SRG Global (SRG) H2 2026 earnings summary

Executive summary

• Achieved record FY26 results with revenue of $1,675.5m (AUD 1.7 billion), up 27% year-over-year, and EBITDA of $170.1m, up 34% from FY25.

• EPS(A) rose 34% to 13.8cps, and the dividend increased 33% to 4.0c per share (total 7.0cps for FY26), fully franked.

• Transitioned from proforma net debt of $52.5m to net cash of $6.2m, strengthening the balance sheet.

• Work in Hand reached $5.1b, up 42% from FY25, with an opportunity pipeline over $11b.

• Fully integrated TAMS acquisition, which outperformed its business case by 10%–11% in its first 8 months.

Financial highlights

• EBITDA of $170.1m (+34%) and EBIT(A) of $131.8m (+41%) compared to FY25.

• Revenue grew 27% year-over-year to $1,675.5m.

• NPAT(A) increased 40% to $85.3m; NPAT(A) margin rose to 5.1%.

• EBITDA margin improved to 10.2% (up from 9.6%); EBIT(A) margin to 7.9% (up from 7.1%).

• EBITDA to cash conversion at 101%, with free cash flow just under $93m.

Outlook and guidance

• Upgraded FY27 EBITDA guidance to $195m–$205m and EBIT(A) to $150m–$160m.

• $5.1b Work in Hand and $11.5b opportunity pipeline underpin sustainable growth.

• 80%+ of FY26 earnings are annuity/recurring, supporting consistent returns.

• Strong organic and inorganic growth expected, with TAMS and utilities segments contributing.

• Positive sector tailwinds in water, energy, resources, transport, health, education, data centres, and ports/marine.