Veris (VRS) H2 2026 earnings summary

Executive summary

• Revenue grew 4.9% year-over-year to AUD 102 million (or $102.0m), surpassing the AUD 100 million mark, despite macroeconomic headwinds and softness in traditional survey markets.

• Underlying EBITDA increased 2.8% to AUD 10.3 million, with underlying PBT after one-off costs at AUD 2.2 million.

• Digital & Spatial revenue rose to 28% of total revenue, up from 17% in FY24 and 11% in FY23, reflecting a successful digital strategy and shift to higher-margin services.

• Consulting & Advisory services achieved scale, contributing to margin strength and future growth opportunities.

• Proactive management actions included restructuring and capital preservation to maintain profitability and a strong balance sheet.

Financial highlights

• Revenue increased by 4.9% to AUD 102 million ($102.0m), with underlying EBITDA at AUD 10.3 million (10.1% margin), and underlying PBT at AUD 2.2 million (2.2% margin).

• Statutory PBT was AUD 0.6 million, impacted by one-off transaction, restructuring, and amortization costs.

• Net cash position at year-end was AUD 11.1 million, with a cash balance of AUD 13.3 million.

• Operating cash flow was AUD 8.1 million after funding acquisitions, dividends, and share buybacks.

• Statutory net profit after tax declined 67% to $639,000 compared to FY25.

Outlook and guidance

• Entering FY27 with a secured forward workload of AUD 65 million and a weighted pipeline exceeding AUD 195 million, diversified across six core sectors.

• Digital & Spatial and Advisory revenues now make up over half of the forward pipeline, indicating higher margin growth.

• Positioned for continued growth in FY27, supported by strong market presence in high-growth sectors such as data centres, renewables, water, and defence.

• Continued focus on organic growth, complemented by targeted M&A, with potential for transformative acquisitions.

• Strategic focus on expanding higher-margin Consulting & Advisory services and digital solutions.