Acrow posts record $336m revenue and upgrades FY27 growth guidance
Acrow Limited (ASX: ACF) reported record revenue for the 12 months ended 30 June 2026 (FY26) while simultaneously lifting its FY27 growth guidance, positioning the coming year as a potential inflection point for the business.
Full-year revenue reached $336.0m, up 27% on the prior corresponding period (PCP). Alongside the result, the Company upgraded FY27 revenue and EBITDA guidance by 2% and 4% respectively, now targeting 30% and 37% growth on FY26.
The record top line was accompanied by a shift in earnings mix towards the Industrial Access division and a decline in net profit. Underlying NPAT fell 20% to $27.6m. Underlying EBIT declined by $5.0m to $51.3m, a reduction of 9%, due to higher depreciation from the capital spend program and a full-year impact from acquisitions.
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FY26 financial results at a glance
Revenue strength was the defining feature of the year, with the headline decline in NPAT reflecting the Company’s capital investment programme and acquisition timing.
| Metric (underlying) | FY26 | FY25 | Variance | % change |
|---|---|---|---|---|
| Revenue ($000) | 336,039 | 265,183 | +70,856 | +27% |
| Gross profit ($000) | 160,420 | 144,421 | +15,999 | +11% |
| EBITDA ($000) | 80,324 | 80,232 | +92 | 0% |
| NPAT ($000) | 27,584 | 34,658 | −7,074 | −20% |
| Full year dividend (cps) | 3.42 | 5.85 | −2.4 | −42% |
Key margin and distribution context included:
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Group gross margin of 47.7%, down 7.2 ppts, primarily reflecting the increased contribution from Industrial Access.
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Underlying EBITDA was flat overall but improved 2.7% in the second half on PCP.
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A final dividend of 1.42cps fully franked, down from 2.95cps, in line with the Company’s updated dividend policy.
Industrial Access surges past $200m as Construction Services turns the corner
Both divisions contributed to the story, with Industrial Access driving group growth and Construction Services staging a second-half recovery.
Industrial Access delivers 53% revenue growth
Industrial Access revenue exceeded $200m, up 53% on PCP, and now represents 60% of Group revenue, up from a standing start in FY20. Over 50% of the growth was generated from organic initiatives.
Divisional EBITDA rose 19%, though margins declined 5.1 ppts to 18.4%, reflecting the growing contribution from major projects including Perdaman Urea, Snowy 2.0 and Ampol, which were secured at comparatively lower margins.
The division’s top five national labour contracts now represent 43% of divisional revenue, up from 31% in FY25. MI Scaffold delivered a strong trading performance, triggering an earn-out payment of $4.95m.
Construction Services recovery gathers pace
Construction Services reported full-year revenue growth of 1%, but a second-half revenue increase of 9% signalled a clear recovery inflection. Formwork revenue in the second half reached $66.7m, a record half-yearly result.
The long-anticipated Queensland formwork recovery began to materialise, with second-half revenue up 33% on the prior half, momentum that has continued into FY27.
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Combined revenue across NSW, SA and WA increased 34% on PCP.
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Jumpform revenue rose 12.5% to $11.7m, with the pipeline approaching $100m.
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Screens revenue increased 49% to $22.4m.
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The proprietary, industry-first Column Climber system was deployed on the Meriton Cypress Palms project, progressing to level 9 on Tower 2.
Two acquisitions and a $70m placement and SPP reshape the platform
Acrow paired two acquisitions with a coordinated capital raise to fund growth and strengthen its balance sheet. The Company acquired Preston’s SuperDeck platform system business and Ausgroup Industrial Services (AGIS) for combined consideration of $54.5m.
AGIS is a family-owned, North Queensland-based integrated industrial services provider serving the mining, ports, energy and heavy industrial sectors. It is expected to generate $40m revenue and $6.5m EBITDA in FY26. The transaction received Australian Competition and Consumer Commission (ACCC) approval on 11 August 2026, with settlement anticipated around 31 August 2026.
ACCC clearance for the AGIS acquisition was granted at Phase 1 with no further review required, removing the primary regulatory condition precedent and locking in an anticipated completion date of 31 August 2026 at a transaction multiple of 4.1x EV/EBITDA.
To fund the acquisitions and improve the balance sheet, Acrow completed a $70m fully underwritten, two-tranche placement, alongside a Share Purchase Plan (SPP) that was increased from $10m to $16m following strong shareholder participation.
At 30 June 2026, net debt stood at $133.0m, representing a net debt/EBITDA ratio of 1.9 times, compared with 1.8 times at the end of FY25. On a proforma basis, and including an annualised acquisition EBITDA contribution of $13.0m, net debt/EBITDA is expected to reduce to 1.6 times.
Understanding Industrial Access and why the earnings mix shift matters
Industrial Access refers to scaffolding and access solutions provided to mining, ports, energy, heavy industry and maintenance clients. This differs from Construction Services, which supplies formwork and falsework, the temporary structures used to support concrete during building projects.
The mix shift carries meaningful implications for investors. Industrial Access is underpinned by recurring revenue from blue-chip clients and long-term maintenance contracts, which enhances earnings stability and resilience.
While the division carries lower margins than formwork, its growing contribution explains both the decline in group margins and an improvement in earnings quality across the period.
FY27 guidance upgrade signals a turning point
The forward-looking outlook is where the result gains its momentum. Acrow has upgraded FY27 guidance and, for the first time, provided 1H FY27 guidance based on early performance and the strength of its forward order book.
| Metric (underlying) | 1H FY26 actual | 1H FY27 guidance | FY26 actual | FY27 guidance |
|---|---|---|---|---|
| Revenue | $155.9m | $195–215m | $323.6m | $410–430m |
| EBITDA | $38.0m | $50–55m | $80.3m | $105–115m |
On a midpoint basis, first-half revenue is guided up 31%, full-year revenue up 30%, and full-year EBITDA up 37%.
For investors wanting to track how materially the FY27 outlook has shifted since April, our full explainer on Acrow’s earlier FY27 targets covers the initial guidance of $335-$350m revenue and $88-$98m EBITDA set after record March contract wins, providing a clear baseline against which the upgraded $410-$430m revenue target can be assessed.
Management identified several anticipated growth drivers:
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AGIS integration and expansion within Queensland’s resources sector.
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The Brisbane 2032 Olympics, presenting a multi-year pipeline with venue builder awards expected in Jul–Dec 2026 and ramp-up from Jan–Mar 2027. The Company noted Olympic-related projects are not expected to make a material contribution to FY27 revenue.
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The Queensland civil infrastructure ramp-up, driven by projects such as the Rockhampton Ring Road and Coomera Connector.
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SuperDeck cross-selling on multi-storey developments.
FY27 capital expenditure is budgeted at approximately $30.0m, down from $36.5m in FY26.
What management is saying
Steven Boland, CEO
“In closing, I believe FY27 will mark a turning point for the business. Over the past several years, we have worked hard to reposition Acrow as a leading player in the national industrial access market, while preparing for the recovery in the construction sector, particularly in Queensland. That recovery is now well underway, and we expect to reap the benefits in the coming years.”
The result reflects a business balancing near-term margin compression against a diversified, recurring revenue base and an upgraded growth trajectory into FY27.
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