Acrow delivers record $336m revenue and upgrades FY27 guidance
Acrow Limited (ASX: ACF) reported its FY26 results for the 12 months ended 30 June 2026, headlined by record revenue of $336.0m, up 27% on the prior comparable period (PCP). The company paired this with a forward hook, upgrading its FY27 revenue and EBITDA guidance by 2% and 4% respectively, now targeting 30% and 37% growth on FY26.
The result was not without pressure at the profit line. Underlying EBITDA held flat at $80.3m, while underlying NPAT fell 20% to $27.6m, reflecting higher depreciation and a full-year impact from acquisitions. Management framed the year against a “turning the corner” narrative for its Construction Services division.
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FY26 financial results at a glance
Acrow recorded top-line growth driven predominantly by its Industrial Access division. Group gross margin declined 7.2 percentage points to 47.7%, a movement the company attributed to the growing contribution from Industrial Access rather than deterioration in trading conditions.
The board declared a final dividend of 1.42cps fully franked, down from 2.95cps in the PCP. The company described this as “in line with updated dividend policy”, taking the full-year dividend to 3.42cps versus 5.85cps in FY25.
| Metric | FY26 | FY25 | Variance | % Change |
|---|---|---|---|---|
| Revenue | $336.0m | $265.2m | +$70.9m | +27% |
| EBITDA (underlying) | $80.3m | $80.2m | +$0.1m | 0% |
| NPAT (underlying) | $27.6m | $34.7m | -$7.1m | -20% |
| EPS | 8.86cps | 11.27cps | -2.4 | -21% |
| Full year dividend | 3.42cps | 5.85cps | -2.4 | -42% |
Divisional performance — Industrial Access powers ahead as construction turns the corner
Industrial Access exceeds $200m
The Industrial Access division delivered revenue exceeding $200m, up 53% on the PCP, and now represents 60% of Group revenue from a standing start in FY20. Over 50% of that growth was organic, according to the company.
Divisional EBITDA rose 19%, though margins declined 5.1 percentage points to 18.4%, reflecting the growing contribution from several major projects secured at comparatively lower margins, including Perdaman Urea, Snowy 2.0 and Ampol.
MI Scaffold delivered a strong trading performance, triggering an earn-out payment of $4.95m. The division’s top 5 national labour contracts now represent 43% of divisional revenue, up from 31% in FY25.
Construction Services recovery gathers pace
Construction Services delivered a recovery in the second half of FY26. Full-year revenue rose 1% on the PCP, but second-half revenue grew 9%, with the formwork business generating $66.7m in the second half, described as a record half-yearly result.
The long-anticipated recovery in the Queensland formwork market began to materialise in the second half, with revenue increasing 33% over the previous half. This activity largely commenced in the final quarter and has continued into FY27. Combined revenue across New South Wales, South Australia and Western Australia increased 34% on the PCP.
Jumpform, Screens and Column Climber
Product-level highlights across the division included:
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Jumpform revenue up 12.5% to $11.7m, with the current pipeline approaching $100m.
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Screens revenue up 49% to $22.4m, supported by an expanding fleet and market share gains across Victoria, South Australia and Western Australia.
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The proprietary Column Climber system was deployed on the Meriton Cypress Palms project on the Gold Coast, progressing to level 9 on Tower 2. The source describes the system as an “industry first”.
Acquisitions and capital raise reshape the platform
On 18 June 2026, Acrow announced two acquisitions for combined consideration of $54.5m: Preston’s SuperDeck platform system business and Ausgroup Industrial Services (AGIS).
AGIS is a North Queensland-based integrated industrial services provider supporting the mining, ports, energy, mills and heavy industrial sectors. It is expected to generate $40m revenue and $6.5m EBITDA in FY26. The transaction was approved by the Australian Competition and Consumer Commission (ACCC) on 11 August 2026, with settlement anticipated around 31 August 2026.
ACCC clearance for the AGIS deal was granted at Phase 1 with no further review required, removing the key regulatory condition precedent and locking in an anticipated completion date of 31 August 2026 at an acquisition multiple of 4.1x EV/EBITDA.
The Preston’s SuperDeck platform system business is intended to enable cross-selling on multi-storey developments, combining SuperDeck systems with Jumpforms, Screens and slab formwork.
To fund these acquisitions and improve the balance sheet, Acrow successfully completed a fully underwritten, two-tranche capital raise of $70m. A Share Purchase Plan (SPP), initially intended to raise up to $10m, was increased 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, following the second tranche, SPP proceeds and settlement of the two acquisitions, net debt is expected to remain broadly unchanged at $133.6m. Including an annualised FY26 EBITDA contribution of $13.0m from the acquisitions, proforma net debt/EBITDA is expected to reduce to 1.6 times.
For FY27, the company is budgeting around $30.0m in capital expenditure, down from $36.5m in FY26.
What “Industrial Access” means for Acrow investors
Industrial access, sometimes described as industrial scaffolding services, refers to the services supporting the mining, ports, energy, mills and heavy industrial sectors.
Why does this matter for investors? Recurring, contracted revenue from blue-chip clients tends to add earnings stability and resilience compared with the more cyclical nature of construction work. This helps explain why Acrow’s earnings base is described as more stable despite the construction downturn, and why the shift in earnings mix accounts for lower headline margins while improving the quality of revenue.
Growth runway — Brisbane 2032 and the infrastructure pipeline
Acrow outlined several medium to long-term growth drivers underpinning its forward outlook:
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AGIS integration and expansion within Queensland’s resources sector, alongside anticipated growth in the defence, energy and critical infrastructure sectors supported by the national deployment of the Uni-Ring scaffold system.
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The Brisbane 2032 Olympics, described as offering a substantial multi-year pipeline, with major venue projects progressing toward builder awards in Jul-Dec 2026, construction ramp-up from Jan-Mar 2027 and peak delivery between 2027 and 2031. The CEO called it “a once in a generation opportunity” but does not expect Olympic-related projects to make a material contribution to FY27 revenue.
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The Queensland Civil Infrastructure Program, ramping up through projects such as the Rockhampton Ring Road and Coomera Connector.
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The national civil infrastructure pipeline across transport, rail, road, water and energy projects, supporting cross-selling across Acrow’s product range.
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Cross-selling opportunities from the Preston’s SuperDeck business on commercial and residential multi-storey developments.
FY27 guidance upgrade signals a turning point
Acrow upgraded its FY27 guidance for revenue and EBITDA by 2% and 4% respectively. The company also provided 1H FY27 guidance for the first time, based on early FY27 performance, the strength of the forward order book and the expected contributions of the two proposed acquisitions.
The earlier FY27 targets, set in April 2026 at $335m-$350m revenue and $88m-$98m EBITDA following a record $14.3m March contract month, have now been substantially upgraded, illustrating how quickly the pipeline has compounded through acquisitions and organic wins.
| Metric (underlying) | 1H FY27 Guidance | %Chg on 1H FY26 | FY27 Guidance | %Chg on FY26 |
|---|---|---|---|---|
| Revenue | $195 – 215m | up 31% | $410 – 430m | up 30% |
| EBITDA | $50 – 55m | up 39% | $105 – 115m | up 37% |
Percentage changes are based on the mid-points of the guidance ranges.
Steven Boland, Managing Director
“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.”
With an upgraded FY27 guidance range, two acquisitions poised to broaden its industrial services platform, and a multi-year pipeline anchored to the Brisbane 2032 Olympics, Acrow has positioned its forward investment case around a recovery in construction activity and continued expansion of its Industrial Access earnings base.
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