Global Resource Construction (S3N) Transition period summary

Executive summary

• 1H2026 revenue was $378.8m and profit after tax was $15.9m; the period included a full six-month contribution from GRC Construction Group, acquired on 30 April 2025.

• GRC Construction Group contributed $374.2m, or 98.8% of revenue, and approximately 95.4% of profit after tax; prior-period comparisons exclude its results and are not meaningful.

Financial highlights

• Revenue rose to $378.765m from $5.659m; gross profit was $41.182m versus $4.531m, while gross margin was not stated.

• Profit before tax was $20.107m versus $1.851m; profit after tax was $15.889m versus $1.543m, and income tax expense was $4.218m versus $0.308m.

• Administrative expenses increased to $21.799m from $1.676m, reflecting consolidation, expanded order book and higher headcount; finance costs declined to $0.873m from $1.316m.

• Operating cash flow was $9.684m versus $0.729m; investing activities generated $3.383m, while financing activities used $17.784m.

Outlook and guidance

• Construction order book was $2.9bn at 31 Dec 2025, up from $2.3bn at 30 Jun 2025, driven by new wins and partly offset by revenue recognition.

• Selective project wins are planned to build the order book, supported by continued robust construction demand.

• Three industrial properties were close to full occupancy, with weighted average lease expiry above one year, supporting resilience against near-term rental softening.