Wilson Bayly Holmes-Ovcon (WBO) H1 2026 earnings summary

Executive summary

• H1 FY2026 revenue from continuing operations fell 4.3% YoY to R14.023bn; segment operating margin increased to 5.4% from 5.2%.

• Continuing-operations profit was R585.2m and basic EPS was 1,086.4 cents; the R36.4bn order book was down 3% from June 2025.

• Performance was mixed: South African revenue declined, while UK revenue grew mainly due to award timing rather than improved market conditions.

Financial highlights

• Revenue was R14.023bn versus R14.658bn YoY; operating profit before non-trading items was R758m versus R762m, while operating profit was R676.4m versus R695.1m.

• Profit before tax was R806.2m versus R842.1m; profit from continuing operations was R585.2m versus R604.9m, and attributable profit was R560.5m versus R572.0m.

• Basic EPS from continuing operations was 1,086.4 cents versus 1,080.2 cents; basic HEPS was 1,085.6 cents versus 1,072.0 cents.

• Cash generated from operations was R939.0m versus R1,098.2m; operating cash flow was R628.8m versus R917.7m.

• Cash and cash equivalents were R4.517bn at 31 December 2025, up R212m from June 2025.

Outlook and guidance

• The R36.4bn order book at 31 December 2025 was down 3% from June; R13.0bn was scheduled for execution to June 2026 and R23.4bn thereafter.

• R5.4bn of awards followed period-end; near-term awards included the R6.1bn Naos hybrid solar and battery project, with a 60% joint-venture interest.

• Initial works began on the R5bn Olifants water programme; the remaining R4.3bn award was expected in FY2026 Q4, after R1bn was released for commencement.

• High order-book levels and recent awards are expected to support near-term activity; civil engineering is positioned for a busier H2 and FY2027.

• The South African renewable-energy pipeline and infrastructure spending could support a medium-term construction upcycle; the near-term UK outlook remains difficult.