SRG Global (SRG) H1 2026 earnings summary

Executive summary

• Achieved record half-year results with EBITDA of AUD 71 million, up 20% year-over-year, and EPS of 0.055, up 20% year-over-year.

• Completed and fully integrated the TAMS acquisition, which is performing above expectations and expanding marine infrastructure capabilities.

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

• Maintained a robust balance sheet, nearly net cash, and strong liquidity of AUD 273 million.

• Continued focus on culture, ESG, and operational excellence underpinning performance.

Financial highlights

• Revenue for the half-year rose 20% to AUD 743.9 million, with market cap around AUD 2 billion.

• EBITDA margin stable at 9.5%; EBITDA to cash conversion at 97%.

• Net debt reduced to AUD 21.2 million, providing significant capacity for growth.

• Dividends increased by 20% to 3.0c per share, fully franked.

• Total assets increased to AUD 1,031.5 million from AUD 855.3 million at 30 June 2025.

Outlook and guidance

• Upgraded FY26 EBITDA guidance to AUD 164–168 million, with strong second-half performance expected.

• Positive momentum supported by AUD 4.2 billion work in hand and AUD 11.5 billion opportunity pipeline.

• TAMS acquisition expected to drive organic growth through geographic expansion, enhanced capabilities, and cross-selling opportunities.

• Organic growth (excluding acquisitions) at approximately 8% in the first half, expected to be stronger in the second half.

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