Wilson Bayly Holmes-Ovcon (WBO) H2 2026 earnings summary

Executive summary

• FY2026 continuing-operations revenue was R28.325bn, down 0.6% YoY; segment operating margin held at 5.5%.

• Consolidated order book was R37.565bn at 30 June 2026, essentially maintained YoY; 87% of FY2026 revenue was secured for FY2027.

• Near-term activity is supported by elevated order book levels and imminent awards, while medium-term prospects remain exposed to global tensions and economic uncertainty.

Financial highlights

• Revenue was R28.325bn vs R28.493bn; operating profit before non-trading items was R1.553bn vs R1.568bn.

• Profit before tax was R1.681bn vs R1.769bn; profit after tax was R1.246bn vs R1.299bn, and net profit including discontinued operations was R1.263bn vs R1.330bn.

• Continuing-operations EPS was 2,262 cents vs 2,299 cents; headline EPS was 2,283 cents vs 2,278 cents.

• Cash and cash equivalents increased to R4.470bn from R4.305bn; ordinary dividend remained 620 cents per share.

Outlook and guidance

• Elevated order book levels and imminent awards are expected to support activity for the next 18–24 months; 87% of FY2026 revenue is secured for FY2027.

• R2.3bn of new awards were secured after 30 June 2026; preferred-bidder opportunities include R5.3bn of renewable energy work and the R3.5bn Olifants Pipeline.

• UK opportunities are viewed as sufficient to maintain current activity levels, although the wider UK economic outlook remains uncertain.

• Mid- and longer-term prospects remain encouraging subject to easing global tensions; strong delivery and retention of skills are strategic priorities.