SRG Global (SRG) H1 2026 earnings summary

Executive summary

• Achieved record 1H FY26 results with revenue of $743.9m, up 20% year-over-year, and EBITDA of $71m, up 20% year-over-year; EPS(A) increased 20% to 5.5cps.

• Successfully integrated the TAMS acquisition, which contributed positively and is performing above business case expectations, expanding marine infrastructure capabilities.

• Work in hand reached a record $4.2b, up 24% year-over-year, with an 80% annuity/recurring earnings profile.

• Declared a fully franked interim dividend of 3.0cps, up 20% from 1H FY25.

• Maintained a robust balance sheet with net debt reduced to $21.2m and strong liquidity of $273m.

Financial highlights

• Revenue increased to $743.9m from $619.7m in 1H FY25, with EBITDA margin stable at 9.5% and EBIT(A) margin improved to 7.2%.

• NPAT(A) rose 27% to $33.7m, and profit before tax increased 42% to $38.4m.

• EBITDA to cash conversion was 97% in 1H FY26.

• Dividend per share up 20% to 3.0cps, fully franked.

• Total assets increased to $1,031.5m from $855.3m at 30 June 2025.

Outlook and guidance

• Upgraded FY26 guidance: EBITDA expected between $164m–$168m, EBIT(A) between $126m–$130m.

• Record Work in Hand of $4.2b and Opportunity Pipeline of $11.5b support positive momentum.

• Earnings profile for FY26 and beyond is approximately 80% annuity/recurring.

• Positive sector outlooks in water, energy, resources, transport, defense, health, education, data centers, and marine.

• TAMS expected to deliver business case in first 8–12 months, with further cross-selling and medium-term defense opportunities.