Acrow confirms first half guidance with 22% revenue growth on track
Acrow Limited (ASX: ACF) has confirmed its Acrow First Half 2026 Guidance remains on track, with unaudited trading results expected to land within the range provided at the company’s November 2025 Annual General Meeting. The construction systems provider is positioned to deliver approximately 22% revenue growth for the six months ended 31 December 2025, with formal results due for release on 24 February 2026.
The guidance confirmation comes ahead of the company’s official H1 FY26 results announcement, providing investors with advance clarity on near-term earnings expectations. Revenue for the period is forecast between $153.0 million and $157.0 million, representing substantial growth on the $126.6 million recorded in the prior corresponding period.
| Metric | H1 FY25 Actual | H1 FY26 Guidance | Change at Midpoint |
|---|---|---|---|
| Revenue | $126.6m | $153.0m – $157.0m | +22% |
| EBITDA | $39.0m | $37.0m – $40.0m | -1% |
The revenue acceleration demonstrates successful integration of recent acquisitions alongside organic momentum across the company’s operating divisions. While EBITDA is forecast relatively flat at the midpoint, the strong top-line growth suggests Acrow is investing for future expansion whilst maintaining operational discipline.
Industrial Access division tracking towards $200 million annual revenue
Under Acrow’s new segment reporting framework, which takes effect from the upcoming H1 FY26 results, the Industrial Access division continues to experience buoyant market conditions. Recent acquisitions are performing in line with management expectations, positioning the division to deliver annual revenue approaching $200 million in FY26.
The Industrial Access segment provides scaffolding, industrial access solutions, and related services to clients across Australia’s industrial and infrastructure sectors. The division appears to be the primary growth engine for the group, with the $200 million revenue milestone representing a substantial contribution to overall performance.
Investment Significance
The Industrial Access division’s trajectory towards $200 million in annual revenue highlights its emergence as a core earnings driver. This growth reflects both strategic acquisitions and strong underlying demand across Australia’s industrial maintenance and infrastructure sectors.
Construction division shows mixed regional performance
The Construction division is experiencing divergent conditions across Australian markets. Queensland’s general formwork market continues to face project delays, resulting in subdued trading conditions in the near term. However, this regional softness is being offset by record performance levels in South Australia and Western Australia.
Regional performance breakdown:
- South Australia: Currently at record levels
- Western Australia: Currently at record levels
- Queensland: Subdued but showing tangible signs of Q4 FY26 uptick
Management notes the pipeline remains robust, and activity levels in Queensland are now showing tangible signs of an uptick into Q4 FY26. The medium to longer-term outlook for the Construction division remains very positive, suggesting current headwinds are temporary rather than structural.
The strength in SA and WA markets demonstrates Acrow’s ability to navigate regional fluctuations through its national operating footprint, with strong markets compensating for weaker regions.
What is segment reporting and why does it matter for Acrow investors?
Acrow is introducing a new segment reporting framework from its H1 FY26 results release. Segment reporting refers to how companies break down their revenue, costs, and profitability by individual business divisions or operating segments within their financial statements.
For investors, this enhanced transparency provides clearer visibility into which parts of the business are driving growth versus those experiencing headwinds. Rather than viewing Acrow as a single consolidated entity, segment reporting allows detailed analysis of the Industrial Access and Construction divisions as separate performance units.
This matters because different divisions may operate with distinct margin profiles, growth trajectories, and capital requirements. Investors can make more informed decisions about valuation and future prospects when they can see exactly where revenue and profit are being generated across the business.
In Acrow’s case, the new framework will allow investors to track the Industrial Access division’s path toward $200 million annual revenue separately from the Construction division’s regional performance variations. This granularity supports more sophisticated analysis of the company’s investment thesis and growth drivers.
Screens and Jumpform investment accelerated to meet strong demand
Acrow’s forward order book for both Screens and Jumpform divisions is at unprecedented levels across Australia. To service these forward orders and position for expected contract wins over coming months, the company has brought capital expenditure forward into H1 FY26.
Capital expenditure timeline:
- Forward order book at unprecedented levels nationwide
- Equipment purchases brought forward due to order delivery lead times
- Expected contract wins over coming months require capacity positioning
Capital expenditure in H1 FY26 is expected to be approximately $25 million. However, management emphasises this is a timing decision rather than an overall budget increase. Capex will moderate markedly in H2 FY26, with full year FY26 capital expenditure anticipated between $30 million and $36 million.
The decision to accelerate equipment purchases reflects management confidence in the demand pipeline whilst acknowledging practical constraints around order delivery lead times. Bringing purchases forward ensures Acrow can service contracts as they commence rather than delaying revenue recognition due to equipment availability.
Upcoming results and investor briefing details
Acrow will report its first half results after market close on Tuesday, 24 February 2026. Management will present the results on an investor and analyst briefing call the following morning.
Briefing details:
- Date: Wednesday, 25 February 2026
- Time: 11:00am AEDT
- Presenters: CEO & Managing Director Steven Boland, CFO Andrew Crowther, COO Matt Caporella
Investors can register for the briefing via the company’s announcement, with confirmation emails providing access details once registration is completed.
Investment outlook
The confirmation of Acrow First Half 2026 Guidance ahead of formal results reduces near-term earnings uncertainty for investors. The company is delivering 22% revenue growth despite subdued conditions in Queensland’s formwork market, demonstrating the resilience of its diversified operating model.
Key investment considerations:
- Revenue growth of 22% on track despite Queensland softness
- Industrial Access approaching $200m annual revenue
- Capex timing reflects confidence in order book conversion
- Q4 FY26 potential catalyst as Queensland formwork recovers
The combination of acquisition integration, record regional performance in SA and WA, and unprecedented order books across Screens and Jumpform suggests multiple growth levers remain active. The regional divergence in Construction markets highlights the value of Acrow’s national footprint, with strong markets offsetting weaker regions.
Management’s decision to accelerate capital expenditure indicates confidence in converting the forward order book into revenue over coming quarters. The guidance confirmation, coupled with the Industrial Access division’s trajectory toward $200 million annual revenue, positions Acrow as a company executing on its growth strategy across multiple operational fronts.
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