in Australia.

• Construction growth expected from FY27 as overseas projects ramp up; major Vietnam and Singapore launches to support property sales into FY28.

• Earnings for the year expected to be driven by domestic construction, especially data centre projects and Vietnam property QTPs.

• Gearing increased to 68% from 53% last year due to landbank acquisitions and project development spend.