SRG Global caps record FY26 with 34% EBITDA jump and upgraded FY27 guidance
In its FY26 results presentation to investors, SRG Global (ASX:SRG) outlined a record full-year performance, with EBITDA of $170.1m for the year ended 30 June 2026, up 34% on FY25 and exceeding the top end of its upgraded guidance range of $164m–$168m.
The presentation detailed how the company transitioned back to a net cash position of $6.2m, from proforma net debt of $52.5m following the TAMS acquisition. Management also upgraded FY27 EBITDA guidance to $195m–$205m, signalling continued momentum.
SRG Global is an S&P/ASX 200 diversified infrastructure services company, employing approximately 5,000 people with revenue of around $1.7b and a market capitalisation of roughly $2.5b.
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FY26 financial performance at a glance
The completed-period scorecard showed growth across every headline metric alongside margin expansion. EPS(A) rose 34% to 13.8 cents per share, while the full-year dividend increased 27% to 7.0 cents per share.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | $1,323.3m | $1,675.5m | ▲27% |
| EBITDA | $127.1m | $170.1m | ▲34% |
| EBIT(A) | $93.8m | $131.8m | ▲41% |
| NPAT(A) | $61.0m | $85.3m | ▲40% |
| EPS(A) | 10.3cps | 13.8cps | ▲34% |
| Dividend | 5.5cps | 7.0cps | ▲27% |
A five-year track record
The presentation highlighted approximately 320% EPS(A) growth over the last five years, alongside the business’s transition to a profile of around 80% annuity / recurring earnings.
EBITDA progression over that period was as follows:
- FY21: $47m
- FY22: $57m
- FY23: $80m
- FY24: $98.5m
- FY25: $127m
- FY26: $170m
Management also noted EBITDA cash conversion of 101% for the year, reflecting the strength of the underlying earnings.
Why “annuity earnings” matter — the SRG Global model explained
A diversified infrastructure services business provides engineering, construction and maintenance services across critical assets in sectors such as water, energy, resources and transport. Within this model, SRG Global operates two segments that reflect this balance: Maintenance & Industrial Services, which is recurring in nature, and Engineering & Construction, which is project-based.
Segment performance driving the result
Maintenance & Industrial Services delivered revenue of $1,149.8m and EBITDA of $164.7m, representing a 14.3% margin. Management described this as step-change growth combined with consistent margin delivery.
Engineering & Construction recorded revenue of $525.7m and EBITDA of $40.6m, a 7.7% margin, described as a solid result in line with historical levels. The presentation noted the Early Contractor Engagement model continues to drive operational execution. Corporate overheads equated to 2.1% of revenue, in line with previous years.
TAMS acquisition delivering above business case
The strategic acquisition of TAMS, a specialist marine infrastructure services provider, was effective from 1 November 2025 and is now fully integrated into SRG Global’s business, systems and processes.
TAMS delivered circa 10% above business case in its first eight months, contributing $25.9m EBITDA (with SRG contributing $144.2m). Management highlighted a strong FY27 outlook and a robust pipeline of opportunities in Ports and Marine Infrastructure.
Winning and executing work
Within Maintenance & Industrial Services, the presentation pointed to long-term contracts with blue-chip, repeat clients including:
- Fortescue, BMA, Rio Tinto, Roy Hill, South32 and Alcoa
- Origin Energy, Wesfarmers and Water Corporation
Engineering & Construction wins detailed in the presentation included specialist water infrastructure with SEQWater, Hunter Water and SA Water; the San Remo Bridge; ongoing Defence work at Garden Island; renewable energy infrastructure at Bonney Downs Wind Farm; and specialist facades across Health, Education and Data Centres.
Balance sheet strength and cash generation
The presentation emphasised operating cashflow before interest and tax of $166.7m, supporting EBITDA cash conversion of 101%. The company returned to net cash of $6.2m and reported available liquidity of $288.4m, comprising $144.7m cash on hand and $143.7m in undrawn facilities.
Management framed the capital-light model as capable of funding both growth and dividends.
Management noted that the record financial result reflects strong business fundamentals, with the transition back to a net cash position providing significant capacity to fund further growth opportunities.
FY27 outlook and growth roadmap
Looking forward, SRG Global upgraded its FY27 guidance to EBITDA of $195m–$205m and EBIT(A) of $150m–$160m, raised from the June 2026 guidance of $190m–$200m EBITDA.
The company reported record Work in Hand of $5.1b, up 42% on FY25, split 85% Maintenance & Industrial Services and 15% Engineering & Construction. The Opportunity Pipeline stood at $11.5b.
The $5.1b Work in Hand figure was built on a series of major contract conversions in the lead-up to year end, including $1.85b in new contract wins spanning eight sectors such as Water, Defence, Energy and Ports and Marine, several carrying durations of five to eight years with blue-chip counterparties.
Growth exposure spans Water, Energy, Industrial/Resources, Transport, Defence, Health, Education, Data Centres and Ports/Marine.
The investment proposition
The presentation set out the following investment proposition:
- End-to-end asset lifecycle capability
- Diverse market sectors and geographies
- Highly scalable, capital-light business model
- Approximately 80% annuity / recurring earnings profile
- High-growth dividend stock
Management framed the strategic transformation into a diversified infrastructure services business as continuing to deliver consistent growth and high-quality shareholder returns.
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