Peoplein (PPE) H2 2026 earnings summary

Executive summary

• FY26 marked a pivotal transformation year, with portfolio simplification, divestment of non-core businesses, and a return to growth in core operations focused on infrastructure, engineering, trades, and professional recruitment in Australia and New Zealand.

• Demonstrated resilience with a return to EBITDA growth despite challenging economic conditions and a simplified, derisked business model.

• Enhanced international workforce supply and technology investments increased capacity to meet skilled labour demand and support growth.

• Integrated New Zealand acquisition (Infrawork) ahead of targets, supporting international labor mobility and growth.

Financial highlights

• Revenue from ongoing operations was $788.7 million, down 4.3% year-over-year, but net revenue rose 1.3% to $101.9 million.

• Ongoing normalized EBITDA for FY26 was $19.0 million, up 1.6% year-over-year, with strong second-half momentum.

• Normalized NPATA increased 29.9% to $8.7 million; NPATA per share up 32.8% to 8.18 cents.

• Cash collections at 101.7% of normalized EBITDA; cash balances $35.7 million; debtor days stable at 27–29.

• Net debt reduced to $29.8 million, with net debt/EBITDA ratio at 1.37x, down from 1.65x.

Outlook and guidance

• Positioned to benefit from Queensland’s $119 billion infrastructure pipeline and Olympic-related spending through 2032, with demand peaking 2029–2030.

• Expect continued growth in engineering, trades, and labor, with further margin improvement and high workforce utilization into FY27.

• Expanded international recruitment and trans-Tasman operations position the group for further growth.

• Technology investments and automation to drive further efficiency and productivity.