Peoplein (PPE) H1 2026 earnings summary

Executive summary

• Strategic transformation included divestment of lower-growth businesses and a focus on high-growth sectors such as infrastructure, manufacturing, agriculture, and food services, with operations intentionally simplified to improve shareholder returns.

• Normalised EBITDA for H1 FY26 was $16.1m, in line with expectations, with ongoing business contributing $10.5m and strong organic growth in Engineering, Trades and Labour.

• Net loss for the half year was $27.1M, impacted by divestment losses and lower earnings from discontinued operations.

• Entered agreement to acquire Infrawork Holdings in New Zealand for NZD $24m, expanding cross-border labour mobility and Asia-Pacific operations.

• Ongoing share buy-back program and capital recycling initiatives continued, with no interim dividend declared to prioritize acquisitions.

Financial highlights

• Revenue from ongoing operations was $394.0m, down 8.2% year-over-year and flat sequentially; normalised EBITDA was $10.5m, down 9.2% year-over-year but up 46.5% sequentially.

• Normalised NPATA per share increased 52.3% sequentially to 4.6 cents.

• Net revenue margin was 20.2% for the period, with a target to return to 25%.

• Operating expenses were down 3.6% year-over-year, and bill rates increased 5% year-over-year.

• Statutory loss after tax from continuing operations was $0.7M, improved from $8.1M loss prior year.

Outlook and guidance

• Expectation of continued improvement in billed hours and billing rates, especially in food, agriculture, and infrastructure, with PALM worker numbers expected to stabilize and grow in H2 FY26.

• Infrawork acquisition expected to complete in Q3 FY26, forecasted to generate NZD $5.0m annual EBITDA with potential earnouts up to $15.0m over three years.

• Company aims for market leadership in ANZ workforce solutions, leveraging cross-selling, technology-driven productivity, and margin expansion.

• Gradual improvement in economic conditions and business confidence anticipated in H2 FY26 and FY27.